Overall Document is designed for <15 bbl brewhouses and <5,000 bbl of annual beer production.

General Assumption Brewing Volume (bbl) Number of Pub Seats Sales Taxes (% taxable sales) Startup Time Without Revenue (months) Required Startup Capital (Min or Max) Initial Sweat Equity (% total equity) Loan Principal Payments ($/yr) Loan Interest Payments ($/yr) Pub Sales Constraint House Beer Sales (% pub sales) Brewing Volume per Pub Seat (bbl) Expected Sales Mix House Beer Sales, Pub (% pub sales) Other Beverage Sales (% pub sales) Food Sales (% pub sales) Brewing Volume, Kegs (% wholesale) Brewing Volume, Bottles (% wholesale) Projected Operation Brewing Volume per Pub Seat (bbl) Brewing Volume, Pub (bbl) Brewing Volume, Wholesale Kegs (bbl) Brewing Volume, Wholesale Bottles (bbl) Cash Flow (% startup cost) Break-Even Sales ($) Value 5,000 50 5.5 5 Max 0.0 0.00 0.00 Low Beer 30.0 2.7 Value 100.0 0.0 0.0 60.0 40.0 Value 4.6 230 2,862 1,908 8.2 507,544.38 High Beer 100.0 4.6

Brewery General Assumption Brewhouse Volume (bbl) Batch Size (number of brews) Number of Wooden Barrels Serving Losses (% brewed) Kegging Losses (% brewed) Bottling Losses (% brewed) State Excise Tax ($/bbl) Federal Excise Tax ($/bbl) Repairs and Maintenance ($/bbl)* House Yeast Reuse (generations) Time Between Fillings, WS Kegs (days) Bottling Crew (employees per shift) Bottling Rate (batches per shift) Batch Volume (bbl) Employee Brewmaster Staff Brewer/Cellar Person Bottler Process Expense Enerco FG Lactic Acid 88% O2* CO2* Paul HS-Series Filter Sheets Alkali Cleaner - Five Star PBW Acid Cleaner 1 - Five Star AC5 Acid Cleaner 2 - Five Star AC6 Sanitizer - Five Star Saniclean Total Direct Operating Expenses Utility Service H2O Sewer Costs Electricity Natural Gas Total Utilities Bottling Material Bottle, Meheen Estimate Crown, Meheen Estimate Label, Meheen Estimate 6-Pack Carrier, Meheen Estimate Case Box, Meheen Estimate Total Bottling Materials Recipe Variable, Year 2 Sales Fraction (% volume) Time in Fermentation Tank (days/batch) Time in Maturation Tank (days/batch) House Yeast Pitches (%) Malt Expense ($/bbl) Hops Expense ($/bbl) Other Ingredients Expense ($/bbl) New Yeast Expense ($/bbl of batch size) Average Price + Tax, Pub ($/pint) Average Price w/o Tax ($/pint) Average Price w/o Tax, Keg ($/0.5-bbl) Average Price w/o Tax, Bottles ($/case) Volume Sold, Pub (bbl) Volume Sold, Kegs (bbl) Volume Sold, Bottles (bbl) Total Volume Sold (bbl) Quantity Sold, Pub (pints) Quantity Sold, Kegs (0.5-bbl) Quantity Sold, Bottles (cases) Sales, Pub ($) Sales, Kegs ($) Sales, Bottles ($) Sales Frequency (batches) Volume Brewed, Pub (bbl) Volume Brewed, Kegs (bbl) Volume Brewed, Bottles (bbl) Total Volume Brewed for COGS (bbl) Brew Frequency for COGS (batches) Fermenter Usage for COGS (days) Maturation Tank Usage for COGS (days) House Yeast Pitches for COGS (qty) House Yeast Usage for COGS (days) Total Malt Expense ($) Total Hops Expense ($) Total Other Ingredients Expense ($) Total Yeast Expense ($) Total