#1CORBY Acquisition of Ace Beverage Group June 2023 ACE HILL LEMON CAYENN RADLER COTTAGE SPRINGS LEVERAGE Co VODKA SODA BLOOD ON WHITE WINE SPRZ CO VODKA SODA CHANNELRY ACE HILL LEMON PILSNER ACE HILL Good VINES WHITE WINE SPRITZ Og 1g 5% alc./vel 355m ACE HILL RASPBERRY A TSX: CSW.A and CSW.B COTTA ACE HILL WINTER RABLES ACE HILL MEXICAN LAGER 180 CALG EST w BEVERAGE CO A ACE HILL GINGER LIME CABANA -COAST- STILLED GODETAIL OTTAGE CORBY FOR-CARBONATED BAGE SPRINGE M VODKA SODA ONTARIO PEACH ACE HILL VIENNA EVERAGE CO VODKA SODA LEMON LINE TAGE AVERAGE SPRINGS Co VODKA WATER STEAMBERRY NEW! ACE HILL GRAPEFRUIT ADLER NOSCOW MULE NODEA BINDEN COTTAGE PRINGS GS wwwww 5% alc./vol. 35 SWEETENER FREE CABANA -COAST- A/GINGER/L MOSCOW MULE TRADE VODKA SODA WATERHGLOW 5% al 355 LIBERTY VILLAGE Good VINES#2Forward Looking Statement CORBY Today's presentation contains forward-looking statements, including statements concerning possible or assumed future results of operations of Corby Spirit and Wine Limited. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks and uncertainties, including, but not limited to, the impact of the COVID-19 pandemic, the impact of competition, the impact and successful integration of acquisitions; business interruption; trademark infringement; consumer confidence and spending preferences, regulatory changes, general economic conditions, and the Company's ability to attract and retain qualified employees. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Corby. Additional factors are noted elsewhere in this presentation and in Corby's Annual Information Form dated September 23, 2022. This presentation contains certain information that is current as of June 1, 2023. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Corby may, but is not obligated to, provide updates to forward-looking statements, including in subsequent news releases and its interim management's discussion and analyses filed with regulatory authorities. Additional information regarding Corby, including its Annual Information Form, is available on SEDAR at www.sedar.com. 2#3Disclaimer CORBY This document contains references to non-GAAP financial measures, such as EBITDA, which the Company believes can enhance a reader's understanding of its financial performance and assessment of its operating performance. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and therefore, these measures and the Company's actual calculation of the non-GAAP measures may vary from the calculations of others in its industry or those who are assessing its financial performance. EBITDA is equal to earnings before interest, taxes, depreciation, and amortization. Non-GAAP measures should not be considered as alternatives to net income (loss), operating income and other performance measures derived in accordance with GAAP, as measures of operating performance or operating cash flows or as measures of liquidity. Dollar figures in this document are presented in the Canadian Dollar (C$). Readers should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. Additional information about Corby, including audited consolidated financial statements and related MD&A, its unaudited interim consolidated financial statements and related MD&A and its Annual Information Form are available on SEDAR at www.sedar.com. Readers should not rely on parts of the information contained in this presentation to