Overall

Document is designed for breweries with fermenter capacities of 15 barrels or less.

General Assumption ValuePub Tap Lines, House Beer (qty) 12Pub Tap Lines, Guest Beer (qty) 0Sales Taxes (% taxable sales) 5.5Employees per Seat 0.2Average Employee Raises (%) 2.0Occupancy Cost Increase (%/yr) 3.0Average Check per Customer ($) 15.00Startup Time Without Revenue (months) 5Required Startup Capital (Min or Max) MaxSweat Equity (% total equity) 0.0Number of Employees 23Initial Sweat Equity Value ($) 0.00

NRA Sales Mix High Bev Median No BevFood Sales (% total sales) 72.1 85.4 100.0Total Sales per Seat ($/yr) 8,961.00 9,859.00 8,345.00

Seating Capacity Assumption High Food Low FoodFood Sales (% total sales) 70.0 0.0Seating Capacity (sq ft/seat) 44.1 32.9

Growth Assumption Year 3 Year 4 Year 5Overall Sales Growth (%) 2.2 2.2 2.2

Projected Operation Year 1 Year 2 Year 3 Year 4 Year 5Sales per Seat ($) 4,750.68 8,144.02 8,323.19 8,506.30 8,693.44Total Sales ($) 555,829.54 952,850.64 973,813.35 995,237.25 1,017,132.47House Beer Sales (% total sales) 30.0 30.0 30.0 30.0 30.0Other Beverage Sales (% total sales) 10.0 10.0 10.0 10.0 10.0Food Sales (% total sales) 60.0 60.0 60.0 60.0 60.0House Beer Sales ($) 166,748.86 285,855.19 292,144.01 298,571.17 305,139.74Other Beverage Sales ($) 55,582.95 95,285.06 97,381.34 99,523.72 101,713.25Food Sales ($) 333,497.72 571,710.38 584,288.01 597,142.35 610,279.48Net Income ($) -201,687.53 32,969.25 38,754.75 44,794.18 51,101.47Net Income (% sales) -36.3 3.5 4.0 4.5 5.0Cash Flow ($) -1,203,006.36 22,800.14 25,411.15 27,632.00 29,884.80Cash Flow (% sales) -216.4 2.4 2.6 2.8 2.9Cash Flow (% initial equity) -245.5 4.7 5.2 5.6 6.1Break-Even Sales ($) N/A 884,472.12 898,860.57 913,609.06 928,727.05Total House Beer Sold (bbl) 186 318 325 332 340Average Table Turns per Day 1.5 1.5 1.5 1.6 1.6

Brewery

General Assumption ValueBrewhouse Volume (bbl) 7.0Batch Size (number of brews) 1Number of Serving Tanks 8Number of Wine Barrels 0Serving Losses (% brewed) 8.0Head Brewer Salary, Year 2 ($/FTE/yr) 40,000.00Staff Brewer Wages, Year 2 ($/FTE/yr) 32,000.00State Excise Tax ($/bbl) 1.00Federal Excise Tax ($/bbl) 7.00Repairs and Maintenance ($/bbl)* 1.00House Yeast Reuse (generations) 10Batch Volume (bbl) 7.0

Process Expense Unit (u) Exp ($/u) Usage (u/bbl) Cost ($/bbl)Enerco FG Lactic Acid 88% gal 32.54 0.02 0.65O2* lb 0.20 0.01 0.00CO2* lb 0.20 8.89 1.78Paul HS-Series Filter Sheets sheet 1.33 0.00 0.00Alkali Cleaner - Five Star PBW lb 2.16 0.60 1.30Acid Cleaner 1 - Five Star AC5 gal 7.96 0.04 0.32Acid Cleaner 2 - Five Star AC6 gal 12.04 0.30 3.61Sanitizer - Five Star Saniclean gal 14.83 0.02 0.30

Total Direct Operating Expenses 7.95

Utility Service Unit (u) Exp ($/u) Usage (u/bbl) Cost ($/bbl)H2O 1000 gal 1.30 0.25 0.33Sewer Costs 1000 gal 1.56 0.22 0.34Electricity kwh 0.08 35.00 2.80Natural Gas therm 0.14 3.70 0.52

Total Utilities 3.98

Recipe Variable, Year 2 Regular 1 Regular 2 Regular 3 Regular 4 Rotating 1 Rotating 2Sales Fraction (% dollars) 13.0 15.0 18.0 14.0 35.0 5.0Time in Fermentation Tank (days/batch) 21 21 21 21 28 56Time in Maturation Tank (days/batch) 0 0 0 0 0 0House Yeast Pitches (%) 100.0 0.0 100.0 100.0 40.0 0.0Average Price + Tax ($/pint) 3.00 4.00 4.00 4.00 3.75 6.67Malt Expense ($/bbl) 32.16 40.19 45.50 48.44 40.26 111.88Hops Expense ($/bbl) 8.54 3.91 20.91 2.57 5.61 8.53Other Ingredients Expense ($/bbl) 0.00 0.00 0.00 0.00 7.72 109.33New Yeast Expense ($/bbl of batch size) 25.00 25.00 25.00 25.00 25.00 25.00Sales ($) 37,161.17 42,878.28 51,453.93 40,019.73 100,049.32 14,292.76Average Price w/o Tax ($/pint) 2.84 3.79 3.79 3.79 3.55 6.32Quantity Sold (pints) 13,068 11,309 13,571 10,555 28,147 2,261Volume Sold (bbl) 52.7 45.6 54.7 42.6 113.5 9.1Sales Frequency (batches) 7.5 6.5 7.8 6.1 16.2 1.3Volume Brewed for COGS (bbl) 57.3 49.6 59.5 46.3 123.4 9.9Brew Frequency for COGS (batches) 8.2 7.1 8.5 6.6 17.6 1.4Fermenter Usage for COGS (days) 172 149 178 139 493 79Maturation Tank Usage for COGS (days) 0 0 0 0 0 0House Yeast Pitches for COGS (qty) 8.2 0.0 8.5 6.6 7.0 0.0House Yeast Usage for COGS (days) 172 0 178 139 197 0Total Malt Expense ($) 1,842.03 1,992.09 2,706.34 2,240.95 4,966.72 1,108.55Total Hops Expense ($) 489.15 193.81 1,243.73 118.89 692.08 84.52Total Other Ingredients Expense ($) 0.00 0.00 0.00 0.00 952.39 1,083.28Total Yeast Expense ($) 63.13 1,239.17 65.56 50.99 1,904.88 247.71Cost of Goods Sold (%) 6.4 8.0 7.8 6.0 8.5 17.7

