sndl Investor Presentation

Denoted in C$/sh $0.75 Cash and Cash Equivalents SNDL Valuation NET ASSET VALUE WATERFALL C$2.90/sh (US$2.09/sh) $0.12 Strategic CDN Investments $2.03 SunStream and Other Credit Investments SIGNIFICANT UPSIDE POTENTIAL 1 ($0.92) Implied Residual Value for: 170 Liquor Stores 22 Corporate Stores 65 Franchise Stores 92 Value Buds Stores (63% Ownership) 380,000 sq.ft. Atholville Facility 108,000 sq.ft. Valens Facilities Implied Residual Value $1.98 (US$1.43) Current Share Price $4.80 (US$3.47) Net Asset Value SNDL is currently trading $249mm ($0.92/sh) below NAV of its cash, strategic investments, and credit portfolio implying negative value for liquor and cannabis operations NOTES As of November 10, 2023, using exchange rate of 1.383; Share count calculated on a fully diluted shares basis; SunStream and other credit investments based on most recent financials for period ending September 30, 2023 SOURCES Company Filings Overview 28

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