Branded Spirits Acquisition of Penelope Bourbon

RECONCILIATION 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

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