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CONFIDENTIAL – PRELIMINARY DRAFT Craft Brew Alliance Stock Price History $24 1,500 with strong $22 (~11%), but 1,200 $20 CBA as a $18 900 $16 $14 600 $12 $10 300 $ 8.33 $8 $6 0 Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Volume Craft Brew Alliance Source: Bloomberg as of 18-Oct-2019 Public Market Perspectives on CBA 4 Volume (000) Closing Price (USD) 06-Mar-2019 Announces Q4'18 results growth in Kona brand decreasing depletions and shipments for whole Pabst for potential Announces strategic 23-Aug-2019 ABI declines the $24.50 qualifying offer and announces one-time incentive payment of $20mm Share Price: (20.6)% 29-Sep-2015 partnership with Cisco Brewers 3-May-2017 Reconfirms 2017 guidance after reporting 14% depletion growth for Kona, 13% increase in total company net sales and 640 bps improvement in gross margin 11-Jan-2016 Announces agreement with sale of Woodinville brewery 02-Dec-2014 Announces strategic partnership with Appalachian Mountain Brewery ("AMB") 27-Apr-2015 Reconfirms 2015 guidance after a Q1 earnings miss due to a reduction in wholesaler inventories 10-Oct-2018 Announces acquisition of partner brands, AMB, Cisco Brewers, and Wynwood Brewing 23-Aug-2016 Announces a series of new commerical agreements with ABI and option to acquire the rest of CBA at qualifying offer of $24.50 by Aug-2019 Share Price: 22.5% 08-Nov-2017 Announces Q3'17 results with 9% depletion growth for Kona with a 10% increase year-to-date

CONFIDENTIAL – PRELIMINARY DRAFT Research Analyst Perspectives ($ in millions, except per share data) 2019E / 2020E Date of Last Research Buy / Sell / Hold Price Target Valuation Methodology Broker EBITDA (mm) EPS Commentary DCF analysis assuming: “CBA does not get proper credit for its strong Kona brand, which is among the largest, share-gaining brand families in Craft Beer (500k annual bbls growing +HSD-LDD). We estimate Kona alone is worth more than the enterprise value of CBA. In turn, this implies unrealistic negative value for BREW's other brands… We estimate that Kona alone is worth ~$350mn to equity holders, or ~80% upside to the current share price” — 6% revenue growth medium term EBIT margin expansion from 3.2% in FY18 to 8% by 2025 Terminal growth rate 2.5% 7% WACC — 19-Sep-2019 Buy $16.00 $16 / $21 $0.10 / $0.31 — — 7-year DCF analysis using 8% WACC and 3% terminal growth rate Supporting metrics: EV / Revenue and EV / EBITDA multiples relative to peers “With the uncertainty around a potential ABI offer resolved, we believe management is in a position to explore different strategic alternatives to increase shareholder returns by improving operational efficiency, evaluating its SG&A expense structure, and/or making strategic transactions, including reconfiguring its brand portfolio to focus on its strongest SKUs.” Maxim 5-Sep-2019 Buy $16.00 18 / 25 (0.07) / 0.36 Target sales multiple of ~1.5x Additional methodologies: “While it is clearly a challenging time for BREW, we believe there is real value in the assets under the company's control, and we expect that management and the Board are working diligently to pursue options that will clearly unlock value for shareholders.” — — — — P/E Relative P/E vs. S&P 500 Price-to-Sales EV / EBITDA 5-Sep-2019 Buy $14.00 - / - (0.09) / 0.27 “We see little likelihood of material share-price recovery from current levels as a shareholder-friendly strategic outcome is unlikely in the near term, given ABI's significant ownership/control, lack of alignment between BREW and ABI w/r/t to "favorable strategic outcome," and BREW's high dependency on ABI's distribution/brewery network, which limits its attractiveness for a non-ABI bidder.” $500-600/bbl value for Kona (partially offset by the rest of BREW's portfolio) BMO 5-Sep-2019 Hold $10.00 13 / 15 0.01 / 0.07 Sales multiple of 1.2x based on under pressure in the U.S., we believe that Kona can of BREW’s ability to leverage its pH experiment learnings.” Source: Wall Street Research Public Market Perspectives on CBA 7 “While we acknowledge that all beer—including craft—is 16-Aug-2019Hold$15.002020E net sales estimate of21 / 240.32 / 0.43continue to gain market share as BREW continues to ~$244mminvest heavily behind the brand, and we remain watchful Median$15.00$17 / $23$0.01 / $0.31

CONFIDENTIAL – PRELIMINARY DRAFT Analysis at Various Prices ($ in millions, except per share data) Source: CBA filings, CBA projections prepared by management of CBA and approved for Goldman Sachs’ use by CBA (“CBA Management Projections”), market data as of 18-Oct-2019. Note: 52-Week high and low shown as intra-day prices. 1 Share price at close on 22-Aug-2019. 2 Calculated based on data provided by CBA management using treasury stock method. 3 Net calculated Debt and LTM EBITDA as of 30-Jun-2019. Net Debt reflects one-time $20mm cash payment from ABI. 4 Analyst estimates include Maxim, BMO, Cowen, and Citi. 5 Pro Forma Adjusted EBITDA calculated by applying 2020E adjusted EBITDA margin to 2019E sales to normalize SG&A costs in 2019E. Public Market Perspectives on CBA 8 Current Share Price Range Share Price $ 8.33 $ 14.00 $ 15.00 $ 16.00 $ 17.00 $ 18.00 $ 19.00 % Premium to Current ($ 8.33) % Premium to 10 Day VWAP ($ 8.29) % Premium to 30 Day VWAP ($ 8.26) % Premium to 52-Week Low 02-Oct-2019 ($ 7.93) % Premium to 52-Week High 07-Nov-2018 ($ 18.61) % Premium to Prior to ABI Announcement ($ 12.96) 1 Fully Diluted Shares Outstanding2 0.0 % 0.5 % 0.8 % 5.0 % (55.2)% (35.7)% 19.6 68.1 % 80.1 % 92.1 % 104.1 % 116.1 % 128.1 % 68.9 % 80.9 % 93.0 % 105.0 % 117.1 % 129.2 % 69.4 % 81.5 % 93.6 % 105.7 % 117.8 % 129.9 % 76.5 % 89.2 % 101.8 % 114.4 % 127.0 % 139.6 % (24.8)% (19.4)% (14.0)% (8.7)% (3.3)% 2.1 % 8.0 % 15.7 % 23.5 % 31.2 % 38.9 % 46.6 % 19.7 19.7 19.7 19.7 19.7 19.7 Implied Equity Consideration $ 163 $ 276 $ 295 $ 315 $ 335 $ 355 $ 375 Value of Non-ABI Shares Debt Cash Net Debt3 $ 113 $ 53 (21) 32 $ 191 $ 204 $ 218 $ 232 $ 246 $ 260 $ 53 $ 53 $ 53 $ 53 $ 53 $ 53 (21) (21) (21) (21) (21) (21) 32 32 32 32 32 32 Implied Enterprise Value $ 195 $ 308 $ 328 $ 348 $ 367 $ 387 $ 407 Implied Multiples Metric EV / Q2 2019 LTM EBITDA3 $ 11 Analyst Projections (excludes deferred revenue)4 EV / 2019E Sales $ 210 EV / 2019E Adj. EBITDA16 EV / 2020E Adj. EBITDA21 Management Projections (excludes deferred revenue) EV / 2019E Sales $ 196 EV / 2019E Adj. EBITDA2 EV / 2019E Pro Forma Adj. EBITDA513 EV / 2020E Adj. EBITDA13 17.1 x 0.9 x 11.9 9.2 1.0 x NM 15.3 14.8 26.9 x 28.6 x 30.3 x 32.1 x 33.8 x 35.6 x 1.5 x 1.6 x 1.7 x 1.8 x 1.8 x 1.9 x 18.8 20.0 21.2 22.4 23.6 24.8 14.5 15.5 16.4 17.3 18.3 19.2 1.6 x 1.7 x 1.8 x 1.9 x 2.0 x 2.1 x NM NM NM NM NM NM 24.0 25.6 27.1 28.7 30.3 31.8 23.3 24.8 26.3 27.8 29.3 30.8

