949870--3/9/2010--BOSTON_BEER_CO

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The Company Faces Substantial Competition. The Joint Venture Between SABMiller and Molson Coors, the InBev Purchase of Anheuser-Busch and the Heineken Purchase of FEMSA Could Bring Added Pressures to the Company s Ability to Compete. There Is No Assurance of Continued Growth. The Unpredictability and Fluctuation of the Company s Quarterly Results May Adversely Affect the Trading Price of Its Common Stock. The Company s Advertising and Promotional Investments May Not be Effective. The Addition of the Pennsylvania Brewery Has Significantly Changed the Company s Operations. Owning a Larger Percentage of Its Breweries has High Capital Costs, Creates a Larger Fixed Cost Burden on the Company s Business, Requires Different Management Skills and Capabilities, and has Greater Uncertainty as to Operating Costs. In Addition to the Added Complexity in the Company s Operations that will Arise From the Acquisition of the Pennsylvania Brewery, the Management Pressures that Accompany the Company s Growth May Also Exceed the Company s Ability to Manage the Growth and Implement Appropriate Internal Controls. Unexpected Events at Company-owned Breweries and Breweries Owned by Others Could Harm Its Business which Could Have A Material Adverse Effect on the Company s Operations or Financial Results. The Company Is Dependent on Its Distributors. The Company is Dependent on Key Suppliers, Including Foreign Sources; Its Dependence on Foreign Sources Creates Foreign Currency Exposure for the Company; The Company s Use of Natural Ingredients Creates Weather and Crop Reliability Exposure for the Company. An Increase in Packaging Costs Could Harm the Company s Financial Results. An Increase in Energy Costs Could Harm the Company s Financial Results. The Company s Operations are Subject to Certain Operating Hazards. The Company Was Involved in a Product Recall in 2008 and there Is No Guarantee that Other Contamination Problems Will Not Develop that Could Harm the Company s Business. The Company is Subject to Existing and Potential Additional Regulation and Taxation, which Can Impose Burdens on Its Operations and Narrow the Markets for Its Products. Changes in Public Attitudes and Drinker Tastes Could Harm the Company s Business. The Company Has Been Involved in Various Litigation Matters in the Past and there Is No Guarantee that Other Litigation Will Not Develop that Could Harm the Company s Business. The Class B Shareholder Has Significant Influence over the Company. Changes in the Continued Health of the Company s Brands and the Role of the Company s Founder in the Samuel Adams Brand Communication Could Harm the Company s Business.

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949870--3/9/2010--BOSTON_BEER_CO_INC