LARK DISTILLING CO. LTD — Capital/Financing Update 2018

Mar 1, 2018

==> picture [720 x 586] intentionally omitted <==

• ALL THINGS WONDERFUL IN TASMANIAN SINGLE MALT WHISKY Business Update March 2018

1

CAPITAL STRUCTURE

Capital Structure

(as at 5 February 2018) (A$'000) Shares outstanding[(1)] 426,295 Performance rights and options[(1)] 20,571 Cash balance, at 31 December 2017[(2)] 466 Share price $0.035 per share Undiluted market capitalisation 14,920 Convertible notes c.$5,000 Fully diluted market capitalization 19,920 52 week share price range: …Low 0.026 …High 0.040

Substantial Shareholders[(3)]

Bruce Neill 16.8% Chris Malcolm 14.7% Terry Cuthbertson 11.9% Elvington Investments Pty Ltd 7.9% Source (1) Appendix 3B, 22 December 2017 (2) Appendix 4C, 31 December 2017 (3) IRESS market data, 1 March 2018

12 Month Share Price Chart[(3)]

==> picture [860 x 496] intentionally omitted <==

----- Start of picture text -----

0.041 2,500
0.039
2,000
0.037
0.035
1,500
0.033
1,000
0.031
0.029
500
0.027
0.025 0
AWY volume (000's) (RHS) AWY share price ($/share)
----- End of picture text -----

2

OUR VISION & BACKGROUND

At Australian Whisky Holdings, our vision is to commercialise the Tasmanian artisan, single malt whisky industry to capitalise on the rapidly growing worldwide demand for premium single malt whisky.

Australian Whisky production started in 1992 by Bill Lark in Hobart. Bill was inducted into the whisky magazines hall of fame in March 2015 for services to Australian whisky. Bill Lark helped establish a number of distilleries in Tasmania which remains the heart of the Australian whisky industry. Tasmanian-based Lark won the World Whisky Awards London 2009 followed by a number of subsequent wins for Tasmanian whisky at whisky competitions around the world it became clear that Tasmania is a serious player in the world whisky market.

==> picture [864 x 487] intentionally omitted <==

==> picture [280 x 275] intentionally omitted <==

==> picture [224 x 268] intentionally omitted <==

3

AWH – HOW WE ADD VALUE

INVESTMENT

==> picture [400 x 22] intentionally omitted <==

----- Start of picture text -----

CAPEX TO SCALE PRODUCTION
----- End of picture text -----

Award Winning Single Malt Whisky

==> picture [494 x 212] intentionally omitted <==

TYPICAL DISTILLERY OPERATIONS

• Poor cash flow

• No capital to scale

• Variable output

• Limited sales & marketing

• Limited management

• Limited access to global markets

==> picture [161 x 63] intentionally omitted <==

==> picture [371 x 301] intentionally omitted <==

==> picture [161 x 63] intentionally omitted <==

==> picture [510 x 428] intentionally omitted <==

----- Start of picture text -----

MANAGEMENT
MANAGE BUSINESS & CASHFLOW
PRODUCE
CONSISTENT PRODUCTION
MARKETING
DIGITAL & TRADITIONAL MARKETING
----- End of picture text -----

==> picture [505 x 123] intentionally omitted <==

----- Start of picture text -----

SALES
E-COMMERCE PLATFORMS
----- End of picture text -----

==> picture [505 x 123] intentionally omitted <==

----- Start of picture text -----

DISTRIBUTION
GEO HUBS & PREMIUM PARTNERS
----- End of picture text -----

==> picture [244 x 244] intentionally omitted <==

==> picture [73 x 47] intentionally omitted <==

==> picture [194 x 23] intentionally omitted <==

----- Start of picture text -----

Global Market
----- End of picture text -----

4

AWH ACHIEVEMENTS SO FAR

• Feb 2014 - Acquired 32% of Lark Distillery

― Expanded whisky production

  - Advise on financial management and put in place financial controls and costing systems

  - Secretarial services

  - Re-launched the Lark Gin with a new name ‘Forty Spotted’

  - Provided funding to meet the majority of Lark and Overeem expansion plans

  - Moved Lark into a position of generating profits from operations

• Mar 2016 - Acquired 12% Redlands Distillery, the only paddock to bottle single malt whisky distiller in Australia

• Apr 2016 - Commenced implementation of the strategy to established independent bottling operation

• through the purchase of 32 barrels of “new make” from Archie Rose Distilling Co.

