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Presentation Slides

1) Craft Breweries Market Monitor Fall 2015 MOSS ADAMS CAPITAL LLC

2) Contents Industry Update 3 Relevant Transactions 5 Public Company Stock Performance 7 Moss Adams Overview 9 Craft Breweries 2 MOSS ADAMS CAPITAL LLC

3) Craft Beer Industry Snapshot  The craft beer industry remains hot as we rapidly approach the 4,000 brewery mark, which will likely be hit by the end of the year. The historic record for most breweries is thought to be 4,311 in 1873. We will likely eclipse this mark by year-end as well.  There has been a shift to off-premise sales as a growth driver for the larger regional craft breweries; increased competition from new local microbreweries is likely the cause.  Significant investor appetite is apparent and has allowed for a much needed increase in capacity to help quench consumer demand. However, the number of acquisitions by the macro breweries may be numbered as they become content with their portfolio of craft and have what they need to reclaim lost shelf space. Craft Beer Sales Number of Breweries 5,000 D. G. Yuengling and Son Inc 14% Boston Beer Co 12% Sierra Nevada Brewing Co 5% millions of barrels 25 17.8 15 10 25.2 21.0 20 6.4 7.3 $4.9 $5.7 '06 '07 5 7.8 $6.2 8.4 $6.8 9.4 $7.9 10.7 $22.5 $18.0 12.4 $13.0 $9.1 1,000 '91 $30 Gambrinus 3% Next 25 Largest 24% 2,000 0 New Belgium Brewing Co 4% 30 3,000 $20 $15 $10 $10.7 '09 '10 '11 '13 '97 '99 '01 # of Breweries '03 '05 '07 '09 '11 '13 '15 est Breweries Per Capita (per 1,000 adults) California Vermont 8.6 256 Oregon 7.4 Colorado 235 Colorado 6.1 Oregon 216 Montana 5.9 New York '14 '15 est 431 Washington $5 '12 '95 Top 5 States by … $0 '08 '93 $25 $ in millions All others 38% 4,000 In 2014, the Brewer’s Association updated the craft brewer definition which would have included 3.3 more barrels in 2013. 181 Wyoming 5.3 Source: Brewers Association, Wall Street research and Moss Adams Capital analysis. Craft Breweries 3 MOSS ADAMS CAPITAL LLC

4) Current Events Brewery Expansions Upcoming Events Planning to open a 420,000 barrel per year brewery location in the Western United States December 3 Brewbound Session San Diego, CA Opening 150,000 sq. ft. North Carolina brewery spring 2016 January 22-31 San Francisco Beer Week February 5-6 Extreme Beer Fest San Francisco, CA Opening $30 million Columbus, OH brewery in August 2016 Building third brewery located in Azusa, CA to open in 2017 Boston, MA Announced 28,000 sq. ft. expansion of North Carolina brewery May 1-7 Craft Brewers Conference & BrewExpo America Philadelphia, PA May 16-22 American Craft Beer Week Nationwide May 29-30 American Craft Beer Fest Boston, MA Announced $4 million brewery expansion to open spring 2016 Announced $15 million expansion to increase production to 100,000 barrels per year Announced brewery expansion to double production to 1 million barrels per year Opening 100,000 brewery in Virginia Beach, VA Source: Beer Street Journal. Craft Breweries 4 MOSS ADAMS CAPITAL LLC

