Cuervo Brass on Agave Prices, Distrib Consolidation & Meeting Demand

Dear Client:Grupo Cuervo reported global net sales increase of nearly 4% and volumes were up 6.4% for the second quarter ended June 30, driven by performance in Mexico and the rest of the world. The US and Canada represented a good chunk of total sales (68%) and volumes (62%) for the quarter. Sales in the region were up 2.4% for the quarter and volumes were up 1.8% [Note: Those results are on a pro forma basis, excluding the impact of the non-renewal