• Aug 2016 - Increased holdings in Lark Distillery from 32.8% to 48.1%

• Feb 2017 - AWH Acquired the Nant Estate

• Jul 2017 - Acquired brand and distillery assets of Nant

• Established plan to upgrade the Nant Estate Distillery production from 8 barrel per week to 14 barrels per week;

5

WHERE IS AWH

AWH Sydney Head Office

==> picture [557 x 439] intentionally omitted <==

----- Start of picture text -----

AWH interests
Location: Sydney
AWH Sydney Head Office
----- End of picture text -----

Location: Bothwell

==> picture [616 x 370] intentionally omitted <==

----- Start of picture text -----

Nant Distillery
(
Redlands Distillery
Overeem Distillery
Lark Distillery
Hobart
----- End of picture text -----

==> picture [503 x 301] intentionally omitted <==

----- Start of picture text -----

Location: Kempton
----- End of picture text -----

==> picture [506 x 632] intentionally omitted <==

----- Start of picture text -----

Location: Cambridge
Location: Hobart
----- End of picture text -----

6

==> picture [316 x 257] intentionally omitted <==

AWH GROUP STRUCTURE

Australian Whisky Holdings Ltd

AWH Asia and China distribution hubs facilitated via 100% owned subsidiaries

(ASX Code AWY)

==> picture [1070 x 340] intentionally omitted <==

----- Start of picture text -----

100% 48.12% 12%
Nant Business & Assets Lark Distillery Pty Ltd Redlands Estate Distiller Pty Ltd
----- End of picture text -----

==> picture [364 x 326] intentionally omitted <==

----- Start of picture text -----

100%
Overeem Whisky Pty Ltd
----- End of picture text -----

==> picture [64 x 19] intentionally omitted <==

----- Start of picture text -----

100%
----- End of picture text -----

==> picture [344 x 257] intentionally omitted <==

----- Start of picture text -----

Barrel Management & Buyback
----- End of picture text -----

==> picture [346 x 629] intentionally omitted <==

----- Start of picture text -----

100%
Montec International (HK) Ltd
100%
100%
Beijing Montec Commercial Ltd
----- End of picture text -----

Nant held via 100% owned subsidiary AWH Bothwell Pty Ltd Barrel management held via 100% owned subsidiary AWH Management Pty Ltd

7

OUR WHISKY BRANDS

==> picture [345 x 646] intentionally omitted <==

==> picture [554 x 665] intentionally omitted <==

==> picture [633 x 681] intentionally omitted <==

8

FORTY SPOTTED GIN

==> picture [659 x 834] intentionally omitted <==

==> picture [308 x 691] intentionally omitted <==

 Gin Production – 5 fold increase in production with new still

 3 month to commission

 Improved quality – due to ‘steam jacketed’ still

==> picture [171 x 391] intentionally omitted <==

9

NANT ESTATE AWARDS Between 2013 and 2018 Nant has received more than 10 Gold and Silver awards for its whisky varieties from the World Spirit Awards & China Wine and Spirit Awards

