#1INVESTOR PRESENTATION Third Quarter 2023 MGP Create Exceptional™ Exotice આ વન * * Mayor TEQUILA REPOSADO REMUS 17 SECT GREEN HAT Blood Outh BATER HUMBER Since 1878 YELLOWSTON BOURBON WHISKE REBEL KENTUCKY STRAIGHT FOURBON WHISKEY ses AL/VOL 100 PRO DOS PRIMOS TEQUILA BLANCO FORGED BY FAMILY EARA BROOK 99 URBON BON WHISKEY EXTRACT INISI EVERCLE 190 GRAIN ALCON DEVIESS COUN ROSSVILLE UNION MASTER CRAFTED Bowling & Burch GIN Saint Brendans PENELOPE BOURBON#2MGP FORWARD LOOKING STATEMENTS AND NON-GAAP DISCLAIMER This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the prospects of the industry of MGP Ingredients, Inc. (the "Company" or "MGP"); the Company's prospects, plans, mission, strategies, capital allocation priorities; financial position, and strategic plan; the timing of and charges associated with the Atchison, Kansas distillery closure; the expected effects of the Penelope Bourbon acquisition, including the ability to be accretive to gross margin and cost synergies; value of whiskey inventory; and the Company's 2023 guidance, including its expectations for sales, adjusted EBITDA, adjusted basic earnings per common share, and shares outstanding. Forward looking statements are usually identified by or are associated with words such as "intend," "plan," "believe," "estimate," "expect," "anticipate," "project," "forecast," "hopeful," "should," "may," "will," "could," "encouraged," "opportunities," "potential," and similar terminology. These forward-looking statements reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, Company financial results, and Company financial condition and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially from our expectations include without limitation any effects of disruptions in our operations or a catastrophic event at our facilities; commodity price fluctuations; the effectiveness or execution of our strategic plan; our reliance on a limited number of suppliers; climate change and legal, regulatory or market measures to address climate change; product recalls or other product liability claims; damage to our reputation or that of any of our key customers or their brands; adverse public opinion about any of our specialty ingredients; warehouse expansion issues; our reliance on fewer, more profitable customer relationships; commercial, political, and financial risks; regulation and taxation requirements; tariffs, trade relations, and trade policies; labeling or warning requirements or limitations on the availability of our products; anti-corruption laws, trade sanctions and restrictions; changes in consumer preferences and purchases and our ability to anticipate or react to those changes; changes in public opinion about alcohol; our reliance on our distributors to distribute our branded spirits within their territories; failure to secure and maintain listings in control states; changes in excise taxes, incentives and customs duties; class action or other litigation; the availability and cost of raw materials, product ingredients, energy resources, or labor; global supply chain challenges; inflation; the ongoing military conflict between Ukraine and Russia; our ability to protect our intellectual property rights and defend against alleged intellectual property rights infringement claims; our dual-class stock structure and governing document provisions; our reliance on key information technology systems, networks, processes, associated sites, or service providers; acquisitions and potential future acquisitions; our ability to compete and competitive market conditions; work disruptions or stoppages; our reliance on key management personnel; covenants and other provisions in our credit arrangements; interest rate increases; pandemics or other health crises; and our planned closure of our Atchison, Kansas distillery. For further information on these risks and uncertainties and other factors that could affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2023, as well as the Company's other SEC filings. The Company undertakes no obligation to update any forward-looking statements or information in this press release, except as required by law. Non-GAAP Financial Measures In addition to reporting 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, the Company has disclosed adjusted gross profit, adjusted operating income, adjusted net income, adjusted EBITDA, adjusted EBITDA less capital expenditures, and adjusted basic and diluted EPS, as well as guidance for adjusted EBITDA and adjusted basic EPS. The presentation of these non-GAAP financial measures should be reviewed in conjunction with gross profit, operating income, net income, capital expenditures, and basic and diluted EPS computed in accordance with U.S. GAAP and should not be considered a substitute for the GAAP measure. We believe that the 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 appendix provide a full reconciliation of historical non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure. Full year 2023 guidance measures of adjusted EBITDA and adjusted basic EPS are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measures because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. Such items include without limitation, acquisition related expenses, restructuring and related expenses, and other items not reflective of the Company's ongoing operations. 