Waterloo Brewing Investment Highlights

3 Multiple Avenues for Continued Strong Organic Growth Waterloo's investments in infrastructure, sales and marketing allow the company to amplify multiple organic growth opportunities Branded Volume Expansion Owned brand volume growth has outpaced the market as new products and packaging, supported by facility upgrades, are highly regarded by consumers Waterloo's focus on quality and authenticity has allowed its brands to stand out against a backdrop of limited price competition Sales promotions and seasonal offerings, like Oktoberfest Brew, have supported strong year- round growth in owned brands Co-Pack Growth CIB Opportunity Co-pack business is a competitive advantage supported by management expertise in developing and bringing to market a wide variety of beverages Positioned for growth as Waterloo's flexible production facility, new canning line and expanded brewing capabilities allow for superior customization and speed to market Provides portfolio diversification, manages risk and allows Waterloo to enter new beverage product markets Ongoing investments in NA beverage manufacturing have prepared Waterloo to seize a first mover advantage in the nascent CIB market Waterloo is aggressively pursuing the opportunity for licenses to develop and process cannabis- infused products North American recreational cannabis market estimated to be ~$19bn. The CIB market is estimated to total ~$3bn in 2019 and quickly grow to take a larger portion of the market with the potential to fundamentally transform the beer industry Fixed Cost Leverage Waterloo's FY18A facility consolidation in Kitchener provides for more efficient absorption of fixed costs and improves the company's margin profile Co-pack business efficiently utilizes excess capacity, further spreading fixed costs while growing revenues Source: Wall Street research 13 WATERLOO0 -BREWING-

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