CONFIDENTIAL – PRELIMINARY DRAFT Illustrative Preliminary Valuation for CBA Illustrative Price per Share Comments 6.0% to 7.0% weighted average cost of capital — Industry Peers NTM EV/EBITDA: 12.8x Transactions — High: Boston Beer Low: $10.00, BMO Capital Markets (05-Sep-2019) Source: CBA Management Projections, company filings, Bloomberg, Wall Street Research. Market data as of 18-Oct-2019 Note: Balance sheet data as end of Q2 2019 with net debt of $32mm, comprised of $21mm cash (which includes $20mm cash payment from ABI) and $53mm gross debt, 19.5mm basic shares outstanding and fully diluted shares calculated as end of Q2 2019 per CBA management. Financial Analyses 12 Reference Information Financial Analyses Current Share Price: $8.33 Discounted Cash Flow$ 11.45 2.0% to 2.5% perpetuity growth rate Implied midpoint terminal LTM EV/EBITDA multiple of 13.2x Present Value of Future$ 10.35 Share Price 11.0x – 15.0x multiple applied to 2022E EBITDA — Current NTM EV/EBITDA: 11.8x Cost of equity of 7% 9.4x – 23.6x multiple applied to Q2 2019 LTM EBITDA of $11mm — Low: Hartwall / Danish Royal Unibrew (2013) — High: Fuller, Smith & Turner’s Beer Business / Asahi (2019) Selected Precedent$ 3.84 $ 12.13 Precedent Public Takeover Premia$10.64 Based on precedent public M&A 1-day premia for all cash transactions since 2014 with EV $100mm – $1,000mm — Low: 25% percentile of ~14.0% — High: 75% percentile of ~47.3% Public Comps Trading$ 4.76 9.5x – 18.3x multiple applied to 2020E EBITDA $ 10.69— Low: Molson Coors High: $18.61 (07-Nov-2018) Low: $7.93 (2-Oct-2019) 52-Week Trading Range (Intraday)$ 7.93 $ 18.61 Analyst Price Targets$ 10.00 High: $16.00, Maxim Group (05-Sep-2019) $ 16.00 $13.74 $ 14.53 $ 16.83

CONFIDENTIAL – PRELIMINARY DRAFT Discounted ($ in millions) Cash Flow Analysis Terminal Year FYE Dec-31 FY2019E FY2020E FY2021E FY2022 FY2023 FY2024 $ 237.7 0.0 % $ 26.0 10.9 % 8.3 % (4.8) 24.1 % 4.2 (0.9) (4.2) Equity Value per Share Implied Terminal LTM EBITDA Multiple 2.00 % 2.25 % 2.50 % 2.00 % 2.25 % 2.50 % 6.0 % 6.0 % 6.6 % 6.6 % 7.0 % 7.0 % Source: CBA Management Projections Note: Cash flows discounted to 31-Dec-2020 using mid-year convention for cash flows as end of 31-Dec-2020. Terminal value calculated as of FY2024E. Reflects net debt of $32mm as end of Q2 2019, comprised of $21mm cash (which includes $20mm cash payment from ABI) and $53mm gross debt as end of Q2 2019 in calculation of equity value per CBA management. Reflects 19.465mm shares outstanding including 0.306mm options, 0.047mm RSUs and 0.079 PSUs per CBA management. Reflects marginal tax rate of 24.1% per CBA management. 1 Adjusted EBITDA includes stock based compensation. Financial Analyses 13 Discount Rate Discount Rate 14.3 x 15.3 x 16.4 x 12.4 13.2 14.0 11.5 12.1 12.8 $ 14.76 $ 15.73 $ 16.83 12.53 13.23 14.02 11.45 12.04 12.69 Perpetuity Growth Rate Perpetuity Growth Rate $ 14.2 $ 15.1 $ 19.8 Revenue$ 196.2 % Growth Adjusted EBITDA1$ 2.3 % Margin1.2 % $ 202.7$ 213.6$ 224.1$ 230.8$ 237.7 3.3 %5.4 %4.9 %3.0 %3.0 % $ 13.2$ 18.7$ 24.0$ 25.1$ 26.0 6.5 %8.8 %10.7 %10.9 %10.9 % Adjusted EBIT$(15.1) $(0.5)$ 4.8$ 10.1$ 10.8$ 11.2 % Margin(7.7)% (-) Taxes % Tax Rate (0.3)%2.3 %4.5 %4.7 %4.7 % 0.0(1.2)(2.4)(2.6)(2.7) -24.1 %24.1 %24.1 %24.1 % Unlevered Net Income $(0.5)$ 3.7$ 7.7$ 8.2$ 8.5 (+) D&A (-) in NWC (-) Capex 12.012.112.112.512.9 (0.5)(0.8)(0.9)(0.9)(0.9) (13.5) (4.0) (4.0)(4.1) (4.2) Unlevered Free Cash Flow $(2.5)$ 11.0$ 15.0$ 15.7$ 16.2

CONFIDENTIAL – PRELIMINARY DRAFT Illustrative Public Market Present Share Price Analysis Based on Forward EV/EBITDA Multiple Value of Future Present Value of Future Stock Price at 7 % Cost of Equity1 Future Value of Stock Price $18.00 $18.00 78 Forward EV / EBITDA Multiple 53 36 Current 11.8x 44 Industry Peers $12.00 $12.00 12.8x CBA 3-Year Average 17.5x $ 9.66 $ 8.40 $ 8.29 Average Since ABI Non-Offer2 14.6x $6.00 $6.00 $0.00 $0.00 Current Price 2019E 2020E 2021E Current Price 2019E 2020E 2021E Current 11.0x Forward EV/EBITDA 13.0x Forward EV/EBITDA 15.0x Forward EV/EBITDA As Of Dec-2019 Dec-2020 Dec-2021 ’19 – ’21 CAGR Fwd. EBITDA $ 13.2 $ 18.7 $ 24.0 34.8 % 44.9 39.5 30.7 Debt 11.0 1.0 1.0 Cash3 Source: CBA Management Projections Note: “Current” represents CBA share price as of 18-Oct-2019. Present value reflects implied future value of stock price discounted back to 18-Oct-2019. 1 Please refer to pg. 21 for detailed calculation of cost of equity. 2 Since day prior to ABI announcement of incentive payment on 22-Aug-2019. 3 Includes proceeds from $20mm ABI payment. Financial Analyses 14 $ 14. $ 11.40$ 12. $ 10.35 $ 8.33 $ 6.95$ 7.90 $ 5.62 $ 16. $ 14. $ 12.33 $ 11.94 $ 10.45 $ 8.33 $ 7.04$ 8.55 $ 5.69