the exclusion of others. The Company has not authorized anyone to provide readers with additional or different information. Market and Industry Data: Corby has obtained any market and industry data and other statistical information presented in this presentation from Euromonitor, International Wine and Spirit Research, Association of Canadian Distillers, LCBO and other third-party information. Such third- party publications and reports generally state that the information contained therein has been obtained from sources believed to be reliable. Although Corby believes these publications and reports to be reliable, it has not independently verified the data or other statistical information contained therein, nor has it ascertained the underlying economic or other assumptions relied upon by these sources. Corby has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. Financial Information: Corby financial information is prepared using International Financial Reporting Standards ("IFRS") as prescribed by the International Accounting Standards Board. Ace financial information is prepared using GAAP. 3#4☐ - ■ - Transaction Highlights Corby Spirit and Wine ("Corby" or the "Company") has reached an agreement to acquire 90% of the outstanding shares of Ace Beverage Group ("Ace") for $148.5 million Corby has a path to acquire the remaining 10% through two call options in 2025 and 2028 Ace is a leading Canadian ready-to-drink ("RTD") alcoholic beverage company, with an innovative portfolio focused on better-for-you ("BFY") offerings - The acquired portfolio of brands includes Cottage Springs, Ace Hill, Cabana Coast, Liberty Village Beverage, and Good Vines The acquisition transforms Corby's financial profile, adding a meaningful presence in the fastest growing alcoholic beverage category Proforma, it is expected that Corby's operating revenue will increase by approximately 35% and that the transaction will be accretive on Corby's operating margin Significant positive EPS accretion expected one-year post-close Funded using available cash and an intercompany loan from Corby's majority shareholder, Pernod Ricard (1) The transaction is expected to close in the first quarter of Corby's fiscal year 2024, and is subject to customary closing conditions, regulatory approvals, and third-party consents Note: Figures in C$, unless otherwise noted. 1. Loan funded based on arm-lengths financing at market rates. LIBERTY VILLAGE _ EXTRA DRY CIDER PEACH CIDE VODKA WATER WANGO CIDER 4L CORBY Good VINES White ne Spritz LCBO VODKA WATER MANGO ACE BEVERAGE GROUP#5COTTAGE #1AGE EST Market Share RTD Brand in LCBORAC Ace Beverage Group Highlights #1 Fastest Growing RTD Brand in Canada COTTAGE COTTAGE SPRINGS SPRIN 2 Million BEV Cases Sold for Retail Value of ~$120M SODA $57M LTM Revenue MA M 2016 CO. BEVERAGE VODKA SODA CRANBERRY RINGS VODKA 28 SODA 2023 LCBO GRAPEFRUIT RTD Listings 37% FY2020A-FY2022A Revenue CAGR CO COTTAGE EST SPRINGS EST. 2018 BEVERAGE BEVERAG co CO. RLIME VODKA GINGER. AVODKA VODKA CABANA ACE HILLA WILD CHERRY Good VINES AGAR COAST - REF CRAFT DCKTAIL SHMENTS DISTILLED LIBERTY VILLAGE Sparkling Vodka Bassion P 5% SWEE BEVERAGE CO.