Good evening, everyone. It's a pleasure to welcome Molson Coors back to CAGNY this year. Joining us today, we have President and CEO, Rahul Goyal; and CFO, Tracey Joubert. Also, please join me in thanking them for their sponsorship of the beverage reception immediately following their presentation, which will be right outside the stairs. Thank you so much for that. Now it's an exciting time for Molson Coors as the company has made progress on its transformation journey, having changed over the course of a few years how it invests, how it markets and how it operates to return the company back to growth. Having completed its revitalization plan, the company is now into the next leg of its journey, which is to accelerate growth as well as take complexity out of their system, allowing them to deliver sustainable top- and bottom-line growth. So with that, I'm going to turn it over to Rahul to hear more about their efforts. Thanks.

Thank you, Bonnie. Thanks for the introduction, and good afternoon, everybody. Thanks for being here. Before I get started, our lawyers said I got to read every single word on this slide. I think they were doing a new-guy joke on me. So the only thing I'm going to say is our discussions today include forward-looking statements within the meaning of U.S. federal securities law. So please refer to the forward-looking statements disclosure in our presentation materials for more information. So I am excited. I'm excited to be here to share an update about our business. I'm excited about sharing our new plans and our new strategy going forward. After 25 years in the company, I get the honor of defining the next chapter for Molson Coors, a company that has a 240-year-old legacy in this country. For those who have followed us and those who are new to our company, we are a top 5 global brewer. We're in about 80 countries. We have about 16,000 people with one purpose: to unite people to celebrate all of life's moments. But more importantly, we're in some of the most exciting and largest profit pools of the world. And we've made progress. We've made progress around our core brands in most of our markets. We've kept share that we gained in the United States in 2023. We've kept about 70% of that share that we gained in '23 with our core brands. We've been on our journey for premiumization and portfolio transformation, and we've increased that about 5 percentage points. And we are in the early innings of our Beyond Beer beverage strategy. We are approaching about 10% of our revenue based on Beyond Beer, with a lot more runway in front of us. And we've done that on the back of brands like Topo Chico Hard and Fever-Tree. Along with that, we have strengthened our balance sheet. Our debt is lower than what we started with, and our leverage ratio is in a much healthier place. And we've been consistent in terms of delivering cash back to our shareholders, whether it's through a consistent increase in our dividend or by executing about 70% of our buyback program in just nine quarters, which was a $2 billion program over five years. So we know we have delivered shareholder value, but we do know that the next chapter for creating shareholder value is going to be on the back of consistent, scalable and repeatable top- and bottom-line growth. And that's what the new plan is. Well, before I talk about the new plan, I want to address the 2026 guidance. It's no secret that our industry is facing significant headwinds. 2025 saw material industry declines, and that was a cyclic deviation from what the historical trends were. And that uncertainty remains for us. So if you go deeper into the bottom-line guidance we just shared, there are two factors that are impacting our business right now. One is cost inflation through the increases in the Midwest premium and aluminum pricing. And two is just lapping of a one-time incentive comp because we didn't achieve anything in 2025. Now we're navigating this period of uncertainty and volatility with discipline. We took immediate action in Q4 by focusing on costs. We're taking the right actions in pricing, making sure our brands by region are being competitive. And frankly speaking, we're looking at everything around the Midwest premium. Along with that, we want to make sure we are investing in our business, investing in smart ways, getting our business back to growth. And this means investing in our brands, in our capabilities and in technology. We will navigate this period of volatility by being diligent and taking the hard decisions, but we want to make sure we set our business up right for growth in the future. And so what does all this mean? So now this is what I'll leave you with. We have a strong foundation. We have brands that have scale. We have a historical track record of delivering cash and creating cash generation. We are doing a reset in 2026 just to navigate this moment of volatility and uncertainty to get our business back. And I'm excited to talk about the next chapter of figuring out how to grow our business, both top and bottom line going forward in the medium term. So it all starts with our new plan, Horizon 2030. Folks, this is not just a new plan on a page. It is a plan and a blueprint of how we get our business back to growth. It is about rewiring our business in a world of constant change. It is about taking bold opportunities and reacting on that quickly. And it means spending more time in the market where our consumers are and where our customers operate. That's what's going to get us back to growth. And it starts with our portfolio. So let's talk about