Nor'Western Brewing Company, Inc.

Ticker: ALES		66 S.E. Morrison Street
Exchange: NASDAQ-National Market		Portland, Oregon 97214
Industry: Manufacturing		(503) 232-9771

Type of Shares:	Common Shares	Filing Date:	11/3/95
U.S. Shares:	1,150,000	Offer Date:	1/18/96
Non-U.S. Shares:	0	Filing Range:	$6.50 - $7.50
Primary Shares:	1,115,000	Offer Price:	$7.00
Secondary Shares:	35,000	Gross Spread:	$0.52
Offering Amount:	$8,050,000	Selling:	$0.30
Expenses:	$625,000	Reallowance:	$0.10
Shares Out After:	3,536,554

Manager	Tier	Phone
Black & Company, Inc.	Lead Manager	(503) 248-9600

Auditor: Price Waterhouse
	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	12/31/94	9/30/95	9/30/94		9/30/95
Revenue:	$2.57	$4.51	$1.60	Assets:	$4.95
Net Income:	$0.29	$0.41	$0.22	Liabilities:	$1.17
EPS:	$0.12	$0.17	$0.09	Equity:	$3.78
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company is a rapidly growing brewer of fresh, high quality, full-flavored premium beers, generally known as craft beers. The company specializes in brewing natural, unfiltered Pacific Northwest adaptions of Bavarian style wheat ales including its flagship ale, Hefe Weizen. Since April 1995, the company has been the top selling brand of bottled craft beer in grocery stores in a market area consisting of Portland, Oregon and several nearby counties. Portland, Oregon is currently considered to be among the most advanced craft beer markets in the world in terms of production and consumer awareness. While the company focuses on producing weizen beers, it also brews English style ales, such as its Best Bitter Ale, which won a Gold Medal in the Pale Ale Category in the 1994 World Beer Championships.

Use of Proceeds

The company anticipates to use the net proceeds of this offering for investment in the North Country Joint Venture which will construct and operate a brewery in Saratoga Springs, New York, for investment in additional brewing capacity and for working capital and other general corporate purposes.

Last updated: 10/28/96