Ingredient Expenses (% sales) Production Variable House Beer Sales, Pub ($) House Beer Sales, Wholesale ($) Total House Beer Sales ($) Volume Brewed, Pub (bbl) Volume Brewed, Kegs (bbl) Volume Brewed, Bottles (bbl) Total Volume Brewed (bbl) Taxable Beer Volume (bbl) Brewing Frequency (batches) Brewing Frequency (batches/wk) Avg Time in Fermenter (days) Avg Time in Maturation Tank (days) Fermentater Usage (days) Maturation Tank Usage (days) Avg Price w/o Tax, Pub ($/16-fl oz) Avg Price w/o Tax, Keg ($/0.5-bbl) Avg Price w/o Tax, Bottles ($/case) House Yeast Fermenter Use (%) House Yeast Pitches per Purchase House Yeast Pitches (qty/yr) House Yeast Purchases (qty/yr) Equipment Variable Required Number of Fermenters Required Number of Brite Beer Tanks Required Number of 1/2-bbl Kegs COGS Variable Ingredient Expenses ($) Bottling Expenses ($) Cost of Goods Sold ($) Cost of Goods Sold (% sales) Operating Expense Salaries, Wages and Benefits Process Expenses Utility Services Excise Taxes Repairs and Maintenance *Needs more research. Std Ales 40.0 21 0 100.0 40.00 6.00 0.00 25.00 4.00 3.79 85.00 21.25 92.0 1,144.8 763.2 2,000.0 22,816 2,290 10,515 86,506.16 194,616.00 223,448.00 66.7 100.0 1,168.2 778.8 2,046.9 68.2 1,433 0 68.2 1,433 81,877.55 12,281.63 0.00 441.15 18.7 Value 219,860.82 1,055,469.56 1,275,330.38 250.0 2,920.4 1,946.9 5,117.3 5,020.0 171 3.3 29 0 5,015 0 3.85 86.25 21.37 82.9 116 143 1.2 Value 14 1 520 Value 289,288.92 179,809.92 469,098.84 36.8 Value ($) 149,534.37 41,917.75 23,135.13 40,160.00 5,117.35 Std Lagers 20.0 42 0 100.0 40.00 4.00 0.00 25.00 4.00 3.79 85.00 21.25 46.0 572.4 381.6 1,000.0 11,408 1,145 5,258 43,253.08 97,308.00 111,724.00 33.3 50.0 584.1 389.4 1,023.5 34.1 1,433 0 34.1 1,433 40,938.78 4,093.88 0.00 220.58 17.9 Specialty 35.0 28 0 60.0 40.00 10.00 5.00 25.00 4.00 3.79 85.00 21.25 80.5 1,001.7 667.8 1,750.0 19,964 2,003 9,201 75,692.89 170,289.00 195,517.00 58.3 87.5 1,022.1 681.4 1,791.1 59.7 1,672 0 35.8 1,003 71,642.86 17,910.71 8,955.36 18,142.32 26.4 Unit (u) single qty single qty single qty single qty single qty Exp ($/u) 0.14 0.01 0.06 0.30 0.60 Qty (u/bbl) 330.67 330.67 330.67 55.11 13.78 Exp ($/bbl) 46.29 3.31 19.84 16.53 8.27 94.24 Strong 5.0 56 0 60.0 100.00 8.00 10.00 25.00 5.33 5.05 110.00 23.65 11.5 143.1 95.4 250.0 2,852 286 1,314 14,408.68 31,482.00 31,085.56 8.3 12.5 146.0 97.3 255.9 8.5 478 0 5.1 287 25,586.73 2,046.94 2,558.67 2,591.76 42.6 Unit (u) 1000 gal 1000 gal kwh therm Exp ($/u) Brew (u/bbl) 1.30 0.25 1.56 0.22 0.08 35.00 0.14 3.70 Value 15.0 2 2 8.0 2.0 2.0 1.00 7.00 1.00 10 28 4 1 30.0 Pay ($/FTE) 40,000.00 32,000.00 28,000.00 Unit (u) gal lb lb sheet lb gal gal gal Qty (FTE) 1.0 1.1 2.6 Exp ($) 40,000.00 36,305.99 73,228.38 Btl (u/bbl)* Brew ($/bbl) 0.00 0.65 0.00 0.00 0.00 1.78 0.00 0.00 0.20 1.30 0.01 0.32 0.00 3.61 0.01 0.30 7.95 Btl (u/bbl)* Brew ($/bbl) 0.08 0.33 0.08 0.34 15.00 2.80 0.00 0.52 3.98 Btl ($/bbl) 0.00 0.00 0.00 0.00 0.43 0.11 0.00 0.10 0.64 Btl ($/bbl) 0.11 0.13 1.20 0.00 1.44

