Spirits Gin Rum Vodka Whiskey Wine Related Beverages

Spirits: Gin, Rum, Vodka, Whiskey, Wine Related Beverages, and Other Spirits Tiburon Research May 1, 2020

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 2

Spirits Emerged Thousands of Years Ago and Have Subsequently Evolved through its Early Development; Phylloxera, United States Prohibition, & World War II Challenges; Maturation; and Millennials & Women Transformation Phases Spirits Market History Spirits Emerged Approximate Dates: 6900 BC – 1400 s Key Steps: • XXXX: -- Early Development Phase 1500 s - 1859 • XXXX: -- Phylloxera, United States Prohibition, & WW II Challenges Phase 1860 - 1975 • XXXX: -- 1976 - 2011 • XXXX: -- Millennials & Women Transformation Phase Maturation Phase 2012 - 2020 Spirits Today 2020 • XXXX: -- Source: 12/15/17 Wine Spectator; 11/20/17 North Bay Business Journal; 5/5/17 Advisor Perspectives Email (Huebscher); 5/15/17 North Bay Business Journal; 1/19/17 Silicon Valley Bank Email (Mc. Millan); 1/10/17 Silicon Valley Bank Web Site; 1/9/17 Silicon Valley Bank Email (Mc. Millan); 10/17/16 Wall Street Journal; 12/31/15 Wine Spectator; 1/14 Food & Wine; 12/16/13 North Bay Business Journal; 6/13 Wine Enthusiast; Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 3

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 4

Spirits Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Spirits Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 5

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 6

Spirits can be Defined to Include Cachaca, Gin, Rum, Schnapps, Tequila, Vodka, Whiskey, Wine Related Beverages, & Liqueurs Spirits Market Definition Cachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages Liqueurs Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 7

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 8

Leading Spirits Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Spirits Leading Spirit Manufacturers Measures Spirits Industry Leading Spirits Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 9

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 10

Spirits can be Defined to Include Cachaca, Gin, Rum, Schnapps, Tequila, Vodka, Whiskey, Wine Related Beverages, & Liqueurs Spirits Market Segments Cachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages Liqueurs Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 11

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 12

Chachaca Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Chachaca Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 13

Leading Chachaca Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Chachaca Leading Manufacturers Measures Chachaca Leading Chachaca Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 14

Chachaca Have Future Predictions, Including Moderate Growth in Chachaca Future Predictions Moderate Growth in Chachaca -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 15

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 16

Gin Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Gin Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 17

Leading Gin Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Gin Leading Manufacturers Measures Gin Leading Gin Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 18

Gin Have Future Predictions, Including Moderate Growth in Gin Future Predictions Moderate Growth in Gin -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 19

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 20

Rum Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Rum Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 21

Leading Rum Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Rum Leading Manufacturers Measures Rum Leading Rum Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 22

Rum Have Future Predictions, Including Moderate Growth in Rum Future Predictions Moderate Growth in Rum -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 23

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 24

Schnapps Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Schnapps Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 25

Leading Schnapps Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Schnapps Leading Manufacturers Measures Schnapps Leading Schnapps Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 26

Schnapps Have Future Predictions, Including Moderate Growth in Schnapps Future Predictions Moderate Growth in Schnapps -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 27

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 28

Tequila Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Tequila Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 29

Leading Tequila Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Tequila Leading Manufacturers Measures Tequila Leading Tequila Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 30

Tequila Have Future Predictions, Including Substantial Growth in Tequila Future Predictions Substantial Growth in Tequila -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 31

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 32

Vodka Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Vodka Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 33

Leading Vodka Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Vodka Leading Manufacturers Measures Vodka Leading Vodka Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 34

Vodka Have Future Predictions, Including Moderate Growth in Vodka Future Predictions Moderate Growth in Vodka -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 35

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 36

Whiskey Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Whiskey Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 37

Leading Whiskey Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Whiskey Leading Manufacturers Measures Whiskey Leading Whiskey Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 38

Whiskey Have Future Predictions, Including Substantial Growth in Whiskey Future Predictions Substantial Growth in Whiskey -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 39

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 40

Wine Related Beverages’ Market Growth can Specifically be Measured by their Number of Grape Growers and their Number of Wineries Planted Acres, Tons of Grapes, Gallons of Wine, Cases Produced, Revenues, & Net Profits Wine Related Beverages Market Growth Measures Grape Growers Wineries Planted Acres Tons of Grapes Gallons of Wine Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 41

Wine Related Beverages can be Defined to Include Brandy, Champagne, Grappa, Port, & Sherry Wine Related Beverages Market Definition Brandy Champagne Grappa Port Sherry Source: 2/12 Wine Spectator; Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 42

Leading Wine Related Beverages Manufacturers can Specifically be Measured by their Number of Planted Acres, Tons of Grapes, Gallons of Wine, Cases Produced, Revenues, & Net Profits Wine Related Beverages Leading Manufacturer Measures Planted Acres Tons of Grapes Gallons of Wine Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 43

Wine Related Beverages can be Defined to Include Brandy, Champagne, Grappa, Port, & Sherry Wine Related Beverages Brandy Champagne Grappa Port Sherry Source: 2/12 Wine Spectator; Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 44