our portfolio. Now each segment has a role to play to make sure that we as a business can reach our full potential. But we are making different choices. We are investing differently, and we are executing our brands in the markets differently. And across these portfolio pillars, we feel we have the plans to grow share, revenue and profits for our total business. And I want to take you a little deeper on that. But then look at the second part of our plan, and this is what we're doing to operate differently. And this is what I call rewiring our business differently. We're going to put commercial execution as close as possible to customers and consumers. We're going to modernize our capabilities to make sure we're driving efficiency and value. And then we are going to champion beer and beer occasions. In this industry where the category is under challenge, we're going to champion beer. And we're going to evolve our culture to drive ownership amongst our people. Now all of this has to be supported by being disciplined on our cost savings and having a clear dynamic approach to capital allocation. So we're going to go deeper into all of these three areas. Let's just start with our portfolio. This is what we do. This is our bedrock. It spans beer and Beyond Beer to reach consumers where they are. And it's based on the thesis that all segments matter. But within that, we are making clear choices. We have to strengthen our big brands, the core and value segments, while we transform our above-premium and Beyond Beer strategy. So let's talk about the core. Loyal core beer drinkers represent the vast majority of all beer volume. But what you probably don't know is that this group has the strongest loyalty with premium lights, and we have the brands to compete there. And we have the opportunity to continue to strengthen our brands with this core consumer and gain more share ahead of the category. So how are we going to do this? It does mean investment in our brands and breakthrough marketing. You probably saw some of this in the NFL and leading up to the Olympics with the Miller Lite campaign. It talks about real-life connections. It talks about real-life occasions and features the perfect spokesman, Christopher Walken, that spans generations. And you can expect us to come forward with more work like that for Coors Light. We're going to continue the journey on Coors Banquet and lean into that brand as we grow both volume and share. And with Molson Canadian, we're gaining both volume and share in Canada. In this subcategory, we are also identifying new opportunities like lower-strength beer. We're expanding Miller Extra Lite, which is about a 2.8% ABV brand in key markets and regions. These brands have the scale. They have the trust of millions of our consumers, and they have the right to win with our core consumers and get our share of the category. Now let's talk about the part of the portfolio that we probably haven't spoken about in a long time, which is the value segment. We are elevating that because in a T-shaped economy today, the value consumer is feeling the pressure, and they are looking for options within their budget. And frankly speaking, we have the scale. Just for context, if we just think about our value segment, we're probably the fifth — we are the fifth-largest beer company in the country. So this category matters. This is not about just being defensive. This is about how we use that and make sure we're leaning in for the consumers that are looking for this option. But we're going to increase the focus on value in a very selective way. We're going to have selective investment in selective markets and with very pointed innovation. We're going to expand brands like Miller High Life Light across a few more states. We have some new innovation coming with Keystone, Keystone Apple in the summer, which is again very directed to this subsegment. Our value portfolio has a strong reach. We have deep consumer loyalty, and this is the way to win for us, and for our distributors. Now as we think about value, premiumization is not going anywhere. And we have the opportunity to get more runway there. If you look at our business, we're pretty strong in premiumization in Canada and in the U.K. But in the U.S., we are underrepresented. Therefore, we just have a new opportunity to keep leaning into that. Things like Peroni — and you probably saw that in the Olympics — again leaning into the brand with on-premise brand ambassadors or the work we already have done in Madrid in the U.K. and continue to grow in the U.K., but also expand that brand across Europe and Canada. And while Blue Moon Belgian White is still a work in progress, the Blue Moon non-alc brand is growing 25% and is now probably the number two non-alc craft brand in the country. Now the other side of premiumization is Beyond Beer. I talked about being in the most exciting profit pools, and this is where consumer needs are evolving. We're going to continue on our total beverage journey to make sure that our brands meet consumers and meet them in more moments. And we're proud of the progress we've made. If you think about the Beyond Beer strategy, first is flavor. This category has been volatile, and there we need to be agile. We had some great success initially, but then we had to figure out a way to pivot, and we did with Topo Chico. We pivoted from being a hard seltzer brand to a full-flavor beverage with higher ABV innovation and different packaging for more occasions. And we've changed the trajectory of this brand. We have consecutive dollars and share-trend