securities andexchangecommissiond18rn0p25nwr6d.cloudfront.net/cik-0000024545/22aa50f7-3a... ·...

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

Form8-K

CurrentReportPursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934

DateofReport(Dateofearliesteventreported):August1,2018

MOLSONCOORSBREWINGCOMPANY(Exactnameofregistrantasspecifiedinitscharter)

CommissionFileNumber:1-14829

Delaware 84-0178360(Stateorotherjurisdiction

ofincorporation)(IRSEmployer

IdentificationNo.)

1801CaliforniaStreet,Suite4600,Denver,Colorado802021555NotreDameStreetEast,Montréal,Québec,Canada,H2L2R5

(Addressofprincipalexecutiveoffices,includingzipcode)

(303)927-2337/(514)521-1786(Registrant’stelephonenumber,includingareacode)

(Formernameorformeraddress,ifchangedsincelastreport)

ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions:

⃞WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)

⃞SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

⃞Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))

⃞Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(§230.405ofthischapter)orRule12b-2oftheSecuritiesExchangeActof1934(§240.12b-2ofthischapter).

Emerginggrowthcompany⃞

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.⃞

Item2.02 ResultsofOperationsandFinancialCondition.

Attached as Exhibit 99.1 is a copy of a press release of Molson CoorsBrewing Company (the “Company”), dated August 1, 2018, reporting theCompany’sfinancialresultsforthefiscalquarterendedJune30,2018.Suchinformation,includingtheExhibitattachedhereto,shallnotbedeemed“filed”forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended,norshallitbedeemedincorporatedbyreferenceinanyfilingundertheSecuritiesActof1933,asamended,exceptasshallbeexpresslysetforthbyspecificreferenceinsuchfiling.

Item9.01 FinancialStatementsandExhibits.

(d)Exhibits.

99.1 PressReleaseofMolsonCoorsBrewingCompany,datedAugust1,2018,reportingMolsonCoorsBrewingCompany’sfinancialresultsforthefiscalquarterendedJune30,2018.

Signature

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersignedhereuntodulyauthorized.

MOLSONCOORSBREWINGCOMPANY

Date: August1,2018 By: /s/E.LeeReichert

E.LeeReichertChiefLegalandCorporateAffairsOfficerandSecretary

Exhibit99.1

MolsonCoorsReports2018SecondQuarterResults

EPS (U.S. GAAP) of $1.96 Increased 28.9%, and Underlying EPS (Non-GAAP) of $1.88 Increased 10.6%, versus prior year

Sequential Improvement to Top and Bottom Line Reflects Benefits from Positive Global Net Pricing, Cost Savings Delivery,Lower Marketing Spend and U.S. Tax Reform, Despite Worldwide Brand Volumes down 2.4%

Management Remains Committed to Full-Year Free Cash Flow and Cost Savings Targets

DENVER&MONTREAL--(BUSINESSWIRE)--August1,2018--MolsonCoorsBrewingCompany(NYSE:TAP;TSX:TPX)todayreportedresultsforthe2018secondquarter.MolsonCoorspresidentandchiefexecutiveofficerMarkHuntersaid:

"Wewerepleasedwiththesequentialimprovementsinthesecondquarterfortopandbottomlineresults.Ourfullyearunderlyingcostsavingsandfreecashflowguidancehasnotchanged,despiteongoingindustrydemandchallengesintheU.S.andCanadaandinflationarypressures.WhileweareaggressivelyaddressingourvolumeperformanceinNorthAmerica,performanceinourEuropeandInternationalbusinesseswasstronginthequarter.

Markcontinued,"Morespecificallyforthequarter,ourunderlyingEPSgrowthof10.6percentreflectedpositiveglobalnetpricing,costsavingsdelivery,lowermarketingspend,andalowertaxrate,whilewecontinuedtostrengthenourbalancesheetwithlowernetdebt.Ourresultsalsoincludetheunfavorabletimingeffectoftherevenuerecognitionaccountingstandard,whichreducedunderlyingEPSby5centsforthequarter.Thistimingdifferenceislargelyexpectedtoflipbackasabenefitinthefourthquarter.Acrosstheorganization,ourteamsexercisedflexibilityintheP&LwithlowerMG&Aspendacrossallbusinessunits.

"Ourteamsareleaningintodeliveronourcommitmentsforthefullyearbyfindingopportunitiestoearnmore,uselessandinvestwisely.Guidanceforfreecashflowof$1.5billionplusorminus10percentthisyearisbasedoncontinuingtodriveourFirstChoicecommercialexcellenceinitiatives,aswellasourdisciplinedapproachtocostsavings,flexibilitywithdiscretionaryspendingandourcontinuedfocusondrivingworkingcapitalefficiencies."

ConsolidatedPerformance-SecondQuarter2018

ThreeMonthsEnded

($inmillions,exceptpersharedata)(Unaudited)

June30,2018

June30,2017 Reported%

Increase(Decrease)

ForeignExchangeImpact($)

ConstantCurrency%Increase(Decrease)

NetSales $ 3,085.2 $ 3,091.3 (0.2)% $ 53.5 (1.9)%U.S.GAAPNetincome(loss)(1) $ 424.1 $ 329.9 28.6%

Per diluted share $ 1.96 $ 1.52 28.9%Underlying(Non-GAAP)Netincome(loss)(2) $ 406.1 $ 367.1 10.6%

Per diluted share $ 1.88 $ 1.70 10.6% UnderlyingEBITDA(Non-GAAP)(2) $ 783.3 $ 804.2 (2.6)% $ 9.7 (3.8)%

SixMonthsEnded

($inmillions,exceptpersharedata)(Unaudited)

June30,2018

June30,2017 Reported

%Increase(Decrease)

ForeignExchangeImpact($)

Constant

Currency%Increase(Decrease)

NetSales $ 5,416.7 $ 5,540.0 (2.2)% $ 111.6 (4.2)%U.S.GAAPNetincome(loss)(1) $ 702.2 $ 538.4 30.4%

Per diluted share $ 3.24 $ 2.49 30.1%Underlying(Non-GAAP)Netincome(loss)(2) $ 510.4 $ 539.3 (5.4)%

Per diluted share $ 2.36 $ 2.49 (5.2)%UnderlyingEBITDA(Non-GAAP)(2) $ 1,209.3 $ 1,327.0 (8.9)% $ 15.8 (10.1)%

(1) Netincome(loss)attributabletoMCBC.(2) SeeAppendixfordefinitionsandreconciliationsofnon-GAAPfinancialmeasures.