Summary Variable, Year 2 ValueAvg Time in Fermenter (days) 24Avg Time in Maturation Tank (days) 0Avg Price w/o Tax ($/16-fl oz) 3.62House Yeast Fermenter Use (%) 56.7House Yeast Pitches per Purchase 23House Yeast Pitches (qty/yr) 30House Yeast Purchases (qty/yr) 1.3Avg Expense, Malt ($/bbl) 42.96Avg Expense, Hops ($/bbl) 8.16Avg Expense, Other Ingredients ($/bbl) 5.89Avg Expense, Yeast ($/bbl) 10.33

Production Projection Year 1 Year 2 Year 3 Year 4 Year 5Quantity Sold (pints) 46,032 78,912 80,648 82,422 84,235Volume Sold (bbl) 185.6 318.2 325.2 332.3 339.7Sales Frequency (batches) 26.5 45.5 46.5 47.5 48.5Volume Brewed for COGS (bbl) 201.8 345.9 353.5 361.2 369.2Total Volume Brewed (bbl) 203.0 350.0 357.0 364.0 371.0Brewing Frequency (batches) 29 50 51 52 53Brewing Frequency (batches/wk) 1.0 1.0 1.0 1.0 1.0Fermentater Usage (days) 710 1,225 1,249 1,274 1,298Maturation Tank Usage (days) 0 0 0 0 0Avg Serving Time (months/batch) 3.2 3.2 3.1 3.0 3.0Number of Fermenters 4 4 4 4 4Number of Brite Beer Tanks 0 0 0 0 0

COGS Projection Year 1 Year 2 Year 3 Year 4 Year 5Ingredient Expenses ($) 13,583.47 23,285.95 23,798.24 24,321.80 24,856.88Cost of Goods Sold (%) 8.1 8.1 8.1 8.1 8.1Cost per Serving ($/pint) 0.30 0.30 0.30 0.30 0.30

Operating Expense Projection Year 2 Year 3 Year 4 Year 5Head Brewer Hours (FTE) 1.0 1.0 1.0 1.0Staff Brewer Hours (FTE) 0.0 0.0 0.0 0.0Expense, Head Brewers ($) 40,000.00 40,800.00 41,616.00 42,448.32Expense, Staff Brewers ($) 0.00 0.00 0.00 0.00Total Labor Expenses ($) 40,000.00 40,800.00 41,616.00 42,448.32Process Expenses ($) 2,750.91 2,811.43 2,873.28 2,936.49Utility Services ($) 1,378.13 1,408.45 1,439.44 1,471.10Excise Taxes ($) 2,766.89 2,827.76 2,889.97 2,953.55Repairs and Maintenance ($) 345.86 353.47 361.25 369.19

*Needs more research.

Facility

Sizing Variable ValueUsable Facility Area (sq ft) 5,000Seating Capacity (sq ft/seat) 42.5Number of Seats 117Mill Sizing (sq ft/bbl) 1.5Grain Storage (sq ft/bbl/yr) 0.25Baseline Hot Liquor Tank Space (sq ft) 6.6Hot Liquor Tank Space Increase (sq ft/bbl) 0.9Hot Liquor Tank Area (sq ft) 12.9Baseline Brewhouse Space (sq ft) 58.1Brewhouse Space Increase (sq ft/bbl) 3.9Brewhouse Area (sq ft) 85.4Baseline Fermenter Space (sq ft) 3.3Fermenter Space Increase (sq ft/bbl) 1.1Single Fermenter Area (sq ft) 11.0Chemical Drum (sq ft) 4.0Wine Barrel Space (sq ft) 6.8Filter Space (sq ft) 10.0Baseline Brite Tank Space (sq ft) 3.9Brite Tank Space Increase (sq ft/bbl) 0.9Single Brite Tank Area (sq ft) 10.2Keg Washer Space (sq ft) 15.0Keg Space, 1/2-bbl (sq ft) 1.8Min Kegs (0.5-bbl/HB tap) 3Number of Kegs (0.5-bbl) 56Keg Storage Stack (number of kegs) 3Free Space in Brewery (%) 55.0Baseline Serving Tank Space (sq ft) 2.4Serving Tank Space Increase (sq ft/bbl) 0.9Single Serving Tank Area (sq ft) 8.7Serving Keg Stack (number of kegs) 2Free Space in Cold Storage (%) 55.0Office Area (sq ft) 64Milling/Grain Storage Area (sq ft) 103Brewery Area (sq ft) 474Cold Room Area (sq ft) 267Brewery and Office Areas (sq ft) 908Pub Areas (sq ft) 4,092

Occupancy Expense ValuePurchase or Lease? (P or L) LInitial Rental Rate ($/sq ft/yr) 12.00Total Purchase Price ($) N/AInitial Insurance and Taxes ($/sq ft/yr) 3.00Initial Rent Payment ($/yr) 60,000.00Initial Insurance and Taxes ($/yr) 15,000.00Total Occupancy Expense ($/yr) 75,000.00Total Occupancy Expense (% Y2 sales) 7.9

