Angostura : 05 May 2023 – Angostura Holdings Limited – Unaudited Consolidated Financial Statements for the quarter ended March 31st, 2023

ANGOSTURA HOLDINGS LIMITED

SUMMARY CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2023 (Expressed in Trinidad and Tobago dollars)

The period January to March (Q1) is o�en influenced by the supplies that are provided and consumed in the Christmas period of the previous year. In Q1 2023, we experienced a delay in shipments to Australia, which impacted our revenue significantly. Recovery is an�cipated in Q2. Further, the investment we channelled into Carnival 2023 for the first �me since 2020 increased expenditure; however, this will con�nue to yield results over the rest of the financial year.

Revenue for Q1 was $197.4 million, which was $2.0 million or a 1% year-on-year decline. Foreign sales in North America, La�n America and the Caribbean surpassed the prior year's first quarter. All in all, we experienced a decrease from $43.1 million to $32.1 million (Profit Before Tax) or a 25% or $11.0 million year-on-year decline. This was driven not only by decreased sales in two (2) interna�onal markets, but also by our strong investment in strategic markets, which increased our opera�ng expenses by 22% or $13.8 million. The decline in revenue and increased opera�ng expenses were offset by an improved internal process performance as evident in an increase in Gross Profit margin of 53% compared to 51% in the prior compara�ve period. We expect to be�er these results by the second quarter as we focus on regaining ground in the coming months.

Angostura con�nues to demonstrate resilience and growth poten�al despite the challenges of foreign markets. Timing of expenses early in Q1 2023 that pertain to future revenues will allow for improvement over the financial year. We remain commi�ed to inves�ng in our strategic markets, building stronger brands for the future, and delivering value to our shareholders.

Mr. Terrence Bharath

Chairman

May 5, 2023

ANGOSTURA HOLDINGS LIMITED

SUMMARY CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2023 (Expressed in Trinidad and Tobago dollars)

Notes to the Audited summary consolidated financial statements

1. General informa�on
   Angostura Holdings Limited (referred to as the "company or AHL") is a limited liability company incorporated and domiciled in the Republic of Trinidad and Tobago. Angostura Holdings Limited and its Subsidiaries are together referred to as the "Group'' and individually as the "Group Companies". The address of the company's registered office is Corner Eastern Main Road and Trinity Avenue, Laven�lle, Trinidad and Tobago. The Group has its primary lis�ng on the Trinidad and Tobago Stock Exchange. It is a holding company whose subsidiaries are engaged in the manufacture and sale of rum, Angostura® aroma�c bi�ers and other spirits, and the bo�ling of alcohol and other beverages on a contract basis. These summary consolidated financial statements relate to the Group. The full version of the Group's consolidated financial statements can be located at the company's registered office.
2. Basis of Prepara�on
   The summary consolidated financial statements comprise the summary consolidated statement of financial posi�on, the summary consolidated statement of profit or loss and other comprehensive income, the summary consolidated statement of changes in equity and the summary consolidated statement of cashflows derived from the full set of consolidated financial statements which were prepared in accordance with Interna�onal Financial Repor�ng Standards for the period ended March 31, 2023.