LIQUOR STORES N.A. LTD.

1 LIQUOR STORES LTD. CONDENSED interim CONSOLIDATED FINANCIAL STATEMENTS Three and nine months ended september 30, 2017 and 2016 (Unaudited, expressed in thousands of Canadian dollars) LIQUOR STORES Ltd. Condensed interim Consolidated Statements of Financial Position (in thousands of Canadian dollars) LIQUOR STORES Ltd. | Third Quarter Condensed interim Consolidated Financial Statements 1 Note september 30, 2017 $ December 31, 2016 $ Assets Current assets: Cash 1,090 7,020 Accounts receivable 7,125 3,184 Inventory 133,942 155,425 Prepaid expenses and deposits 10,925 10,380 Derivative instrument 833 - 153,915 176,009 Deferred tax assets 19,064 16,819 Purchase option 398 1,537 Property and equipment 64,401 63,674 Intangible assets 45,345 46,690 Goodwill 153,955 158,318 437,078 463,047 Liabilities Current liabilities.

2 Accounts payable and accrued liabilities 58,230 67,402 Income taxes payable 2,411 399 Dividends payable 7 1,017 830 Derivative instrument - 52 Current portion of long-term debt 413 323 62,071 69,006 Long-term debt 3 143,281 135,838 Provisions 13 3,836 455 Deferred tax liabilities 4,619 8,037 Non-controlling interest put option 12,355 14,316 226,162 227,652 Shareholders equity Equity attributable to shareholders 207,364 230,889 Equity attributable to non-controlling interest 3,552 4,506 210,916 235,395 437,078 463,047 The accompanying notes are an integral part of these condensed interim consolidated financial statements. LIQUOR STORES Ltd. Condensed interim Consolidated Statements of Changes in Equity (in thousands of Canadian dollars) LIQUOR STORES Ltd.

3 | Third Quarter Condensed interim Consolidated Financial Statements 2 LIQUOR STORES Ltd. | Third Quarter Condensed interim Consolidated Financial Statements 1 Attributable to Shareholders of the Company Share capital $ Equity component of convertible debentures $ Contributed surplus $ Accumulated other comprehen-sive income $ Deficit $ Total $ Non-controlling interest $ Total equity $ Opening balance January 1, 2016 249,303 3,328 175,761 24,460 (197,193) 255,659 77 255,736 Net earnings for the period - - - - 6,749 6,749 1,060 7,809 Foreign currency translation adjustment - - - (5,800) - (5,800) (293) (6,093) Comprehensive income (loss) for the period - - - (5,800)

4 6,749 949 767 1,716 Share-based payments - - 953 - - 953 - 953 Settlement of share-based payments 279 - (279) - - - - - Equity component of convertible debenture issuance - 2,420 - - - 2,420 - 2,420 Dividends declared (note 7) - - - - (10,749) (10,749) - (10,749) Dividend reinvestment plan issuance (note 7) 1,323 - - - - 1,323 - 1,323 Initial recognition of non-controlling interest put liability - - - - (14,474) (14,474) - (14,474) Acquisition of Birchfield Ventures LLC - - - - - - 4,854 4,854 Dividends declared by subsidiaries - - - - - - (1,886) (1,886) Transactions with owners 1,602 2,420 674 - (25,223) (20,527) 2,968 (17,559) Balance september 30 , 2016 250,905 5,748 176,435 18,660 (215,667) 236,081 3,812 239,893 Opening balance January 1, 2017 251,180 6,334 176,881 20,744 (224,250) 230,889 4,506 235,395 Net earnings (loss) for the period - - - - (10,185) (10,185) 1,182 (9,003) Foreign currency translation adjustment - - - (5,195) - (5,195) (314) (5,509) Comprehensive income (loss) for the period - - - (5,195) (10,185) (15,380) 868 (14,512) Share-based payments - - 1,207 - - 1,207 - 1,207 Settlement of share-based payments 529 - (2,694) - - (2,165) - (2,165) Redemption of debenture (note 3) - (3,328) 2,997 - - (331) - (331)

5 Dividends declared (note 7) - - - - (7,489) (7,489) - (7,489) Dividend reinvestment plan issuance (note 7) 633 - - - - 633 - 633 Dividends declared by subsidiaries - - - - - - (1,822) (1,822) Transactions with owners 1,162 (3,328) 1,510 - (7,489) (8,145) (1,822) (9,967) Balance september 30 , 2017 252,342 3,006 178,391 15,549 (241,924) 207,364 3,552 210,916 The accompanying notes are an integral part of these condensed interim consolidated financial statements. LIQUOR STORES Ltd. Condensed interim Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) Three and Nine Months Ended september 30, 2017 and 2016 (in thousands of Canadian dollars) LIQUOR STORES Ltd.