Equipment Assumption ValueNew Brewery Minimum, JVNW ($) 159149.12New Brewery Increase, JVNW ($/bbl/yr) 85.82New Fermenter Minimum, STI ($) 4,169.14New Fermenter Increase, STI ($/bbl) 401.14New Brite Tank Minimum, STI ($) 4,293.06New Brite Tank Increase, STI ($/bbl) 328.78New Serving Tank Minimum, STI ($) 2,871.00New Serving Tank Increase, STI ($/bbl) 205.00New 1/2-bbl Keg, Franke ($) 163.00New Pub Equipment, Destree ($/sq ft) 50.00

Max Used Equipment Savings (% new) 25.0

Equipment Expense Cost ($)Baseline Brewery 206,935.88Brite Beer Tanks 0.00Serving Tanks 34,448.00Kegs 9,128.00Pub Equipment 204,581.94

Total Equipment Expense 455,093.83

Renovation Expense Value (u) Cost ($)Brewery and Office (u = $/sq ft)* 50.00 45,418.06Pub (u = $/sq ft) 100.00 409,163.89Construction Management Fee (u = %) 7.0 31,820.74Contingency Capital (u = %) 5.0 24,320.13

Total Renovation Expense 510,722.81

Depreciation Assumption ValueDepreciation Time, New Equipment (yr)* 20Depreciation Time, Used Equipment (yr)* 10Depreciation Time, Renovations (yr)* 20

Depreciation Expense Year 1 Year 2 Year 3 Year 4 Year 5Depreciation Rate, Year 1 Purchases ($) 36,218.12 48,290.83 48,290.83 48,290.83 48,290.83

*Needs more research.

Expenses

Cost of Goods Sold COGS (%)Other Beverages 27.4Food 32.5

Labor Variable ValueNon-Brewery Salaries, Year 2 ($/yr) 80,000.00

Performance License BMI ($) ASCAP ($) SESAC ($)Recorded Music 270.22 330.88 180.00TV and/or Radio 121.32 126.84 0.00

Total Performance Licenses 391.54 457.72 180.00

Pub Expense Cost (% Sales)Salaries, Wages and Benefits 32.2Direct Operating Expenses 6.3Music and Entertainment 0.1Marketing 2.0Utility Services 3.6Repairs and Maintenance 1.7Other Expenses/Income 0.4General and Administrative 3.3

COGS Projection Year 1 Year 2 Year 3 Year 4 Year 5COGS Expenses, House Beer ($) 13,583.47 23,285.95 23,798.24 24,321.80 24,856.88COGS Expenses, Other Beverages ($) 15,229.73 26,108.11 26,682.49 27,269.50 27,869.43COGS Expenses, Food ($) 108,386.76 185,805.87 189,893.60 194,071.26 198,340.83Overall Cost of Goods Sold ($) 137,199.96 235,199.93 240,374.33 245,662.57 251,067.14

Operating Expense Projection Year 1 Year 2 Year 3 Year 4 Year 5Salaries, Wages and Benefits ($) 275,113.43 346,817.91 354,367.90 362,082.39 369,964.97Direct Operating Expenses ($) 40,019.73 60,029.59 61,350.24 62,699.95 64,079.35Music and Entertainment ($) 600.40 1,029.26 1,051.91 1,075.05 1,098.70Marketing ($) 19,057.01 19,057.01 19,476.27 19,904.74 20,342.65Utility Services ($) 35,680.75 35,680.75 36,465.73 37,267.98 38,087.87Occupancy Expenses ($) 75,000.00 75,000.00 77,250.00 79,567.50 81,954.53Repairs and Maintenance ($) 12,408.24 16,544.32 16,908.30 17,280.28 17,660.45Depreciation ($) 36,218.12 48,290.83 48,290.83 48,290.83 48,290.83Other Expenses ($) 3,493.79 3,811.40 3,895.25 3,980.95 4,068.53General and Administrative ($) 93,283.00 31,444.07 32,135.84 32,842.83 33,565.37Brewery Process Expenses ($) 2,063.18 2,750.91 2,811.43 2,873.28 2,936.49Brewery Excise Taxes ($) 1,614.02 2,766.89 2,827.76 2,889.97 2,953.55Total Fixed Operating Expenses ($) 206,218.12 243,290.83 247,940.83 252,706.33 257,590.32Total Variable Operating Expenses ($) 388,333.55 399,932.11 408,890.62 418,049.41 427,412.97Total Operating Expenses ($) 594,551.67 643,222.95 656,831.45 670,755.75 685,003.28

Summary Variable Year 1 Year 2 Year 3 Year 4 Year 5COGS + Variable Op Expenses ($) 525,533.51 635,132.05 649,264.95 663,711.98 678,480.11COGS + Variable Op Expenses (% sales) 94.5 66.7 66.7 66.7 66.7

Financing

Assumption ValueInvestment Share Size ($) 5000.00Early Startup Wages (% manager salaries) 50.0

Startup Asset Change Start (month) Last (month)Inventory Purchases 3 5Equipment Purchases 1 3Renovations 2 4Depreciation 4 N/A

Startup Operating Expense Start (month) Value ($)Early Startup Wages 1 15000.00Standard Operating Wages 4 57802.98Direct Operating Expenses 5 5002.47Music and Entertainment 6 0.00Marketing 1 7940.42Utility Services 1 14866.98Occupancy Expenses 1 31250.00Repairs and Maintenance 4 2757.39Depreciation 4 0.00Other Expenses 2 1270.47General and Administrative 2 10481.36Brewery Process Expenses 4 458.48Brewery Excise Taxes 6 0.00

