Cuervo on a Tear in Q1, Plus New Long-Term Deal with Proper No. Twelve

Dear Client: Grupo Cuervo continues to post impressive growth rates. The company's volumes were up 43.4% and net sales were up 37.7% globally for the first quarter ended March 31, driven by strong results in the US and Canada. Indeed, in the US and Canada volumes were up 55.7% and net sales were up 45.2% for the quarter thanks to strong depletions, particularly for its ready-to-drink products, alcohol-free mixers and tequilas.  BRAND PERFORMANCE. The entire portfolio reported at least high