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Forward-Looking Statements
This presentation contains forward looking statements intended to come within the Safe Harbor provisions of
the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in
this presentation are forward-looking statements. These forward-looking statements are based on current
expectations, assumptions, estimates and projections about the Company and its industry and involve various
risks and uncertainties. Although the Company believes that the expectations expressed in these forward-
looking statements are reasonable, actual results could be materially different from the Company’s
expectations. Important risks and considerations that could cause the Company’s actual results to be
materially different from the Company’s expectations are generally set forth under “Risk Factors” in the
annual report on Form 10-K for the fiscal year ended December 31, 2017. Also, certain information contained
herein concerning economic trends and performance is based upon or derived from the information provided
by third-party consultants and other industry sources. Company management has not independently verified
and cannot assure the accuracy of any data obtained by or from these sources.
The forward-looking statements contained in this presentation are made only as of the time of this
presentation. The Company does not undertake any obligation to revise or update them to reflect changes
that occur thereafter.
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Craft Brew Alliance
One of the top 10 national craft brewing companies,
with an expanding global footprint
Traded Nasdaq: BREW
Recent price (as of $19.75
5/28/18)
5
7th Largest Craft Brewing Company
% Avg. Items
$ Share of
Distribution per Store
Total Craft
(Retail Dollar Sales $MM) (CWD) Selling
MillerCoors $421 14.5 88.8 7.4
Anheuser-Busch Inc. $227 7.8 78.5 6.3
Boston Beer $210 7.2 73.7 5.0
Sierra Nevada $181 6.3 60.1 4.8
New Belgium Brewing $150 5.2 68.4 4.6
Lagunitas Brewing Co $128 4.4 51.7 3.9
CRAFT BREW
CRAFT BREW ALLIANCE
ALLIANCE $101 3.5 40.0 4.5
Gambrinus Company $80 2.7 37.9 3.6
Founders Brewing Co. $69 2.4 33.2 2.9
Duvel Moortgat USA $62 2.1 25.6 3.1
KONA
KONA $51 1.7 33.9 2.9
WIDMER
WIDMER BROS
BROS $22 0.8 9.7 3.0
0.6 13.1 2.1
REDHOOK
REDHOOK $17
0.3 13.4 1.6
OMISSION
OMISSION $9
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Source: Nielsen Data, 52 weeks ended April 21, 2018. Craft vendors as defined by Nielsen, less hard sodas, plus Landshark.
Diverse National and Local Brand Portfolio
Est. 1981
Est. 1984 Est. 1994 The original “better beer”
Pioneering Pacific NW Top 15 national craft brand, with a focus on that established the craft
craft brewery, known inviting consumers to share in Hawaii’s Liquid trend in Seattle.
for the Original Aloha lifestyle.
American Hefe and
creative collaborations. Innovative beer brand
crafted to remove gluten,
positioned to lead $10B
Est. 2012 gluten free market.
Est. 1995
Est. 2013 Only craft brewery on
Leading Pacific NW cider inspired Nantucket Island, a beloved
“away off shore” destination
by the pioneering spirit of early
with island-inspired brews.
Est. 2011 American settlers.
Boone, NC’s pioneering
craft brewery focused
on philanthropy, Est. 2011
community, and Miami’s first craft brewery, rooted in the thriving,
sustainability. culturally diverse Wynwood Arts District.