Government License Issuer Quantity Exp ($/lic) Exp ($)Pub Liquor & Beer, Class B Municipal 1 10,000.00 10,000.00 Retail Food State 1 1,335.00 1,335.00 Operator's License Municipal 2 25.00 50.00Brewery Wholesale, Beer Municipal 1 25.00 25.00 Brewpub Permit Registration State 1 20.00 20.00 Alcohol Beverages Tax Bond State 1 1,000.00 1,000.00 Security Bond Coverage Federal 1 1,000.00 1,000.00

Total Government Licenses 13,430.00

Startup Expense Value ($)Legal and Accounting 15,000.00Artwork and Website 10,000.00Design and Consulting 25,000.00Initial Licenses 14,459.26Real Estate Purchases 0.00Facility Renovations 510,722.81Equipment Purchases 455,093.83Initial Inventory Purchases* 58,799.98Initial Operating Expenses 146,830.55

Total Capital Required 1,240,000.00

*Adjusted for a 1-month invoice payment period.

Capital Sources Variable ValueLoan Term (yr) 10Interest Rate (%/yr) 6.00Startup Capital from Debt ($) 750,000.00Startup Capital from Equity ($) 490,000.00Startup Capital from Debt (%) 60.5Annual Loan Payments ($/yr) 99,918.45

Can we afford the loan? Yes

Loan Interest Payment Year 1 Year 2 Year 3 Year 4 Year 5Month 1 0.00 3,587.40 3,295.10 2,984.77 2,655.30Month 2 0.00 3,563.70 3,269.94 2,958.06 2,626.95Month 3 0.00 3,539.89 3,244.66 2,931.22 2,598.45

Month 4 0.00 3,515.96 3,219.25 2,904.24 2,569.81Month 5 0.00 3,491.90 3,193.71 2,877.13 2,541.02Month 6 3,750.00 3,467.73 3,168.05 2,849.88 2,512.10Month 7 3,727.12 3,443.44 3,142.26 2,822.50 2,483.02Month 8 3,704.12 3,419.02 3,116.33 2,794.98 2,453.81Month 9 3,681.01 3,394.48 3,090.28 2,767.32 2,424.44Month 10 3,657.78 3,369.82 3,064.10 2,739.53 2,394.93Month 11 3,634.44 3,345.04 3,037.79 2,711.59 2,365.27Month 12 3,610.98 3,320.13 3,011.35 2,683.52 2,335.47

Total 25,765.44 41,458.50 37,852.82 34,024.75 29,960.57

Loan Principal Payment Year 1 Year 2 Year 3 Year 4 Year 5Month 1 0.00 4,739.14 5,031.44 5,341.77 5,671.24Month 2 0.00 4,762.83 5,056.60 5,368.48 5,699.59Month 3 0.00 4,786.65 5,081.88 5,395.32 5,728.09Month 4 0.00 4,810.58 5,107.29 5,422.29 5,756.73Month 5 0.00 4,834.64 5,132.83 5,449.41 5,785.51Month 6 4,576.54 4,858.81 5,158.49 5,476.65 5,814.44Month 7 4,599.42 4,883.10 5,184.28 5,504.04 5,843.51Month 8 4,622.42 4,907.52 5,210.20 5,531.56 5,872.73Month 9 4,645.53 4,932.06 5,236.25 5,559.21 5,902.09Month 10 4,668.76 4,956.72 5,262.44 5,587.01 5,931.61Month 11 4,692.10 4,981.50 5,288.75 5,614.95 5,961.26Month 12 4,715.56 5,006.41 5,315.19 5,643.02 5,991.07

Total 32,520.32 58,459.95 62,065.63 65,893.70 69,957.88

Transaction Values

Month of Operation 0 1 2 3 4 5 6 7Year of Operation 0 1 1 1 1 1 1 1

AssetsCurrent Cash ($) 1,240,000.00 -231,968.69 -340,688.32 -340,688.32 -234,099.80 -68,861.32 1,900.01 1,900.01 Inventory ($) 0.00 0.00 19,599.99 19,599.99 19,599.99 0.00 0.00Fixed Real Estate ($) 0.00 Equipment ($) 151,697.94 151,697.94 151,697.94 0.00 0.00 0.00 0.00 Renovations ($) 0.00 170,240.94 170,240.94 170,240.94 0.00 0.00 0.00 Depreciation ($) 0.00 0.00 0.00 4,024.24 4,024.24 4,024.24 4,024.24LiabilitiesCurrent Accounts Payable ($) 0.00 0.00 19,599.99 0.00 0.00 0.00 0.00Fixed Loans Payable ($) 750,000.00 0.00 0.00 0.00 0.00 0.00 -4,576.54 -4,599.42EquityOwner Contributions ($) 490,000.00Sales House Beer ($) 0.00 0.00 0.00 0.00 0.00 23,821.27 23,821.27 Other Beverages ($) 0.00 0.00 0.00 0.00 0.00 7,940.42 7,940.42 Food ($) 0.00 0.00 0.00 0.00 0.00 47,642.53 47,642.53Cost of Goods Sold House Beer ($) 0.00 0.00 0.00 0.00 0.00 1,940.50 1,940.50 Other Beverages ($) 0.00 0.00 0.00 0.00 0.00 2,175.68 2,175.68 Food ($) 0.00 0.00 0.00 0.00 0.00 15,483.82 15,483.82Operating Expenses Salaries, Wages and Benefits ($) 5,000.00 5,000.00 5,000.00 28,901.49 28,901.49 28,901.49 28,901.49 Direct Operating Expenses ($) 0.00 0.00 0.00 0.00 5,002.47 5,002.47 5,002.47 Music and Entertainment ($) 0.00 0.00 0.00 0.00 0.00 85.77 85.77 Marketing ($) 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 Utility Services ($) 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 Occupancy Expenses ($) 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 Repairs and Maintenance ($) 0.00 0.00 0.00 1,378.69 1,378.69 1,378.69 1,378.69 Depreciation ($) 0.00 0.00 0.00 4,024.24 4,024.24 4,024.24 4,024.24 Other Expenses ($) 0.00 317.62 317.62 317.62 317.62 317.62 317.62 General and Administrative ($) 64,459.26 2,620.34 2,620.34 2,620.34 2,620.34 2,620.34 2,620.34 Brewery Process Expenses ($) 0.00 0.00 0.00 229.24 229.24 229.24 229.24 Brewery Excise Taxes ($) 0.00 0.00 0.00 0.00 0.00 230.57 230.57Interest Expenses Loan Payments ($) 0.00 0.00 0.00 0.00 0.00 3,750.00 3,727.12

