Wildpack Beverage : Supplemental Information

PONDEROUS PANDA CAPITAL CORP.

FILING STATEMENT

INVOLVING THE ACQUISITION BY PONDEROUS PANDA CAPITAL CORP. OF THE ISSUED AND

OUTSTANDING SECURITIES OF WILDPACK BEVERAGE ALBERTA INC.

Dated as of May 6, 2021

All information contained in this Filing Statement with respect to Wildpack Beverage Alberta Inc. was supplied by Wildpack Beverage Alberta Inc. for inclusion herein.

Neither the TSX Venture Exchange Inc. (the "Exchange") nor any securities regulatory authority has in any way passed upon the merits of the Qualifying Transaction described in this Filing Statement.

TABLE OF CONTENTS
	Page
FORWARD-LOOKING INFORMATION .......................................................................................................	IV
SOURCE OF INFORMATION .........................................................................................................................	IV
CURRENCY INFORMATION .........................................................................................................................	IV
GLOSSARY OF TERMS....................................................................................................................................	V
SUMMARY OF FILING STATEMENT.............................................................................................................	1
The Companies..................................................................................................................................................	1
The Transaction.................................................................................................................................................	2
Interests of Insiders............................................................................................................................................	4
Arm's Length Transaction ..................................................................................................................................	4
Available Funds and Principal Purposes .............................................................................................................	4
Selected Pro Forma Consolidated Financial Information.....................................................................................	5
Exchange Listing and Market Price ....................................................................................................................	5
Relationship between the Agents and PPCC .......................................................................................................	6
Conflicts of Interest ...........................................................................................................................................	6
Interest of Experts and Others ............................................................................................................................	6
Risk Factors.......................................................................................................................................................	6
Conditional Acceptance of the Exchange............................................................................................................	6
RISK FACTORS ..................................................................................................................................................	7
Changes in Customer and Consumer Preferences ...............................................................................................	8
Fluctuations in Price of Packaging Materials ......................................................................................................	8
Supply Chain.....................................................................................................................................................	8
Loss of Key Personnel or Unionization ..............................................................................................................	9
Cost of Utilities .................................................................................................................................................	9
Cybersecurity ....................................................................................................................................................	9
COVID-19 Outbreak..........................................................................................................................................	9
Factors which may Prevent Realization of Growth Targets .................................................................................	9
Litigation...........................................................................................................................................................	9
Fluctuation of Quarterly Operating Results.......................................................................................................	10
Health, Safety and Environment.......................................................................................................................	10
Change in Societal Expectations.......................................................................................................................	10
Fluctuations in Foreign Currency Exchange Rates ............................................................................................	10
Future Acquisitions or Dispositions..................................................................................................................	10
Internal Controls..............................................................................................................................................	11
Past Performance not Indicative of Future Results ............................................................................................	11
Management of Growth ...................................................................................................................................	11
Reliance on a Single Consumer Market ............................................................................................................	11
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INFORMATION CONCERNING PPCC..........................................................................................................	12
Corporate Structure..........................................................................................................................................	12
General Development of the Business ..............................................................................................................	12
Selected Financial Information.........................................................................................................................	13
Management's Discussion and Analysis............................................................................................................	13
Description of Securities ..................................................................................................................................	13
Stock Option Plan............................................................................................................................................	14
Prior Sales .......................................................................................................................................................	14
Stock Exchange Price ......................................................................................................................................	14
Arm's Length Transactions...............................................................................................................................	15
Legal Proceedings............................................................................................................................................	15
Auditor, Transfer Agent and Registrar..............................................................................................................	15
Material Contracts ...........................................................................................................................................	15
INFORMATION CONCERNING WILD .........................................................................................................	17
Corporate Structure..........................................................................................................................................	17
General Development of the Business ..............................................................................................................	18
Significant Acquisitions...................................................................................................................................	24
History 25
Selected Financial Information.........................................................................................................................	25
Management's Discussion and Analysis............................................................................................................	25
Description of Securities ..................................................................................................................................	25
Consolidated Capitalization .............................................................................................................................	26
Prior Sales .......................................................................................................................................................	27
Stock Exchange Price ......................................................................................................................................	27
Executive Compensation..................................................................................................................................	27
Management Contracts ....................................................................................................................................	35
Non-Arm's Length Party Transactions..............................................................................................................	35
Legal Proceedings............................................................................................................................................	35
Material Contracts ...........................................................................................................................................	35
THE PROPOSED TRANSACTION..................................................................................................................	36
Business Combination Agreement....................................................................................................................	36
Wild Private Placement....................................................................................................................................	36
PPCC Shareholders' Meeting ...........................................................................................................................	37
Amalgamation .................................................................................................................................................	37
Conditional Acceptance of the Exchange..........................................................................................................	39
INFORMATION CONCERNING THE RESULTING ISSUER ......................................................................	40
Name and Incorporation...................................................................................................................................	40
Intercorporate Relationships.............................................................................................................................	40
Narrative Description of the Business...............................................................................................................	40
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Description of Securities ..................................................................................................................................	41
Pro Forma Consolidated Capitalization ............................................................................................................	42
Fully Diluted Share Capital ..............................................................................................................................	42
Available Funds and Principal Purposes ...........................................................................................................	42
Dividends ........................................................................................................................................................	43
Principal Securityholders .................................................................................................................................	43
Directors, Officers and Promoters ....................................................................................................................	44
Executive Compensation..................................................................................................................................	50
Director Compensation ....................................................................................................................................	52
Indebtedness of Directors and Officers .............................................................................................................	53
Investor Relations Arrangements......................................................................................................................	53
Options to Purchase Securities .........................................................................................................................	53
Stock Option Plan............................................................................................................................................	54
Escrow Securities ............................................................................................................................................	54
Securities Subject to Other Contractual Restrictions on Transfer.......................................................................	59
Auditor, Transfer Agent and Registrar..............................................................................................................	59
GENERAL MATTERS......................................................................................................................................	60
Agent Relationship ..........................................................................................................................................	60
Experts 60
Other Material Facts ........................................................................................................................................	60
Board Approval ...............................................................................................................................................	60
APPENDIX A AUDITED FINANCIAL STATEMENTS OF PONDEROUS PANDA CAPITAL CORP. FOR
THE FINANCIAL YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019...............................	61
APPENDIX B MANAGEMENT'S DISCUSSION AND ANALYSIS OF PONDEROUS PANDA CAPITAL
CORP. FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2020 .......................................................	62
APPENDIX C AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF WILDPACK BEVERAGE
ALBERTA INC. FOR THE FOR NINE MONTHS ENDED DECEMBER 31, 2020 AND FOR THE YEAR
ENDED MARCH 31, 2020 .................................................................................................................................	63
APPENDIX D MANAGEMENT'S DISCUSSION AND ANALYSIS OF WILDPACK BEVERAGE
ALBERTA INC. FOR THE AUDITED NINE MONTHS ENDED DECEMBER 31, 2020 .............................	64
APPENDIX E AUDITED COMBINED FINANCIAL STATEMENTS OF WILDPACK PRE-ACQUISITION
GROUP FOR THE PERIOD FROM JANUARY 1, 2020 TO JUNE 25, 2020 AND FINANCIAL YEAR END
DECEMBER 31, 2019 ........................................................................................................................................	65
APPENDIX F PRO FORMA FINANCIAL STATEMENTS OF THE RESULTING ISSUER .......................	66
APPENDIX G WILDPACK BEVERAGE ALBERTA INC. OMNIBUS INCENTIVE PLAN........................	67
CERTIFICATE OF PONDEROUS PANDA CAPITAL CORP. ......................................................................	68
CERTIFICATE OF WILDPACK BEVERAGE ALBERTA INC. ...................................................................	69

