IRI Large Audience Template

MID-YEAR 2015 BEER CATEGORY AND CRAFT BEER REVIEW

Dan Wandel Principal, Beverage Alcohol Client Insights September 3, 2015 2015 YTD BEER CATEGORY SUMMARY

• Beer Dollar Sales have increased YTD 2015 vs year ago in Total US MULO and MULC channels. However, Beer sales trends lag behind. where they finished in 2014 and also behind both Wine and Spirits. • Positive indicators in Household panel data metrics for Beer. • Wine dominates the top Bev Alc Segments based on Dollar Sales. growth. Import Wine sales trends are outpacing Domestic for the first time in four years. Sparkling Wine sales up double-digits at +13.6%. • All Whiskey Segments are experiencing Dollar Sales increases vs YA. Whiskey Specialties continue to thrive based on flavor innovation. Vodka also still growing its Dollar Sales, but losing share.

• Private Equity, ESOP and M&A activity in the Craft sector continues. • Mexican Imports continue to fuel Total Import Beer sales. • Craft and Cider sales have continued to perform well, though both have slowed in the latest time periods. • Disappointing key summer holiday sales results for the Beer Category. • Small Town’s Not Your Father’s Root Beer sales success. • 2015 to be the biggest year for new beer brand launches on record. • IPA sales and # of Brands still experiencing explosive growth. • Craft “Next Wave” coming on strong. • Local Craft Sales Momentum.

 Beer Sales Trends are lagging behind Wine and Spirits thus far this year

BEER TOTAL WINE SPIRITS 10.6% 5.8% 5.9% 6.1% 5.3% 4.6% 5.4% 4.3% 5.8% 3.3% 2.8% 4.3%

2012 2013 2014 YTD 2015 2012 2013 2014 YTD 2015 2012 2013 2014 YTD 2015

Dollar Share 2014 Dollar Share YTD 2015

SPIRITS SPIRITS 18.2% 17.9% BEER TOTAL BEER 49.2% WINE TOTAL 49.2% 32.7% WINE 32.9%

Source: IRI InfoScan Total US Multi-Outlet YTD July 5, 2015

Dollar Case Dollar Sales Change vs YA (000) Sales % Dollar Sales Sales % Case Sales Chg YA Chg YA

IMPORT BEER $234,802 9.8% $2,619,765,016 8.3% 90,048,789

CRAFT BEER $228,224 21.0% $1,316,656,654 17.0% 36,391,991

$11.00-$14.99 TABLE WINE $108,337 17.6% $724,436,913 17.8% 4,823,451

WHISKEY $104,153 12.0% $971,734,593 6.7% 5,555,117

SUPER PREMIUM BEER $91,176 6.4% $1,522,965,647 5.3% 54,814,075

$8.00-$10.99 TABLE WINE $74,888 6.6% $1,203,094,472 6.8% 10,569,070

CIDER $48,973 30.5% $209,733,052 27.7% 5,928,552

VODKA $41,274 4.9% $880,031,947 3.8% 7,681,549

$20.00+ TABLE WINE $35,792 21.9% $199,014,812 25.7% 676,154

$3.50-$4.99 BOX TABLE WINE $34,639 23.0% $185,567,968 23.4% 3,100,839

$8.00-$10.99 TABLE WINE $28,208 12.6% $251,413,577 12.3% 1,251,605

PREMIUM BEER $26,796 0.4% $6,937,981,892 -0.1% 340,927,761

$8.00-$12.99 SPARKLING WINE $24,194 14.8% $187,832,209 14.5% 1,482,373

$13.00-$17.99 SPARKLING WINE $14,598 29.3% $64,364,884 30.5% 357,829

TEQUILA $12,257 7.0% $186,255,974 5.4% 899,246

 Cider is the only segment showing an increase this year in the # of SKU’s selling compared to Year-End 2014 (based on SKUs selling > 1 Case)

Total SKUs Total SKUs Total SKUs 10,499 10,006 9,649 6,295 Total SKUs 6,069 8,649 5,521

4,743

1,760 1,698 1,759 1,610

486 583 457 602 590 479 549 455 531 401 514 439 495 450 431 466 419 438 236 327

2012 2013 2014 YTD Premium Sub Prem Import Craft Sup Prem PAB Cider

 Beer is outpacing Total Beverage Alcohol in growth of Households and Repeat Buyers Penetration Repeat Buyers

100.0% 86.8% 90.0% 80.9% 80.0% 74.1% 75.5% 70.2% 70.0%

60.0% 49.4% 50.0% 45.2% 37.1% 40.0%

30.0%

20.0%

10.0%

0.0% Total BWS Total Wine Total Spirits Total Beer Penetration pt. chg -0.3 -0.7 -1.0 1.2 vs. YA Repeat Buyers pt. 0.1 0.1 -0.1 0.3 chg vs. YA

Source: NCP Consumer Panel, 52 Wks Ending 06/28/2015 Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. Beer remains a major contributor to Total Bev Alc as it continues to increase its Households and trips per buyer TOTAL U.S. ALL OUTLETS

Dollar Sales (000) TOTAL Current: $13,801,343 BEER % Change vs YA: +4.1%

% HH Buying Dollars per Buyer Current: 45.2 Current: $253.22 Change vs YA: +1.2 % Change vs YA: +0.5

% HH Repeating(2+) Dollars per Trip Trips per Buyer Current: 80.9% Current: $14.07 Current: 18.0 Change vs. YA: +0.3 % Change vs YA: +0.6 % Change vs YA: -0.1

Source: NCP Consumer Panel, 52 Wks Ending 06/28/2015

 Beer Category sales trends are lagging slightly behind where they finished in 2014.

Total US – Multi-Outlet Total US – Multi-Outlet + Convenience

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 3.3% 100.00 0.9% 100.00 3.9% 100.00 1.4% 100.00 TOTAL BA CRAFT 21.8% 11.72 18.1% 7.22 24.1% 7.35 20.3% 4.49 CRAFT (IRI DEFINITION) 18.7% 13.10 14.9% 8.17 21.4% 8.15 17.4% 5.03 CIDER 26.6% 2.02 24.0% 1.27 31.8% 1.31 29.2% 0.82 MALT LIQUOR 0.9% 0.70 -1.9% 0.90 2.9% 1.63 -0.3% 2.00 PREMIUM -1.0% 36.43 -1.0% 43.15 0.5% 42.89 0.0% 47.03 SUB-PREMIUM -3.4% 11.98 -4.8% 18.08 -2.1% 15.07 -3.8% 21.51 SUPER PREMIUM 4.1% 10.85 3.3% 9.09 6.5% 9.40 5.5% 7.55 IMPORT 6.5% 19.55 5.4% 15.64 10.0% 16.20 8.4% 12.42 NON-ALCOHOLIC 2.9% 0.66 0.0% 0.64 3.6% 0.33 1.1% 0.32 PAB's -4.7% 4.39 -5.0% 2.89 -1.1% 4.90 -1.9% 3.24

