Welcome to the Molson Coors Brewing Company Second Quarter 2016 Earnings Conference Call. Before we begin, I will paraphrase the company’s Safe Harbor language. Some of the discussion today may include forward-looking statements. Actual results could differ materially from what the company projects today. So please refer to its most recent 10-K and 10-Q filings for a more complete description of factors that could affect these projections. The company does not undertake to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Regarding any non-U.S. GAAP measures that may be discussed during the call and from time to time by company’s executives in discussing the company’s performance, please visit the company’s website, www.molsoncoors.com, and click on the financial reporting tab of the Investor Relations page for a reconciliation of these measures to the nearest U.S. GAAP results. Also, unless otherwise indicated, all financial results the company discusses are versus the comparable prior-year period in U.S. dollars. Now, I would like to turn the call over to Mark Hunter, President and CEO of Molson Coors.

Thank you, Nicole. And hello and welcome everybody to the Molson Coors earnings call. Apologies for that slight delay due to a technical issue. Many thanks for joining us today. With me on the call this morning from Molson Coors, we have: Mauricio Restrepo, our Global CFO; Gavin Hattersley, CEO of MillerCoors; Stewart Glendinning, CEO of Canada; Simon Cox, our European CEO; Kandy Anand, our International CEO; Lee Reichert, our Deputy General Counsel; Brian Tabolt, our Global Controller; and Dave Dunnewald, the VP of Investor Relations. For our earnings call today, Mauricio and I will take you through highlights of our second quarter 2016 results for Molson Coors Brewing Company, along with some perspective on the second half of 2016. In the second quarter, we continued to focus on our First Choice ambition and on building a stronger, broader and more premium brand portfolio, underpinned by incremental sales and marketing investment, as we discussed on our first quarter earnings call. Progress in the second quarter included; net sales revenue per hectoliter growth on a constant currency basis in all of our businesses, strong Coors Light growth globally, improved core brand momentum, fast-growing innovations in key markets, and strong above premium growth globally. We significantly increased investments behind our brands, although the timing of shipments and other short-term factors held back bottom-line performance in the quarter. In brands, Coors Light grew volume more than 4% globally, including strong double-digit growth in Europe and Latin America and low-single-digit growth in the U.S., its best performance here in nearly three years. In above premium, our craft portfolio drove growth from Doom Bar and other Sharp’s brands in the UK; from Creemore Springs and Belgian Moon in Canada; and from Leinenkugel’s Grapefruit Shandy and newly acquired Saint Archer in the U.S. Staropramen grew strongly…

Thank you, Mark, and hello everybody. As a reminder, all of the results that I will be discussing are in U.S. dollars, unless I note otherwise. Our second quarter financial headlines are as follows. Net sales were down approximately 2% in U.S. dollars due to currency movements. On a constant-currency basis, net sales increased 1.9%, driven by Europe, Canada and International. Our net sales per hectoliter increased 2.4% in constant currency, due to positive mix. On a U.S. GAAP basis, we reported pre-tax income of $196.9 million, 32.1% lower than a year ago, while after-tax income from continuing operations attributable to Molson Coors was $174.1 million, down 24.1% from the prior-year result. These decreases were primarily due to non-cash special charges and other non-core expenses related to our pending acquisition, the alcohol prohibition in Bihar, and planned brewery closures, along with higher MG&A expenses. Underlying pre-tax income in constant currency decreased 6.9% in the quarter and 8.6% on a reported basis, partly due to year-over-year differences in the timing of brand investments and other expenses, as well as lower worldwide volume. First half results eliminate some of these quarterly timing differences and reflected 3.4% growth in constant currency underlying pre-tax income and 2% growth on a reported basis in U.S. dollars. Second quarter underlying after-tax income decreased 9.2% to $239.5 million, or $1.11 per diluted share, driven by lower worldwide volume, higher brand investments in all of our businesses, and negative foreign currency movements, which were partially offset by positive mix, lower underlying net interest expense and higher underlying U.S. equity income. Underlying EBITDA in the quarter was $428.7 million, that is 5.8% lower than a year ago, while our first half underlying EBITDA grew 1.2%. Underlying free cash flow in the first half of 2016 was $158.9 million. This…