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FORWARD-LOOKING INFORMATION

This Filing Statement contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of PPCC, Wild or the Resulting Issuer to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.

Examples of such statements include: (A) the intention to complete the Qualifying Transaction and the Amalgamation;

1. the description of the Resulting Issuer that assumes completion of the Transaction; and (C) in respect of the Resulting Issuer and Wild, statements pertaining to, without limitation, the growth of the North American beverage industry, growth of the personnel of Wild, costs with respect to Wild's decorating and aluminum can brokering services, completion of the Resulting Issuer's business objectives and use of funds to complete such business objectives, marketing efforts of Wild and the compensation policies and practices of Wild.

Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this Filing Statement. Such forward-looking information is based on a number of assumptions that may prove to be incorrect, including, but not limited to: (a) the ability of PPCC to (i) complete the Transaction, (ii) satisfy conditions precedent under the Business Combination Agreement and/or the Amalgamation Agreement, (iii) satisfy the requirements of the Exchange such that it will issue the Final Exchange Bulletin, (iv) obtain necessary financing and adequate insurance, (v) successfully integrate PPCC and Wild and manage risks; (b) the economy generally; and (c) in respect of the Resulting Issuer and Wild: (i) the expectations regarding its business, financial condition and results of operations; (ii) its growth and expansion; (iii) its marketing and business plans and short-term objectives; (iv) its strategic relationships with third parties; (v) its anticipated trends and challenges in the markets in which it operates; and (vi) governance of the Resulting Issuer as a public company. The factors identified above are not intended to represent a complete list of the factors that could affect PPCC, Wild or the Resulting Issuer. Additional factors are noted under the heading "RISK FACTORS".

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking information contained in this Filing Statement. These factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this Filing Statement. All subsequent forward-looking information attributable to PPCC, Wild or the Resulting Issuer herein is expressly qualified in its entirety by the cautionary statements contained or referred to herein. PPCC, Wild and the Resulting Issuer do not undertake any obligation to release publicly any revisions to this forward- looking information to reflect events or circumstances that occur after the date of this Filing Statement or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

SOURCE OF INFORMATION

The information contained in this Filing Statement with respect to Wild (and any information with respect to the Resulting Issuer that is dependent upon the information with respect to Wild) has been furnished by Wild. PPCC and its directors and officers have relied on the information relating to Wild furnished by Wild and assume no responsibility for any errors in such information or omissions therefrom. Similarly, neither Wild nor its directors or officers assume any responsibility for any errors in the information contained herein or omissions therefrom with respect to PPCC or any information with respect to the Resulting Issuer or omissions therefrom that is dependent upon information with respect to PPCC.

CURRENCY INFORMATION

In this Filing Statement all references to "$" are to Canadian dollars and all references to "US$" are to US dollars. Amounts in this Filing Statement are stated in Canadian dollars unless otherwise indicated. The Company presents its

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