Exp ($/u) Brew (u/bbl) 32.54 0.02 0.20 0.01 0.20 8.89 1.33 0.00 2.16 0.60 7.96 0.04 12.04 0.30 14.83 0.02

Facility Sizing Variable Mill Sizing (sq ft/bbl) Grain Storage (sq ft/bbl/yr) Baseline Hot Liquor Tank Space (sq ft) Hot Liquor Tank Space Increase (sq ft/bbl) Hot Liquor Tank Area (sq ft) Baseline Brewhouse Space (sq ft) Brewhouse Space Increase (sq ft/bbl) Brewhouse Area (sq ft) Baseline Fermenter Space (sq ft) Fermenter Space Increase 1 (sq ft/bbl) Fermenter Space Increase 2 (sq ft/bbl2) Single Fermenter Area (sq ft) Chemical Drum (sq ft) Wine Barrel Space (sq ft) Filter Space (sq ft) Baseline Brite Tank Space (sq ft) Brite Tank Space Increase 1 (sq ft/bbl) Brite Tank Space Increase 2 (sq ft/bbl2) Single Brite Tank Area (sq ft) Keg Washer Space (sq ft) Bottling Line Space (sq ft)* Keg Space, 1/2-bbl (sq ft) Keg Storage Stack (number of kegs) Bottling Materials Space (sq ft/bbl)* Bottling Materials Storage Time (weeks)* Cold Room Space, Bottles (sq ft/bbl) Wholesale Cold Storage Time (weeks) Minimum Office Space (sq ft) Office Space Increase (WS sales/sq ft) Free Space in Brewery (%) Serving Keg Stack (number of kegs) Free Space in Cold Storage (%) Bar Seats (% total seats) Number of Bar Seats Number of Table Seats Bar Depth (ft) Bar Serving Lane Depth (ft) Bar Seat Width (ft) Additional Bar Width (ft) Table Space (sq ft/table seat) Kitchen Sizing (food sales/sq ft)~ Minimum Kitchen Area (sq ft) Bathroom Space (sq ft/seat) Minimum Bathroom Area (sq ft) Milling/Grain Storage Area (sq ft) Brewery Area (sq ft) Cold Beer Storage (sq ft) Office Area (sq ft) Bar Area (sq ft) Table Area (sq ft) Kitchen Area (sq ft) Bathroom Area (sq ft) Brewery and Office Areas (sq ft) Pub Areas (sq ft) Required Facility Area (sq ft) Value 1.5 0.25 6.6 0.9 20.1 58.1 3.9 116.6 4.1185 1.3039 -0.0109 33.4 4.0 6.8 10.0 4.9982 1.2571 -0.0104 33.4 15.0 75.0 1.8 3 2.5 4.0 2.0 2.0 64 5000.00 55.0 2 55.0 20.0 10 40 9.0 6.0 3.0 2.5 15.0 545.00 250 3.0 150 1,302 3,206 1,365 275 488 600 0 150 6,147 1,238 7,385

~NRA = $8,175.00 food sales per seat. Restaurants That Work = 15 sq ft/seat. $8,175.00/15 = $545/sq ft. Occupancy Expense Purchase or Lease? (P or L) Initial Rental Rate ($/sq ft/yr) Total Purchase Price ($) Initial Insurance and Taxes ($/sq ft/yr) Initial Rent Payment ($/yr) Initial Insurance and Taxes ($/yr) Total Occupancy Expense ($/yr) Total Occupancy Expense (% sales) Equipment Assumption New Brewery Minimum, JVNW ($) New Brewery Increase, JVNW ($/bbl/yr) New Bottling Line, PPM ($) New Brite Tank Minimum, STI ($) New Brite Tank Increase, STI ($/bbl) New 1/2-bbl Keg, Franke ($) New Pub Equipment ($/sq ft)* Max Used Equipment Savings (% new) Initial Equipment Expense Baseline Brewery Bottling Line Brite Tanks Kegs Pub Equipment Total Initial Equipment Expense Renovation Expense Brewery and Office (u = $/sq ft)* Pub (u = $/sq ft) Construction Management Fee (u = %) Contingency Capital (u = %) Total Renovation Expense Depreciation Assumption Depreciation Time, New Equipment (yr)* Depreciation Time, Used Equipment (yr)* Depreciation Time, Renovations (yr)* Depreciation, Equipment ($) Depreciation, Renovations ($) Total Depreciation Expense ($) *Needs more research. Value 20 10 20 65,971.28 24,218.36 90,189.64 Value L 4.00 N/A 1.00 29,539.88 7,384.97 36,924.85 2.9 Value 159149.12 85.82 98375.00 4,293.06 328.78 163.00 50.00 25.0 Cost ($) 1,060,259.12 98,375.00 14,156.46 84,760.00 61,875.00 1,319,425.58 Value (u) 50.00 100.00 7.0 5.0 Cost ($) 307,373.48 123,750.00 30,178.64 23,065.11 484,367.23

