Right Time. Right Brewery.

Brick Brewing. An opportune investment.

Disclaimer
All statements in this presentation that do not directly and exclusively relate to
historical facts constitute forward-looking statements as of the date of this
presentation. Forward-looking statements generally can be identified by the use of
forward-looking terminology such as may, will, expect, estimate, intend,
anticipate, seek, plan, believe, continue or the negatives of these terms or
variations of them or similar terminology. Although the Corporation believes that the
expectations and assumptions reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on these forward-looking
statements, which are not guarantees and are subject to certain risks, uncertainties
and assumptions, which may cause actual performance and financial results to differ
materially from such forward-looking statements. The forward-looking statements
included in this presentation are made only at the date of this presentation and,
except as required by applicable securities laws, the Corporation does not undertake
to publicly update such forward-looking statements to reflect new information, future
events or otherwise.

Company Overview

Brick Brewing Co. Ltd (TSX:BRB) produces, sells, markets and distributes packaged
and draught beer in the value and craft beer segments and Seagram coolers and
ciders across Canada.
The largest Canadian-owned brewery in Ontario
Own Canadian rights to the Seagram trademark (vodka and malt-based
coolers, and cider)
Produce under co-packing agreements for others (eg: Motts, PC)

Publicly traded brewer with a focus on craft and a track record of growth.

Management Team
GEORGE CROFT
(President & CEO)

- Appointed President
and CEO of the
Company in May 2008
- Over 30 years
experience with Labatt
& Lakeport

RUSSELL TABATA
(COO)

- Appointed Chief
Technical Officer May
2009; Chief Operating
Officer April 2013
- Over 25 years
experience with
Molson & Lakeport

SEAN BYRNE
(CFO)

- Appointed CFO in April

2013
- Broad manufacturing
& CPG experience
(Canada, US & Europe)
- 20+ years in senior
financial leadership

Proven management team with scale and a record of delivering growth, both top line and bottom line.
4

Investment Highlights
Leading Ontario Brewer

4th largest brewer in Ontario and 5th in Canada

Largest independent brewer in Ontario

Attractive Beverage Portfolio

Diversified beverage portfolio in high-growth, high-margin

segments including premium craft beer, cider and coolers

Record Financial Performance

Achieved F15 gross margin of 28.1% up 3.7% vs. F13

Record EBITDA of $5.4m

Strong Operational Track Record

High confidence Initiatives Underway

Improved capacity utilization and achieved cost reductions

Attained Global Food Safety (GFS) certification
Facility consolidation: step-change in product cost, $1M savings
Ontario expansion into grocery, change initiatives in TBS

Premiers Advisory Council

Final framework announced in September
Very positive for Brick (& other small brewers)
Increased distribution points for consumers:
60 by end of 2015
150 by spring 2016
450 in 2018

Improved shelf space for small brewers, both TBS & grocery
Lower TBS cost savings exceed increase to beer tax
Upgrades to modernize TBS stores, improve the shopping experience
Improved TBS governance and oversight (independent board members)

Brick expected to assume TBS board seat in November

TBS fee reductions immediate
More than offset increase to Ontario beer tax (effective Nov 1)

Council now turning to LCBO potential for further improvements

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Key Operating
Statistics
CAPACITY

Brewing
Capacity (HL)
- 500K
Packaging
Capacity (HL)
- Bottles:
625K
- Cans: 210K
- Kegs: 65K
1 HL = 12.2 cases

CURRENT OUTPUT
(F15)

BEVERAGE
PORTFOLIO

293,000
Hectoliters
(HL)
- 3.5 million
cases

Three
supported
brands:
Waterloo,
Seagram and
Laker

Approximately
60% capacity
utilization

Broad offering:
premium craft
beer, coolers,
ciders, malt &
value beers

EMPLOYEES

FACILITIES (F15)

EBITDA

Headcount:
130

Kitchener
- brewing
- packaging
& distribution

F13: $4.0M

Non-union
workforce

F14: $4.6M
F15: $5.4M

Formosa
- brewing
- bottling

Strategic Imperatives
Invest in our focus brands:
Waterloo, Seagram, Laker

Win in key Ontario

market

Build a strong co-pack

portfolio

Optimize
operations

Secured multi year

renewal of two major
co-pack agreements

Kitchener expansion
new brewhouse offers
efficiency, capability,
$1Mcost savings

Near Term Priorities

Product innovation:
Waterloo 4 new seasonals
Seagram 3 new flavours
Laker - IPA
Maintain marketing spend
shift mix to Waterloo from
Laker

On-premise effort in
Ontario with focus on
Waterloo craft premium,
and Seagram cider
Win in home market of
KW through increased
investment and focus
Expand in grocery

Business development,
targeted at meaningful,
viable opportunities,
both new and current
customers

Evaluate phase II
opportunities capacity
utilization, continue
consolidation

Product Portfolio
Bricks portfolio of brands is built to capitalize on specific profitable volume growth
opportunities

Waterloo Brewing Co.