5) Recent Transactions 2015 is on pace to maintain record activity reached in 2014. If the trend continues throughout the 4th quarter, it will be close to, if not another record year in the craft brewery Announced Date 1 Est. Production Target Location 11/16/15 Ballast Point Brewing & Spirits, Inc. San Diego, CA 300,000 barrels Constellation Brands Inc. 09/29/15 Dogfish Head Craft Brewery, Inc. Milton, DE 250,000 barrels LNK Partners (15% minority stake) 09/23/15 Golden Road Brewing Los Angeles, CA 45,000 barrels Anheuser-Busch Companies, LLC 09/10/15 Saint Archer Brewing Company San Diego, CA 35,000 barrels Tenth and Blake Beer Company 09/08/15 Lagunitas Brewing Company Petaluma, CA 800,000 barrels Heineken NV (50% stake) 07/16/15 Firestone Walker Brewing Co. Paso Robles, CA 272,000 barrels Duvel Moortgat nv 06/17/15 American Sky Brewing Co. Hudson, WI 03/27/15 Perrin Brewing Company, LLC Comstock Park, MI 02/24/15 Full Sail Brewing, Inc. Hood River, OR 01/23/15 Elysian Brewing Company, Inc. Seattle, WA 12/17/14 Founders Brewing Co. Grand Rapids, MI 11/10/14 The Alpine Beer Company Alpine, CA Number of Announced Transactions 25 Capital Raise 1,200 barrels 20,000 barrels 115,000 barrels 54,000 barrels 207,000 barrels 3,000 barrels Acquirer Lucid Brewing, LLC Oskar Blues Brewing Company Encore Consumer Capital Anheuser-Busch InBev SA/NV Mahou, S.A. (30% minority stake) Green Flash Brewing Co. M&A 20 2 15 1 13 10 5 0 13 3 2 13 16 5 15 15 15 5 18 4 7 3 13 11 3 3 2 5 2 12 10 7 1 3 0 Q1 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 2013 Q1 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 1) Estimated trailing 12 month production at the time of the announcement Source: S&P Capital IQ. Craft Breweries 5 MOSS ADAMS CAPITAL LLC

6) Selected Deal Profiles Constellation Brands (NYSE: STZ) acquires Ballast Point Brewing & Spirits (San Diego, CA) November 16, 2015     Constellation Brands entered into an agreement to acquire Ballast Point Brewing & Spirits (“Ballast Point”) on November 16, 2015 for approximately $1 billion. The acquisition plans to be completed by the end of the calendar year and will be financed with cash and debt. Ballast Point, best known for its Sculpin IPA, is one of the leading craft brewers in the U.S., selling nearly 123,000 barrels in 2014. The brewery is expecting shipments to more than double in 2015, projecting sales of $115 million (8.7x EV/Revenue). Its incredible growth combined with its premium price point at $355 a barrel, helped Ballast point reach such a high transaction multiple. LNK Partners (White Plains, NY) acquires 15% stake in Dogfish Head (Milton, DE) September 29, 2015  LNK Partners (“LNK) entered into an agreement to acquire a 15% equity stake in Dogfish Head Craft Brewery (“Dogfish Head”) on September 29, 2015.  Dogfish Head, the country’s 13th largest craft brewery as of 2014, has over 20 different types of beers and is expecting to produce 250,000 barrels in 2015. The brewery plans on using the cash to help grow the company as the craft brewing market becomes more crowded with better funded competition.  Constellation Brands, which owns brands such as Robert Mondavi Winery, Sky Vodka, and imports Mexican beers such as Corona, Modelo and Pacifico, will give Ballast Point cash for growth along with wider distribution network and stronger buying power for ingredients and equipment. Ballast Point started in the back of a home-brew supply store in 1992, didn’t start selling beer commercially until 1996, and now ranks as the largest craft brewer in the U.S. The company produces more than 15 kinds of beer year-round as well as several craft spirits.  LNK is a New York based private equity firm that has previously invested in companies Niman Ranch, Performance Bicycle, Beachbody, Au Bon Pain and others. Although specifics of the transaction were not disclosed, LNK typically invests between $50$150 million in a minority or majority equity stake. Part of the deal included LNK obtaining a seat on Dogfish Head’s board of directors, which currently has 5 voting members. Sam Calagione, Dogfish Head founder, stated he hopes the investment will eventually fuel enough growth to repurchase LNK’s 15% stake and remain a family-controlled business. Anheuser-Busch InBev (ENXTBR:ABI) acquires Golden Road Brewing (Los Angeles, CA) September 23, 2015  Anheuser-Busch InBev (“AB InBev”) signed an agreement to acquire Los Angeles based Golden Road Brewing (“GRB”) for an undisclosed amount on September 23rd, 2015, and expects to close the transaction by the end of the year.  Founded in 2011, Golden Road Brewing is the largest craft beer operator in L.A. County, expecting to sell 45,000 barrels of beer in 2015. The company distributes approximately 10 different beers with many more draft-only specialty beers.  GRB will give AB InBev a foothold in the growing Los Angeles craft beer market, and will join AB InBev’s growing portfolio of craft breweries including Goose Island Beer Co., Blue Point Brewing, 10 Barrel Brewing, and Elysian Brewing.  AB InBev was impressed with what GRB had been able to accomplish in the past four years, and plans to keep their expansion plans moving forward. This plan includes adding several retail locations, including Orange County, Los Angeles International Airport and Grand Central Market (Los Angeles) by 2016,. Source: S&P Capital IQ. Craft Breweries 6 MOSS ADAMS CAPITAL LLC