Wine Related Beverages will Likely See Moderate Growth of Wine Related Beverages and Market Share Shift from Champagne & Port to Brandy & Sherry Wine Related Beverages Future Predictions Moderate Growth of Wine Related Beverages Market Share Shift from Champagne & Port to Brandy & Sherry Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 45

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 46

Liqueurs Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Liqueurs Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 47

Liqueurs Can be Defined to Include Amari, Benedictine, Chartreuse, Pastis, & Triple Sec Liqueurs Market Definition Amari Benedictine Chartreuse Pastis Triple Sec Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 48

Leading Liqueurs Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Liqueurs Leading Manufacturers Measures Liqueurs Leading Liqueurs Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 49

Liqueurs Can be Segmented to Include Amari, Benedictine, Chartreuse, Pastis, & Triple Sec Liqueurs Market Segments Amari Benedictine Chartreuse Pastis Triple Sec Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 50

Liqueurs Have Future Predictions, Including Moderate Growth in Liqueurs Future Predictions Moderate Growth in Liqueurs -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 51

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 52

Amari Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Amari Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 53

Leading Amari Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Amari Leading Manufacturers Measures Amari Leading Amari Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 54

Amari Have Future Predictions, Including Moderate Growth in Amari Future Predictions Moderate Growth in Amari -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 55

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 56

Benedictine Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Benedictine Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 57

Leading Benedictine Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Benedictine Leading Manufacturers Measures Benedictine Leading Benedictine Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 58

Benedictine Have Future Predictions, Including Moderate Growth in Benedictine Future Predictions Moderate Growth in Benedictine -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 59

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 60

Chartreuse Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Chartreuse Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 61

Leading Chartreuse Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Chartreuse Leading Manufacturers Measures Chartreuse Leading Chartreuse Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 62

Chartreuse Have Future Predictions, Including Moderate Growth in Chartreuse Future Predictions Moderate Growth in Chartreuse -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 63

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 64

Pastis Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Pastis Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 65

Leading Pastis Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Pastis Leading Manufacturers Measures Pastis Leading Pastis Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 66

Pastis Have Future Predictions, Including Moderate Growth in Pastis Future Predictions Moderate Growth in Pastis -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 67

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 68

Triple Sec Market Growth can Specifically be Measured by the Number of Manufacturers and their Number of Employees, Cases Produced, Revenues, & Net Profits Triple Sec Market Growth Measures Manufacturers Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 69

Leading Triple Sec Can Specifically be Measured by their Number of Employees, Cases Produced, Revenues, & Net Profits Triple Sec Leading Manufacturers Measures Triple Sec Leading Triple Sec Manufacturers Measures Employees Cases Produced Revenues Net Profits Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 70

Triple Sec Have Future Predictions, Including Moderate Growth in Triple Sec Future Predictions Moderate Growth in Triple Sec -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 71

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 72

Spirits Have Future Predictions, Including Substantial Growth in Spirits Production & Spirits Consumption, the Growing Importance of Millennials & Women as Spirits Consumers, and Growing Market Share of Tequila & Whiskey Spirits Future Predictions Substantial Growth in Wine Production & Spirits Consumption Growing Importance of Millennials & Women as Wine Consumers Growing Market Share of Tequila & Whiskey Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets Rapid Industry Consolidation Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 73

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 74

The Spirits Should Realize Substantial Market Growth Comments • -- Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 75

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 76

Millennials & Women as Wine Consumers can be Segmented by Millennials & Women Wine Consumers Market Segments Millennials Women Source: 1/9/17 Silicon Valley Bank Email (Mc. Milan); Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 77

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 78

Tequila & Whiskey will Take Share Comments • -- Source: 4/10/01 New York Times; Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 79

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 80

Spirits Exports can be Defined by Gallons of Spirits Exported, Cases Produced of Spirits Exported, & Export Revenues Spirits Exports Market Segments Gallons of Spirits Exported Cases of Spirits Exported Export Revenues Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 81

Outline · Spirits Market Evolution – Market History – Market Growth – Market Definition – Leading Spirits Manufacturers · Spirits – – – – Chachaca Gin Rum Schnapps Tequila Vodka Whiskey Wine Related Beverages v Brandy v Champagne v Grappa v Port v Sherry – Liqueurs v Amari v Benedictine v Chartreuse v Pastis v Triple Sec · Spirits Future Predictions – Substantial Growth in Spirits Consumption & Spirits Production – Growing Importance of Millennials & Women as Spirits Consumers – Growing Market Share of Tequila & Whiskey – Moderate Growth in Spirits Exports & the Increasing Importance of the United States, United Kingdom, & China Markets – Rapid Industry Consolidation 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 82

The Spirits will Consolidate Rapidly Comments • -- Source: 4/1/01 San Francisco Chronicle; 2/9/01 Financial Times; Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 83

Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 450 corporate clients and completed over 2, 200 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - Mc. Kinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis 20. 05. 01 – Spirits Overview © Tiburon Strategic Advisors, LLC™ 84