CONFIDENTIAL – PRELIMINARY DRAFT Public Market Trading Multiples Over Time LTM EV / EBITDA NTM EV / EBITDA 35x Since Since 63x ay ay .8 x .3 .9 .1 .8 .8 11.8 x 12.8 9.5 17.2 19.3 12.6 56x 30x 49x 25x 42x 35x 20x 19.3 x 17.2 x 29.1 x 27.8 x 24.8 x 28x 15x 12.8 x 12.6 x 11.8 x 21x 10x 9.5 x 14x 13.3 x 9.9 x 9.8 x 7x 5x Oct-2014 Jan-2016 Apr-2017 Jul-2018 Oct-2019 Oct-2014 Jun-2016 Feb-2018 Oct-2019 Source: Bloomberg, CapIQ and IBES estimates. Market data as of 18-Oct-2019 Note: NTM EBITDA estimates for Craft Brew Alliance are unavailable prior to 19-Oct-2017. NTM EBITDA estimates for Heineken are unavailable past 5-Mar-2019. 1 Since announcement shows performance since day prior to ABI announcement of incentive payment on 22-Aug-2019. Financial Analyses 17 LTM EBITDA Multiple NTM-Time Weighted EBITDA Multiple Average 3Y 1Y 3MAnnoucement1Tod Craft Brew Alliance17.5 x 16.5 x 14.6 x14.6 x Anheuser-Busch13.412.012.712.7 Molson Coors10.49.29.19.1 Constellation Brands16.116.117.517.5 Boston Beer Company14.717.820.220.2 Heineken11.311.412.212.2 Average3Y1Y3MAnnouncement1 Tod Craft Brew Alliance26.1 x28.0 x34.1 x29.2 x27 Anheuser-Busch15.812.913.513.513 Molson Coors13.19.79.69.79 Constellation Brands15.613.922.027.029 Boston Beer Company15.520.924.724.524 Heineken9.29.49.89.79

CONFIDENTIAL – PRELIMINARY DRAFT Summary of Management Financial Plan Excludes Deferred Revenue from ABI International Incentive Payment Management Projections '17 - '19 CAGR '19 - '22 CAGR FYE 31-Dec 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2024E Beer Revenue $ 176.4 $ 176.2 $ 171.7 $ 177.6 $ 187.4 $ 197.7 $ 203.6 $ 209.8 % Growth (0.2)% (2.5)% 3.5 % 5.5 % 5.5 % 3.0 % 3.0 % Pub Revenue $ 27.6 $ 24.0 $ 24.5 $ 25.1 $ 26.1 $ 26.4 $ 27.2 $ 28.0 % Growth (13.0)% 2.1 % 2.2 % 4.3 % 0.9 % 3.0 % 3.0 % % Growth 0.0 % (1.9)% (2.0)% 3.3 % 5.4 % 4.9 % 3.0 % 3.0 % Beer COGS $ 116.4 $ 115.2 $ 110.7 $ 114.7 $ 119.2 $123.0 $126.7 $130.5 % of Revenue 66.0 % 65.4 % 64.5 % 64.6 % 63.6 % 62.2 % 62.2 % 62.2 % Pub COGS $ 25.8 $ 22.7 $ 22.0 $ 22.3 $ 22.8 $ 22.9 $ 23.6 $ 24.3 % of Revenue 93.3 % 94.3 % 89.5 % 88.9 % 87.2 % 86.7 % 86.7 % 86.7 % Beer Gross Profit $ 60.0 $ 61.0 $ 61.0 $ 62.9 $ 68.2 $ 74.7 $ 77.0 $ 79.3 Pub Gross Profit 1.8 1.4 2.6 2.8 3.3 3.5 3.6 3.7 % Margin 30.3 % 31.1 % 32.4 % 32.4 % 33.5 % 34.9 % 34.9 % 34.9 % SG&A $ 60.5 $ 62.6 $ 74.0 $ 66.2 $ 66.8 $ 68.1 $ 69.8 $ 71.8 SG&A - Kona Lawsuit - - $ 4.7 - - - - - % of Revenue 29.6 % 31.3 % 37.7 % 32.7 % 31.3 % 30.4 % 30.2 % 30.2 % % Growth - 3.5 % 18.2 % (10.5)% 0.8 % 2.0 % 2.5 % 2.8 % % Margin 0.7 % (0.1)% (7.7)% (0.3)% 2.3 % 4.5 % 4.7 % 4.7 % EBITDA $ 14.1 $ 11.6 $(2.4) $ 13.2 $ 18.7 $ 24.0 $ 25.1 $ 26.0 % Margin Adjusted EBITDA1 % Margin 6.9 % 5.8 % (1.2)% 6.5 % 8.8 % 10.7 % 10.9% 10.9% $ 14.1 $ 11.6 $ 2.3 $ 13.2 $ 18.7 $ 24.0 $ 25.1 $ 26.0 (59.5)% 118.5 % 6.9 % 5.8 % 1.2 % 6.5 % 8.8 % 10.7 % 10.9% 10.9% Source: CBA Management Projections Note: Reflects tax rate of 24% per CBA management. ¹ Adjusted EBITDA adjusts for $4.7mm charge related to Kona class action lawsuit in 2019E. Supplemental Materials 19 Income Statement ($ in millions, except per share data) NA NA Operating Income $ 1.4 $(0.2) $(15.1) $(0.5) $ 4.8 $ 10.1 $ 10.8 $ 11.2 7.2 % 1.4 % Total Gross Profit $ 61.9 $ 62.3 $ 63.6 $ 65.7 $ 71.6 $ 78.2 $ 80.6 $ 83.0 3.2 % (3.4)% Total COGS $ 142.2 $ 137.9 $ 132.6 $ 137.0 $ 142.0 $ 145.9 $ 150.2 $ 154.8 4.5 % (1.9)% Total Revenue $ 204.1 $ 200.2 $ 196.2 $ 202.7 $ 213.6 $ 224.1 $ 230.8 $ 237.7