7) Continued Growth Leading to Increased Competition  Not surprisingly, sales growth in the Craft Beer segment is expected to dwarf its counterparts, as well as the broader S&P 500 over the next 12 months. Sales from the large global breweries is expected to decline as a result of the growing popularity of craft beers and an improving economic environment that pushes consumers to higher-end beverages.  However, as more and more local craft breweries come online, the increased competition hurts off premise sales (grocery and convenience stores) where drinkers have more choices. This is becoming evident in the two publically-traded craft brewers, Boston Beer Company (SAM) and Craft Brewers Alliance (BREW). However, these two companies are by no means indicative of the entire craft brew industry as a whole, which continues to thrive. Public Market Valuations Next 12 Months: Estimated Sales Growth 39.0x 8% 34.0x 6.7% 6% 5.7% 29.0x 24.0x 4% 3.3% 19.0x SAM 15.8x 14.0x BREW 13.9x 2% 0% 9.0x (1.0%) (2%) Large Breweries 13.5x S&P 500 10.6x 4.0x SAM BREW Large Brewers S&P 500 Index Note: The Craft Breweries and Major Breweries Indices are composed of the public companies included on page 8. Source: S&P Capital IQ. Craft Breweries 7 MOSS ADAMS CAPITAL LLC

8) Selected Public Company Valuations ($U.S. in millions, except per share amounts) TTM Data 11/20/15 Company Name Share Price 52 Week High - Low Market Cap Enterprise Value Sales EBITDA EV Multiple EBITDA Margin TTM Sales TTM EBITDA NTM Sales NTM EBITDA Major Breweries Anheuser-Busch InBev SA/NV $125.78 $127.43 - $91.20 $202,115 $248,554 $44,899 $17,276 38.5% 5.5x 14.4x 5.5x 14.0x SABMiller plc 61.05 62.14 - 42.13 98,866 111,467 15,555 4,676 30.1% 7.2x 23.8x 7.3x 18.6x Heineken NV 90.68 91.49 - 59.79 52,103 64,470 22,143 4,701 21.2% 2.9x 13.7x 2.9x 12.2x Molson Coors Brewing Company 92.50 95.74 - 63.91 17,320 19,951 3,697 673 18.2% 5.4x 29.7x 5.5x 14.4x Asahi Group Holdings, Ltd. 31.69 35.78 - 28.55 14,512 17,796 15,442 1,718 11.1% 1.2x 10.4x 1.2x 10.5x Carlsberg A/S 87.66 93.16 - 63.29 13,499 18,964 9,726 1,909 19.6% 1.9x 9.9x 2.0x 10.1x Kirin Holdings Company, Limited 14.15 15.59 - 11.40 12,915 20,140 18,528 2,375 12.8% 1.1x 8.5x 1.1x 9.4x 4.46 7.63 - 4.30 6,599 5,201 4,346 366 8.4% 1.2x 14.2x 1.2x 12.4x 14.78 18.50 - 11.05 3,907 4,032 750 103 13.7% 5.4x 39.3x 4.8x 33.1x Beijing Yanjing Brewery Co., Ltd. 1.32 2.08 - 1.03 3,722 3,622 1,999 273 13.6% 1.8x 13.3x 1.8x 12.6x Sapporo Holdings Ltd. 4.37 4.49 - 3.44 1,703 3,559 4,406 335 7.6% 0.8x 10.6x 0.8x 9.8x Median $18,964 $9,726 $1,718 13.7% 1.9x 13.7x 2.0x 12.4x $2,743 $2,609 $963 $204 21.2% 2.7x 12.8x 2.6x 12.8x 161 177 202 13 6.4% 0.9x 13.7x 0.8x NA Median $1,393 $582 $108 13.8% 1.8x 13.2x 1.7x 12.8x Tsingtao Brewery Company Limited United Breweries Limited Craft Breweries Boston Beer Co. Inc. Craft Brew Alliance, Inc. $212.36 $325.00 - $195.04 8.41 14.48 - 6.80 Note: NTM figures are based on the median estimate of Wall St. analysts. Source: S&P Capital IQ. Craft Breweries 8 MOSS ADAMS CAPITAL LLC