8 9 10 11 12 24 36 48 601 1 1 1 1 2 3 4 5

1,900.01 1,900.01 1,900.01 1,900.01 1,900.01 22,800.14 25,411.15 27,632.00 29,884.800.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4,024.24 4,024.24 4,024.24 4,024.24 4,024.24 48,290.83 48,290.83 48,290.83 48,290.83

0.00 0.00 0.00 0.00 0.00 0.00 431.20 440.69 450.38

-4,622.42 -4,645.53 -4,668.76 -4,692.10 -4,715.56 -58,459.95 -62,065.63 -65,893.70 -69,957.88

23,821.27 23,821.27 23,821.27 23,821.27 23,821.27 285,855.19 292,144.01 298,571.17 305,139.747,940.42 7,940.42 7,940.42 7,940.42 7,940.42 95,285.06 97,381.34 99,523.72 101,713.25

47,642.53 47,642.53 47,642.53 47,642.53 47,642.53 571,710.38 584,288.01 597,142.35 610,279.48

1,940.50 1,940.50 1,940.50 1,940.50 1,940.50 23,285.95 23,798.24 24,321.80 24,856.882,175.68 2,175.68 2,175.68 2,175.68 2,175.68 26,108.11 26,682.49 27,269.50 27,869.43

15,483.82 15,483.82 15,483.82 15,483.82 15,483.82 185,805.87 189,893.60 194,071.26 198,340.83

28,901.49 28,901.49 28,901.49 28,901.49 28,901.49 346,817.91 354,367.90 362,082.39 369,964.975,002.47 5,002.47 5,002.47 5,002.47 5,002.47 60,029.59 61,350.24 62,699.95 64,079.35

85.77 85.77 85.77 85.77 85.77 1,029.26 1,051.91 1,075.05 1,098.701,588.08 1,588.08 1,588.08 1,588.08 1,588.08 19,057.01 19,476.27 19,904.74 20,342.652,973.40 2,973.40 2,973.40 2,973.40 2,973.40 35,680.75 36,465.73 37,267.98 38,087.876,250.00 6,250.00 6,250.00 6,250.00 6,250.00 75,000.00 77,250.00 79,567.50 81,954.531,378.69 1,378.69 1,378.69 1,378.69 1,378.69 16,544.32 16,908.30 17,280.28 17,660.454,024.24 4,024.24 4,024.24 4,024.24 4,024.24 48,290.83 48,290.83 48,290.83 48,290.83

317.62 317.62 317.62 317.62 317.62 3,811.40 3,895.25 3,980.95 4,068.532,620.34 2,620.34 2,620.34 2,620.34 2,620.34 31,444.07 32,135.84 32,842.83 33,565.37

229.24 229.24 229.24 229.24 229.24 2,750.91 2,811.43 2,873.28 2,936.49230.57 230.57 230.57 230.57 230.57 2,766.89 2,827.76 2,889.97 2,953.55

3,704.12 3,681.01 3,657.78 3,634.44 3,610.98 41,458.50 37,852.82 34,024.75 29,960.57

Income Statement

All values are in dollars unless otherwise specified.

Variable Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9Sales House Beer 0.00 0.00 0.00 0.00 0.00 23,821.27 23,821.27 23,821.27 23,821.27 Other Beverages 0.00 0.00 0.00 0.00 0.00 7,940.42 7,940.42 7,940.42 7,940.42 Food 0.00 0.00 0.00 0.00 0.00 47,642.53 47,642.53 47,642.53 47,642.53

Total Sales 0.00 0.00 0.00 0.00 0.00 79,404.22 79,404.22 79,404.22 79,404.22Cost of Goods Sold House Beer 0.00 0.00 0.00 0.00 0.00 1,940.50 1,940.50 1,940.50 1,940.50 Other Beverages 0.00 0.00 0.00 0.00 0.00 2,175.68 2,175.68 2,175.68 2,175.68 Food 0.00 0.00 0.00 0.00 0.00 15,483.82 15,483.82 15,483.82 15,483.82