CONFIDENTIAL – PRELIMINARY DRAFT Illustrative Weighted Analysis ($ in millions) Average Cost of Capital WACC Calculation Sensitivity Table Debt / Cap Equity / Cap 10.0 % 90.0 % 5.0% 10.0% 15.0% 0.80 Risk-Free Rate Equity Beta Equity Risk Premium 2.05 % 0.90 5.20 % 0.90 Illustrative Pre-Tax Cost of Debt After-Tax Cost of Debt 7.50 % 5.70 % 1.00 For Reference: Selected Public Companies Historical Equity Beta Predicted Beta Total Debt (mm) Total Cash (mm) Net Debt (mm) Basic Market Cap Debt to Cap Asset Beta Company AB InBev 1.49 1.22 $ 112,741 $ 12,740 $ 100,001 $ 182,343 35.4 % 1.10 Boston Beer 0.57 0.91 $ 82 $ 3 $ 79 $ 4,715 1.6 % 0.56 Constellation Brands 0.79 0.88 $ 13,536 $ 81 $ 13,455 $ 37,594 26.4 % 0.64 Heineken 0.89 0.67 $ 17,839 $ 1,751 $ 16,088 $ 55,684 22.4 % 0.73 Molson Coors 1.24 0.85 $ 9,812 $ 490 $ 9,322 $ 12,328 43.1 % 0.83 Source: Axioma and CapIQ as of 18-Oct-2019 Note: Equity beta for WACC calculation uses median of selected peers. Equity beta calculated using Axioma historical methodology. Supplemental Materials 21 Median (Excl. CBA)0.890.88$ 13,536$ 490$ 13,455$ 37,59426.4 %0.73 Mean (Excl. CBA)1.000.91$ 30,802$ 3,013$ 27,789$ 58,53325.8 %0.77 Craft Brew Alliance0.561.00$ 74$ 0.5$ 73$ 16231.1 %0.41 Weighted-Average Cost of Capital6.62 % Cost of Equity6.73 % Equity Beta 6.18%6.16%6.13% 6.67%6.62%6.57% 7.17%7.09%7.01% Implied Debt / Equity Ratio0.11 Debt / Total Capitalization

CONFIDENTIAL – PRELIMINARY DRAFT Craft Brew Investors Alliance’s Top 25 Institutional Source: Thomson, Capital IQ; market data as of 18-Oct-2019; latest ownership data represents Q3’19 13F filings ¹ Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 – Q3 '19. ² Based on share price at market close on 18-Oct-2019 (USD$8.33). ³ Weighted by number of shares held in Q3 '19. Supplemental Materials 22 AUM Institution Refinitiv Style ($bn) Cost Basis and Returns Q3 '19 Historical Positions (Shares in mm) Unrealized Cost Basis1 Gain2 Shares % OS (mm) Q2 '19 Q1 '19 Q4 '18 Q3 '18 Q2 '18 Q1 '18 Anheuser-Busch Companies LLC Strategic $ 0.0 $ 2.73 205.1 % 31.3 % 6.1 6.1 6.1 6.1 6.1 6.1 6.1 Bill Healy Foundation Strategic 0.0 15.60 (46.6) 7.2 1.4 1.4 1.4 Dimensional Fund AdvisorsQuantitative 409.3 7.50 11.0 6.9 1.3 1.3 1.4 1.3 1.3 1.3 1.3 Cannell Capital Hedge Fund 0.4 17.39 (52.1) 4.3 0.8 0.8 0.8 0.8 0.6 0.6 0.7 BlackRock Institutional Trust Co. Index 2,197.8 12.27 (32.1) 3.7 0.7 0.7 0.6 0.6 0.6 0.6 0.5 Vanguard Index 3,689.4 12.54 (33.6) 3.4 0.7 0.7 0.6 0.6 0.5 0.5 0.4 Boyle (Timothy P) Strategic 2.4 2.66 212.9 2.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Susquehanna International Group, LLP Other 39.4 15.71 (47.0) 1.4 0.3 0.3 0.3 0.0 0.0 Renaissance Tech. Quantitative 113.1 17.61 (52.7) 1.2 0.2 0.2 0.3 0.2 0.3 0.2 0.1 State Street Global Advisors (US) Index 1,395.4 12.55 (33.6) 1.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 Northern Lights Fund Trust II Balter L/S Small Cap Equity Fu Other 0.2 16.50 (49.5) 1.1 0.2 0.2 0.3 0.2 0.2 0.2 0.2 Raymond James & Associates, Inc. Broker Dealer 69.8 9.30 (10.5) 0.9 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Northern Trust Investments, Inc. Index 277.6 10.30 (19.1) 0.8 0.2 0.2 0.1 0.1 0.2 0.1 0.1 Nuveen LLC Pension 369.3 14.75 (43.5) 0.8 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Geode Capital Management, L.L.C. Index 478.9 13.71 (39.2) 0.8 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Neuberger Berman, LLC GARP 89.2 8.61 (3.2) 0.7 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Morgan Stanley & Co. LLC Broker Dealer 55.8 15.75 (47.1) 0.6 0.1 0.1 0.1 0.0 0.1 0.0 0.0 Putnam Investment Management, L.L.C. Growth 49.9 17.58 (52.6) 0.6 0.1 0.1 0.1 0.1 0.1 0.2 0.3 Two Sigma Hedge Fund 66.0 19.05 (56.3) 0.6 0.1 0.1 0.1 0.2 0.2 0.1 0.1 Prelude Capital Management, LLC Hedge Fund 1.0 16.76 (50.3) 0.5 0.1 0.1 0.1 0.1 0.0 0.0 0.0 WEDGE Capital Management, L.L.P. Value 8.7 17.74 (53.1) 0.5 0.1 0.1 0.1 0.1 0.1 0.1 0.1 MacKay Shields LLC GARP 12.4 17.11 (51.3) 0.4 0.1 0.1 0.1 0.1 0.1 0.0 0.1 First Manhattan Company Value 18.1 8.63 (3.5) 0.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Manatuck Hill Partners, LLC Hedge Fund 0.2 2.93 184.4 0.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Deutsche Asset Management Americas Growth 72.6 15.68 (46.9) 0.3 0.1 0.1 0.1 0.0 0.1 0.1 0.0 Total 72.6 % 14.1 14.1 13.9 12.1 11.7 11.4 11.3 Median Weighted Average3 $ 14.75 (43.5)% $ 8.37 79.9 %