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, spirits and food ingredients segments for the betterment of our shareholders, employees, partners, consumers and communities. Exatice Mayor TEQUILA YELLOWSTON OURBON WHIS EVERCLE REBEL 100 REMUS GREEN HAT Nord Out EARA BRO 99 DOS PRIMUS TEQUILA BLANCO GRAIN ALCO Bealing & Burch GIN PENELOPE BOURBON ROSSVILLE UNION MGP#4MGP MGP OVERVIEW Total sales were $782MM for the year ended December 31, 2022 DISTILLING SOLUTIONS Sales: $428MM (55% of Total) GP Margin: 29.5% Leading supplier of distilled spirits, facilitating the creation of bourbons, rye whiskeys, American single malt whiskey, distilled gins, and vodkas Shifting business mix towards higher margin opportunities as a supplier to our increasingly diverse range of customers Capacity and capability provide key competitive advantage Continued position as legacy producer of food grade alcohol BRANDED SPIRITS Sales: $238MM (30% of Total) GP Margin: 40.1% O III Attractive and growing portfolio of spirit brands in fastest growing categories Branded Spirits segment provides a platform for both organic and acquisitive growth opportunities Award winning premium, super premium and ultra premium brands offer a significant long-term upside Diversified standard and value portfolio positioned at affordable price points and provides stable cash flows INGREDIENT SOLUTIONS Sales: $116MM (15% of Total) GP Margin: 27.2% Leading U.S. producer of specialty wheat proteins and starches Rapidly growing category with significant long-term upside Aligned with several important consumer trends (e.g. plant based high protein foods, and lower net carbohydrate foods) MGP's history affords unique know- how in the specialty ingredient category and we are widely regarded as experts in the industry 4#5DISTILLING SOLUTIONS A LEADING SUPPLIER OF DISTILLED SPIRITS TO THIRD PARTIES 2022 Total Revenue of $428MM 5 $14 $47 $40 $74 $23 $230 ■ Brown Goods ■White Goods Inustrial Alcohol Fuel Grade Alcohol Distillers Feed Warehouse Services Historical Gross Profit and Margin (%) $126 $114 32.4% 29.5% $76 $71 $64 24.2% 22.7% 21.9% 2018 2019 2020 2021 2022 MGP • • • Products consist of the following: Brown Goods: Premium bourbon, rye and other whiskeys sold as aged whiskey or unaged new distillate, which is then aged by customers from two to four years on average 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 ("Distillers Feed"): 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 750 new distillate and aged customers Compete on product innovation, product characteristics, functionality, price, service, and quality factors, like flavor Note: All figures in millions. Amounts may not foot due to rounding. Distilling Solutions segment results are exclusive of Branded Spirits segment results#6DISTILLING SOLUTIONS 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 - multiple mash bills; blending to achieve multiple flavor profiles 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 . • • MGP Lawrenceburg, IN Operations Distillery • Top-5 American Whiskey producer . One of the largest U.S. suppliers of rye whiskey Bourbon American Single Malt Whiskey Gin & Grain Neutral Spirits/Vodka Whiskey aging warehouses Research & Development Atchison, KS Operations Company Distillery (1) • One of the largest U.S. suppliers of distilled gin Grain Neutral Spirits/Vodka Industrial alcohol 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 Provides a reliable long-term supply chain solution 6 (1) See slides 9-10 for information about the planned closure of the Atchison distillery.#7DISTILLING SOLUTIONS 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 Beverage Alcohol Market Share - Revenue MGP Growth of American Whiskey Continues To Outperform 5-year U.S. American Whiskey Volume CAGR Remains Robust 48.8% 34.3% 16.9% Beer -Spirits Wine 6.9% 6.3% 6.5% 6.3% 6.5% 42.1% 41.9% 6.4% 6.2% 5.7% 5.1% 3.7% 16.0% 2012 2014 2016 2018 2020 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 • Total distilled spirits have experienced 13 straight years of market share gains in the U.S. 2022 volume was up 5.2% vs. 2021 to 31.2M cases, revenues up 10.5% vs. 2021 to $5.1B • 2022 volume up 4.8% vs. 2021 to 305M cases 2022 revenues up 5.1% vs. 2021 to $38B Premiumization trends across categories continued to drive U.S. volume growth for high end and super premium brands in 2022 vs. 2021 Super Premium American Whiskey +15.1% Historical length of trends in the U.S. indicates sustainable growth opportunities 9-LTR Case Volume American Whiskey 1970 2010 2022 35.6M 15.3M 31.2M Vodka Tequila 18.8M 62.1M 76.9M 0.4M 11.6M 29.9M • Rye Whiskey • Super Premium Gin +8.6% +5.1% 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 2022 35.6M 15.3M 31.2M 0.69 0.16 0.30 122M 221M 247M(1) Share of TDS 22.8% 8.0% 10.2% 7 Note: Data sourced from Distilled Spirits Council Annual Economic Briefing Report - 2022 (1) The LDA population for 2022 is an estimate provided by Distilled Spirits Council#8DISTILLING SOLUTIONS FOUR STRATEGIES TO CONTINUE DELIVERING LONG-TERM GROWTH WITHIN THE DISTILLING SOLUTIONS SEGMENT Distilling Solutions Growth Strategy 1. Focus on Strategic and Targeted Craft Customers For New Distillate and Aged Whiskey Sales 2. Further Develop the Export Market For Long-Term Growth of Our Aged Business 3. Build out a Kentucky Whiskey Program 4. Focus on White Goods Optimization to Enhance Margins Distilling Solutions Gross Profit Ladder Brown MGP White Goods: Gin Brown Goods: New Distillate Goods: Aged Whiskey Industrial Alcohol White Goods: Vodka Whiskey Gross Profit American Whiskey is Underdeveloped Outside U.S. Exports expected to be a key driver of long-term growth, particularly in the European Union 2021 American Whiskey S.O.M. of Total Whiskey 46% 2022 Total American Whiskey Exports (~$1.3B) 8 14% ROW EU $716MM $566MM In U.S. Rest of World Note: Data sourced from Distilled Spirits Council, USITC Dataweb and Impact.#9• DISTILLING SOLUTIONS PROGRESS OF PLANNED CLOSURE OF THE ATCHISON DISTILLERY Due to their lower relative gross margin profiles, white goods and industrial alcohol sales have been de- emphasized in recent years MGP • Beginning in 2022, as a result of increased supply into the market following COVID and the continued high corn basis values in the Atchison, KS region, gross margins turned negative for these product lines in Atchison, KS In response, on July 13, 2023, the Company announced the planned closure of the Atchison Distillery by January 2024, and the planned closure is currently on schedule White Goods & Industrial Alcohol Sales as a Percent of Total Segment Sales 91. 