Expenses Assumption Non-Brewer Salaries Total Pub Sales ($) Performance License Recorded Music TV and/or Radio Total Performance Licenses Variable Expense, Non-Brewery Salaries, Wages and Benefits Direct Operating Expenses Music and Entertainment Marketing Utility Services Repairs and Maintenance Other Expenses/Income General and Administrative Beer Freight COGS Variable COGS, Other Beverages (% sales) COGS, Food (% sales) COGS, House Beer ($) COGS, Other Beverages ($) COGS, Food ($) Total Cost of Goods Sold ($) Summary Variable Fixed Operating Expenses ($) Variable Operating Expenses ($) COGS + Variable Op Expenses ($) COGS + Variable Op Expenses (% sales) Value 40,000.00 219,860.82 BMI ($) 270.22 121.32 391.54 ASCAP ($) 330.88 126.84 457.72 SESAC ($) 180.00 0.00 180.00

Pub (% PS) WS (% WSS) 32.2 8.0 6.3 0.0 0.5 0.0 2.0 3.6 3.6 1.5 1.7 0.0 0.4 0.0 3.3 4.5 0.0 3.5 Value 27.4 32.5 469,098.84 0.00 0.00 469,098.84 Value 207,114.49 512,429.04 981,527.87 77.0

Financing Assumption Capitalization Roundup Value ($) Initial Inventory Purchases (months) Startup Operating Expense Early Startup Wages Standard Operating Wages Direct Operating Expenses Music and Entertainment Marketing Utility Services Occupancy Expenses Repairs and Maintenance Other Expenses General and Administrative Brewery Process Expenses Brewery Excise Taxes Beer Freight Government License Pub Liquor & Beer, Class B Retail Food Operator's License Brewery Wholesale, Beer Brewpub Permit Registration Alcohol Beverages Tax Bond Security Bond Coverage Total Government Licenses Startup Expense Legal and Accounting Artwork and Website Design and Consulting Initial Licenses Real Estate Purchases Facility Renovations Equipment Purchases Initial Inventory Purchases Initial Operating Expenses Total Capital Required Value ($) 15,000.00 10,000.00 25,000.00 20,889.26 0.00 484,367.23 1,319,425.58 117,274.71 151,538.37 2,145,000.00 Value 5000.00 3 Time (months) 3 2 1 0 5 5 5 2 4 4 2 0 0 Issuer Municipal State Municipal Municipal State State Federal Value ($) 20000.00 50794.52 1154.27 0.00 17664.22 19534.23 15385.35 1475.83 293.15 18250.51 6986.29 0.00 0.00 Quantity 1 1 2 1 1 1 1 Exp ($/lic) 10,000.00 1,335.00 25.00 25.00 20.00 1,000.00 8,785.00 Exp ($) 10,000.00 0.00 50.00 25.00 0.00 1,000.00 8,785.00 19,860.00

