## Exceeding expectations, Constellation Beers completed an outstanding year and reinforced its position as the premier beer importer in the United States. 

Constellation Beers distributes the Modelo portfolio of five highly popular Mexican beers: Corona Extra, Corona Light, Modelo Especial, Negra Modelo, and Pacifico in 25 primarily western states. Constellation Beers also nationally distributes St. Pauli Girl from Germany and Tsingtao from China. 

Corona Extra, Corona Light, Modelo Especial, Negra Modelo, Pacifico and St. Pauli Girl all rank among the top 22 selling imported beers, positioning Constellation Beers as a growth leader in the industry. 

Corona Extra, our flagship brew, is the seventh largest beer of all types in the United States and the leading imported brand since 1997. Corona Extra’s sales growth of 9 percent last year made it the fastest growing top-ten beer of all beers sold in the United States. 

## AUTHENTICITY – A KEY INGREDIENT 

A significant element in the popularity of Constellation Beers is authenticity. Unlike 

some European, Asian and Australian brands brewed in Canada or the United States for the American market, the complete Modelo portfolio, St. Pauli Girl and Tsingtao are brewed in their country of origin. 

Sales of imported beer have risen steadily since 1992 and this trend is expected to continue. The growth in imports has been driven primarily by the success and popularity of Mexican beer, which accounts for 44 percent of this category. Modelo, whose beers represent 87 percent of all Mexican imports, enjoys a compound annual growth of 12 percent over five years in the United States. The performance of the Modelo portfolio continues to be an outstanding growth opportunity for Constellation Beers achieving over 11 percent growth last year. Within our territory, two of every five bottles of imported beer purchased are Modelo products distributed by Constellation Beers. 

Early this year, Constellation instituted a price increase for all Modelo brands. This action, driven by natural market forces and the tremendous popularity of these beers, was rolled out on a market and product basis. 

## CORONA EXTRA TRANSCENDS ALL CULTURES 

While Corona Extra’s national share of U.S. imports is close to 29 percent, its share within Constellation Beers’ territory is 33 percent – twice that of the closest competitor. In the U.S., the consumer preference for Corona Extra is evidenced by the fact that sales of Corona Extra exceed the sales of the number two, three and four imported beers combined. 

The success of Corona Extra also transcends cultures. While the Hispanic community accounts for approximately 30 percent of our Mexican beer sales, in America’s most populous state, California, no domestic or imported beer – regular or light – in any package outsells the Corona Extra 12-pack. 

