United Breweries : October 2022

ICRA Limited

Ref. No: ICRA/United Breweries Limited/28102022/1

Date: October 28, 2022

Mr. P.A Poonacha

Deputy Vice President - Finance

United Breweries Limited,

UB Tower, Level 4, UB City

#24, Vittal Mallya Road

Bangalore - 560 001

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 1380.00 crore Line of Credit (LOC) of United Breweries Limited (instrument details in Annexure)

Please refer the Rating Agreement between ICRA Limited ("ICRA") and your company, whereby, ICRA is required to review the ratings assigned to your company on an annual basis or as and when circumstances so warrant.

Based on a review of the developments and information shared, the Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating outstanding on the captioned Line of Credit (LOC) at [ICRA]AA+ (pronounced ICRA Double A Plus). The Outlook on the long-term rating is Stable. The Rating Committee of ICRA has also reaffirmed the short-term rating outstanding on the captioned LOC at [ICRA]A1+ (pronounced ICRA A One Plus). For Rating definition(s), please refer to ICRA website atwww.icra.in.

In any of your publicity material or other document wherever you are using the above Rating(s), it should be stated as [ICRA] AA+(Stable)/[ICRA]A1+.

The aforesaid Rating(s) will be due for surveillance any time before October 19, 2023. However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.

The Rating(s) are specific to the terms and conditions of the line of credit as indicated to us by you, and any change in the terms or size of the same would require a review of the Rating(s) by us. In case there is any change in the terms and conditions or the size of the rated line of credit, the same must be brought to our notice before the line of credit is used by you. In the event such changes occur after the Rating(s) have been assigned by us and their use has been confirmed by you, the Rating(s) would be subject to our review, following which there could be a change in the Rating(s) previously assigned. Notwithstanding the foregoing, any change in the overall limit of the line of credit from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated Line of Credit availed by your company.

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45

R A T I N GR E S E A R C HI N F O R M A T I O N

The aforementioned fund-based and non-fund-based facilities can be utilized either as long-term or short-term facilities. In case these limits are utilized as short-term facilities, the short-term rating assigned by ICRA shall accordingly apply

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45

R A T I N GR E S E A R C HI N F O R M A T I O N

ICRA Limited

10th Floor, 1 & 2 Murphy Road,L749999DL1991PLC042749Helpdesk: +91 9354738909 Ulsoor, Bengaluru - 560008

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45

R A T I N GR E S E A R C HI N F O R M A T I O N

ICRA Limited

Ref. No: ICRA/United Breweries Limited/28102022/1

Date: October 28, 2022

Mr. P.A Poonacha

Deputy Vice President - Finance

United Breweries Limited,

UB Tower, Level 4, UB City

#24, Vittal Mallya Road

Bangalore - 560 001

Dear Sir,

Re: Surveillance of ICRA rating for Rs. 500.00 Commercial Paper of United Breweries Limited

Please refer the Rating Agreement between ICRA Limited ("ICRA") and your company, whereby, ICRA is required to review the ratings assigned to your company on an annual basis or as and when circumstances so warrant. Please note that based on a review of the developments and information shared, the Rating Committee of ICRA, after due consideration of the latest developments in your company, has reaffirmed the rating assigned to the aforementioned instrument at [ICRA]A1+ (pronounced as ICRA A one Plus). Instruments with "[ICRA] A1+" rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

In any of your publicity material or other document wherever you are using our above rating, it should be stated as [ICRA]A1+ (pronounced as ICRA A one Plus).

This Rating(s) is specific to the terms and conditions of the proposed issue as was indicated to us by you and any change in the terms or size of the issue would require the Rating(s) to be reviewed by us. If there is any change in the terms and conditions or size of the instrument rated, as above, the same must be brought to our notice before the issue of the instrument. If there is any such change after the Rating(s) is assigned by us and accepted by you, it would be subject to our review and may result in change in the Rating(s) assigned.

The Ratings assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated Bank facilities availed/issued by your company.

Additionally, we wish to highlight the following with respect to the Rating:

1. If the instrument rated, as above, is not issued by you within a period of 3 months from the date of this letter, the Rating would need to be revalidated before issuance.
2. Once the instrument is issued, the rating is valid throughout the life of the captioned programme (which shall have a maximum maturity of twelve months from the date of the issuance of the instrument).

The Rating, as aforesaid, however, should not be treated as a recommendation to buy, sell or hold CP/ STD issued by you. The Rating(s) is restricted to your CP programme/CD/ STD size of Rs. 500 crore only. In case, you propose to enhance the size of the CP/ CD/ STD programme, the same would require to be rated afresh. ICRA does not assume any responsibility on its part, for any liability, that may arise consequent to your not complying with any eligibility criteria, applicable from time to time, for issuance of CP/CD/ STD.

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45

R A T I N GR E S E A R C HI N F O R M A T I O N