6 | Third Quarter Condensed interim Consolidated Financial Statements 3 LIQUOR STORES Ltd. | Third Quarter Condensed interim Consolidated Financial Statements 1 Three months ended Nine months ended Note september 30, 2017 $ september 30, 2016 $ september 30, 2017 $ september 30, 2016 $ Sales 204,371 208,760 574,868 590,067 Cost of sales 152,452 155,793 426,964 440,996 Gross margin 51,919 52,967 147,904 149,071 Selling and distribution expenses 36,586 34,838 114,621 103,912 Administrative expenses 11 10,175 5,518 22,066 18,058 Operating profit before amortization 5,158 12,611 11,217 27,101 Amortization Property and equipment 3,576 2,920 9,191 8,905 Intangible assets 117 101 337 341 Loss (gain) on disposal of assets 15 (1,255) 187 (849)

7 365 Operating profit 2,720 9,403 2,538 17,490 Finance costs 4 2,156 2,710 8,919 7,862 Net loss (gain) on foreign exchange from financing activities 49 378 231 (1,669) Fair value adjustments 5 (1,534) 282 (737) 1,152 Provision for impairment of goodwill and property and equipment 14 5,775 - 5,775 - Earnings (loss) before income taxes (3,726) 6,033 (11,650) 10,145 Income tax expense (recovery) 8 (890) 1,418 (2,647) 2,336 Net earnings (loss) (2,836) 4,615 (9,003) 7,809 Other comprehensive income (loss) Items that may be reclassified subsequently to net earnings: Currency translation difference on foreign subsidiaries (3,614) 1,743 (6,930) (7,329) Net investment hedge 6 746 (300) 1,421 1,236 Comprehensive income (loss) (5,704) 6,058 (14,512) 1,716 Net earnings (loss) attributable to Owners of the parent (3,208) 4,371 (10,185) 6,749 Non-controlling interest 372 244 1,182 1,060 (2,836) 4,615 (9,003) 7,809 Comprehensive income (loss) attributable to Owners of the parent (5,915) 5,747 (15,380) 949 Non-controlling interest 211 311 868 767 (5,704) 6,058 (14,512) 1,716 Earnings (loss) per share Basic 10 ( ) ( ) Diluted 10 ( ) ( )

8 The accompanying notes are an integral part of these condensed interim consolidated financial statements. LIQUOR STORES Ltd. Condensed interim Consolidated Statements of Cash Flow Three and Nine Months Ended september 30, 2017 and 2016 (in thousands of Canadian dollars) LIQUOR STORES Ltd. | Third Quarter Condensed interim Consolidated Financial Statements 4 LIQUOR STORES Ltd. | Third Quarter Condensed interim Consolidated Financial Statements 1 Three months ended Nine months ended Note september 30, 2017 $ september 30, 2016 $ september 30, 2017 $ september 30, 2016 $ Cash provided by (used in) Operating activities: Net earnings (loss) for the period (2,836) 4,615 (9,003) 7,809 Adjustments to reconcile net income to net cash flows from operating activities.

9 Amortization of property and equipment 3,576 2,920 9,191 8,905 Amortization of intangible assets 117 101 337 341 Amortization of financing charges 4 71 127 213 335 Loss (gain) on disposal of assets (1,255) 187 (849) 365 Non-cash interest on convertible debentures 4 375 362 1,521 1036 Loss on redemption of convertible debentures 4 - - 1,196 - Unrealized foreign exchange gain (loss) 46 299 175 (1,980) Provision for impairment of goodwill and property and equipment 14 5,775 - 5,775 - Fair value adjustments 5 (1,534) 282 (737) 1,152 Net increase in long-term provisions 13 8 - 3,841 - Deferred income tax (918) 1,387 (6,861) (1,911) Settlement of share-based awards previously recognized in contributed surplus (2,112) - (2,112) - Equity-settled share-based payments 117 411 1,207 953 Cash provided by operating activities before changes in non-cash working capital 1,430 10,691 3,894 17,005 Net change in non-cash working capital items 12 16,585 12,322 8,351 (1,230) 18,015 23,013 12,245 15,775 Investing activities: Purchase of property and equipment (8,360) (2,423) (14,479) (9,522) Purchase of intangible assets (225) - (612) (668) Acquisition, net of cash acquired - - - (20,912) (8,585) (2,423) (15,091) (31,102) Financing activities.

10 Proceeds from (repayment of) long-term debt 3 (8,585) (83,976) 73,023 (35,602) Net proceeds from (repayment of) convertible unsecured subordinated debentures 3 - 64,800 (67,500) 64,800 Deferred financing fees paid on loans and borrowings - (468) - (468) Dividends paid 7 (2,290) (2,227) (6,852) (11,066) Dividends paid to non-controlling interest by subsidiaries (615) (973) (1,638) (1,703) (11,490) (22,844) (2,967) 15,961 Foreign exchange gain (loss) on cash held in foreign currency (56) 44 (117) (428) Increase (decrease) in cash (2,116) (2,210) (5,930) 206 Cash Beginning of period 3,206 6,206 7,020 3,790 Cash - End of period 1,090 3,996 1,090 3,996 The accompanying notes are an integral part of these condensed interim consolidated financial statements.