#1Winc Investor Presentation January 2022 SUMMER WATER , Central W#2Disclaimers and forward looking statements This presentation has been prepared by Winc, Inc. ("we," "us" or the "Company"). This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "expect," "intend," "project," "anticipate," and "future" or similar expressions are intended to identify forward-looking statements. Any forward-looking statements made by us in this presentation speaks only as of the date on which it was made and are based on management's current expectations of future events, assumptions, estimates, and beliefs, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, (i) our ability to achieve and maintain profitability, (ii) our ability to effectively manage our growth and evaluate future prospects, (iii) our ability to expand our resources to maintain consumer awareness of our brand, build brand loyalty and generate interest in our brands, (iv) our ability to cost-effectively acquire new customers or retain our existing customers, (v) the occurrence of an environmental catastrophe, climate change, wildfires, disease, pests, weather conditions, water supply challenges or other problems that could impact our production or procurement of wine or raw materials. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, and assumptions, including those set forth in the prospectus filed with the Securities and Exchange Commission (the "SEC") on November 12, 2021 and our other periodic filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Any forward-looking statements made herein speak only as of the date of this press release, and you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance, or achievements reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations. This presentation contains data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information, and makes no undertaking to update such data after the date of this presentation. The Company prepares and presents its consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). However, management believes that certain non-GAAP financial measures, such as Adjusted EBITDA, provide investors with additional useful information in evaluating the Company's core operating performance. The Company believes that these non-GAAP financial measures provide useful information about the Company's financial performance, enhance the overall understanding of its past performance and future prospects and allow for greater transparency with respect to important measures used by the Company's management for financial and operational decision-making. The Company is presenting these non-GAAP measures to assist investors in seeing its financial performance using a management view and because the Company believes that these measures provide an additional tool for investors to use in comparing its core financial performance over multiple periods with other companies in the Company's industry. There are a number of limitations related to the use of these non-GAAP measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other metrics to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. The Company urges you to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the appendix to this presentation, and not to rely on any single financial measure to evaluate its business. Numerical figures in the presentation have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. We own or otherwise have rights to the trademarks, service marks, copyrights and trade names, including those mentioned in this presentation, that are used in conjunction with the marketing of our services. This presentation includes trademarks which are protected under applicable intellectual property laws and are our property and/or the property of our subsidiaries. This presentation also contains trademarks, service marks, copyrights and trade names of other companies, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Solely for convenience, our trademarks and trade names referred to in this presentation may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names. 