Sands, Brito, Fernandez Speak on Deal

Dear Client: BBD has been busy this morning listening to conference calls and reading over the details of the ABI - Modelo deal and the sale of Modelo's 50% stake in Crown Imports to Constellation Brands. We have consolidated the more interesting quotes from those calls below.Several readers have inquired as to how Crown Imports will maintain pricing autonomy when ABI will control Crown's cost of goods sold (COGS) on Modelo brands. This is a good question, because Crown has