==> picture [200 x 141] intentionally omitted <==

==> picture [147 x 140] intentionally omitted <==

==> picture [226 x 162] intentionally omitted <==

==> picture [149 x 133] intentionally omitted <==

==> picture [161 x 143] intentionally omitted <==

==> picture [147 x 131] intentionally omitted <==

==> picture [142 x 133] intentionally omitted <==

==> picture [146 x 136] intentionally omitted <==

==> picture [163 x 145] intentionally omitted <==

==> picture [175 x 170] intentionally omitted <==

Port Cask 43%

• Double Gold – 2018 CWSA

• Silver – 2016 CWSA

• Silver – 2015 World Spirit Awards

• Silver – 2013 China Wine & Spirit Awards

• 92.5 Points – Jim Murray’s Whisky Bible

Sherry Cask 43%

• Gold – 2018 CWSA

• Gold – 2016 CWSA

• Gold – 2015 World Spirit Awards

Bourbon Cask 43%

• Double Gold – 2018 CWSA

• Double Gold – 2016 CWSA

Pinot Noir Cask 63%

• Double Gold – 2016 CWSA

• Port Cask 63%

• 94 Points ‘Liquid Gold’ – Jim Murray’s Whisky Bible

• Silver – 2013 CWSA

Sherry Cask 63%

• Double Gold – 2016 CWSA

• Gold – 2013 CWSA

• 86.5 Points – Jim Murray’s Whisky Bible

Pinot Noir Cask 43%

• Gold – 2016 CWSA

• Silver – 2015 World Spirit Awards

10

• LARK, OVEREEM & REDLANDS DISTILLERY AWARDS

==> picture [117 x 134] intentionally omitted <==

==> picture [116 x 136] intentionally omitted <==

==> picture [120 x 134] intentionally omitted <==

==> picture [122 x 136] intentionally omitted <==

==> picture [128 x 109] intentionally omitted <==

==> picture [128 x 109] intentionally omitted <==

==> picture [210 x 85] intentionally omitted <==

==> picture [127 x 159] intentionally omitted <==

==> picture [258 x 137] intentionally omitted <==

Overeem Distillery

• 2017 World Whisky Awards Category Single Malt - Gold Medal Port Cask Matured 43% (OHD-099)

• 2017 World Whisky Awards Category Single Malt - Gold Medal Limited Release (OHD-100) - Red Wine Cask 43%

Lark Distillery

• 2017 World Whisky Awards Category Single Malt - Silver Medal Limited Release LD670 - Bourbon Cask Heavily Peated

• 2016 World Whisky Awards Category Best Australian Single Cask Single Malt - Gold Medal Port Cask Heavily Peated

• 2016 Australian Distilled Spirits Awards Single Malt Whisky - Bronze Medal Cask Strength, 58% ABV

• 2015 Jim Murray's Whisky Bible 94 points - Liquid Gold status Single Malt Cask Strength

==> picture [126 x 126] intentionally omitted <==

Lark Distillery

• 2014 Best Australian Distiller

Small Cask Aged, Sherry Cask, Cask 412  2014 National Champion Whisky Trophy Royal Melbourne Fine Spirits/Foods Awards Small Cask Aged, Sherry Cask, Cask 412 Lark

• 2014 Winners of the Telstra Tasmanian Small Business Award

• 2011 International Whisky Competition Chicago Whisky of the Year - Gold Medal Lark Small Port Cask Aged Cask Strength

• 2010 International Whisky Competition Chicago Cask Strength - Silver Medal 43% Single Cask Release, Single Malt Single Malt No Age - Bronze Medal 43% Single Cask Release, Single Malt Islands - Silver Medal 43% Single Cask Release, Single Malt Young Whisky - Silver Medal 43% Single Cask Release, Single Malt Whisky

• 2009 World Whisky Awards London 2009 Best ‘other’ Single Malt Whisky 2009 LD100

==> picture [276 x 110] intentionally omitted <==

• Redlands Distillery  2017 Australian Distilled Spirits Awards

Redlands Distillery Cask Strength Single Malt Whisky – Bronze Medal

• 2017 Southern Stars of Tourism Awarded the Nova - New Business Award

• 2016 Australian Distilled Spirits Awards

Single Barrel (or Cask) Whisky - Silver Medal Redlands Single Malt Whisky

11

SINGLE MALT WHISKY

The single malt whisky market is booming right now! Strong growth is forecast to continue…

What is single malt whisky?

Single malt whisky is whisky produced from only water and malted barley at a single distillery by batch distillation in pot stills.

What makes our Tasmanian single malt whisky so special? Tasmanian grown brewing barley is a key ingredient that brings a richness of malt and flavour to our whisky… married with the Tasmanian climate, pristine waters and high altitudes these factors create award winning whiskies in the style of Scottish whiskies.