02 W ↑#3Today's speakers Geoff McFarlane Co-Founder, CEO, and Board Member Brian Smith Co-Founder, President and Chairman of the Board 03 个#4We at Winc are omni-channel brand builders With a modern portfolio of fast-growing brands SUMMER WATER. Proven omni-channel brand builders LOST POET 3.4% year-over-year net revenue growth in Q3 2021 FOLLY BEAST Demonstrated wholesale success 107% net revenue growth, 53.2% growth in retail accounts in Q3 2021 Strong acquisition strategy and pipeline Acquired Natural Merchants assets in May 2021 THE WONDERFUL WINE CO CHOP SHOP Digital first marketing strategy ~600M ad impressions in 2021 Proven high-return brand development 4.6x average gross profit ROIC for new brand development in 2020 04 ↑#5Our core and emerging core brands Growing quickly with ample opportunity for scale SUMMER WATER SUMMER WATER SUMMER WATER. Rated 92 Points ASTING PANEL SUMMER WATER Our five current core brands OF PNOT 20 28 NOR OF THE 20 Rated 93 Points ASTING PANEL 18 FOLLY THE BEAST CHOP SHOP S CHOP SHOP Winc ***** rated 4.1 by 146.500 customers. POET POET Winc ✰✰✰✰✰ rated 4.2 by 47.300 customers WONDERFUL WINE CLEAN WINE STARARTY-FARMID VEGAN-FRIENDLY WONDERFUL WINE VEGAN-FRIENDLY THE WONDERFUL WINE CO Rated 90 Points TASTING PANEL ORGANTO SANS SOUFRE de francs Emerging core brands ORGANTO SANS SOUFRE de france CHERRIES & RAINBOWS PIZZOLAT PROSECCO m PIZZOLATO ORGANIC WINE AB 323 S HAUTS DE LAGARD LES HAUTS DE LAGARDE 05 ↑#6Our core brands have developed into a successful omni-channel portfolio 150 000 100 000 50 000 0 Total Winc case volume sold CA wholesale launch 6,173 2015 167,695 WHOLE FOODS MARKET 16,962 2016 227,429 National wholesale expansion 43,644 2017 250,370 60,787 2018 260,559 Anchored with large national distributors 76,609 2019 239,990 120,158 2020 431,734 YTD Q3 2021 only Walmart TRADER O JOE'S TARGET Chain expansion 142,738 YTD Q3 2021 Core brand WWC Lost Poet Folly of the Beast Chop Shop Summer Water 06 ↑#7SUMMER WATER. Top-rated domestic rosé by Wine Enthusiast # 56 Enthusiast Top 100 2020 Both vegan and eco-friendly, Summer Water Rosé is basically summer in a glass. BUSTLE SUMMER WATER SUMMER WATER KEEP IT CH ME 07#8Summer Water SUMMER WATER SUMMER WATER BUBBLY #1 best-selling ultra-premium domestic rosé (1) (1) Nielsen KEEP IT CHILL Gaasy. Tis de rece SUMMER WATER. 4th highest velocity per door, all rosé (1) #56 on Wine Enthusiast's Top 100 2020 Summer Water will be... ~350K households delivered NATIONALLY distributed in major retail chains like Whole Foods AMPLIFIED omni-channel through digital marketing, pop-up events, national partnerships, and more 100K+ cases of production in 2021 88% omni-channel revenue growth, Q3 2021 08#9LOST POET Lost Poet Wine From Winc & Atticus Is Here To Become The Instagram Aesthetic Of Millennial Dreams. BUSTLE tar 46 POET 09 W#10Lost Poet LOST LOST POET POET (1) As of June 30, 2021 Top 4% of wines ranked by Vivino (1) Highest-rated red blend on Winc.com Partnership with Instagram influencer and poet Atticus (1.6M followers) 3x growth in production 2019 - 2020 TARGET Lost Poet will be... Launched as Target exclusive FLAGSHIP brand with Target nationally ON THE WINE MENUS at top restaurants in the US POET#11Highlights of our other core brands FOLLY OF BEAST FOLLY HE BEAST +106K Top-quality Pinot Noir for a premium price, acclaimed in Wine Enthusiast, Sommeliers Choice Awards, and more 93 points on Tasting Panel (2018 vintage) lifetime cases ALITAT CHOP SHOP SANS CHOP SHOP WHOLE FOODS MARKET +98K Strong chain footprint with placements in chains like Whole Foods, Albertsons, Kroger, and more lifetime cases Kroger A Albertsons THE WONDERFUL WINE CO lifetime cases +36K Organic, better-for-you product in Winc portfolio, launched in Walmart Walmart+ 11 ↑#12Omni-channel, digital-first growth strategy Modern path to the consumer driving growth and awareness Digital marketing and Winc.com insights Leverage content, social, ads, affiliate articles for brand awareness; collect learnings from data on purchase rates, at-home trial, consumption rates and patterns from innovation site Access to -3.6M leads and ~120K active online members POET ATTICUS AND WINC CREATE LOST POET WINE DINE MAGAZINE | BY STEPHEN NELSON - TH Shop the Shelf Duk 3030 - Be IRMW Mat Cabern Ester Verd Course Sparkling w ***ww Yan Kapte Thing 2001 Nekded Retail door and wholesale shelf expansion 50 000 40 000 30 000 20 000 10 000 0 Line of sight to 50,000 retail locations supplied with pipeline of new brands and velocity-boosting marketing and other growth strategies 4700+ 2019A 7800+ 2020A 11400 LTM Q3 2021A 50000+ Next 2-3 years 12 W ↑#13Highly innovative, differentiated, and repeatable brand development strategy We believe our proprietary process for brand identification of scale materially de-risks launch... Ideate Create brands through cross-functional analysis of sourcing and formulation, market trends, Winc's proprietary DTC data, and target audience / market positioning A Launch Launch brands to DTC channel for testing and optimization using site behavior, ratings analysis, and identify breakout brands for amplification Amplify Position brand for scale and optimize quality and margins, promote digitally and bring to national wholesale partners for scale FOLLY BEAST POET THE CHOP SHOP WONDERFUL WINE CO SUMMER WATER ...and creates attractive top-line results Core brand net revenue ($M) 53% $10.1 2019 Growth 2019-2020 $15.4 2020 $16.7 LTM H1 2021 13 个#14High returns on invested capital: Attractive gross profit return on new product development We believe our repeatable brand development framework generates attractive returns on successful brand launches while minimizing the financial risk of new product launches Net revenue Gross profit Gross margin Avg. development cost (1) 32.1x SUMMER WATER 2016-2020 $18.2M $8.5M 47% $270K 9.9x 32.1x SUMMER WATER 2020 performance $6.1M $2.6M 43% $270K 9.9x 4.6x Avg. core brand 2020 performance $3.1M $1.2M 40% $270K 4.6x 2.5x Avg. Innovation (2) 2020 performance Gross profit return (1) Development costs include the addition of the prior 3 months of internal G&A that were directly involved in the development and launch of the product into market (2) Innovation projects are defined as new brands and/or varietal extensions of existing brands that recorded their first sales in either 2019 or 2020 and received dedicated internal resources during their development $1.4M $0.7M 50% $270K 2.5x 1.3x Weakest Innovation 2020 performance $0.6M $0.3M 54% $270K 1.3x 14 个#15Future growth opportunities Continued growth of core portfolio Driving sales and velocity in existing retail accounts Our omni-channel marketing and unique data-backed products propel our wholesale growth 123% Growth in unit sales at Whole Foods (1) 200,000 150,000 100,000 50,000 0 Jan Nov 2020 Jan - Nov 2021 75% Growth in chain depletions, 2021 vs. 2020 (2) 30,000 20,000 10,000 Innovation pipeline 0 2019 (1) Whole Foods stores that sold Winc products in both 2020 and 2021; Whole Foods data as of December 2, 2021 (2) Depletion data as of January 5, 2022 2020 2021 Acquisition strategy Activating new retail accounts and doors We have tremendous whitespace within wholesale to grow placements and number of accounts target Walmart 20% Penetration in Target stores nationally - roughly 400 out of 1,900 stores 11% Penetration in Walmart stores nationally - roughly 530 out of 4,700 stores 15 W ↑#16Future growth opportunities Continued growth of core portfolio Good Twin: non-alcoholic organic wine Addressing fast-growing part of wine market and opportunity to meet growing consumer health trend, validated by third party research and proprietary Winc data Premium non-alcoholic wine category projected to grow at 13% CAGR (1) (1) International Wines and Spirits Record SPANISH SPARKLING WINE Good Twin ORGANIC GRAPES Innovation pipeline WKND: ready-to-drink canned cocktail Capturing a laid-back, fun aesthetic aligned with growing trend in market and millennials' desire for new formats, WKND environmentally friendly packaging 00000 coce ETERNAL WEEKEND AN ELEVATED MINOSA CARA CARA ORANGE & PASSION FRVAT Acquisition strategy Celebrity prosecco Partnering with high-profile celebrity to develop a new prosecco brand, capitalizing on Winc's capabilities and celebrity influence to reach a diverse, millennial audience Developed in partnership with Natural Merchants supplier Prosecco category projected to grow at 25% CAGR (1) and has significant untapped opportunity W Path to further category expansion 16 ↑#17Future growth opportunities Continued growth of core portfolio Acquirer of choice: Winc's unique ability to achieve economies of scale and drive omni-channel growth Our unique capabilities enable us to acquire wholesale brands and then amplify digitally or to acquire digital brands and then unlock their wholesale potential (1) The Insight Partners (2) Wine Intelligence Report Innovation pipeline Acquisition strategy Recent