QuarterlyHighlights(versus Second Quarter 2017 Results)

Netsales:$3.1billion,decreasedby0.2percent,duetolowerfinancialvolumeandtheadoptionofthenewrevenuerecognitionaccountingstandard(discussedintheAppendixbelow).Thesefactorswerelargelyoffsetbypositiveglobalpricingandfavorableforeigncurrencymovements.Netsalesinconstantcurrencydeclined1.9percent.

NetsalesperHL:$111.20onareportedfinancial-volumebasis,increased1.9percent.NetsalesperHLonabrandvolumebasis(1)inconstantcurrencydecreasedby0.3percent,drivenbytheadoptionofthenewrevenuerecognitionaccountingstandard,partiallyoffsetbypositiveglobalnetpricingaswellasfavorablemixinEuropeandInternational.

Volume:Worldwidebrandvolumeof25.7millionhectolitersdecreased2.4percentdrivenbydeclinesintheU.S.andCanadapartiallyoffsetbygrowthinEuropeandInternational.Financialvolumeof27.7millionhectolitersdecreased2.1percent,andwasadverselyimpactedbyreductionsinbrandvolumesandcontractbrewing.Globalprioritybrandvolumedecreased4.0percent.

U.S.GAAPnetincomeattributabletoMCBCincreased28.6percent,drivenbyunrealizedmark-to-marketgainsonourcommoditypositions(versuslossesayearago),costsavings,lowerincometaxexpense,lowerinterestexpenseandpositivenetpricing,partiallyoffsetbylowerfinancialvolume,higherinputcostinflationandtheadoptionofthenewrevenuerecognitionaccountingstandard.

Underlyingnetincomeincreased10.6percent,drivenbycostsavings,lowerincometaxexpense,lowerinterestexpenseandpositivenetpricing,partiallyoffsetbylowerfinancialvolume,highercostinflationandtheadoptionofthenewrevenuerecognitionaccountingstandard.

UnderlyingEBITDA:Decreased2.6percentonareportedbasisanddecreased3.8percentonaconstant-currencybasis,drivenbylowerfinancialvolume,higherinputcostinflationandtheimpactsoftheadoptionofthenewrevenuerecognitionaccountingstandard,partiallyoffsetbypositiveglobalnetpricing,costsavingsandlowermarketingspend.

U.S.GAAPcashfromoperations:Netcashprovidedbyoperatingactivitiesforthefirsthalfof2018wasapproximately$1.3billion,whichrepresentsanimprovementof$479.3million,drivenbythe$328millioncashpaymentreceivedinJanuary2018relatedtothereceiptofapurchasepriceadjustmentforouracquisitionoftheMillerInternationalbusiness,aswellasworkingcapitalimprovementsandlowercashpaidforpensioncontributionsandinterest.

Underlyingfreecashflow:cashreceivedof$659.8million,whichrepresentsanincreaseof$73.1millionfromtheprioryear,drivenbyworkingcapitalimprovementsandlowercashpaidforpensioncontributionsandinterest.

Debt:Totaldebtattheendofthesecondquarterof2018was$10.9billion,andcashandcashequivalentstotaled$792.9million,resultinginnetdebtof$10.1billion.

(1)BrandVolumeBasisNSR/HL:Effectiveinthefirstquarterof2018,wehaverevisedournetsalesrevenue(NSR)perHLperformancediscussionstobeonabrandvolumebasis,withallper-hectolitercalculationsincludingownedandactivelymanagedbrands,alongwithroyaltyvolume,inthedenominator,aswellasthefinancialimpactofthesesalesinthenumerator,unlessotherwiseindicated.SeeAppendixfordefinitions.

BusinessReview-SecondQuarter2018

NetSales

($inmillions)(Unaudited) ThreeMonthsEnded

June30,2018

June30,2017 Reported

%Increase(Decrease)

ForeignExchangeImpact($)

Constant

Currency%Increase(Decrease)

UnitedStates $ 2,072.5 $ 2,138.9 (3.1)% $ — (3.1)%Canada 397.4 407.6 (2.5)% 15.3 (6.3)%Europe 586.1 524.7 11.7% 38.8 4.3%International 67.9 65.1 4.3% (0.5) 5.1%Corporate 0.3 0.3 —% — —%Eliminations(1) (39.0) (45.3) 13.9% (0.1) 14.1%Consolidated $ 3,085.2 $ 3,091.3 (0.2)% $ 53.5 (1.9)%

(1) Reflectsintercompanysalesthatareeliminatedinconsolidatedtotals.

