STRICTLY PRIVATE AND CONFIDENTIAL
ROCKY MOUNTAIN LIQUOR INC (TSXV:RUM)
Presentation
September 10, 2010
STRICTLY PRIVATE AND CONFIDENTIAL
Disclaimer & Forward Looking Statements
This presentation has been prepared by the management of Rocky Mountain Liquor Inc. (“RUM” or the “Company”) solely for review by
persons who qualify as “accredited investors” under Canadian securities laws. This presentation and its contents are confidential and are
not for public distribution. No securities commission or securities regulatory authority has in any way approved or passed upon the merits
of an investment in the Company or upon the accuracy or adequacy of this presentation and any representations to the contrary is an
offence. This presentation is intended to provide a summary overview of the business of RUM. It has been prepared for informational
purposes only and does not purport to be complete. Recipients of this presentation who are considering acquiring securities of the Rocky
Mountain Liquor Inc. are reminded that any such purchase or subscription must not be made on the basis of the information contained in
this presentation but are referred to the entire body of publicly disclosed information regarding the Company. The information contained
herein is qualified entirely by reference to the Company’s publicly disclosed information available at www.sedar.com. There are no
representations or warranties made in this presentation by RUM.
This presentation, including information incorporated by reference, may contain forward-looking statements. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
statements. Examples of such statements include: (A) the intention to grow the Business and operations of RUM (as such terms are defined
below); and (B) the annualized cash flow using the third quarter EBITDA. Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward-looking statements contained in this presentation. Such forward-looking
statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of RUM to
obtain necessary financing; satisfy conditions under the Acquisition Agreement (as defined below); the level of activity in the retail liquor
industry in Alberta and the economy generally; and the ability to find suitable acquisition targets.
These forward-looking statements should not be relied upon as representing RUM’s views as of any date subsequent to the date of this
presentation. Although RUM has attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be
as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that
could affect RUM.
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STRICTLY PRIVATE AND CONFIDENTIAL
Events Exemplify Rocky Mountain Liquor’s Strong Momentum
September 21, 2009
Announces significant acquisition for expected purchase price of $2.0 million
September 21, 2009
Changes name from Humber Capital Corporation to Rocky Mountain Liquor Inc.
December 18, 2009
Announces the acquisition and development of 3 additional stores. Once these additional
stores are transitioned, the Company will have 29 liquor stores operating in Alberta
January 27, 2010
Announces today that Tracey Bean, Chief Financial Officer of the Corporation, will acquire
1,000,000 shares of Rocky Mountain Liquor Inc.
March 1, 2010
Announces 3 separate transactions that may result in 4 additional liquor stores.
April 15, 2010
Announces that RUM has signed letter of intent to purchase an additional liquor store.
May 20, 2010
RUM completes the construction of a new store in Lac La Biche as announced December 18, 2009
June 4, 2010
Announces today that Tracey Bean, Chief Financial Officer of the Corporation, will acquire
1,000,000 warrants of Rocky Mountain Liquor Inc.
June 11, 2010
Announces today that Rocky Mountain Liquor Inc graduates from Tier 2 to Tier 1 on the TSX Venture
Exchange.
June 25, 2010
Announces today that a group of warrant holders have effected an early conversion of
warrants. The result of the early conversion of warrants will provide one million dollars
($1,000,000) of new equity to RUM.
July 9, 2010
Announces new facility from Toronto-Dominion Bank that increases Senior Secured Lending
commitments from $15.0 million to $25.0 million; The entire amount includes BA based pricing plus
a spread ranging from 2.0% to 3.0%.
July 9, 2010
RUM completes the construction of a new store in Lethbridge as announced on March 1, 2010
August 11, 2010
RUM completes the purchase of a store in Lethbridge as announced on April 15, 2010, resulting in
32 stores in operation.
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STRICTLY PRIVATE AND CONFIDENTIAL
Active Industry Consolidator
• Since the commencement of its business in 2001, Anderson’s has focused on store operations while pursuing an
active acquisition strategy within the Alberta market, focusing largely outside of the major urban centres

Currently, Anderson’s operates 32 retail liquor stores throughout Alberta, and is in the process of in-filling
2 more stores by the late fall of 2010.
