Pabst Brewing Company - Page 30

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               The experts' conclusions on valuation, as well as the                  
          amounts listed in the Allocation Agreement and the notice of                
          deficiency, are as follows:11                                               
                         Allocation  Notice of                                        
          Asset         Agreement   Deficiency   Weinberg       Tonna      Matthews   
          Perry Brewery                                                               
          Land   $864,000 $1,053,845     ---      ---       ---                       
          Building       29,747,000  36,283,242      ---      $12,800,000      ---    
          M&E             58,731,000  71,635,832      ---       10,000,000      ---   
          C-in-P           1,170,000   1,427,081     ---           ---         ---    
          90,512,000 110,400,000 105,100,000   22,800,000      ---                    
          Portland Brewery                                                            
          Land  3,140,000   3,544,382     ---          ---          ---               
          Building         5,290,000   5,820,807      ---        6,500,000      ---   
          M&E             12,789,000  14,586,479      ---        4,000,000      ---   
          C-in-P             220,000     248,332      ---         ---          ---    
          21,439,000  24,200,000   42,100,000   10,500,000      ---                   
          San Antonio Brewery                                                         
          Land  1,196,000     ---          ---          ---          ---              
          Building         5,190,000     ---          ---        3,000,000      ---   
          M&E   6,300,000     ---          ---       2,500,000      ---               
                         12,686,000     ---       25,200,000    5,500,000      ---    
          Brands of Beer                                                              
          Lone Star          ---         ---       13,800,000      725,800      ---   
          Henry Weinhard     ---         ---       70,500,000      854,626      ---   
          Red, White & Blue  ---         ---        8,900,000      648,156      ---   
          Buckhorn           ---         ---          ---           21,925      ---   
          Burgermeister      ---         ---          ---          104,668      ---   
          Blitz-Weinhard     ---         ---          ---          246,795      ---   
          Bohemian           ---         ---          ---          108,288      ---   
          Bavarian           ---         ---          ---           28,007      ---   
          Cascade    ---         ---          ---           12,242      ---           
                         1,500,000  18,200,000   93,200,000     2,750,507     ---     
          Total         126,137,000 152,800,000  265,600,000    41,550,507            
          Assets whose                                                                
          value is not in                                                             
          dispute herein  64,150,375     ---          ---          ---          ---   


               11 Tonna valued the land and building together, and we show            
          that total value under the categories of "Building".  Matthews              
          ascertained that the value of the Transferred Assets was in the             
          range of $113 to $147 million, and was approximately $130                   
          million.  We show this amount as $130 million.  We use the                  
          shorthand "M&E" and "C-in-P" to refer to "machinery and                     
          equipment" and "construction in process", respectively.                     




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Last modified: May 25, 2011