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Molson Coors Brewing Company (TAP)

May 30, 2012 1:00 pm ET


Andrew T. Molson - Chairman, Member of Nominating Committee and Member of Class A-M Nominating Subcommittee

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Peter H. Coors - Chairman, Chairman of Executive Committee, Chairman of Governance Committee, Chairman of Adolph Coors Company and Director of Adolph Coors Company

Samuel D. Walker - Chief People & Legal Officer and Secretary

Peter S. Swinburn - Chief Executive Officer, President and Director


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Andrew T. Molson

Good morning, ladies and gentlemen. I would like to welcome you all here in Denver, as well as everyone joining us via webcast to the Eighth Annual Meeting of Shareholders of Molson Coors Brewing Company.


My name is Andrew Molson. I am Chairman of the Board, and I will act as the Chairman of this meeting. And after short opening remarks, we will proceed with the formal business meeting. The video you have just seen provides a very concise summary of the past year for our company and the substantial progress that we have made as an organization despite the headwinds. One accomplishment that I'd like to call attention to from the video is the progress we have made in the area of corporate responsibility over the past 2 years. We see this as an extension of our overall business performance. We are especially proud of our recognition by both the Carbon Disclosure Project and our first-ever listing on the Dow Jones Sustainability Index, where we were only one of 6 North American food and beverage companies chosen. We are focused on growing this business, but we're also focused on growing it the right way. And we're very proud of the progress we have made so far in the area of corporate responsibility.

As I look back at the last year, both as Chairman and as a committed shareholder of Molson Coors, I feel very confident that the future will give us many more reasons to raise our glass in celebration. When we stood before you in Montréal this time last year, we all spoke of our ambition to become a true global brewer. We touched on our increasing presence in high-growth markets, and we hinted that this was just the beginning. A year later, I'm proud to say that there have been a number of significant accomplishments and progress along our journey to global growth. Among them, our flagship brands have continued to offer a strong performance in our core markets led by Coors Light, which became the #2 beer brand in the U.S., ahead of a beer called Budweiser.

Through innovations such as Coors Light Iced Tea, we have continued to expand our frame of reference to a broader beverage landscape that includes beer, but also other alcohol beverages. Not only meeting evolving consumer tastes, but reaching new consumers altogether.

Recently, our management team wrote the next page of our history with the announced acquisition of StarBev of Central Europe. And still, there are many more chapters to come in the story of Molson Coors, the Global Brewer. Most importantly, we have achieved results this year while always remaining true to our values. In 2005, 2 great brewing heritages came together with their common values and principles and elaborated a long-term vision that is now bearing fruit. The governance principles that have guided our founding families for over 2 centuries in the beer business continue to help us as we move forward. These values and vision are shared by all in this company, from our employees across our operations to our Board of Directors, our success rests on the passion, loyalty and dedication of our people. It is rare to find such high levels of commitment as demonstrated in our people surveys year-over-year. We are proud and grateful for these qualities in our people and the performance they deliver every day.

2011 marked our 225th anniversary in the beer business in Canada. My brother Geoff and I took the opportunity to travel across Canada to meet with our employees, to meet with business partners and scores of customers and consumers. Wherever we went, we were reminded how much our companies strive to live up to the values and principles on which it was founded, and we were reminded of the pride that our people derived from them. In the state of industry challenges, I would like to reiterate our confidence in the talent and expertise of our leadership team under our President and CEO, Peter Swinburn. I also want to take this opportunity to thank our Board of Directors for their support and total engagement in the business of our company this past year. Our board members play a very important role in our strategic decision-making, and all of them have been very committed throughout the past year. I would particularly like to thank both John Cleghorn and David O'Brien, who are retiring from the Board this year. I'd like to thank them for their loyalty and dedicated service to our company for so many years.

Finally, I would like to thank Pete Coors and his family, as well as members of my family, for their respective contributions to Molson Coors. As long-term shareholders, our 2 families offer a unique perspective on the affairs of Molson Coors. It is a perspective based on centuries of involvement in the beer business, confidence in our heritage, in our brands and in the people who make it all work. At this point, I'd like to ask Pete to come up and offer a few introductory remarks before we get started with the official proceedings.

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