- Note: Figures in C$, unless otherwise noted. LTM represents the last twelve months for period ending March 31st. 5#6Ace Beverage Group's Portfolio Flagship Brand Vodka Soda OTTAGE SPRING BEVERAGE CO Vodka Water Vodka Lemonade Vodka Iced Tea CORBY Tequila Soda NEW Flavoured Spirits 78% of Revenue MIXED 24 PACK VODKA SODA VODKA SODA O 24x355m Classic BFY Vodka Soda #2 Vodka Soda in Ontario OTTAGE VODKA WATER © VODKA WATER VODKA WATER JOSH O EAGE BFY Non-Carbonated and Easy-Drinking #1 Vodka Water in Canada VODKA LEMONADE VODKA VODKA LEMONADE AGE BFY Disruptor in Traditional Category #1 Vodka Lemonade in Ontario TEQUILA SODA VODKA ICED TEA EQUIL EQUIL BFY Disruptor in Traditional Category #2 Hard Tea in Ontario a OTTAGE SPRI BEVERAGE Early Mover in Emerging Category Launched March 2023 BFY Offering in Innovative Category Launched April 2023 Secondary Brands BFY Beer A ACE HILL ACE WILL ACE HILL 80 CABANA -COAST- Vodka Soda Traditional RTD VODKA SODA TROPICAL MIX PACK 6x355ml CABANA COAST LIBERTY VILLAGE BFY Cider Good VINES BFY Wine Spritzer LIBERTY VILLAGE DRY CIDER LIBERTY VILLAGE 22% of Revenue BFY and Craft Beer Offerings #1 Ontario Craft Beer Innovation in 2022 Premium BFY Offerings Made with Real Fruit Top 10 LCBO BFY RTD Traditional RTD Cocktail Offerings #1 RTD Moscow Mule in Canada Note: Revenue breakdown based on Ace's FY2022A figures with year end of December 31st, excluding Other Miscellaneous and Wholesale Revenue Normalization. Better-for-you abbreviated to "BFY". BFY Offering in Traditional Category #1 Ontario Craft Cider SKU BFY Offering in Innovative Category Sugar-Free Wine Spritzer NEW#7Transaction Strategic Rationale and Benefits 1 Provides further expansion into the large, fast-growing and highly attractive RTD segment 2 Adds industry-leading brands in key categories to Corby's dynamic product portfolio CORBY 3 Fuels Corby's quest for continued innovation by combining two companies with track records of building leading brands ACE HILL 4 5 Diversifies Corby's product offering by satisfying evolving consumer tastes and preferences HILL Transforms Corby's financial profile with meaningful participation to the fastest growing alcoholic beverage segment 6 Highly accretive transaction creates value for Corby shareholders 7#8RTD is a Large and Rapidly Growing Segment The $2.4bn Canadian RTD market is the fastest growing and most attractive beverage alcohol category in Canada Canadian RTD Retail Value $2.4bn +20% CAGR $0.9bn 2017A 2022A Source: Euromonitor and International Wine and Spirit Research ("IWSR") Canada Report 2023. Note: Figures in C$, unless otherwise noted. +15% CAGR $4.8bn CORBY RTDs have significantly outperformed the alcoholic beverage market, growing volumes 10x faster than spirits Canadian Volume 2017A - 2022A CAGR (1.0%) (1.4%) +2.2% +22.0% 2027E Beer Wine Spirits RTDs 8#9Market-Leading Brands with Significant Runway Cottage Springs continues to outperform competitors and has grown to become the #1 RTD brand in the LCBO Brand LCBO YOY Sales Growth (2022) CORBY Ace has a leading RTD position in Ontario, Canada's largest retail market, with room to grow due to the category's underpenetration relative to other provinces Retail Value by Geography - RTD vs Wine & Spirits (1) LCBO RTD Market Share (2022) British Columbia OTTAGE SPRIN Cottage Springs 12.2% 36% 19% HITE CL LAW White Claw 12.0% (15%) $2.0bn Atlantic Provinces SMIRNOFF -ICE Smirnoff 9.7% 6% 81% Ontario Twisted Tea 8.5% (1%) 20% TWISTED TEA Western Canada 14% mike's Mike's Hard 6.3% (18%) $1.3bn 18% $6.7bn TÜTRL* Nutrl 3.8% (21%) 80% VODKA $2.7bn SOCIAL Social Lite 3.6% (7%) 86% 82% BUD LIGHT Bud Light RTD 0.8% (41%) VIZZY Vizzy 0.7% (5%) HARD SELTZER RTD Sales * Percentages represent industry-level metrics HIGH NOON. High Noon 0.5% n/a Wine & Spirits Sales Source: LCBO retail sales and Association of Canadian Distillers ("ACD"). Note: Figures in C$, unless otherwise noted. Western Canada includes Alberta, Saskatchewan, and Manitoba. Atlantic Provinces includes Newfoundland, New Brunswick, Nova Scotia, and Prince Edward Island. Data represents retail value for LTM Q1 2023. 