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Diversified Brand Mix
Brand Mix Brand Depletion
TTM Q2 2018 Growth TTM Q2 2018
Omission
6% 6% Kona
Other*
6%
-25% Redhook
Widmer
Brothers
-18% Widmer Brothers
15% Kona
60%
6% Omission
Redhook
12%
17% Other*
* Appalachian Mountain Brewery, Cisco Brewers, Wynwood Brewing, Square Mile Cider
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Kona a Significant Contributor to Craft
Sector $$ Sales Growth
Right Size
Kona Plus Strategy Infrastructure and AB Partnership
Cost Base
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Strengthening the Top Line
SUPPORT HOME MARKET STRATEGY
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Strengthening Top Line
DRIVE INTERNATIONAL GROWTH
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Improving Core Business Health
EVOLVE MAINLAND BREWERY FOOTPRINT
Reduced from 5 to 3
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Improving Core Business Health
DEFINED OPERATING PHILOSOPHY
FOR CONTINUOUS IMPROVEMENT
Environmental
health, safety Quality control Sustainability
and security
Planned and
Employee Supply chain
predictive
development optimization
Brew, package and ship great maintenance
tasting, high quality beers
in the safest, most sustainable Capital Cost of goods
and efficient manner possible Innovation deployment sold
efficiency optimization
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Actualizing the Future
LEVERAGING TRANSFORMATIONAL AB PARTNERSHIP
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Actualizing the Future
LEVERAGING TRANSFORMATIONAL AB PARTNERSHIP
Securing
Increasing
strongest Accelerating Enhancing
shareholder
route topline growth profitability
value
to market
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Actualizing the Future
BEST ROUTE TO MARKET IN INDUSTRY
Brewer Wholesaler Retailer
On-Premise (25%)
Off-Premise (75%)
The Rest
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Actualizing the Future
HORIZONTAL INNOVATION
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Actualizing the Future
FOCUS ON TALENT AND CULTURE
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Market Trends
Nielsen Total US Annual STR Volume (EQ); Lifestyle includes Corona Extra, Modelo Especial and Michelob Ultra. CBA Lifestyle includes Kona and Omission. 21
Evolving Operating Leverage/ Capital
Allocation
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Solid Margin Performance
Beer Gross Margins
Brewpubs Gross Margins
39.4%
16.3%
35.3% 15.6%
32.7% 31.8% 33.2%
31.8% 32.1%
30.4% 13.2% 13.4% 12.9% 13.6%
6.7%
3.00%
2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018
YTD YTD
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Supporting Aggressive Growth
2.4 X
Debt/EBITDA
1.9 X
*
* 2017 reflects significant wholesaler reduction effort to lower inventory levels by 30%+
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Improving Financial Results
December 31, Full-Year
($MM, except per share data)
2017 2016 2018 Guidance
-0.7%
-3.5%
31.5%
-5.9%
30.5%
29.4% 29.4%
2014 2015 2016 2017 2018E 2014 2015 2016 2017 2018E
(Includes Beer and Pub) 26
2018 Guidance Continued
2018 estimated SG&A: $59.0MM to $61.0MM 2018 estimated CapEx: $16.0MM to $19.0MM
$59.0
to
SG&A Spend ($ in MM)
Debt/EBITDA
$61.0
$60.5
$59.2 2.4 X
$57.9
1.9 X
1.3 X
$53.0 1.0 X
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Why Invest in BREW?
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Thank you.
17% A-B
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Experienced Leadership Team
Andy Thomas, CEO J. Scott Mennen, COO
▪ Named CEO Jan. 2014 ▪ Named COO May 2015
▪ President of Commercial Operations 2011- ▪ VP, Brewery Operations 2013-2015
2013 ▪ Previously VP, Operations of Pabst Brewing
▪ 12 years at Heineken International Company
▪ President & CEO of Heineken USA 2005- ▪ Previously Global Director of Brewing & Quality of
2007 Anheuser-Busch
▪ Previously Consultant and Senior Advisor for
The Monitor Group
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Board of Directors
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Board of Directors cont.
Kevin R. Kelly, Independent Director Jacqueline S. Woodward, Independent Director
▪ Board Director since 2008 ▪ Board Director since May 2017
▪ Former CEO of First Call Heating & Cooling ▪ Chief Marketing Officer for Krispy Kreme Doughnuts
▪ Held various executive positions, including since June 2016
President at US Bancorp and US Bank of ▪ Served as VP of Global Media and Connections
Oregon Platforms for General Mills, Inc. from 2014 to 2016
▪ Served as director of Widmer Brothers Brewing ▪ Held various executive positions at MillerCoors
Company for 13 years until the CBA merger in including Vice President of Marketing Connections
2008 ▪ Held various executive positions at McDonald’s
Corporation
Nickolas A. Mills, AB-Designated Board Director Joăo Falcăo Vieira, AB-Designated Board Director
▪ Board Director since January 2017 ▪ Board Director since June 2018
▪ Vice President of Supply for the High End ▪ Vice President for the North America zone at Anheuser-
at Anheuser-Busch since 2001 Busch
▪ Held various roles at A-B’s Baldwinsville ▪ Held various leadership roles at AmBev Brazil from 2011
Brewery from 2010 to 2016 to 2017
▪ Previously served in various brewing ▪ Previously served as A-B’s Vice President of The High
positions with A-B in St. Louis, MO, End and Sales Vice President for the Northeast region
Merrimack, NH and Jacksonville, FL
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