CONFIDENTIAL – PRELIMINARY DRAFT Craft Brew Alliance’s Top 25 Active Mutual and Hedge Fund Holders Source: Thomson, Capital IQ; market data as of 18-Oct-2019; latest ownership data represents Q3’19 13F filings ¹ Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 – Q3 '19. ² Based on share price at market close on 18-Oct-2019 (USD$8.33). ³ Weighted by number of shares held in Q3 '19. Supplemental Materials 23 AUM Fund Refinitiv Style ($bn) Cost Basis and Returns Q3 '19 Historical Positions (Shares in mm) Unrealized Cost Basis1 Gain2 Shares % OS (mm) Q2 '19 Q1 '19 Q4 '18 Q3 '18 Q2 '18 Q1 '18 Cannell Capital Hedge Fund $ 0.4 $ 17.39 (52.1)% 4.3 % 0.8 0.8 0.8 0.8 0.6 0.6 0.7 DFA U.S. Small Cap Portfolio Quantitative 17.0 13.87 (39.9) 1.9 0.4 0.4 0.4 0.4 0.4 0.3 0.3 DFA U.S. Targeted Value Portfolio Quantitative 10.6 13.74 (39.4) 1.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 Renaissance Tech. Quantitative 113.1 17.61 (52.7) 1.2 0.2 0.2 0.3 0.2 0.3 0.2 0.1 DFA U.S. Micro Cap Portfolio Quantitative 6.3 12.34 (32.5) 1.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Two Sigma Hedge Fund 66.0 19.05 (56.3) 0.6 0.1 0.1 0.1 0.2 0.2 0.1 0.1 Prelude Capital Management, LLC Hedge Fund 1.0 16.76 (50.3) 0.5 0.1 0.1 0.1 0.1 0.0 0.0 0.0 DFA Tax-Managed U.S. Value Quantitative 4.5 8.52 (2.2) 0.5 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Putnam Small Cap Value Fund Value 0.2 17.61 (52.7) 0.4 0.1 0.1 0.1 0.1 0.1 0.0 0.1 TIAA-CREF Quant Small-Cap Equity Fund GARP 3.0 13.81 (39.7) 0.4 0.1 0.1 Manatuck Hill Partners, LLC Hedge Fund 0.2 2.93 184.4 0.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 DFA Tax-Managed U.S. Small Cap Quantitative 3.0 10.40 (19.9) 0.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 MainStay VP MacKay Small Cap Core Portfolio GARP 0.6 16.42 (49.3) 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 AMG Managers Emerging Opp. Growth 0.2 16.43 (49.3) 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 CREF Stock Account Growth 113.7 17.45 (52.3) 0.3 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Noked Capital Ltd. Hedge Fund 0.2 16.59 (49.8) 0.2 0.0 0.0 0.0 0.0 DFA U.S. Core Equity 2 Portfolio Quantitative 27.1 10.80 (22.9) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Putnam VT Small Cap Value GARP 0.1 17.60 (52.7) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GSA Capital Partners LLP Hedge Fund 0.9 15.27 (45.4) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 DFA U.S. Core Equity 1 Portfolio Quantitative 26.0 12.72 (34.5) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MainStay MacKay Small Cap Core Fund Value 0.4 13.88 (40.0) 0.2 0.0 0.0 Perkins Discovery Fund GARP 0.0 18.68 (55.4) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DFA U.S. Vector Equity Portfolio Quantitative 4.6 8.60 (3.1) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AdvisorShares Vice ETF Other 0.0 15.05 (44.7) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Coatue Capital Hedge Fund 11.0 14.33 (41.9) 0.1 0.0 0.0 Total 15.7 % 3.0 3.0 2.9 2.8 2.5 2.2 2.3 Median Weighted Average3 $ 15.05 (44.7)% $ 15.11 (38.5)%

CONFIDENTIAL – PRELIMINARY DRAFT Comparison of Selected Companies ($ in millions, except per share data) Adjusted Equity Market Cap (1) Enterprise Value Multiples (2) Closing Price 18-Oct-2019 % of 52 Week High Adjusted Calendarized 5-Year EPS CAGR (2) 2020 PE/5-Year Dividend Enterprise Sales EBITDA P/E Multiples (2) Company Value (1) 2019 2020 2021 2019 2020 2021 2019 2020 2021 EPS CAGR Yield AB InBev (3) € 83.54 90 % $ 200,168 $ 300,169 5.5 x 5.3 x 5.1 x 13.2 x 12.7 x 11.9 x 19.2 x 19.4 x 17.6 x 16.2 % 1.2 x 3.4 % Boston Beer $ 393.56 89 4,715 4,793 3.9 3.3 3.1 22.9 18.3 16.4 42.8 34.7 30.4 17.6 2.0 0.0 Constellation Brands 197.02 87 37,594 51,362 6.4 6.5 6.1 17.3 17.1 15.7 22.9 21.7 18.7 5.8 3.8 1.5 Heineken (4) € 97.66 94 65,745 83,667 3.1 3.0 2.9 13.2 12.5 11.7 22.1 20.4 18.9 7.2 2.8 2.6 Molson Coors $ 56.98 84 12,523 21,845 2.1 2.1 2.1 9.5 9.5 9.6 13.0 12.7 12.3 (3.9) NM 4.0 (1) Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. (2) Sources: LTM numbers are based on latest publicly available financial statements. Projected revenues, EBITDA, EBIT, and EPS are based on IBES median estimates and/or other Wall Street research. (3) EV adjusted for 61.9% ownership in AmBev and sale of CCBA stake to Coca-Cola. (4) EV adjusted for market value of investments in CCU (30%) and other minorities. Supplemental Materials 24 High 94 % $ 200,168 $ 300,169 6.4 x 6.5 x 6.1 x 22.9 x 18.3 x 16.4 x 42.8 x 34.7 x 30.4 x 17.6 % 3.8 x 4.0 % Mean 89 64,149 92,367 4.2 4.0 3.9 15.2 14.0 13.1 24.0 21.8 19.6 8.6 2.4 2.3 Median 89 37,594 51,362 3.9 3.3 3.1 13.2 12.7 11.9 22.1 20.4 18.7 7.2 2.4 2.6 Low 84 4,715 4,793 2.1 2.1 2.1 9.5 9.5 9.6 13.0 12.7 12.3 (3.9) 1.2 0.0 Craft Brew Alliance (Analyst) $ 8.33 45 % $ 162 $ 235 1.1 x 1.0 x 1.0 x 14.4 x 11.1 x 9.9 x 833.0 x 30.9 x 37.9 x 27.5 % 1.1 x 0.0 %

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HIGHLY CONFIDENTIAL Summary of Key Economic Proposal Submitted on 08-Nov-2019 ($ in millions, except per share data) Terms Source: CBA filings, CBA projections prepared by management of CBA and approved for Goldman Sachs’ use by Special Committee of CBA (“CBA Management Projections”), market data as of 08-Nov-2019. Note: 52-Week high and low shown as intra-day prices. 1 Share price at close on 22-Aug-2019. 2 Calculated based on data provided by CBA management using treasury stock method. 3 Net Debt calculated per CBA Management as of 31-Oct-2019 and LTM EBITDA as of 30-Jun-2019. Net Debt reflects one-time $20mm cash payment from ABI with $10mm used to paydown debt. 4 Analyst estimates include Maxim, BMO, Cowen, and Citi. 5 Pro Forma Adjusted EBITDA calculated by applying 2020E adjusted EBITDA margin to 2019E sales to normalize SG&A costs in 2019E. Transaction Overview 4 Current Offer Price Share Price $ 7.29 $ 16.50 % Premium to Current ($ 7.29) % Premium to 10 Day VWAP ($ 7.56) % Premium to 30 Day VWAP ($ 7.97) % Premium to 52-Week Low 31-Oct-2019 ($ 7.11) % Premium to 52-Week High 08-Nov-2018 ($ 18.07) % Premium to Prior to ABI Announcement ($ 12.96)1 Fully Diluted Shares Outstanding2 - (3.5)% (8.5)% 2.5 % (59.7)% (43.8)% 19.8 126.3 % 118.3 % 107.0 % 132.1 % (8.7)% 27.3 % 19.9 Implied Equity Consideration $ 144 $ 329 Value of Non-ABI Shares Debt Cash Net Debt3 $ 100 $ 41 (10) 31 $ 229 $ 41 (10) 31 Implied Enterprise Value $ 175 $ 360 Implied Multiples Metric EV / Q2 2019 Adj. LTM EBITDA3 $ 11 Analyst Projections (excludes deferred revenue)4 EV / 2019E Sales $ 210 EV / 2019E Adj. EBITDA16 EV / 2020E Adj. EBITDA21 Management Projections (excludes deferred revenue) EV / 2019E Sales $ 196 EV / 2019E Adj. EBITDA2 EV / 2019E Pro Forma Adj. EBITDA513 EV / 2020E Adj. EBITDA13 15.3 x 0.8 x 10.7 8.3 0.9 x NM 13.7 13.2 31.4 x 1.7 x 21.9 17.0 1.8 x NM 28.1 27.2