2020 46% 54% 61% 2021 39% 72% 2022 28% ■Other Distilling Solutions Sales White Goods and Industrial Sales Pro-Forma results exclude results associated with the Atchison distillery. See appendix for more information Ytd September 30, 2023 96% Pro Forma¹ 4%#10DISTILLING SOLUTIONS PLANNED CLOSURE OF THE ATCHISON DISTILLERY Pro-Forma Results(), excluding the Atchison Distillery Consolidated FY 2022 Ytd September 30, 2023 Pro-Forma (1) Change Pro-Forma (1) Change Sales $641.5 ($140.8) $534.7 ($87.0) Gross Profit $253.9 $0.6 $222.0 $2.4 Gross Margin 39.6% 7.2 pp(2) 41.5% 6.2 pp(2) Distilling Solutions FY 2022 Ytd September 30, 2023 • Pro-Forma (¹) Change Pro-Forma (1) Change Sales $287.7 ($140.8) Gross Profit $132.4 $6.1 Gross Margin 46.0% 16.5 pp(2) $255.0 $112.5 44.1% ($87.0) $7.6 13.4 pp(2) Ingredient Solutions FY 2022 Pro-Forma (1) Change Sales $115.9 $- Ytd September 30, 2023 Pro-Forma (¹) Change $98.4 $- Gross Profit $26.0 ($5.5) $29.8 ($5.1) Gross Margin 22.4% (4.8) pp(2) 30.3% (5.2) pp(2) MGP Overview of Expected One-Time Expenses Expect to incur one-time aggregate pre-tax charges of approximately $23 million - $31 million for fiscal year 2023. This range includes the following estimates $17 - $21 million in non-cash restructuring expenses for asset impairments (fixed assets, inventory, leases) As of 9/30/2023, incurred $17.1 million of impairments $2-$4 million in cash expenses for items such as severance costs, contract termination fees and consulting fees • As of 9/30/2023, incurred $1.2 million in one-time expenses $4 - $6 million in capital expenditures to decouple the Atchison distillery from the Ingredient Solutions business facility also located in Atchison, KS Anticipate approximately $6 million in capital expenditures related to the decoupling of the distillery for fiscal year 2023 1. 10 2. Pro-Forma results exclude results associated with the Atchison distillery. See appendix for more information Percentage points ("pp")#11BRANDED SPIRITS AN ESTABLISHED PORTFOLIO WITH A FOCUS ON GROWING HIGH POTENTIAL, HIGH MARGIN BRANDS 2022 Total Revenue of $238MM $48 $23 $48 $12 $24 $83 ■ Ultra Premium - Super Premium ■ Premium ■ Mid ■ Value ■ Other Historical Adjusted Gross Profit and Adjusted Margin (%) (1) (2) $65 51.3% 52.7% 11 $2 2019 $2 $96 40.1% 35.5% • • • Brand Examples By Price Tier: MGP Ultra Premium: Yellowstone Bourbon, Remus Gatsby Bourbon, Penelope Private Select Whiskey, Remus Repeal Bourbon, Blood Oath Bourbon, Rebel 10 Year Bourbon, Old Ezra 7 Year Bourbon Super Premium: Penelope Four Grain Bourbon, Dos Primos Tequila, Daviess County Bourbon, Ezra Brooks 99 Bourbon, Remus Bourbon, Minor Case Straight Rye Whiskey, Rossville Union Straight Rye Whiskey, The Quiet Man Irish Whiskey, Green Hat Gin Premium: Everclear, Rebel 100 Proof Bourbon, El Mayor Tequila, St. Brendan's Irish Cream MID: Brady's Irish Cream, Pearl Vodka, Lord Calvert Canadian Whisky, Exotico Tequila VALUE: Arrow Cordials, Canada House Canadian Whisky, Lady Bligh Rum, Juarez Tequila Other: Includes private and control label products, retail sales, and contract bottling 1. Branded Spirits segment includes Luxco results from April 1, 2021 (date of acquisition). Non-GAAP measure. See appendix for GAAP to Non-GAAP Reconciliation 2. 2020 2021 2022 Note: All figures in millions. Amounts may not foot due to rounding.#12BRANDED SPIRITS PENELOPE BOURBON ACQUISITION Transaction Overview . • Acquired 100% of Penelope Bourbon purchase price as follows: • Upfront: $105.0M upon closing Earnout: additional potential earn-out up to maximum cash payout of $110.8M • If certain performance conditions are met by December 31, 2025, the maximum earnout will be achieved Total Consideration: up to $215.8M Financed using MGP's existing revolving credit facility and cash on hand Rationale • • MGP Enhances presence in growing American Whiskey category Expands portfolio of premium-plus price point brands • Able to leverage Branded Spirits national distribution platform to extend Penelope's reach • • Was an MGP Distilling Solutions customer prior to the acquisition Expected to be immediately accretive to Branded Spirits segment gross margin and consolidated adjusted basic earnings per share after close Anticipated total cost synergies of approximately $5 million by December 31, 2025 Transaction closed on June 1, 2023 12#13BRANDED SPIRITS PENELOPE BOURBON OVERVIEW EXPANSIVE PREMIUM+ WHISKEY FAMILY FOUR GRAIN SERIES CORE BRANDS P TUNE BAHA PP PENELOPE P FOUNDERS RESERVE LIMITED EDITION COOPER SERIES LIMITED RELEASES PPP PESEDUCI FESELAR PRIVATE SELECT LIMITED PRODUCTION & BARREL PROGRAM P PENELOPE BOURBON One of the fastest growing whiskey brands in the US +125% Source: Nielsen 52 weeks Sales CY All Growth Trend by American Whiskey Spirits Category thru October 7, 2023 What they're saying about us... Whisky Men's Journal ADVOCATE 6 Wonderful Wine Cask- Finished Whiskies to Try "The palate is surprisingly zippy" Penelope Bourbon Feature "A Relative Newcomer to the Whiskey Scene Is Making Big Waves MGP Founded in 2019 by childhood friends Michael Paladini and Danny Polise Vision was to create a spirit that embodies the daily joys of celebrating life's pleasures - big and small Distilled at MGP 35x award-winning, including... 