PretaxIncome(U.S.GAAP)

($inmillions)(Unaudited) ThreeMonthsEnded

June30,2018

June30,2017 Reported

%Increase(Decrease)

ForeignExchangeImpact($)

Constant

Currency%Increase(Decrease)

UnitedStates $ 445.5 $ 486.5 (8.4)% $ (0.5) (8.3)%Canada 61.3 69.7 (12.1)% 1.3 (13.9)%Europe 86.8 69.9 24.2% 3.7 18.9%International 1.3 (7.7) N/M (0.1) N/MCorporate (71.9) (158.2) 54.6% 1.3 53.7%Consolidated $ 523.0 $ 460.2 13.6% $ 5.7 12.4%

N/M=Notmeaningful

UnderlyingEBITDA(Non-GAAP)(1)

($inmillions)(Unaudited) ThreeMonthsEnded

June30,2018

June30,2017 Reported

%Increase(Decrease)

ForeignExchangeImpact($)

Constant

Currency%Increase(Decrease)

UnitedStates $ 576.3 $ 621.2 (7.2)% $ (0.5) (7.1)%Canada 96.2 101.4 (5.1)% 2.7 (7.8)%Europe 135.8 114.9 18.2% 7.4 11.7%International 6.5 (0.9) N/M (0.3) N/MCorporate (31.5) (32.4) 2.8% 0.4 1.5%Consolidated $ 783.3 $ 804.2 (2.6)% $ 9.7 (3.8)%

N/M=Notmeaningful

(1) SeeAppendixfordefinitionsandreconciliationsofnon-GAAPfinancialmeasures.

UnitedStatesBusiness

Volume:U.S.brandvolumedecreased4.8percentforthequarter,primarilydrivenbylowervolumeinthePremiumLightsegment.Sales-to-wholesalers(STWs),excludingcontractbrewing,volumedecreased3.6percent.

Revenue:Netsalesperhectoliter(brandvolumebasis),whichexcludescontractbrewingandcompany-owned-distributorsales,grew0.9percent.Excludingthe$12.1millionimpactofthenewrevenuerecognitionaccountingstandard,netsalesperhectoliter(brandvolumebasis)grew1.6percentprimarilyasaresultofhighernetpricing,partiallyoffsetbynegativesalesmix.

Costofgoodssold(COGS)perhectoliterincreased5.5percent,drivenbyhigherfreightandfuelcosts,aluminuminflationandvolumedeleverage,partiallyoffsetbycostsavings.

Marketing,generalandadministrative(MG&A)expensedecreased5.2percentduetospendingoptimizationandefficienciesaswellasloweremployee-relatedexpenses.

OnaU.S.GAAPbasis,U.S.pretaxincomedecreased8.4percentto$445.5million,primarilydrivenbyhigherCOGS,particularlyaluminumandfreight,lowervolumes,negativesalesmix,theunfavorableimpactofthenewrevenuerecognitionaccountingstandardandhigherdepreciationexpense,partiallyoffsetbyhighernetpricingandlowerMG&Aexpenses.

U.S.underlyingEBITDAdecreased7.2percentto$576.3million,drivenbyhigherCOGS,particularlyaluminumandfreight,lowervolumes,negativesalesmixandtheunfavorableimpactofthenewrevenuerecognitionaccountingstandard,partiallyoffsetbyhighernetpricingandlowerMG&Aexpenses.

CanadaBusiness

Volume:Canadabrandvolumedecreased2.4percentinthesecondquarter,asaresultofvolumechallengesinOntarioandtheWestandlowervolumesinthePremiumLightsegment,partiallyoffsetbygrowthintheValuesegment.Financialvolumedecreased2.3percentprimarilyduetobrandvolumedeclines.

Revenue:Netsalesperhectoliter(brandvolumebasis)decreased4.5percentinlocalcurrency,drivenbyouradoptionofthenewrevenuerecognitionaccountingstandard,whichreducednetsalesbyapproximately$12millioninthequarter.Excludingtheeffectofthenewaccountingstandard,NSRperHL(brandvolumebasis)wouldhavedecreased1.4percentinlocalcurrencyduetonegativebrandmix,partiallyoffsetbyhighernetpricing.

COGSperhectoliterdecreased0.7percentinlocalcurrencyduetocostsavingsandcertainone-timedistributionsavings,partiallyoffsetbyvolumedeleverage,negativemixandinputcostinflation.

MG&Aexpensedecreased13.8percentinlocalcurrency,drivenbytheapproximate$10millionfavorableimpactofthenewrevenuerecognitionaccountingstandard,aswellastimingbenefitsandanoverallreductioninbrandinvestments.

OnaU.S.GAAPbasis,Canadareportedpretaxincomeof$61.3million,a12.1percentdecreasefromtheprioryear,drivenbynegativesalesmixandlowervolumesaswellasunfavorableimpactsrelatedtotheadoptionofthenewrevenuerecognitionaccountingstandard,partiallyoffsetbylowermarketinginvestment.

CanadaunderlyingEBITDAdecreased7.8percentinconstantcurrencyto$96.2millioninthequarter,duetothesamefactorsasU.S.GAAPresults.

EuropeBusiness

Volume:Europebrandvolumeincreased2.9percentinthesecondquarterversusayearago,asaresultofabovepremiumbrandsandnationalchampionbrandperformance,aswellasWorldCupconsumption.Europefinancialvolumeincreased3.0percent.

Revenue:Europenetsalesperhectoliter(brandvolumebasis)increased1.5percentinlocalcurrency,primarilydrivenbypositivesalesmixandpricing.Thiswaspartiallyoffsetbytheimpactofadoptingrecentlyrevisedexcise-taxguidelinesinoneofourEuropeanmarketsaswellasincreasingourinvestmentbehindourFirstChoiceAgendathisyear.

COGSperhectoliterincreased1.5percentinlocalcurrency,primarilyduetomixshifttohigher-costbrandsandgeographies,inputinflationandlogisticscosts.

MG&Aexpensedecreased3.5percentinlocalcurrency,drivenbyspendefficiencyandtimingofbrandinvestments,theimpactofadoptingthenewrevenuerecognitionaccountingstandardandabenefitfromthepartialreversalofbaddebtprovisions,slightlyoffsetbytheadditionofAspallbrandinvestments.

OnaU.S.GAAPbasis,Europereportedpretaxincomeof$86.8million,anincreaseof24.2percentdrivenbyfavorablegrossprofitimpacts,lowermarketinginvestments,thepartialreversalofbaddebtprovisionsandtheadditionoftheAspallCiderbusinessandfavorableforeigncurrencymovements.ThesefactorswerepartiallyoffsetbyadoptingrecentlyrevisedexcisetaxguidelinesinoneofourEuropeanmarketsandinvestmentsinourFirstChoiceAgenda.