9) Moss Adams at a Glance Leadership through Experience and Results Moss Adams Capital LLC Moss Adams LLP • • 100+ years old – Founded in 1913 • Largest accounting firm headquartered in the western U.S. • 2,200 employees in 27 offices • Fully integrated accounting, tax, and business advisory firm • Middle-market specialists • The Moss Adams Advantage: Discrete, highly leverageable transaction resources and services • Investment banking and strategic advisory services Focus on privately owned and family-held companies • Mergers and acquisitions • Private debt & equity placements • Mezzanine capital • Due Diligence preparation & advisory • Dedicated industry specialists Craft Breweries International Presence • Major market affiliates throughout the U.S. and more than 100 countries around world 9 MOSS ADAMS CAPITAL LLC

10) Moss Adams Capital Overview Full Service Middle Market Investment Bank Corporate Finance • Capital Placement – Equity and Debt • Merger and acquisition advisory • Strategic alternatives assessment • Exclusive sales and divestitures • Strategic planning • Management buy-outs • Recapitalizations • Fairness opinions • Comprehensive Industry Coverage Restructuring and special situations advisory Aerospace, Defense & Government Services • Healthcare Services & Products Industrials / Niche Manufacturing Infrastructure & Construction Paper, Plastics, & Packaging Real Estate, Lodging & Leisure Access to key decision-makers among institutional investor universe Food, Beverage & Agriculture Technology, Communications & Media Transportation & Logistics Completed over 250 transactions • Business & Marketing Services Consumer, Retail & Apparel Highlights and Accomplishments Automotive & Dealer Services • Coverage of relevant strategic partners • Average of 20 years of investment banking experience among senior leaders Craft Breweries 10 MOSS ADAMS CAPITAL LLC

11) Global Reach Moss Adams is a founding member of Praxity, AISBL, a global alliance of independent accounting firms. In addition to its deep, direct international relationships, Praxity provides access and trusted advisory expertise worldwide. Europe Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom , Ukraine North America United States, Canada Asia China, Indonesia, Japan, South Korea, Malaysia, Singapore, Taiwan, Thailand, Vietnam Middle East and Indian Subcontinent Latin America and Caribbean Argentina, Brazil, Cayman islands, Chile, Colombia, Mexico, Puerto Rico, Uruguay, Venezuela Craft Breweries India, Israel, Lebanon, Pakistan, United Arab Emirates Africa Algeria, Angola, Benin, Botswana, Cameroon, Cape Verde, Djibouti, Egypt, Ghana, Ivory Coast, Lesotho, Madagascar, Mauritius, Morocco, Senegal, South Africa, Tunisia, Zambia 11 Australasia Australia, New Zealand MOSS ADAMS CAPITAL LLC

12) Representative Food & Beverage Transactions Craft Breweries 12 MOSS ADAMS CAPITAL LLC

13) Contact Us Contributing Authors: Tyler Dale Vice President (949) 221-4030 tyler.dale@mossadams.com Bradley Erhart Associate (949) 517-9452 bradley.erhart@mossadams.com James Parr Analyst (949) 221- 4099 james.parr@mossadams.com Moss Adams Capital LLC 2040 Main Street Suite 900 Irvine, CA 92614 999 Third Avenue Suite 2800 Seattle, WA 98104 Richard Anderson Managing Director (949) 221-4006 rich.anderson@mossadams.com Robert Miranda Vice President (949) 221-4021 robert.miranda@mossadams.com Wiley Kitchell Managing Director (206) 302-6780 wiley.kitchell@mossadams.com James Rothenberger Vice President (206) 302-6777 james.rothenberger@mossadams.com Harman Wales Managing Director (206) 302-6770 jet.wales@mossadams.com Scott Porter Vice President (206) 306-6326 scott.porter@mossadams.com Craft Breweries 13 Andrew Suen Vice President (949) 517-9428 andrew.suen@mossadams.com MOSS ADAMS CAPITAL LLC