1Q15 Update - Sequentially Weaker Operational Update Pricing down 10-30%; further challenges from 2Q Top Stories 3Q15 Results Review. Outlook is Within Expectation. Hold. Beer business to be main focus What’s Changed, Research Focus, Today’s Events Supporting Sales Data Emerging to Catalyze The Sector Structural Changes to Benefit the Sector in the Long Run 1Q First Take: Strong Beat on Coal Costs The ECB is far away from an early taper of its QE programme