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BRAND OVERVIEW

2017

legal stuff IMPORTANT NOTICE This document (the “Brand Overview”) constitutes a financial promotion relating to a public offer for subscription (the “Offer”) of 421,052 B ordinary shares of £0.001 each in the capital of BrewDog plc (the “Company”, “BrewDog”) and is issued and approved by SPNV Limited (FCA number: 610217) for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). The Offer is constituted in a prospectus published by the Company on 16 October 2017 (the “Prospectus”) which is available from www.brewdog.com/equityforpunks. Please note that applications to subscribe for shares in the Company should only be made, and will only be accepted, subject to the terms and conditions of the Prospectus This document is an advertisement and not a prospectus. Investors should not subscribe for shares in BrewDog as referred to herein except on the basis of the information contained in the Prospectus. If you are in any doubt about the content of this document or the Prospectus, you should seek your own independent advice and then rely on your own independent assessment of the Company and the Offer; nothing in this document constitutes investment or legal advice. The value of any investment may go down as well as up and an investor may not get back all or any of the amounts originally invested. This Deck does not constitute an offer by BrewDog, or another person, for the recipient to enter a controlled agreement to carry on a controlled activity (whether of dealing in securities or any other controlled activity) or an invitation for you to make an offer to the Company or any another person to enter a controlled agreement to carry on a controlled activity (whether of dealing in securities or any other controlled activity). All capitalised terms in this Deck are, unless otherwise specified, as defined in the Prospectus. Your attention is drawn to the Risk Factors on page 3 of the prospectus. You should read the Prospectus in full before deciding whether to invest and bear in mind the risks of investing, such as: • The value of BrewDog shares can go down as well as up and, if you invest you might not get your money back. Past performance is not necessarily a guide to future performance. • Before making a decision, think about whether investing is right for you and don’t invest more than you can afford. • BrewDog is not yet listed on any stock exchange so shares can only be sold once a year (when we don’t have an offer open) via our trading platform (see page 39 for details). Also, as we are not yet listed we are also not subject to all the rules and regulations which apply to listed companies. • It is our current policy not to pay any dividends but to reinvest profits to fuel further growth. BrewDog has recently resolved to distribute 10% of its annual profits evenly amongst its staff and to donate a further 10% of its profits to charities chosen by staff and Equity Punk investors. As such, the Company will have reduced profits which will be reinvested in the Company. • Over half of the shares in BrewDog are owned by our founders and staff. As such, they can vote decisions through at general meetings, even those which investors in the Offer, as minority shareholders, might disagree with. • Approximately 23% of the issued shares of BrewDog are Preferred C Shares which carry a liquidation preference over the A Shares and B Shares meaning B Shareholders could find their entitlement to the proceeds of a liquidation or total capital return reduced or nil. • The directors have the right to refuse to register any transfer of shares. This means we can prevent multinational monolithic beer companies from buying shares in BrewDog

The global opportunity EUROPE, THE U.S. AND ASIA COMBINE TO ACCOUNT FOR APPROXIMATELY 3 OUT OF 4 BEERS CONSUMED IN THE WORLD.

COMPARED TO THE U.S., CRAFT BEER IS UNDER INDEXED IN THE REST OF THE WORLD. HOWEVER, EXPERTS PREDICT CRAFT BEER IN EUROPE AND ASIA WILL SIGNIFICANTLY OUTPACE WORLDWIDE GROWTH OVER THE NEXT FEW YEARS.

GLOBAL BEER CONSUMPTION

100 MILLION HECTOLITERS

UK REST OF EUROPE U.S. ASIA OTHER

CRAFT BEER MARKET SHARE (VOLUME) 3% UK

2% REST OF EUROPE

12% U.S.

2% ASIA

Sources: Brewers Association, The Brewers of Europe, Nielsen Scan Track data as of 31/12/16 and Kirin Global Beer University Report

The brewdog advantage BREWDOG IS BY FAR THE BEST-POISED CRAFT BREWER TO TAKE ADVANTAGE OF THE GROWING GLOBAL CRAFT BEER MARKET. THE COMPANY IS ALREADY THE LARGEST AND FASTEST GROWING INDEPENDENT CRAFT BREWER IN EUROPE. 2017 UK OFF-TRADE SALES

