BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE

SEPTEMBER 6, 2017
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 MARK HUNTER

PRESIDENT AND CEO

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

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
Companys historical experience, and present projections and expectations are disclosed in the Companys filings with the
Securities and Exchange Commission (SEC). These factors include, among others, our ability to successfully integrate the
acquisition of MillerCoors; our ability to achieve expected tax benefits, accretion and cost savings and synergies; 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; additional impairment charges; our
ability to maintain manufacturer/distribution agreements; changes in our supply chain system; availability or increase in the
cost of packaging materials; success of our joint ventures; risks relating to operations in developing and emerging markets;
changes in legal and regulatory requirements, including the regulation of distribution systems; fluctuations in foreign currency
exchange rates; increase in the cost of commodities used in the business; the impact of climate change and the availability
and quality of water; loss or closure of a major brewery or other key facility; our ability to implement our strategic initiatives,
including executing and realizing cost savings; our ability to successfully integrate newly acquired businesses; pension plan
and other post retirement benefit costs; failure to comply with debt covenants or deterioration in our credit rating; our ability to
maintain good labor relations; our ability to maintain brand image, reputation and product quality; and other risks discussed in
our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All
forward-looking statements in this presentation 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.

Non-GAAP Information

Please see our most recent earnings release or visit the investor relations page of our website www.molsoncoors.com to
find disclosure and applicable reconciliations of non-GAAP financial measures discussed in this presentation.

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TODAYS AGENDA

MARK HUNTER, CEO

Introductions, company overview, strategic focus and growth priorities

TRACEY JOUBERT, CFO

Strategies to grow profit, cash, total shareholder return

Q&A

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MOLSON COORS BREWING COMPANY
ATTRACTIVE PROFILE TO DRIVE LONG-TERM VALUE

Leading global brewer with deep presence in highly profitable markets

Extraordinary brand portfolio

Iconic global and national brands
Leading craft brands

Clear First Choice agenda focused on top-line and bottom line-growth

Leveraging expanded scale, reach and commercial capability

Compelling financial profile

Strong EBITDA and cash flow, supported by:
Solid record of delivering cost savings
Improving returns on capital
Driving long-term shareholder value

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MOLSON COORS TODAY
INCREASED SCALE POST-MILLERCOORS ACQUISITION

WORLDWIDE
BRAND VOLUME
Pro Forma
100% of
Millercoors
4%
(FY 2016)

23%
Net Sales $11.0B

WW Brand Volume 95M HLs

8%
65%

Underlying EBITDA $2.4B

United States Canada

Europe International Markets
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AN EXTRAORDINARY BRAND PORTFOLIO
WITH A FOCUS ON PREMIUMIZATION

GLOBAL
PRIORITY
BRANDS

NATIONAL
CHAMPIONS

CRAFT & AP
PORTFOLIO

#1 CRAFT BREWER IN US #1 CASK ALE IN UK Doom Bar

#1 CRAFT BRAND IN US Blue Moon #1 CRAFT BRAND IN IRELAND Franciscan Well
#1 SHANDY in US Leinenkugels #1 CRAFT BRAND IN SPAIN La Sagra
LEADING CRAFT BRANDS IN CANADA Creemore, Granville
Island & Belgian Moon

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OUR STRATEGIC FRAMEWORK MCBC BREWHOUSE
DRIVING OUR FIRST CHOICE AMBITION AND CULTURE

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FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
MAINTAIN FLEXIBILITY TO INVEST AND PROTECT BOTTOM LINE

EARN MORE USE LESS INVEST WISELY

Drive Top Line Drive Synergies & Deliver FCF Target
Cost Savings
Energize Core, AP & Pay Down Debt/Pay
Craft Increase Productivity- Dividends
Shared Services,
Expand Portfolio and Expand PACC
Global Procurement
Geographic Footprint approach
& World Class Supply
Build Strong Chain Invest in Enterprise
Customer Growth
Partnerships

TOTAL
TOP-LINE EXPAND EBITDA
+ = SHAREHOLDER RETURN
GROWTH MARGINS
(TSR)

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DRIVING TOP-LINE GROWTH
THE ENTERPRISE GROWTH TEAM

CONSUMER EXCELLENCE
Step change insight capability
Grow extraordinary global Brands
Launch breakthrough innovation
Establish digital leadership B2B, B2C, E-Commerce
Invest in ventures
Scale ROMI model (Return on Marketing Investment)