13 PP IP UPROXX YINEPAIR The Best Bourbon Whiskeys On Earth, According To The Oscars Of Spirits "This is just straight-up good. It's unique, deep, and yet very accessible The 50 Best Spirits of 2022 "this rye whiskey deserves its own crown" SAN FRANCISCO WORLD SPIRITS COMPETITION 2023 San Francisco World Spirits Competition Double Gold: Private Select ASCOT AWARDS 2023 Ascot Awards Best In Category: Private Select#14BRANDED SPIRITS EXPANSIVE FAMILY OF BRANDS EVERCLEAR Clear Grain Spirit SRP: $19.99 EL MAYOR Blanco Tequila SRP: $26.99 ROSSVILLE UNION Master Crafted Straight Rye Whiskey SRP: $39.99 YELLOWSTONE Straight Bourbon Whiskey SRP: $39.99 REMUS STRAIGHT BOURBON WHISKEY THE QUIET MAN 8-Year Irish Whiskey SRP: $42.99 8 LUXROW DISTILLERS REBEL 100 KENTUCKY STRAIGHT BOURBON WHISKEY ES ALTO 164 PRO REBEL 100 Proof SRP: $19.99 14 EVERCLEAR MALCOM 66 SARA BROOKE 99 PROOF EZRA BROOKS 99 Proof SRP: $24.99 & Mayor TEQUILA P SELORS PENELOPE Four Grain Whiskey SRP: $34.99 D FIVE YE EST 1847- ROSSVILLE -UNION- STRAIGHT RYE WHISKEY MINOR CASE MINOR CASE Straight Rye Whiskey SRP: $39.99 YELLOWSTONE BOURBON WHISKEY REMUS Straight Bourbon Whiskey SRP: $39.99 MGP YELLOWSTONE American Single Malt Whiskey SRP: $54.99 OLD EZRA 7-Year Straight Rye Whiskey SRP: $79.99 -2021- REMUS REPEAL RESERVE Straight Bourbon Whiskey SRP: $99.99 I REMUS GATSBY RESERVE Straight Bourbon Whiskey SRP: $199.99 REMUS GATSBY RESERVE Blood Oath 18 BAR OLD YELLOWSTONE 1872 KEMUS REEAR CIGIN QUIET MAN SINGLE MALTIRISH DOS PRIMOS DS PURD VE TEQUILA BLANCO FORGEL HE PLNILT YELLOWSTONE SINGLE MALT WHISKEY P OLD EZRA YELLOWSTONE DOS PRIMOS Blanco Tequila SRP: $44.99 PENELOPE Private Select Whiskey SRP: $69.99 YELLOWSTONE LIMITED Straight Bourbon Whiskey SRP: $99.99 BLOOD OATH Straight Bourbon Whiskey SRP: $129.99#15BRANDED SPIRITS AN ESTABLISHED PORTFOLIO WITH A FOCUS ON GROWING HIGH POTENTIAL, HIGH MARGIN BRANDS National Sales Platform • • Sales/Distributor representation in every U.S. state and a dedicated international sales team Dedicated sales and marketing team of over 40 members spanning coast to coast with decades of experience in the spirits industry Operational Capabilities • Strong relationships with major U.S. distributors National Distribution Partners Limestone Distillery Lebanon, KY Lux Row Distillery Bardstown, KY RNDC ANYU SOUTHERN G SG WINE BL SPIRITS AZER'S 15 MGP Diverse Portfolio of Brands YELLOWSTONE Keetucky Straight Bourbon Whiskey OWLING BURCH 36 BANON. ENTUCKY Blood Oath KENTUCKY STRAIGHT BOURBON WHISKEY •AN FEAR The GIUIN QUIET MAN IRISH WHISKEY ୭୧ DAVIESS COUNTY DG BOURBON Saint Brendan's IRISH CREAM REBEL KENTUCKY STRAIGHT BOURBON WHISKEY EXRA BROOKS 99 PROOF BOURBON KENTUCKY STRAIGHT TEQUILA Exotico K BEVERAGE ALLIED BE GROUP KOERNER DISTRIBUTOR, INC. BREAKTHRU BEVERAGE GROUP MB MAJOR BRANDS Ross & Squibb Distillery Lawrenceburg, IN DGL Distillery (Joint Venture) Arandas, Mexico Distilleries Extensive operational capacity to satisfy future production needs Bottling/ Blending Various bottling lines with cream, spirits and RTD processing capabilities Distribution Center Warehouse and fulfillment center in St. Louis REMUS STRAIGHT BOURBON WHISKEY ROSSVILLE UNION MINOR CASE STRAIGHT RYE WHISKEY DOS PRIMOS TEQUILA P. A PENELOPE HQUEBON TEQUILA#16BRANDED SPIRITS CONTINUE TO FOCUS AND INNOVATE WITHIN U.S. SPIRITS PRICE TIERS THAT ARE GROWING - PRIMARILY HIGH-END AMERICAN WHISKEY, TEQUILA, & GIN Growth Across Spirits Categories Continues to Outperform in the High-End MGP Recent Innovation Launches are Designed to Capitalize on Fastest Growing Price Segments BOURBON WHISKEY Sales CY All 52 Weeks Trend TEQUILA Sales CY All 52 Weeks Trend Ultra Premium $775,810,282 +14% Ultra Premium $1,047,632,221 +2% El Mayor Extra Anejo SRP: $129.99 June '23 Super Premium $873,158,970 +3% Super Premium $541,789,483 +6% Premium $284,712,999 +5% Premium $904,978,231 +12% Mid $576,066,756 -1% Mid $444,934,244 +5% Value $29,920,160 -2% Value $42,624,771 +5% 2023 Remus Straight Bourbon SRP: $54.99 July '23 Yellowstone Straight Bourbon SRP: $49.99 Oct '23 Penelope 15-Year Whiskey SRP: $99.99 Nov '23 MUS STRAIG Mayor 52 Weeks GIN Sales CY All Trend AMERICAN WHISKEY 52 Weeks Sales CY All Trend Ultra Premium $88,129,961 +7% Ultra Premium $969,267,307 +12% Super Premium $115,917,370 -2% Super Premium $1,147,271,863 +2% TB Premium $238,288,087 -5% Premium $1,011,997,896 0% Amayor Mid $109,978,038 -3% Mid $750,845,481 -1% Value $28,409,838 -1% Value $59,398,249 -2% C TEQUILA EXTRA AÑEJO 100% DE AGAVE AZUL BOURBON BARREL AGED NATURED 3 MONTHS BOURBON BARRELE COMPLEXITY & ELEGANCE 1898 CELEBRATING 25 YEARS 2025 HERITAGE SINCE 1847 ROSS & SQUIBE DISTILLERY Lawrenceburg, Indiuno REMUS STRAIGHT BOURBON WHISKEY HIGHEST RYE MASH BILL Core 51%. Rye 39% Malted Rye 10% AGED YEARS OF THE BOOTLEGGERS 54.5% LCL (PERTY YELLOW SMCS 1373 WHISKEY SEVENTH GENERATION FAMILY DISTIMMARS BEANS PRETILLERY SPECIAL FINISHES COLLECTION TOASTED ENTUCKY STRAIGHT BOURBON WHISKEY FINISHED WITH TOASTED OAK STAVES 100 SOCIVIL LEBANON, KENTUCKY P PENELOPE AMERICAN LIGHT WHISKEY FOUNDERS JOESERVE 16 Source: Nielsen 52 weeks Sales CY All Growth Trend by Spirits Category thru October 7, 2023#17BRANDED SPIRITS FIVE STRATEGIES TO CONTINUE DELIVERING LONG-TERM GROWTH WITHIN THE BRANDED SPIRITS SEGMENT Branded Spirits Growth Strategy 1. Focus on the Right Categories Focus on the Right Marketing Support 2. Focus on the Right Brands MGP • Paid Social (Facebook, AWARENESS • Instagram) Online/Streaming (YouTube, Pre-Roll Video) • Cable TV • OTT Digital Video 3. Focus on the Right Price 4. Focus on the Right Size 5. Focus on the Right Marketing Support Premium Plus % of Total Segment Net Sales CONSIDERATION 17 36% CONVERSION 30% 25% 15% 16% 2018 2019 2020 2021 2022 Note: MGP acquired Luxco on April 1, 2021. Data in the above chart prior to April 1, 2021 is Luxco only and does not include MGP Legacy brands. Premium Plus includes Ultra Premium, Super Premium and Premium price tier categories Source: Internal Company Data • • • Paid Search • CRM Strategy • Digital Display • Influencer Management E-Commerce Promo (retargeting-ads to promote purchase) Digital Coupons (Ibotta) E-Commerce Sites: Instacart, Thirstie, Caskers/Flaviar, Reserve Bar#18INGREDIENT SOLUTIONS A LEADING SUPPLIER OF SPECIALTY WHEAT STARCHES & PROTEINS 2022 Total Revenue of $116MM $14 $1 ■Specialty Wheat Starches $62 $39 Specialty Wheat Proteins ■Commodity Wheat Starches ■Commodity Wheat Proteins Historical Gross Profit and Margin (%) $22 $21 $32 $12 $11 26.7% 27.2% 24.5% 19.0% 16.2% 2018 2019 2020 2021 2022 18 All figures in millions • Products consist of the following: MGP Specialty Wheat Starches: Premium wheat starches sold to food processors and distributors, a substantial portion of which are modified for special applications such as improving tastes and textures or improving the nutritional profile . FibersymⓇ is expertly modified to add dietary fiber in foods while reducing calories and net carbs on labels Specialty Wheat Proteins: Derived from vital wheat gluten for food applications; competes with other ingredients and modified proteins, primarily soy protein • • Proterra® is an emerging textured plant protein that is a premium meat replacement solution Arise® improves functional texture and softness in baked goods while increasing protein content in foods 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#19INGREDIENT SOLUTIONS STRONGLY POSITIONED TO SERVE GROWING SPECIALTY PLANT-BASED MARKETS 19 • . MGP Plant-based eating represent the top four most common diets/eating patterns. 