Molson Coors Brewing Company Barclays Back-to-School Consumer Conference September 4, 2013

Gavin Hattersley Chief Financial Officer

Molson Coors Brewing Company

2

Forward-Looking Statement Forward-Looking Statements: This presentation may include 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, pension plan costs; availability or increase in the cost of packaging materials; our ability to maintain manufacturer/distribution agreements; impact of competitive pricing and product pressures; our ability to implement our strategic initiatives, including executing and realizing cost savings; 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; the ability of MillerCoors to integrate operations and technologies; lack of full-control over the operations of MillerCoors; the ability of MillerCoors to maintain good relationships with its distributors; and other risks discussed in our filings with the SEC, including our Annual Report on Form 10-K for the year-ended December 31, 2012, which are available from the SEC. 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.

Reconciliations to Nearest U.S. GAAP Measures: The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule is posted on the Company's website at MolsonCooors.com (in the “Investor Relations" section) which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation.

3

Agenda

• Molson Coors global overview • Historical performance context

− Steady, growing pretax profit, even in difficult times − Strong, stable EBITDA − Substantial cash generation and cash return to shareholders − Growing total shareholder returns

• Growth strategy • Driving total shareholder returns

− Brand-led profit growth − Cash generation − Cash and capital allocation

4

US (MILLERCOORS) 29% Share

Coors Light Miller Lite Blue Moon

LATIN AMERICA & CARIBBEAN

Mexico, Caribbean, Panama, Costa Rica, Paraguay

Coors Light

SPAIN Carling

UKRAINE Staropramen

Carling

CANADA 39% Share

Molson Canadian

Coors Light

WESTERN EUROPE Staropramen

EUROPE Carling Coors Light Staropramen Bergenbier Jelen

Kamenitza Ozujsko Niksicko Borsodi

RUSSIA Carling

Staropramen

INDIA Cobra

Iceberg CHINA

Coors Light Carling

JAPAN Zima

Corona Blue Moon

= CORE MARKETS = GLOBAL MARKETS

Molson Coors: Core Market Strengths + Emerging Global Presence

5

(1) Does not include underlying operating 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.

Volume, Net Sales and Profitability by Geography

46.6%

21.1% 14.0%

14.4% 4.3%

2012 Pro Forma Worldwide Beer Volume

45.8%

11.0%

4.9% 38.4%

2012 Pro Forma Underlying Operating Income1

43.4%

10.8%

16.8% 27.1% 2.1%

MillerCoors (42%) Central Europe UK Canada MCI

2012 Pro Forma Net Sales

6

Net Income Variability Masks…

$361

$492

$379

$720 $708 $676

$443

$185

$314

$0

$100

$200

$300

$400

$500

$600

$700

$800

2006 2007 2008 2009 2010 2011 2012 1H 12 1H 13

Net Income Attributable to MCBC ($millions)

U.S. GAAP net income attributable to MCBC 7

…Underlying Earnings Growth in Tough Times…

$441 $541

$646 $642 $719

$794 $821 $865

$406 $383

$0

$200

$400

$600

$800

2005 2006 2007 2008 2009 2010 2011 2012 1H 12 1H 13

($millions)

MCBC Underlying Pretax Income

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.

Pretax income growth over the past 7 years totaled 96%

8

… And Steady, Strong, Growing EBITDA

$1,106 $1,100 $1,091 $1,127 $1,212 $1,267

$1,398

$630 $690

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2006 2007 2008 2009 2010 2011 2012 1H 12 1H 13

($millions)

* 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 per share: +13% in 2012, to nearly $8/share

Underlying EBITDA*

9

Growing Cash Returns Via Dividends

$0.64 $0.64 $0.76

$0.92

$1.08 $1.24 $1.28

$0

$50

$100

$150

$200

$250

2006 2007 2008 2009 2010 2011 2012

Dividends Paid (Annual Per Share)

($millions)