Source: IRI InfoScan Total US Multi-Outlet and Total US Multi-Outlet + Convenience YTD July 5, 2015

Dollar Dollar Case Case Dollar Case Dollar Sales (000) Sales % Share Case Sales Sales % Share Share Share Chg YA Chg YA Chg YA Chg YA

CONSTELLATION BEER $1,376,336 14.0% 52.5 1.9 46,148,661 12.4% 51.3 1.9

HEINEKEN USA INC $733,813 2.8% 28.0 -1.9 25,962,248 1.7% 28.8 -1.9 ANHEUSER-BUSCH INBEV $211,846 18.9% 8.1 0.6 6,624,813 21.3% 7.4 0.8 DIAGEO GUINNESS USA $91,043 11.8% 3.5 0.1 2,674,036 9.7% 3.0 0.0 NORTH AMERICAN BREWERIES $85,810 -1.1% 3.3 -0.4 4,576,356 -0.9% 5.1 -0.5 MILLERCOORS BREWING $69,914 -0.5% 2.7 -0.3 2,816,020 -2.1% 3.1 -0.3 SAPPORO U.S.A. INC $6,447 4.3% 0.2 0.0 166,329 1.7% 0.2 0.0 MERCHANT DU VIN CORP $4,166 -1.8% 0.2 0.0 42,991 -4.6% 0.0 0.0

ST KILLIAN IMPORTING CO $3,814 61.7% 0.1 0.0 75,283 44.4% 0.1 0.0

WORLD BREWS $3,811 -2.1% 0.1 0.0 178,102 -4.8% 0.2 0.0

WARSTEINER IMP AGENCY $3,310 -1.0% 0.1 0.0 102,727 -3.8% 0.1 0.0

MOOSEHEAD USA $2,863 -9.3% 0.1 0.0 120,088 -9.6% 0.1 0.0

MANNEKEN-BRUSSEL IMPORTS… $2,767 -6.1% 0.1 0.0 19,807 -8.8% 0.0 0.0

BINDING BRAUEREI USA $2,352 44.7% 0.1 0.0 63,412 44.6% 0.1 0.0

BELUKUS MARKETING $2,180 -5.8% 0.1 0.0 48,885 -11.3% 0.1 0.0

Source: IRi Advantage, 26 Wks Ending 07/05/2015

$600 Chicago, IL MULO $35 $500 $30 $25 $400 $20 $300 $15 $200 $10 $100 $5 $0 $- 11/2/14 11/30/14 12/28/14 1/25/15 2/22/15 3/22/15 4/19/15 5/17/15 6/14/15 7/12/15 8/9/15 Columbus, OH MULO $500 $80 $70 $400 $60 $300 $50 $40 $200 $30 $20 $100 $10 $- $- 11/2/14 11/30/14 12/28/14 1/25/15 2/22/15 3/22/15 4/19/15 5/17/15 6/14/15 7/12/15 8/9/15

$300 Cleveland, OH MULO $60 $250 $50 $200 $40 $150 $30 $100 $20 $50 $10 $- $- 11/2/14 11/30/14 12/28/14 1/25/15 2/22/15 3/22/15 4/19/15 5/17/15 6/14/15 7/12/15 8/9/15 Dollar Sales (in $1,000s) Dollars per $MM ACV

Source: IRI InfoScan select IRI Multi-Outlet Markets 11 Quad Weeks Ending August 9, 2015 Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. BEVERAGE ALCOHOL SALES TRENDS INDIVIDUAL CHANNELS

 Beer sales improvement in the Convenience channel have provided the Category with a positive boost this year.

Sum Of Total Liquor Total US - Food Total US - Drug Total US - Convenience Stores-RMA - Liquor

Dollar Sales Case Sales Dollar Sales Case Sales Dollar Sales Case Sales Dollar Sales Case Sales % Chg YA % Chg YA % Chg YA % Chg YA % Chg YA % Chg YA % Chg YA % Chg YA CATEGORY - BEER 4.0% 1.4% -8.0% -10.4% 4.3% 1.8% 7.4% 5.0% TOTAL BA CRAFT 22.4% 18.9% 16.9% 11.5% 30.1% 26.6% 19.4% 14.1% CRAFT (IRI DEFINITION) 19.0% 15.2% 14.2% 8.0% 28.6% 25.1% 17.8% 12.6% CIDER 23.0% 20.5% 43.1% 36.6% 45.3% 43.0% 18.6% 32.3% MALT LIQUOR -1.3% -4.0% -8.9% -10.2% 3.4% 0.2% 15.0% 11.9% PREMIUM -1.1% -1.1% -11.7% -11.7% 1.5% 0.8% 2.7% 2.4% SUB-PREMIUM -4.0% -5.2% -15.8% -17.3% -1.3% -3.2% 0.3% 0.1% SUPER PREMIUM 4.5% 4.1% -6.9% -9.3% 9.2% 8.2% 5.7% 9.8% IMPORT 6.1% 5.1% -1.1% -2.2% 14.5% 12.7% 3.9% 2.6% NON-ALCOHOLIC 3.1% 0.2% -5.0% -9.0% 9.5% 11.3% 3.9% 0.7% PAB's -3.4% -4.0% -15.2% -17.2% 1.5% 0.4% 2.0% -0.5%

TOTAL WINE 6.8% 2.9% 1.5% -2.9% 8.5% 5.9% 2.9% 0.4% SPIRITS 5.1% 1.3% -0.9% -3.6% 13.6% 14.7% 6.8% 4.8% COOLERS 3.4% 3.5% 1.4% 3.0% 1.5% 5.1% 14.5% 33.2%

Source: IRI InfoScan by Channel YTD July 5, 2015

Beer Dollar Sales % Chg YA = +4.3%

Dollar Share of Dollar Share of Total Beer Category Beer Category Chg YA

CRAFT MALT CIDER 4.1% LIQUOR 0.7% NON PREMIUM -1.4 2.4% ALCOHOLIC PAB 0.1% 5.3% SUB PREMIUM -1.0

IMPORT 1.2 SUPER PREMIUM 8.2% SUPER PREMIUM 0.4 PREMIUM 48.1% PAB -0.2

IMPORT CRAFT 0.8 13.5% MALT LIQUOR -0.0

CIDER 0.2 SUB PREMIUM NON ALCOHOLIC 0.0 17.6%

Top 5 Growth States Top 5 Brands Contributing to Growth Dollar Sales Chg YA (000) Dollar Sales Chg YA (000)

$13,767 $11,777 $9,529 $6,727 $5,814 Texas $71,954 MICHELOB ULTRA CORONA EXTRA DOS EQUIS XX MODELO BUDWEISER LIGHT LAGER ESPECIAL ESPECIAL

