#1INVESTOR PRESENTATION June 2021 MGP Create Exceptional™#2FORWARD LOOKING STATEMENTS MGP Certain of the comments made in this presentation and in the question and answer session that follows may contain forward-looking statements in relation to operations, financial condition and operating results of MGP Ingredients, Inc. and such statements involve a number of risks and uncertainties. Forward looking statements are usually identified by or are associated with such words as "intend,” “plan,” “believe,” “estimate,” “expect,” “anticipate,” “hopeful,” “should,” “may,” “will,” “could," "encouraged," "opportunities,” “potential," and/or the negatives or variations of these terms or similar terminology. These statements reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, and Company financial results and are not guarantees of future performance. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from our expectations include, among others: (i) the ability to realize the anticipated benefits of the acquisition of Luxco; (ii) the ability to successfully integrate the businesses; (iii) disruption from the acquisition of Luxco making it more difficult to maintain business and operational relationships; and (iv) significant transaction costs and unknown liabilities. Additional factors that could cause results to differ materially include, among others, (i) disruptions in operations at our Atchison facility, our Indiana facility, or any Luxco facility, (ii) the availability and cost of grain and flour, and fluctuations in energy costs, (iii) the effectiveness of our grain purchasing program to mitigate our exposure to commodity price fluctuations, (iv) the effectiveness or execution of our strategic plan, (v) potential adverse effects to operations and our system of internal controls related to the loss of key management personnel, (vi) the competitive environment and related market conditions, (vii) the impact of the COVID-19 pandemic, (viii) the ability to effectively pass raw material price increases on to customers, (ix) our ability to maintain compliance with all applicable loan agreement covenants, (x) our ability to realize operating efficiencies, (xi) actions of governments, and (xii) consumer tastes and preferences. For further information on these and other risks and uncertainties that may affect our business, including risks specific to our Distillery Products and Ingredient Solutions segments, see Item 1A. Risk Factors of our Annual Report on Form 10-Q for the quarter ended March 31, 2021. Non-GAAP Financial Measures In addition to providing financial information in accordance with U.S. GAAP, the company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, GAAP. In addition to the comparable GAAP measures, MGP has disclosed adjusted operating income, adjusted income before taxes, adjusted net income, adjusted MGP earnings, and basic and diluted adjusted earnings per share. The presentation of non-GAAP financial measures should be reviewed in conjunction with operating income, income before taxes, net income, net income attributable to common shareholders and basic and diluted earnings per share computed in accordance with U.S. GAAP and should not be considered a substitute for these GAAP measures. The non-GAAP adjustments referenced in the section entitled "Reconciliation of Selected GAAP Measures to Non-GAAP Measures," take into account the impacts of items that are not necessarily ongoing in nature and/or predictive of the Company's operating trends. We believe that these non-GAAP measures provide useful information to investors regarding the company's performance and overall results of operations. In addition, management uses these non-GAAP measures in conjunction with GAAP measures when evaluating the Company's operating results compared to prior periods on a consistent basis, assessing financial trends and for forecasting purposes. Non-GAAP financial measures may not provide information that is directly comparable to other companies, even if similar terms are used to identify such measures. The schedules attached at the end of the presentation provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure. 2 NASDAQ:MGPI#33 MISSION STATEMENT Secure our future by consistently delivering superior financial results by more fully participating in all levels of the alcohol and food ingredients segments for the betterment of our shareholders, employees, partners, consumers and communities. TILL REMUS 100 la REMÚS TANNER'S *CREEK BOURBON WHISKEY 85 ROSSVILLE EIGHTS SAND UNION MGP#4MGP OVERVIEW1 MGP has a portfolio of highly attractive business units centered around its historic core DISTILLERY PRODUCTS Sales: $294MM (54% of Total) GP Margin: 22% Leading supplier of distilled spirits, facilitating the creation of bourbons, rye whiskeys, distilled gins and vodkas Continued strategic position within MGP as legacy producer of food grade alcohol Capacity and capability provide key competitive advantage Shifting business mix towards higher margin opportunities as a supplier to our increasingly diverse range of customers Becoming a "solutions provider" to our customers BRANDED SPIRITS Adj. Sales: $186MM (34% of Total) Adj. GP Margin: 35% Attractive and growing portfolio of spirit brands in fastest growing categories A natural evolution to leverage MGP's expertise in production to target the highly attractive branded spirits market Combination with Luxco provides step change in scale and a platform Diversified standard and value portfolio positioned at affordable price points and provides stable cash flows Award winning premium and super premium brands offer a significant long-term upside INGREDIENT SOLUTIONS Sales: $66MM (12% of Total) GP Margin: 16% Largest U.S. supplier of specialty wheat proteins and starches Rapidly growing category with significant long-term upside Aligned with several important consumer trends (e.g. clean label, better for you) MGP Particular focus on specialty starches and proteins MGP's history affords unique know- how in the specialty ingredient category and we are widely regarded as experts in the industry 4 1. All financials based on pro forma combined 2019 results.#510 5 ■ Brown Goods 2020 Revenue by Product Line $26,109 $5,630 $15,631 $125,059 $80,682 $64,347 ■ White Goods ■Inustrial Alcohol ■Fuel Grade Alcohol ■ Distillers Feed ■ Warehouse Services Historical Gross Profit and Margin (%) $77,960 $71,793 $66,818 $65,951 $56,836 21.4% 24.6% 23.0% 22.9% 22.2% 2016 2017 2018 2019 2020 Note: The above amounts may not foot due to rounding and sourced alcohol financials include branded spirits DISTILLERY PRODUCTS MGP MGP IS A LEADING SUPPLIER OF ALCOHOL SOLUTIONS TO THIRD PARTIES Products consist of the following: Brown Goods: Premium bourbon and rye whiskeys sold as aged whiskey or unaged new distillate, which is then aged by customers from two to four years White Goods: Primarily grain neutral spirits (“GNS”), including vodka and gin Industrial Alcohol: Used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and other products Fuel Grade Alcohol: Sold primarily for blending with gasoline to increase the octane and oxygen levels Distillers Feed and Related Co-Products: Primarily dried mash and corn oil sold to processors of animal feeds Warehouse Services: Services related primarily to customer storage of Brown Goods product for aging Diversified customer base supporting over 300 new distillate and aged customers Compete on product innovation, product characteristics, functionality, price, service, and quality factors, like flavor All figures in thousands#6• Atchison, KS Operations Company HQ . Distillery Largest supplier of distilled gin Grain Neutral Spirits/Vodka Industrial alcohol Research & Development Lawrenceburg, IN Operations Distillery Top-5 American Whiskey producer ⚫ Largest supplier of rye whiskey • • Bourbon Gin & Grain Neutral Spirits/Vodka Whiskey aging warehouses Research & Development AGED WHISKEY CUSTOMER ECONOMIC BENEFITS Shortens timeline to cash flow Brand launches can occur in weeks rather than years Reduces working capital investment No need to build additional distillation capacity or warehouses Enables M&A-related growth and brand expansion MGP provides a reliable long-term supply chain solution DISTILLERY PRODUCTS MGP