1 Consumption of plant-based meat alternatives is higher for 22% of consumers surveyed vs. a year ago¹ Global Texturized Vegetable Protein Market (Conventional segment, non- organic) accounted for $682.3 million in 2019 and is expected to reach $1,209.0 million by 2027 growing at a CAGR of 7.4%.² Resistant starches are dietary fiber and prebiotics with several health benefits, including reduced glycemic response, potentially increased satiety, and improved gut health.3 • Digestive health and weight loss management are the top two and three most sought after benefits from food¹ More than 80% of consumers regard dietary fiber as a healthy component of their food4 Resistant starch demand is projected to grow at a year-on-year growth of 6.1% in 2022.5 ⚫ Food Extrusion is estimated to be valued at USD 73.1 billion in 2021. It is projected to reach USD 99.7 billion by 2026, recording a CAGR of 6.4% during the forecast period. 6 Source: CFRA from Sosland Publishing, Foodinsight.org 2021 Food & Health Survey, Foodinsight.org from Sosland Publishing, OYResearch 1 Per Foodinsight.org 2022 Food & Health Survey | 2 Per Stratistics MRC | ³doi: 10.3390/foods7020018 4 Per Foodinsight.org from Sosland Publishing | 5 Per Future Market Insights | 6 Per MarketsandMarkets#20INGREDIENT SOLUTIONS FIVE STRATEGIES TO CONTINUE DELIVERING LONG-TERM GROWTH WITHIN THE INGREDIENT SOLUTIONS SEGMENT Ingredient Solutions Growth Strategy 1. Expand and Optimize Fibersym and Arise Branded Platforms 2. Expand Proterra Plant Proteins under Proterra Brands 3. Maximize the Value of Clean Label Wheat Starches 4. Optimize Customer, Market, and Channel to Drive Additional Profitability 5. Expand Opportunities Through R&D and Innovation MGP Top Nutrients Americans are Seeking to Consume* 59% Protein 57% Vitamin D 56% Vitamin C 53% Fiber F BER 53% Calcium Year 2019 2020 2021 2022 Total U.S. Plant-Based Food Market Sales in Billions $5.5 $7.1 $7.5 $8.0 Yearly Growth +27.9% +5.9% +6.6% 20 20 * Percent of consumers answered "Try to consume" the listed nutrients Source: International Food Information Council (IFIC) Foundation. Plant based Food Association. Plant-based foods state of the marketplace: 2022 Summary Report#21INGREDIENT SOLUTIONS AGGRESSIVELY EXPAND FIBERSYM AND ARISE PLATFORMS Fibersym RW Overview Granular RS4-type resistant wheat starch Allows formulators to boost the fiber content and to lower net carbs of a diverse line of food products Delivers health benefits to consumers; lowers blood glucose levels, acts as prebiotic and improve gut health NON GMO Project . VERIFIED nongmoproject.org W MONASH UNIVERSITY LOW FODMAP CERTIFIED™ 21 Arise Overview • Line of wheat protein isolates NON GMO Project • Clean label ingredient VERIFIED nongmoproject.org Provides functional benefits to a wide range of bakery and other flour-based food products MGP Strategy Maximize value of existing capacities • SKU rationalization • Develop marketing campaign to connect to end users using real solutions Aggressively expand in EU and Asia with new distributor partnership Expand market share with industrial bakers leveraging distributor platform Expand retained account network volumes in USA to improve margins and profits in both Fibersym and Arise platforms#22INGREDIENT SOLUTIONS EXPAND TEXTURED PLANT PROTEINS U.S. product launches and plant-based claims Region 2018 2019 2020 2021 2022 • U.S. 291 539 637 772 817 NEW gardein meatless meatballs classic BEYOND MEAT GET $7 Morning Star FARMS Gardenburger Yves VEGGIE BREADED CHICK'N BURGERS THE ORIGINAL BURGERS DE POULET VEGGIE PANES vegetarian vigita VEGGIE PULLED PORK H Hand 22 22 Texturized Protein Extrusion Plant $16.7MM texturized protein extrusion plant slated for completion in the fourth quarter of 2023 designed to be capable of producing 10MM pounds of texturized protein products per year Achieving in-house production of ProTerra line expected to: • • Reduce lead times related to co-packers scheduling issues • Increase flexibility related to R&D projects Enhance our ability to effectively commercialize new products Source: International Food Information Council (IFIC) Foundation. MGP • • • Strategy Expand our production capabilities with new “in-house” extrusion platform in Atchison Innovate new products to include pea and other plant proteins under new brand ProTerra to improve nutrition and function Launch new flavored textured plant protein food products for food service channel Develop new ready-to-eat textured plant-based snack inclusions for potential new channel entry Expand into Asia and South America with new textured plant protein blends under ProTerra platform and new distribution 1570 •#23OPERATIONAL EXCELLENCE A CULTURE OF CONTINUOUS IMPROVEMENT • . • • • MGP "House of Zero Loss" operational excellence initiative • Improving throughput of existing assets while maintaining consistency of high-quality products • Lawrenceburg, IN operations increased capacity 28% from 2019 to 2022 to support growth of the Distilling Solutions segment Atchison, KS operations increased capacity 37% from 2019 to 2022 to support growth of the Ingredient Solutions segment Managing commodity cost risks • • Formula-driven pricing Locking in margins where possible Passing through