$3,340 $3,233 $3,113 $3,001 $2,875

New York $47,579 BUDWEISER BUD LIGHT CORONA EXTRA MODELO HEINEKEN ESPECIAL

$8,760 $6,403 $3,582 Louisiana $32,057 $2,416 $2,220

BUD LIGHT MICHELOB ULTRA CORONA EXTRA BUDWEISER MILLER LITE LIGHT

$3,987 $2,675 $2,233 $1,904 Ohio $29,010 $1,519

BUSCH LIGHT MILLER LITE REDDS WICKED SMALL TOWN NT BUD LIGHT APPLE ALE YR FATHRS RT BEER

$4,985 $3,853 Virginia $27,606 $1,782 $1,696 $1,694

BUD LIGHT CORONA EXTRA BUDWEISER MILLER HIGH HEINEKEN LIFE

Source: IRI InfoScan Total US Convenience YTD July 5, 2015

 The Craft and Import Segments have gained the most share in Supermarkets in 2015 YTD. Cider Sales have decelerated.

1.95 1.90 1.82 1.69 1.64 1.62 NA's and MALT 3.36 3.30 3.58 4.16 4.23 4.11

PAB's 19.61 19.65 19.39 19.12 18.96 19.61

IMPORT 8.38 8.76 10.13 10.46 10.63 10.74

15.02 14.33 13.34 12.22 11.41 10.77 SUPER PREMIUM

SUB-PREMIUM

35.08 33.84 36.94 PREMIUM 41.73 40.51 38.66

CIDER 2.24 2.34 1.56 0.56 0.91 0.45 15.45 16.54 9.43 10.82 11.92 13.52 CRAFT

2010 2011 2012 2013 2014 YTD 2015

Source: IRI InfoScan Total US FOOD 2010 – 2014 and YTD July 5, 2015

 Non-Mexican Import Dollar Sales have increased vs year ago for the first since 2011, but still lag behind Mexican Import sales trends.

Dollar Sales % Change Year Ago 10.0% 8.6% 8.0% 8.0% 7.6%

6.3% 6.0% 2010 2011 4.1% 4.0% 2012

2.4% 2013 2.0% 2014 0.6% YTD 2015

0.0% -0.3% -0.3% -0.1% -0.8% -0.9% -2.0% IMPORT BEER W/O MEXICAN BEER MEXICAN BEER TOTAL

Source: IRI InfoScan Total US FOOD 2010 – 2014 and YTD July 5, 2015

Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. 2015 KEY SUMMER BEER HOLIDAY SALES RECAP TOTAL U.S. SUPERMARKETS  Both the Memorial Day and Fourth of July holidays were disappointing for Beer sales results in Supermarkets compared to last year.

Dollar Sales Case Sales

Current Change vs YA % Chg YA Current Change vs YA % Chg YA

BEER $453,625,758 $2,738,721 0.6% 19,862,546 -376,991 -1.9% DOM PREMIUM $152,560,531 -$7,963,796 -5.0% 8,280,383 -396,007 -4.6% IMPORT $89,233,035 $3,888,043 4.6% 3,209,741 123,276 4.0% DOM SUPER PREMIUM $53,133,655 $524,509 1.0% 1,998,025 11,593 0.6% CRAFT $73,466,009 $10,192,310 16.1% 2,077,367 227,128 12.3% DOM SUB-PREMIUM $43,953,693 -$3,594,244 -7.6% 2,958,885 -306,067 -9.4% PAB's $22,142,551 -$2,041,267 -8.4% 658,523 -64,818 -9.0%

MemorialDay* CIDER $10,805,032 $1,418,714 15.1% 308,379 35,411 13.0% NON-ALCOHOLIC $3,409,699 -$68,659 -2.0% 147,855 -7,151 -4.6% MALT LIQUOR $3,038,105 -$91,246 -2.9% 175,820 -11,503 -6.1% BEER $520,505,476 $12,595,110 2.5% 22,925,589 -153,745 -0.7% DOM PREMIUM $173,747,386 -$7,415,773 -4.1% 9,557,124 -495,469 -4.9% IMPORT $104,216,450 $4,628,666 4.6% 3,800,601 120,985 3.3% DOM SUPER PREMIUM $62,140,288 $3,030,230 5.1% 2,380,066 119,917 5.3% CRAFT $83,735,821 $13,764,495 19.7% 2,380,231 318,000 15.4% DOM SUB-PREMIUM $47,408,067 -$2,208,753 -4.5% 3,221,387 -206,448 -6.0% PAB's $27,549,338 -$1,341,117 -4.6% 822,740 -46,984 -5.4% 4th of July** CIDER $12,468,301 $1,400,291 12.7% 354,356 26,928 8.2% NON-ALCOHOLIC $3,888,497 $34,258 0.9% 167,662 -3,979 -2.3% MALT LIQUOR $3,268,177 $99,901 3.2% 188,836 -1,025 -0.5%

*2 Weeks Ending May 31, 2015 **2 Weeks Ending July 5, 2015

Source: IRI InfoScan Total US FOOD custom time periods

 Constellation, Sierra Nevada and Lagunitas were the top three share gainers in Supermarkets within the Top 15 Vendors. Dollar Sales Dollar Share Current % Chg YA Current Chg YA ANHEUSER-BUSCH INBEV* (1) $1,831,484,033 0.3% 35.82 -1.32 MILLERCOORS BREWING (2) $1,189,488,275 -0.8% 23.27 -1.11 CONSTELLATION BEER (3) $427,509,712 9.5% 8.36 0.43 HEINEKEN USA INC (4) $288,243,290 0.1% 5.64 -0.21 BOSTON BEER CO (5) $169,338,321 4.2% 3.31 0.01 DIAGEO GUINNESS USA (6) $105,360,532 5.4% 2.06 0.03 PABST BREWING CO (7) $81,506,985 -3.4% 1.59 -0.12 SIERRA NEVADA BREWING CO (8) $78,744,438 24.4% 1.54 0.25 MARK ANTHONY BRANDS INC (9) $72,813,538 6.7% 1.42 0.04 D G YUENGLING & SON INC (10) $70,845,447 1.7% 1.39 -0.03 NEW BELGIUM BREWING COMPANY (11) $60,751,782 1.9% 1.19 -0.02 NORTH AMERICAN BREWERIES (12) $51,128,584 -8.0% 1.00 -0.13 CRAFT BREW ALLIANCE INC (13) $50,235,733 2.9% 0.98 -0.01 THE LAGUNITAS BREWING COMPANY (14) $41,170,028 48.3% 0.81 0.24 THE GAMBRINUS COMPANY (15) $36,238,748 7.9% 0.71 0.03

*Anheuser-Busch InBev data includes Elysian Brewing Company

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Modelo Especial, Michelob Ultra and Stella Artois continue to be the big share gainers within the Top 15 Brands. Corona Extra is also gaining share.