EuropeunderlyingEBITDAincreased11.7percentinconstantcurrencyto$135.8million,duetothesamefactorsasU.S.GAAPresults.

InternationalBusiness

Volume:Internationalbrandvolumeincreasedby0.6percentinthesecondquarter,drivenbyorganicgrowthinmanyofourfocusmarkets,partiallyoffsetbythelossoftheModelocontractinJapan.

Revenue:Netsalesperhectoliter(brandvolumebasis)increasedby3.8percent,drivenbypositivenetpricingandfavorablesalesmix.

COGSperhectoliterdecreased6.9percent,duetosalesmixchanges.

MG&Aexpensedecreased16.6percent,drivenbylowermarketinginvestmentsandintegrationcosts.

OnaU.S.GAAPbasis,Internationalreportedpretaxincomeof$1.3millionversusalossof$7.7millionayearago,drivenbypositivenetpricing,favorablesalesmix,andlowermarketingandintegrationexpenses,partiallyoffsetbythelossoftheModelobrandsinJapan.

InternationalunderlyingEBITDAwas$6.5millioninthesecondquarter,comparedto$0.9millionlossayearago,drivenbybypositivenetpricing,favorablesalesmix,andlowermarketingexpenses,partiallyoffsetbythelossoftheModelobrandsinJapan.

Corporate

OnaU.S.GAAPbasis,Corporatereportedapretaxlossof$71.9millioninthesecondquartercomparedtoalossof$158.2millionintheprioryear,duetounrealizedmark-to-marketgainsoncommodityswaps,primarilyouraluminumpositions,comparedtolossesayearagoaswellaslowerinterestexpenseinthecurrentyear.

CorporateunderlyingEBITDAwasalossof$31.5millionforthesecondquarterversusa$32.4millionlossintheprioryear,drivenprimarilybythetimingofgeneralandadministrativecosts,slightlyoffsetbypensionbenefitandfavorableforeigncurrency.

WorldwideBrandandFinancialVolume(1)

(Inmillionsofhectoliters)(Unaudited) ThreeMonthsEnded

June30,2018 %Change June30,2017FinancialVolume(1) 27.745 (2.1)% 28.340Contractbrewing,wholesalerandnon-beervolume (2.277) (4.7)% (2.390)Royaltyvolume 1.057 2.3% 1.033Sales-To-WholesalertoSales-To-Retailadjustment (0.780) 26.4% (0.617)TotalWorldwideBrandVolume(1) 25.745 (2.4)% 26.366

(1) SeeAppendixfordefinitionsandadditionaldiscussionregardingFinancialandWorldwideBrandVolume.

OtherResults

EffectiveIncomeTaxRates

ThreeMonthsEnded

June30,2018 June30,2017U.S.GAAPeffectivetaxrate 18% 27%Underlyingeffectivetaxrate 17% 28%

TheU.S.GAAPeffectivetaxrateandtheunderlyingeffectivetaxratedecreased9percentagepointsand11percentagepoints,respectively,fromayearago,primarilyduetothereductionoftheU.S.federalstatutorycorporateincometaxrateto21percentasaresultofU.S.taxreform.

SpecialandOtherNon-CoreItems

Thefollowingspecialandothernon-coreitemshavebeenexcludedfromunderlyingresults.SeetheAppendixforreconciliationsofnon-GAAPfinancialmeasures.

Duringthesecondquarterof2018,MCBCrecognizedanetspecialchargeof$10.5million,primarilydrivenbyassetabandonmentcharges,includingaccelerateddepreciation,relatedtobreweryclosures.

Additionally,othernon-corenetbenefitsof$35.4millionincludeunrealizedmark-to-marketgainsoncommodityhedgesaswellasintegration-relatedexpenses.

2018Outlook

Thefollowingguidanceforfullyear2018isunchangedfrompreviousdisclosures,unlessotherwiseindicated:

Underlyingfreecashflow:$1.5billion,plusorminus10percent,whichexcludesthe$328millioncashpaymentreceivedinJanuary2018relatedtoresolvingapurchasepriceadjustmenttoourOctober2016acquisitionoftheMillerInternationalbusiness.

Transaction-relatedmetrics:approximately$200million(includedinfreecashflowguidance)ofcashtaxbenefitsandapproximately$55millionofafter-taxbookamortization.

Cashpensioncontributions:approximately$10million.

Capitalspending:approximately$670million,plusorminus10percent.

Costsavings:approximately$210millionin2018,and$600millionfor2017to2019.

Costofgoodssoldperhectoliter:

U.S.:mid-single-digitincrease.-Updated (formerly low-single-digit increase)

Canada:low-single-digitincrease(localcurrency).

Europe:low-single-digitincrease(localcurrency).

Internationalbusiness:low-single-digitdecrease.

UnderlyingCorporateMG&Aexpense:approximately$180million,plusorminus10percent.

Underlyingdepreciationandamortization:approximately$850million,versus$792millionin2017,primarilyduetoplannedinformationsystemsimplementationsintheU.S.

Pensionbenefit:approximately$60million.

Corporatenetinterestexpense:approximately$330million,plusorminus10percent.

Underlyingeffectivetaxrateintherangeof18to22percentfor2018,followingtheenactmentofU.S.taxreform.SubjecttoadditionaldefinitiveguidancefromtheU.S.governmentregardingtheimplementationoftherecentlypassedtaxreformlegislation,thecompany'spreliminaryviewofitslong-termeffectivetaxrate(after2018)isintherangeof20to24percent.