HIGHLY CONFIDENTIAL Craft Brew Alliance Stock Price History $24 1,500 with strong $22 (~11%), but 1,200 $20 CBA as a $18 900 $16 guidance after $14 600 $12 $10 300 $8 $ 7.29 $6 0 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019 Volume Craft Brew Alliance Source: Bloomberg as of 08-Nov-2019 Transaction Overview 5 Volume (000) Closing Price (USD) 06-Mar-2019 Announces Q4'18 results growth in Kona brand decreasing depletions and shipments for whole Pabst for potential 3-May-2017 Reconfirms 2017 reporting 14% depletion growth for Kona, 13% increase in total company net sales and 640 bps improvement in gross margin 23-Aug-2019 ABI declines the $24.50 qualifying offer and announces one-time incentive payment of $20mm Share Price: (20.6)% 29-Sep-2015 Announces strategic partnership with Cisco Brewers 11-Jan-2016 Announces agreement with sale of Woodinville brewery 02-Dec-2014 Announces strategic partnership with Appalachian Mountain Brewery ("AMB") 27-Apr-2015 Reconfirms 2015 guidance after a Q1 earnings miss due to a reduction in wholesaler inventories 10-Oct-2018 Announces acquisition of partner brands, AMB, Cisco Brewers, and Wynwood Brewing 23-Aug-2016 Announces a series of new commerical agreements with ABI and option to acquire the rest of CBA at qualifying offer of $24.50 by Aug-2019 Share Price: 22.5% 08-Nov-2017 Announces Q3'17 results with 9% depletion growth for Kona with a 10% increase year-to-date

HIGHLY CONFIDENTIAL Research Analyst Perspectives ($ in millions, except per share data) 2019E / 2020E Date of Last Research Buy / Sell / Hold Valuation Methodology Broker Price Target EBITDA (mm) EPS DCF analysis assuming: — — 6% revenue growth medium term EBIT margin expansion from 3.2% in FY18 to 8% by 2025 Terminal growth rate 2.5% 7% WACC 19-Sep-2019 Buy $16.00 $16 / $21 $0.10 / $0.31 — — 7-year DCF analysis using 8% WACC and 3% terminal growth rate Supporting metrics: EV / Revenue and EV / EBITDA multiples relative to peers Maxim 5-Sep-2019 Buy $16.00 18 / 25 (0.07) / 0.36 Target sales multiple of ~1.5x Additional methodologies: — — — — P/E Relative P/E vs. S&P 500 Price-to-Sales EV / EBITDA 5-Sep-2019 Buy $14.00 - / - (0.09) / 0.27 $500-600/bbl value for Kona (partially offset by the rest of BREW's portfolio) BMO 5-Sep-2019 Hold $10.00 13 / 15 0.01 / 0.07 21 / 24 0.32 / 0.43 estimate of ~$244mm Source: Wall Street Research Transaction Overview 8 16-Aug-2019Hold$15.00 Sales multiple of 1.2x based on 2020E net sales Median$15.00$17 / $23$0.01 / $0.31

HIGHLY CONFIDENTIAL Summary of Financial Analyses Price per Share Comments $ 16.68 6.0% to 7.0% weighted average cost of capital — Current NTM EV/EBITDA: 10.6x .76 Share Price $ 16.77 — Low: Hartwall / Danish Royal Unibrew (2013) Transactions $ 18.07 Low: $7.11 (31-Oct-2019) $ 16.00 Low: $10.00, BMO Capital Markets (05-Sep-2019) Source: CBA Management Projections, company filings, Bloomberg, Wall Street Research. Market data as of 08-Nov-2019 Note: Balance sheet data as provided by CBA Management as of 31-Oct-2019 with net debt of $31mm, comprised of $10mm cash (which includes $20mm cash payment from ABI) and $41mm gross debt, 19.5mm basic shares outstanding and fully diluted shares calculated as of 08-Nov-2019 per CBA management. Financial Analyses 13 Reference Information Financial Analyses Current Share Price: $7.39 Discounted Cash Flow $ 11.34 Offer Price: $16.50 2.0% to 2.5% perpetuity growth rate Implied midpoint terminal LTM EV/EBITDA multiple of 12.6x 10.5x – 14.5x multiple applied to NTM EBITDA — Industry Peers NTM EV/EBITDA: 12.0x Cost of equity of 7.0% Present Value of Future$ 5.21 $ 13 Selected Precedent$ 3.50 8.8x – 31.5x multiple applied to Q2 2019 LTM EBITDA of $11mm — High: Ballast Point / Constellation Brands (2015) Precedent Public Takeover Premia$9.44 $12.19 Based on precedent public M&A 1-day premia for all cash transactions since 2014 with EV $100mm – $1,000mm — Low: 25% percentile of ~13.9% — High: 75% percentile of ~47.1% 9.6x – 16.6x multiple applied to 2020E EBITDA — Low: Molson Coors — High: Boston Beer Public Comps Trading$ 4.84 $ 9.57 52-Week Trading Range (Intraday)$ 7.11 High: $18.07 (08-Nov-2018) Analyst Price Targets$ 10.00 High: $16.00, Maxim Group (05-Sep-2019)

