JESSE BARONE, DYLAN BURTIS, TIM GRIFFIN, ANOUSHA NIKJOUIAN

THE MAN BEHIND THE BEER

COMPETITIVE ADVANTAGE• Freshest Beer

Program• Corporate Citizen• Wide range of Beer

Portfolio

39

BOSTON BEER VS. BEVERAGES-BREWERS INDUSTRY

Avg 5Yr ROE

Avg 5Yr Rev

Avg 5Yr EPS

Avg Debt

Avg PE

0

10

20

30

40

50

60

Beverages - BrewersBoston Beer

PERCENT CHANGE IN PERFORMANCE GROWTH

Boston Beer Annual Data

2002-2011

Sales 42 % ↑Earnings Per Share (EPS)

10.8 %↑

Return on Equity (ROE)

31.3 %↑

Net Income 12.9 %↑Book Value/Share 34.6 %↑

GROWTH FORECAST

NameP/E

(TTM)P/E (Fwd

12 Mo.) PEG

1 Year EPS

Growth Rate

Next 3-5 yrs EPS

Growth RateSAM 24.1x 23.5x 1.86x 2.5% 25.0%

Brewers Industry 22.3x 22.2x 0.0x 11.4% 19.3%

Consumer Defensive Sector

19.5x 17.7x -0.01x 26.6% 6.7%

S&P 500 19.1x 16.0x -0.38x 10.6% 5.4%

GO FOR IT• Brand Equity• Innovation• Small Company – Potential Growth