• Management believes that through the pursuit of further acquisitions, Anderson’s will continue to benefit from
top line growth and increased market share
• Going forward the acquisition strategy will continue to contemplate acquisitions in Alberta and management is
evaluating opportunities to enter the British Columbia market
Anderson’s Retail Liquor Stores Growth(1)(2)
34
26
19
16
16
2006
2007
13
6
3
2001
(1)
(2)
(3)
7
4
2002
2003
2004
2005
2008
2009
C urre nt
(3)
Represents liquor store count over calendar years
Anderson's acquired an additional liquor store in 2007 but also consolidated two existing stores in Nisku, Alberta; as a result, the total number of retail liquor stores
remained consistent from 2006 to 2007 despite the 2007 acquisition
The 34 stores include 2 additional stores, which are in development process and are expected to be ready in the late fall of 2010
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STRICTLY PRIVATE AND CONFIDENTIAL
Rocky Mountain Liquor Inc. Overview
• Formerly a CPC, Humber Capital Corp. (“Humber”)
completed its Qualifying Transaction of Anderson’s Liquor Inc.
(“Anderson’s”) in December 2008
• Humber (name since changed to Rocky Mountain Liquor Inc)
owns 100% of Andersons, headquartered in Edmonton Alberta,
which owns and operates private liquor stores in that
province
• Since the amalgamation, the Company has continued to build
upon Anderson’s previously established momentum, with a
number of acquisitions and new store developments.
Andersons currently operates 32 stores and has announced
the development of 2 new stores, which if completed will
bring total retail stores to 34.
RUM – Market Valuation
Current Price
52 Week High
52 Week Low
% of 52 Week High
$0.390
$0.590
$0.190
66.1%
Shares Outs. (Basic)
Shares Outs. (FD)(1)
Market Cap (Basic)
Adj. Net Debt(1)
Enterprise Value
54.5
63.0
$21.3
$12.5
$33.8
• Management believes current economic uncertainty is
mitigated for the business, since retail liquor provides an
attractive substitute for consumers’ discretionary spending
(1)
(2)
Adjusted for closed acquisitions announced December 18, 2009, including $0.8 million 8.25% convertible debenture issuance
Based on a ‘basic’ basis
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STRICTLY PRIVATE AND CONFIDENTIAL
Founding Executives & Board of Directors
• The Company’s management team includes its founders, while its Board of Directors includes
several members who are prominent owner/operators within the consumer retail sector
Management Team
Peter J. Byrne,
President, CEO
Mr. Byrne is the President, Chief Executive Officer and co-founder of Anderson’s and previously has been Chief Executive
Officer and Chairman of the Board of Channel Drugs Limited, a private company that owned and operated a PharmaCare
franchise until its sale in 2004. Mr. Byrne also acts as a Director of the Company.
Allison Byrne,
COO
Ms. Byrne is the Executive Vice President of Operations and Finance of Anderson’s and prior to joining Anderson’s, she
worked at Deloitte & Touche LLP from September 2002 until March 2007, receiving her Chartered Accountant designation in
2005. Ms. Byrne is Chair of the Alberta Liquor Store Association.
Tracey Bean,
CFO
Mr. Bean is a Certified Management Accountant and holds a Masters in Business Administration degree from Dalhousie
University. Previously Mr. Bean was employed by The Toronto-Dominion Bank for 15 years and was most recently the
Associate Vice President Credit, Commercial National Accounts.
Board of Directors
Frank J. Coleman,
Chairman
Mr. Coleman is the President and Chief Executive Officer of the Coleman Group of Companies, a retail food, home
furnishings and clothing company based in Newfoundland and Labrador. Mr. Coleman is also a trustee of The Northwest
Company Income Fund and former director of Fishery Products International.
Robert
Normandeau
Mr. Normandeau is President and Chief Operating Officer of Clarke Inc., an activist investment company based in Halifax,
Nova Scotia and serves as a trustee of Cinram International Income Fund and as a director of Shermag Inc.
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STRICTLY PRIVATE AND CONFIDENTIAL
Highlights
• Since completion of its December 2008 Qualifying Transaction of Anderson’s, the
Company will have grown over 89% by number of stores.
• The share price increased 95% since the IPO in 2008.
