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COWEN COLLABORATIVE INSIGHTS February 25, 2019 Figure 72 Recess Offers Impressive Packaging Figure 73 Sprig Offers A Variety Of Flavor Options —— — _) = “9456 — MB Be ee wes ar sane grri4 tu ety Fn £9 49 ar aya Tl“ av ena a ava CBD-INFUSED CBD-INFUSED SPARKLING CITRUS SODA RKLING CITRUS S$ fe Source: Company Reports Source: Company Website Figure 74 Shots May Overlap with Energy Over Time Figure 75 Willie’s Recently Came to Market with a Coffee Neu) “WOd'U Source: Company Website Source: Company Website COWEN.COM 43 HOUSE_OVERSIGHT_024859