Project Name

Hitting New Highs in the High-End Mid-Year 2014 Beer Category and Craft Beer Review

Dan Wandel Principal, Beverage Alcohol Client Insights

August 2014 Beer Category YTD 2014 Off-Premise Summary

• Beer Dollar Sales trends are outpacing both Wine and Spirits in Total US MULO for the first time in over four years. • Beer Volume Sales in the Convenience channel are in the black this year • The High-End Beer Segments (Craft, Super Premium, Imports, PAB’s & Cider) continue to fuel the Beer Category’s overall sales growth • 20 of the Top 25 Beer Vendors are generating positive Dollar Sales Growth in Supermarkets vs Year Ago including the Top 5 • Beer Category is following up two consecutive years of exceptional sales contributions from new products with another strong performance in 2014 • Craft’s Dollar Sales in Supermarkets have increased at an impressive +20.5% compared to year ago • Craft’s share of Total Beer Dollar Sales has increased by more than 2 share points in 7 of IRI’s Top 10 Food States as ranked by Craft Dollar Sales • 2014 is proving to be one of the best ever for new Craft product sales

April 15, 2014

Y/Y $ Sales Growth (%) by Food & Beverage Category 2014 thru 7/13/14 versus year ago 2.5% 2.0% 2.0%

1.5% 1.3%

1.0%

0.5% 0.2% 0.0%

-0.5% -0.4% -1.0%

-1.5% -1.4% -2.0% Food Spirits Wine Beer Non-Alcoholic Beverages

Y/Y Change in Alcoholic Beverage Sales Mix 2014 thru 7/13/14 versus year ago 1.00

0.80

0.60

0.40 0.35

0.20

0.00

-0.20 -0.06

-0.40 -0.29

-0.60

-0.80

-1.00 Spirits Wine Beer

Copyright © 2014 Information Resources, Inc. (IRI). Confidential and Proprietary. 5 Although Beer continues to lose share, Craft continues to aggressively increase its share of TBA Dollar Sales and is nearly 2x the gains achieved by Spirits YTD

Year-over-Year Change in Alcohol Sales Mix (points) 2014 thru 7/13/14 versus year ago 0.80 0.63 0.60

0.40 0.34

0.20

0.00 -0.06 -0.20

-0.40

-0.60

-0.80

-1.00 -0.92 Beer -- Craft Spirits Wine Beer -- Other

Guest Metrics data reflects new definition of Total BA Craft which includes Yuengling

Category Mix (by Retail $ Sales) -- Alcoholic Beverages 2014 thru 7/13/14

9.8%

23.9% Beer -- Craft 23.4% Beer -- Other Spirits/Cocktails Wine

42.9%

Guest Metrics data reflects new definition of Total BA Craft which includes Yuengling

Share of Beer Category by Segment (% of total units sold) 2014 thru 7/13/14 30.0% 26.9% 26.5%

25.0%

20.0% 18.6%

15.0% 13.3%

10.0% 9.3%

5.0% 3.7% 1.7%

0.0% Craft Premium Import Value/FMB/ Premium Premium Cider Light other Plus Regular

Guest Metrics data reflects new definition of Total BA Craft which includes Yuengling

Beer -- y/y unit growth (%) by restaurant segment 2014 thru 7/13/14 versus year ago 6.0%

5.0%

4.0%

3.0% 2.8%

2.0%

1.0%

0.0%

-1.0%

-2.0%

-3.0% -2.2%

-4.0% -3.8% -3.9% -5.0% -4.5% -6.0% Total Lodging Fine Dining Bar/Club Casual Dining

Y/Y Change in Beer Volume Share -- by Segment 2014 thru 7/13/14 versus year ago 2.5 2.1 2.0

1.5

1.0 0.5 0.5

0.0 -0.1 -0.2 -0.2 -0.2 -0.5

-1.0

-1.5

-2.0 -2.0 -2.5 Craft Cider Premium Plus Import Value/FMB/ Premium Premium other Regular Light

Guest Metrics data reflects new definition of Total BA Craft which includes Yuengling

Copyright © 2014 Information Resources, Inc. (IRI). Confidential and Proprietary. 10 The top gaining Beer brands in 2014 YTD have been a mix of primarily Craft, Cider, and Imports The share gains by Angry Orchard equaled the gains of the next 2 best performing brands combined!

Guest Metrics data reflects new definition of Total BA Craft which includes Yuengling

Copyright © 2014 Information Resources, Inc. (IRI). Confidential and Proprietary. 11 IPA’s and Pale Ales continue to be two of the most popular Craft Styles, combining for 30% of Craft Beer sales in On-Premise

Volume Mix by Beer Style within Craft 2014 thru 7/13/14 25.0%

20.0% 18.6%

15.0%

12.6% 11.2%

10.0%

7.3%

6.3% 5.7%

5.0% 4.4%

3.8%

2.9%

2.8%

2.7%

2.0%

1.9%

1.8%

1.7%

1.3%

1.2%

1.1%

0.9%

0.5%

0.4%

0.3% 0.2%

0.0%

SEASONALS

STOUT (ALE) STOUT

WHEAT (ALE) WHEAT

SAISON (ALE) SAISON

PALE PALE (LAGER)

PORTER (ALE) PORTER

BROWN (ALE)

BOCK (LAGER) BOCK

SCOTTISH (ALE) SCOTTISH

AMBER (LAGER) AMBER

PILSNER (LAGER) PILSNER

INDIA PALE PALE (ALE) INDIA

BELGIAN WIT (ALE) BELGIAN WIT

AMBER / RED RED (ALE) / AMBER

PALE / BITTER (ALE) PALE /

ALT / DARK (LAGER) / ALT DARK

OTHER / / OTHER UNKNOWN

BELGIAN (ALE) BELGIAN OTHER

DOPPELBOCK (LAGER) DOPPELBOCK

GOLDEN / KOLSCH (ALE) / GOLDEN KOLSCH

IMPERIAL INDIA PALE (ALE) INDIA IMPERIAL

STRONG / BARLEYWINE (ALE) BARLEYWINE / STRONG

BELGIAN DARK STRONG (ALE) STRONG BELGIAN DARK

FRUIT / PUMPKIN / FLAVORED / / PUMPKIN FRUIT

BELGIAN GOLDEN STRONG (ALE) STRONG BELGIAN GOLDEN MARZEN / OKTOBERFEST / (LAGER) OKTOBERFEST MARZEN

Guest Metrics data reflects new definition of Total BA Craft which includes Yuengling

13 IRI MarketPulse Survey Highlights

• Price is becoming less of defining factor for Premium products with consumers

• Millennials and Baby Boomers employ different shopping strategies as it relates to premium brand attributes. Millennials are more drawn to convenience and attractive packaging, while Boomers are more likely to seek out quality ingredients and brand names.