Dollar Sales Dollar Share Current % Chg YA Current Chg YA

BUD LIGHT (1) $617,118,264 -0.7% 12.07 -0.57 COORS LIGHT (2) $333,851,791 -0.5% 6.53 -0.30 MILLER LITE (3) $287,930,455 1.5% 5.63 -0.13 BUDWEISER (4) $230,514,641 -1.7% 4.51 -0.26 CORONA EXTRA (5) $213,044,775 6.1% 4.17 0.08 MICHELOB ULTRA LIGHT (6) $152,984,020 15.1% 2.99 0.29 HEINEKEN (7) $110,373,326 -0.7% 2.16 -0.10 NATURAL LIGHT (8) $102,941,836 -2.6% 2.01 -0.14 MODELO ESPECIAL (9) $102,237,602 21.7% 2.00 0.29 BUSCH LIGHT (10) $93,428,912 -1.4% 1.83 -0.10 STELLA ARTOIS LAGER (11) $70,146,033 19.9% 1.37 0.18 CORONA LIGHT (12) $69,937,975 6.3% 1.37 0.03 MILLER HIGH LIFE (13) $66,404,697 -3.0% 1.30 -0.09 BUSCH (14) $59,081,263 -4.9% 1.16 -0.11 BLUE MOON BELGIAN WHITE ALE (15) $56,651,807 6.9% 1.11 0.03

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 There could be as many as 15 Beer Vendors who generate > $1MM in new product sales in Supermarkets this year.

Dollar Sales

ANHEUSER-BUSCH INBEV* $19,386,928

MILLERCOORS BREWING $18,194,539

SIERRA NEVADA BREWING CO $7,003,471

BOSTON BEER CO $5,641,367

MARK ANTHONY BRANDS INC $4,567,338

NEW BELGIUM BREWING COMPANY $2,799,439 Total new product Case Sales = 2.5MM CONSTELLATION BEER $2,212,006

DUVEL MOORTGAT USA $1,121,880 Total new product

HEINEKEN USA INC $1,101,107 Dollar Sales = $82.4MM

*Anheuser-Busch InBev data includes Elysian Brewing Company

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. TOP 15 NEW BEER BRANDS TOTAL U.S. SUPERMARKETS  Good depth again in this year’s class of new beer brands, but no mega new brands like last year. This year will see the highest number of new beer brand launches as tracked by IRI.

Dollar Sales LEINENKUGELS GRAPEFRUIT SHANDY (1) $4,605,004 OCULTO LAGER (2) $4,345,954 SIERRA NEVADA HOP HUNTER IPA (3) $3,950,836 BUD LIGHT MIXX TAIL LNG ISLD ICE TEA (4) $3,931,968 REDDS GREEN APPLE ALE (5) $3,838,278 # of BUD LIGHT MIXX TAIL HURRICANE (6) $3,490,709 Total New New Top New Beer Brand Year Beer Brand SIERRA NEVADA NOONER PILSNER (7) $3,044,252 Beer (Based on $ Sales) Case Sales Brands NEW BELGIUM SLOW RIDE SESSN IPA (8) $2,461,138 YTD Leinenkugels Grapefruit 600 1,790,486 REDDS WICKED MANGO ALE (9) $2,404,077 2015 Shandy 2014 612 7.403,257 Bud Light Lime Mang O Rita PALM BREEZ PINEAPPL MANDARN ORNG (10) $2,052,351 2013 530 5,473,905 Bud Light Lime Straw Ber Rita BLUE MOON WHITE IPA (11) $1,914,903 2012 415 6,953,181 Bud Light Platinum Lager 2011 362 1,382,057 Shock Top Rspberry Wheat Ale SAMUEL ADAMS REBEL ROUSER DBL IPA (12) $1,813,773 2010 357 1,843,293 Smirnoff Blbrry & Lemonade ANGRY ORCHARD HOP N MAD APPLE (13) $1,507,270 2009 198 2,053,440 Bud Light Golden Wheat 2008 173 4,898,477 Bud Light Lime PALM BREEZE RUBY RED CITRUS (14) $1,393,492 2007 141 2,997,697 Miller Chill SAMUEL ADAMS REBEL RIDER IPA (15) $1,270,453 2006 193 1,380,051 CM Parrot Bay Wave Runner

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 New Craft Products have the highest Dollar Sales contribution within Beer

New Product Dollar Share of Total New Sales by Segment Product Dollar Sales

CRAFT $26,628,807 SUPER PREMIUM SUPER PREMIUM $17,425,090 27.9%

PAB's $13,580,004 CRAFT PAB's 42.6% CIDER $3,553,189 21.7%

MALT LIQUOR $750,660

IMPORT $296,704 CIDER PREMIUM 5.7% 0.1% SUB-PREMIUM $164,739 SUB- MALT PREMIUM IMPORT LIQUOR PREMIUM $40,416 0.3% 0.5% 1.2%

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Craft, Cider, Import and Super Premium new product Dollar Sales contributions increased in 2014, while PAB’s declined.

New Product Dollar Sales by Segment 2012 thru 2014

$120,000,000

$100,000,000

$80,000,000

$60,000,000

$40,000,000

$20,000,000

$0 CRAFT PAB's SUPER CIDER IMPORT PREMIUM SUB- PREMIUM PREMIUM

YR 2012 YR 2013 YR 2014

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Line Extensions of Existing Brands Account for 70% of Beer’s New Products this year

New Brand Families vs Line Innovation by Segment Extensions New Brand Family vs. Line Ext ($MM)

$30 $25 $20 30% $15 $10 $5 $0

70% New Brand Families

Line Extensions Line Extensions New Brand Families

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 MillerCoors, Sierra Nevada and Boston Beer lead all vendors based on new product sales resulting from Line Extensions.

