CBA Investor Presentation - 2018

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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3
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)

Shares outstanding 19.3 million

Market cap (as of $381.4 million
5/29/18)
Founded: 2008
Employees: 650+
Brands: Kona Brewing Co. PLUS Omission, Redhook, Widmer
Brothers, Cisco Brewers, Appalachian Mountain Brewery,
Wynwood Brewing, Square Mile Cider Co.
Breweries: 3 U.S. mainland; 1 Hawaii
International footprint: 30+ countries
2017 net sales: $207.5 million
Cash and equivalents: $0.6 million 4
 Driving Long-Term Value for Shareholders
▪ Transformational, strategic relationship with Anheuser-Busch InBev (32% ownership)
▪ Best route to market in industry
▪ Distinctive brand portfolio anchored by Kona, a fast-growing national lifestyle brand
▪ Focused priorities
 Strengthening the top line
 Improving core business health
 Actualizing the future
▪ Proven track record developing strategic partnerships
▪ Solid financial position to support aggressive growth
▪ Experienced leadership team with significant industry expertise

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 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
6
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

▪ Top national craft beer brand

▪ Up 10% in 2017
▪ Contributed 4% to retail dollar sales
growth of entire craft segment
▪ Kona’s retail sales growth ranked 27th
out of 1,700+ brand families in 2017
-- less than half had positive retail
dollar sales growth
Source: Nielsen Data, 52 weeks ending April 21, 2018.
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Focused Priorities Driving Growth and
Profitability
Strengthening Improving Core Actualizing
Top Line Business Health the Future

Right Size
Kona Plus Strategy Infrastructure and AB Partnership
Cost Base

Home Market Gross Margin Innovation

Strategy Enhancement

International Talent Development

Growth and Culture
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Strengthening the Top Line
EXECUTE “KONA+” STRATEGY
▪ Combine power of leading
national lifestyle brands with
strong regional craft breweries in
key markets
▪ Kona Brewing Co. up 10% in
2017
▪ Kona Big Wave up 25% YTD
▪ Largest media investment
behind Kona in 2018

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Strengthening the Top Line
SUPPORT HOME MARKET STRATEGY

▪ Strong stable of authentic

regional craft brands in
strategic beer markets
▪ Six innovation breweries and
brewpubs in each brand’s
home state: OR, WA, NC, MA, FL
& HI

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Strengthening Top Line
DRIVE INTERNATIONAL GROWTH

▪ CBA now exports to 30

countries
▪ International distribution
with Anheuser-Busch InBev
and Craft Can Travel
▪ Kona up 45%
internationally in 2017

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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

Beer Market Flat to Declining

Highly Competitive

CBA Lifestyle Brands Rising

Lifestyle Brands Rising

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
*

2018 Capital Expenditures

1.3 X
Estimated $16-19 million
1.0 X 1.0 X 1.0 X
0.9 X
Estimated maintenance capital
$3-5 million

2011 2012 2013 2014 2015 2016 2017

* 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

Beer shipments (Y-O-Y) 748,300 775,600 (-2%) to 3%

Net sales $207.5 $202.5

Y-O-Y change +2% -1%
Y-O-Y pricing change +1% to +3%
Gross margin rate 31.5% 29.4% 32-35%

SG&A $60.5 $59.2 $59-61 million

EPS, per diluted share $0.49 ($0.02)

EBITDA $17.5 $12.4

Cash flow from operations $16.8 $7.4

CapEx $18.3 $15.7 $16-19

Leverage ratio (total debt/EBITDA) 1.9X 2.4X

Tax Rate 28%

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 2018 Guidance
Shipments: -2% to 3% Total Gross Margin Rate: 32% to 35%
Avg. pricing: Up 1-3% 32% to 35%
Volume Growth Rate

Gross Margin Rate

9.7%
-2% to +3%

-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

2014 2015 2016 2017 2018E 2014 2015 2016 2017

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 Why Invest in BREW?

▪ Transformational strategic relationship with Anheuser-Busch

▪ Best route to market in industry
▪ Distinctive brand portfolio, anchored by Kona Brewing Co.
▪ Focused priorities
 Strengthening the top line
 Improving Core Business Health
 Actualizing the future
▪ Proven track record unlocking value from strategic partnerships
▪ Solid financial position to support aggressive growth
▪ Experienced leadership team with significant industry expertise

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 Thank you.