HIGHLY CONFIDENTIAL Discounted ($ in millions) Cash Flow Analysis Terminal Year FYE Dec-31 FY2019E FY2020E FY2021E FY2022 FY2023 FY2024 $ 237.7 0.0 % $ 26.0 10.9 % 8.3 % (4.8) 24.1 % 4.2 (0.9) (4.2) Equity Value per Share Implied Terminal LTM EBITDA Multiple 2.00 % 2.25 % 2.50 % 2.00 % 2.25 % 2.50 % 6.0 % 6.0 % 6.8 % 6.8 % 7.0 % 7.0 % Source: CBA Management Projections Note: Cash flows discounted to 31-Dec-2020 using mid-year convention for cash flows as end of 31-Dec-2020. Terminal value calculated as of FY2024E. Reflects net debt of $31mm as provided by CBA Management as of 31-Oct-2019, comprised of $10mm cash (which includes $20mm cash payment from ABI) and $41mm gross debt in calculation of equity value per CBA management. Reflects 19.466mm shares outstanding including 0.302mm options, 0.181mm RSUs, 0.139 PSUs and 0.029 stock grants per CBA management. Reflects marginal tax rate of 24.1% per CBA management. 1 Adjusted EBITDA includes stock based compensation. Financial Analyses 14 Discount Rate Discount Rate 14.3 x 15.3 x 16.4 x 11.9 12.6 13.4 11.5 12.1 12.8 $ 14.63 $ 15.58 $ 16.68 11.86 12.50 13.21 11.34 11.93 12.58 Perpetuity Growth Rate Perpetuity Growth Rate $ 14.2 $ 15.1 $ 19.8 Revenue$ 196.2 % Growth Adjusted EBITDA1$ 2.3 % Margin1.2 % $ 202.7$ 213.6$ 224.1$ 230.8$ 237.7 3.3 %5.4 %4.9 %3.0 %3.0 % $ 13.2$ 18.7$ 24.0$ 25.1$ 26.0 6.5 %8.8 %10.7 %10.9 %10.9 % Adjusted EBIT$(15.1) $(0.5)$ 4.8$ 10.1$ 10.8$ 11.2 % Margin(7.7)% (-) Taxes % Tax Rate (0.3)%2.3 %4.5 %4.7 %4.7 % 0.0(1.2)(2.4)(2.6)(2.7) -24.1 %24.1 %24.1 %24.1 % NOPAT $(0.5)$ 3.7$ 7.7$ 8.2$ 8.5 (+) D&A (-) in NWC (-) Capex 12.012.112.112.512.9 (0.5)(0.8)(0.9)(0.9)(0.9) (13.5) (4.0) (4.0)(4.1) (4.2) Unlevered Free Cash Flow $(2.5)$ 11.0$ 15.0$ 15.7$ 16.2

HIGHLY CONFIDENTIAL Public Market Present Value of Future Share Price Analysis Based on Forward EV/EBITDA Multiple Present Value of Future Stock Price at 7.0 % Cost of Equity1 Future Value of Stock Price $18.00 $18.00 Forward EV / EBITDA Multiple 15.89 13.76 Current 10.6x 13.51 $ 11.65 Industry Peers $12.00 $12.00 11.70 12.0x 11.14 CBA 3-Year Average 9.65 17.3x $ 7.29 $ 7.29 Average Since ABI Non-Offer2 13.0x $6.00 $6.00 $0.00 $0.00 Current Price 2019E 2020E 2021E Current Price 2019E 2020E 2021E Current 10.5x Forward EV/EBITDA 12.5x Forward EV/EBITDA 14.5x Forward EV/EBITDA As Of Dec-2019 Dec-2020 Dec-2021 ’19 – ’21 CAGR Fwd. EBITDA $ 13.2 $ 18.7 $ 24.0 34.8 % 44.9 39.5 30.7 Debt 11.0 1.0 1.0 Cash3 Source: CBA Management Projections Note: “Current” represents CBA share price as of 08-Nov-2019. Present value reflects implied future value of stock price discounted back to 08-Nov-2019. 1 Please refer to pg. 21 for detailed calculation of cost of equity. 2 Since day prior to ABI announcement of incentive payment on 22-Aug-2019. 3 Includes proceeds from $20mm ABI payment. Financial Analyses 15 $ $ 10.79$ $ $ 7.84$ 9.07 $ 6.52$ 7.34 $ 5.21 $ $ $ $ 9.80 $ 7.91 $ 7.92 $ 6.59 $ 5.26

HIGHLY CONFIDENTIAL Public Market Trading Multiples Over Time LTM EV / EBITDA NTM EV / EBITDA 35x Since 63x Since day ay 10.6 x 12.0 9.6 16.6 16.6 12.0 4 x 0 7 0 2 4 56x 30x 49x 25x 42x 20x 35x 16.6 x 16.6 x 28.0 x 25.4 x 28x 15x 12.0 x 12.0 x 10.6 x 9.6 x 21x 20.2 x 10x 14x 13.4 x 12.0 x 9.7 x 7x 5x Nov-2014 Feb-2016 May-2017 Aug-2018 Nov-2019 Nov-2014 Feb-2016 May-2017 Aug-2018 Nov-2019 Source: Bloomberg, CapIQ and IBES estimates. Market data as of 08-Nov-2019 Note: NTM EBITDA estimates for Craft Brew Alliance are unavailable prior to 19-Oct-2017. 1 Since announcement shows performance since day prior to ABI announcement of incentive payment on 22-Aug-2019. Financial Analyses 18 LTM EBITDA Multiple NTM-Time Weighted EBITDA Multiple Average 3Y 1Y 3M Announcement1 Tod Craft Brew Alliance 26.1 x 28.4 x 30.1 x 28.4 x 25. Anheuser-Busch 15.7 12.9 13.3 13.2 12. Molson Coors 12.9 9.7 9.7 9.7 9. Constellation Brands 15.8 14.9 25.3 27.4 28. Boston Beer Company 15.7 20.7 23.3 22.8 20. Heineken 13.3 13.6 13.9 13.9 13. Average 3Y 1Y 3MAnnoucement1To Craft Brew Alliance17.3 x 16.3 x 13.0 x13.0 x Anheuser-Busch13.412.012.512.5 Molson Coors10.49.39.39.3 Constellation Brands16.116.217.417.4 Boston Beer Company14.817.819.419.4 Heineken11.311.512.112.1

HIGHLY CONFIDENTIAL Public Company Trading ($ in millions, except per share data) Adjusted Equity Market Cap (1) Enterprise Value Multiples (2) Closing Price 8-Nov-2019 % of 52 Week High Adjusted Calendarized 5-Year EPS CAGR (2) 2020 PE/5-Year Dividend Enterprise Sales EBITDA P/E Multiples (2) Company Value (1) 2019 2020 2021 2019 2020 2021 2019 2020 2021 EPS CAGR Yield AB InBev (3) € 71.10 77 % $ 169,245 $ 269,246 5.0 x 4.9 x 4.7 x 12.3 x 11.9 x 11.3 x 16.9 x 17.5 x 15.6 x 13.3 % 1.3 x 3.9 % Boston Beer $ 361.97 81 4,312 4,331 3.5 2.9 2.6 20.3 16.0 13.9 37.8 30.6 27.1 21.5 1.4 0.0 Constellation Brands 187.56 87 35,789 49,557 6.1 6.3 6.0 16.7 16.6 15.1 21.8 20.6 17.8 5.8 3.6 1.6 Heineken (4) € 91.00 88 60,709 78,437 3.0 2.8 2.7 12.6 11.9 11.1 20.7 19.2 17.7 7.0 2.7 2.8 Molson Coors $ 53.79 80 11,826 21,002 2.0 2.0 2.0 9.2 9.6 9.6 12.5 13.4 12.9 (7.0) NM 4.2 (1) Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. (2) Sources: LTM numbers are based on latest publicly available financial statements. Projected revenues, EBITDA, EBIT, and EPS are based on IBES median estimates and/or other Wall Street research. (3) EV adjusted for 61.9% ownership in AmBev and sale of CCBA stake to Coca-Cola. (4) EV adjusted for market value of investments in CCU (30%) and other minorities. Financial Analyses 19 High 88 % $ 169,245 $ 269,246 6.1 x 6.3 x 6.0 x 20.3 x 16.6 x 15.1 x 37.8 x 30.6 x 27.1 x 21.5 % 3.6 x 4.2 % Mean 83 56,376 84,515 3.9 3.8 3.6 14.2 13.2 12.2 21.9 20.3 18.2 8.1 2.3 2.5 Median 81 35,789 49,557 3.5 2.9 2.7 12.6 11.9 11.3 20.7 19.2 17.7 7.0 2.1 2.8 Low 77 4,312 4,331 2.0 2.0 2.0 9.2 9.6 9.6 12.5 13.4 12.9 (7.0) 1.3 0.0 Craft Brew Alliance (Analyst) $ 7.29 42 % $ 142 $ 215 1.0 x 0.9 x 0.9 x 13.1 x 10.1 x 9.1 x NM 27.0 x 33.1 x 27.5 % 1.0 x 0.0 % Craft Brew Alliance (Mgmt) $ 7.29 42 142 215 1.1 1.0 1.0 38.7 13.1 9.8 NM NM 26.5 - - -