7 ½ year total: $1.3 billion, plus $321 million share repurchases in 2011

10

Molson Coors Growth Strategy

Maximizing Growth and Profit

in Developed Markets

Accelerating Growth in

Developing Markets

M&A

Strong Cost Management Discipline

11

Hungary #3 Market Position

Czech Republic

Bulgaria

Romania

Serbia Croatia

Hungary

Montenegro

Slovakia (2)

Bosnia (2)

Brewery

Romania #3 Market Position

Serbia #1 Market Position

Czech Republic #2 Market Position

Montenegro #1 Market Position

Bulgaria #1 Market Position

Croatia #1 Market Position

Source: Rank based on market volume data from Nielsen (1) Bosnia-Herzegovina and Slovakia markets served by breweries in adjacent countries

Bosnia-Herzegovina (1) #1 Market Position

Slovakia (1)

#3 Market Position

Central Europe Acquisition: Growth, Value

12

MCI: Growing Volumes & Reducing Investment

1Non-GAAP underlying pretax income (loss) 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. HL includes financial and royalty volume.

(000s HL)

0

500

1,000

1,500

2,000

2009 2010 2011 2012

MCI Total Volume

($35)

($30)

($25)

($20)

($15)

($10)

($5)

$0

2009 2010 2011 2012 2013 2014 2015 2016

MCI Underlying Pretax Income(Loss)/HL1

13

Driving TSR with PACC Model • Core brand investments

• Innovation

• Cost reductions

• Revenue and mix management

• Capital expenditure efficiencies

• Working Capital improvements

• Disciplined cash use

• Return-driven criteria

• Short-term priority: deleverage

Brand-Led Profit

Growth

Cash Generation

Cash and Capital

Allocation

Profit After

Capital Charge

TSR

14

Molson Coors Growth Enablers – 2013 and Beyond

Investing Behind

Core Brands

Delivering Value Added

Innovation

Driving Share in Above Premium

Drive Cost Savings &

Commercial Excellence

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

15

Delivering Value Added Innovation

$100 Million* of Gross Profit from Innovation

Adding News & Excitement Behind Core Brands

Delivering New Options for Changing Preferences

*Past 3 years (2010-2012)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

17

Investing Behind Our Core Brands

Coors Light - Owns Rocky Mountain Cold Refreshment Globally

US

Canada

UK

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

19

“Made from Canada” – Molson Canadian

Absolute Volume & Market Share – Molson Canadian

(000 HL)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

20

“Brilliantly British Refreshment” - Carling Regaining Momentum

Absolute Volume & Market Share – Carling UK

0.0%

5.0%

10.0%

15.0%

20.0%

Total Trade On-Trade Off-Trade

1H 2012 1H 2013

Carling % Share of Beer

(000 HL)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

21

“The Spirit of Prague” - Staropramen

Absolute Volume & Market Share– Staropramen

(000 HL)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

22

A Commitment to Great Taste & Innovation - Miller Lite

Absolute Volume & Market Share – Miller Lite

(000 HL)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

23

Driving Share in Above Premium

America’s Largest Craft Brewer - Tenth and Blake

®

11

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

25

Canada Expands Above Premium Portfolio

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

26

Building AP Portfolio in Europe -Led by UK

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

27

Driving TSR with PACC Model • Core brand investments

• Innovation

• Cost reductions

• Revenue and mix management

• Capital expenditure efficiencies

• Working Capital improvements

• Disciplined cash use

• Return-driven criteria

• Short-term priority: deleverage

Brand-Led Profit

Growth

Cash Generation

Cash and Capital

Allocation

Profit After

Capital Charge

TSR

28

>$1 Billion of Cost Reductions Fuel Top-Line and Profit

Nearly $1.1 billion of cost savings delivered in past 8 years

($millions) Cumulative Annualized Cost Savings

$0

$200

$400

$600

$800

$1,000

$1,200

2005 2006 2007 2008 2009 2010 2011 2012 Molson Coors 42% of MillerCoors

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

29

Ongoing Cost Efficiencies Will Fuel Growth Investments

• Long-term sustainability − Savings of $40-$60 million/year for at least the next 5 years* − Includes Central Europe deal synergies

• Driven through: efficiency and effectiveness − Restructuring U.K., International − Reduced overhead expenses, primarily Canada − Global procurement − Global Standardization, including I/T

* Excludes any additional MillerCoors cost savings.