• Consumer confidence appears to be rebounding after experiencing a jump in Q1 and maintaining that in Q2. Millennials in particular are beginning to feel more comfortable after suffering longer than most.

• As consumers continue to develop a more positive outlook on the economy, it is likely to lead to both increased shopping trips and spending on premium brands.

Source: IRI MarketPulse Survey Q2, 2014

15% of consumers surveyed said they plan to increase their usage of premium products in the next 12 months IMPORTANT FACTORS IN PREMIUM BRANDS BY HOUSEHOLD INCOME

89% 93% Quality Ingredients 85% 89%

64% 70% Makes Life More Convenient 60% 64%

26% 23% Attractive Packaging Greater than $100K 30% 26% $55K -$99,999K 15% $35K -$54,999K 23% Higher in Price 31% Under $35K 25% Total Population

Source: IRI MarketPulse Survey Q2, 2014

Although wealthier households purchase more premium products today, increased premium purchase behavior is more prevalent across lesser-earning households.

CURRENT PURCHASE HABITS AND FUTURE INTENT BY HOUSEHOLD INCOME

Currently purchase premium brands

Plan to increase purchases of premium brands

44%

30% 30% 31% 20% 15% 16% 16% 17% 11%

Total Population Under $35K $35K -$54,999K $55K -$99,999K Greater than $100K

Source: IRI MarketPulse Survey Q2, 2014

Beer dollar sales trends are outpacing both Wine and Spirits for the first time in over four years.

IRI Data : YTD 2014 Ending 07.13.14

Once again, Craft is the top growing Bev Alc segment based on Actual Dollar Sales Change vs Year Ago Dollar Sales % Change vs YA Dollar Sales Chg YA CRAFT - BEER $144,561,255 20.6% $846,225,094 DOM SUPER PREMIUM - BEER $78,703,084 10.8% $810,514,540 IMPORT - BEER $72,885,181 5.4% $1,418,848,885 ($11.00-$14.99) TABLE WINE $71,989,760 13.6% $600,062,299 ($8.00-$10.99) TABLE WINE $68,641,129 6.5% $1,130,483,061 WHISKEY $67,038,269 9.7% $761,236,326 CIDER - BEER $50,703,529 68.9% $124,245,691 DOM PREMIUM - BEER $25,073,925 0.9% $2,860,032,752 ($20.00+) TABLE WINE $23,497,696 15.9% $170,927,711 ($3.50-$4.99) BOX TABLE WINE $22,975,528 19.8% $138,994,390 PAB's - BEER $22,687,912 6.9% $353,670,051 VODKA $21,018,817 2.8% $761,998,458 ($15.00-$19.99) TABLE WINE $16,935,429 7.8% $233,041,897 COGNAC $6,379,376 15.6% $47,335,939 (<=$3.49) BOX TABLE WINE $5,560,586 2.3% $248,146,281

IRI Data : YTD 2014 Ending 07.13.14 IRI definition of Craft includes Craft like brands from CBA, NAB, Goose Island, Blue Point, etc., but excludes Shock Top, Blue Moon, Yuengling

Craft has the highest share gain of Total Beer Dollar Sales in the IRI Multi-Outlet channels. Craft gained +1.1 share in MULC and +1.4 share in MULO.

Total US - Multi Outlet Total US - Multi Outlet + Conv

Dollar Dollar Case Case Dollar Dollar Case Case Sales % Share of Sales % Share of Sales % Share of Sales % Share of Chg YA Category Chg YA Category Chg YA Category Chg YA Category

CATEGORY - BEER 5.6% 100.00 2.7% 100.00 4.4% 100.00 1.8% 100.00 DOMESTIC PREMIUM 0.9% 38.11 0.0% 44.07 0.4% 44.34 -0.3% 47.78 DOMESTIC SUB-PREMIUM 0.2% 12.93 -1.2% 19.25 -1.6% 16.02 -2.4% 22.71 DOMESTIC SUPER PREMIUM 10.8% 10.80 8.6% 8.90 12.1% 9.14 9.2% 7.23 TOTAL BA CRAFT 23.2% 9.8 19.9% 6.1 25.1% 6.1 21.7% 3.7 CRAFT (IRI DEFINITION) 20.6% 11.28 17.1% 7.11 23.3% 6.97 19.7% 4.33 IMPORT 5.4% 18.91 3.9% 14.90 8.6% 15.31 6.5% 11.59 PROGRESSIVE ADULT BEVERAGES 6.9% 4.71 4.6% 3.03 4.9% 5.10 3.6% 3.31 CIDER 69.0% 1.66 70.9% 1.04 88.4% 1.04 89.3% 0.65 DOMESTIC MALT LIQUOR 3.2% 0.71 2.2% 0.92 2.6% 1.63 0.5% 2.01 NON- ALCOHOLIC 0.7% 0.67 -2.6% 0.65 1.4% 0.33 -2.0% 0.33

IRI Data : YTD 2014 Ending 07.13.14 IRI’s definition of Total BA Craft excludes Yuengling

Beer Category Dollar and Volume Sales trends have increased compared to year ago across the key IRI Off-Premise channels

Sum of Total Liquor Total US - Food Total US - Drug Total US - Conv Stores-RMA - Liquor

Dollar Volume Dollar Volume Dollar Volume Dollar Volume Sales % Sales % Sales % Sales % Sales % Sales % Sales % Sales % Chg. YA Chg YA Chg. YA Chg YA Chg YA Chg YA Chg YA Chg YA