Total COGS 0.00 0.00 0.00 0.00 0.00 19,599.99 19,599.99 19,599.99 19,599.99

Gross Profit 0.00 0.00 0.00 0.00 0.00 59,804.23 59,804.23 59,804.23 59,804.23Gross Profit (% total sales) 0.0 0.0 0.0 0.0 0.0 75.3 75.3 75.3 75.3Operating Expenses Salaries, Wages and Benefits 5,000.00 5,000.00 5,000.00 28,901.49 28,901.49 28,901.49 28,901.49 28,901.49 28,901.49 Direct Operating Expenses 0.00 0.00 0.00 0.00 5,002.47 5,002.47 5,002.47 5,002.47 5,002.47 Music and Entertainment 0.00 0.00 0.00 0.00 0.00 85.77 85.77 85.77 85.77 Marketing 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 1,588.08 Utility Services 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 2,973.40 Occupancy Expenses 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 Repairs and Maintenance 0.00 0.00 0.00 1,378.69 1,378.69 1,378.69 1,378.69 1,378.69 1,378.69 Depreciation 0.00 0.00 0.00 4,024.24 4,024.24 4,024.24 4,024.24 4,024.24 4,024.24 Other Expenses 0.00 317.62 317.62 317.62 317.62 317.62 317.62 317.62 317.62 General and Administrative 64,459.26 2,620.34 2,620.34 2,620.34 2,620.34 2,620.34 2,620.34 2,620.34 2,620.34 Brewery Process Expenses 0.00 0.00 0.00 229.24 229.24 229.24 229.24 229.24 229.24 Brewery Excise Taxes 0.00 0.00 0.00 0.00 0.00 230.57 230.57 230.57 230.57

Total Operating Expense 80,270.75 18,749.44 18,749.44 48,283.10 53,285.57 53,601.91 53,601.91 53,601.91 53,601.91

Earnings Before Interest -80,270.75 -18,749.44 -18,749.44 -48,283.10 -53,285.57 6,202.31 6,202.31 6,202.31 6,202.31Earnings Before Interest (% total sales) 0.0 0.0 0.0 0.0 0.0 7.8 7.8 7.8 7.8Interest Expenses Loan Payments 0.00 0.00 0.00 0.00 0.00 3,750.00 3,727.12 3,704.12 3,681.01

Total Interest Expenses 0.00 0.00 0.00 0.00 0.00 3,750.00 3,727.12 3,704.12 3,681.01

Net Income -80,270.75 -18,749.44 -18,749.44 -48,283.10 -53,285.57 2,452.31 2,475.20 2,498.19 2,521.31Net Income (% total sales) 0.0 0.0 0.0 0.0 0.0 3.1 3.1 3.1 3.2

*Summary of months 1-12.

Month 10 Month 11 Month 12 Year 1* Year 2 Year 3 Year 4 Year 5

23,821.27 23,821.27 23,821.27 166,748.86 285,855.19 292,144.01 298,571.17 305,139.747,940.42 7,940.42 7,940.42 55,582.95 95,285.06 97,381.34 99,523.72 101,713.25

47,642.53 47,642.53 47,642.53 333,497.72 571,710.38 584,288.01 597,142.35 610,279.48

79,404.22 79,404.22 79,404.22 555,829.54 952,850.64 973,813.35 995,237.25 1,017,132.47

1,940.50 1,940.50 1,940.50 13,583.47 23,285.95 23,798.24 24,321.80 24,856.882,175.68 2,175.68 2,175.68 15,229.73 26,108.11 26,682.49 27,269.50 27,869.43

15,483.82 15,483.82 15,483.82 108,386.76 185,805.87 189,893.60 194,071.26 198,340.83

19,599.99 19,599.99 19,599.99 137,199.96 235,199.93 240,374.33 245,662.57 251,067.14

59,804.23 59,804.23 59,804.23 418,629.58 717,650.70 733,439.02 749,574.68 766,065.3275.3 75.3 75.3 75.3 75.3 75.3 75.3 75.3

28,901.49 28,901.49 28,901.49 275,113.43 346,817.91 354,367.90 362,082.39 369,964.975,002.47 5,002.47 5,002.47 40,019.73 60,029.59 61,350.24 62,699.95 64,079.35

85.77 85.77 85.77 600.40 1,029.26 1,051.91 1,075.05 1,098.701,588.08 1,588.08 1,588.08 19,057.01 19,057.01 19,476.27 19,904.74 20,342.652,973.40 2,973.40 2,973.40 35,680.75 35,680.75 36,465.73 37,267.98 38,087.876,250.00 6,250.00 6,250.00 75,000.00 75,000.00 77,250.00 79,567.50 81,954.531,378.69 1,378.69 1,378.69 12,408.24 16,544.32 16,908.30 17,280.28 17,660.454,024.24 4,024.24 4,024.24 36,218.12 48,290.83 48,290.83 48,290.83 48,290.83

317.62 317.62 317.62 3,493.79 3,811.40 3,895.25 3,980.95 4,068.532,620.34 2,620.34 2,620.34 93,283.00 31,444.07 32,135.84 32,842.83 33,565.37

229.24 229.24 229.24 2,063.18 2,750.91 2,811.43 2,873.28 2,936.49230.57 230.57 230.57 1,614.02 2,766.89 2,827.76 2,889.97 2,953.55

53,601.91 53,601.91 53,601.91 594,551.67 643,222.95 656,831.45 670,755.75 685,003.28

6,202.31 6,202.31 6,202.31 -175,922.09 74,427.76 76,607.57 78,818.93 81,062.047.8 7.8 7.8 -31.7 7.8 7.9 7.9 8.0

3,657.78 3,634.44 3,610.98 25,765.44 41,458.50 37,852.82 34,024.75 29,960.57

3,657.78 3,634.44 3,610.98 25,765.44 41,458.50 37,852.82 34,024.75 29,960.57

2,544.53 2,567.88 2,591.34 -201,687.53 32,969.25 38,754.75 44,794.18 51,101.473.2 3.2 3.3 -36.3 3.5 4.0 4.5 5.0

Balance Statement

All values are in dollars unless otherwise specified.