acquisition: Natural Merchants Boosted our capabilities through access to organic supply partners, enhanced potential for future organic brand launches, and widened geographic reach Expanded our wholesale portfolio by over 20 SKUs with organic products in high demand Direct-to-consumer organic offering potential Solidifies Winc as key supplier in organic wine category, which is projected to grow at 11.6% CAGR through 2027 (1) and was identified as the top opportunity type of wine for younger consumers (2) NATURAL MERCHANTS ក SELECTIONS 17 W#18Q3 2021 financial update Three months ending September 30, 2021 $20.0 $15.0 $10.0 $5.0 $0.0 -$5.0 Net revenue $18.0 Q3 2020A 107% Wholesale YoY growth Source: Q3 2021 financial results $18.5 Q3 2021A 3.4% Overall YoY growth Gross profit $7.6 Q3 2020A $7.8 Q3 2021A 42% Q3 2021 gross margin Adjusted EBITDA -$1.0 Q3 2020A -$1.4 Q3 2021A -8% Q3 2021 Adj. EBITDA margin 34% Growth in core brand case volume 53% Increase in retail accounts 18 W ↑#19Our growing wholesale channel increasingly represents proportion of overall revenue DTC 2020A Wholesale Does not include other revenue 13.1% H1 2021A 22.1% Q3 2021A W 30.0% 19 ↑#20YTD Q3 2021 financial update Nine months ending September 30, 2021 $60.0 $40.0 $20.0 $0.0 -$20.0 Source: 10-Q Net revenue $47.0 Q3 2020A $53.6 Q3 2021A 14% Growth Gross profit $18.5 Q3 2020A $23.0 Q3 2021A 24% Growth Adjusted EBITDA -$3.6 Q3 2020A -$4.3 Q3 2021A -8% Q3 YTD 2021 Adj. EBITDA margin 20 W 个#21Winc Appendix W#22We believe we have a differentiated omni-channel strategy that captures the best of "the old” and "the new" Constellation Brands VWE VINTAGE WINE ESTATES DUCKHORN VINEYARDS *** E&J. Gallo Winery Have grown to significant scale through channel expertise in wholesale Brand building and acquisition Lack speed to market and first-party data Unsophisticated DTC channels and connection to customer Winc W Emerging at-scale wholesale channel Successful portfolio of brands and acquisition strategy Speed to market, first-party data, and digital-first growth strategy Asset-light production model#23Sector tailwinds Shifting demographics of the wine industry Winc 76% of our DTC members are aged 44 and younger Premiumization US wine volume market share by price band (2) Value (≤ $9.99) 27.5% (1) Silicon Valley Bank: State of Wine Report 2016 (2) International Wine and Spirits Record (IWSR), 2020. All wine categories (3) IRI, International Wine and Spirits Record (IWSR), 2020 Luxury (≥ $30) 2.9% 69.6% Premium ($10-$29.99) US wine consumption by age over time(¹) 35% 14% 11% 2015 Gen Z 40% Millennials Online penetration in alcohol vs. CPG (3) 35% 35% 29% 2025E Gen X Baby Boomers 1.6% 27% 7.8% 43% 17% 2035E Shift to online purchasing Alcohol 2020 CPG overall 2020 13% 68+ years old 7.0% Alcohol 2024 W#24Key takeaways Highly scalable, rapidly growing business with omni-channel presence 326 A Asset-light outsourced production model Wholesale distribution channel is primary growth driver St Stable and improving gross margins Focus on building large-scale brands that resonate with younger consumers W#25Our process from grape to glass 01 PEA PL GIO Proprietary Winc brand ideation Our in-house creative team uses market analysis and our proprietary Winc.com consumer data to create brands Sourcing and asset- light production with contracted partners Our product team finds the best grapes each season through our global partners and produces and bottles it in contracted facilities 02 INDEPENDENT SO THIS HAMBLED Winc 03 Scalability with quality Our proprietary brands, control of most important aspects of supply chain, and DTC platform allow us to further refine products with a focus on premium wines of superior quality#26Adjusted EBITDA reconciliation ($M) Net loss Interest expense Income tax expense Depreciation and amortization expense EBITDA Stock based compensation Gain on debt forgiveness - PPP note payable Forgiveness of employee promissory notes issued for stock option exercises Change in fair value of warrants Adjusted EBITDA Net loss margin Adjusted EBITDA margin Q3 2021 ($5.7) $0.1 $0.0 $0.2 ($5.4) $0.8 $3.5 ($0.2) ($1.4) -31.1% -7.3% Q3 2020 ($1.3) $0.1 $0.0 $0.1 ($1.0) $0.1 ($1.0) -7.4% -5.5% YTD Q3 2021 ($9.1) $0.5 $0.0 $0.5 ($8.0) $1.0 ($1.4) $3.5 $0.6 ($4.3) -16.9% -7.9% YTD Q3 2020 ($5.0) $0.7 $0.0 $0.4 ($4.0) $0.2 $0.2 ($3.6) -10.8% -7.7%