Spoetzl Brewing Co ANNUAL SALES 409000 BARRELS SHARE OF SEGMENT 449 Located in

Spoetzl Brewing Co. • ANNUAL SALES: 409,000 BARRELS • SHARE OF SEGMENT: 4.49% Located in Shiner, Texas, and known as the “little brewery in Shiner,” was founded in 1909. Spoetzl is the oldest brewery in Texas and is distributed across 41 states across the U.S. Brewed since 1913, Spoetzl’s flagship beer is the Shiner Bock. Pyramid Breweries, Inc. • ANNUAL SALES: 192,199 BARRELS • SHARE OF SEGMENT: 2.11% Headquartered in Seattle, Washington, Pyramid Breweries was acquired by North American Breweries, Inc. in August 2010. With the introduction of its Apricot Ale in 1994, Pyramid has been known as a leader in the fruit beer category. They operate several alehouses and restaurants in Washington, Oregon and California. Deschutes Breweries, Inc. • ANNUAL SALES: 186,783 BARRELS • SHARE OF SEGMENT: 2.05% Located in Bend, Oregon, Deschutes Brewery produces a range of beers, including Black Butte Porter and Mirror Pond Pale Ale as well as a specialty brew called The Abyss, which is an imperial stout with 11% alcohol by volume. Aged in bourbon barrels, “The Abyss” has won

Page 66 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 numerous awards since its 2007 release and is considered to be one of the finest beers in the country. Matt Brewing, Co. • ANNUAL SALES: 171,700 BARRELS • SHARE OF SEGMENT: 1.88% Matt Brewing Co. brews Saranac Beers, and is the third largest craft brewery in the U.S. Located in Utica, New York, this family-owned brewery also produces soft drinks and is primarily available on the East Coast. Magic Hat Brewing, Co. • ANNUAL SALES: 154,236 BARRELS • SHARE OF SEGMENT: 1.69% Located in South Burlington, Vermont, Magic Hat brews four year-round beers, and four seasonal beers, with “#9” as its flagship beverage. In August 2010, Rochester based North American Breweries, Inc., along with several other brewers, acquired Magic Hat. Boulevard Brewing, Co. • ANNUAL SALES: 138,954 BARRELS • SHARE OF SEGMENT: 1.52% Boulevard is a regional brewery located in Kansas City, Missouri. When Anheuser-Busch was sold to InBev, Boulevard became the largest independent American brewery in Missouri. Their beers are primarily available in 20 states across the Midwest and Great Plains. Boulevard has recently completed an expansion of their brewing facility that gives them the capacity to produce up to 700,000 barrels per year. Harpoon Brewing, Co. • ANNUAL SALES: 130,516 BARRELS • SHARE OF SEGMENT: 1.43% Headquartered in Boston, Massachusetts, Harpoon Brewery is known best for its India Pale Ale, but also has a range of beers, including award-winning Munich Dark, 1636 brew and four seasonal beers.

Page 67 Journal of the International Academy for Case Studies, Volume 18, Number 3, 2012 The U.S. Beer Market and its Performance Compared to Craft Beer The U.S. beer sales market has experienced a downturn in recent years. Beer sales by volume were down an estimated 2.2% in 2009 and 2.7% in the first half of 2010. Imported beers have also experienced a downturn in sales of 9.8% in 2009 (equivalent to 2.8M barrels).