Total Coverage, Top 10 Craft Beer Brands by Value Sales, MAT TY

£33.2M £8.0M £5.5M

£4.3M £3.3M £3.0M

BREWDOG PUNK IPA

BREWDOG DEAD PONY CLUB

BREWDOG BROOKLYN ELVIS JUICE LAGER

BREWDOG DOGPACK

Source: Nielsen Scan Track data as of 04/11/17

GOOSE ISLAND IPA

£2.8M

BLUE MOON

£2.7M

£2.7M

£2.5M

SIERRA BREWDOG INNIS & NEVADA NANNY GUNN PALE ALE STATE ORIGINAL

BrewDog is the clear leader in the UK and the rest of Europe. It’s been one of the fastest growing food and beverage companies in the UK for 5 years in a row. Despite being constrained by production capacity, BrewDog still grew its UK sales by 97% in 2016. BrewDog launched its state-of-the-art brewery in the U.S in July 2017, and the company aiming to become a major contributor to American craft beer over the next decade. BrewDog’s export volume to Asia is also growing rapidly. BrewDog beer exports grew 117% in China alone in 2016. BrewDog will open its Asian production facility in early 2019.

WITHIN 2 YEARS, BREWDOG WILL BE THE ONLY CRAFT BREWER WITH PRODUCTION FACILITIES IN EUROPE, THE U.S. AND ASIA!

BREWDOG EXECUTION STRATEGY BREWDOG HAS DEVELOPED AN EFFECTIVE, MULTI-PRONGED STRATEGY TO ENGAGE CUSTOMERS AND CREATE SIGNIFICANT BRAND AWARENESS ACROSS THE GLOBE.

QUALITY PRODUCT

BREWDOG BARS

EQUITY FOR PUNKS

HIGH-PROFILE EVENTS

At BrewDog, the beer is the focal point and the start of the revolution.

Each BrewDog bar embraces the style and culture of that particular city, which keeps the BrewDog brand local and resonates with consumers.

BrewDog’s philosophy has always been to shorten the distance as much as possible between the people who make the beer, and the people who drink it. Equity for Punks is the ultimate incarnation of this philosophy

BrewDog engages people through culturally-relevant, entertaining events.

No added ingredients. No preservatives. No chemicals. No cheap substitutes. Just barley, hops, yeast, water and mind-blowing flavour.

BrewDog’s network of bars also provide the Company with the ideal test market for new brews.

BrewDog’s network of 50,000 Equity Punks takes consumer engagement to an entirely new level.

The Company is known for attention-grabbing marketing – it dropped taxidermy cats out of a helicopter and stormed the Bank of England in a tank. James and Martin even changed their name to Elvis.

£249 / $334 Revenue per hectoliter / barrel Premium-pricing strategy

800%

436,994

CAGR since inception

2017e HECTOLITERS

BrewDog has been the fastest growing brewery in Europe and has grown significantly faster than any brewery in the U.S.

As the largest craft brewery in EUROPE, BREWDOG CONTINUES TO PUSH BOUNDARIES AND DRIVE CATEGORY GROWTH

53,000+ Equity punk investors Industry innovator

2 punks, 1 mission JAMES WATT AND MARTIN DICKIE WERE BORED WITH THE INDUSTRIALLY BREWED LAGERS AND STUFFY ALES THAT DOMINATED THE UK BEER MARKETS. SO IN 2007, THE DUO STARTED BREWING THEIR OWN BEER.

In the beginning, James and Martin filled bottles by hand then sold the beer at local markets and out of the back of a beat up van. Their biggest mission… MAKE OTHER PEOPLE AS PASSIONATE ABOUT GREAT CRAFT BEER AS THEY WERE. By 2008, BrewDog had already become Scotland’s largest independent brewery. Needing capital for expansion, the Company revolutionized smallbusiness finance by launching Equity for Punks, crowdsourcing capital and allowing BrewDog fanatics the opportunity to own a small piece of the Company. To date, BREWDOG HAS RAISED £41 MILLION through its Equity for Punks programme and smashed countless crowdfunding records in the process.





[BREWDOG] BROUGHT SOMETHING NEW AND ORIGINAL TO A SECTOR THAT HAS BEEN QUITE… TRADITIONAL. – MIKE BENNER, SOCIETY OF INDEPENDENT BREWERS

Today, BrewDog is one of the the fastest growing businesses in the UK, and the fastest growing craft brewery. The Company has come a long way since 2007 – it plans to INCREASE PRODUCTION, LAUNCH NEW BARS, AND COMMENCE EXPANSION INTO ASIA AND AUSTRALIA IN 2017. Even with all these changes, BrewDog’s mission remains the same – continue its crusade to make others as passionate about great craft beer as James and Martin have been for the last decade.