Thanks, Mauricio. In the second half of this year, we will continue to drive our First Choice for consumer and customer agenda in the geographies and segments where we choose to play, ensuring we build a broader, stronger and more premium portfolio, while driving best-in-class customer service and partnerships. In the U.S., MillerCoors remains laser-focused on its strategy to drive total volume growth by 2019. For the first time in many years, our largest business is in line with its volume expectations through the first six months. The quarter also provided additional steps toward its growth ambition, with strengthened marketing behind flagship brands Coors Light and Miller Lite, and we’re starting to see the positive impact. Also, we continue to see success in the innovation space. In above premium, we remain bullish on the potential of Henry’s, as the hard soda category continues to grow. In the second quarter, Henry’s became the number-one hard soda franchise, and MillerCoors plans to roll out Henry’s Hard Cherry Cola this month. In the craft segment, MillerCoors will continue to invest behind ad support for Blue Moon and Leinenkugel’s during the balance of the peak beer selling season. MillerCoors also recently announced that it has agreed to purchase a majority interest in Oregon-based Hop Valley Brewing Company and to increase its ownership of the Georgia-based Terrapin Beer Company from a minority stake to a majority interest. These are highly regarded brewers both in their regions and nationwide, and they further strengthen our leading U.S. craft portfolio, which also includes Blue Moon, Leinenkugel’s, and Saint Archer. Additionally, next month at its fall meeting with distributors, the U.S. team will share plans to improve the performance of its below premium portfolio. And the team continues to expand its Building with Beer retail strategy beyond the on-premise…

Your first question comes from the line of Judy Hong from Goldman Sachs. Your line is open.

Thank you. Good morning, everyone.

Hey, Judy.

Hi, Judy.

So first, it seems like your volume trends have worsened in July for all of your regions. I’m understanding that this is really your short-term trend, but can you provide any color just in terms of how much is this maybe worsening macro versus timing versus any other drivers of that softness?

Hey, Judy. It’s Mark. Let me take that. I mean, as we’ve intimated, we’re going to discontinue post the acquisition of these short-term trends because my idea is that they are not helpful and there’s so much volatility around trading days, the timing of holidays, some of the promotional activity in the market. So, it’s very, very difficult to take a read on it. So, it’s very early in the quarter. I think if you look at our longer term volume trends, that’s a much better indication as to the health of our business, and I really won’t read too much in for the short-term numbers.

Okay. That’s fair. And then the second quarter, obviously we’ve seen your brand investments step up, and you certainly called out that this would happen in the quarter. But, just wanted to get a sense of some of the payback that you’re seeing as you step up these investments and the likelihood that you continue to see these investments going forward. And then if I drill down into Canada, it seems like certainly the STR got better in the second quarter, but margins did get negatively impacted. So, sort of the trade-off that you’re seeing in that particular region in terms of share versus profitability.