Top Selling Vendors for Line Top Selling New Line Extensions Extensions by Brand

SIERRA NEVADA BRAND FAMILY $7,009,843 MILLERCOORS BREWING $13,993,214 SAMUEL ADAMS BRAND FAMILY $3,129,325 SIERRA NEVADA BREWING CO $7,009,843 NEW BELGIUM BRAND FAMILY $2,461,138 BOSTON BEER CO $5,092,431 DESCHUTES BRAND FAMILY $600,646 NEW BELGIUM BREWING… $2,461,138 BOULEVARD BRAND FAMILY $592,596 DUVEL MOORTGAT USA $1,110,561 FULL SAIL BRAND FAMILY $543,166 HEINEKEN USA INC $1,019,998 KARBACH BRAND FAMILY $518,472 DIAGEO GUINNESS USA $601,680 DESCHUTES BREWERY $600,646 OMMEGANG BRAND FAMILY $517,964 FULL SAIL BREWING $543,166 OSKAR BLUES BRAND FAMILY $496,514 KARBACH BREWING COMPANY $518,472 ABITA BRAND FAMILY $451,341

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 ABI and Mark Anthony Brands are the Top Two Vendors Based on New Brand Family Dollar Sales

Top Vendors Based on New Top New Brand Families Brand Families

ANHEUSER-BUSCH INBEV $13,003,176 BUD LIGHT MIXX TAIL BRND FAM $8,657,222

MARK ANTHONY BRANDS INC $3,462,474 OCULTO BRND FAM $4,345,954

FUNKY BUDDHA BREWERY $348,259 PALM BREEZE BRND FAM $3,462,474

THIRSTY PLANET BREWING CO $242,379 FUNKY BUDDHA BRND FAM $348,259

WESTON BREWING CO $216,985 THIRSTY PLANT BRND FAM $242,379

FRIARITA BREWERS $171,150 ROOT SELLERS BRND FAM $216,985

BACKWOODS BREWING… $107,023 FRIARITA BRND FAM $171,150

IRON GOAT BREWING CO $87,878 BACKWOODS BRND FAM $107,023

PFRIEM FAMILY BREWERS $80,045 IRON GOAT BRND FAM $87,878

WHITE STREET BREWING CO $75,853 PFRIEM BRND FAM $80,045

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Craft is currently on pace to achieve a third consecutive year of +18% Dollar Sales Growth in Supermarkets

18.9% 18.4% 18.8%

16.0% 15.2% 14.6%

4.1% 4.4% 4.0% 4.0%

0.6% 1.0%

2010 2011 2012 2013 2014 YTD 2015

CRAFT BEER

Source: IRI InfoScan Total US FOOD 2010 – 2014 and YTD July 5, 2015

Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. TOP 10 EDIBLE GROCERY CATEGORIES BASED ON DOLLAR SALES CHANGE VS YEAR AGO TOTAL U.S. SUPERMARKETS  Wine is #1 and Beer is #5 based on Actual Dollar Sales Change vs Year Ago. If Craft was considered a Category it would rank at #9!

% Change Dollar Sales Change Year Ago vs YA

TOTAL WINE $243,672,029 6.8% COFFEE $235,167,213 9.7% FRESH EGGS $225,410,728 10.9% NATURAL CHEESE $211,466,621 4.9% BEER $196,293,245 4.0% SALAD/COLESLAW - RFG $184,605,729 10.1% BOTTLED WATER $162,961,012 6.6% MEAT - RFG $156,837,324 16.9% CRAFT* $135,287,538 19.0% SALTY SNACKS $101,525,753 2.0%

*Craft is a segment within the Beer Category.

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Lagunitas and Ballast Point are the two largest share gainers within the Top 15 BA Craft defined Vendors

Dollar Dollar Dollar Sales % Share of Share Dollar Sales Chg YA Craft Chg YA

BOSTON BEER CO (1) $93,589,201 -5.6% 11.1% -2.9% SIERRA NEVADA BREWING CO (2) $78,744,438 24.4% 9.3% 0.4% NEW BELGIUM BREWING COMPANY (3) $60,751,782 1.9% 7.2% -1.2% THE LAGUNITAS BREWING COMPANY (4) $41,170,028 48.3% 4.9% 1.0% THE GAMBRINUS COMPANY (5) $36,238,748 7.9% 4.3% -0.4% DESCHUTES BREWERY (6) $24,575,973 7.4% 2.9% -0.3% STONE BREWING CO. (7) $20,047,194 35.5% 2.4% 0.3% BELLS BREWERY INC (8) $17,257,957 14.3% 2.0% -0.1% SWEETWATER BREWING COMPANYLLC (9) $13,822,941 24.8% 1.6% 0.1% DOGFISH HEAD BREWERY (10) $11,885,179 13.6% 1.4% -0.1% FIRESTONE WALKER BREWING COMPANY (11) $10,828,439 56.0% 1.3% 0.3% BALLAST POINT BREWING COMPANY (12) $10,698,982 130.1% 1.3% 0.6% FOUNDERS BREWING CO (13) $10,408,844 76.0% 1.2% 0.4% DUVEL MOORTGAT USA (14) $10,343,968 9.3% 1.2% -0.1% GREAT LAKES BREWING CO. (15) $8,418,011 8.1% 1.0% -0.1%

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 There are 857 Total IRI Craft Defined Vendors selling in Supermarkets in 2015. This is an increase from 735 in 2014 and 595 in 2013.

Dollar Sales Location

FUNKY BUDDHA BREWERY $348,259 Fort Lauderdale, FL THIRSTY PLANET BREWING CO $242,379 Austin, TX

BACKWOODS BREWING COMPANY $107,023 Carson, WA IRON GOAT BREWING CO $87,878 Spokane, WA

PFRIEM FAMILY BREWERS $80,045 Hood River, OR WHITE STREET BREWING CO $75,853 White Forest, NC

PUBLIC HOUSE BREWING COMPANY $69,327 Rolla, MO VETERANS UNITED CRAFT BREWERY $68,433 Jacksonville, FL

TITLETOWN BREWING COMPANY $66,429 Green Bay, WI

BIG BEND BREWING COMPANY $61,576 Alpine, TX COPPERTAIL BREWING CO $53,268 Tampa, FL

NORTH HIGH BREWING $44,316 Columbus, OH CAHABA BREWING COMPANY $43,572 Birminham, AL

UBERBREW $40,098 Billings, MT KALONA BREWING COMPANY $38,710 Kalona, IA

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Lagunitas IPA moved up three spots in the ranking compared to last year.

Dollar Sales Dollar Share of Craft YTD % Chg YA Current Chg YA SIERRA NEVADA PALE ALE (1) $32,942,084 3.4% 3.9% -0.6% SAMUEL ADAMS SEASONAL (2) $28,803,459 -9.2% 3.4% -1.1% SAMUEL ADAMS BOSTON LAGER (3) $24,958,110 -5.3% 3.0% -0.8% NEW BELGIUM FAT TIRE AMBER ALE (4) $22,888,601 -0.7% 2.7% -0.5% LAGUNITAS INDIA PALE ALE (5) $18,836,740 44.9% 2.2% 0.4% SIERRA NEVADA TORPEDO EXTRA IPA (6) $17,253,246 8.8% 2.0% -0.2% SHINER BOCK (7) $16,508,895 7.7% 2.0% -0.2% SAMUEL ADAMS VARIETY PACK (8) $14,384,556 -8.3% 1.7% -0.5% SAMUEL ADAMS REBEL IPA (9) $10,852,052 9.8% 1.3% -0.1% SIERRA NEVADA SEASONAL (10) $10,336,216 13.0% 1.2% -0.1% NEW BELGIUM VARIETY PACK (11) $9,787,664 18.0% 1.2% 0.0% NEW BELGIUM RANGER IPA (12) $9,120,381 -2.9% 1.1% -0.2% SIERRA NEVADA VARIETY PACK (13) $8,854,647 1.0% 1.0% BELLS SEASONAL (14) $8,497,529 117.3% 1.0% 0.5% LAGUNITAS A LITTL SUMPN SMPN ALE (15) $7,839,508 7.8% 0.9% -0.1%

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Similar to last year, there are already five new Craft Brands that have exceeded $1MM in Dollar Sales in YTD 2015. We may see as many as 7 or 8 new Craft Brands exceed $1MM before the year ends which is unprecedented.