MGP'S UNIQUE EXPERTISE POSITIONS US AS THE PREFERRED PARTNER TO OUR CUSTOMERS Scale provides competitive pricing Capacity supports long-term growth Capabilities to meet diverse customer needs - Standard & custom mash bills; Blending Flexibility to shift between various offerings Library of different mash bills and ages Broad base of premium beverage offerings Leveraging aged whiskey to retain and attract new customers Partnership approach to our core business 6#7DISTILLERY PRODUCTS MGP IS WELL POSITIONED TO CONTINUE BENEFITTING FROM GROWTH IN U.S. SPIRITS - PRIMARILY AMERICAN WHISKEY U.S. Spirits Continue To Gain Share Of Total Beverage Alcohol U.S. Spirits Market Share - Revenue MGP Growth of American Whiskey Continues To Outperform 5-year U.S. American Whiskey Volume CAGR Remains Robust 7 • 33.3% 2010 2012 2014 2016 2018 39.1% Total distilled spirits have experienced 11 straight years of market share gains in the U.S. 2020 volume up 5.3% to 251M cases 2020 revenues up 7.7% to $31B Premiumization trends across categories continued to drive U.S. volume growth for high end and super premium brands in 2020 • Super Premium American Whiskey +17.4% . Rye Whiskey . Super Premium Gin +16.3% +8.4% 6.9% 6.3% 6.5% 6.3% 6.5% 5.7% 5.1% 3.7% 2020 2013 2014 2015 2016 2017 2018 2019 2020 2020 volume was up 7.0% to 28.4M cases, revenues up 8.2% to $4.3B Historical length of trends in 9-LTR Case Volume 1970 2010 2020 American Whiskey 35.6M 15.3M 28.4M the U.S. indicates sustainable growth opportunities Vodka 18.8M 62.1M 76.9M Tequila 0.4M 11.6M 22.2M • Significant headroom for additional American Whiskey growth in the U.S. Amer. Whiskey Metrics 9-LTR Case Volume Per Capita Consumption LDA Population 1970 2010 2020 35.6M 15.3M 28.4M 0.69 0.16 0.28 122M 221M 244M Share of TDS 22.8% 8.0% 11.3% Note: Data sourced from Distilled Spirits Council#8DISTILLERY PRODUCTS MGP HAS IDENTIFIED FIVE STRATEGIES TO CONTINUE DELIVERING LONG-TERM GROWTH WITHIN THE DISTILLERY PRODUCTS SEGMENT Distillery Products Growth Strategy 1. Focused Migration Away From Industrial Alcohol To White Beverage Alcohol 2. Continue Cultivating Multi-national And Craft Customers For Brown Goods Sales 3. Enhance Offerings To Become A "Solutions Provider" 4. Develop Export Market For Aged Brown Goods 5. Attract Control Label Customers To Boost Overall Brown Goods Growth Distillery Products Gross Profit Ladder MGP Brown Branded Spirits Products White Brown Goods: New Distillate Goods: Aged Whiskey Goods: Gin White Goods: Whiskey Industrial Alcohol Vodka Gross Profit American Whiskey is Underdeveloped Outside U.S. Despite current tariffs, exports expected to be a key driver of long-term growth, particularly in the European Union Total American Whiskey Exports American Whiskey S.O.M. of Total Whiskey ($996MM) 8 43% 14% ROW $482MM EU $514MM In U.S. Rest of World Note: Data sourced from Distilled Spirits Council, USITC Dataweb and Impact.#9BRANDED SPIRITS MGP WITH THE ACQUISITION OF LUXCO, MGP HAS AN ESTABLISHED PORTFOLIO WITH A FOCUS ON GROWING HIGH POTENTIAL, HIGH MARGIN FOCUS BRANDS $56,241 LTM Oct 2020 Revenue by Product Line $109,206 $93,027 ■ Focus Brands ■ Other Brands Historical Gross Profit and Margin (%) $64,130 $75,515 REBEL YELL Focus Brands MS PRIMOS Ezra Brooks Dos Primos QUIET MAN Rebel Yell David Nicholson MINUD TAS Yellowstone El Mayor Blood Oath Minor Case Daviess County 18 BELLOWS Sruting & Bank GIN The Quiet Man Bowling & Burch Gin EVERCLEAR Saint Brendan's Everclear Exotico Select Other Brands AZTECA Juárez BRADYS 37.3% Bellows Bourbon Supreme Azteca Juarez 35.1% 32.7% Pearl IVARSCH VODKA Brady's yago TRIPLE Tvarscki 2018 2019 LTM Oct-20 Pearl Wolf-Schmidt Paramount 9 Yago All figures in thousands#10MGP BRANDED SPIRITS MGP'S PLATFORM INCLUDES EXTENSIVE OPERATIONAL CAPABILITIES AND A COMPREHENSIVE NATIONAL SALES FOOTPRINT 3 Distilleries Operational Capabilities Lebanon, KY + 3 Limestone Distillery LUKKO Lux Row Distillery Bardstown, KY DGL Distillery (JV) Arandas, Mexico National Sales Platform Sales / Distributor representation in every state across the United States and a dedicated international sales team Dedicated sales and