Patrick Stokes Quotations

We remain confident in our ability to consistently achieve annual double-digit earnings per share growth over the long-term, with a 12 percent average annualized target through 2004,

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.

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

We have restored the volume growth momentum of our domestic beer company. We are in the process of restoring revenue per barrel growth through the implementation of our 2006 price plan, and are working to restore cost stability through a number of cost reduction programs. With our substantial leadership position and competitive advantages in domestic beer and our important strategic positions in key high growth markets internationally, we are confident we will restore our profit growth in 2006(1) and beyond.

We have restored the volume growth momentum of our domestic beer company.

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.

We are disappointed in our sales and earnings results,

Both the company and the domestic beer industry have experienced volume declines and significant cost pressures.

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.

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