• Strategy to continue to act as an active industry consolidator - and is an identifiable
operator by many potential acquisition targets
• Announced increased Senior Lending commitments from ~$15.0 million to ~$25.0 million;
Expected to support further accretive acquisition opportunities
• Strong operator and superior network support with a proven track record
• Operates within a recession-resistant industry, as management believes retail liquor
provides a substitute for consumers’ discretionary spending
• Management team consists of Company founders and Board possesses significant
experience in the consumer retail sector and retains significant ownership in RUM
• Alberta and British Columbia private liquor retail markets are extremely stable and
provide great potential for consolidation
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STRICTLY PRIVATE AND CONFIDENTIAL
Anderson’s Liquor Inc.
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STRICTLY PRIVATE AND CONFIDENTIAL
Anderson’s Liquor Inc. - Overview
• Anderson's is an operator of 32 retail liquor stores located in Alberta, the only province in Canada that
has a fully privatized retail distribution system for adult beverages
• Anderson’s retail stores provide a complete range of products including: beer, spirits, wine and ready
to drink liquor products, as well as ancillary items such as juice, ice, pop and giftware
• Anderson's has focused on in-store operations, while successfully integrating multiple store acquisitions
into their framework and processes, which has created significant revenue growth, while maintaining
healthy operating performance
Revenue Profile (C$MM)(1)
$35.0
$32.72
$30.0
$25.0
$21.25
$20.0
$17.01
$15.0
$17.85
$13.60
$10.0
$6.90
$5.0
$4.70
$0.0
2004
(1)
2005
2006
2007
2008
2009
2 nd
Qtr
Note – Historical fiscal year-end is July 31; Reporting fiscal year-end has been changed to December 31
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STRICTLY PRIVATE AND CONFIDENTIAL
Anderson’s Liquor Inc. – EBITDA TREND
EBITDA Profile (C$MM)
$2.5
$2.1
$2.0
$ 1. 6
$ 1. 6
$1.5
$ 1. 1
$1.0
$0.6
$0.5
$0.4
$0.0
2004
2005
2006
2007
2008
2009
9
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2
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1
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m
STRICTLY PRIVATE AND CONFIDENTIAL
Anderson’s Liquor Inc. – Locations
Locations
Alberta
Head Office - Edmonton
Distribution Center - Wetaskiwin
Retail locations
Athabasca
Beaumont
Calgary
Claresholm
Cochrane
Devon
Didsbury
Drayton Valley
Edmonton
Fort MacLeod
Fort McMurray
Gibbons
Lac La Biche
Leduc
Lethbridge
Millet
Morinville
Nisku
Rocky Mountain House
St. Paul
Sylvan Lake
Wetaskiwin
2
1
1
1
1
3
1
1
1
1
1
1
1
1
2
1
2
1
2
2
3
2
32
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STRICTLY PRIVATE AND CONFIDENTIAL
Detailed Acquisition Criteria
• Company expects to continue to pursue further acquisitions in order to benefit top line growth
and increase market share
• Company has previously and plans on continuing to maintain a specific acquisition strategy that
will continue to focus on rural markets, with less competitive pressures, where the Company
can be leaders in the markets it operates within
• In addition to this, management ensures acquisitions meet several basic criteria as detailed
below:

Attractive location

Meaningful size

Store model is easily transitioned onto the existing store network

Target is available at a price that is accretive to shareholders
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STRICTLY PRIVATE AND CONFIDENTIAL
Strong Operator & Superior Network Support
• The retail store system is supported by Anderson’s enterprise fulfillment center located in Wetaskiwin,
Alberta
 Strategically located with proximity to several main highways in Alberta
 Enables Anderson’s to break down bundled inventory in order to better meet the demands of
individual stores, as well as take advantage of pricing opportunities on a limited time offer basis
 As the Company continues to grow, greater storage capacity is available through an agreement
with its current landlord that would allow Anderson’s to significantly expand its warehouse
• Pursuant to the Company’s acquisition strategy, increased scale of operations will allow Anderson’s to
reduce overall costs of management, realize operational and administrative efficiencies, facilitate
increased use of limited time discount offerings, and spread corporate cost over a larger store system