marketing team of 43 spanning from coast to coast with decades of experience in the liquor industry Strong relationships with all major US distributors NATIONAL DISTRIBUTOR ALIGNMENT WA ND MT MN Other Facilities¹ SD WI ME H VT OR ID WY ΙΑ NY MI NH MA Bottling & Distribution NE St. Louis, MO Bottling Cleveland, OH CT Bottling & Blending Northern Ireland IN PA RI NV IL OH NJ UT CO MO KS WV MD DE KY VA DC CA VO OK TN NC Distilleries Extensive operational capacity with plans in place to increase production in 2021 Bottling / Blending Various bottling lines with cream, spirits and RTD processing capabilities AR Distribution Center 210,000 square feet with customs bond space in St. Louis AZ NM MS SC AL GA TX LA AK FL IH 10 1. Other Facilities include bottling, blending, distribution and others. SGWS: 31 Markets RNDC: 9 Markets All Others: 10 Markets#11MGP BRANDED SPIRITS MGP'S BRANDED SPIRITS CONTINUE TO FOCUS AND INNOVATE WITHIN U.S. SPIRITS GROWTH - PRIMARILY HIGH-END AMERICAN WHISKEY, TEQUILA & GIN Growth across spirits categories continues to outperform in the High-End Recent innovation launches are designed to capitalize on fastest growing price segments AMERICAN WHISKEY 9L Case 52 Weeks 9L Case TEQUILA Volume Trend Volume 52 Weeks Trend Ezra Brooks Ultra Ultra 900,236 +53% 571,251 +84% Premium Premium 99 Proof SRP: $24.99 Jan '21 Dos Primos Blanco SRP: $44.99 Jan '21 Daviess County Straight Bourbon SRP: $39.99 Jan '20 Bowling & Burch Gin SRP: $39.99 Jan '20 Super Super 3,869,518 +30% 1,338,101 +56% Premium Premium 1- Premium 4,548,232 +16% Premium 2,562,952 +45% 99 EMA Mid 5,869,205 +5% Mid 2,472,850 +9% B PERENNIAL Value 858,420 -5% Value 464,969 +27% 9L Case 52 Weeks IRISH 9L Case 52 Weeks GIN Volume Trend WHISKEY Volume Trend Ultra Ultra 134,256 +73% 62,807 +40% Premium Premium Super 357,557 +40% Super EARA B BROOKS 99 PROOF NO SELECTED 96,980 +23% Premium Premium BOURBON LOTA PURO GAVE TEQUILA BLANCO FORCED HT FANILT DOS PRIMOS DAUESS HUNTY SETAIGHT MISKE PROOD Bowling & Buach GIN_ Dunia Ke- BY Premium 1,492,883 +18% Premium 1,686,931 +18% 40 80 ACT WASAN KEM Mid 1,252,157 +3% Mid 127,947 +3% Value 403,314 -5% Value 100 +19% 11 Source: Nielsen 52 weeks 9L Volume Growth Trend by Spirits Category thru April 24, 2021#12BRANDED SPIRITS WE'VE IDENTIFIED FIVE STRATEGIES TO CONTINUE DELIVERING LONG-TERM GROWTH WITHIN THE BRANDED SPIRITS SEGMENT Branded Spirits Growth Strategy 1. Continued Premiumization of the Portfolio 2. Commit To Making Necessary Investments To Support Our Efforts 3. Focus On Key Brands With Greatest Volume And Profit Potential 4. Scale Portfolio in New Channels: E-Commerce And International 5. Continue To Innovate MGP Luxco has shifted from volume growth to value growth 592 Gross Sales per Case ($) Increased gross sales per $100 ■Total Focus Brands Other $101 case by $8/case $104 $61 $53 $56 $57 $44 $45 $45 $45 2017 2018 2019 2020E Invest in premium and ultra-premium price points Luxco's % Change 9L Depletions from 2017 to 2020 by Price Tier Keys to Luxco Success Rebrand high potential brands Innovation of new brands Invest in marketing to pull consumer to Luxco products Ultra 237% Premium Mid -42% 11 % Value 12 Marketing Strategy PRODUCT Drive awareness on the right brands in growth categories PRICE • Adhere to pricing guidelines and establish brands for long-term growth and profitability • PLACE Expand distribution in the right accounts and leverage marketing support • [20%] PROMOTION Utilize marketing materials and educate consumers about our great brands Note: Data sourced from Distilled Spirits Council, USITC Dataweb and Impact.