Okay. Well, couple of questions in there, Judy. So, I’ll pass over to Stewart shortly to pick up on the Canada-specific question. I think your broader point on investment is a good question. I mean, we are driving a First Choice for consumer and customer agenda. Central to that is the quality, the breadth and depth of our brand portfolio and our ability to premiumize our portfolio, while building a customer relationship. So, we made good on the commitment to step up our investment through the second quarter. I think if you look at our NSR per hectoliter, we saw NSR per hec growth in all of our regions. I’m encouraged by the sequential improvement in our share trends in all of our regions as well from Q1 into Q2. But clearly, brand building is a long-term game, and my objective and the executive’s objective here is to continue to invest in a sustained way. Clearly, the focus is always on the quality of our investments. You’ve heard me say in the past, I’d rather spend less dollars in a great idea than more dollars in a bad idea, but our job is to develop great ideas and then invest in a sustained way, and that’s what we’re doing, and I expect to see us continue to do that through the third quarter as well. As I say, the sequential improvement that you’ve seen from Q1 to Q2, I think, is a testament to the focus and outlook right across our business. Stewart, do you want to pick up on the Canada-specific question? Do we have Stewart? Stewart, are you on mute or have we lost you? If we’ve lost you, you won’t be able to answer that question. It sounds like we’ve lost Stewart for a second. So, Judy, we’ll get him back in, and then I’ll fill him back on to answer your specific question. If you can just bear with us. Apologies for that. We seem to have a couple of technical hitches this morning.

Got it. Okay. That’s fine. Thank you.

Thanks, Judy. Hey, Stewart?

Mark.

You’re back on.

Am I back on now? Okay. Well, hold on.

Yeah.

Kind of redial me in. So, cancel that thought. Okay. So just – if I can just answer that question. Sorry, I was talking and nobody could hear me. But obviously, two pieces to margin, Judy. The NSR which we were quite pleased with, I mean, was broadly in line with underlying trend in Q1, really was driven by the COGS. And if you looked at what happened in cost of goods sold in the second half, we broadly offset our inflation with cost savings, and the increase you see there was the increase in some of our marketing investments for impact promotions which go in case. So that was investment behind the brands. You saw some impact from transactional effects and volume deleverage. But, I would look at the first half and say, if you looked at the first half, actually, we had an improvement in COGS of about 0.7%. So, hopefully that helps.

Got it. Thank you.

Okay. Thank you, Stewart.

Thank you.

Thanks, Stewart. Thanks, Judy. Nicole, back to you.

Your next question comes from the line of Vivien Azer from Cowen. Your line is open.

Hi. Good morning.

Hi, Vivien.

Hi, Vivien.

I was hoping to touch on the European segment please. While the positive net revenue per hectoliter is certainly encouraging, given what we’ve seen over the course of 2015 per your comments, rate itself was negative. So, could you just offer a little bit more color on the pricing environment in Europe and whether there is any reason for optimism that the pricing outside of positive product or geographic mix could start to materialize? Thank you.

Okay. Thanks, Vivien. I’m going to be hopeful here and suggest that Simon might be on the call. Simon, are you with us?

I’m speaking now. Hope you can hear me?

Yeah, we can. Thanks, Simon.

Okay. Great. Yeah, okay. So, yes. I got the question. Thank you, Vivien. I mean, overall, we would characterize the European quarter as pretty solid and that sales revenue were up at 3%. What we’re trying to do obviously is make sure that we’ve got an appropriate balance between price and volume, or net NSR per hectoliter and volume, which, again, I think we achieved in the quarter. Volumes were up 1.6% and NSR per hectoliter at 1.3%. So, I think that’s a reasonably good balance. It is true that the NSR hectoliter is driven by mix with price under pressure. But that goes back to our premiumization strategy. We’ve been trying to make sure that we invest behind the premium brands to drive the right – both portfolio and geographic mix. So, whilst pricing is under pressure across many of the markets, I think we’re doing a pretty solid job in recognizing that and driving volumes and shares and mix to get to an overall positive revenue growth. So, we’ll be quite satisfied with it, recognizing that pricing remains competitive.

Thank you. That’s helpful. And just if I could follow-up on that.

Yes.

Thank you. In terms of the share gains that you’re generating, those are in volume terms. But, do you have a sense of how your dollar share is trending? I’m just curious whether this pricing pressure is true across the categories, or whether your pricing is under a little bit more pressure on an apples-to-apples basis.