CATEGORY – BEER 4.9% 1.9% 5.2% 1.7% 3.4% 1.0% 12.2% 8.1% DOMESTIC SUPER PREMIUM 8.5% 6.7% 10.8% 7.5% 13.6% 10.1% 10.1% 4.8% DOMESTIC PREMIUM -0.3% -1.2% 2.0% 0.1% 0.2% -0.5% 5.7% 4.7% DOMESTIC SUB-PREMIUM -1.4% -2.7% 0.2% -1.2% -2.6% -3.2% -0.1% -2.3% IMPORT 3.5% 2.3% 6.2% 2.8% 13.1% 10.5% 9.6% 8.2% TOTAL BA CRAFT 23.2% 20.0% 27.6% 22.6% 30.4% 27.3% 29.5% 29.2% CRAFT (IRI DEFINITION) 20.5% 17.1% 24.4% 19.6% 31.6% 28.6% 27.9% 27.7% CIDER 62.1% 63.8% 252.7% 244.6% 172.2% 170.3% 42.9% 39.9% PAB's 4.5% 2.4% 21.5% 18.1% 3.5% 2.9% 8.3% -2.5% DOMESTIC MALT LIQUOR 1.7% 0.9% 1.4% 0.5% 2.5% 0.0% -4.1% -6.5% NON-ALCOHOLIC 0.6% -2.5% -8.8% -11.7% 8.7% 5.3% 13.3% 11.0%

STILL WINE 3.4% 0.9% 7.6% 2.8% 13.0% 10.5% 4.7% 1.0% SPIRITS 1.3% -1.2% 6.1% 4.2% 16.2% 21.5% 12.7% 10.2% CATEGORY - COOLERS 0.8% 1.6% 10.2% 8.0% 17.8% 19.1% 9.9% 7.3%

IRI Data : YTD 2014 Ending 07.13.14 IRI’s definition of Total BA Craft excludes Yuengling

High-End Beer Segments now account for more than half of Total Beer Category Dollar Sales in Supermarkets at 50.6. This is +2.0 share points from YE 2013.

2.01 1.96 1.90 1.82 1.70 1.67 NA's and MALT 3.21 3.36 3.31 3.58 4.15 4.38 PAB's 19.84 19.55 19.59 19.30 19.01 19.13

IMPORT 8.46 8.38 8.75 10.15 10.46 10.73 DOM SUPER PREMIUM 15.51 15.04 14.38 13.37 12.31 11.77

DOM SUB-PREMIUM

37.03 35.67 DOM PREMIUM 42.29 41.75 40.54 38.69 CIDER 1.99 0.91 1.55 0.45 0.56 0.37 13.46 14.33 CRAFT 8.26 9.43 10.81 11.93

2009 2010 2011 2012 2013 YTD 2014

IRI Data : YTD 2014 Ending 07.13.14

Beer Category Merchandising Support has increased this year in Supermarkets with Cider, PAB’s and Craft experiencing the largest increases over year ago.

22.8 BEER 22.6 21.7 DOMESTIC PREMIUM 21.4 20.7 IMPORT 20.5 20.4 DOM SUP PREMIUM 20.0 19.4 CRAFT 18.8 Current 18.5 DOM SUB-PREMIUM Year Ago 18.2 18.5 PABs 17.9 14.6 CIDER 11.2 3.7 NON-ALCOHOLIC 4.2 2.9 DOMESTIC MALT LIQUOR 2.5

IRI Data : YTD 2014 Ending 07.13.14

Craft was the clear winner in terms of both Dollar and Case Sales increases compared to year ago for both the Memorial Day and 4th of July Holidays

*2 wks ending 06.01.2014 **2 wks ending 07.06.2014

Six Vendors (ABI, MillerCoors, Constellation Beer, Boston Beer, New Belgium and Lagunitas) achieved Actual Dollar Sales Growth > $10MM vs Year Ago

Dollar Sales Dollar Share of Category Current % Chg vs YA Current Chg vs YA ANHEUSER-BUSCH INBEV (1) $1,884,605,625 1.1% 37.19 -1.39 MILLERCOORS BREWING (2) $1,235,831,102 2.1% 24.38 -0.66 CONSTELLATION BEER (3) $398,908,997 8.9% 7.87 0.29 HEINEKEN USA INC (4) $295,790,714 2.9% 5.84 -0.11 BOSTON BEER CO (5) $167,596,952 31.5% 3.31 0.67 DIAGEO GUINNESS USA (6) $102,321,054 -4.2% 2.02 -0.19 PABST BREWING CO (7) $87,266,938 -1.1% 1.72 -0.10 D G YUENGLING & SON INC (8) $72,174,665 6.3% 1.42 0.02 MARK ANTHONY BRANDS INC (9) $71,305,800 1.6% 1.41 -0.05 SIERRA NEVADA BREWING CO (10) $65,535,004 9.6% 1.29 0.06 NEW BELGIUM BREWING COMPANY (11) $61,191,337 41.2% 1.21 0.31 NORTH AMERICAN BREWERIES (12) $57,316,481 -6.4% 1.13 -0.14 CRAFT BREW ALLIANCE INC (13) $50,830,343 6.4% 1.00 0.01 THE GAMBRINUS COMPANY (14) $34,374,842 6.9% 0.68 0.01 THE LAGUNITAS BREWING COMPANY (15) $28,700,335 63.2% 0.57 0.20

