Waterloo Brewing Investment Highlights

сл 5 Consistent Record of Co-Pack Growth Offsetting Fixed Costs Waterloo's co-pack business is a competitive advantage as it spreads fixed costs and contributes to scale and efficiency; the co-pack business grew by 26% in FY18A, on top of 20% growth in FY17A Overview Co-packing brings diversification and reduced risk against branded portfolio performance Recent capital upgrades to Waterloo's canning line (doubled capacity) have fostered co-pack revenue growth 200K HL capacity in F18 with plan to expand to 450K His capacity in F20 Consumer demand for cans is growing Actively pursuing opportunities to grow existing co-pack agreements and secure new co-pack customer relationships Global Food Certification ("GFSI"), packaging flexibility, and effective execution provide competitive advantage Continually updating production capabilities (i.e.. sleek cans) offer customers unique packaging options at competitive prices Competitive Advantages Product Expertise Speed to Market Access to Consumer Formulating new products and flavours for co- pack clients gives Waterloo expertise in product development and management Rapid production of new co-packed beverages drives higher volumes and becomes a differentiator in the nascent CIB market Waterloo serves as key gateway between large co-pack clients and their customers; it efficiently provides critical supply that co-pack clients cannot provide themselves Note: Revenue and Volume data exclude the Formosa brands sold by Waterloo in FY18A Co-Pack Volume (HL 000s) Co-Pack Revenue (C$mm) 200 Consistent Co-Pack Growth Volume 60% 3 Yr CAGR 311% 150.6 150 48% 135.0 109.0 37.9% 100 87.6 32.2% 36% 31.2% 50 24% FY16A FY17A FY18A Q319 Gross Revenue $15 25% $12 3 YR CAGR: 22.6% $10.5 20% $9.2 14.3% $9 $7.3 15% $6.1 9.5% $6 8.5% 10% 8.5% $ - FY16A FY17A FY 18A Q319 5% 15 WATERLOO0 -BREWING % of Gross Revenue % of Total Production

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