We don’t believe that our pricing is under excessive pressure. Obviously, we’ve got 11 markets that we have to cover, so it’s very, very difficult to give you a sort of generic answer. But, we believe that our pricing and our volume is sort of in sensible collaboration. We took about 0.3% share across the region, and I don’t think we sacrificed price in an uncontrolled way to do that. So, I keep coming back to you, Vivien. It’s important for us that we manage premiumization and mix, overall volume and share and overall pricing. And I think as long as we’re getting overall net sales revenue growth like we have to – like we did do in the quarter end of 3%, we would be happy with that and think that’s pretty solid.

Absolutely. Thank you very much.

Thanks, Vivien. Nicole?

Your next question comes from the line of Mark Swartzberg from Stifel, Nicolaus. Your line is open.

Yes. Thanks and good morning, everyone. One on Canada, Mark or Stewart, and another one on the global potential of some brands besides Coors Light. But on Canada, I think the takeaway here is that the spend increase is working. The share trends are improving. When you lift the hood, what gives you confidence, if you have it, that the upgrade in trend is sticky, so to speak. What are you seeing with brands and channels that makes you think that there won’t be an issue three months from now? Of course, the category is competitive, but trying to get a little better understanding of how much confidence we can have it will hold. And to the extent you can factor in July, appreciating that it’s just one month of data, that would be helpful too. So, that’s my question on Canada.

Mark, do you want to come back for the global question? And so, I’ve asked Stewart to take that – to respond to that. Then if you come back on the global brand piece. So, Stewart, do you want...

Oh, sure. Sure enough.

Yes. Sure, Mark. Yeah. Look. You probably did, just talking about our First Choice agenda just briefly and just saying that against the three platforms, we’ve been driving – lowering our cost base, overhauling our supply chain network and improving the frontend. All three of those actually are looking good. On the first two, we continue to see cost savings in the quarter, and that allowed us to drive some of that brand investment that we put behind commercial. And the money that we put behind commercial really went to three places. It went to invest behind our growing above premium portfolio, which has continued to grow share of beer. So, I think actually that’s very sticky. Those brands have continued to grow and Coors Banquet turned in a better than 20% growth again this quarter. I think the second piece is we put money behind our big brands relative to in-case promotions. And I think last year, we had some concerns that we weren’t competitive. I think this year, we were well-balanced, and I think that was a positive. And then on the third investment, we pushed investment behind our share of voice. We were under indexing. And together with really effective advertising copy, we’ve seen that now continue to grow our brand scores. So, growing brand scores is a great tell-tale sign that you’re spending money in the right place. So, that’s how I’d describe the brand expense for Q2.

That’s great. Well, congratulations. I’ll get back in the queue.

Cheers.

Mark, do you want to pick up your global question?

Oh, okay. I thought you were saying – that would be great. Yes. Thank you for that. Coors Light, I mean, plus 4% is a great number, and I think there’s reasons to believe you can accelerate from there. So that in itself is something to draw attention to. But, you mentioned Staropramen. You mentioned Miller. Could you give us a sense of where you think you are in the evolution specifically of Staropramen, how much potential you see here for the brand, in the U.S.? But more broadly, we see how it’s helping you in Europe. Just trying to get a sense of how much it can start to deliver on the kind of performance we’re seeing from Coors Light.