Deleverage&Dividend:Wearecommittedtomaintainingourinvestmentgraderatingandcurrentlyplantoachieveapproximately4xleverageonaratingagencybasisbytheendof2018.Weplantoachieveabout3.75xratingagencyleveragearoundthemiddleof2019.Uponachievingabout3.75xleverage,ourboardcurrentlyintendstoreinstituteadividendpayout-ratiotargetintherangeof20-25%ofannualtrailingunderlyingEBITDAforthesecondhalfof2019andongoingthereafter.-New

Inaddition,our2018resultsarealsobeingimpactedbytheadoptionofthenewrevenuerecognitionaccountingstandard,aswellasguidancechangingthepresentationofpensionandotherpostretirementbenefit(OPEB)costs.

Thenewrevenuerecognitionaccountingstandardbecameeffectiveforusatthebeginningof2018,andwehaveelectedthemodifiedretrospectiveadoptionmethod.Therefore,priorperiodresultshavenotbeenrestated,butresultsundertheoldstandardwillcontinuetobedisclosedthroughout2018forcomparability,asrequiredbythestandard.Alongwithsometimingchangesbetweenquarters,thisadoptionchangesthepresentationofourresults.Wecurrentlyanticipatethattheimpactofthischangewillresultinareductionofbothrevenueandmarketing,generalandadministrativeexpensesbyapproximately$60millionto$70millionduring2018,primarilywithinourCanadasegment,withnoimpacttofullyearnetincome.SeeAppendixfordetailedimpactson2018resultsfromouradoptionofthenewrevenuerecognitionaccountingstandard.

Underthenewpensionguidance,wearecontinuingtoreporttheservicecostcomponentofnetperiodicpensionandOPEBcostsorincomeinourbusinesssegmentoperatingresults.Beginningin2018,however,allothercomponentsofnetperiodicpensionandOPEBcostorincomearebeingreportedinCorporateoutsideofoperatingincome.PriorperiodresultsforeachofoursegmentsandConsolidatedhavebeenrestatedretrospectivelyforthischange,asrequiredbytheguidance,withnoimpacttoconsolidatednetincome.ThisaccountingchangeprimarilyimpactsthereportedresultsofourEuropesegment.SeeAppendixsectionbelow.

Theimpactsoftheseaccountingchangesarediscussedinfurtherdetailwithinfootnote2ofour2017Form10-Kandour2018quarterlyreportsonForm10-Q.

Notes

Unlessotherwiseindicatedinthisrelease,all$amountsareinU.S.Dollars,andallquarterlycomparativeresultsarefortheCompany’ssecondquarterendedJune30,2018,comparedtothesecondquarterendedJune30,2017.Prioryearresultshavebeenadjustedtoreflecttheretrospectiveadoptionofnewpensionaccounting,asdescribedabove.Effectiveinthefirstquarterof2018,wehaverevisedournetsalesrevenue(NSR)perHLperformancediscussionstobeonabrandvolumebasis,suchthatallper-hectolitercalculationsnowincludeownedandactivelymanagedbrandvolume,alongwithroyaltyvolume,inthedenominator,aswellasthefinancialimpactofthesesalesinthenumerator,unlessotherwiseindicated.Somenumbersmaynotsumduetorounding.

Asusedinthisrelease,theterm“Acquisition”referstotheCompany’sacquisitionfromAnheuser-BuschInBevSA/NVonOctober11,2016,ofSABMillerplc’s58percenteconomicinterestand50percentvotinginterestinMillerCoorsLLCandalltrademarks,contractsandotherassetsprimarilyrelatedtotheMillerInternationalbusinessoutsideoftheU.S.andPuertoRico.

2018SecondQuarterConferenceCall

MolsonCoorsBrewingCompanywillconductanearningsconferencecallwithfinancialanalystsandinvestorsat11:00a.m.EasternTimetodaytodiscusstheCompany’s2018secondquarterresults.ThelivewebcastwillbeaccessibleviatheCompany’swebsite,www.molsoncoors.com.Anonlinereplayofthewebcastwillbeavailableuntil11:59p.m.EasternTimeonOctober31,2019.TheCompanywillpostthisreleaseandrelatedfinancialstatementsonitswebsitetoday.

UpcomingInvestorWebcast

Thecompanywillhostanonline,real-timewebcastattheBarclaysGlobalConsumerStaplesConferenceinBostononWednesday,September5,2018at9:45a.m.EasternTime.AlivewebcastofthisinvestoreventwillbeaccessibleviatheMolsonCoorsBrewingCompanyInvestorRelationswebsite,ir.molsoncoors.com.Anonlinereplayofthepresentationwebcastwillbeavailableonthewebsitewithintwohoursafterthepresentation.

OverviewofMolsonCoors

MolsonCoorshasdefinedbrewinggreatnessformorethantwocenturies.Asoneofthelargestglobalbrewers,MolsonCoorsworkstodeliverextraordinarybrandsthatdelighttheworld’sbeerdrinkers.FromCoorsLight,CoorsBanquet,MillerLite,MolsonCanadian,Carling,StaropramenandSharp’sDoomBartoLeinenkugel’sSummerShandy,BlueMoonBelgianWhite,HopValley,CreemoreSpringsandCrispinCider,MolsonCoorsoffersabeerforeverybeerlover.

MolsonCoorsoperatesthroughMolsonCoorsCanada,MillerCoorsintheU.S.,MolsonCoorsEuropeandMolsonCoorsInternational.Thecompanyisnotonlycommittedtobrewingextraordinarybeers,butalsorunningabusinessfocusedonrespectforitsemployees,communitiesanddrinkers,whichmeanscorporateresponsibilityandaccountabilityrightfromthestart.IthasbeenlistedontheDowJonesSustainabilityIndexforthepastsevenyears.TolearnmoreaboutMolsonCoorsBrewingCompany,visitmolsoncoors.com,ourbeerprint.comoronTwitterthrough@MolsonCoors.

AboutMolsonCoorsCanadaInc.

