CLBR · Colombier Acquisition Corp. III

Represents shares underlying the private placement units (each unit consisting of one Class A ordinary share and one-eighth of one warrant, each whole warrant exercisable to purchase one Class A ordinary share) directly held by Colombier Sponsor III LLC (the "Sponsor"), and which were acquired pursuant to a Private Placement Units Purchase Agreement by and between the Sponsor and Colombier Acquisition Corp. III (the "Issuer");

Represents 9,966,667 Class B ordinary shares, which shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination on a one-for-one basis, or at any time prior to the Issuer's initial business combination, at the option of the holder, subject to adjustment as described under the heading "Description of Securities--Founder Shares" in the Issuer's registration statement on Form S-1 (File No. 333-290932).

Omeed Malik, the Chief Executive Officer and Chairman of the Issuer, is the manager of Knights Court LLC, the managing member of the Sponsor and has voting and investment discretion with respect to the securities held of record by the Sponsor. As such, each of Knights Court LLC and Mr. Malik may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Each of Knights Court LLC and Mr. Malik disclaims any beneficial ownership except to the extent of his pecuniary interest therein.