Yeah. So, if you look at the shape of our existing International portfolio, the two backbone brands are principally Coors Light and Staropramen. And clearly, Blue Moon is now in many, many markets globally, growing rapidly from a small base. If you look at Staropramen specifically, post the StarBev acquisition, we increased investment in the brand really across Greater Europe, so outside of the Czech market, and we’re seeing double-digit growth in many of those markets. My personal perspective is on a Greater Europe basis, there’s still a lot of runway ahead of us. And one of the changes I announced just in the last couple of weeks, Mark, is that we’ll now look at our European business, including our export and license markets, and one of the benefits from that is we have a more holistic Europe approach across all markets on Staropramen. I think outside of Europe, that’s part of our thinking and our emerging planning ahead of integration. As Staropramen is currently in Canada, we’re just going to – testing and incubating the brand there. The U.S. market was slightly more complex because of the distributor relationship or the importer relationship that we inherited when we acquired the StarBev business. We’re working our way through that and there’s a broader conversation with Gavin and the team really looking at where we want to place our bets on our own portfolio going forward, recognizing that we’re kind of – we have an embarrassment of Regis with Pilsner Urquell and Peroni and [indiscernible] Staropramen potentially in the future. So, that’s work that we’re currently thinking our way through just now. But in terms of the heartland for Staropramen which is, let’s call it, Greater Europe, very, very solid progress and Ukraine which is a really difficult market, we continue to take share there. So, I feel very good about the possibilities ahead for Staropramen as part of our kind of three-pronged International portfolio including addition of the Miller brand.

Fair enough. All right. Thank you, Mark.

Thank you.

Your next question comes from the line of Rob Ottenstein from Evercore. Your line is open.

Great. Thank you very much. A couple of questions, first, pretty significant lowering in your CapEx guidance, I wonder if you could give us some color around that please?

Okay. Is that one of two questions, Robert?

Yes. I was going to hold back on the second.

Okay. So, Mauricio?

Yes. Hi, Robert. How are you? So, the guidance we had previously given was CapEx of $300 million. We revised that down now to $220 million. The original guidance included the new plant in Vancouver and under the new guidance, we’ve excluded that plant. So, the delta there will be $80 million, includes that plant plus some savings that we have on our annual CapEx plan.

Okay. And then what was the reason for excluding it now?

Just to give you greater transparency in terms of what the CapEx would be excluding that, because it’s obviously a very large CapEx project and we didn’t want that number to be just offering all of the number, plus the proceeds of Vancouver are not in the free cash flow number.

Hey, Robert.

Okay. So, it’s still going on. This is just basically a change in how you’re describing what you’re doing. There’s no change in terms of the Vancouver plant.

Absolutely. Exactly. That’s correct.

Yeah, Robert, essentially, the new plant in Southern B.C. is largely but not completely probably is going to be funded by the proceeds from the sale of real estate from our Vancouver brewery. So, because the proceeds are excluded from free cash flow and CapEx and those types of numbers, we thought it would be fair to have sort of a comparable view on a CapEx guidance as well.

Got it. Got it. And then just a – I want to dig just a little bit more on the International brand potential. What if anything have you been able to accomplish in the last few months in terms of thinking through how you’re going to go to market both in terms of route-to-market as well as manufacturing brewing infrastructure for the Miller global brands, and how quickly do you think you’ll be able to move on that after the transaction closes?

Hey, Robert. It’s Mark here. So, let me give you a couple of headlines and I think Kandy can fill in just a few of the details. I mean, just to reiterate, obviously, this is a significant step change opportunity for our International business. And I think as I’ve indicated in the past, if you think about the Miller brands internationally, there’s really kind of three volume platforms and value platforms. One is across our existing infrastructure. So, as I Indicated, we’re looking forward to getting the Miller brands back into our portfolio in Canada, and obviously, the volumes in the UK and Ireland will roll into our existing business there. The second platform is those markets where we already have route-to-markets and strong positions, and that will build those positions out further. So, for example, in Panama, our business, which is a strong Coors business, post that change in scale terms with the addition of the Miller brands, that’ll open up a number of new markets where we currently don’t have a route-to-market. And, Kandy, do you want to just talk about the progress that’s been made, particularly on the second and third areas?

Thanks, Mark. Hi, Robert. So, it is very exciting for the International business and the Miller portfolio to an already fast-growing Coors Light portfolio which is growing strong double-digits. In terms of the actual progress, if you take out our top 20 markets or the Miller brand that we are inheriting, including Canada, UK, Ireland, that basically covers 95%-plus of that total volume. On these large markets, we have either have agreements or we’re in the process of getting agreements, to ensure), that we have a route-to-market on day one. In terms of supply agreements, the combination of transition service agreements that we have previously negotiated with ABI post-transition or exporting from our U.S. business. So, those are our supply agreements. We made good progress. I mean, there is still a lot of work, a lot of countries, a lot of new markets. But, I would say at this point of time, we are on track for our day one integration.