BREWDOG’S BEER JOURNEY WHAT STARTED IN A SHED IN NORTHEAST SCOTLAND HAS QUICKLY BECOME THE LARGEST CRAFT BREWER IN EUROPE. ALONG THE WAY, BREWDOG HAS TORN UP CONVENTION AND REVOLUTIONIZED THE INDUSTRY. 2013

2007 2 PUNKS & 1 DOG FOUNDED BREWDOG

LAUNCHED EQUITY FOR PUNKS BREWED WORLD’S STRONGEST BEER GREW 200% (DURING A RECESSION)

MISSION: MAKE OTHER PEOPLE AS PASSIONATE ABOUT GREAT CRAFT BEER AS WE ARE.

2009

MOVED INTO NEW ELLON BREWERY OPENED 1ST INTERNATIONAL BAR FILMED SEASON 1 OF BREW DOGS

2017 RELEASED EVERY BREWDOG RECIPE OPENED 47TH BAR HIRED 650TH EMPLOYEE SHIPPED 215K HECTOLITRES OF BEER

2016

OPENED COLUMBUS BREWERY EXPANDED ELLON BREWERY CONSTRUCTING SOUR FACILITY LAUNCHED LONE WOLF DISTILLERY

BREWDOG growth REVENUE (£MILLIONS)

TOTAL REVENUE BREWDOG BAR REVENUE

SUNDAY TIMES FAST TRACK 100 AWARD RECIPIENT (2011-2016)



FAST TRACK 100 HAS BECOME THE BAROMETER OF PRIVATE COMPANY GROWTH.



SIR RICHARD BRANSON

BREWDOG HAS EARNED A SPOT ON THE SUNDAY TIMES FAST TRACK 100 FOR A RECORD 5 CONSECUTIVE YEARS.

Key brand differentiators COMMITTED TO QUALITY UNCOMPROMISING STANDARDS STATE-OF-THE-ART FACILITIES WORLD CLASS QUALITY CONTROL LIVING WAGE EMPLOYER

INTERNATIONAL LEADERSHIP LARGEST CRAFT BREWER IN EUROPE FASTEST GROWING CRAFT BREWER IN EUROPE COLUMBUS BREWERY LAUNCHED 2017 50 BARS ACROSS 11 COUNTRIES BY END OF 2017

REVOLUTIONARY IDEAS PUNK IPA EQUITY FOR PUNKS PRODUCT DEVELOPMENT INNOVATORS MARKETING AND SOCIAL MEDIA LEADERS

Multi-pronged growth strategy A STRATEGY THAT WILL CONTINUE DRIVING INDUSTRY-LEADING GROWTH. FURTHER UK EXPANSION

DEEPER EUROPEAN PENETRATION

U.S. PRODUCTION AND EXPANSION

INT’L PRODUCTION

NEW BEERS

LONE WOLF SPIRITS

THE OVERWORKS

MORE BARS

IN THE SPOTLIGHT INFAMOUS? UNPREDICTABLE? SINGLE-HANDEDLY RESPONSIBLE FOR THE DOWNFALL OF WESTERN CIVILIZATION?

“ “ “

“ ”

THE UNDISPUTED LEADERS OF THE UK’S CRAFT BEER REVOLUTION

WATT AND DICKIE ARE CERTAINLY MAVERICKS

”“ ” “

BEST AMERICAN IPA BEERS

“ ” “ ” ”“

BEER DRINKERS AROUND THE WORLD ARE PAYING ATTENTION

BREWDOG BEAT THE ODDS

FOREVER CHERISHED

THE START OF A MAJOR MOVE IN THE U.S. CRAFT BEER SCENE

” ” ”

AN IPA THAT’LL KNOCK YOU ON YOUR ASS

FLAVOURSOME AND INTERESTING

And on tv BREWDOG HAS THE LONGEST RUNNING BEER TV SHOW IN HISTORY. ON THE SHOW, CO-HOSTS JAMES AND MARTIN VISIT AMERICAN BEER TOWNS, CELEBRATE DISTINCTIVE CRAFT BEERS AND CREATE THEIR OWN LOCALLY-INSPIRED DRAFTS. ABOUT THE SHOW TITLE – BREW DOGS NETWORK – ESQUIRE SEASONS – 3 EPISODES – 27 AUDIENCE – 10 COUNTRIES

Equity for punks EMPOWERING THE CHANGE-MAKERS, THE MISFITS, THE LIBERTINES, THE COMMUNITY, THE FRUSTRATED, THE INDEPENDENTS, THE PUNKS.