1. 9#10Best-In-Class Innovations 2020 Cottage Springs Vodka Water ACE BEVERAGE GROUP + Early vodka water mover; currently Cdn. #1 Cottage Springs Vodka Water "Bag-in-Box" 2021 Cottage Springs Vodka Lemonade VODKA WATER LEMONADE 2021 LCBO product launch of the year #6 LCBO RTD innovation in 2021 Cottage Springs Vodka Soda Mixed 24-Pack MIXED 24 PACK 24x355m EVERAG Cottage Springs Vodka Iced Tea Mixed 8-Pack VODKA ICED TEA 2022 Cottage Springs Vodka Lemonade Mixed 8-Pack VODKA LEMONADE 10000 TAGE #1 LCBO RTD innovation in 2022 Source: Company filings and publicly available information. #2 LCBO RTD innovation in 2022 #3 LCBO RTD innovation in 2022 ALIBU CORBY PHIC CHOC LIBRE ungava CORBY THE GLENLIVET 14 Best-In-Class Innovation Deeper market intelligence and consumer understanding Chic Choc & Ungava RTD Launched Aug. 2021 GRAPEFRUIT ABSOLUT PALOMA preff The Glenlivet 14 year old Launched May 2022 WISERS 10 Opportunity to leverage combined innovation credentials to launch new on-trend products to the highly coveted Millennial and Gen Z customer base Cocktail ALIBU Cocktail STRAWBE Malibu Daiquiri RTD Launched March 2022 Absolut RTD Launched March 2022 J.P. Wiser's 10-Year-Old Launched Nov. 2022 20% to 30% of Corby's top line in spirits market comes from innovation POLAR ICE BERRY BLIZZARD Polar Ice Berry Blizzard Launched May 2023 COUREUR DES DOIS Cabot Trail Blueberry Launching Aug. 2023 Both Corby and ACE recognized by LBCO with the Elsie Awards, proving innovation, creativity and customer service 10 10#11Canada-Wide Distribution and Execution Strength British Columbia Western Canada Ontario Quebec Spirits Retail Market Value $0.9bn $2.4bn (12% of Cdn. Market) (18% of Cdn. Market) $3.2bn (43% of Cdn. Market) $1.4bn (18% of Cdn. Market) CORBY Atlantic Provinces $0.6bn (8% of Cdn. Market) RTD Retail Market Value $0.4bn $0.5bn (17% of Cdn. Market) (22% of Cdn. Market) $0.9bn (41% of Cdn. Market) $0.2bn (8% of Cdn. Market) $0.3bn (12% of Cdn. Market) Regional Market Share Corby - Spirits Ace - RTD 15.2% 0.5% CORBY ACE BEVERAGE GROUP 14.5% 1.2% CORBY ACE BEVERAGE GROUP 16.8% CORBY 14.8% 11.8% ACE BEVERAGE GROUP CORBY <0.1% ACE BEVERAGE GROUP 20.7% 1.5% CORBY ACE BEVERAGE GROUP Leveraging combined strengths to continue the acceleration in Ontario for the whole portfolio, while applying the Ace playbook for RTD outside of Ontario Source: ACD. Note: Figures in C$. Western Canada includes Alberta, Saskatchewan, and Manitoba. Atlantic Provinces includes Newfoundland, New Brunswick, Nova Scotia, and Prince Edward Island. Data represents Canadian retail value for LTM Q1 2023. 