==> picture [312 x 303] intentionally omitted <==

==> picture [313 x 316] intentionally omitted <==

==> picture [313 x 313] intentionally omitted <==

12

TASMANIAN WHISKY TAKING THE WORLD

==> picture [549 x 280] intentionally omitted <==

==> picture [425 x 443] intentionally omitted <==

==> picture [549 x 280] intentionally omitted <==

==> picture [504 x 447] intentionally omitted <==

==> picture [481 x 280] intentionally omitted <==

==> picture [344 x 446] intentionally omitted <==

13

• BOOMING GLOBAL SINGLE MALT WHISKY MARKET

==> picture [960 x 857] intentionally omitted <==

==> picture [856 x 293] intentionally omitted <==

• 2016 Single Malt Scotch Whisky (Exported from Scotland)

• Exports surpassed GBP1 billion (AUD 1.68B) for the first time in history

  • Volume up by 10%

• Revenue up by 11.8% indicating continued premiumisation

• 26% of the total Scotch whisky export market (compared with blended and bulk)

Scotch Whisky Exports 2016 – Analysis 28 Apr 2017

14

INTERNATIONAL MARKET SIZE

• Total Australian FY18 estimated production is tiny compared to estimated FY18 global market consumption

• Market is projected to grow by 25% between 2014 and 2020[1]

• AWH FY18 production is expected to be only ~4% of total estimated Australian Whisky consumption

• Opportunity for Australia to grow with market

==> picture [587 x 587] intentionally omitted <==

==> picture [179 x 111] intentionally omitted <==

----- Start of picture text -----

Total Global Whisky
consumption in FY18
is estimated to be
approximately 90.2
million litres
----- End of picture text -----

Global Whisky Consumption (litres) Australian Whisky Consumption (litres)

==> picture [14 x 14] intentionally omitted <==

==> picture [502 x 502] intentionally omitted <==

==> picture [151 x 111] intentionally omitted <==

----- Start of picture text -----

Total Australian
consumption in
2018 is estimated
to be only 1.7
million litres
----- End of picture text -----

Australian Whisky Consumption (litres) AWH estimated production

==> picture [14 x 14] intentionally omitted <==

Source 1) Deloittes Agribusiness/ Scottish Whisky Association & Deloittes industry report Notes FY14-FY20 global market forecast to grow by 25.5% / Australian market forecast to grow by 55.4% (FY18 estimation has been extrapolated in a linear method using total growth

15

WHISKY MAKING PROCESS

==> picture [530 x 183] intentionally omitted <==

==> picture [558 x 115] intentionally omitted <==

==> picture [554 x 121] intentionally omitted <==

Preparing the grain Mashing

Fermentation

Distilling 16

CAPTURING THE VALUE CHAIN

==> picture [699 x 37] intentionally omitted <==

----- Start of picture text -----

$28,415 - $69,875 (215 bottles @ rrp of $132 - $325 )
----- End of picture text -----

==> picture [1920 x 935] intentionally omitted <==

----- Start of picture text -----

AWH’s value proposition is the minimum
11x value uplift ($2,000 to $22,000) over the
5 - 6 year ageing process…
$325
The aim is to capture an even greater
proportion of the value chain by direct
selling of bottled product to export markets
$255
$132
Bottle Price Range
Ageing (approximately 5 – 6 years for 100L Barrel ) Bottling
17
----- End of picture text -----

• NANT PRODUCTION AND AGED INVENTORY VALUE PROFILES

Current maturation profile and value

==> picture [1036 x 844] intentionally omitted <==

----- Start of picture text -----

3,000 $50.0
2,500
$40.0
401 416 416
256
2,000 383
401 416 416 416
$30.0
134
366
1,500 401 416 416 416 416
134
$20.0
314
1,000 401 416 416 416 416 416
134
166 401 416 416 416 416 416 416 $10.0
500
134
401 416 416 416 416 416 416 416
0 $0.0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Nant Sta e 1 ex ansion maturation rofile and value
g p p
4,500 $80.0
4,000 $70.0
699 699
401
3,500
256 $60.0
699 699 699
3,000 401
383 $50.0
134
2,500 699 699 699 699
401 $40.0
366
2,000
134
699 699 699 699 699 $30.0
401
1,500
314
134 $20.0
1,000 699 699 699 699 699 699
401
500 166 $10.0
134
699 699 699 699 699 699 699
401
0 $0.0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
0-1 years 1-2 years
2-3 years 3-4 years
4-5 years Total Mature for sale (including buybacks)
Wholesale Value of Matured Barrels ($m) Weighted Wholesale Inventory Value $(m)
Barrels $ (M)
Barrels
$ (M)
----- End of picture text -----