#13MGP 2020 Revenue by Product Line $1,842 $7,630 $26,960 $41,631 ■Specialty Wheat Starches Specialty Wheat Proteins ■Commodity Wheat Starches ■Commodity Wheat Proteins Historical Gross Profit and Margin (%) $20,846 $11,806 $10,580 $9,199 $8,447 19.0% 15.9% 16.3% 16.2% 26.7% 2016 2017 2018 2019 2020 INGREDIENTS SOLUTIONS MGP IS A LEADING SUPPLIER OF SPECIALTY WHEAT STARCHES & PROTEINS • • Products consist of the following: Specialty Wheat Starches: Premium wheat starches sold to food processors and distributors, a substantial portion of which is altered for special applications such as improving tastes and textures or improving the nutritional profile Specialty Wheat Proteins: Derived from vital wheat gluten for food applications; competes with other ingredients and modified proteins, primarily soy protein Commodity Wheat Starches: Non-specialized product with non-food and food applications, which primarily competes with corn starch Commodity Wheat Proteins: Also known as vital wheat gluten, this product represents a free-flowing light tan powder, containing 70-80% protein, which is used by bakeries and food processors to improve the nutritional content, texture, strength, shape, and other aspects of their product Compete on product innovation, product characteristics, price, name, color, flavor, or other properties that affect how the ingredient is being used 13 All figures in thousands#1414 MGP • INGREDIENTS SOLUTIONS MGP IS A LEADER IN PROVIDING INGREDIENT SOLUTIONS . MGP is a global provider of specialty starches and proteins MGP is the largest producer of wheat starches in the U.S. • MGP is the largest producer of specialty wheat proteins in the U.S. . • MGP holds the number one market position in fiber from wheat starches MGP is viewed as a market leader and innovator across the industry MGP is viewed as a market expert in texturizing plant proteins The MGP team is highly skilled and known as experts in the food industry#1515 MGP INGREDIENTS SOLUTIONS MGP IS STRONGLY POSITIONED TO SERVE GROWING SPECIALTY PLANT-BASED MARKETS • . Plant-based new product launches up 65% since 20121 • . Global sales of alternative meats expected to reach $100B in the next decade² 16% of U.S. consumers eat "meatless" once per week¹ • Meat substitute products introduced in the U.S. have increased 84% since 2015¹ • 85% of consumers regard dietary fiber as a healthy component to their food³ • Starches used for fiber are expected to grow in volume by a CAGR of 6.7% over the next 5 years4 • New product launches with non-GMO claims are up 10.2% since 2015¹ ¹Mintel 2CFRA from Sosland Publishing ³Foodinsight.org from Sosland Publishing 4QYResearch, 2019#16INGREDIENTS SOLUTIONS MGP HAS IDENTIFIED FIVE STRATEGIES TO CONTINUE DELIVERING LONG-TERM GROWTH WITHIN THE INGREDIENTS SOLUTIONS SEGMENT Ingredients Solutions Growth Strategy 1. Aggressively expand market share of Fibersym And Arise brand platforms 2. Opportunistically expand Textured Plant Proteins under ProTerra brand 3. Maximize the value of clean label commodity starches 4. Optimize customer, market and channel What Nutrients Do Consumers See As "Healthy"? 85% Dietary Fiber in Diet– #1 84% Vitamin D 81% Whole Grains 72% Protein from Plant Sources 70% Omega-3 Fatty Acids MGP BER Healthfulness Among U.S. Consumers to drive additional profitability 5. Develop a new M&A focus 16 Year Plant Protein Animal Protein 2017 4th 9th 2018 4th 8th 2019 3rd 10th 2020 3rd 9th Source: Foodinsight.ORG; International Food Information Council (IFIC) Foundation.#17OPERATIONAL EXCELLENCE A CULTURE OF CONTINUOUS IMPROVEMENT . • • • • MGP Improving throughput while maintaining consistency of high quality products Managing commodity cost risks . Formula-driven pricing Locking in margins Passing through significant swings in cost Continued focus on safety initiative - Safety Up BRC audit Grade AA ratings (highest rating) at all facilities Ongoing sustainability efforts 100% of electricity sourced from renewable wind energy MGP University: Developing the talent to support our growth . Launching MGP "House of Zero Loss" operational excellence initiative#18STRONG BALANCE SHEET AND CASH FLOWS PROVIDE INVESTMENT FOR GROWTH • Evaluating M&A opportunities • Maintaining a broad offering of aging whiskey inventory Supporting new distillate growth with adequate barrel warehouse capacity MGP • Enhancing production capabilities 2020 YE Debt to EBITDA ratio of 0.59 • Attracting, developing and retaining talent $67,829 $65,250 $61,510 $58,814 • • Returning funds to shareholders - quarterly dividend of $0.12 per share Excellent access to capital - recently amended credit agreement provides greater access to capital, improved flexibility