Income Statement All values are in dollars unless otherwise specified. Variable Sales House Beer Other Beverages Food Total Sales Cost of Goods Sold House Beer Other Beverages Food Total COGS Gross Profit Gross Profit (% total sales) Operating Expenses Salaries, Wages and Benefits Direct Operating Expenses Music and Entertainment Marketing Utility Services Occupancy Expenses Repairs and Maintenance Depreciation Other Expenses General and Administrative Brewery Process Expenses Brewery Excise Taxes Beer Freight Total Operating Expense Earnings Before Interest Earnings Before Interest (% total sales) Interest Expenses Loan Payments Total Interest Expenses Net Income Net Income (% total sales) Value 1,275,330.38 0.00 0.00 1,275,330.38 469,098.84 0.00 0.00 469,098.84 806,231.54 63.2 304,767.12 13,851.23 1,029.26 42,394.12 46,882.16 36,924.85 8,854.98 90,189.64 879.44 54,751.54 41,917.75 40,160.00 36,941.43 719,543.53 86,688.01 6.8 0.00 0.00 86,688.01 6.8

Cash Flow Statement All values are in dollars unless otherwise specified. Variable Operating Activities Net Income Decrease in Inventory Increase in Depreciation Increase in Accounts Payable Total Cash from Operating Activities Investing Activities Decrease in Real Estate Decrease in Equipment Decrease in Renovations Total Cash from Investing Activities Financing Activities Increase in Owner Contributions Increase in Loans Payable Total Cash from Financing Activities Net Change in Cash Net Change in Cash (% total sales) Value 86,688.01 0.00 90,189.64 0.00 176,877.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 176,877.65 13.9

Ingredients Ingredient Variable Recipe Batch Size (bbl) Malt Expense ($/bbl) Hops Expense ($/bbl) Other Expense ($/bbl) Malt Type Pale Ale 6-Row Brewers Caramel 20L Caramel 60L Caramel 120L Extra Special Roasted Barley Chocolate Black Malt Maris Otter Pale Chocolate Pilsner Vienna Light Munich Dark Munich Carafa Special II Smoked Malt Acidulated Malt Hop Type US Nugget US Cascade US Amarillo US Centennial US Cluster US Liberty US Willamette UK Kent Golding German Hallertau Czech Saaz Northern Brewer Solid Adjunct Corn Sugar Flaked Barley Flaked Corn Flaked Wheat Flaked Oats Flaked Rye Org Raspberries* Org Grapefruit* Org Pumpkin* Liquid Adjunct Org Maple Syrup* Org Wildflower Honey* Belgian Candi Syrups Spice Org Cinnamon* Org Ginger Root* Org Coffee Beans* Org Green Cardamom* *Needs more research. Value 15.0 0.00 0.00 0.00 Maltster Briess Briess Briess Briess Briess Briess Briess Briess Briess Crisp Crisp Weyermann Weyermann Weyermann Weyermann Weyermann Weyermann Weyermann Form Pellet Pellet Pellet Pellet Pellet Pellet Pellet Pellet Pellet Pellet Pellet Producer Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Producer TBD TBD Dark Candi Producer TBD TBD TBD TBD Source Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Brewers Price ($/lb) Qty (lb/batch) 0.64 0.53 0.79 0.79 0.79 0.82 0.77 0.81 0.81 0.72 0.72 0.62 0.64 0.64 0.64 0.81 0.82 0.90 Price ($/lb)* Qty (lb/batch) 10.95 7.95 9.95 9.95 9.95 9.95 7.95 15.45 8.95 9.95 10.45 Price ($/lb) Qty (lb/batch) 0.64 0.49 0.65 0.52 0.51 0.60 6.00 0.97 3.00 Price ($/gal) Qty (gal/batch) 41.55 14.00 33.00 Price ($/oz) Qty (oz/batch) 0.37 0.17 0.32 0.63 Qty (lb/bbl) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Qty (lb/bbl) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Qty (lb/bbl) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Qty (gal/bbl) 0.00 0.00 0.00 Qty (oz/bbl) 0.00 0.00 0.00 0.00 Cost ($/bbl) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cost ($/bbl) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cost ($/bbl) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cost ($/bbl) 0.00 0.00 0.00 Cost ($/bbl) 0.00 0.00 0.00 0.00

Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply Supply

Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group

Source Crosby & Crosby & Crosby & Crosby & Crosby & Crosby & Crosby & Crosby & Crosby & Crosby & Crosby & Source Brewers Brewers Brewers Brewers Brewers Brewers TBD TBD TBD

Baker Baker Baker Baker Baker Baker Baker Baker Baker Baker Baker

Supply Supply Supply Supply Supply Supply

Group Group Group Group Group Group

Source TBD TBD North Country Source TBD TBD TBD TBD