Patrick Stokes Sales Quotations

We are disappointed in our sales and earnings results,

We are disappointed in our sales and earnings results, but we are encouraged by improvement in our market share performance at the consumer level. Both the company and the domestic beer industry have experienced volume declines and significant cost pressures.

Through a number of sales initiatives, we have restored our domestic beer volume growth momentum.

Through a number of sales initiatives we have restored our domestic beer volume growth momentum, and we successfully implemented a moderate price increase early this year. The cost pressures we experienced last year continue, but at a lesser rate, and we have implemented a number of initiatives to reduce costs and enhance productivity.

We've had a challenging year in the domestic beer business and our 2005 sales and earnings per share were disappointing. However, as we move into 2006 we are encouraged with the progress of the company's initiatives to enhance beer volume and market share growth.

Each of our core brand families contributed to this record achievement. In particular, Bud Light continued its outstanding sales performance, delivering its eighth consecutive year of double-digit growth.