performance improvements in all quarters of 2025. And with Fever-Tree, we're just getting started. We just finished the transition last year. We're getting it into our network, and we have an excited distributor network. We have an excited retail network, and we have an excited team to get really behind it. There are a few brands where you can get the whole trifecta working, and we believe we have the opportunity to do that with Fever-Tree. In this space, we also have the opportunity of deploying M&A dollars in a very disciplined way to augment and fill gaps in our portfolio. And I know Tracey is going to talk a little bit more about that in the future. So hopefully that gives you a sense of the clear choices we are making in our portfolio. But let's talk about how we are going to make this happen. This is where we are executing a big change within the organization because how we execute is super important in this category. It starts by putting our customer and consumer at the heart of everything we do. Folks talk about beer being a global business. We talk about beer being a national business. But actually, beer is a very, very local business. And we need to make sure we're putting the P&L accountability at the level close to the customer. That's where pricing decisions, promotions, assortment, and investment decisions are being made. And that's what we need to unlock for our teams. We've got to unlock clear accountability that drives outcomes. We've got to make sure we're taking decisions with precision where we can change tactics, move spend across the actions that are working for our total portfolio in particular markets. And we need to do it with speed, where decisions are done in days, not weeks, not months and definitely not quarters. This is not just an academic principle. This is how we want to make sure our planning process and our execution model changes. We have already started that journey in Q4 and going into 2026 with our distributors. The next part of our plan is capabilities. I talk about us being in the largest profit pools. But we also have the largest platforms in these profit pools, where we execute across the entire market. So we will keep investing in our capabilities, investing in capabilities that drive efficiency and value to the bottom line. This is in the areas of sales and marketing, where we're going to put capabilities in AI and analytics to make sure our sales teams are front forward-looking and not stuck in the back office. And when I talk about AI, this is not about using it in marketing just to create new brands and assets. We're obviously going to do that and drive efficiency, but how do we literally use it to make investment decisions. And then the third element of our capabilities is our investment in our ERP and our technology to augment and automate areas in our supply chain to drive value and to optimize business processes. As we think about our internal business, we have to keep a lens externally. That involves championing beer. We talk about the category declining, et cetera. One of the things I talked to our distributor network about is none of us should accept a declining category. That should not be okay. We must find a way to get this category healthy again, and we need to do it together as an industry. This is not about us. We have the humility to realize that one company can't change it, but we need to lean in to make sure we can build beer relevance back. We need to make sure we can bring people back into the occasions where beer fits. So we've got to lean in, and we're going to do our part. We're going to do our part in marketing on how we talk about Miller Lite. You saw that, but also a new campaign we had just over the holidays, which was simply about "just bring the beer." This campaign is designed to put beer back on the shopping list. It's to put it in the center of social moments driving category relevance. Again, this is not an elusive idea. When we think about our sales teams, we have about 22% market share in the country. We are the category captains for 60% of our retailers. So how do we really lead with the category front focus? The fourth pillar is around building a culture of ownership. We have 16,000 people that are passionate about our business and passionate about our brands. But we need to change how we operate in this moment. That's where I'm asking them to lean into two of our key values: be bold and decisive and take accountability. This is designed to empower our teams to move with urgency, to move with pace and drive ownership within the business. This matches the complexity we face from an outside-world perspective. How do you know we're going to make progress? What are the key metrics? We should be seeing market-share improvements in our key markets. We have to continue the acceleration of our portfolio transformation across all our portfolio. The investments we're making in our capabilities and cost savings need to show margin improvement. And while we're doing this, we're going to be disciplined about returning cash to shareholders. We are setting 2026 with clarity and transparency, but we are rewiring our business and our operating model for execution. We're investing in brands and our capabilities, but we are being very deliberate on how we do that. We're going to fund our growth with discipline. And there's two key elements of the plan that I'm going to have Tracey come over and talk about, which are making sure we're disciplined about cost savings and having a clear and dynamic approach to capital allocation. So with that, Tracey?