That’s...

Sorry, just to add...

Yeah.

...some of the transition agreements would be with – potentially with Asahi since they are taking over some of the European supply locations.

That’s terrific. Do you have any sense of how the brands are doing this year? So the brands flat this year, up, down, any sense of order of magnitude?

Robert, it’s a mixed bag, markets where brands doing quite well and has momentum, and there are others where it’s down. So, I think as we look at the totality, they are more or less where we expected them to be based on the idea that we have which is, of course, quarter or later stage.

Yeah. Robert, it’s Mark here. The thing I’d ask you to bear in mind is clearly this is going to be a complex transition. I think we are well-planned and ready for execution. There’s still some details to be sorted out. But I would actually think of it as very much in the medium-term to long-term basis. As you think about the growth trajectory of our business, Coors, Miller and Staropramen combined along with our emerging International craft portfolio, if you look at over the course of the next few years, I think it places us in a very, very positive place to really build out our International footprint and our International trajectory. So, the first year will be challenging and tricky in some places, but got to look beyond that to – the value that’s going to be created by the addition of the Miller International portfolio.

Terrific. And just one last question. Coors Light, you gave us, I think, a 4% global number. Can you tell us what it did in Canada specifically and then what it did outside of North America, please?

Off the top of my head, in Canada, we were down kind of low- to mid-single digits. And then internationally, if you look at our MCI business, we were up double-digit growth. And in the UK and Ireland, we were up double-digits, in fact, kind of high-20%s, low-30% growth. So, Canada, down low- to mid-single; everywhere else outside of Canada, double-digit growth.

Okay. And any visibility in terms of stabilization in Canada?

Well, I think Stewart picked up on that. The focus has been on driving the right input which had an impact on the output. And I’m certainly very encouraged and I know the teammate are by the fact that we’ve seen our brand health metrics and our purchase intent numbers move in a very positive direction through the second quarter. So, any quality of our copy, the promotional intensity in terms of our in-case, the roll out of the visual identity, further alignment with the U.S. creative platform, all of those things are very well. But this is a big, big brand and you don’t turn things on or turn things off overnight. So, we are working this hard, and I think we’re working on the right input measures, starting certainly through our brand tracking to demonstrate that we’re pulling on the right levers, and I expect to see performance improve through the balance of this year and into 2017. Encouragingly, when you look at Coors’ trademark in totality, in Canada, and adding Banquet, which Stewart mentioned, is up over 20% again in the month. With the Coors trademarks in generally good health, Coors Light, if we can get that moving in the right direction will be in a very strong position.

Terrific. Thank you very much.

Thanks, Robert.

Your next question comes from the line of Brett Cooper from Consumer Edge Research. Your line is open.

Good morning. Just a quick question. There’s a push for now in the law called beer. Just wondering kind of what your thoughts are on the opportunity there? Kind of where you sit today as you go through some of your major markets?

Hi, Brett, I think that question was around no and low alcohol beers?

Yeah. So that’s something which has already been a relatively large part of our thinking within Molson Coors and one of the benefits when we acquired the StarBev business was actually the addition of the beer mix portfolio to our portfolio. So commonly described as radlers, these are beers run about 2% alcohol. So, we’ve got, I think, some good learning in our business about the consumer drivers line low and no alcohol and is a central innovation point within our business, so more to follow. I think many people in alcohol are now looking at low and no alcohol choices. It’s very much one of our agenda. And there will be news on that front in due course.

Thanks.

Thanks, Brett. [Operator Instructions]

Your next question comes from the line of Bryan Spillane from Bank of America. Your line is open.