KEY POINTS

• Value of barrel inventory increases significantly during maturation cycle

• Using theoretical straight line increase from $2,000 to $28,415 ($132 per bottle) over approx. 5 years

• From FY18 through FY22 – mature inventory includes barrel buyback program

• From FY23 onwards – mature whisky will have been owned by Nant through the maturity cycle, resulting in higher margin due to not buying back from barrel investor

• Expanded Production at Nant Distillery

• Stage 1 expansion - $500,000 to increase production to

• by circa 75% 14 barrels per week (699 barrels/year) from current 8 barrels per week (416 barrels/year)

• The inventory value can be viewed as asset backing suggesting AWH increases in value over the maturity cycle

• Currently excludes whisky value of the 48.12% of Lark and Overeem owned by AWH. Also excludes contribution from gin production 18

AWH KEY INDICATORS FOR NANT

==> picture [810 x 749] intentionally omitted <==

----- Start of picture text -----

Nant Wholesale Value of Matured Barrels $(m)
$10.0
$8.9
$8.0
$6.0
$4.7
$4.0
$2.0
$0.0
FY18 FY19
Nant Revenue Profile $(m)
$10.0
$8.3
$8.0
$6.0
$4.0
$2.0
$0.2
$0.0
FY18 FY19
----- End of picture text -----

KEY POINTS

• Nant’s FY18 inventory of mature barrels of 166 – includes buyback program

• Conservative pricing of A$28,415 per barrel implies wholesale value of mature barrels in FY18 of ~A$4.7m, increasing to ~A$8.9m in FY19

• Buyback of whisky barrels from FY18 through FY22 determines the mature value of whisky for sale. Revenue will be recorded when AWH elects to sell the whisky

• Estimates are for Nant Estate Distillery only. This excludes AWH’s 48.12% ownership of the Lark and Overeem whisky and gin sales

• AWH have elected to hold back inventory previously forecast for sale in FY18 due to ongoing discussions with new domestic and international distributors and the additional requirement for stock once the agreements are in place

• A gross margin of 60% is targeted after all whisky has been sold that was subject to buybacks

Assumptions

• Wholesale price $28,415 per barrel

• Constant price (no inflation)

• Excludes 48.12% of Lark and Overeem

19

INDICATIVE FINANCIAL METRICS FOR NANT

==> picture [270 x 57] intentionally omitted <==

Mature Barrel Value Profile

Number of mature 100L barrels 416	416	416 416
Wholesale Value 100L barrel (A$) 21,961	28,415	30,142 35,094
Equivalent 500MI bottle wholesale price 102	132	140 163
Sales (A$m) 9.1	11.8	12.5 14.6
Gross Margin @ 60% (A$m) 5.5	7.1	7.5 8.8
Mature Barrel Value Profile - Stage 1 expansion
Number of mature 100L barrels 699	699	699 699
Wholesale Value 100L barrel (A$) 21,961	28,415	30,142 35,094
Equivalent 500MI bottle wholesale price 102	132	140 163
Sales (A$m) 15.4	19.9	21.1 24.5
Gross Margin @ 60% (A$m)1 9.2	11.9	12.6 14.7

==> picture [256 x 256] intentionally omitted <==

==> picture [257 x 256] intentionally omitted <==

KEY POINTS

• At steady state production of current vs Stage 1 expansion

• Excludes 48.12% of Lark & Overeem

• Nant - after Stage 1 expansion from 8 barrels per week to 14 barrels per week from July 1 2018.