significant swings in cost where feasible Focus on value-added, higher margin product lines Continued focus on improving safety culture at all locations BRC audit Grade AA ratings (highest rating) at our Distilling Solutions and Ingredient Solutions facilities Ongoing sustainability efforts to support our ESG initiatives Developing the talent to support our growth 23 25#24Focus Areas 24 ESG Pillars ESG Mission OUR APPROACH TO SUSTAINABILITY MGP THE COMPANY'S ESG STRATEGY IS DISTILLED DOWN AND ORGANIZED INTO AN EASY TO DIGEST AND COMMUNICATE PLATFORM. At MGP, we are dedicated to operating in harmony with people and the environment. We are committed to a culture of continuous improvement, in which our shareholders, employees, and the communities where we operate all benefit from a business platform based on sustainable growth. PEOPLE - OUR FAMILY PLANET - OUR HOME PRODUCT - OUR SUCCESS PROCESS - OUR FOUNDATION Diversity, Equity, and Inclusion Greenhouse Gas Emissions Workforce Health and Safety Responsible Drinking and Marketing Water Management Energy Management Employee Recruitment, Development, & Retention Waste Management Product Quality and Safety Packaging Lifecycle Management Supply Chain Transparency and Traceability Air Emissions Community Engagement The Company's inaugural Sustainability Report can be found on the Company's website under "Sustainability" Ethics and Compliance Data Privacy and Cybersecurity Responsible Sourcing Risk Management Environmental and Social Impacts of Ingredient Supply Chain ESG Strategy & Reporting#2525 FINANCIAL RESULTS MGP#26CONSOLIDATED FINANCIAL RESULTS THE COMPANY HAS DELIVERED RECORD RESULTS IN EACH BUSINESS SEGMENT Revenue (SMM) Adjusted Basic EPS¹ ($) $396 $363 2019 2020 $782 $627 $2.51 $2.27 2021 2022 2019 2020 Adjusted EBITDA¹ (SMM) $71 $59 $169 $141 2019 2020 2021 2022 26 Note: Financial results include Luxco results from April 1, 2021 (date of acquisition). ¹Non-GAAP measure; See appendix for GAAP to Non-GAAP Reconciliation $4.94 $4.26 2021 2022 MGP FY 2023 Guidance² Sales are projected to be in the range of $815 million to $835 million. Adjusted EBITDA³ is expected to be in the range of $192 million to $197 million. Adjusted basic earnings per common share³ are forecasted to be in the $5.50 to $5.65 range, with basic weighted average shares outstanding expected to be approximately 22.1 million at year end. 2 Guidance as of November 2, 2023. 3 Full year 2023 guidance measures of adjusted EBITDA and adjusted basic earnings per share are provided on a non- GAAP basis without a reconciliation to the most directly comparable GAAP measures because MGP is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, and other items not reflective of MGP's ongoing operations.#27• STRONG BALANCE SHEET, CASH FLOW, AND EXCELLENT ACCESS TO CAPITAL ⚫ MGP has seen strong, consistent improvement in adjusted EBITDA¹ less capital expenditures ("CapEx") MGP's library of aging whiskey inventory is expected to increase in market value as it matures, resulting in sustainable contributions to cash flow in the coming years Adjusted EBITDA¹ less CapEx as a percentage of adjusted EBITDA¹ remains at a healthy level inclusive of recent elevated capital expenditure investments ⚫ The Branded Spirits' platform has driven improved cash flows and provides for long-term growth opportunities Access to capital remains robust • . $400 million capacity on Credit Agreement $250 million of Senior Secured Notes that may be issued under the Note Purchase Agreement As of December 31, 2022, net leverage ratio was 1.1x MGP Adjusted EBITDA less CapEx and Conversion 1 Adjusted EBITDA less CapEx Adjusted EBTIDA less CapEx as a percentage of Adjusted EBITDA $93.6 $51.0 $42.1 $124.0 71.6% 72.1% 73.2% 66.4% 2021 2022 2019 0.6x $58.8 $37.8 2020 Net Debt to Adjusted EBITDA 1 $211.8 $182.4 $169.3 $141.0 0.3x 1.5x 1.1x $70.7 27 2019 $18.2 2020 2021 2022 Net Debt Adj EBITDA Source: Company filings Note: $ in millions; Net debt is defined as debt less cash 1 Non-GAAP measure; See appendix for GAAP to Non-GAAP Reconciliation#28CAPITAL ALLOCATION PRIORITIES REMAIN FOCUSED ON GROWTH OPPORTUNITIES 28 Capital Allocation Priorities MGP M&A • M&A will continue to be an important lever to increase our capabilities, margin up our portfolios, and accelerate growth in Branded Spirits. Whiskey Put-Away . With our inventory in balance, matching put-away with growing future Distilling Solutions sales and Branded Spirits sales is a priority. Capital Expenditures In addition to maintenance and EHS capital, projects contributing to growth and strengthening our competitive position (high payback) will continue to be prioritized. Dividends • . Achieved a consistent quarterly dividend to approximately 22 million shares of common stock. Dividends are viewed as an important way to share the success of the company with stockholders; assessed quarterly by the board of directors.#29CONSOLIDATED FINANCIAL RESULTS - Q3 2023 CONSOLIDATED GROSS PROFIT INCREASED 24% TO $73.4 MILLION . . Sales increased 5% to $211.6 million. Gross profit increased 24% to $73.4 million, representing 34.7% of sales. Operating Income Drivers Third Quarter 2022-23 (SMM) $3.0 $3.9 $7.4 ($2.2) $33.9 ($3.7) MGP Q3 2022 Distilling Solutions GP Branded Spirts GP • • • • Operating income decreased 41% to $19.8 million. Adjusted operating income¹ increased 26% to $42.7 million. Net income decreased 45% to $13.1 million. Adjusted net income¹ increased 28% to $30.2 million. Adjusted EBITDA¹ increased 24% to $48.1 million. Basic earnings per common share ("EPS") decreased to $0.59 per share from $1.07 per share and diluted EPS decreased to $0.58 per share from $1.06 per share. Adjusted Basic EPS¹ increased to $1.36 per share from $1.07 per share and adjusted diluted EPS¹ increased to $1.34 per share from $1.06 per share. 