11#12Ace Shifts the Growth Profile of Corby's Portfolio Projected Canadian Alcohol Category Volume CAGRS (2022A - 2027E) RTD: 13% CORBY Revenue by Category Proforma Revenue by Category 8% 1% Y Spirits: 3% CORBY Wine: 2% 91% 68% 6% CORBY ACE BEVERAGE GROUP Corby will significantly increase its participation in the highest growing beverage alcohol category which will now represent ~25% of the total portfolio Source: Euromonitor and Company filings. Note: Revenue by category based on LTM December 2022. Excludes beer. 26% 12#13Expanded Offering to Satisfy Evolving Consumer Preferences RTD CORBY + ACE BEVERAGE GROUP OTTAGE SPRING BEVERAGE co. WISERS OLD FASH- IONED CHIC CHOC LIBRE A ACE HILL ungava TONIC LAMB'S Pernod Ricard Representative Brands + Other Representative Brands CORBY J.P WISER'S Spirits CANADIAN RYE WHISKY CANADIEN POLAR ICE VODKA LAMB'S LOT40 NAVY RUM CANADIAN WHISKY CANADIEN ungava GIN RHUM EPICE CHIC CHOC SPICED RUM Wine The Foreign Affair Winery Beer / Other A ACE HILL CABANA -COAST- Good VINES Pike Creek CANADIAN WHISKY The Original CABOT TRAIL Maple Liquare MCGUINNESS Ballantine's KAHLUA BEEFEATER ABSOLUT BERRY ABSOLUT MANGO MALI ALIBU VODKARITA MALIB MULE Cocktai ocktail CHIVAS REGAL Cocktail [OLMECA] TEQUILA STONELEIGH LONDON JACOB'S CREEK Campo Viejo THE GLENLIVET JAMESON ABSOLUT™ VODKA Country of Sweden IRISH WHISKEY G.H.MUMM CHAMPAGNE CHAMPAGNE PERRIER JOUET MALIBU BRANCOTT KENWOOD. ESTATE VINEYARDS The addition of Ace brands will create the most diversified portfolio covering all consumer occasions at all price points LIBERTY VILLAGE - BEVERAGE CO.- 13#14Corby to Maintain Diligent Capital Allocation Strategy Return of Capital to Shareholders Strategic Business Investments Prudent Debt Balance CORBY Opportunistic M&A ☐ Dividend policy remains a key priority for Corby's capital allocation strategy Corby is expected to maintain quarterly dividends, subject to the discretion of Board of Directors Corby will continue to pursue strategic growth initiatives with a focus on creating value for shareholders No change to the long- term capex policy towards innovation, R&D, product launches, and marketing ◉ ◉ Net Debt/ LTM Adjusted EBITDA expected to be 1.8x upon closing Meaningful capacity for additional leverage given low leverage ratio relative to industry peers GLENLIVE 1936 Corby will continue to selectively evaluate opportunities that meet the company's stringent M&A criteria Going forward, Corby will continue to assess opportunities that provide category/ product expansion and provide new synergistic growth avenues BEEFEATER LONDON DRY GIN CHIVAS EST REGAL 3001 XII 12 ONTARIO PEACH MALIB POLAR COBS CRIB ICE JACOB'S CREEK MOSCATO FLAVOURED VODKA 21% alc./vol. 750 ml 35% OTTA Gin POLAR ICE VODKA SODA Bd CANADA ONTARIO PEACH Note: Figures in C$, unless otherwise noted. Leverage includes lease liabilities. NON CARBONATED VODKA ICED TEA JP WISER'S SINCE 1857 FUS Deluxe TAM UN JO Wan 5% alc./vol. 355 SMEETENER FREE 5% alc./vel CANAITA JAMESON ESTR 1760 TRIPLE DISTILLED IRISH WHISKEY John lawsonther VODKA SODA ACE HILL LEMON FODLA SODA ACE HILL RASPBERRY ungava GIN ARCTIC CA QUÉBEC CANADA 100 Naal gedients THE | FLENLIVET 14 SODTON WHISS COGNAC CASK SELECTION KAHLUA Havana COFFEE Club LIQUOR ORIGINAL SOLUT DKA ish Vodka /vol. 750 mL IMPORTED OF SWEDEN e Origina CABOT TRAIL d'érable CANADA 750ml 14 14#15Additional Transaction Detail Structure Summary ☐ Corby will acquire 90% of the outstanding shares of Ace for an upfront purchase price of $148.5 million Valuation ☐ Transaction Financing - CORBY Remaining 10% mainly held by certain Ace founders, with a path to 100% ownership by Corby through (i) a first call option on 5% of