EQUITY FOR PUNKS - THE STORY SO FAR

You can find out more about investing in BrewDog at www.brewdog.com/equityforpunks

It’s been three months and a day since we launched Equity for Punks IV, giving craft beer lovers the opportunity to invest in our company and own part of BrewDog. Equity for Punks is our new generation of business model which gives the people who love our beers the chance to own part of our company.

So to mark the quarter-point of EFP IV, we decided it was time to let you know exactly how much we have raised, who has contributed, and give you a general update on how the three month whirlwind has been for us (and our army of Equity Punks).

First, some EFP IV numbers!

- Total Value of Shares Purchased so far: £7.3m

- Number of Investors in EFP IV: 13,022

- Average Investment to Date: £496.00

- Total Number of Shares Purchased: 142,649

- Number of new Equity for Punks Investors: 11,436

- Total Number of Equity for Punks: 26,004

- Number of Taxidermy Cats Parachuted over London: 6

We love our Equity Punks. They have, in many cases, followed us from our cold and drafty beginnings in Fraserburgh to where we are today (in Ellon; still occasionally cold). Their continued support and belief in our business, our people and our beer keeps us heading to work each morning.

To count over 26,000 craft beer lovers as our shareholders is nothing short of amazing. We are proud that we involve them in the running of our company, rather than conventional rafts of faceless backers who follow their investment from the financial pages of the broadsheets. Putting the people who really care in control is what we are about.

One of the major differences since the previous rounds of Equity for Punks has been the launch of our innovative Referral Scheme. Since we started issuing and tracking referral codes the numbers involved have risen and risen (although the chance to take home bottles of Death or Glory might have something to do with that).

Sharing is caring, as they say, and our Equity Punks have been liberal with their generosity to the tune of:

- Equity Punks reaching five referrals: 355

- Number of bottles of barrel-aged Hinterland awarded (to date): 1,700

- Value of Beer Bucks stacked up ready to dispatch: £700.00

- Bottles of Death or Glory dispatched: 45

- Personalised VIP Dickies work shirts to be ordered: 5

- Number of Equity Punks brewing beers at BrewDog: 1 (so far…)

Every penny of the money raised so far – and that which comes in from this moment on – will be re-invested in our business to help grow BrewDog for those who have become shareholders. Already the investment has enabled us to start work on the new brewery expansion, and we are actively looking at opening new bars to give you more places to drink great craft beer.

This is going to be an awesome journey, and we want to take you with us on it.

James, Martin and the BrewDog Team

You can find out more about investing in BrewDog at www.brewdog.com/equityforpunks

_{This blog is not a prospectus but an advertisement and investors should not subscribe for any transferable securities referred to in this advertisement except on the basis of information in the prospectus, including the risk factors, which should be read in full by investors before taking any investment decision as your capital will be at risk.}

_{The prospectus is available free of charge from the offices of the company at Balmacassie Commercial Park, Ellon, Aberdeenshire, AB41 8BX, Scotland and on the BrewDog website and from the offices of RW Blears, the Company’s legal adviser at 125 Old Broad Street, London EC2N 1AR.}