29 Note: Totals may not foot due to rounding. All comparisons are on a year-over-year basis. A&P: Advertising and Promotion expenses. GP: Gross Profit SG&A: Selling, General and Administrative expense ¹Non-GAAP measure; See appendix for GAAP to Non-GAAP Reconciliation 2 Items are net of tax based on the effective tax rate for the base year (2022) $1.07 Ingredient Solutions GP Change in A&P Change in SG&A EPS Drivers2 Third Quarter 2022-23 $19.8 ($18.3) ($4.2) Impairment of long-lived assets and other Change in fair value of contingent consideration $0.05 $0.59 ($0.03) ($0.48) ($0.02) ($0.01) Q3 2023 $0.58 Basic and Diluted EPS Q3 2022 Change in Change in other Change in interest Operating income income (expense), expense, net Change in effective tax rate Basic EPS Q3 2023 Impact of dilutive shares outstanding Dilutive EPS Q3 2023 net#30CONSOLIDATED SALES SALES WERE UP 5% WITH SALES GROWTH IN ALL THREE BUSINESS SEGMENTS • • Key Drivers Distilling Solutions growth due to higher brown goods sales. Branded Spirits sales increased due primarily to increased sales of brands within the premium plus price tiers. Ingredient Solutions sales increased due to higher sales across all product lines. MGP Consolidated Sales (Quarter Ended 9/30/2023) Change vs Prior Year SMM SMM % Distilling Solutions Branded Spirits $111.9 $3.2 3% 66.8 4.1 6 Ingredient Solutions 33.0 3.2 11 MGP Ingredients $211.6 $10.5 5% 30 50 Note: Totals may not foot due to rounding. All comparisons are on a year-over-year basis.#31DISTILLING SOLUTIONS INCREASED SALES OF BROWN GOODS PRIMARILY DUE TO HIGHER AVERAGE SELLING PRICE Distilling Solutions Sales (Quarter ended 9/30/2023) Brown Goods White Goods Premium Beverage Alcohol Industrial Alcohol Food Grade Alcohol Fuel Grade Alcohol Distillers Feed and Related Co-Products Warehouse Services Total Distilling Solutions 31 Note: Total may not foot due to rounding. All comparisons are on a year-over-year basis. MGP Change vs Prior Year SMM SMM % $73.4 $16.0 28% 14.4 (6.0) (30) 87.8 10.0 13 9.4 (1.4) (13) 97.2 8.6 10 1.5 (2.2) (59) 5.7 (4.2) (42) 7.4 1.0 16 $111.9 $3.2 3%#32BRANDED SPIRITS INCREASED SALES OF BRANDS WITHIN PREMIUM PLUS PRICE TIERS Branded Spirits Sales MGP (Quarter ended 9/30/2023) SMM SMM Change vs Prior Year % Ultra premium $20.1 $6.3 46% Super premium 3.6 0.3 9 Premium 7.1 1.1 18 Premium Plus 30.8 7.7 33 Mid 17.6 (3.2) (15) Value 11.1 (1.1) (9) Other 7.3 0.6 9 Total Branded Spirits $68.8 $4.1 6% 32 Note: Total may not foot due to rounding. All comparisons are on a year-over-year basis.#3333 33 INGREDIENT SOLUTIONS INCREASED SALES ACROSS ALL PRODUCT LINES Ingredient Solutions Sales (Quarter ended 9/30/2023) Specialty wheat starches Specialty wheat proteins Commodity wheat starches Commodity wheat proteins Total Ingredient Solutions Note: Total may not foot due to rounding. All comparisons are on a year-over-year basis. SMM Change vs Prior Year SMM % $17.2 $1.0 6% 11.4 1.7 18 4.2 0.4 11 0.1 0.1 N/A $33.0 $3.2 11% MGP#34APPENDIX MGP#35MGP U.S. SPIRITS MARKET Total Distilled Spirits (TDS) Total Whiskey American Whiskey (Bourbon/Rye/Tennessee) Super Premium 9-Liter Cases (000s) 2022 Volume % Change Y/Y 305,004 +4.8% 77,882 +1.9% 31,236 +5.2% 5,435 +15.1% Rye 1,730 +8.6% Vodka 76,897 -1.5% Super Premium 5,162 -9.0% Gin 9,831 -1.6% Super Premium 609 +5.1% Tequila/Mezcal 29,868 +11.5% Super Premium 8,060 +13.5% 35 Note: Data sourced from Distilled Spirits Council Annual Economic Briefing Report - 2022#36RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES BRANDED SPIRITS GROSS PROFIT TO ADJUSTED GROSS PROFIT¹ MGP 36 Branded Spirits segment ($ in thousands) Gross Profit 2019 $1,536 2020 2021 2022 $2,187 $62,644 $95,521 Inventory Step-Up 2,529 Adjusted Gross Profit¹ $1,536 $2,187 $65,173 $95,521 Adjusted Gross Margin¹ 51.3% 52.7% 35.5% 40.1% Source: Company filings; unaudited Note: Branded Spirits segment includes Luxco results from date of acquisition (4/1/2021) 1 Non-GAAP figure#37RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES BASIC EARNINGS PER COMMON SHARE ("EPS") TO ADJUSTED BASIC EARNINGS PER COMMON SHARE¹ 37 Basic EPS Insurance recoveries Inventory Step-Up - Branded Spirits Business Acquisition Costs CEO Transition Costs Adjusted Basic EPS¹ Source: Company filings; unaudited 1 Non-GAAP figure MGP 2019 2020 2021 $2.27 $2.37 $4.37 2022 $4.94 (0.59) 1 I 0.12 0.05 0.36 0.09 I $2.27 $2.51 $4.26 $4.94#38RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES NET INCOME TO ADJUSTED EBITDA¹ AND ADJUSTED EBITDA¹ LESS CAPITAL EXPENDITURES2 MGP ($ in thousands) 2019 2020 2021 2022 Net Income Interest Taxes $38,793 $40,345 $90,817 $108,872 1,305 2,267 4,037 5,451 7,144 12,256 30,279 31,300 Depreciation and Amortization 11,572 12,961 19,092 21,455 Equity Method Investment Loss (Income) I 1,611 2,220 Insurance Recoveries (16,325) Inventory Step-Up - Branded Spirits I 2,529 I Business Acquisition Costs CEO Transition Costs I 919 8,927 1 1,932 Adjusted EBITDA 1 $58,814 $70,680 $140,967 $169,298 Capital Expenditures² 16,730 19,701 47,389 Adjusted EBITDA¹ less Capital Expenditures² $42,084 $50,979 $93,578 45,323 $123,975 Adjusted EBITDA¹ less Capital Expenditures² as a percentage of Adjusted EBITDA¹ 71.6% 72.1% 66.4% 73.2% 38 38 Source: Company filings; unaudited 1 Non-GAAP figure 2 Cash Flow Capital Expenditures#39RECONCILIATION OF DEBT TO NET DEBT ($ in thousands) Total Debt 2019 2020 2021 2022 Cash and cash equivalents Net Debt $41,060 3,309 21,662 $37,751 $18,209 $39,871 $233,399 $230,335 47,889 21,568 $211,831 $182,446 39 Source: Company filings MGP#40RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES MGP FOR THE QUARTERS ENDED SEPTEMBER 30, 2023 AND 2022 Quarter Ended September 30, 2023 (in thousands) Operating Income Net Income Basic EPS Diluted EPS Reported GAAP Results $19,839 $13,088 $0.59 $0.58 Impairment of long-lived assets and other 18,334 13,750 0.62 0.61 Fair value of contingent consideration 4,200 3,150 0.14 0.14 Business acquisition costs 314 235 0.01 0.01 Adjusted Non-GAAP Results¹ $42,687 $30,223 $1.36 $1.34 40 Quarter Ended September 30, 2022 (in thousands) Income Operating Net Income Diluted Basic EPS EPS Reported GAAP Results $33,864 $23,628 $1.07 $1.06 No