IRI Data : YTD 2014 Ending 07.13.14

Modelo Especial is the #10 Beer Brand ranked by Dollar Sales in Supermarkets, having passed Miller High Life. Corona Light also moved up one spot to #12 Dollar Sales Dollar Share of Category Current % Chg vs YA Current Chg vs YA BUD LIGHT (1) $644,775,028 1.5% 12.72 -0.43 COORS LIGHT (2) $346,363,249 -0.9% 6.83 -0.40 MILLER LITE (3) $292,201,975 1.6% 5.77 -0.19 BUDWEISER (4) $242,066,838 -1.1% 4.78 -0.29 CORONA EXTRA (5) $205,753,617 4.9% 4.06 0.00 MICHELOB ULTRA LIGHT (6) $138,078,111 11.1% 2.72 0.15 HEINEKEN (7) $114,487,113 0.0% 2.26 -0.11 NATURAL LIGHT (8) $109,639,019 -2.0% 2.16 -0.15 BUSCH LIGHT (9) $101,999,225 5.7% 2.01 0.02 MODELO ESPECIAL (10) $84,392,467 25.1% 1.67 0.27 MILLER HIGH LIFE (11) $70,279,669 -4.0% 1.39 -0.13 CORONA LIGHT (12) $68,398,948 3.5% 1.35 -0.02 BUSCH (13) $64,751,125 1.1% 1.28 -0.05 STELLA ARTOIS LAGER (14) $60,319,139 9.4% 1.19 0.05 BLUE MOON BELGIAN WHITE ALE (15) $54,446,247 2.7% 1.07 -0.02

IRI Data : YTD 2014 Ending 07.13.14

YTD 2014 Total Light Beer* Share of Beer Category Sales by Channel: Total US Food – Light Beer Case Share = 47.8, Chg vs YA (1.5); $ Share = 40.4, Chg vs YA (1.9) Total US Conv – Light Beer Case Share = 56.6, Chg vs YA (1.3); $ Share = 53.3, Chg vs YA (1.8) Total US Drug – Light Beer Case Share = 52.3, Chg vs YA (0.7); $ Share = 47.5, Chg vs YA (1.3)

Share within Total US Multi Outlet + Convenience

60.00 Dollar Share Case Share 58.00 56.00 54.00 52.00

50.00 Dollar Share of Case Share of Category Category 48.00 52 wks ending Jan 2, 2011 54.41 57.91 46.00 52 wks ending Jan 1, 2012 53.15 56.91 52 wks ending Dec 30, 2012 52.87 56.88 44.00 52 wks ending Dec 29, 2013 50.40 55.10 2014 YTD ending July 13, 2014 48.92 53.95

42.00

01-30-11 05-22-11 09-11-11 01-01-12 02-27-11 03-27-11 04-24-11 06-19-11 07-17-11 08-14-11 10-09-11 11-06-11 12-04-11 01-29-12 02-26-12 03-25-12 04-22-12 05-20-12 06-17-12 07-15-12 08-12-12 09-09-12 10-07-12 11-04-12 12-02-12 12-30-12 01-27-13 02-24-13 03-24-13 04-21-13 05-19-13 06-16-13 07-14-13 08-11-13 09-08-13 10-06-13 11-03-13 12-01-13 12-29-13

IRI Data : YTD 2014 Ending 07.13.14 *Total Light Beers (Excl PAB Light Brands)

On pace to see as many as 11 Vendors achieve > $1MM in New Product Sales in 2014

ANHEUSER-BUSCH INBEV $47,418,883

MILLERCOORS BREWING $26,090,332

BOSTON BEER CO $10,960,163

MARK ANTHONY BRANDS INC $6,467,497

HEINEKEN USA INC $5,045,640

SIERRA NEVADA BREWING CO $4,203,404

NEW BELGIUM BREWING COMPANY $3,545,086 Total New Beer Product Case Sales = 3.9MM DESCHUTES BREWERY $1,524,432 Total New Beer Product AMERICAN VINTAGE BEVERAGE INC. $1,116,575 Dollar Sales = $126.1MM

IRI Data : YTD 2014 Ending 07.13.14 *American Vintage Beverage owned by Mark Anthony Brands

• ABI (6) and MillerCoors (4) combine for 10 of the Top 15 new beer brands • PAB’s have 4 of the top 15 new brands, while Craft and Cider each have 3 brands

Dollar Sales BUD LIGHT LIME MANG O RITA (1) $16,389,054 BUD LIGHT LIME RAZ BER RITA (2) $16,286,206 MILLER FORTUN SPIRITD GOLDN LAGR (3) $12,066,259 SAMUEL ADAMS REBEL IPA (4) $10,218,768 COORS LIGHT SUMMER BREW (5) $6,172,241 BUD LIGHT LIME MIX A RITA (6) $5,791,204

REDDS VARIETY PACK (7) $4,376,540 # of SIERRA NEVADA VARIETY PACK (8) New Total New $4,182,303 Beer Beer Brand Top New Beer Brand SMITH AND FORGE HARD CIDER (9) $3,720,124 Year Brands Case Sales (Based on $ Sales) YTD 2014 416 3,499,903 Bud Light Lime Mango Rita JOHNNY APPLESEED APPLE HARD CIDR (10) $2,643,943 2013 530 5,473,905 Bud Light Lime Straw Ber Rita NEW BELGIUM SNAPSHOT WHEAT (11) $2,317,877 2012 415 6,953,181 Bud Light Platinum Lager 2011 362 1,382,057 Shock Top Raspberry Wheat Ale DOS EQUIS XX DOS A RITA (12) $2,192,427 2010 357 1,843,293 Smirnoff Blueberry & Lemonade STRONGBOW GOLD APPLE HARD CIDER (13) $2,165,854 2009 198 2,053,440 Bud Light Golden Wheat 2008 173 4,898,477 Bud Light Lime BUSCH SIGNATURE COPPER LAGER (14) $1,667,588 2007 141 2,997,697 Miller Chill SHOCK TOP HONEY BOURBON CASK WHT (15) $1,483,906 2006 193 1,380,051 CM Parrot Bay Wave Runner

IRI Data : YTD 2014 Ending 07.13.14

Gluten Sensitive Beer Dollar Sales are just over $8MM. This is +37.2% vs YA

Dollar Case Dollar % Dollar Share Case Sales $ Chg YA Share Chg Sales Chg YA Segment REDBRIDGE 1.4% 44.6 -15.8 104,664 -0.7% SUPER PREM