For more information:

Jenny McLean
Director, Corporate Communications
jenny.mclean@craftbrew.com
Appendix
Ownership Structure

17% A-B

31% Widmer Brothers Public Float

Approximately 3.2 million shares
Kona founders
3-month avg. daily trading volume
approximately 83,000 shares
Management and
Board
35% 4%
Institutional
9%
Minority
4%

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Experienced Leadership Team
Andy Thomas, CEO
▪ Named CEO Jan. 2014
▪ President of Commercial Operations 2011-
2013
▪ 12 years at Heineken International
▪ President & CEO of Heineken USA 2005-
2007
▪ Previously Consultant and Senior Advisor for
The Monitor Group
Kenneth Kunze, CMO
▪ Named CMO Nov. 2013
▪ More than 25 years experience in CPG
and bev/alc marketing leadership
▪ Previously CMO of Heineken USA and
Sabra Dipping Co.
J. Scott Mennen, COO
▪ Named COO May 2015
▪ VP, Brewery Operations 2013-2015
▪ Previously VP, Operations of Pabst Brewing
Company
▪ Previously Global Director of Brewing & Quality of
Anheuser-Busch
Derek Hahm, Vice President, Sales
▪ Led CBA sales organization since Nov. 2016
▪ Held various leadership positions, including Chief of
Staff, since 2012
▪ From 2002 to 2012, held multiple sales and sales
operations management positions
▪ Previously served in key sales positions at
Washington-based wholesalers
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Board of Directors
David R. Lord, Chairman of the Board
▪ Named Chairman Jan. 2016
▪ Board Director since May 2003
▪ Retired as President of Pioneer Newspapers,
Inc. which he held for 18 years
▪ Practiced law, private practice and as
criminal deputy prosecuting attorney
Marc Cramer, Independent Director
▪ Board Director since December 2010
▪ Finance Director, Bill Healy Foundation
and Cedar Holdings, LLC
▪ Director of Sequential Pacific Biodiesel,
Inc. and Scott Paul Wines since 2008
Timothy P. Boyle, Independent Director
▪ Board Director since July 2008
▪ President and CEO of Columbia Sportswear Company
▪ Director on the boards of Columbia Sportswear Company
and Northwest Natural Gas Company
▪ Trustee of Reed College and past member of Young
Presidents’ Organization and University of Oregon
Foundation
Paul D. Davis, Independent Director
▪ Board Director since March 2016
▪ CEO of popchips, Inc.
▪ Served as CEO of Coinstar, Inc. and Kettle Foods, Inc.
▪ Held various executive positions at Starbucks
Corporation, including President-NA Operations
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 Board of Directors cont.
Kevin R. Kelly, Independent Director
▪ Board Director since 2008
▪ Former CEO of First Call Heating & Cooling
▪ Held various executive positions, including
President at US Bancorp and US Bank of
Oregon
▪ Served as director of Widmer Brothers Brewing
Company for 13 years until the CBA merger in
2008
Nickolas A. Mills, AB-Designated Board Director
▪ Board Director since January 2017
▪ Vice President of Supply for the High End
at Anheuser-Busch since 2001
▪ Held various roles at A-B’s Baldwinsville
Brewery from 2010 to 2016
▪ Previously served in various brewing
positions with A-B in St. Louis, MO,
Merrimack, NH and Jacksonville, FL
Jacqueline S. Woodward, Independent Director
▪ Board Director since May 2017
▪ Chief Marketing Officer for Krispy Kreme Doughnuts
since June 2016
▪ Served as VP of Global Media and Connections
Platforms for General Mills, Inc. from 2014 to 2016
▪ Held various executive positions at MillerCoors
including Vice President of Marketing Connections
▪ Held various executive positions at McDonald’s
Corporation
Joăo Falcăo Vieira, AB-Designated Board Director
▪ Board Director since June 2018
▪ Vice President for the North America zone at Anheuser-
Busch
▪ Held various leadership roles at AmBev Brazil from 2011
to 2017
▪ Previously served as A-B’s Vice President of The High
End and Sales Vice President for the Northeast region
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