These indicative financial metrics should not be read as forecasts. The above assumes that whisky has matured - which is expected to take at least 5 years.

20

Notes

COMPARABLE TRADING METRICS

			FY18	FY18
	Company Market Cap (A$m) P / E		EV / Revenue EV / EBITDA		EBITDA growth FY18 EBITDA margin FY18 NPAT margin
	Australia/NZ Distillers & Vintners
	Australian Vintage Ltd 165 23.1x Delegat Group Limited 760 19.6x Treasury Wine Estates Limited 12,550 35.5x		1.0x 4.2x 5.1x	10.5x 13.0x 20.5x	23% 9.1% 2.8% 5% 32.2% 15.7% 10% 24.7% 13.7%
	Median 23.1x		4.2x	13.0x	10.4% 24.7% 13.7%
	Average 26.1x		3.4x	14.7x	12.7% 22.0% 10.7%
	International Small Cap Distillers & Vintners Castle Brands Inc. 266 73.4x Marie Brizard Wine & Spirits SA 397 nmf Berentzen-Gruppe Aktiengesellschaft 123 11.3x		2.7x 0.6x 0.4x	33.3x 16.7x 3.5x	61% 8.2% 3.1% nmf 3.4% nmf 15% 10.5% 3.9%
	Median 42.3x		0.6x	16.7x	37.9% 8.2% 3.5%
	Average 42.3x		1.2x	17.8x	37.9% 7.4% 3.5%
	International Large Cap Distillers & Vintners Brown-Forman Corporation 34,041 35.2x Constellation Brands, Inc. 54,391 24.7x Diageo plc 108,395 21.1x Davide Campari-Milano S.p.A. 11,044 27.5x Rémy Cointreau SA 8,781 36.5x Pernod Ricard SA 55,930 23.5x		8.9x 6.8x 5.8x 4.7x 5.3x 4.8x	24.7x 18.3x 16.8x 19.2x 23.5x 16.5x	10% 36.0% 23.5% 15% 37.3% 22.7% 3% 34.5% 23.8% 1% 24.4% 14.4% 11% 22.6% 13.5% -2% 29.1% 16.9%
	Median 26.1x		5.5x	18.8x	6% 32% 20%
	Average 28.1x		6.1x	19.8x	6% 31% 19%
Source		Capital IQ 1 Dec 2017

Commentary

• Across the publicly listed comparable peers, the sector is currently trading on: ~

• • An average of 14.7x FY18 EV/EBITDA across Australia and New Zealand;

An average of ~17.8x FY18 EV/EBITDA across various international small caps

• ~19.8x FY18 EV/EBITDA in the international large caps distillers and vintners sector

Using any of the above average comparable metrics, this represents significant upside potential from AWH’s current market position

21

RECENT DISTILLER ACQUISITIONS

Name of Distillery	Date of Transaction
Woodinville Whiskey Co.—Woodinville, Washington	Sold to Moët Hennessy in 2017
Teeling Whiskey Co.—Dublin, Ireland	Sold minority stake to Bacardi Ltd. in 2017
Bardstown Bourbon Co.—Bardstown, Kentucky	Sold minority stake to Constellation Brands in 2016
BenRiach Distillery Co.—Newbridge, Scotland	Sold to Brown-Forman Corp. in 2016
High West Distillery—Park City/Wanship, Utah	Sold to Constellation Brands in 2016
Nelson’s Green Brier Distillery—Nashville, Tennessee	Sold minority stake to Constellation Brands in 2016
Catoctin Creek—Purcellville, Virginia	Sold minority stake to Constellation Brands in 2016
Smooth Ambler Spirits—Maxwelton, West Virginia	Sold majority stake to Pernod Ricard in 2016
Westland Distillery—Seattle, Washington	Sold to Rémy Cointreau in 2016
Angel’s Envy—Louisville, Kentucky	Sold to Bacardi Ltd. in 2015
Compass Box Whisky Co.—London	Sold minority stake to Bacardi Ltd. in 2014
Forty Creek Distillery—Grimsby, Ontario	Sold to Campari America in 2014
Bruichladdich Distillery—Islay, Scotland	Sold to Rémy Cointreau in 2012
Tuthilltown Spirits—Gardiner, New York	Sold Hudson whiskey brand to William Grant & Sons in 2010, followed by the rest of the distillery in 2017