Thank you, Rahul. Hello, everyone. Good to be back here. As Rahul highlighted, we have a compelling strategy. We're really focused on discrete actions that will support our medium-term growth algorithm. So I want to give a little bit more color on our financial discipline and the capital-allocation priorities that Rahul mentioned. I'll highlight how they support our ability to execute against our strategy. Our ability to drive strategy starts with strong cash generation. We feel that we have compelling cash conversion, and we continue to be a very cash-generative business. We delivered over $1.1 billion in 2025. As we announced earlier with our release this afternoon, we expect to deliver a similar amount in 2026. We plan to build on this very strong base through profitable growth and also a new cost-savings program. Over the past five years, we have delivered over $1 in free cash flow for every dollar of underlying earnings. We have among the highest free cash flow yields in CPG. Our solid cash generation has significantly strengthened our balance sheet. Moving forward, it should enable us to invest in ways that we believe will drive value for our shareholders. Let me take you through a few of the details around our new cost-savings program, which we believe supports both our medium-term algorithm and strong cash generation. To help fuel our strategy, we are announcing a three-year cost-savings program targeting up to $450 million, with savings beginning in 2026. The program anticipates savings across both our business units, and it will come through multiple lines in our P&L. In cost of goods sold, we have a very strong pipeline of plans and projects. This is enabled by procurement, the investments that we make in capital, and productivity and efficiency improvements that are going to get delivered through our world-class supply chain program. In Americas G&A, we've already unlocked meaningful savings by implementing our new structure at the end of 2025. And as you heard from Rahul, we expect to deliver further savings enabled by technology and new capabilities that we'll be investing in. In EMEA and APAC, we have plans that are designed to expand operating margin and improve profitability in those business units. This will be done through implementing new technologies, evaluating supply chain opportunities and portfolio optimization. These savings are intended to be used to mitigate the impact of inflation and also will allow the right levels of investment to fuel our business for growth. So let's talk about how we're thinking about deploying our capital to execute that strategy. Our first priority is to invest in our business to drive long-term sustainable growth through capital projects and new capabilities, investing behind our brands and using our financial flexibility to fund M&A. From a capital standpoint, we are rebasing our medium-term CapEx expectations, and we now expect to spend approximately $650 million a year. This level should allow us to continue to invest in margin-enhancing cost-savings projects and also make investments in technology to drive efficiencies and increase our capabilities. We target double-digit returns on our cost-savings programs, and we have delivered against that goal over the last few years with programs including our variety-packaging capabilities we built in Fort Worth, adding shelter capability in Canada and the domestic production of Peroni in the U.S. To grow our business, our aim is to invest in M&A to drive meaningful portfolio transformation. We would target deals that would add around 1% to 2% NSR annually to the enterprise, but that are also bottom-line accretive. To contextualize, these could be in the range of about $200 million to $350 million and are expected to be funded from cash from operations. These targets must be scalable. They must fill white spaces, and they must be in areas where we believe we have the right to win. Second, we remain committed to maintaining a leverage ratio below 2.5x. At the time of the 2016 MillerCoors acquisition, our net debt was $11.5 billion and our leverage ratio was 4.8x. By the end of 2025, our net debt was $5.4 billion and our leverage ratio was 2.3x, so reducing both by more than half. We've continued to hold the highest credit rating that we've had since 2016. That brings me to our third capital-allocation priority. Molson Coors has a long track record of paying cash dividends to its shareholders, and it remains our intention to sustainably increase our dividend as we have done for the last five years. We also feel that we've made tremendous progress against our $2 billion share-buyback program, which is over five years and was announced in October 2023. As Rahul said, through just nine months, we've executed 72% of that authorization, tracking to complete the $2 billion well ahead of schedule. Given what we view as a compelling valuation for our stock, our Board has approved an increase to the amount and extended the duration of our existing share-repurchase program. This increases the initial authorization from up to $2 billion to an aggregate authorization of up to $4 billion, inclusive of the approximately $1.4 billion that we've already spent up until the end of 2025. That plan will now run through December 31, 2031. We believe this should not only help to drive earnings power, but it also demonstrates our confidence in our business, our confidence in our strategy and our confidence in our medium-term growth algorithm. With that, we look forward to taking your questions, and we will come back up, and we'll ask Greg to maybe just manage the questions for us.

