Reed : ICR 2021 Conference

January 13, 2021 ICR 2021 Conference

S A F E H A R B O R

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This presentation includes "forward‐looking statements," within the meaning of the U.S. Securities Act of 1933, as amended and the U.S. Securities Exchange Act of 1934, as amended, or the "Exchange Act." Forward looking statements are not based on historical information and include, without limitation, statements regarding our future financial condition and results of operations, business strategy and plans and objectives for future operations. Forward‐looking statements reflect our current views with respect to future events, based upon estimates and assumptions made by us that are believed to be reasonable. While Reed's is working to achieve those goals and strategies, actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks, assumptions and uncertainties. These risks, assumptions and uncertainties include difficulty in marketing Reed's products and services, maintaining and protecting brand recognition, the need for significant capital, dependence on third party distributors, dependence on third party brewers, increasing costs of fuel and freight, protection of intellectual property, competition and other factors, any of which could have an adverse effect on the business plans of Reed's, its reputation in the industry or its expected financial return from operations and results of operations. These risks, assumptions and uncertainties are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward‐looking statements. Other unknown or unpredictable factors also could harm our results. Words

such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking

statements. In light of significant risks and uncertainties inherent in forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by Reed's that they will achieve such forward- looking statements or predictors of future events. All of the forward‐looking statements we have included in this presentation are based on information available to us on the date of this presentation. We undertake no obligation, and specifically decline any obligation, to update publicly or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

PRELIMINARY FINANCIAL INFORMATION AND GUIDANCE

Preliminary financial information and guidance should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Estimated preliminary results are subject to completion of our customary quarterly and annual financial closing and audit and review procedures and are not comprehensive statements of our financial results for the three months ended September 30, 2020 and fiscal year ended December 31, 2020. In addition, preliminary financial information is not necessarily indicative of the results to be achieved in any future period. Our financial statements and related notes as of and for the three months ended September 30, 2020 and fiscal year ended December 31, 2020 are not expected to be filed with the SEC until after this offering is completed.

USE OF NON-GAAP FINANCIAL MEASURES

In addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, changes in fair value of warrant expense, and one-timerestructuring-related costs including employee severance and asset impairment. We consider our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results prepared in accordance with GAAP are itemized in our 10-K for the fiscal year ended December 31, 2019, as filed with the SEC on March 18, 2020 and amended on April 8, 2020, and 10-Q for the period ended June 20, 2020, as filed with SEC on August 8, 2020. Readers are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Modified EBITDA, the reader should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. We present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial performance.

A reconciliation of net income (loss) to Modified EBITDA for the fiscal years ended December 31, 2019 and December 31, 2018 and the three months ended September 30, 2020 and September 30, 2019 is included in the accompanying financial schedules to this presentation.

FORWARD LOOKING NON-GAAP FINANCIAL MEASURES

We present forward-lookingnon-GAAP financial information in this presentation. Reed's is unable to present a reconciliation of forward-lookingnon-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. The components of such measures and their relative significance are identified in this presentation prominently alongside such forward looking non-GAAP financial measures.

2

I N T R O D U C T I O N

Norman E. Snyder

Chief Executive Officer

• Joined Reed's in September 2019
• 20+ years of operations experience in the beverage industry
• Experience working alongside John Bello at SoBe and NFL Properties
• Has experience in all facets of beverage industry - sales, marketing, operations and finance

Tom Spisak

Chief Financial Officer

• Joined Reed's in December 2019
• Prior VP Finance/Controller for Diageo
• 20+ years of finance experience in alcohol beverage industry including key commercial finance roles

3

O P P O R T U N I T Y O F S H I F T I N G C O N S U M E R B E H AV I O R

Reed's believes Consumers have moved from the initial shock of COVID and pantry

loading to self assessment and the acceleration of consuming better-for-you products…

✓

✓

✓

✓

✓

✓

✓

✓

Natural - desire for all-natural products is going mainstream

Clean Label - 75% of consumers believe that fewer ingredients = healthier

Reduced Sugar - shift away from high sugar and artificial sweeteners and Keto growing

Functionality - move to added function to beverage with ginger/energy/hemp

Craft - continued appeal of higher quality, independent, authentic brands

Premiumization - steady march of US consumers embracing quality

"Better-for-You" Cocktails/Mocktails - Mintel reports 35% growth, 2016-19

COVID-19- consumers are increasingly reflecting on their health and lifestyle habits

4

Sources: Nielsen Annual Healthcare Shoppers survey, Mintel, Innova, BCG/IRI Small Brand Study, Whipstitch Capital Healthy Living Trends, Technomic, Cheers Magazine