FOREWORD

We are pleased to publish the 2007 edition of Guidelines for Hop Buying. The data in this report reflect the latest information on the international hop market as well as a summary of recent events.

The crop results, recent events and analysis show that crop 2007 will present the brewing and hops industries with challenges. We look forward to working together with you to turn these challenges into opportunities for continued mutual success.

We trust that our report is informative and useful for your present and future hop-buying decisions. We would be pleased to answer any questions that you have concerning the information presented in the following pages.

October 2007
S. S. Steiner, Inc.
Simon H. Steiner, Hopfen, GmbH
Steiner Hops Limited