BrewDogJames

1) We have since updated our proposed definition of craft to remove any volume caps. This year our production will be about 10% of what Sierra Nevada brews and much less than the likes of Stone and DogFish Head. We are still searching for the perfect craft beer definition. I think independence will become more and more important. With that in mind we are negotiating to sell our shares in BBNO back to the guys for exactly what we paid for them as given the recent acquisitions in the USA we feel uncomfortable owning part of any other brewery, even through something as aspirational as our development fund.

2) Ha! Nonsense. Shareholders were able to sell their shares last October for increases in excess of 400% on our open share trading day on a platform provided by www.assetmatch.com which is a pretty staggering return!

3) Work has begun on the US project because a very solid local incentive package helped subsidise the project.

4) The beer style is a Kolsch - this beer still blurs the distinction between ale & lager. The Germans call it a top fermenting lager beer. For us this blurring of boundaries and distinctions was key to the statement we wanted to make here.

james

Yes!

Cans are lighter, easier to ship, better for the environment and they protect the beer better from light and oxygen.

We are huge can advocates!

j

1) No. Just trying to decide where the goalposts should be. You will notice on my notes on that blog we decided to remove size criteria. The blog was a proposal for discussion rather than a definitive endpoint. We are still working on a definition and a plan and trying to learn from the US industry in doing so. For me, independence is going to become more and more important in the beer industry.

2) I am convinced they will. If you compare our growth with Ballast Point for instance our figures stack up very positively. And we will soon have world class breweries on both sides of the Atlantic and over 50 amazing bars all over the world.

3) The incentive package means we can invest more in the 2 things we care most about - our beer and our people!

4) We love the beer and we love the collaboration with Queerest of the Queer here. We wanted to support a charity and make a beer which made a statement and we feel we achieved that with this beer.

j

1) Insanely difficult. We did not pay ourselves for the first 3 years and both moved back in with our parents. Every day until mid 2010 was a constant struggle to scrap enough cash together to both expand and stay afloat!

2) I think now is a great time to start a brewery. The beer market is changing so fast and more and more people want to drink full flavour craft beer!

3) We are developing our own experimental hop with a hop farmer in Yakima. Watch this space....

j

1) At the moment we are considering how we can continue to support start up breweries. 2) Not worried at all. We want to build an amazing company that transcends bubbles and trends and delivers awesome long term value to our shareholders and provides an amazing place to work for our team members. 3) We have over 30,000 Equity Punks. We are actually looking to offer Cicerone sources in 2016. 4) No. We love this project. The charity we supported, Queerest of the Queer, love this project. Maybe not everyone liked it. That is ok. But we stand behind the beer and the project completely.

j