Seagram

Superior Ontario craft beer at a

reasonable price

High quality, simple core beer

styles
Interest building seasonal beers
Numerous local and global
brewing awards
Volume +21% in FY 2015, and
+37% in Q2 F16

Laker
The best value in value beer

All natural coolers and ciders

Malt-based coolers, ciders and

vodka coolers
National distribution footprint
through Seagram Wildberry
Volume -13% FY 2015 - reduced
listings, mitigated by growth in
Cider (25% ) & Malt (80%)
Q2 F16 volume -22% - listings,
cool start to summer, partially
offset by Cider @ 2x Q2 F15

Adding more value (free can in

case, sales promotions) than
any other beer brand
Volume -12% in FY 2015 (12
pack launch prior year)
Volume -4% in Q2 F16, driven
by price pressure from
mainstream brands

International Brewing Awards

Waterloo Brewing Co. has established an unrivalled history of craft brewing awards
from Ontario and Canadians Brewing Awards to the global standard for quality, The
Monde Selection awarded in Belgium.

Waterloo Dark
Gold x 5
Silver x 5
Bronze x 2
Waterloo Pilsner
Gold x 1
Silver x 2
Waterloo IPA
Gold x 3
Bronze x 1

Waterloo Wheat
Silver x 1
Waterloo Vanilla Porter
Gold x 1
Waterloo Oatmeal Porter
Gold x 1
Waterloo Grapefruit Radler
Gold x 1

Waterloo Amber
Gold x 3
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Gross Margin
29.00%
28.00%

GP% continues to trend higher, with Q2 YTD at 28.8%

(ex 1x costs), vs Q2 YTD prior at 27.4%

27.00%
Rich product mix Waterloo, Seagram and Laker
26.00%

Improved pricing environment

25.00%

Co-pack delivering incremental margin

24.00%

Investments driving cost lower [eg. canning]

23.00%

Improving margins in Value

22.00%
Gross Margin

F13
24.40%

F14
26.10%

F15
28.10%

Profitability continues to improve

Source: Public fillings of quarterly financial statements

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Q2 F2016 Highlights
Highlights:
Net revenue increased to $11.0 million, from $10.4 million the prior year
Selling, Marketing and Administration (SM&A) down to $2.0 million from
$2.3 million.
EBITDA improved to $1.7 million in the quarter ($1.8 ex 1x costs), vs. $1.6
million.
Portfolio Innovation - recent product launches:
Waterloo - Lemonade Radler
Seagram - Ocean Breeze, Strawberry Daiquiri and Red Grapefruit
Laker - IPA.
Kitchener expansion completed on budget, and two months early.
Generate savings earlier
Materials, energy, distribution, labour

12

Right Time. Right Brewery.

The only publicly traded craft brewer in the province, with a record of volume growth in craft,
margin expansion, and broad distribution
Ontario craft under-developed (<10%, vs 19% in BC, 30%+ in key US markets), but growing fast

Scale

Brands and Portfolio diversity

- Available capacity

- Higher margin, high growth Waterloo craft beer

- National distribution and Ontario field sales force

- Higher margin coolers and cider

- Ontario based - Canadas largest beer market

- Brick positioned to benefit from beer expansion into

grocery (also co-pack for Loblaw)

- Laker and co-pack revenue helps spread fixed costs

Waterloo Brewing
Quality and excellence

Beer talent

- Waterloo core portfolio is made with 4 simple ingredients:

water, barley, yeast and hops

- Experienced project managers with leading edge brewing

technology at the Kitchener facility

- Waterloo Brewing is GSFI certified: the highest global

standard of food production quality; and is the only craft
brewery in Canada so designated

- Management team with proven track record of profitable

growth in the beer industry

- Award winning beers, both Canadian and International

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BRB Stock Information

One Year Stock Performance

Capitalization
Share price (10/1/2015)
Basic Shares Outstanding
Market Capitalization

Net Debt (LT + Current)

Enterprise Value

$1.60
34.9MM
$55.9MM

$8.3MM
$64.2MM

Major Holders
Benbrick Holdings

28.5%

Kernaghan Securities

12.4%

Cambridge Advisors

17.2%

George Croft

4.4%

Investor Relations:
Sean Byrne, CFO
seanb@brickbeer.com
(519) 742-2732 x 132
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Board of Directors
PETER SCHWARTZ

Chairman of the Board

President of Laurence Capital, Benbrick partner

PETER ANDERSON

Former Chief Investment Officer, CI Financial & President & CEO,

CI Investments

JOHN BOWEY

Senior Counsel & past chairman, Deloitte & Touche LLP

Chair of the Audit Committee

GEORGE CROFT

President and CEO, Brick Brewing

STAN DUNFORD

Chairman and CEO of Republic Live, Benbrick Partner

ED KERNAGHAN

Vice-President of Kernaghan Securities Ltd.

DAVID SHAW

CEO of Knightsbridge Human Capital

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