HIGHLY CONFIDENTIAL Weighted Average Cost of Capital Analysis ($ in millions) WACC Calculation Sensitivity Table Debt / Cap Equity / Cap 10.0 % 90.0 % 5.0% 10.0% 15.0% 0.80 Risk-Free Rate Equity Beta Equity Risk Premium 2.25 % 0.90 5.20 % 0.90 Illustrative Pre-Tax Cost of Debt After-Tax Cost of Debt 7.50 % 5.70 % 1.00 For Reference: Selected Public Companies Historical Equity Beta Total Debt (mm) Total Cash (mm) Net Debt (mm) Basic Market Cap (mm) Predicted Beta Debt to Cap Company AB InBev 1.55 1.44 $ 112,741 $ 12,740 $ 100,001 $ 153,514 39.4 % Boston Beer 0.55 1.07 $ 47 $ 27 $ 19 $ 4,312 0.4 % Constellation Brands 0.78 0.82 $ 13,536 $ 81 $ 13,455 $ 35,789 27.3 % Heineken 0.90 0.70 $ 17,839 $ 1,751 $ 16,088 $ 51,886 23.7 % Molson Coors 1.21 0.93 $ 9,586 $ 410 $ 9,176 $ 11,638 44.1 % Source: Axioma and CapIQ as of 08-Nov-2019 Note: Equity beta for WACC calculation uses median of selected peers. Equity beta calculated using Axioma historical methodology. Weighted Average Cost of Capital Calculation 21 Median (Excl. CBA)0.900.93$ 13,536 $ 410$ 13,455$ 35,78927.3 % Mean (Excl. CBA)1.000.99$ 30,750$ 3,002$ 27,748$ 51,42827.0 % Craft Brew Alliance (Analyst)0.541.00$ 74$ 0.5$ 73$ 14234.0 % Weighted-Average Cost of Capital6.81 % Cost of Equity6.93 % Equity Beta 6.38%6.34%6.31% 6.87%6.81%6.75% 7.36%7.28%7.19% Implied Debt / Equity Ratio0.11 Debt / Total Capitalization

HIGHLY CONFIDENTIAL Summary of Management Financial Plan Excludes Deferred Revenue from ABI International Incentive Payment Management Projections '17 - '19 CAGR '19 - '22 CAGR FYE 31-Dec 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2024E Beer Revenue $ 176.4 $ 176.2 $ 171.7 $ 177.6 $ 187.4 $ 197.7 $ 203.6 $ 209.8 % Growth (0.2)% (2.5)% 3.5 % 5.5 % 5.5 % 3.0 % 3.0 % Pub Revenue $ 27.6 $ 24.0 $ 24.5 $ 25.1 $ 26.1 $ 26.4 $ 27.2 $ 28.0 % Growth (13.0)% 2.1 % 2.2 % 4.3 % 0.9 % 3.0 % 3.0 % % Growth 0.0 % (1.9)% (2.0)% 3.3 % 5.4 % 4.9 % 3.0 % 3.0 % Beer COGS $ 116.4 $ 115.2 $ 110.7 $ 114.7 $ 119.2 $123.0 $126.7 $130.5 % of Revenue 66.0 % 65.4 % 64.5 % 64.6 % 63.6 % 62.2 % 62.2 % 62.2 % Pub COGS $ 25.8 $ 22.7 $ 22.0 $ 22.3 $ 22.8 $ 22.9 $ 23.6 $ 24.3 % of Revenue 93.3 % 94.3 % 89.5 % 88.9 % 87.2 % 86.7 % 86.7 % 86.7 % Beer Gross Profit $ 60.0 $ 61.0 $ 61.0 $ 62.9 $ 68.2 $ 74.7 $ 77.0 $ 79.3 Pub Gross Profit 1.8 1.4 2.6 2.8 3.3 3.5 3.6 3.7 % Margin 30.3 % 31.1 % 32.4 % 32.4 % 33.5 % 34.9 % 34.9 % 34.9 % SG&A $ 60.5 $ 62.6 $ 74.0 $ 66.2 $ 66.8 $ 68.1 $ 69.8 $ 71.8 SG&A - Kona Lawsuit - - $ 4.7 - - - - - % of Revenue 29.6 % 31.3 % 37.7 % 32.7 % 31.3 % 30.4 % 30.2 % 30.2 % % Growth - 3.5 % 18.2 % (10.5)% 0.8 % 2.0 % 2.5 % 2.8 % % Margin 0.7 % (0.1)% (7.7)% (0.3)% 2.3 % 4.5 % 4.7 % 4.7 % EBITDA $ 14.1 $ 11.6 $(2.4) $ 13.2 $ 18.7 $ 24.0 $ 25.1 $ 26.0 % Margin Adjusted EBITDA1 % Margin 6.9 % 5.8 % (1.2)% 6.5 % 8.8 % 10.7 % 10.9% 10.9% $ 14.1 $ 11.6 $ 2.3 $ 13.2 $ 18.7 $ 24.0 $ 25.1 $ 26.0 (59.5)% 118.5 % 6.9 % 5.8 % 1.2 % 6.5 % 8.8 % 10.7 % 10.9% 10.9% Source: CBA Management Projections Note: Reflects tax rate of 24% per CBA management. ¹ Adjusted EBITDA adjusts for $4.7mm charge related to Kona class action lawsuit in 2019E. Additional Supplemental Materials 23 Income Statement ($ in millions, except per share data) NA NA Operating Income $ 1.4 $(0.2) $(15.1) $(0.5) $ 4.8 $ 10.1 $ 10.8 $ 11.2 7.2 % 1.4 % Total Gross Profit $ 61.9 $ 62.3 $ 63.6 $ 65.7 $ 71.6 $ 78.2 $ 80.6 $ 83.0 3.2 % (3.4)% Total COGS $ 142.2 $ 137.9 $ 132.6 $ 137.0 $ 142.0 $ 145.9 $ 150.2 $ 154.8 4.5 % (1.9)% Total Revenue $ 204.1 $ 200.2 $ 196.2 $ 202.7 $ 213.6 $ 224.1 $ 230.8 $ 237.7