and reduced rate risk Note: See 8-K dated May 20, 2021 for full description of credit agreement $41,060 $39,871 $32,014 $24,554 2017 2018 2019 2020 Debt EBITDA Note: Calculations as of year-end. See Appendix for GAAP to Non-GAAP Reconciliation#1919 01 2021 FINANCIAL RESULTS MGP#20Q1 SALES WERE UP 9.3% WITH DOUBLE DIGIT GROWTH IN DISTILLERY PRODUCTS Consolidated Sales (quarter ended 3/31/21) MGP Fav (Unfav) vs Prior Year $MM $MM % Distillery Products $89.2 $9.2 11.5% Ingredient Solutions 19.1 0.1 0.3 MGP Ingredients $108.3 $9.3 9.3% 20 20 Key Drivers Distillery Products growth primarily due increased sales of premium beverage alcohol, primarily due to higher aged whiskey sales. • Ingredient Solutions increased slightly due to increased sales of commodity wheat starches Note: Totals in presentation may not foot due to rounding#21DISTILLERY PRODCUTS DOUBLE-DIGIT SALES PERCENTAGE GROWTH OF AGED WHISKEY DESPITE PANDEMIC UNCERTAINTY Distillery Products Sales MGP (quarter ended 3/31/21) Fav / (Unfav) vs Prior Year $MM $MM % Brown Goods $43.4 $14.3 49.3% White Goods 16.9 (0.1) (0.3) Premium Beverage Alcohol 60.3 14.3 31.1 Industrial Alcohol 17.3 (4.3) (19.8) Food Grade Alcohol 77.6 10.0 14.8 Fuel Grade Alcohol 2.5 1.0 65.4 Distillers Feed 5.0 (2.0) (28.9) Warehouse Services 4.1 0.2 5.1 Total Distillery Products $89.2 $9.2 11.5% 21 Note: Totals in presentation may not foot due to rounding#22INGREDIENT SOLUTIONS MGP SALES GROWTH REMAINED CONSISTENT COMPARED TO PRIOR YEAR Ingredient Solutions Sales Fav (Unfav) vs Prior Year (quarter ended 3/31/21) $MM $MM % Specialty wheat starches $10.2 $0.0 0.1% Specialty wheat proteins 6.1 (0.3) (5.0) Commodity wheat starches Commodity wheat proteins 2.3 0.4 21.6 0.6 (0.1) (7.7) Total Ingredient Solutions $19.1 $0.1 0.3% 22 22 Note: Totals in presentation may not foot due to rounding#23OPERATING INCOME INCREASED DUE TO INCREASED GROSS PROFIT IN DISTILLERY PRODUCTS SEGMENT Operating Income Drivers First Quarter 2020-21 ($MM) MGP 23 25 $13.7 Q1 2020 $10.1 $(1.0) Distillery Gross Profit Ingredients Gross Profit $(2.3) $20.5 I SG&A Q1 2021 Note: Totals in presentation may not foot due to rounding. See Appendix for GAAP to Non-GAAP Reconciliation#24EPS REFLECTS STRONG PERFORMANCE IN OPERATIONS $0.30 Earnings Per Share Drivers First Quarter 2020-21 $0.02 $0.01 $0.90 24 $0.57 Q1 2020 Operations Change in effective tax rate Change in weighted average shares outstanding Q1 2021 Note: Totals in presentation may not foot due to rounding MGP#25APPENDIX 25 25 MGP#2626 MGP U.S. SPIRITS MARKET 9-Liter Cases (000s) 2020 Volume % Change Total Distilled Spirits (TDS) Total Whiskey American Whiskey (Bourbon/Rye/Tennessee) Super Premium Rye Vodka Gin Super Premium Super Premium Note: Data sourced from Distilled Spirits Council 251,351 +5.3% 72,854 +5.1% 28,434 +7.0% 4,087 +17.4% ~1,400 +16.3% 76,863 +3.7% 4,978 -2.9% 10,167 +4.2% 261 +8.4%#27MGP RECONCILIATION OF GAAP TO NON-GAAP - OPERATING INCOME Reconciliation of GAAP to Non GAAP Measures Operating Income (Dollars in Thousands) Quarter Ended March 31, 2021 2020 Reported GAAP Operating Income $ 20,500 $ 13,708 Adjusted to remove: Business acquisition costs (a) 1,890 CEO transition costs (b) 585 Adjusted Non-GAAP Operating Income $ 22,390 $ 14,293 (a) The Business acquisition costs are included in Statement of Income within the Selling, general and administrative line item. The adjustment includes transaction and integration costs associated with the Luxco acquisition (b) The CEO transition costs are included in Statement of Income within the Selling, general and administrative line item. The adjustment includes additional employee related costs in connection with the transition of CEOs. 27#28RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non GAAP Measures EBITDA (Dollars in Thousands) 28 Net Income Interest Taxes Depreciation/Amortization MGP 2020 2019 2018 2017 $ 40,345 $ 38,793 $ 37,284 $ 41,823 2,267 1,305 1,168 1,184 12,256 7,144 11,696 10,935 12,961 11,572 11,362 11,308 $ 67,829 $ 58,814 $ 61,510 $ 65,250 EBITDA Total Debt (See Note 5 of 10-K) $ 39,871 Debt to EBITDA 0.59 $ 41,060 $ 32,014 $ 24,554 0.70 0.52 0.38