Commentary

• Consolidation by the international major brands across the industry has been evident in recent years

   - The single malt whisky sector is still a highly fragmented and “cottage” industry
  

• AWH has now positioned itself as the consolidator of Tasmanian whisky, with a focus on increasing production

• The market outlook for the single malt whisky industry continues to look strong with the volume of activity across the sector

22

Capital IQ 1 Dec 2017

Source

INVESTMENT HIGHLIGHTS

• AWH’s brands are multi award winning premium whisky, recognised globally

• The single malt whisky market is experiencing high growth and is forecast to continue

• AWH has consolidated the leading Tasmanian whisky with a goal to rapidly increase production and sales

• The whisky value proposition for AWH is underpinned by the significant value uplift during the maturation period

• Relevant to the increasingly growing value of inventory, production and revenue, AWH is currently significantly undervalued

• Experienced management team to further grow the company through organic investment and distribution channels

• In order to gain exposure to the underlying single malt whisky thematic, AWH is the only public company listed on the ASX operating in this market

23

MANAGEMENT

Terry Cuthbertson

Chairman & Non Executive Director

Christopher Malcom

Chief Executive Officer

Peter Herd

Non Executive

Rohan Boman

Terry Cuthbertson has been on the Board of Lark Distillery since September 2014 and chairs the finance committee of Lark Distillery. He is also on the board of Redlands Distillery, representing the interests of AWH. Terry is Non-Executive Chairman of Austpac Resources N.L., MNF Group Limited, Malachite Resources Limited, South American Iron & Steel Corporation Limited, Mint Payments Limited and Non-Executive Director of ISentric Limited, previously a partner of KMPG and Director of KPMG Corporate Finance and NSW Partner in Charge of Mergers and Acquisitions, Group Finance Director of Tech Pacific Holdings Pty Ltd which generated over $2 billion in revenues from operations throughout the Asia-Pacific Region.

Christopher Malcolm has been appointed as Chief Executive Officer since 2 March 2017. Mr Malcolm is a Committee Member of the Australian Distillery Association, the leading Association involved in the establishment and the development of the spirit section in Australia. Mr Malcolm is also Chairman Clark Rubber Franchising Pty Ltd, Driclad, Pty Ltd (Pools and Spas), Malcolm Property Pty Ltd, Retail Franchise Systems Pty Ltd (RFS Group Pty Ltd) Glenburn Station Pty Ltd and Chairperson of the Malcom Foundation. Mr Malcom is a member of the Australian Institute of Company Directors and an accredited franchise executive. He has a Diploma of Company Directorship from the University of England and Finance Management Certificate from the University of New South Wales. He was awarded the Franchisor of the Year 2006, inducted into the Franchising Hall of Fame in 2003, and appointed to Government Senator Chris Shacht Franchise Review Committee.

Peter Herd was previously General Manager of Dairy Farmers’ Milk and Beverage Division, previously Regional Director of Australasia for Coca-Cola South Pacific, Division President for Coca-Cola Far East in the Philippines and Country Manager for Hong Kong, Taiwan and Indonesia.

Rohan Boman has served as a director of ING Securities (Hong Kong), a divisional director for Macquarie Bank and has operated his own investment company since 2004. He is a key relationship holder with local business in Tasmania, including whisky industry

Non Executive Director

Gary Mares

Non Executive Director

Gary Mares is the Company Secretary of Lark and member of the Lark Finance Committee. Gary’s focus is on corporate governance ensuring that all statutory record keeping is consistent with ASX requirements.

24

MANAGEMENT

Jonathan Birch

Director of Digital Marketing

Gary Stewart

Jon is a veteran of the IT and Telecommunication Industry and has built a reputation as a successful businessman, leader, mentor, and strategist. Most recently, as the founder and CEO of Cloudcentre, Jon is building an organisation that provides advice and operational support to companies on digital business planning, digital marketing, corporate strategy and fund raising Jon has developed a digital business and digital marketing plan for AWH, which he is now responsible for implementing.