OMISSION PALE ALE 154.3% 29.0 13.4 62,722 149.9% CRAFT OMISSION LAGER 112.2% 11.8 4.2 25,172 107.1% CRAFT LAKEFRONT NEW GRIST 26.3% 4.5 -0.4 10,055 26.1% CRAFT ESTRELLA DAMM DAURA PREMIUM LAGR 67.4% 3.3 0.6 5,538 68.7% IMPORT BARDS TALE DRAGON GOLD -3.8% 1.6 -0.7 3,285 -4.9% CRAFT TWO BROTHERS PRAIRI PTH GOLDN ALE 154.6% 1.5 0.7 3,062 148.2% CRAFT NEW PLANET OFF GRID PALE ALE -23.0% 0.9 -0.7 1,371 -23.4% CRAFT NEW PLANET TREAD LIGHTLY ALE -18.7% 0.7 -0.5 1,112 -19.2% CRAFT NEW PLANET 3R RASPBERRY ALE -28.0% 0.4 -0.4 684 -28.0% CRAFT GREENS QUEST TRIPEL ALE 13.0% 0.5 -0.1 385 11.5% IMPORT GREENS DISCOVERY AMBER ALE -12.4% 0.5 -0.3 364 -14.1% IMPORT GREENS ENDEAVOUR DUBBEL ALE 8.6% 0.4 -0.1 339 8.4% IMPORT NEW PLANET BELGIAN ALE 141.4% 0.1 0.1 221 161.7% CRAFT OMISSION IPA 461.0% 0.0 0.0 96 446.9% CRAFT

IRI Data : 26 Weeks Ending 07.06.14

In 2014, Craft and Cider have already surpassed their number of brands that were selling in 2013 (based on brands selling > 1 case).

Total Brands Total Brands Total Brands 4,975 4,948 4,577 Total Brands 4,031 3451 3493 3109

2669

748 801 801 765 231 216 116 215 220 113 102 193 92 197 57 125 101 60 130 144 63 134 63 122

2011 2012 2013 YTD 2014

Premium Sub Premium Import Craft Super Premium PAB Cider

IRI Data : 26 Weeks Ending 07.06.14

As of mid-year, Craft and Cider segments have also already surpassed their SKU numbers in 2013 (based on SKU’s selling > 1 case)

Total SKUs Total SKUs Total SKUs 9,006 8,848 Total SKUs 8,409 7,629 5048 5065 4577

3971

1576 1648 1659 1568

548 505 475 481 439 561 436 574 529 452 591 563 378 398 429 415 317 159 231 299

2011 2012 2013 YTD 2014

Premium Sub Prem Import Craft Sup Prem PAB Cider

IRI Data : 26 Weeks Ending 07.06.14

Total Dollars: $15,187,832,243 Total # of SKUs: 9,499

80% 100 90 80 70 Share # SKUs 60 20 13 50 40 45 40 60 114 30 80 312 20 100 5,741 Dollar Shareof Total Dollar 10

190 379 568 757 946

1324 1702 2080 1135 1513 1891 2269 2458 2647 2836 3025 3214 3403 3592 3781 3970 4159 4348 4537 4726 4915 5104 Number of SKUs

IRI Data : 26 Weeks Ending 07.06.14

Total Dollars: $1,055,036,209 Total # of SKUs: 5,279

80% 100 90 80 70 Share # SKUs 60 20 10 50 40 41 40 60 132 30 80 418 20 100 4,162

Dollar Shareof Total Dollar 10

190 379 568 757 946

2080 3403 4537 1135 1324 1513 1702 1891 2269 2458 2647 2836 3025 3214 3592 3781 3970 4159 4348 4726 4915 5104

Number of SKUs

IRI Data : 26 Weeks Ending 07.06.14

34 Beer Category & Craft Segment Historical Dollar Sales Trends Total U.S. - Supermarkets

Craft is on pace to achieve its 9th consecutive year of double-digit percent Dollar Sales growth in Supermarkets dating back to 2006

IRI Data : YTD 2014 Ending 07.13.14

New Belgium Brewing and Lagunitas Brewing are the two top Dollar Share gainers within the Top 15 BA Craft Vendors to date

Dollar Sales Dollar Dollar Dollar Sales % Share of Share Chg YA Craft Chg YA BOSTON BEER CO (1) $101,837,754 12.0% 14.0% -1.1% SIERRA NEVADA BREWING CO (2) $65,550,458 9.6% 9.0% -0.9% NEW BELGIUM BREWING COMPANY (3) $61,191,945 41.2% 8.4% 1.2% THE GAMBRINUS COMPANY (4) $34,372,740 6.9% 4.7% -0.6% THE LAGUNITAS BREWING COMPANY (5) $28,703,353 63.2% 4.0% 1.0% DESCHUTES BREWERY (6) $23,937,805 13.1% 3.3% -0.2% BELLS BREWERY INC (7) $15,673,782 29.8% 2.2% 0.2% STONE BREWING CO. (8) $15,300,327 34.5% 2.1% 0.2% SWEETWATER BREWING COMPANY LLC (9) $11,391,371 39.6% 1.6% 0.2% DOGFISH HEAD CRAFT BREWERY (10) $10,850,357 24.0% 1.5% 0.0% DUVEL USA CRAFT (11) $9,795,481 19.0% 1.3% 0.0% GREAT LAKES BREWING CO. (12) $8,056,373 14.1% 1.1% -0.1% ABITA BREWING CO INC (13) $7,711,416 5.8% 1.1% -0.1% NINKASI BREWING COMPANY (14) $7,519,435 19.7% 1.0% 0.0% FIRESTONE WALKER BREWING COMPANY (15) $7,212,330 61.2% 1.0% 0.3%

IRI Data : YTD 2014 Ending 07.13.14

621 Total Craft Vendors selling in Total U.S. Supermarkets YTD 2014 compared to 595 in 2013 and 484 in 2012.

Location

PISGAH BREWING COMPANY $84,449 Black Mountain, NC RHINEGEIST BREWERY $76,896 Cincinnati, OH OLD BUST HEAD BREWING COMPANY $71,128 Warrenton, VA THE SPENCER BREWERY LLC $53,618 Spencer, MA PRAIRIE ARTISAN ALES $45,144 Tulsa, OK GREAT RAFT BREWING $26,944 Shreveport, LA GREAT SOUTH BAY BREWERY $26,211 Bay Shore, NY PIZZA PORT BREWING COMPANY $26,163 Solana Beach, CA TRACK SEVEN BREWING CO $24,433 Sacramento, CA GRAPEVINE CRAFT BREWERY $21,207 Farmers Branch, TX WOLF HILLS BREWING CO $19,073 Abingdon, VA PETOSKEY BREWING $16,242 Petoskey, MI OCEANSIDE ALE WORKS $14,952 Oceanside, CA DESTIHL BREWERY $12,700 Normal, IL HOLY CITY BREWING COMPANY $12,502 North Charleston, SC