CUSTOMER EXCELLENCE
Scale Building with Beer
Big data, insights & tools
Category value growth
Revenue management capability
Field sales management
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DRIVING BOTTOM-LINE GROWTH
LEVERAGING OUR NEW GLOBAL SCALE

SHARED SERVICES
Global center in Romania & North American center in Milwaukee
Lower costs & greater efficiency
More time and resources for commercial focus

GLOBAL PROCUREMENT
Increased scale: $2 billion to $7.5 billion procurement budget
Key areas: packaging, brewing materials, IT, marketing

WORLD CLASS SUPPLY CHAIN 2.0

Optimize North American brewery network
Eliminate waste and loss globally
Build more predictive, responsive and cost-efficient supply chain

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BUILDING MOMENTUM ON TOP- AND BOTTOM-LINE RESULTS
STRONG PERFORMANCE IN 2Q 2017

NSR/HL WW BRAND VOLUME UNDERLYING EBITDA

(USD, constant currency) (millions HL) (USD millions, constant currency)

26.4 $805.3
$111.10
+1.7% +2.3% +5.7%

$109.27 25.8 $761.8

Q2'16 Q2'17 Q2'16 Q2'17 Q2'16 Q2'17

-0.2% REPORTED WW FINANCIAL VOLUME -0.4% +4.2% REPORTED

KEY TAKEAWAYS
1. Solid growth in net sales/HL and worldwide brand volume
2. Higher net income, underlying income and underlying EBITDA
3. Underlying FCF more than tripled versus 1st half 2016 (actual)
4. Net debt reduced more than $522 million in 2nd quarter

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Note: 2016 volume and earnings results are pro forma
US GROWTH IMPERATIVE
FLAT BY 2018, GROWTH BY 2019

CONSUMER EXCELLENCE
Continue growing share in Premium
Accelerate growth in Above Premium
Stabilize Economy to expand the beer
category

CUSTOMER EXCELLENCE
Expand Building with Beer
Continue improving field sales execution
Ranked #1 Supplier in Tamarron Distributor
Survey . . .second year running

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CANADA GROWTH IMPERATIVE
TOP-LINE GROWTH COUPLED WITH COST EFFICIENCIES

CONSUMER EXCELLENCE
Reenergize Coors Light and Molson
Canadian
Accelerate share gains in Above Premium,
Craft & FMBs
Expand Miller brands

CUSTOMER EXCELLENCE
Accelerate field sales management impact
Embrace Building with Beer
Enhance revenue management approach

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EUROPE GROWTH IMPERATIVE
DRIVING UPSIDE POTENTIAL FROM A SOLID BASE

CONSUMER EXCELLENCE
Energize core brands
Accelerate Above Premium and craft
growth
Push harder into cider

CUSTOMER EXCELLENCE
2012 2016 No. 1 in
Maintain and develop First Choice for
On Premise 6th 2nd
Customer reputation
Off Premise
15th 1st
Enhance revenue management approach Mult. Grocers
Off Premise
12th 1st
Accelerate field sales management impact Impulse

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INTERNATIONAL GROWTH IMPERATIVE
DRIVING GROWTH FROM A STRONG PLATFORM

CONSUMER EXCELLENCE
Leverage global brand portfolio
Rapidly expand Blue Moon
Expand portfolio footprint

CUSTOMER EXCELLENCE
Utilize global segmentation approach
Deliver world class in-outlet tools
Strengthen distributor partnerships

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FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
MAINTAIN FLEXIBILITY TO INVEST AND PROTECT BOTTOM LINE

EARN MORE

EARN MORE USE LESS INVEST WISELY

USE LESS
DRIVE TOTAL SHAREHOLDER RETURNS

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 TRACEY JOUBERT

CFO
M O L S O N C O O R S B R E W I N G C O M PA N Y
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
MAINTAIN FLEXIBILITY TO INVEST AND PROTECT BOTTOM LINE

EARN MORE USE LESS INVEST WISELY

Drive Top Line Drive Synergies & Deliver FCF Target
Cost Savings
Energize Core, AP & Pay Down Debt/Pay
Craft Increase Productivity- Dividends
Shared Services,
Expand Portfolio and Expand PACC
Global Procurement
Geographic Footprint approach
& World Class Supply
Build Strong Chain Invest in Enterprise
Customer Growth
Partnerships

