Board of Directors

Peter J. Schwartz

Chair - President of Laurence Capital Corp.

Stan G. Dunford

Chairman & CEO, Republic Live

Edward H. Kernaghan

Senior Investment Advisor, Kernaghan & Partners Ltd

David R. Shaw

Non-Executive Chairman, LHH Knightsbridge

John H. Bowey

Retired Chairman of the Board, Deloitte & Touche LLP

George H. Croft

President & CEO, Brick Brewing Co. Limited

Executive Team

George H. Croft

President & CEO

Sean Byrne

Chief Financial Officer

Russell Tabata

Chief Operating Officer

Contact Investor Relations

Sean Byrne



Ethics Officer

Interested parties, including customers, suppliers, shareholders, or other individuals, who have concerns regarding ethical practices engaged by Brick Brewing Co. Limited, should please contact the Ethics Officer at:

A message from
George H. Croft, President & Chief Executive Officer

To Our Shareholders,

Brick Brewing Co. Limited ("Brick" or the "Company") (TSX: BRB), Ontario's largest Canadian-owned brewery, released results for the fourth quarter and full year ended January 31, 2017. Brick posted record annual EBITDA of $8.8 million on net revenue of $45.2 million. EBITDA for the fourth quarter was $1.8 million.

"In the second quarter we continued to focus on building a stronger, broader and more premium brand portfolio, which included incremental sales and marketing investments. The second quarter saw continued strong momentum in our Laker brand with volume up 14% vs prior year, while Waterloo volume grew by 20%. The commercial launch of LandShark has been an unprecedented success. The response from consumers has been simply tremendous. As a result of the initial strong performance of LandShark in The Beer Store, we have expanded distribution late in the second quarter to both LCBO and grocery channel in Ontario," said George Croft, Brick President and
Chief Executive Officer.

"Seagram volume softened in the quarter driven by reduced channel inventory and intense competition in the cooler and cider categories. The recent regulatory change in the province to allow the sa le of cider in grocery stores will be positive for the brand going forward," Croft added.

Branded volume growth, strength in co-pack production, favorable pricing and improved efficiencies in the Kitchener location associated with last year's capital expansion all contributed to the strong margin improvement, with gross margin in the quarter of 37.0%, vs. 28.1% prior year.

Brick's board of directors has also approved the quarterly dividend, at $0.012/share. The October payment will mark the fourth consecutive quarter for the dividend, since introduction in December 2015.

"As we move into the second half of our year we are pushing hard to continue to deliver improving results," noted Croft. "Laker, Waterloo, LandShark are all performing well, our co-pack business is strong, and we remain disciplined in our approach to improving our cost structure. The second round of grocery store licenses will be awarded this fall bringing the total number of stores to approximately 130 from the existing 60, and we will continue to work with grocery accounts to secure listings and support for our premium brands."

George H. Croft
President and CEO