IRI Data : YTD 2014 Ending 07.13.14

Samuel Adams Rebel IPA is already a Top 10 BA Craft Brand based on Dollar Sales YTD Dollar Sales Dollar Share of Craft YTD % Chg YA YTD Chg YA SIERRA NEVADA PALE ALE (1) $32,949,134 3.5% 4.5% -0.7% SAMUEL ADAMS SEASONAL (2) $32,688,041 23.4% 4.5% 0.1% SAMUEL ADAMS BOSTON LAGER (3) $27,070,646 6.4% 3.7% -0.5% NEW BELGIUM FAT TIRE AMBER ALE (4) $23,522,835 25.6% 3.2% 0.1% SIERRA NEVADA TORPEDO EXTRA IPA (5) $16,408,884 7.5% 2.3% -0.3% SAMUEL ADAMS VARIETY PACK (6) $16,068,277 -12.4% 2.2% -0.8% SHINER BOCK (7) $15,673,558 8.3% 2.2% -0.2% LAGUNITAS INDIA PALE ALE (8) $13,480,385 70.9% 1.9% 0.5% SAMUEL ADAMS REBEL IPA (9) $10,218,768 1.4% 1.4% NEW BELGIUM RANGER IPA (10) $9,728,767 30.9% 1.3% 0.1% SIERRA NEVADA SEASONAL (11) $9,370,608 -6.3% 1.3% -0.4% NEW BELGIUM VARIETY PACK (12) $8,594,734 70.7% 1.2% 0.3% BELLS SEASONAL (13) $7,574,778 22.0% 1.0% 0.0% NEW BELGIUM SEASONAL (14) $7,405,039 37.8% 1.0% 0.1% STONE INDIA PALE ALE (15) $5,579,549 17.7% 0.8% 0.0%

IRI Data : YTD 2014 Ending 07.13.14

Samuel Adams Rebel IPA is the best selling new craft brand over the last 10 years Deschutes has three of the top 15 new BA Craft Brands

Dollar Sales

SAMUEL ADAMS REBEL IPA (1) $10,218,768 SIERRA NEVADA VARIETY PACK (2) $4,182,303 NEW BELGIUM SNAPSHOT WHEAT (3) $2,317,877 DESCHUTES FRESH SQUEEZED IPA (4) $1,072,275 STONE GO TO IPA (5) $760,057 OMMEGANG GAME OF THRONS FIR & BLD (6) $389,219 Dollar DOGFISH HEAD NAMASTE WITBIER (7) $281,008 Year Brand Sales CIGAR CITY INVASION PALE ALE (8) $253,598 YTD 2014 Samuel Adams Rebel IPA $10,218,768 ANCHOR IPA (9) $240,970 2013 New Belgium Rampant Imperial IPA $3,942,500 ROGUE HONEY CREAM ALE (10) $150,978 2012 Deschutes Chain breaker White IPA $2,601,975 STONE STOCHASTCTY PRJCT GRPFRT S (11) $148,274 2011 Kona Variety Pack $2,115,495 2010 New Belgium Ranger IPA $5,495,092 FLYING DOG DD RIS OLD BY SMMR ALE (12) $135,316 2009 Sierra Nevada Torpedo Extra IPA $3,938,139 DESCHUTES ARMORY XPA (13) $123,951 2008 Samuel Adams Irish Red $1,623,497 SAMUEL ADAMS TETRAVIS ALE (14) $122,255 2007 Alaskan IPA $653,389 DESCHUTES MIRROR MRRR BRLY WN ALE (15) $111,494 2006 Deschutes Inversion IPA $1,353,956

IRI Data : YTD 2014 Ending 07.13.14

Total Can sales for new products is $5.8MM for YTD 2014 Total Glass bottle sales for new products is $26.8MM for YTD 2014

Dollar Sales

SAMUEL ADAMS REBEL IPA 12-PACK 11-12OZ BTL $6,007,075 SAMUEL ADAMS REBEL IPA 6-PACK 11-12OZ BTL $4,187,650 SIERRA NEVADA VARIETY PACK 12-PACK 11-12OZ BTL $4,181,989 NEW BELGIUM SNAPSHOT WHEAT 6-PACK 11-12OZ BTL $2,310,240 NEW BELGIUM VARIETY PACK 12-PACK 12OZ CAN $1,208,330 DESCHUTES FRESH SQUEEZED IPA 6-PACK 11-12OZ BTL $1,067,942 STONE GO TO IPA 6-PACK 11-12OZ BTL $756,961 FOUNDERS ALL DAY IPA 15-PACK 12OZ CAN $542,299 SWEETWATER 420 PALE ALE 12-PACK 12OZ CAN $441,714 Total Craft New Product BELLS TWO HEARTED ALE 4-PACK 16OZ CAN $409,029 Dollar Sales YTD 2014 $32,770,451 OMMEGANG GAME OF THRONS FIR & BLD SINGLES 25.4OZ LNBTL $389,219 2013 $42,021,402 BELLS SEASONAL 4-PACK 16OZ CAN $343,297 2012 $42,969,648 DOGFISH HEAD NAMASTE WITBIER 6-PACK 11-12OZ BTL $281,008 2011 $20,637,476 CIGAR CITY INVASION PALE ALE 6-PACK 12OZ CAN $253,598 2010 $15,387,487 FOUNDERS CENTENNIAL IPA 12-PACK 12OZ CAN $237,860 2009 $20,750,750

IRI Data : YTD 2014 Ending 07.13.14

Craft Cans share of Total Craft Dollar Sales increased by +2.3 points and is a 7.2 share of Total Craft Dollar Sales

