Waterloo Brewing Investment Highlights

4. Strong and Diverse Portfolio of Compelling Owned Brands Waterloo's portfolio covers a wide range of alcoholic beverages and is well-positioned in the attractive, growing sub-segments of both premium and value beer Top Brands WATERLO0 BREWING Superior Ontario Craft Beer at a Reasonable Price High quality, simple core beer styles with seasonal offerings 17 SKUs Serves growing consumer demand for seasonal beers, particularly in the summer Numerous local and global brewing awards Volume +0% in F19 Q3 10% of F19 Owned Brands volume New packaging launch well received Sells in cans and bottles National expansion opportunity LAKER The Best Value in Value Beer Well-positioned value beer ► 19 SKUs FY19A packaging redesign delivering positive growth ▸ Effective marketing includes in-case sales promotions Volume +1% in F19 Q3 74% of F19 Owned Brands volume Leading consumer offerings: 473 mls single cans ► 24 pack bottles LANDSHARK Lager PREMIUM DUALITY Premium Beach Beer Exclusive long-term Canadian license for LandShark Lager and Margaritaville 9 SKUs Launched in Canada in spring 2016 ■Potential for expansion into CIBS with Jimmy Buffett Coral Reefer RTD Volume (LandShark and Margaritaville) +2.5% in F19 Q3 11% of F19 Owner Brand volume National expansion opportunity Core WATERLO WATERLO WATERLO WATERLO DARK 235 AMBER 214 PILSNER 246 Seasonal WATERLOO WATERLOO Note: Volume data excludes the Formosa brands sold by Waterloo in FY18A LAKER LAKER AKER LAGER LAKE LIGHT LAKER AKER LIGHT GHT LAKER ICE 14 LAKER AKER ICE LAKE LAKER AKER LANDSHARK 22 Kager LANDSHARK LURGELER LANDSHARK WATERLOO0 -BREWING

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