MolsonCoorsCanadaInc.(MCCI)isasubsidiaryofMolsonCoorsBrewingCompany.MCCIClassAandClassBexchangeablesharesoffersubstantiallythesameeconomicandvotingrightsastherespectiveclassesofcommonsharesofMCBC,asdescribedinMCBC’sannualproxystatementandForm10-KfilingswiththeU.S.SecuritiesandExchangeCommission.ThetrusteeholderofthespecialClassAvotingstockandthespecialClassBvotingstockhastherighttocastanumberofvotesequaltothenumberofthenoutstandingClassAexchangeablesharesandClassBexchangeableshares,respectively.

Forward-LookingStatements

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words “believe,” “expect,”“intend,” “anticipate,” “project,” “will,” “outlook,” 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 theseassumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s historical experience, and presentprojections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”). These factors include, among others,our ability to successfully integrate and achieve expected tax benefits, accretion and cost savings and synergies relating to the Acquisition; impact of increasedcompetition 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 chainsystem; 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 thecost 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 keyfacility; our ability to implement our strategic initiatives, including executing and realizing cost savings; our ability to successfully integrate newly acquiredbusinesses; pension plan and other post-retirement benefit costs; failure to comply with debt covenants or deterioration in our credit rating; our ability to maintaingood labor relations; our ability to maintain brand image, reputation and product quality; and other risks discussed in our filings with the SEC, including ourmost recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified bysuch cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak onlyas 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.

APPENDIX

ConsolidatedFinancialPerformance

MolsonCoorsBrewingCompany ThreeMonthsEndedJune30,2018 %Change

(Inmillions,exceptpersharedata)(Unaudited) U.S.GAAP Non-GAAPAdjustments(1) Non-GAAP

Underlying(1) U.S.GAAP Non-GAAPUnderlying

Netsales $ 3,085.2 $ — $ 3,085.2 (0.2)% (0.2)%Net Sales per HL change 1.9% 1.9 %Costofgoodssold $ (1,739.1) $ (43.9) $ (1,783.0) (0.9)% 3.2 %

Cost of goods sold per HL change 1.2% 5.4 %

Grossprofit $ 1,346.1 $ (43.9) $ 1,302.2 0.8% (4.5)%Marketing,generalandadministrativeexpenses $ (744.7) $ 8.5 $ (736.2) (4.8)% (4.2)%Specialitems,net $ (10.5) $ 10.5 $ — (36.4)% — %Operatingincome(loss) $ 590.9 $ (24.9) $ 566.0 10.1% (5.0)%Interestincome(expense),net $ (76.7) $ — $ (76.7) (14.0)% (14.0)%Otherpensionandpostretirementbenefits(costs),net $ 9.9 $ — $ 9.9 5.3% 5.3 %Otherincome(expense),net $ (1.1) $ — $ (1.1) N/M N/MIncome(loss)beforeincometaxes $ 523.0 $ (24.9) $ 498.1 13.6 % (4.0)%Incometaxbenefit(expense) $ (92.2) $ 6.9 $ (85.3) (26.4)% (41.9)%Netincome(loss)(2) $ 424.1 $ (18.0) $ 406.1 28.6 % 10.6 %

Per diluted share $ 1.96 $ (0.08) $ 1.88 28.9 % 10.6 %UnderlyingEBITDA(3) $ 783.3 (2.6)%

MolsonCoorsBrewingCompany SixMonthsEndedJune30,2018 %Change

(Inmillions,exceptpersharedata)(Unaudited) U.S.GAAP Non-GAAPAdjustments(1) Non-GAAP

Underlying(1) U.S.GAAP Non-GAAPUnderlying

Netsales $ 5,416.7 $ — $ 5,416.7 (2.2)% (2.2)%Net Sales per HL change 1.1% 1.1%Costofgoodssold $ (3,274.8) $ 42.2 $ (3,232.6) 4.7% 2.2%Cost of goods sold per HL change 8.3% 5.7%Grossprofit $ 2,141.9 $ 42.2 $ 2,184.1 (11.2)% (8.2)%Marketing,generalandadministrativeexpenses $ (1,425.8) $ 17.3 $ (1,408.5) (4.2)% (3.2)%Specialitems,net $ 304.3 $ (304.3) $ — N/M —%Operatingincome(loss) $ 1,020.4 $ (244.8) $ 775.6 13.2% (15.9)%Interestincome(expense),net $ (159.9) $ — $ (159.9) (13.9)% (13.9)%Otherpensionandpostretirementbenefits(costs),net $ 19.9 $ 0.1 $ 20.0 (12.3)% 1.0%Otherincome(expense),net $ — $ — $ — (100.0)% (100.0)%Income(loss)beforeincometaxes $ 880.4 $ (244.7) $ 635.7 18.8% (15.4)%Incometaxbenefit(expense) $ (167.1) $ 52.9 $ (114.2) (12.6)% (43.1)%Netincome(loss)(2) $ 702.2 $ (191.8) $ 510.4 30.4% (5.4)%Per diluted share $ 3.24 $ (0.88) $ 2.36 30.1% (5.2)%UnderlyingEBITDA(3) $ 1,209.3 (8.9)%

N/M=Notmeaningful

(1) Refertothetable"ReconciliationtoNearestU.S.GAAPMeasures"fordetaileddescriptionsandreconciliationofnon-GAAPadjustmentsandresults.(2) Netincome(loss)attributabletoMCBC.(3) EBITDAisearningsbeforeinterest,taxes,depreciationandamortization,anon-GAAPfinancialmeasure.