• Anderson’s network is managed by a flat management structure that is a key to the Company’s
efficient coverage of the network
President & CEO
Peter J. Byrne
IT Manager
Jerry Sheets
Regional Managers
Store Managers
Programmer
Purchasing Manager
Jennifer Hunting
COO
Allison Byrne
Distribution Manager
Fulfilment Centre
Staff
CFO
Tracey Bean
Human Resources
Joanne Leduc
Accounts Payable
Controller
Sarah Stelmack
Order Processing
Accountant
Retail Staff
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STRICTLY PRIVATE AND CONFIDENTIAL
Industry Overview
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STRICTLY PRIVATE AND CONFIDENTIAL
Alberta Liquor Industry
• Alberta became the first, and remains the only, province in Canada to fully privatize its retail liquor
industry
• The privatization program was designed to ensure that small, independent retailers and large format
retailers could compete on an equal basis
• Alberta Gaming and Liquor Commission receives a flat mark-up on the wholesale price charged to
licensees
• Retailers maintain full discretion on retail pricing
• The industry has demonstrated substantial growth across all areas including: Number of private retail
stores, value of liquor sales and volume of liquor sales
300
280
$1.6
260
$1.4
240
2009
2008
200
2007
$1.0
2006
220
2005
$1.2
2004
Current
2009
2008
2007
2006
2005
2004
2003
2002
2001
320
Sales
V olume
$1.8
2003
800
340
$2.0
2002
863
Sales CAGR = 6.0%
2000
1027
600
(1)
$2.2
1999
910
826
950
1193
1998
1,000
994
1122
Sales ($ Billions)
Total Stores
1056
1098
Volume (Millions of Litres)
Total Stores
1,200
Alberta Liquor Sales and Volume(1)
2001
Private Retail Liquor Stores(1)
Source - Government of Alberta, Alberta Gaming and Liquor Commission
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STRICTLY PRIVATE AND CONFIDENTIAL
Alberta Liquor Industry – Highly Fragmented
• Since privatization, the Alberta liquor stores industry has seen
significant acquisition activity
• Despite heavy acquisition activity, the liquor industry in
Alberta remains fragmented, as the majority of liquor stores
in Alberta are operated by private retailers who operate as
single-store owners or chains of fewer than five stores not
under a major flagship
Retail locations in Alberta
Liquor Stores Income Fund(1)(2)
174
Other Major 'Banner' Stores(3)
88
Anderson's
32
Non-'Banner' Stores
• Liquor Stores Income Fund (“LIQ”) has historically been the
most active purchaser within the Alberta market
Alberta Private Retail Liquor Stores(4)
• It is widely believed LIQ will not be focused on significantly
further acquiring within Alberta and future growth initiatives
will come from the U.S. and through greenfield development
RUM’s Est. Suitable Opportunities
(1)
(2)
(3)
(4)
899
1,193
400
LIQ 2009 Annual report
LIQ operates a total of 174 retail stores in Alberta
Major Banner stores include: Real Canadian Liquor Stores (Loblaws), Western Cellars (Sobeys), Calgary Co-Op and Safeway
AGLC as at June 2010; does not include general merchandise liquor stores
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STRICTLY PRIVATE AND CONFIDENTIAL
British Columbia Liquor Industry
• British Columbia has a partially privatized retail liquor industry, with both government and privately
owned and operated retail liquor stores
• At present, though, the British Columbia Liquor Distribution Branch (the “BCLDB”) sells a substantial
amount of its entire product to privately-owned retail liquor stores at a discount of 16% from the listed
retail price
• In addition, suppliers, including the BCLDB, decrease the wholesale prices of certain products from
time-to-time pursuant to limited time offers
• The BC industry has also demonstrated substantial growth across all areas including: number of private
retail stores compared with Government owned stores; value of liquor sales; and volume of liquor sales
Private Retail Liquor Stores(1)
541
600
592
631
654
674
670
431
327
200
221
220
212
209
201
199
197
197
2003
2004
2005
2006
2007
2008
2009
2010
0
(1)
Sales ($ Billions)
Total Stores
800
$3.2
$3.0
$2.8
$2.6
$2.4
$2.2
$2.0
$1.8
$1.6
$1.4
Sales CAGR = 6.9%
Sales
V olume
400
380
360
340
320
300
280
Volume (Millions of Litres)
Private Sec tor
BCLDB stores
1,000
400
BC Liquor Sales and Volume(1)
2002 2003 2004 2005 2006 2007 2008 2009 2010
Source – British Columbia Liquor Distribution Branch
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STRICTLY PRIVATE AND CONFIDENTIAL
Questions
17