Dollar Sales % Chg YA TTL CRAFT GLASS $ Sales % Chg YA

6PK 11-12OZ GLASS $353,592,683 16.5% $674,432,909 17.5%

12PK 11-12OZ GLASS $232,522,372 16.5% TTL CRAFT CAN SINGLES 22OZ GLASS $49,975,271 22.5% $ Sales % Chg YA $51,418,281 79.4% 6PK 12OZ CAN $21,582,468 89.6%

12PK 12OZ CAN $21,066,158 79.7%

4-PACK 11-12OZ GLASS $18,424,340 24.9% Top 5 Can Craft Vendors YTD 2014

SINGLES 25-26OZ GLASS $8,703,881 39.2% SIERRA NEVADA BREWING CO $6,326,965 NEW BELGIUM BREWING… $4,111,556 4PK 16-16.9OZ CAN $6,147,705 39.1% BOSTON BEER CO $4,016,454 SINGLES 11-12OZ GLASS $4,507,495 89.1% OSKAR BLUES BREWERY $3,633,183

SINGLES 24OZ GLASS $2,192,496 17.3% THE GAMBRINUS COMPANY $2,646,478

IRI Data : YTD 2014 Ending 07.13.14

IPA’s continue to be the largest share gainer in Craft Styles with a +3.8 increase vs year ago. Variety and Special Releases are the next two largest Style gainers Dollar Dollar Sales % Share of Chg YA Craft 43.8% 23.3%

17.0% 14.9%

11.9% 10.0%

25.4% 8.6%

12.4% 5.5%

7.7% 4.8%

17.4% 3.4%

8.5% 2.6%

14.3% 2.0%

40.2% 1.7%

IRI Data : YTD 2014 Ending 07.13.14

NORTHEAST

WEST BEER CRAFT 4.2% 19.1% BEER CRAFT GREAT LAKES 4.5% 12.8% PLAINS BEER CRAFT BEER CRAFT 3.2% 26.1% 6.0% 23.6%

MID SOUTH CALIFORNIA BEER CRAFT BEER CRAFT 6.4% 24.9% 5.8% 20.7%

SOUTH CENTRAL SOUTHEAST BEER CRAFT BEER CRAFT 3.4% 18.1% TOTAL U.S. 5.9% 26.6% SUPERMARKETS BEER CRAFT 4.9% 20.5%

IRI Data : YTD 2014 Ending 07.13.14

Craft share of Total Beer Dollar Sales are > 2.0 in Six of its Top Seven Food States Craft Dollar Sales have Increased by 4 share points in Ohio to date

Dollar Share of Category Dollar Sales Top 10 IRI-Tracked Food States for Change vs Craft Current Change vs YA Current YA California 16.8 2.1 $134,331,059 $23,005,590 Washington 31.9 1.8 $60,172,638 $5,341,435 Oregon 35.4 2.2 $43,539,658 $5,280,721 Florida 8.5 2.1 $37,845,989 $10,656,995 Ohio 17.1 4.0 $35,353,078 $10,178,001 North Carolina 13.0 2.1 $35,296,602 $7,525,574 New York 15.8 2.2 $34,613,180 $5,465,025 Virginia 13.9 1.8 $31,958,615 $5,473,704 Michigan 16.8 2.8 $29,020,937 $5,604,041 Illinois 12.3 1.5 $22,528,415 $2,452,838

IRI Data : YTD 2014 Ending 07.13.14

Top 10 Beer Vendors Dollar Sales Top 10 Brand Families Dollar Sales YTD % Chg YA YTD % Chg YA ANHEUSER-BUSCH INBEV $72,594,816 2.3% BUD BRAND FAMILY $34,742,135 -0.6% MILLERCOORS BREWING $51,660,941 3.0% MILLER LITE BRAND FAMILY $13,809,270 4.3% D G YUENGLING & SON INC $10,685,275 -7.5% YUENGLING BRAND FAMILY $10,384,137 -6.5% BOSTON BEER CO $8,957,372 24.0% BUSCH BRAND FAMILY $9,934,542 4.2% CROWN IMPORTS $6,671,908 9.3% COORS BRAND FAMILY $8,912,559 5.5% HEINEKEN USA INC $6,647,706 2.0% GREAT LAKES BRAND FAMILY $6,414,532 11.5% GREAT LAKES BREWING CO. $6,414,532 11.5% MICHELOB BRAND FAMILY $5,896,021 6.8% NORTH AMERICAN BREWERIES $5,680,762 -6.0% NATURAL BRAND FAMILY $5,851,632 0.5% DIAGEO GUINNESS USA $4,685,799 -5.7% CORONA BRAND FAMILY $5,752,368 9.6% NEW BELGIUM BREWING COMPANY $3,534,415 n/a SAMUEL ADAMS BRAND FAMILY $5,592,645 12.5%

CRAFT DOM SUB- 17.1% PREM 15.1% IMPORT 13.0% Segment Dollar Share of DOM PREM Beer Category 34.8% DOM SUPER PREM 11.3%

PAB's MALT LIQ NA's CIDER 5.0% IRI Data : YTD 2014 Ending 07.13.14 0.6% 0.7% 2.4%

Top 10 Craft Vendors Dollar Sales Top 10 Craft Brand Families Dollar Sales YTD % Chg YA YTD % Chg YA GREAT LAKES BREWING CO. $6,414,532 11.5% GREAT LAKES BRAND FAMILY $6,414,532 11.50% BOSTON BEER CO $5,592,645 12.5% SAMUEL ADAMS BRAND FAMILY $5,592,645 12.50% NEW BELGIUM BREWING COMPANY $3,534,415 NEW BELGIUM BRAND FAMILY $3,534,415 SIERRA NEVADA BREWING CO $2,061,216 12.1% SIERRA NEVADA BRAND FAMILY $2,061,216 12.10% BELLS BREWERY INC $1,234,357 28.4% BELLS BRAND FAMILY $1,234,357 28.40% ANHEUSER-BUSCH INBEV $992,573 79.5% GOOSE ISLAND BRAND FAMILY $992,573 79.50% ALLTECH'S LEXINGTON BREWING CO. $880,938 24.2% KENTUCKY BRAND FAMILY $880,938 24.20% NORTH AMERICAN BREWERIES $835,841 4.5% MAGIC HAT BRAND FAMILY $795,974 9.30% CRAFT BREW ALLIANCE INC $808,103 22.4% DOGFISH HEAD BRAND FAMILY $734,844 25.00% DOGFISH HEAD BREWERY $734,844 25.0% STONE BRAND FAMILY $726,575 50.50%

