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(BW)(WA-PYRAMID-BREWERIES)(PMID) Pyramid Breweries Inc. Adopts
Stockholder Rights Plan

        Business Editors

        SEATTLE--(BUSINESS WIRE)--June 15, 1999--Pyramid Breweries Inc.
(Nasdaq:PMID) today announced that it has adopted a Stockholder Rights Plan to
assist its stockholders in realizing fair value and equal treatment in the event
of any attempted takeover.

        "The action we have taken today significantly enhances the protection
afforded to our stockholders without impeding our ability to pursue transactions
in their best interests," said George Hancock, Chairman of the Board and Chief
Executive Officer.

        Under the Rights Plan, which is effective immediately, a dividend of one
Stock Purchase Right is being declared for each share of common stock
outstanding at the close of business on June 28, 1999. In addition, each new
share of common stock issued after this date and prior to the triggering of the
rights or under the various classes of warrants and options Pyramid Breweries
Inc., ('Pyramid') has outstanding, will be issued with a Stock Purchase Right
attached to it. No separate certificates evidencing the rights will be issued
unless and until they become exercisable. There are currently 8,228,227 shares
of common stock outstanding.

        The rights generally will not become exercisable until a person or group
acquires beneficial ownership of shares of common stock that represent 20
percent or more of the voting power of the common stock of Pyramid in a
transaction that is not approved in advance by the board of directors. In that
event, each Right will entitle the holder, other than the unapproved acquirer
and its affiliates, to buy common stock of Pyramid at 50 percent of its market
value for the Right's then current exercise price (initially $12, subject to
adjustment). In addition, if the rights were triggered by such a non-approved
acquisition and Pyramid were thereafter to be acquired in a merger in which all
stockholders were not treated alike, stockholders with unexercised rights, other
than the unapproved acquirer and its affiliates, would be entitled to purchase
common stock of the acquirer with a value of twice the exercise price of the
rights.

        Pyramid's board of directors may redeem the rights for a nominal amount
at any time prior to an event that causes the rights to become exercisable. The
rights will expire on June 28, 2009.

        The full details of the Rights Plan and the text of the bylaw amendments
will be available in a Form 8-K to be filed with the SEC shortly.

        Pyramid Breweries Inc. is one of the leading craft brewers in the market
for fresh, full-flavored beers. Pyramid brews more than 25 different styles of
ales and lagers under its Pyramid Ales, Thomas Kemper Lager and Monx Belgian
Style brands as well as four styles of soda under the Thomas Kemper Soda label.
The company operates breweries and alehouse/restaurants in Seattle, and
Berkeley, California.

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     CONTACT: Pyramid Breweries Inc.
              Richard Denmark, 206/682-8322 ext. 214



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