BrewDog is an alternative small business owned by thousands of people who love craft beer. These punks are the Company’s shareholders, friends, community and the heart and soul of the business. Equity for Punks helps BrewDog engage its best customers and shorten the distance between the Company and the people who enjoy its beer. Equity for Punks is an entirely new business model for the 21st century. BrewDog has raised £41 million from more than 50,000 investors since 2009.

EQUITY FOR PUNKS HISTORY ROUND I (FEB 10): £750K RAISED ROUND II (DEC 11): £2.2M RAISED ROUND III (DEC 13): £4.25M RAISED

ROUND IV (APR 16): £19M RAISED BOND FOR PUNKS (JAN 17): £10M RAISED EQUITY FOR PUNKS USA (AUG 17): $7M RAISED

Corporate structure BREWDOG PLC

EQUITY FOR PUNKS USA IS INVESTING DIRECTLY INTO BREWDOG USA INC.

UNITED KINGDOM COMPANY

BREWDOG USA INC.

BREWDOG GMBH

DELAWARE C-CORP APPROX. 98% OWNED BY BREWDOG PLC

GERMAN SUBSIDIARY 100% OWNED BY BREWDOG PLC

BREWDOG RETAIL UK SUBSIDIARY 100% OWNED BY BREWDOG PLC

BREWDOG ASIA 100% OWNED BY BREWDOG PLC

LONE WOLF SPIRITS UK SUBSIDIARY 100% OWNED BY BREWDOG PLC

BREWDOG AUSTRALIA 100% OWNED BY BREWDOG PLC

BREWDOG PLC

Owns and operates the brewing facility in Ellon; owns all the land, buildings, and brewing equipment related to the facility; also owns all BrewDog intellectual property

BREWDOG RETAIL

Owns the assets and operates retail bars in the UK

BREWDOG GMBH

Owns the assets and operates the retail bar in Berlin, Germany

LONE WOLF SPIRITS

Owns the assets and operates the spirits division in Ellon

BREWDOG USA

Holding company for U.S. operations; through 100% owned subsidiaries owns and operates the brewing equipment in Columbus, the land and building for the Columbus brewery and will own and operate the bars in Columbus and Franklinton

BREWDOG ASIA

Will own and operate the brewery in Asia

BREWDOG AUSTRALIA

Will own and operate the brewery in Australia

The above chart shows the company’s business operations, not all arms represented are functioning business entities at the time of writing

INVESTMENT HIGHLIGHTS

Investment highlights summary BREWDOG HAS REVOLUTIONIZED THE CRAFT BEER INDUSTRY AND REPRESENTS A UNIQUE OPPORTUNITY TO PARTNER WITH A TRUE INDUSTRY INNOVATOR. TRACK RECORD OF

INNOVATION

PUNK IPA

A POST MODERN CLASSIC

LARGEST & FASTEST GROWING CRAFT BREWER IN

STRONG CUSTOMER

RELATIONSHIPS INTERNATIONAL

POWERHOUSE

BEER BARS

PR JUGGERNAUT

SOCIAL MEDIA

EUROPE PREMIUM PRICING GURUS

SUPERIOR LEADERSHIP

PEOPLE

FIRST

WORLD CLASS QC

Track record of innovation WHEN IT COMES TO CREATIVITY, BREWDOG IS IN A CLASS OF ITS OWN. THE COMPANY’S INNOVATION CONTINUES TO DISRUPT MAINSTREAM BEER. 82 DIFFERENT BREWS IN 2016

EQUITY FOR PUNKS COMMUNITY 50,000+ INVESTORS

STRONGEST AND MOST EXPENSIVE BEER END OF HISTORY 55% ABV £500-700

LONE WOLF DISTILLERY AN ICONOCLASTIC APPROACH TO SPIRITS

STORMED THE BANK OF ENGLAND GENERATED SIGNIFICANT PRESS AS EQUITY PUNKS III WAS LAUNCHED

BREW DOGS: THE TV SHOW LONGEST RUNNING BEER TV SHOW IN HISTORY – 27 EPISODES AIRED ACROSS 10 COUNTRIES

Largest craft brewer in EUROPE BREWDOG CONTINUES TO PUSH THE BOUNDARIES AND DRIVE CATEGORY GROWTH IN THE UK AND ACROSS EUROPE.

2017 UK OFF-TRADE SALES £33.2M

PUNK IPA IS 4x BIGGER THAN THE NEXT LARGEST CRAFT BRAND!