Dollar Sales

SIERRA NEVADA HOP HUNTER IPA (1) $3,950,836 SIERRA NEVADA NOONER PILSNER (2) $3,044,252 NEW BELGIUM SLOW RIDE SESSN IPA (3) $2,461,138 SAMUEL ADAMS REBEL ROUSER DBL IPA (4) $1,813,773 SAMUEL ADAMS REBEL RIDER IPA (5) $1,270,453 FULL SAIL SESSION IPA (6) $533,978 Dollar DESCHUTES PINEDROPS IPA (7) $520,175 Year Brand Sales OSKAR BLUES PINNER THROWBACK IPA (8) $496,514 YTD 2015 Sierra Nevada Hop Hunter IPA $3,950,836 ABITA STRAWBERRY HARVEST LAGER (9) $451,341 2014 Samuel Adams Rebel IPA $21,116,309 OMMEGANG GAME OF THRONS 3 EYD RAV (10) $450,498 2013 New Belgium Rampant Imperial IPA $3,942,500 2012 Deschutes Chain breaker White IPA $2,601,975 KARBACH LOVE STREET KOLSCH (11) $350,407 2011 Kona Variety Pack $2,115,495 NINKASI DAWN OF RD INDI RD ALE (12) $344,827 2010 New Belgium Ranger IPA $5,495,092 2009 Sierra Nevada Torpedo Extra IPA $3,938,139 FIRESTONE WALKER EASY JACK IPA (13) $256,540 2008 Samuel Adams Irish Red $1,623,497 THIRSTY PLANT THRSTY GT AMBR ALE (14) $242,379 2007 Alaskan IPA $653,389 HOP VALLEY CITRUS MISTRESS IPA (15) $237,150 2006 Deschutes Inversion IPA $1,353,956

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Total Can sales for new products is $9.7MM for YTD 2015 (last year YTD 2014 was only $5.8MM)  Total Bottle sales for new products is $27.7MM for YTD 2015

Dollar Sales NEW BELGIUM SLOW RIDE SESSN IPA 6-PACK 11-12OZ BTL $2,406,980 SIERRA NEVADA HOP HUNTER IPA 6-PACK 11-12OZ BTL $2,187,647 SIERRA NEVADA NOONER PILSNER 6-PACK 11-12OZ BTL $2,185,842 SAMUEL ADAMS REBEL ROUSER DBL IPA 6-PACK 11-12OZ BTL $1,804,184 SIERRA NEVADA HOP HUNTER IPA 12-PACK 11-12OZ BTL $1,756,050 SIERRA NEVADA NOONER PILSNER 12-PACK 12OZ CAN $851,294 SAMUEL ADAMS REBEL RIDER IPA 6-PACK 11-12OZ BTL $801,831

DESCHUTES PINEDROPS IPA 6-PACK 11-12OZ BTL $520,175 Total Craft New OSKAR BLUES PINNER THROWBACK IPA 6-PACK 12OZ CAN $496,514 Product Dollar Sales SAMUEL ADAMS REBEL IPA 12-PACK 12OZ CAN $485,566 YTD 2015 $37,397,021 2014 $92,203,800 LAGUNITAS PILS 12-PACK 11-12OZ BTL $472,137 2013 $42,021,402 SAMUEL ADAMS REBEL RIDER IPA 12-PACK 11-12OZ BTL $463,238 2012 $42,969,648 ABITA STRAWBERRY HARVEST LAGER 12-PACK 12OZ CAN $451,341 2011 $20,637,476 OMMEGANG GAME OF THRONS 3 EYD RAV SINGLES 25.4OZ LNBTL $450,498 2010 $15,387,487 2009 $20,750,750 FULL SAIL SESSION IPA 12-PACK 11-12OZ BTL $419,997

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Craft Cans share of Total Craft Dollar Sales increased by +3.7 and is now 11.0% share of Total Craft Dollar Sales

Dollar Sales % Chg YA TTL CRAFT GLASS $ Sales % Chg YA 6-PACK 11-12OZ BTL $397,435,383 15.2% $752,822,764 14.34% 12-PACK 11-12OZ BTL $249,369,534 10.5% TTL CRAFT CAN SINGLES 22OZ LNBTL $54,693,035 18.1% $ Sales % Chg YA 6-PACK 12OZ CAN $46,640,690 107.1% $92,680,925 79.85% 12-PACK 12OZ CAN $29,492,259 45.4%

4-PACK 11-12OZ BTL $21,344,900 18.7% Top 5 Craft Can Vendors YTD 2015 SIERRA NEVADA BREWING CO $8,061,078 4-PACK 16OZ CAN $9,716,979 58.8% OSKAR BLUES BREWERY $5,962,587 SINGLES 25.4OZ LNBTL $8,386,757 19.7% NEW BELGIUM BREWING… $4,680,446

SINGLES 11-12OZ BTL $6,368,762 42.3% FOUNDERS BREWING CO $4,385,026

15-PACK 12OZ CAN $3,882,776 682.9% BOSTON BEER CO $4,364,428

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 IPA now accounts for over a 27 share of Total Craft Dollar Sales and has gained +3.8 share in 2015 YTD.