Variable Start Month 1 Month 2 Month 3 Month 4 Month 5 Month 6Assets Current Cash 1,240,000.00 1,008,031.31 667,343.00 326,654.68 92,554.88 23,693.56 25,593.57 Inventory 0.00 0.00 0.00 19,599.99 39,199.99 58,799.98 58,799.98

Total Current Assets 1,240,000.00 1,008,031.31 667,343.00 346,254.67 131,754.87 82,493.54 84,393.55 Fixed Real Estate 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Equipment 0.00 151,697.94 303,395.88 455,093.83 455,093.83 455,093.83 455,093.83 Renovations 0.00 0.00 170,240.94 340,481.88 510,722.81 510,722.81 510,722.81 Depreciation 0.00 0.00 0.00 0.00 -4,024.24 -8,048.47 -12,072.71

Total Fixed Assets 0.00 151,697.94 473,636.82 795,575.70 961,792.41 957,768.17 953,743.93

Total Assets 1,240,000.00 1,159,729.25 1,140,979.82 1,141,830.38 1,093,547.28 1,040,261.71 1,038,137.48Liabilities Current Accounts Payable 0.00 0.00 0.00 19,599.99 19,599.99 19,599.99 19,599.99

Total Current Liabilities 0.00 0.00 0.00 19,599.99 19,599.99 19,599.99 19,599.99 Fixed Loans Payable 750,000.00 750,000.00 750,000.00 750,000.00 750,000.00 750,000.00 745,423.46

Total Fixed Liabilities 750,000.00 750,000.00 750,000.00 750,000.00 750,000.00 750,000.00 745,423.46

Total Liabilities 750,000.00 750,000.00 750,000.00 769,599.99 769,599.99 769,599.99 765,023.46Equity Owner Contributions 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 Accumulated Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Current Yearly Income 0.00 -80,270.75 -99,020.18 -117,769.62 -166,052.72 -219,338.29 -216,885.97

Total Equity 490,000.00 409,729.25 390,979.82 372,230.38 323,947.28 270,661.71 273,114.03

Balance (should be zero) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Year 2 Year 3 Year 4 Year 5

27,493.58 29,393.59 31,293.60 33,193.61 35,093.63 36,993.64 59,793.78 85,204.92 112,836.92 142,721.7258,799.98 58,799.98 58,799.98 58,799.98 58,799.98 58,799.98 58,799.98 58,799.98 58,799.98 58,799.98

86,293.56 88,193.57 90,093.59 91,993.60 93,893.61 95,793.62 118,593.76 144,004.91 171,636.91 201,521.71

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00455,093.83 455,093.83 455,093.83 455,093.83 455,093.83 455,093.83 455,093.83 455,093.83 455,093.83 455,093.83510,722.81 510,722.81 510,722.81 510,722.81 510,722.81 510,722.81 510,722.81 510,722.81 510,722.81 510,722.81-16,096.94 -20,121.18 -24,145.42 -28,169.65 -32,193.89 -36,218.12 -84,508.96 -132,799.79 -181,090.62 -229,381.45

949,719.70 945,695.46 941,671.23 937,646.99 933,622.75 929,598.52 881,307.69 833,016.85 784,726.02 736,435.19

1,036,013.26 1,033,889.04 1,031,764.81 1,029,640.59 1,027,516.36 1,025,392.14 999,901.44 977,021.76 956,362.93 937,956.89

19,599.99 19,599.99 19,599.99 19,599.99 19,599.99 19,599.99 19,599.99 20,031.19 20,471.88 20,922.26

19,599.99 19,599.99 19,599.99 19,599.99 19,599.99 19,599.99 19,599.99 20,031.19 20,471.88 20,922.26

740,824.04 736,201.62 731,556.10 726,887.34 722,195.24 717,479.68 659,019.73 596,954.10 531,060.40 461,102.51

740,824.04 736,201.62 731,556.10 726,887.34 722,195.24 717,479.68 659,019.73 596,954.10 531,060.40 461,102.51

760,424.04 755,801.62 751,156.09 746,487.33 741,795.23 737,079.67 678,619.72 616,985.29 551,532.28 482,024.78

490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.00 490,000.000.00 0.00 0.00 0.00 0.00 0.00 -201,687.53 -168,718.28 -129,963.53 -85,169.35

-214,410.78 -211,912.58 -209,391.28 -206,846.75 -204,278.87 -201,687.53 32,969.25 38,754.75 44,794.18 51,101.47

275,589.22 278,087.42 280,608.72 283,153.25 285,721.13 288,312.47 321,281.72 360,036.47 404,830.65 455,932.12

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cash Flow Statement

All values are in dollars unless otherwise specified.

Variable Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7Operating Activities Net Income -80,270.75 -18,749.44 -18,749.44 -48,283.10 -53,285.57 2,452.31 2,475.20 Decrease in Inventory 0.00 0.00 -19,599.99 -19,599.99 -19,599.99 0.00 0.00 Increase in Depreciation 0.00 0.00 0.00 4,024.24 4,024.24 4,024.24 4,024.24 Increase in Accounts Payable 0.00 0.00 19,599.99 0.00 0.00 0.00 0.00

Total Cash from Operating Activities -80,270.75 -18,749.44 -18,749.44 -63,858.86 -68,861.32 6,476.55 6,499.43Investing Activities Decrease in Real Estate 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Decrease in Equipment -151,697.94 -151,697.94 -151,697.94 0.00 0.00 0.00 0.00 Decrease in Renovations 0.00 -170,240.94 -170,240.94 -170,240.94 0.00 0.00 0.00

Total Cash from Investing Activities -151,697.94 -321,938.88 -321,938.88 -170,240.94 0.00 0.00 0.00Financing Activities Increase in Owner Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Increase in Loans Payable 0.00 0.00 0.00 0.00 0.00 -4,576.54 -4,599.42

Total Cash from Financing Activities 0.00 0.00 0.00 0.00 0.00 -4,576.54 -4,599.42

Net Change in Cash -231,968.69 -340,688.32 -340,688.32 -234,099.80 -68,861.32 1,900.01 1,900.01

*Summary of months 1-12.