£8.0M

£5.5M

£4.3M

(WHICH IS ANOTHER BREWDOG PRODUCT) £3.3M

£3.0M

£2.8M

£2.7M

£2.7M £2.5M

Source: Nielsen Scan Track data as of 04/11/17

Unparalleled growth BREWDOG IS THE FASTEST GROWING CRAFT BREWER IN THE WORLD. CUMULATIVE VOLUME GROWTH BY YEAR 81% CAGR SINCE INCEPTION!

800 % 700 % 600 % 500 % 400 % 300 %

Source: Beer Marketer’s INSIGHTS, Inc.

200 %

CAGR

THE COMPANY’S GROWTH ALSO SIGNIFICANTLY OUTPACES THE GROWTH OF ITS U.S. COUNTERPARTS.

900 %

International powerhouse BREWDOG IS CARRYING THE CRAFT BEER TORCH TO ALL CORNERS OF THE GLOBE. GROWTH BY COUNTRY (TOP 10 FOCUS MARKETS) (1)

100% 97%

6% 4%

27% 42%

74% 102%

21% 21%

103% 123%

12% 72%

91% 117%

36% 32%

41% 12%

2015

64.3%

6.1%

3.8%

3.8%

2.1%

2.0%

1.7%

1.6%

1.4%

1.2%

PERCENT OF 2016 SALES VOLUME (1) BrewDog was capacity constrained in 2016 and focused on demand in the UK at the expense of international markets Source: Internal BrewDog estimates

2016

Brewdog bars – brand extension BEER MECCAS. HOP TEMPLES. CATHEDRALS OF MALT. BEACONS OF HOPE, LAUGHTER AND HELL-RAISING.

3

BrewDog bars are places to indulge in everything that is great about craft beer. The Company prides itself in showcasing the best, carefully-curated, most exciting and flavoursome craft beers from all corners of the planet. The Company loves welcoming people who are fanatical about craft beer to come taste and experience BrewDog’s headliners, small batch offerings and latest releases plus offerings from other like-minded brewers. BrewDog currently operates 30 bars in the UK, 1 in Brussels, Belgium, 1 in Berlin, Germany and a further 16 licensed across the world. Beyond providing an outlet for BrewDog beer sales, these bars also allow the Company to keep its finger on the pulse of the craft beer consumer. The highly-trained bar staff engage with consumers, training palates and staying in tune with the ever-changing evolution of guest preferences. BrewDog’s bars also serve as a marketing tool and extend the brand into countries across the globe. No two outposts are the same, each one embracing the local flavour of that particular city. However, the goal for each bar is the same – serve the best quality craft beer in the coolest setting possible.

6

Some of the brewdog bars

pr JUGGERNAUT BREWDOG EXCELS AT BELOW-THE-LINE MARKETING. THE COMPANY REACHES MORE THAN 1MILLION PEOPLE EVERY DAY VIA ITS SOCIAL MEDIA CHANNELS ALONE. Born out of a desire to tell stories and engage consumers through entertaining, educational concepts as opposed to one-way flat advertising, BrewDog has become a cult figure in the marketing industry. It’s known for attention-grabbing stunts and ideas. From releasing the world’s strongest beer in a taxidermy squirrel, to brewing a beer at the bottom of the see, to sending Vladimir Putin his own pro-LGBTQ protest beer, to storming the bank of England with a tank, BrewDog courts controversy and sticks it to the man at any given opportunity. By creating themes that people want to discuss while pushing the boundaries of brewing, the BrewDog brand has become a byword for alternative advertising.

Superior leadership BREWDOG IS LED BY A BRILLIANT EXECUTIVE TEAM WHICH INCLUDES SEASONED INDUSTRY PROFESSIONALS WITH IMPRESSIVE RESUMES.

JAMES WATT CAPTAIN AND CO-FOUNDER

MARTIN DICKIE BEER PIRATE AND CO-FOUNDER

NEIL SIMPSON FINANCE DIRECTOR

James was a fully qualified deep sea captain, having earlier completed an honors degree in Law and Economics. He traded in being a salty sea dog to become a BrewDog in 2007, pursuing his passion for great craft beer. James was awarded Great British Entrepreneur of the Year in 2014 and was Europe’s first Master Cicerone.

Martin has a first class honors degree in Brewing and Distilling from Herriot Watt University. He is a renegade artist on a mission to change people’s perceptions about beer and challenge their taste buds. Along with James, Martin hosts the hit international TV show BrewDogs.

Neil joined BrewDog in 2012 and brings over 20 years of experience (10 of which were at the partner level) advising and acting for a wide variety of businesses through the Ritson Smith accountancy practice. Neil is a qualified chartered accountant with the Institute of Chartered Accountants in Scotland.