Dollar Dollar Sales % Share of Dollar Sales Chg YA Craft

CRAFT IPA $229,390,095 38.1% 27.1% CRAFT SEASONAL $113,065,628 5.2% 13.4% CRAFT PALE ALE $74,713,677 5.8% 8.8% CRAFT VARIETY $72,374,527 20.0% 8.6% CRAFT AMBER ALE $39,663,747 0.8% 4.7% CRAFT AMBER LAGER $32,503,897 -4.3% 3.8% CRAFT WHEAT BEER $23,110,721 -4.9% 2.7% CRAFT FRUIT/VEGGIE/SPICED $22,713,565 98.7% 2.7% CRAFT BOCKS $19,924,513 6.2% 2.4% CRAFT STOUT $16,766,175 37.3% 2.0%

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Half of the Top 10 Craft IPA Brands have changed when comparing 2015 vs 2010 rankings

Top IPA Brands - Year 2010 Top IPA Brands - YTD 2015

SIERRA NEVADA TORPEDO EXTRA… $10,385,171 LAGUNITAS INDIA PALE ALE $18,835,775

REDHOOK LONG HAMMER IPA $9,797,286 SIERRA NEVADA TORPEDO EXTRA… $17,252,059

NEW BELGIUM RANGER IPA $5,509,803 SAMUEL ADAMS REBEL IPA $10,851,523

LAGUNITAS INDIA PALE ALE $4,570,654 NEW BELGIUM RANGER IPA $9,120,346

STONE INDIA PALE ALE $4,367,566 LAGUNITAS A LITTL SUMPN SMPN… $6,729,130

DESCHUTES INVERSION IPA $4,210,918 BELLS TWO HEARTED ALE $6,667,934

HARPOON INDIA PALE ALE $4,150,652 STONE INDIA PALE ALE $6,660,412

BRIDGEPORT INDIA PALE ALE $3,729,873 REDHOOK LONG HAMMER IPA $6,236,068

DOGFISH HEAD 60 MINUTE IPA $3,583,346 FOUNDERS ALL DAY IPA $5,284,055

PYRAMID THUNDERHEAD IPA $2,950,427 BALLAST POINT SCULPIN IPA $4,708,667

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Session IPA’s continue to gain share, but the share gains are beginning to balance in coming from American and Imperial IPA. This is a change to what we saw earlier in the year where it was primarily coming from Imperial IPA.

Dollar Dollar Dollar Dollar Sales Sales % Share of Share Chg YA IPAs Chg YA

American IPA - 2015 $166,669,548 32.2% 67.7% -2.0%

Imperial IPA - 2015 $53,696,539 23.7% 21.8% -2.2%

Session IPA - 2015 $16,503,617 249.9% 6.7% 4.1%

English IPA - 2015 $5,792,679 63.5% 2.4% 0.4%

Belgian White IPA - 2015 $1,387,756 11.1% 0.6% -0.1%

Other IPA - 2015 $1,095,350 8.9% 0.4% -0.1%

Black IPA - 2015 $1,003,919 33.1% 0.4% 0.0%

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Craft IPA Brands are now up to 941 selling in Supermarkets. This is an increase of 200 brands from 2014 YE. Number of Session IPA Brands selling has doubled and American IPA Brands have increased by > 100. Number of Craft IPA Brands 941 741 636 520 388 292 215

2009 2010 2011 2012 2013 2014 YTD 2015

YTD 2009 2010 2011 2012 2013 2014 2015 AMERICAN 142 185 236 302 371 421 525 IMPERIAL 47 73 101 141 171 199 242 SESSION 3 3 5 7 14 28 56 ENGLISH 16 19 24 28 29 29 36 BELGIAN/WHITE 3 5 8 12 14 19 26 BLACK 2 3 9 16 20 25 30 OTHER 2 4 5 14 17 20 26 TOTAL 215 292 388 520 636 741 941

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 IPA has > 30 share of Total Craft Dollar Sales in the Top 9 Markets  IPA has Increased its Share by > 5.0 points in 6 of Top 20 Craft IPA Markets

Share Craft IPA Share of Total Craft Chg YA

San Diego, CA - Food 44.0% 4.4%

San Francisco/Oakland, CA - Food 36.2% 4.0%

Los Angeles, CA - Food 35.3% 4.6%

Sacramento, CA - Food 33.6% 5.5%

Portland, OR - Food 32.6% 2.4%

Seattle/Tacoma, WA - Food 32.1% 2.9%

Atlanta, GA - Food 32.1% 5.4%

Grand Rapids, MI - Food 30.4% 5.2%

Miami/Ft. Lauderdale, FL - Food 30.3% 5.2%

Charlotte, NC - Food 29.0% 4.0%

Source: IRI InfoScan IRI FOOD Markets YTD July 5, 2015

NORTHEAST

WEST BEER CRAFT 3.5% 16.0% BEER CRAFT GREAT LAKES 6.9% 15.6% PLAINS BEER CRAFT BEER CRAFT 3.8% 24.2% 2.5% 24.6%

MID SOUTH CALIFORNIA BEER CRAFT BEER CRAFT 2.9% 21.9% 2.4% 19.4%

SOUTH CENTRAL SOUTHEAST BEER CRAFT BEER CRAFT 3.3% 15.4% TOTAL U.S. 5.3% 16.2% SUPERMARKETS BEER CRAFT 4.0% 18.8%

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Craft has experienced its largest share of Total Beer Dollar Sales in Ohio based on the Top 10 States for Craft Dollar Sales in Supermarkets

Dollar Share of Category Dollar Sales Top 10 IRI Tracked Change vs Food States for Craft Current Current Change vs YA YA California 19.20 2.73 $155,151,408 $25,193,272 Washington 34.62 2.39 $69,771,659 $11,248,784 Oregon 38.53 2.76 $48,538,068 $6,217,075 Ohio 21.50 4.12 $44,802,429 $10,183,633 Florida 9.36 0.85 $42,700,388 $6,122,336 North Carolina 15.51 2.31 $41,612,313 $6,845,996 Virginia 17.33 3.22 $38,898,314 $7,679,798 New York 17.68 1.66 $38,611,540 $4,535,965 Michigan 19.55 2.68 $33,049,631 $5,114,880 Illinois 15.85 3.02 $30,108,488 $6,884,040

Source: IRI InfoScan Total US FOOD YTD July 5, 2015

 Oregon Craft Brewers are Outselling Non-Oregon Craft Brewers in Dollar Sales

Dollar Sales

OREGON LOCAL BREWERIES Non-Oregon Breweries

$7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000

4 Wk12-01-13 4 Wk05-17-15 4 4 Wk01-27-13 4 Wk02-24-13 4 Wk03-24-13 4 Wk04-21-13 4 Wk05-19-13 4 Wk06-16-13 4 Wk07-14-13 4 Wk08-11-13 4 Wk09-08-13 4 Wk10-06-13 4 Wk11-03-13 4 Wk12-29-13 4 Wk01-26-14 4 Wk02-23-14 4 Wk03-23-14 4 Wk04-20-14 4 Wk05-18-14 4 Wk06-15-14 4 Wk07-13-14 4 Wk08-10-14 4 Wk09-07-14 4 Wk10-05-14 4 Wk11-02-14 4 Wk11-30-14 4 Wk12-28-14 4 Wk01-25-15 4 Wk02-22-15 4 Wk03-22-15 4 Wk04-19-15 4 Wk06-14-15 4 Wk07-12-15 4

Source: IRI InfoScan IRI Oregon State - FOOD Quad Weeks Jan 27, 2013 through July 12, 2015

 Local Oregon Craft Brewers Share of Total Craft Dollar Sales has remained consistent over the years