Gary is currently Company Secretary of iSentric Limited and has been a Director and Company Secretary of listed companies both in Australia and the United States of America. Gary is also a solicitor of the Supreme Court of New South Wales.

Company Secretary

Sindy Suen

Sindy Suen is a member of the CPA Australia and has a Masters degree in Taxation. Ms Suen has over ten years public company accounting experience.

Finance

Jacqueline Molina

Jacqueline Molina has extensive experience in corporate administration, project management and marketing in a variety of publicly listed and private companies. She has a background in visual arts and digital marketing.

Whisky Investment & Digital Marketing

Jack Sellars

Jack Sellars is the Production Manager and Head Distiller at Nant Distillery, he has been crafting award winning whisky at the Nant distillery for the past four years. Previously to working at Nant Distillery he had been distilling at Bladnoch distillery in Scotland.

NANT Production Manager & Head Distiller

25

DISCLAIMER

This presentation (“Presentation”) has been prepared by Australian Whisky Holdings Ltd (“AWH” or “Company”). You must read and accept the conditions in this notice of disclaimer (“Disclaimer”) before considering the information set out in or referred to in this Presentation. If you do not agree, accept or understand the terms on which this Presentation is supplied as per this Disclaimer, or if you are subject to the laws of any jurisdiction in which it would be unlawful to receive this Presentation or which requires compliance with obligations that have not been complied with in respect of it, you must immediately return or destroy this Presentation and any other confidential information supplied to you by AWH. Upon receiving this document, you acknowledge and agree to the conditions in this Disclaimer and agree that you irrevocably release AWH from any claims you may have (presently or in the future) in connection with the provision or content of this Presentation.

No Offer

This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be, and is not required to be, lodged with Australian Securities & Investments Commission.) or any other law. This Presentation is for information purposes only and is not (and nothing in it should be construed as) an invitation, offer, solicitation or recommendation with respect to the subscription for, purchase or sale of any security in any jurisdiction . Neither this document nor anything in it shall form the basis of any contract or commitment.

Summary Information

This Presentation contains summary information about AWH, its subsidiaries and their activities which is current as at the date of this Presentation.

This presentation contains information as to past performance of the Company. Such information is given for illustrative purposes only, and is not —and should not be relied upon as —an indication of future performance of the Company. The historical information in this presentation is, or is based upon, information contained in previous announcements made by the Company to the market.

The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in AWH or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). While AWH has taken every effort to ensure the accuracy of the material in the presentation, neither the Company nor its advisers have verified the accuracy or completeness of the information, or any statements and opinion contained in this Presentation.

Not Investment Advice

This Presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire shares of AWH.

Each recipient of this Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of AWH and the impact that different future outcomes may have on AWH.

This Presentation has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. AWH is not licensed to provide financial product advice in respect of AWH shares. Cooling off rights do not apply to the acquisition of AWH shares.

Investment Risk

An investment in AWH shares is subject to known and unknown risks, some of which are beyond the control of AWH. AWH does not guarantee any particular rate of return or the performance of AWH nor does it guarantee any particular tax treatment. Financial Data All dollar values in this Presentation are in Australian dollars (A$ or AUD) unless otherwise stated. The Presentation contains certain financial information and such information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of AWH’s views on its future financial condition and/or performance.

Forward-Looking Statements

This Presentation may contain forward looking statements. The Australian words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should not place undue reliance on forward-looking statements and neither AWH nor any of its directors, employees, advisers or agents assume any obligation to update such information. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements.

Exclusion of Liability

None of AWH’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and, except to the extent referred to in this Presentation, none of them makes or purports to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by any of them.

To the maximum extent permitted by law, AWH and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, including without limitation for negligence or for any expenses, losses, damages or costs incurred by you as a result of your participation in an investment in AWH and the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise.

To the maximum extent permitted by law, AWH and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this Presentation.

Statements made in this Presentation are made only as the date of this Presentation. The information in this Presentation remains subject to change without notice.

26

==> picture [720 x 586] intentionally omitted <==

THANK YOU

27