Superior leadership BREWDOG IS LED BY A BRILLIANT EXECUTIVE TEAM WHICH INCLUDES SEASONED INDUSTRY PROFESSIONALS WITH IMPRESSIVE RESUMES.

ALLISON GREEN PEOPLE DIRECTOR

DAVID MCDOWALL RETAIL DIRECTOR

Ally joined BrewDog from B&M Retail (a FTSE 250 listed company) at the beginning of 2016 with the brief to make BrewDog the best employer. Ever. She is on a one-woman mission to convert rural Aberdeenshire pubs to stock Jack Hammer at all times.

David joined BrewDog from G1 Group PLC, where he held the position of Group Operations Director for 6 years. He has experience managing over 50 sites in Scotland and heading up a team of over 2,000 employees. He’s now responsible for overseeing the strategic growth of the BrewDog retail division.

Superior leadership BREWDOG IS LED BY A BRILLIANT EXECUTIVE TEAM WHICH INCLUDES SEASONED INDUSTRY PROFESSIONALS WITH IMPRESSIVE RESUMES.

DOUG BAIRNER LONE WOLF DIRECTOR

TIM HAWN HEAD OF US PRODUCTION

Doug has an outstanding background in sales, marketing and leadership. He has been the Sales Director for Red Bull Australia and the Marketing Controller for Red Bull UK. Doug also gained experience working at P&G and Innocent Drinks in the UK.

For the last 19 years, Tim has brewed beers for Boston Beer, Pete’s Wicked Ales, Dogfish Head as well as large multinational brewers. During his time in brewery leadership, he has worked with the brewing team to ensure beer quality across the board. He has led departments in all phases of brewery production.

TANISHA ROBINSON CEO BREWDOG USA US CEO, T joined BrewDog with extensive entrepreneurial experience. T has founded several successful businesses, including Print Syndicate, a design, technology and marketing company known for lookHUMAM.com. T also founded TicketFire, a mobile app for using, transferring and selling paper tickets T took the helm at BrewDog USA Inc in 2017.

People first BREWDOG RECOGNISES THE IMPORTANCE OF THE ENTIRE TEAM. ITS GOAL? TO BECOME THE #1 COMPANY TO WORK FOR IN THE UK. PERKS OF JOINING THE BREWDOG TEAM LIVING WAGE EMPLOYER 10% PROFIT SHARING PLAN (THE UNICORN FUND)

ENHANCED PENSION CONTRIBUTIONS ALL TEAM MEMBERS GET PRIVATE MEDICAL CARE 4 WEEK SABBATICAL EVERY 5 YEARS BREWDOG HAS MORE CICERONE QUALIFIED STAFF THAN ANY PAID CICERONE TRAINING OTHER BREWERY ON THE PLANET AND OF COURSE, BEER

World class quality control COMMITTED TO MAKING SURE THE VERY BEST ENDS UP IN CONSUMERS’ GLASSES. 5 PILLARS OF QUALITY

TASTING AND TASTER TRAINING

BEST-IN-CLASS QUALITY CONTROL LABS

FLAVOUR PROFILING

PROCESS QUALITY AND TRAINING

SUPPLIER RELATIONSHIPS

BrewDog tastes its beers every day; its new sensory suite has customised software that tracks how well tasters are performing. The Company operates three QC labs – the analytical lab reviews physical and chemical properties; the microbiology lab ensures yeast is healthy and the beer is free from unwanted bacteria; the packaging lab checks the oxygen content in bottles. BrewDog tracks how flavour composition and intensity change as beer ages and when it’s stored at different temperatures; this ensures the Company is storing its beer in a way that maintains the consistency and quality that consumers have come to expect. The Company invests significant resources to train its own bar staff and other retail accounts on proper serve and storage practices. BrewDog maintains strong relationships with its suppliers and is renowned within the industry and a world-class example of beer quality excellence.

GROWTH OPPORTUNITIES

Virtually unlimited potential FROM GEOGRAPHIC EXPANSION TO CATEGORY-DEFYING NEW PRODUCTS, BREWDOG IS WELL-POISED TO EXECUTE ITS MULTI-FACETED GROWTH PLAN.

Further UK expansion Deeper European penetration U.S. production and expansion More bars – UK and int’l Product development

UK MARKET overview 2016 UK GROWTH

OFF-TRADE ON-TRADE

FURTHER UK EXPANSION

2016 WAS ANOTHER BANNER YEAR FOR THE COMPANY, AND 2017 SHOULDN’T BE ANY DIFFERENT. BrewDog once again outpaced the UK craft industry in 2016. The Company has been one of the UK’s fastest growing food and drinks companies for the last 5 years. BrewDog now accounts for approximately 36% of total off-trade craft beer spend and represented half of off-trade growth in 2016.