Ace's equity, exercisable in June 2025 and (ii) a second call option on the remaining equity, exercisable in June 2028 Overall Enterprise Value of $165.0 million Call options payable based upon the implied future equity value of Ace Funded using available cash and $120 million in arm-lengths financing at market rates from Corby's majority shareholder, Pernod Ricard ☐ No dilution to existing shareholders; do not foresee a need to issue equity ☐ Net Debt/ LTM Adj. EBITDA on a proforma basis expected to be 1.8x upon closing Management and Governance ■ Ace to operate as a subsidiary of Corby, with members of Ace's existing executive team remaining in charge of the day-to-day management of Ace Closing " The transaction is expected to close in the first quarter of Corby's fiscal year 2024, and is subject to customary closing conditions, regulatory approvals, and third-party consents Note: Figures in C$, unless otherwise noted. Leverage includes lease liabilities. 15 15#16WINNING BRANDS VODKA WATER 99 VODKA ICED TEA EQUIL SODA #1 RTD brand in LCBO & fastest growing RTD brand in Canada ACE BEVERAGE GROUP'S INNOVATION STATION CAFFEINATED CONFERATER INNOVATION Proprietary & multi-functional innovation process EXCELLENCE IN EXECUTION 2x LCBO Supplier of the Year LCBO ACE BEVERAGE GROUP AWARD WINNING CULTURE Best Workplaces™ Ranked #10 Best Place to work in Canada in 2023 Great Place LCBO To WorkⓇ CANADA 16#17Corby has one of the most diverse portfolio of strong brands across all Spirits, Wines and RTDs categories CORBY ULTRA PREMIUM NEW SUPER PREMIUM SKREW BAL PREMIUM ABSOLUT VODKA Swedish Vadka MALIBU KAHLUA LIQUOR TRAIL COFFEE CABOT STANDARD bin POLAR ICE WISERS NEW 骨· LOT 40 LOT 46 VISERS Havana Club WISERS Deluxe ungava SPECIAL BLEND LAMB'S Wss BEEFEATER NEW ALTO GLENLIVET 15 LEN LIVET 12 CHIVAS REGA 1624 CHIVAS XII 12 NEW ТРАЗЯВОЗЯ SI HMU МОГ МАС XOAJB ЗАЯАВ NEW STONELEIGH BELAIRE NEW VODK VODKA SODA ICED TEA ACE HILL A SOUT GRAPEFRUIT ALOMA MALIB MALIB 17 VODKA LIQUEURS CANADIAN WHISKY RUM GIN TEQUILA SINGLE MALT BLENDED SCOTCH BOURBON IRISH WHISKEY WINE RTD'S JAMESON#18EEFEATER CORBY BEEFEATE LONDON MALIBU ACOB'S CREE POLAR ICE VOOKA Jo. Wen ACE BEVERAGE DISTILLED font G THE GLENLIVE age Smitte 1936 1 DIST THE HEART ESTO 1820 CH THE WORLD'S LON 750ml DR ESTO RE COTTAGE SPRING CIT 2018 EVERAGE ONTARI PEACH MA FLAVOURE VODKA CARIBBEA COCONUT FL MARIAGE DE R A UNE BOISS A LA NO -OR 21% ale JACOB'S MOSCA POL CA COTTAGE EST. u SA ш 20 BEVERAGE VODI SOD ONTARIO PEA NON-CARBONA COTTAGE EST. SPRI 人人 人人人 2018 BEVERAGE CO VODK ICED TE JJ-S LIMITE LS NORDIC JUNIPER ARCTICE LOUDBERRY-WILD ROSE HIP MELANGE DE L'ARCTIQUE- BRONCE PETIT MURIER-BA BOREALES ARCTIC SOTA WISERSIESON SINCE 1857 DEPUIS Deluxe SINE METU 1780 LE DISTILLED RISH WHISKEY MADE THE MESON WAY SINCE 1780 SODA HILL MON A SODA HILL ERRY iva GIN 1524 E LIVET 4 F AGE MALT WHISKY 1824 HLÚA COFFEE JOR REAL COFFEE BEANS MEDIUM ROASTED SINGLE COUNTRY BRIGIN OFFEE LIQUOR ORIGINAL TH SK SELECTION ALCOOLISÉE AU CAFÉ C./vol. NICALS ANADA DE CUBA OLUT KA and Vodka ub AÑOS UNDACIONAL WHEN SHE WI TER & WINTER WHEAT ol. 750 mL 750 TED- VILLAGE OF AHUS. SWEDEN F SWEDEN iginal BOT AIL UP Crème d'érable Fait avec de SIROP DERABLE PUR ANADA LOGOR ALA CREME ET AL DROP DEVABLE 750 ml 2020 Og Og OUT OF LARD Contacts [email protected] Sparkl 1g Stock 9999 5% SWEE Boisson 5% alc corby.ca LA VODEA LEVERAGE ERAGE VODEA 18