M O L S O N C O O R S B R E W I N G C O M PA N Y

G O L D M A N S A C H S S TA P L E S F O R U M

M AY 2 0 1 5

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MOLSON COORS BREWING COMPANYMOLSON COORS BREWING COMPANY

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Gavin HattersleyGlobal CFO

Dave DunnewaldGlobal VP, Investor Relations

This presentation includes estimates or projections that constitute “forward-looking statements” within the meaning

of the U.S. federal securities laws. Generally, the words “believe,” "expect,” "intend,” "anticipate,” “project,” “will,”

and similar expressions identify forward-looking statements, which generally are not historic in nature. Although the

Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can

give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results

to differ materially from the Company’s historical experience, and present projections and expectations are

disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”). These factors include,

among others, impact of increased competition resulting from further consolidation of brewers, competitive pricing

and product pressures; health of the beer industry and our brands in our markets; economic conditions in our

markets; pension plan costs; availability or increase in the cost of packaging materials; our ability to maintain

manufacturer/distribution agreements; our ability to implement our strategic initiatives, including executing and

realizing cost savings; our ability to successfully integrate newly acquired businesses; changes in legal and

regulatory requirements, including the regulation of distribution systems; increase in the cost of commodities used

in the business; our ability to maintain brand image, reputation and product quality; our ability to maintain good

labor relations; changes in our supply chain system; additional impairment charges; the impact of climate change

and the availability and quality of water; risks relating to operations in developing and emerging markets; success of

our joint ventures; lack of full-control over the operations of MillerCoors; and other risks discussed in our filings with

the SEC, including our Annual Report on Form 10-K for the year-ended December 31, 2014, which is available from

the SEC. All forward-looking statements in this press release are expressly qualified by such cautionary statements

and by reference to the underlying assumptions. You should not place undue reliance on forward-looking

statements, which speak only as of the date they are made. We do not undertake to update forward-looking

statements, whether as a result of new information, future events or otherwise.

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FORWARD LOOKING STATEMENTFORWARD LOOKING STATEMENT

(1) Excludes Corporate and Eliminations from the total.(2) Does not include underlying pretax losses for Corporate and MCI. Totals may not sum due to rounding. Non

GAAP underlying income is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. 4

MOLSON COORS OVERVIEW (2014 FY)MOLSON COORS OVERVIEW (2014 FY)

46%

36%14%

5%Worldwide

Beer Volume

44%

30%

24%

2%Net Sales(1)

48%

21%

31%

Underlying Pretax

Income(2)

INTERNATIONAL MARKETS

EUROPE

CANADA

UNITED STATES (42%)

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COMMERCIAL DRIVERS OF STRATEGIC VALUECOMMERCIAL DRIVERS OF STRATEGIC VALUE

DRIVING SHARE

IN ABOVE PREMIUM

DRIVE COST SAVINGS AND

COMMERCIAL EXCELLENCE

DELIVERING VALUE

ADDED INNOVATION

INVESTING BEHIND

CORE BRANDS

• Investing behind core brands

• Driving share in above premium

• Delivering value-added innovation

• Commercial excellence

BRAND-LED

PROFIT

GROWTH

• Cost reductions

• Capital expenditure driving

efficiencies

• Working capital improvements

CASH

GENERATION

• Disciplined cash use

• Return-driven criteria

• Balanced priorities

CASH AND

CAPITAL

ALLOCATION

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DRIVING TOTAL SHAREHOLDER RETURN WITH PACC MODELDRIVING TOTAL SHAREHOLDER RETURN WITH PACC MODEL

ProfitAfter

CapitalCharge

(TSR)TOTAL

SHAREHOLDER

RETURN

$441

$541

$646 $642

$719

$794 $821

$865 $865

$0

$200

$400

$600

$800

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

($m

illio

ns)

MCBC Underlying Pretax Income (1)

$904

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UNDERLYING EARNINGS GROWTH IN TOUGH TIMES…UNDERLYING EARNINGS GROWTH IN TOUGH TIMES…

(1) Non-GAAP underlying pretax income is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website.

Underlying pretax income growth over the past 9 years totaled 105%

$1,106 $1,100 $1,091 $1,127 $1,212

$1,267

$1,398 $1,469 $1,471

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2006 2007 2008 2009 2010 2011 2012 2013 2014

($m

illio

ns)

Underlying EBITDA(1)

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…AND STEADY, STRONG, GROWING EBITDA…AND STEADY, STRONG, GROWING EBITDA

(1) Non-GAAP underlying EBITDA (Earnings before interest, taxes, depreciation and amortization) is calculated excluding special and other non-core items from U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. Includes 42% of MillerCoors underlying EBITDA.

2014: nearly $8 per share

$0.64 $0.64 $0.76

$0.92

$1.08

$1.24 $1.28 $1.28

$1.48

$1.64

$0.00

$0.50

$1.00

$1.50

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

(div

ide

nd

pe

r sh

are

)

Dividends Paid (Annual Per Share)

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GROWING CASH RETURNS VIA DIVIDENDSGROWING CASH RETURNS VIA DIVIDENDS

Dividend payout ratio of 18%-22% of trailing underlying EBITDA

CASH AND CAPITALCASH GENERATIONBRAND-LED PROFIT GROWTH

$81 $185

$331

$442

$657

$851 $958

$1,078

$1,195

$1,333

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

($m

illio

ns)

Cumulative Annualized Cost Savings (1)

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COST REDUCTIONS HELP TO DRIVE TOP LINE AND BOTTOM LINECOST REDUCTIONS HELP TO DRIVE TOP LINE AND BOTTOM LINE

(1) Includes 42% of MillerCoors cost savings

Over $1.3 billion of cost savings delivered in past 10 years

CASH GENERATIONBRAND-LED PROFIT GROWTH CASH AND CAPITAL

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KEY VALUE DRIVER: DISCIPLINED CASH USEKEY VALUE DRIVER: DISCIPLINED CASH USE

Cash use priorities

• Strengthen balance sheet by reducing liabilities

• Return cash to shareholders

• Brand-led growth opportunities

Short-term focus

• 11% increase in dividend 1st Quarter 2015

• Dividend payout ratio: 18-22% of trailing year EBITDA (Current: 20.6% of 2014 EBITDA)

• New $1 billion, four-year share repurchase program

Consistent return-driven criteria

• PACC driven

• ROIC/WACC

BRAND-LED PROFIT

GROWTH

CASH

GENERATION

CASH AND CAPITAL

ALLOCATION

STRONG BASE, DRIVING TSRSTRONG BASE, DRIVING TSR

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2014 Results:

• Achieved higher underlying

pretax and EPS

• Steady and strong underlying EBITDA

• Exceeded cost savings targets

• Improved cash conversion cycle

• Generated $957 million in underlying

free cash flow

• Double-digit dividend increase

• $1 billion share repurchase program

Strategy working, committed to PACC