177% 52%

84% 38%

2016 0FF-TRADE MARKET SHARE

BREWDOG

INDUSTRY

2016 0FF-TRADE PERCENT OF GROWTH

Source: Nielsen Scan Track data as of 12/31/16 (off-trade) and CGA Brand Index MAT Value GB Total to 5/11/16 vs LY MAT (on-trade)

UK Brewing Facility

FURTHER UK EXPANSION

IN ORDER TO SERVE THE HIGHEST QUALITY BEER IN EUROPE, BREWDOG HAS INVESTED IN THE BEST BREWING EQUIPMENT MONEY CAN BUY. BrewDog’s Ellon facility is one of the most technologically advanced and environmentally friendly breweries in the world. The brewhouse features a progressive heat recovery system, which drastically cuts energy consumption. The Company added a second state-of-the-art brewhouse in 2016, which alleviated BrewDog’s capacity constraint. Additionally, all brewing byproducts are used by local farmers. BrewDog’s lab is one of the most advanced brewing labs in the world, which helps ensure both consistency and quality. The Company has separate keg, disposable keg, bottle and can packaging lines. All this equipment culminates in 830 hectoliters of capacity at the end of 2017P in Ellon and the ability to ship BrewDog’s great-tasting, award-winning brews across the UK, throughout Europe and beyond.

UK Brewing Facility, CONT’D

FURTHER UK EXPANSION

COMMITTED TO BEER QUALITY 100 HL ROLEC BREWHOUSE 300 HL ZIEMANNS BREWHOUSE ADVANCED 10 HL PILOT BREWERY 2 KRONES BOTTLING LINES KHS CANNING LINES ONE OF THE MOST ADVANCED LABS IN THE WORLD A BUNCH OF FERMENTATION TANKS

Uk punktivation BREWDOG IS WORKING RELENTLESSLY TO MAKE PUNK IPA THE WORLD’S BEST-SELLING INDIA PALE ALE. The two largest craft brewers in the U.S. built their businesses on the back of a clear flagship – Boston Lager for Sam Adams and Pale Ale for Sierra Nevada. A true portfolio leader is pivotal to driving sustainable, rapid growth. Representing approximately 60% of total BrewDog sales, Punk IPA is the Company’s clear flagship brand. BrewDog wants to ensure it stays that way. The Company has created attention-grabbing Punk IPA POS material and a dedicated marketing and support plan for the brand. It is already the best-selling craft beer in the UK, and the Company is on track to replicate its success in other countries too.

FURTHER UK EXPANSION

Further UK expansion Deeper European penetration U.S. production and expansion More bars – UK and int’l Product development

European market overview EUROPE REPRESENTS AN EXCITING OPPORTUNITY FOR BREWDOG AND THE REST OF CRAFT BEER. Beer consumption per capita in most European

nations is in-line with or exceeds consumption rates in the U.S. However, the European craft beer market is much less mature, accounting for only 2% of total European volume. Until 2017, BrewDog’s European and International growth has been capacity constrained. The Company stopped exporting to 40 countries during the first 6 months of 2016. With the new Ellon brewhouse, BrewDog has the capacity to spearhead the next decade of craft beer growth in Europe.

CRAFT BEER MARKET SHARE (VOLUME)

12%+

3%

Sources: Brewers Association and The Brewers of Europe

2%

BEER CONSUMPTION PER CAPITA (LITERS)

> 80 60–80 < 60 N/A

DEEPER EUROPEAN PENETRATION

European distribution EUROPEAN DISTRIBUTION FOOTPRINT HOME MARKET TOP 10 COUNTRY (>1% VOLUME) OTHER FUTURE MARKET

DEEPER EUROPEAN PENETRATION

BREWDOG IS THE CLEAR LEADER IN THE UK AND IS WELL-POISED TO TAKE OVER THE REST OF EUROPE. BrewDog’s strong growth is a testament to the Company’s brilliant sales team and key customer relationships. Now that the extra capacity is online in Ellon, the Company is bolstering its European sales team.

BrewDog currently employs 33 sales team members, 27 of which are based in the UK. However, the Company is actively recruiting 34 new sales reps, most of which will focus on the rest of Europe. The additional sales reps will help BrewDog gain entry into new points of distribution and improve velocity at existing retail outlets.