adjustments for the period Adjusted Non-GAAP Results¹ $33,864 $23,628 $1.07 $1.06 Source: Company filings; unaudited 1 Non-GAAP figure#41RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA¹ 41 ($ in thousands) Net income Interest expense Income tax expense Depreciation and amortization Equity method investment loss (income) Impairment of long-lived assets and other Fair value of contingent consideration Business acquisition costs Adjusted EBITDA 1 Source: Company filings; unaudited 1 Non-GAAP figure Quarter Ended 9/30/2023 $13,088 Quarter Ended 9/30/2022 $23,628 2,353 1,350 4,373 7,533 5,782 5,333 (388) 856 18,334 4,200 314 $48,056 $38,700 MGP#42MGP IMPACT OF PLANNED CLOSURE OF THE ATCHISON DISTILLERY PRO-FORMA RESULTS - CONSOLIDATED $782,358 $641,536 $(140,822) Represents actual results of the Company for the year ended December 31, 2022, as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. (2) Represents actual results of the Company for the year to date ended September 30, 2023, as reported in the Company's Quarterly Report on Form 10-Q for the quarter and year to date ended September 30, 2023. Change (1) (Year Ended 12/31/2022) Sales As Reported Pro-Forma(3) S % (18)% Gross Profit $253,306 $253,926 $620 Gross Margin % 32.4% 39.6% 7.2 pp (4) Change (Year to Date Ended 9/30/2023) As Reported (2) Pro-Forma(3) $ % $621,635 $534,652 $(86,983) $219,567 $221,995 $2,428 Gross Margin % 35.3% 41.5% Sales Gross Profit (14)% 1 6.2 pp(4) (3) Represents the Company's results for the year ended December 31, 2022 or year to date ended September 30, 2023 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the year ended December 31, 2022 and the year to date ended September 30, 2023 would not have been impacted by a closure of the Atchison, Kansas distillery. (4) Percentage points ("pp"). 42 Source: Company filings; unaudited#43IMPACT OF PLANNED CLOSURE OF THE ATCHISON DISTILLERY PRO-FORMA RESULTS - DISTILLING SOLUTIONS MGP Change (1) As S % Year Ended December 31, 2022 Reported (1) Pro-Forma(2) Brown Goods (2) $229,523 $229,523 $- -% White Goods 74,510 24,110 (50,400) (68) Premium Beverage Alcohol 304,033 253,633 (50,400) (17) Industrial Alcohol 46,812 907 (45,905) (98) Food Grade Alcohol 350,845 254,540 (96,305) (27) Fuel Grade Alcohol 13,681 41 (13,640) (100) Distillers Feed and Related Co-Products 40,354 9,477 (30,877) (77) Represents actual results of the Company for the year ended December 31, 2022, as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Represents the Company's results for the year ended December 31, 2022 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the year ended December 31, 2022 would not have been impacted by a closure of the Atchison, Kansas distillery. Warehouse Services 23,598 23,598 (3) Percentage points ("pp"). Sales $428,478 $287,656 $(140,822) (33)% Gross Profit $126,282 $132,388 $6,106 5% Gross Margin % 29.5% 46.0% 16.5 pp (3) 43 Source: Company filings; unaudited#44IMPACT OF PLANNED CLOSURE OF THE ATCHISON DISTILLERY PRO-FORMA RESULTS - DISTILLING SOLUTIONS Change (1) As S % Year to Date Ended September 30, 2023 Reported (1) Pro-Forma(2) Brown Goods $214,857 $214,857 $- -% (2) White Goods 47,199 11,378 (35,821) (76) Premium Beverage Alcohol 262,056 226,235 (35,821) (14) Industrial Alcohol 29,911 (29,911) (100) Food Grade Alcohol 291,967 226,235 (65,732) Fuel Grade Alcohol 5,963 16 (5,947) (23) (100) Distillers Feed and Related Co-Products 23,053 7,749 (15,304) (66) Warehouse Services 20,958 20,958 Sales $341,941 $254,958 $(86,983) (25)% Gross Profit $104,986 $112,547 $7,561 7% Gross Margin % 30.7% 44.1% 13.4 pp (3) 44 Source: Company filings; unaudited MGP Represents actual results of the Company for the year to date ended September 30, 2023, as reported in the Company's Quarterly Report on Form 10-Q for the quarter and year to date ended September 30, 2023. Represents the Company's results for the year to date ended September 30, 2023 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the year to date ended September 30, 2023 would not have been impacted by a closure of the Atchison, Kansas distillery. Percentage points ("pp").#45MGP IMPACT OF PLANNED CLOSURE OF THE ATCHISON DISTILLERY PRO-FORMA RESULTS - INGREDIENT SOLUTIONS I . -% Change (Year Ended 12/31/2022) As Reported(1) Pro-Forma(3) $ (5) % Specialty Wheat Starches $62,567 $62,567 $- -% Specialty Wheat Proteins 39,313 39,313 Commodity Wheat Starches 14,023 14,023 Commodity Wheat Proteins 38 38 Sales $115,941 $115,941 $- Gross Profit Gross Margin % $31,503 27.2% $26,017 $(5,486) 22.4% (17)% (4.8) pp(4) Change (Year to Date Ended 9/30/2023) Specialty Wheat Starches As Reported (2) Pro-Forma(3) $ (5) % $48,977 $48,977 $- Specialty Wheat Proteins 35,918 35,918 Commodity Wheat Starches 12,870 12,870 Commodity Wheat Proteins 611 611 Sales $98,376 $98,376 Gross Profit $34,945 Gross Margin % 35.5% $29,812 30.3% $(5,133) (5.2) pp (4) 1 1 $- -% 1 . . -% (15)% (1) (2) (4) (5) Represents actual results of the Company for the year ended December 31, 2022, as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Represents actual results of the Company for the year to date ended September 30, 2023, as reported in the Company's Quarterly Report on Form 10-Q for the quarter and year to date ended September 30, 2023. Represents the Company's results for the year ended December 31, 2022 or year to date ended September 30, 2023 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the year ended December 31, 2022 and the year to date ended September 30, 2023 would not have been impacted by a closure of the Atchison, Kansas distillery. Percentage points ("pp"). The reduction in gross profit for the Ingredient Solutions segment is the result of increased cost of goods sold from no longer receiving an intercompany credit for the waste starch slurry by-product purchased by the adjoined Atchison, Kansas distillery. The value of the intercompany credit is derived from the value of corn which has fluctuated over time. Source: Company filings; unaudited