I can repeat the question, Rahul.

On the guidance, under the impact on gross margin, certainly aware of Midwest premium and inflation. But just how and why is that going to be such a drag on your business in 2026? Could you talk through that on the gross-margin level? And then maybe help frame for us the marketing spend that you're expecting with the plan you laid out.

Yes. So I'll take it and Tracey, you can add. If you look at the Midwest premium and aluminum pricing, we shared an estimate last year of what we think the exposure is. If you look at this year, that was in the range of $40 million to $45 million. We have an incremental headwind of about $125 million this year in 2026. When Midwest premium goes up 300%, there aren't immediate actions you can take to fully mitigate that. Obviously, we took all the actions we could in terms of cost savings in the Americas. So the Midwest premium is the biggest part of our COGS inflation. If you look at our 2025 results and COGS inflation, we have initiatives and programs to manage through it. We're trying to manage a $125 million increase. So you're going to see that in gross margin through the Midwest premium. The one-time incentive comp is a lapping issue, and that's more on G&A. Then as to the marketing and capabilities investment, the simplest way to think about it is we know we can get this business back to our medium-term growth algorithm — the mid-single digits. We just want to make sure we're building and supporting our brands in a pretty competitive context given where the category is. So I think that's how I'd break it down: the Midwest premium being the big part in COGS, and then the other pieces are on G&A and marketing investment. Tracey, anything you'd add?

Kevin Grundy, BNP Paribas. Rahul, maybe with the longer-term guidance, I suspect there will be some surprise about the decision to maintain it just given the challenges in the alcohol industry broadly, where we've seen domestic beer volumes decline, not just the past two or three years but going back to 2015, and they've been down low single digits and in certain cases in your portfolio they've been even more challenged. '25 is even more dire. So maybe a little more on what gives you confidence with what you're doing in terms of execution that things are going to get better, because the data points seem to be mounting against the industry in terms of younger consumers moving away and it will take the industry collectively. And lastly, we've seen a number of food companies invest in price as part of the solution to stimulate volumes. Does that come into your thinking at all as part of the solution to stimulate volumes?

Yes. So let me try to address the parts of the question. First, how do we get our business back to top-line growth. If you look at our share losses in the recent past, we've done a decent job of maintaining core share. We've lost a little bit, but not in a big way. Our challenge has been certain other parts of our portfolio — that's why you see us elevating the value segment. A big part of our share losses has been in value and flavor and some of those pieces. So we need to make sure that our portfolio — when we talk about strengthening the core and value, it means making sure we can keep ground on our share. We must keep and gain share in those spaces. What the category does, we'll see. It becomes a question of mix. Can we transform the portfolio fast enough to handle potential declines in the core piece? We think about driving top-line revenue with three levers: volume, price and mix. Those are the levers that give us confidence we can get back. On pricing, we look at pricing by brand and by region, but we also want to make sure we're competitive. That's why you see us leaning into the value segment. We have a portfolio that meets consumer needs at the right price points and channels. In beer, people usually don't switch brands rapidly in the core; they're looking for different pack types and channels. What's happening in our business is singles are doing well and big packs are doing well. So with our core brands, we need to lean in there. The value piece is where we need to support volume. Between price, mix and the transformation on Beyond Beer, that's where we have confidence we can get our business back to low single-digit growth. It's a modest target, but it's achievable given the levers we have.

Eric Serotta from Morgan Stanley. You mentioned that the midterm cost savings of $450 million would offset inflation and allow for reinvestment. Hoping you could expand upon the reinvestment side a little bit. Can you give any context for the quantum you're expecting in terms of reinvestment for 2026 and the midterm, whether it's marketing, technology, or other capabilities — how to think about that? And then for Tracey, in terms of the midterm outlook, mid-single-digit on pretax and then high-single-digit on EPS: if you're spending more or investing more on M&A to be funded from cash from operations, the cash has to come from somewhere. Should there be less contribution from buybacks than historically?

Thank you. I'll let you take the buyback part, Tracey. Let me address the cost savings and the investment profile. Our cost savings come from three broad buckets. One is the work in the Americas, where we took actions in Q4 to optimize teams and how we execute, making sure we have the right resources focused on the front end of the organization versus internal functions. Second is supply chain: we will continue to look at opportunities to optimize and drive savings. Other than the one-time issues like Midwest premium, our teams do a great job of matching and driving savings to offset COGS inflation. Third is EMEA and APAC, where there is room to expand margins and improve profitability. In terms of investment, we're not looking to step up investment in a significant way. We want to make sure our brands are competitive and that we are putting the right pressure behind them across segments. When I talk about elevating the value segment, this is not about big investment, but about pointed investment in particular geographies to win. We do have investments in capabilities around systems and infrastructure to drive value and efficiency to the bottom line. We mentioned ERP implementation and other technology investments. All of that investment needs to drive measurable outcomes. So I would say we are not planning a significant step-up in overall investment; instead, we're being very deliberate about where we invest to get the best ROI.