Source: Sales and distribution: Nielsen Scan Track data as of 12/31/16 (off-trade), CGA Brand Index MAT Value GB Total to 5/11/16 vs LY MAT (on-trade), staff levels: BrewDog internal estimates

European strategy THE MARKET IS READY. THE BREWERY HAS CAPACITY. THE DISTRIBUTION NETWORK IS SUPPORTED.

DEEPER EUROPEAN PENETRATION

BrewDog is renowned across Europe as one of the most exciting, innovative and consistent craft brewers in the world. The Company has laid the foundation to take advantage of the industry’s rapid growth in the coming years. Sweden was the Company’s first export market, and BrewDog has been extremely successful there. Punk IPA is the best-selling ale in Sweden. The Company’s success in Sweden is also being replicated throughout Europe.

BrewDog has generated significant demand in Italy, France, Germany, Spain and across the rest of Europe, enabling the Company to launch high-profile bars in cities such as Rome, Stockholm, Barcelona, Helsinki, Brussels, Oslo, Warsaw and Berlin. These bars act as outposts for BrewDog’s message across the world and support sales within these key markets. With excess capacity, a growing sales team, and the right go-to-market strategy, BrewDog will continue its domination across the continent.

Further UK expansion Deeper European penetration U.S. production and expansion More bars – UK and int’l Product development

U.S. Market opportunity

U.S. PRODUCTION AND EXPANSION

BREWDOG IS BRINGING EUROPE’S LEADING BREWER TO THE WORLD’S BIGGEST CRAFT BEER MARKET. EXPECT FIREWORKS.

Further UK expansion Deeper European penetration U.S. production and expansion More bars – UK and int’l Product development

Representative bars

MORE BARS – UK AND INT’L

Further UK expansion Deeper European penetration U.S. production and expansion More bars – UK and int’l Product development

Lone wolf spirits

PRODUCT DEVELOPMENT

AUTHENTIC YET EXPERIMENTAL. BREWDOG PLANS TO DISRUPT THE SPIRITS INDUSTRY JUST LIKE IT REVOLUTIONIZED THE BEER INDUSTRY. Tired of the whisky scene in Scotland, James and Martin set out to create its own schizophrenic hybrid – a Scotch that thinks it’s from Kentucky. This (quiet) experiment started back in 2012, and finally came to fruition in 2016 as Uncle Duke’s. BrewDog took this project a step further in 2017, when it released, on a very limited basis, a readyto-serve Uncle Duke’s Old Fashioned. While Uncle Duke’s was a stand-alone project not intrinsically linked to BrewDog’s distilling project, it paved the way for the Company’s spirit line – Lone Wolf. Lone Wolf is the only craft distillery in Scotland to make its base spirit under one roof. The first batch of both gin and vodka is now available online, in Morrisons, and from selected independent retailers. BrewDog invested approximately £1 million in distilling equipment in 2016 in preparation of Lone Wolf’s launch.

The overworks

PRODUCT DEVELOPMENT

BREWDOG WILL COMPLETE ITS STANDALONE SOUR FACILITY IN 2017. In order to fully unleash the unpredictable joys of sours, BrewDog knew it needed a separate location; the bacteria and wild yeasts involved are voracious and can become a real problem if they find their way into any part of a regular brewery.

BrewDog acquired the site opposite its existing brewery in 2016 and began construction on a dedicated sour beer facility in January 2017. A line connecting the equipment from the brewery’s original brewhouse to the new site will allow wort to be transported across to the sour brewhouse for use in the production of specialist beers. This facility helps keep BrewDog at the absolute forefront of innovation in global craft beer.



SOURS ARE LESS THAN ONE HALF OF ONE PERCENT OF CRAFT BEER, BUT THEY ARE 95% OF WHAT CRAFT BEER FANS TALK ABOUT NOW.

– GARRETT OLIVER, BROOKLYN BREWERY



EQUITY FOR PUNKS V IS OPEN WE HAVE ALREADY SMASHED THROUGH 50% OF OUR FIFTH CROWDFUNDING RAISE.

INVEST NOW!

pictures

Brewdog in pictures

Brewdog in pictures

Brewdog in pictures

Brewdog in pictures

HERE’S TO THE CRAZY ONES. THE MISFITS. THE REBELS. THE ONES WHO SEE THINGS DIFFERENTLY. BECAUSE THE PEOPLE WHO ARE CRAZY ENOUGH TO THINK THEY CAN CHANGE THE WORLD ARE THE ONES WHO Do. – Steve Jobs