A message from George H. Croft, President & CEO

To Our Shareholders,

I am pleased to present the financial results for the third quarter of fiscal 2012.

We continue to invest in our brands to deliver top line growth. Selling and marketing strategies for our beer brands
resulted in exceptional volume growth and we outpaced the industry by 10.8%.

Our beer brands have outperformed the broader industry for six consecutive quarters and this sustained effort has
allowed Brick to move from the fifth largest brewer in Ontario by volume, to number four. Great momentum on our Laker
trademark has propelled us to this new market share position, which provides additional promotional opportunities at The
Beer Store for fiscal 2013.

Market conditions have remained challenging and input cost pressures continue. We are focused on minimizing the
impact of these variables through consistent improvement in production processes and related efficiency.

Financial highlights are as follows:

 - Net revenues for the third quarter of fiscal 2012 were $7.9 million compared to $7.1 million in the third quarter
   of fiscal 2011.

 - Gross profit percentage increased from 23.1% to 24.9%.

 - EBITDA* for the period ended October 30, 2011 was $0.7 million. EBITDA* for the period ended October 31, 2010
   was $1.1 million, which included a government incentive of $0.3 million. The Company is no longer receiving this
   benefit, which was equal to $1.0 million on a year-to-date basis in the previous fiscal period.

I am pleased with our progress to date this year and look forward to sharing our annual results of fiscal 2012. 

Cheers!

George H. Croft
President & CEO