TOP-LINE EXPAND EBITDA TOTAL

+ =
GROWTH MARGINS SHAREHOLDER RETURN

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POSITIVE FINANCIAL PERFORMANCE
STEP CHANGE IN SCALE, STRATEGIES TO GROW

($ millions) UNDERLYING EBITDA (1)

$3,000

$2,500 $2,322 $2,383

$2,000

21.7%
$1,469 $1,471
$1,500 $1,398
20.7%
$1,267
19.8%
19.6%
19.5%
$1,000 18.9%

$500

$-
2011 2012 2013 2014 2015 PF 2016 PF

2011 2012 2013 2014 2015 PF 2016 PF

1st Half 2017 constant-currency underlying EBITDA up 3.3%

Medium-term EBITDA margin guidance average of 30bp-60bp/year
(1) Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by
excluding special and other non-core items from the nearest U.S. GAAP earnings. 2015 and 2016 results are pro
forma for the MillerCoors transaction. See reconciliation to nearest U.S. GAAP measures on our website.
Note: Underlying EBITDA margin is calculated by dividing underlying EBITDA by net sales (including 42% of 20
MillerCoors net sales in 2011-2014).
COST SAVINGS TO DRIVE GROWTH AND MARGINS

$550 million
Shared Services/
20%
$165 million IT/G&A

40% Supply
Chain
$210 million

40% Procurement
$175 million

2017 2018 2019 Estimated Total Savings

~$350 MILLION ESTIMATED ONE-TIME COSTS TO DELIVER SAVINGS:

~50% - Non-Core Expense; excluded from underlying EBITDA and
underlying FCF
~50% - Capital spending to achieve cost savings included in underlying capital spending
and FCF guidance
Primarily in 2017 and 2018 (front-loaded) Strong cost savings track record.
Beginning to identify 2020 savings.
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DELIVERING CASH TO DELEVERAGE, GROW RETURNS

UNDERLYING FREE CASH FLOW TARGET:

$1.2 BILLION +/- 10% FOR FY 2017

Includes 2017 pension contributions of $300-$320 million

Expected cash tax benefits of more than $400 million in 2017

NPV of cash tax benefits ~$2.6 billion

Represents substantial step up in FCF levels

Note: Underlying free cash flow is calculated by excluding special and other non-core cash impacts from the nearest U.S.
GAAP metric. 2017 underlying free cash flow guidance also excludes planned capital spending related to building our 22
British Columbia brewery, which is largely funded by proceeds from the sale of our Vancouver brewery in 2016.
COMMITTED TO PAYING DOWN DEBT

S&P, MOODYS DEBT / EBITDA

6x
5.3x
5.1x
Net debt reduced by
5x
4.4x +1.5 billion
4.3x

4x

3.0x
3x 2.8x S&P
2.6x
2.4x
2.1x 2.2x Moody's
2x

1x

0x
2012 2013 2014 2015 2016 PF

Net debt down ~$522 million in 2nd Q 2017

~4x leverage by end of 2018

Note: 2016 PF leverage ratio represents company estimates for S&P and Moodys pro forma ratios.
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STRONG CASH GENERATION SUPPORTS DIVIDENDS

DIVIDENDS PAID (ANNUAL PER SHARE)

$1.64 $1.64

$1.48

$1.24 $1.28 $1.28

$1.08
$0.92

$0.76
$0.64

DOUBLED IN 5 YEARS 2014: +16%; 2015: +11%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Revisit dividend policy once deleveraging is well underway

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CASH-USE PRIORITIES BASED ON RETURN CRITERIA

CASH-USE PRIORITIES

STRENGTHEN BRAND-LED RETURN CASH

Balance sheet Growth opportunities to shareholders

Maintain dividend now,

Select investments
Current focus of FCF revisit when deleverage
ahead of the curve
well underway

Underpinned by PACC model

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FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
MAINTAIN FLEXIBILITY TO INVEST AND PROTECT BOTTOM LINE

EARN MORE

EARN MORE USE LESS INVEST WISELY

USE LESS
DRIVE TOTAL SHAREHOLDER RETURNS

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BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE
SEPTEMBER 6, 2017
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