Dollar Share of Craft

63.7% 62.8% 63.1% 63.1% 61.6% 60.2% 62.0%

38.4% 39.8% 36.3% 37.2% 38.0% 36.9% 36.9%

2009 2010 2011 2012 2013 2014 YTD 2015

Non - Oregon Local Craft Oregon Local Craft

Source: IRI InfoScan IRI Oregon State – FOOD 2009 – 2014 and YTD July 5, 2015

 Local Craft Brewer Dollar Sales Trends have outpaced Non-Local Craft for the past three years

Dollar Sales % Change Year Ago

17.4% 15.1% 14.6% 14.0% 14.2% 13.4% 11.2% 11.8% 9.3% 8.8% 7.4%

3.3%

2010 2011 2012 2013 2014 YTD 2015

Non-Oregon Craft Oregon Local Craft Breweries

Source: IRI InfoScan IRI Oregon State – FOOD 2010 – 2014 and YTD July 5, 2015 Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. LOCAL CRAFT VS OTHER CRAFT VENDORS SAN DIEGO SUPERMARKETS

 Local Craft Brewer Dollar Sales passed Non-Local Craft Brewers sales earlier this year

Dollar Sales

San Diego Local Breweries Non-San Diego Breweries

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

4 Wk06-16-13 4 Wk06-15-14 4 4 Wk01-27-13 4 Wk02-24-13 4 Wk03-24-13 4 Wk04-21-13 4 Wk05-19-13 4 Wk07-14-13 4 Wk08-11-13 4 Wk09-08-13 4 Wk10-06-13 4 Wk11-03-13 4 Wk12-01-13 4 Wk12-29-13 4 Wk01-26-14 4 Wk02-23-14 4 Wk03-23-14 4 Wk04-20-14 4 Wk05-18-14 4 Wk07-13-14 4 Wk08-10-14 4 Wk09-07-14 4 Wk10-05-14 4 Wk11-02-14 4 Wk11-30-14 4 Wk12-28-14 4 Wk01-25-15 4 Wk02-22-15 4 Wk03-22-15 4 Wk04-19-15 4 Wk05-17-15 4 Wk06-14-15 4 Wk07-12-15 4

Source: IRI InfoScan IRI San Diego, CA FOOD Market Quad Weeks Jan 27, 2013 through July 12, 2015

 Local Craft Brewer Share of Total Craft Dollars is now up to near 51%

Dollar Share of Craft

76.5% 76.1% 73.7% 70.0% 61.5% 54.1% 49.1% 50.9% 45.9% 38.5% 30.0% 23.9% 26.3% 23.5%

2009 2010 2011 2012 2013 2014 YTD 2015

Non - San Diego Local Craft San Diego Local Craft

Source: IRI InfoScan IRI San Diego, CA FOOD Market 2009 – 2014 and YTD July 5, 2015

 Local Craft Brewer Dollar Sales Trends have consistently been outpacing Non-Local Brewer sales trends for the past six years

Dollar Sales % Change Year Ago

57.7% 53.3%

30.7% 36.5% 37.5%

13.0% 15.1% 10.2% 13.9% 13.2% 9.1% 7.7%

2010 2011 2012 2013 2014 YTD 2015

Non-San Diego Craft San Diego Local Craft Breweries

Source: IRI InfoScan IRI San Diego, CA FOOD Market 2010 – 2014 and YTD July 5, 2015

 Local Craft Brewers Dollar Sales passed up Non-Local Craft Brewers earlier this year Dollar Sales

Chicago Local Breweries Non-Chicago Craft

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

Source: IRI InfoScan IRI Chicago, IL FODO Market Quad Weeks Jan 27, 2013 through July 12, 2015

 Non-Local Craft Brewer Share of Total Craft Dollar Sales are down 7 points this year from 2014 and 14 points since 2012

Dollar Share of Craft

66.0% 65.8% 65.8% 64.9% 64.1% 59.2%

52.1% 47.9%

40.8% 35.9% 34.2% 34.2% 35.1% 34.0%

2009 2010 2011 2012 2013 2014 YTD 2015

Non-Chicago Craft Chicago Local Breweries

Source: IRI InfoScan IRI Chicago, IL FOOD Market 2009 – 2014 and YTD July 5, 2015

 Local Craft Brewer Sales Trends have outpaced those of Non-Local Craft Brewers for the past three years

Dollar Sales % Change Year Ago

53.4%

32.3% 32.7% 20.9% 23.3% 20.7% 21.9% 21.8% 18.3% 15.7% 16.8%

7.6%

2010 2011 2012 2013 2014 YTD 2015

Non-Chicago Craft Chicago Local Craft Breweries

Source: IRI InfoScan IRI Chicago, IL FOOD Market 2010 – 2014 and YTD July 5, 2015

Copyright © 2015 Information Resources, Inc. (IRI). Confidential and Proprietary. BEER CATEGORY & SEGMENT TRENDS AND SHARE 4 WEEKS ENDING AUG 16, 2015 TOTAL U.S. MULTI-OUTLET AND MULTI-OUTLET + CONVENIENCE

 Improved sales trends by the Premium, Super Premium and Import Segments have led to improved sale performance for the Beer Category compared to YTD

Total US – Multi-Outlet Total US – Multi-Outlet + Convenience

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 6.3% 100.00 3.6% 100.00 6.8% 100.00 3.9% 100.00 TOTAL BA CRAFT 18.4% 11.46 14.7% 7.05 20.7% 7.18 16.9% 4.39 CRAFT (IRI DEFINITION) 16.5% 12.85 12.7% 8.00 19.3% 7.99 15.4% 4.94 CIDER 10.3% 1.99 7.3% 1.26 11.6% 1.28 8.4% 0.82 MALT LIQUOR 3.4% 0.63 -1.1% 0.80 7.4% 1.52 2.5% 1.85 PREMIUM 2.6% 36.10 2.2% 43.27 3.3% 42.41 2.5% 47.04 SUB-PREMIUM -2.0% 11.15 -3.7% 17.00 -0.4% 14.18 -2.6% 20.42 SUPER PREMIUM 9.2% 11.31 7.9% 9.50 11.9% 9.84 10.3% 7.93 IMPORT 12.0% 19.94 10.3% 16.02 15.8% 16.98 13.6% 13.04 NON-ALCOHOLIC 5.6% 0.66 2.3% 0.64 6.4% 0.33 3.1% 0.32 PAB's 0.3% 5.05 -0.2% 3.34 3.2% 5.33 2.4% 3.56

Source: IRI InfoScan Total U.S. Multi-Outlet and Total U.S. Multi-Outlet + Convenience 4 Weeks Ending August 16, 2015

Craft Brewers: Please continue to send your current UPC lists and product images to me to insure your products are being tracked by IRI.

Please e-mail me at [email protected]