So I think we're really proud of the work we've done on our balance sheet, going from a leverage ratio of 4.8x to 2.3x. It has given us a lot of optionality. We've reduced our medium-term CapEx expectations from around $750 million to about $650 million. We also believe we have opportunities in working capital, and we'll continue to focus on that. As we grow the top line and expand our margins through efficiencies and the capabilities we're building, that will contribute to the bottom line. We are a very cash-generative business and have delivered on our free cash flow targets. With our new share-repurchase program, which extends out to December 31, 2031, we will make the right decisions around how much and when to buy shares. We're already 72% of the way through our previous share-buyback program. That gives us confidence that with our strong balance sheet we can do all of these things: invest in the business to drive long-term sustainable growth, be disciplined around capital and continue to increase the dividend and pursue buybacks where appropriate.

Robert Ottenstein, Evercore ISI. I was wondering if you could talk a little bit about the fundamental change you're making in terms of how the organization is run — driving accountability more local, pricing decisions more local. Where did the idea come from, and how exactly does that get executed? How do you deal with national accounts and keep coordinated so you don't trip over yourself in certain areas when things are being decided more locally?

Yes. Robert, that's a great question. When I got into the role, we made some changes in our leadership team to drive to the best outcome. The category is challenged, and we must execute with the portfolio and investments we have. We need to ensure marketing dollars and people dollars go after the right things in the market. So how are we going to make this happen? We have leaders of sales and marketing and our Canada business around the table now, and we've reoriented our U.S. regions. This applies to EMEA and APAC as well. We're looking at our investments as a collective pool by geography to ensure the right ROI. In terms of coordination, you won't have multiple versions of the same national brand; you will have one Coors Light, one Miller Lite. But how those brands show up in different geographies matters and will be executed differently. Beer is very local, and that is true for Coors Light, Miller Lite and the value segment. We implemented these changes in Q4 and are executing them. We reoriented our planning with our distributors — this is our distributor-facing organization — and we're leaning into those conversations starting in January. That has resulted in different conversations with our distributors on how we bring funds and how they bring funds to win in particular geographies. It's about reorganizing teams and changing incentive plans. When I talk about P&L accountability closest to the market, it doesn't mean anything if folks are not measured on both top- and bottom-line metrics as close to the market as possible.

Chris Carey, Wells Fargo. A couple of tactical and strategic questions. Tracey, is there any phasing consideration you want to put out there for the guidance this year, with premium phasing, brand volume, whatever that is? Connected to this, you referenced medium-term goals; you may be measured against how you exit 2026. At what point do we start anchoring you toward some of these medium-term objectives you've laid out today, and what metrics should we be looking at over 2026 to gain perspective — improving market share, should volumes be turning positive, whatever you think we should be watching?

Let me start. In terms of phasing, we expect the quarters in 2026 to look very similar to last year. The shape quarter-to-quarter will be very similar. We've got the same number of selling days. April falls into the same quarter as last year. There might be a little loading for 4th of July, but generally it's very similar. 2025 was different because we had a contract-brewing arrangement that made it more volatile. In terms of the Midwest premium, that really rose rapidly in the second half of last year. The first half of the year was more muted, although from February it did start to trend up, but the big rise was in the second half. So we'll be lapping that only in the second half of 2026. Pricing and investments are similar in phasing: we tend to invest marketing dollars more in the summer selling season where it masses. So you'll probably see similar phasing around that as well.

Yes. On what metrics to watch and how we show progress: market share is obviously a key one. We know where we are in the category and the shape of our portfolio, but we're focused on seeing share improvements. The other key metric is mix: more of our NSR over time needs to come from higher-value segments as portfolio transformation progresses. We are excited about the Fever-Tree business coming into our portfolio full year 2026. Fever-Tree is now one of our largest per-hectoliter brands. I'd say market share, mix (portfolio transformation), and margin improvement from cost savings and investments are the three key areas we will keep talking about and reporting progress on, along with the buyback execution. You asked about cash and buybacks — we're committed to continuing the buyback journey while resetting to get our business back to growth.

We're running out of time, so we're going to have to stop there. Please join me in thanking Molson Coors again for the upcoming reception right outside the stairs. They'll be around to hopefully answer any more of your questions. As a reminder, please don't forget to take all of your belongings because this room will be locked. Thank you.