GREAT LAKES ALL OTHER BREWING CO. CRAFT , 18.1% VENDORS, Segment Dollar Share of BOSTON 46.7% Craft Beer in Ohio BEER CO , 15.8% NEW BELGIUM BELLS SIERRA BREWING BREWERY INC NEVADA COMPANY , , 3.5% BREWING CO 10.0% IRI Data : YTD 2014 Ending 07.13.14 , 5.8%

Dollar Dollars Dollar Top 5 Fastest Moving Craft Categor Share per $MM Top Pack Size/Type Dollar Sales Sales % y Wtd of Brands ACV Chg YA Dist Craft

CRAFT 6PK 11-12OZ GLASS $20,289,743 37.7% GREAT LAKES SEASONAL $137.31 91.69 7.4%

CRAFT 12PK 11-12OZ GLASS $7,230,130 24.4% NEW BELGIUM FAT TIRE AMBER ALE $92.43 95.69 5.2%

CRAFT 4PK 11-12OZ GLASS $3,286,514 24.7% SAMUEL ADAMS SEASONAL $88.79 97.99 5.1% CRAFT SINGLES 22OZ GLASS $1,575,219 126.4% GREAT LAKES DORTMUNDER GOLD LAGR $58.87 83.50 2.8% CRAFT 6PK 12OZ CAN $1,016,259 129.5% SAMUEL ADAMS BOSTON LAGER $55.21 97.14 3.2% CRAFT 12PK 12OZ CAN $602,594 312.3% CRAFT SINGLES 25-26OZ GLASS $519,591 68.1% CRAFT SINGLES 11-12OZ GLASS $393,170 55.0%

Dollar Sales Dollar Sales Dollar Share Dollar Sales Dollar Share Top Craft Styles Chg YA % Chg YA Chg YA TOTAL CRAFT SEASONAL $7,848,783 $1,971,559 33.5% 22.2% -1.0% TOTAL CRAFT IPA $7,792,762 $3,105,158 66.2% 22.0% 3.5% TOTAL CRAFT PALE ALE $2,833,852 $411,065 17.0% 8.0% -1.6% TOTAL CRAFT VARIETY $2,607,314 $431,416 19.8% 7.4% -1.2% TOTAL CRAFT AMBER ALE $2,131,979 $1,870,982 716.9% 6.0% 5.0% TOTAL CRAFT AMBER LAGER $1,521,400 $85,475 6.0% 4.3% -1.4%

IRI Data : YTD 2014 Ending 07.13.14

• The Dollar Sales trend for Craft in Ohio State Supermarkets is +39.9% vs year ago compared to 20.2% in Total U.S. Supermarkets • Of the four Ohio IRI Food Markets, Cleveland is where Craft has its largest share of Total Beer Dollar Sales at 22.9 • Madtree Brewing and Rhinegeist Brewery, are helping to drive Craft 6-Pack 12oz Cans to being the third best selling Craft Pack Type in Cincinnati/Dayton Supers. They are also driving Craft Golden Ales Dollar Sales to be over $65K in this market. • Cans now have a 9.8 share of Total Craft Dollar Sales in Cincinnati/Dayton Supermarkets. This is +3.4 vs YA. Columbus had the highest change vs YA for Cans share of Total Craft Dollar Sales out of the Ohio Markets at +3.6. • Columbus is the top selling Ohio Market for Craft Dollar Sales at $8.3MM • Although Toledo is the smallest Ohio Market in terms of Craft’s Share of Total Beer Dollar Sales, it has the highest sales percent change vs YA at +62%.

Beer Category Sales have slowed down in the latest 4 Week Period compared to the previous YTD Sales Trends in the Multi-Outlet channels Total US - Multi Outlet Total US - Multi Outlet + Conv

Dollar Dollar Case Dollar Dollar Case Case Sales Case Sales Sales % Share of Share of Sales % Share of Share of % Chg YA % Chg YA Chg YA Category Category Chg YA Category Category

CATEGORY – BEER 3.5% 100.00 0.9% 100.00 2.7% 100.00 0.3% 100.00

DOMESTIC PREMIUM -0.5% 37.61 -1.1% 0.15 -1.0% 43.94 -1.6% 0.17 DOMESTIC SUB-PREMIUM -2.4% 12.14 -3.6% 0.06 -2.8% 15.25 -3.5% 0.08 DOMESTIC SUPER PREMIUM 5.1% 11.06 3.9% 0.03 6.8% 9.42 4.9% 0.03 TOTAL BA CRAFT 20.5% 9.92 17.9% 6.14 22.9% 6.15 19.9% 3.78 CRAFT (IRI DEFINITION) 17.4% 11.38 14.6% 0.02 19.6% 6.98 16.5% 0.02 IMPORT 3.9% 18.95 2.1% 0.05 7.9% 15.69 5.4% 0.04 PROGRESSIVE ADULT BEVERAGES 3.1% 5.42 1.1% 0.01 0.5% 5.56 -0.6% 0.01 CIDER 62.1% 1.89 64.1% 0.00 76.3% 1.22 78.4% 0.00 DOMESTIC MALT LIQUOR 1.7% 0.64 0.6% 0.00 1.6% 1.50 -0.7% 0.01

NON-ALCOHOLIC 0.5% 0.67 -3.0% 0.00 0.0% 0.33 -3.6% 0.00

IRI Data : 4 Weeks Ending 08.10.14

Craft Brewers: Please continue to send me your current UPC lists and new package images to insure your products are accounted for by IRI from an Off-Premise sales perspective.

Please e-mail me at [email protected]

Dan Wandel Principal, Beverage Alcohol Client Insights IRI