promotions and innovative packaging  sales and market share. INVESTING IN PEOPLE ST. PAULI GIRL DRAFT TO LAUNCH SOON Based on this tremendous success, Constellation Beers worked closely with Modelo in introducing 24-bottle packages of Corona Extra, Corona Light and Pacifico. Twelve-packs of Modelo Especial and Negra Modelo were also redesigned for added sales impact in a cooperative effort between Modelo and Constellation Beers marketing specialists. Corona Light reflects both the power of the Corona brand and the trend towards lower-calorie brews. While the sale of domestic light beers has grown moderately, the increase in imported light beers has reached double-digits over the past three years. On a national basis, Corona Light’s 17 percent sales growth in 2003 vastly exceeded competitors in the imported light category. Corona Light, while distributed in concert with Corona Extra, is receiving dedicated marketing support through a sophisticated television campaign which debuted in 2004. Supporting Constellation’s strategy of placing marketing investments behind robust, high-margin brands, this powerful exposure is expected to further boost Corona Light’s sales growth. St. Pauli Girl, the number two imported German beer, realized a 3 percent volume gain last year, a rate of growth faster than the largest-selling German beer in the U.S. To capture an even greater share of the significant on-premise market and build on its performance, Constellation Beers is introducing a draft version of St. Pauli Girl that should prove very attractive to the on-premise consumer. Perceptive branding decisions, powerful promotions and  innovative packaging drive Constellation Beers’ sales and market share. Each of these tactical elements are supported and complemented by strong personal relationships developed throughout our strong routes-to-market. A natural evolution of shopping patterns that affects the distribution of all consumer products is clearly evident within beer retailing. While on-premise maintains the largest share of the beer market with 25 percent of sales, convenience stores, at All indications point towards continued solid growth for Constellation Beers in sales and market share in fiscal 2005.  The basis for this confidence lies not only in the popularity of imported beers, it is also underscored by the powerfully strong bonds consumers developed with our brands, and further sustained by insightful decisions regarding marketing and manpower support. The wisdom of Constellation Beers’ investment in high- quality sales professionals into the building of brands and relationships with channel partners is underscored by the results of an independent survey of beer distributors. Within the Modelo territory, Constellation Beers’ performance  was rewarded with consistently superior marks – our overall effectiveness was judged by wholesalers as second only to  the world’s largest brewing company. Constellation Beers achieved top honors in several individual categories, including quality of sales people and effectiveness of incentive  programs. Results of this survey are reflected within  performance evaluations of the individual members of the sales force and management team. Specialization of the sales force is critical because different  categories of retailers have specific needs requiring a dedicated focus. Smaller stores featuring easy access and quick checkout, for example, generate a tremendous amount of volume in smaller, individualized purchases. Big-box stores, where price is the driving force, require completely separate marketing support.  Constellation Beers’ response to changing consumer shopping patterns is a specialized channel focus. Here, sales executives are dedicated to serving specific national account categories, both for restaurants and each type of retail chain, including convenience, Hispanic, supermarket, pharmacy, clubs and mass merchandisers. From this perspective, they coordinate marketing  programs with geographically based Constellation Beers sales managers assigned specifically to wholesalers. 23 percent, have outgrown food chains, 20 percent, and package stores, which serve 16 percent of the market. 16