Month 8 Month 9 Month 10 Month 11 Month 12 Year 1* Year 2 Year 3 Year 4 Year 5

2,498.19 2,521.31 2,544.53 2,567.88 2,591.34 -201,687.53 32,969.25 38,754.75 44,794.18 51,101.470.00 0.00 0.00 0.00 0.00 -58,799.98 0.00 0.00 0.00 0.00

4,024.24 4,024.24 4,024.24 4,024.24 4,024.24 36,218.12 48,290.83 48,290.83 48,290.83 48,290.830.00 0.00 0.00 0.00 0.00 19,599.99 0.00 431.20 440.69 450.38

6,522.43 6,545.54 6,568.77 6,592.11 6,615.57 -204,669.40 81,260.09 87,476.78 93,525.70 99,842.68

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 -455,093.83 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 -510,722.81 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 -965,816.64 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 0.00-4,622.42 -4,645.53 -4,668.76 -4,692.10 -4,715.56 -32,520.32 -58,459.95 -62,065.63 -65,893.70 -69,957.88

-4,622.42 -4,645.53 -4,668.76 -4,692.10 -4,715.56 -32,520.32 -58,459.95 -62,065.63 -65,893.70 -69,957.88

1,900.01 1,900.01 1,900.01 1,900.01 1,900.01 -1,203,006.36 22,800.14 25,411.15 27,632.00 29,884.80

Ingredients

Ingredient Variable ValueRecipe Batch Size (bbl) 7.0Malt Expense ($/bbl) 37.45Hops Expense ($/bbl) 2.59Other Expense ($/bbl) 0.00

Malt Type Maltster Source Price ($/lb) Qty (lb/batch) Qty (lb/bbl) Cost ($/bbl)Pale Ale Briess Brewers Supply Group 0.64 0.0 0.006-Row Brewers Briess Brewers Supply Group 0.53 0.0 0.00Caramel 20L Briess Brewers Supply Group 0.79 0.0 0.00Caramel 60L Briess Brewers Supply Group 0.79 0.0 0.00Caramel 120L Briess Brewers Supply Group 0.79 0.0 0.00Extra Special Briess Brewers Supply Group 0.82 0.0 0.00Roasted Barley Briess Brewers Supply Group 0.77 0.0 0.00Chocolate Briess Brewers Supply Group 0.81 0.0 0.00Black Malt Briess Brewers Supply Group 0.81 0.0 0.00Maris Otter Crisp Brewers Supply Group 0.72 0.0 0.00Pale Chocolate Crisp Brewers Supply Group 0.72 0.0 0.00Pilsner Weyermann Brewers Supply Group 0.62 0.0 0.00Vienna Weyermann Brewers Supply Group 0.64 0.0 0.00Light Munich Weyermann Brewers Supply Group 0.64 0.0 0.00Dark Munich Weyermann Brewers Supply Group 0.64 378 54.0 34.56Carafa Special II Weyermann Brewers Supply Group 0.81 25 3.6 2.89Smoked Malt Weyermann Brewers Supply Group 0.82 0.0 0.00Acidulated Malt Weyermann Brewers Supply Group 0.90 0.0 0.00

Hop Type Form Source Price ($/lb)* Qty (lb/batch) Qty (lb/bbl) Cost ($/bbl)US Nugget Pellet Crosby & Baker 10.95 1.0 0.14 1.56US Cascade Pellet Crosby & Baker 7.95 0.00 0.00US Amarillo Pellet Crosby & Baker 9.95 0.00 0.00US Centennial Pellet Crosby & Baker 9.95 0.00 0.00US Cluster Pellet Crosby & Baker 9.95 0.00 0.00US Liberty Pellet Crosby & Baker 9.95 0.00 0.00US Willamette Pellet Crosby & Baker 7.95 0.00 0.00UK Kent Golding Pellet Crosby & Baker 15.45 0.00 0.00German Hallertau Pellet Crosby & Baker 8.95 0.8 0.11 1.02Czech Saaz Pellet Crosby & Baker 9.95 0.00 0.00Northern Brewer Pellet Crosby & Baker 10.45 0.00 0.00

Solid Adjunct Producer Source Price ($/lb) Qty (lb/batch) Qty (lb/bbl) Cost ($/bbl)Corn Sugar Unknown Brewers Supply Group 0.64 0.0 0.00Flaked Barley Unknown Brewers Supply Group 0.49 0.0 0.00Flaked Corn Unknown Brewers Supply Group 0.65 0.0 0.00Flaked Wheat Unknown Brewers Supply Group 0.52 0.0 0.00Flaked Oats Unknown Brewers Supply Group 0.51 0.0 0.00Flaked Rye Unknown Brewers Supply Group 0.60 0.0 0.00Org Raspberries* Unknown TBD 6.00 0.0 0.00Org Grapefruit* Unknown TBD 0.97 0.0 0.00Org Pumpkin* Unknown TBD 3.00 0.0 0.00

Liquid Adjunct Producer Source Price ($/gal) Qty (gal/batch) Qty (gal/bbl) Cost ($/bbl)Org Maple Syrup* TBD TBD 41.55 0.00 0.00Org Wildflower Honey* TBD TBD 14.00 0.00 0.00Belgian Candi Syrups Dark Candi North Country 33.00 0.00 0.00

Spice Producer Source Price ($/oz) Qty (oz/batch) Qty (oz/bbl) Cost ($/bbl)Org Cinnamon* TBD TBD 0.37 0.00 0.00Org Ginger Root* TBD TBD 0.17 0.00 0.00Org Coffee Beans* TBD TBD 0.32 0.00 0.00Org Green Cardamom* TBD TBD 0.63 0.00 0.00

*Needs more research.