AdoptionofRevenueRecognitionGuidance

Thenewrevenuerecognitionaccountingstandardbecameeffectiveforusatthebeginningof2018.Wehaveadoptedthenewstandardusingthemodifiedretrospectiveapproach,and,therefore,priorperiodresultshavenotbeenrestated.However,resultsundertheoldstandardwillcontinuetobedisclosedthroughout2018forcomparability,asrequiredbythestandard.ThefollowingtablehighlightstheimpactofthisnewguidanceonsummarizedcomponentsofourunauditedcondensedconsolidatedstatementofoperationsforthethreemonthsendedJune30,2018,whencomparingourcurrentperiodresultsofoperationsunderthenewguidance,versusourresultsofoperationsifhistoricalguidancehadcontinuedtobeapplied.

ThreeMonthsEndedJune30,2018

U.S. Canada Europe International Consolidated(Inmillions)

ImpacttoUnauditedCondensedConsolidatedStatementsofOperations-Favorable/(Unfavorable):Netsales $ (12.1) $ (12.1) $ (0.5) $ — $ (24.7)Costofgoodssold $ — $ — $ — $ — $ —Grossprofit $ (12.1) $ (12.1) $ (0.5) $ — $ (24.7)Marketing,generalandadministrativeexpenses $ 2.2 $ 9.9 $ 0.9 $ — $ 13.0Operatingincome(loss) $ (9.9) $ (2.2) $ 0.4 $ — $ (11.7)Interestincome(expense),net $ — $ — $ (0.9) $ — $ (0.9)Income(loss)beforeincometaxes $ (9.9) $ (2.2) $ (0.5) $ — $ (12.6)

Theseimpactsaredrivenprimarilybythereclassificationofcertaincashpaymentstocustomersfrommarketing,generalandadministrativeexpensestoareductionofrevenue,aswellasachangeinthetimingofrecognitionofcertainpromotionaldiscountsandcashpaymentstocustomers.Forfurtherdiscussionregardingtheimpactsoftheadoptionofthisnewguidance,refertofootnote2withinoursecondquarter2018Form10-Q.

AdoptionofPensionandOtherPostretirementBenefitAccountingPronouncement

Duringthefirstquarterof2018,weadoptedtheFASB'snewguidancerelatedtoclassificationofpensionandotherpostretirementbenefitcosts.Specifically,thenewguidancerequiresusonlytoreporttheservicecostcomponentinthesamelineitemasothercompensationcostsarisingfromservicesrenderedbythepertinentemployeesduringtheperiod;whiletheothercomponentsofnetbenefitcostarenowpresentedinthestatementsofoperationsseparatelyfromtheservicecostcomponentandoutsideofoperatingincome.Wehavealsodeterminedthatonlyservicecostwillbereportedwithineachoperatingsegment,andallothercomponentswillbereportedwithintheCorporatesegment.Thesechangestotheresultsofeachquarterandfullyear2017wereincludedinthefirstquarterEarningsRelease.SeetheCompany'ssecondquarter201810-Qfilingforadditionaldetail.

WorldwideBrandandFinancialVolumes

Worldwidebrandvolumereflectsonlyownedbrandssoldtounrelatedexternalcustomerswithinourgeographicmarkets(netofreturnsandallowances),royaltyvolumeandourproportionateshareofequityinvestmentworldwidebrandvolumecalculatedconsistentlywithMCBCownedvolume.Contractbrewingandwholesalervolumeisincludedwithinfinancialvolume,butisremovedfromworldwidebrandvolume,asthisisnon-ownedvolumeforwhichwedonotdirectlycontrolperformance.OurworldwidebrandvolumedefinitionalsoincludesanadjustmentfromSales-to-Wholesaler(STW)volumetoSales-to-Retailer(STR)volume.Webelievethebrandvolumemetricisimportantbecause,unlikefinancialvolumeandSTWs,itprovidestheclosestindicationoftheperformanceofourbrandsinrelationtomarketandcompetitorsalestrends.

Effectiveinthefirstquarterof2018,werevisedournetsalesrevenue(NSR)perHLperformancediscussionstobeonabrandvolumebasis,suchthatallper-hectolitercalculationsnowincludeownedandactivelymanagedbrandvolume,alongwithroyaltyvolume,inthedenominator,aswellasthefinancialimpactofthesesalesinthenumerator,unlessotherwiseindicated.

UseofNon-GAAPMeasures

InadditiontofinancialmeasurespresentedonthebasisofaccountingprinciplesgenerallyacceptedintheU.S.("U.S.GAAP"),wealsopresent"underlyingpretaxandnetincome,""underlyingincomeperdilutedshare,""underlyingeffectivetaxrate,"and"underlyingfreecashflow,"whicharenon-GAAPmeasuresandshouldbeviewedassupplementsto(notsubstitutesfor)ourresultsofoperationspresentedunderU.S.GAAP.Wealsopresentunderlyingearningsbeforeinterest,taxes,depreciation,andamortization("underlyingEBITDA")asanon-GAAPmeasure,aswellasunderlyingEBITDAmargin,whichiscalculatedbydividingunderlyingEBITDAbyU.S.GAAPnetsales.Ourmanagementusesunderlyingincome,underlyingincomeperdilutedshare,underlyingEBITDA(andmargin),andunderlyingeffectivetaxrateasmeasuresofoperatingperformance,aswellasunderlyingfreecashflowinthemeasureofcashgeneratedfromcoreoperations,toassistincomparingperformancefromperiodtoperiodonaconsistentbasis;asameasureforplanningandforecastingoverallexpectationsandforevaluatingactualresultsagainstsuchexpectations;incommunicationswiththeboardofdirectors,stockholders,analystsandinvestorsconcerningourfinancialperformance;asusefulcomparisonstotheperformanceofourcompetitors;andasmetricsofcertainmanagementincentivecompensationcalculations.Webelievethatunderlyingincome,underlyingincomeperdilutedshare,underlyingEBITDA(andmargin),andunderlyingeffectivetaxrateperformanceareusedby,andareusefulto,investorsandotherusersofourfinancialstatementsinevaluatingouroperatingperformance,aswellasunderlyingfreecashflowinevaluatingourgenerationofcashfromcoreoperations,becausetheyprovideanadditionaltooltoevaluateourperformancewithoutregardtospecialandnon-coreitems,whichcanvarysubstantiallyfromcompanytocompanydependinguponaccountingmethodsandbookvalueofassetsandcapitalstructure.Inadditiontothereasonsdiscussedabove,weconsiderunderlyingfreecashflowanimportantmeasureofourabilitytogeneratecash,growourbusinessandenhanceshareholdervalue,drivenbycoreoperationsandafteradjustingfornon-coreitems.Fordiscussionandanalysisofourliquidity,seetheconsolidatedstatementsofcashflowsandtheLiquidityandCapitalResourcessectionofourManagement’sDiscussionandAnalysisofFinancialConditionandResultsofOperationsinourlatestForm10-Kand10-QfilingswiththeSEC.