Hey. Good morning, everyone.

Hi, Bryan.

Hello, Bryan.

I’ve got two questions. One related to interest rates and the other related to reporting. So, I guess the first one just on interest rates, with interest rates, I guess post Brexit, the outlook, it looks like it’s even lower. It’s going to stay low for a long time. So Mauricio, could you just sort of talk to us about any effect that might potentially have on things like pension funding, assumptions that you’re using for pension funding. And then also how it might affect the way you apply the PACC model, just simply because the cost of financing or cost of capital come done, does it sort of change it all the way you’re planning, you apply the PACC model in looking at certain projects?

Yes. Thank you, Bryan. Look, I mean, in terms of our financing, first of all, obviously, as you heard me say before, we had a fantastic result in our long-term debt offering. The interest cost that we were able to get on the financing was about $200 million lower than what we had assumed in the pro forma financials that we had submitted a couple of months ago. So, that clearly will have a very beneficial impact going forward. And as for the PACC model, of course, we’re constantly updating the cost of capital that we would use to analyze and review the various alternatives, i.e. should we delever, should we invest behind our brands, or should we pursue certain M&A opportunities, or should we return money to shareholders. And obviously those rates will be adjusted and are adjusted accordingly, given what’s happening in the market and our outlook going forward.

And then just on pensions, I guess as you’re contemplating the merger of MillerCoors and Molson Coors and just looking at your pension assumptions, is there anything that we should be watching out for there, again, related to the interest rate outlook being lower for longer, probably?

Well, as you know, I mean, that tends to have a double effect on the one hand because of the returns that you have on the pension assets and also the discount rate that you use for the obligations. But at present, I mean, those things have been taken into account in terms of the guidance that we’ve given; and again, where our defined benefit pension plans, we think that the cash contributions will be in the order of between $45 million to $65 million this year and the expense of around $17 million, and that includes the 42% of our MillerCoors contribution and expense. Obviously, that will be updated going forward for 100%

Okay. And then just one last one on financial reporting. I think at the Investor Day, you kind of walked through how you’ll give us a little bit better visibility in terms of the transaction-related reporting. I think this spring the SEC had, I guess, made some rulings or statements about just sort of, I guess, more scrutiny on non-GAAP disclosures and maybe auditing it or scrutinizing it a little bit more. So, can you just – is there anything that we should think about in terms of your plans for the transaction-related reporting relative to kind of what the SEC has been commenting on?

Well, look, I mean on the one hand, what you’re saying is absolutely right. The SEC has revised their position in terms of GAAP versus non-GAAP disclosures, and we obviously are following in line with that as are many other companies, many other public companies in the U.S. And what that means is that in the 10-Ks and the 10-Qs, you will not now see some of the underlying measures that we used to put in there before. As for the information that you would receive post transaction, obviously, that’s information that you are going to receive through our calls, and we’ll still refer to those metrics because we think that they can give the investors and the analysts a very good indication of how our business is performing. And just to recap what we had mentioned to you at the New York Analysts Conference is that post the transaction close, we will be referring to a new number of updated synergies and cost savings. We are also going to talk about the transaction pro forma adjusted EPS. And we’re also going to talk about the cash flow-generating ability of the new business going forward.

Okay. That’s great. Thank you.

Sure, Bryan.

There are no further questions at this time.

Okay. Well, if there are no questions, I’d just like to thank everybody for your interest in Molson Coors Brewing Company. We are poised, as we look forward, to the hopeful conclusion of the ABI and SAB transaction and our acquisition of the 58% in MillerCoors, which will be transformational for our business. So, I’m sure everybody will be tuned in over the coming months as that comes to culmination. Thank you for your interest, and we look forward to see many of you shortly in Boston at the conference at the beginning of September. Thanks for your interest today, everybody.

This concludes today’s conference. You may now disconnect.