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

Substantial % of savings reinvested for profitable growth

30

Capital Efficiency Drives Cash and Value

• Capital Spending − 2013 outlook: $450-$500 million*

• Business transformation in US • Information systems in Europe • Innovation in Canada, US and Europe • Higher than maintenance capital

− Maintain spend levels until at least 2015 • Working capital improvements

− Accounts payable − Accounts receivable − Inventories

*Including 42% of MillerCoors

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

31

Working Capital and Asset Intensity: $300 Million Target

56 58 60 62 64 66 68 70

2009 2010 2011 2012

Days Sales Outstanding

0 10 20 30 40 50 60 70

2009 2010 2011 2012

Days Payables Outstanding

30

32

34

36

38

40

2009 2010 2011 2012

Days Inventories Outstanding

0 10 20 30 40 50 60 70

2009 2010 2011 2012

Cash Conversion Cycle

Note: Cash Conversion Cycle=DSO+DIO-DPO

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

32

Profit, Capital Efficiency/Structure Drive FCF

$426

$315

$508

$681

$887

$618

$865

$700

$0

$200

$400

$600

$800

$1,000

2006 2007 2008 2009 2010 2011 2012 2013F

MCBC Underlying Free Cash Flow

Underlying free cash flow is defined as operating cash flow, less capital spending, plus or minus investing cash from/to MillerCoors and plus or minus the cash impact of special and other non-core items. See reconciliation to nearest U.S. GAAP measures on our website.

($millions)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

33

Business Drives Substantial FCF Per Share

$2.46

$1.74

$2.74

$3.66

$4.73

$3.32

$4.76

$1.85 $1.99

$0

$1

$2

$3

$4

$5

2006 2007 2008 2009 2010 2011 2012 1H 12 1H 13

MCBC Underlying Free Cash Flow/Share ($millions)

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

Underlying free cash flow is defined as operating cash flow, less capital spending, plus or minus investing cash from/to MillerCoors and plus or minus the cash impact of special and other non-core items. See reconciliation to nearest U.S. GAAP measures on our website.

34

2.8x 3.0x 3.0x

3.6x

2.8x 2.9x

4.4x

2.9x

1.8x 1.6x 1.4x

0.8x 0.6x 0.7x

2.8x

0x

1x

2x

3x

4x

5x

2006 2007 2008 2009 2010 2011 2012 Pro Forma

2015 Goal

S&P Adjusted Debt / EBITDA Net debt to EBITDA

<2x

Short-Term Cash Use Priority: Deleverage

Debt/EBITDA

1 Total debt less cash, divided by the sum of underlying pretax income, plus interest and depreciation & amortization expense (incl. 42% of MillerCoors). See reconciliations to nearest US GAAP measures on our website.

2 2012 pro forma S&P leverage calculation based on internal estimates, currently not published by S&P.

1

2

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

35

Key Value Driver: Disciplined Cash Use

• Cash use priorities − Strengthened balance sheet by reducing liabilities − Returning cash to shareholders − Brand-led growth opportunities

• Short-medium term focus: Balance sheet, especially debt − Returning debt ratios to pre-Central Europe levels − Constant dividend for time being − Share buy-back program not being considered at this time

• Consistent return-driven criteria − Short-term earnings accretion − ROIC/WACC within 3-5 years

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

36

Strong Base, Driving Total Shareholder Return

Brand-Led Profit

Growth Cash

Generation Cash and Capital

Allocation

• Molson Coors global overview • Historical performance context

− Steady, growing pretax profit, even in difficult times − Strong, stable EBITDA − Substantial cash generation and cash return to

shareholders − Growing total shareholder returns

• Growth strategy Brand-Led

Profit Growth

Cash Generation

Cash and Capital

Allocation

Profit After

Capital Charge

TSR

37

Q & A

Molson Coors Brewing Company Barclays Back-to-School Consumer Conference September 4, 2013