Wehaveprovidedreconciliationsofallhistoricalnon-GAAPmeasurestotheirnearestU.S.GAAPmeasureandhaveconsistentlyappliedtheadjustmentswithinourreconciliationsinarrivingateachnon-GAAPmeasure.TheseadjustmentsconsistofspecialitemsfromourU.S.GAAPfinancialstatementsaswellasothernon-coreitems,suchasacquisitionandintegrationrelatedcosts,unrealizedmark-to-marketgainsandlosses,andgainsandlossesonsalesofnon-operatingassets,includedinourU.S.GAAPresultsthatwarrantadjustmenttoarriveatnon-GAAPresults.Weconsidertheseitemstobenecessaryadjustmentsforpurposesofevaluatingourongoingbusinessperformanceandareoftenconsiderednon-recurring.Suchadjustmentsaresubjectiveandinvolvesignificantmanagementjudgment.

OurguidanceforunderlyingCorporateMG&A,underlyingdepreciationandamortization,underlyingfreecashflowandunderlyingeffectivetaxratearealsonon-GAAPfinancialmeasuresthatexcludeorotherwisehavebeenadjustedforspecialitemsfromourU.S.GAAPfinancialstatementsaswellasothernon-coreitems,suchasacquisitionandintegrationrelatedcosts,unrealizedmark-to-marketgainsandlosses,andgainsandlossesonsalesofnon-operatingassets,includedinourU.S.GAAPresultsthatwarrantadjustmenttoarriveatnon-GAAPresults.Weconsidertheseitemstobenecessaryadjustmentsforpurposesofevaluatingourongoingbusinessperformanceandareoftenconsiderednon-recurring.Suchadjustmentsaresubjectiveandinvolvesignificantmanagementjudgment.WeareunabletoreconciletheabovedescribedguidancemeasurestotheirnearestU.S.GAAPmeasureswithoutunreasonableeffortsbecauseweareunabletopredictwithareasonabledegreeofcertaintytheactualimpactofthespecialandothernon-coreitems.Bytheirverynature,specialandothernon-coreitemsaredifficulttoanticipatewithprecisionbecausetheyaregenerallyassociatedwithunexpectedandunplannedeventsthatimpactourcompanyanditsfinancialresults.Therefore,weareunabletoprovideareconciliationofthesemeasures.

ReconciliationstoNearestU.S.GAAPMeasures

UnderlyingEBITDA

($inmillions)(Unaudited) ThreeMonthsEnded

June30,2018 %change June30,2017U.S.GAAP:Netincome(loss)attributabletoMCBC $ 424.1 28.6% $ 329.9

Add: Netincome(loss)attributabletononcontrollinginterests 6.7 31.4% 5.1U.S.GAAP:Netincome(loss) 430.8 28.6% 335.0

Add: Interestexpense(income),net 76.7 (14.0)% 89.2Add: Incometaxexpense(benefit) 92.2 (26.4)% 125.2Add: Depreciationandamortization 215.9 8.5% 198.9Adjustmentsincludedinunderlyingincome(1) (24.9) N/M 58.8AdjustmentstoarriveatunderlyingEBITDA(2) (7.4) 155.2% (2.9)

Non-GAAP:UnderlyingEBITDA $ 783.3 (2.6)% $ 804.2

($inmillions)(Unaudited) SixMonthsEnded

June30,2018 %change June30,2017U.S.GAAP:Netincome(loss)attributabletoMCBC $ 702.2 30.4% $ 538.4

Add: Netincome(loss)attributabletononcontrollinginterests 11.1 (4.3)% 11.6U.S.GAAP:Netincome(loss) 713.3 29.7% 550.0

Add: Interestexpense(income),net 159.9 (13.9)% 185.8Add: Incometaxexpense(benefit) 167.1 (12.6)% 191.1Add: Depreciationandamortization 429.6 8.5% 396.0Adjustmentsincludedinunderlyingincome(1) (244.7) N/M 10.4AdjustmentstoarriveatunderlyingEBITDA(2) (15.9) 152.4% (6.3)

Non-GAAP:UnderlyingEBITDA $ 1,209.3 (8.9)% $ 1,327.0

N/M=Notmeaningful

(1) Includesadjustmentstonon-GAAPunderlyingincomewithinthetableaboverelatedtospecialandnon-coreitems.(2) Representsadjustmentstoremoveamountsrelatedtointerest,depreciationandamortizationincludedintheadjustmentstonon-GAAPunderlyingincomeabove,astheseitemsareadded

backasadjustmentstonetincomeattributabletoMCBC.

UnderlyingFreeCashFlow

(Inmillions)(Unaudited) SixMonthsEnded

June30,2018 June30,2017U.S.GAAP: NetCashProvidedby(UsedIn)OperatingActivities $ 1,297.8 $ 818.5Less: Additionstoproperties(1) (351.1) (354.0)Add/Less: Cashimpactofspecialitems(2) (321.6) 59.0Add: Non-corecostsrelatedtoacquisitionofbusinesses(3) 34.7 63.2Non-GAAP: UnderlyingFreeCashFlow $ 659.8 $ 586.7

(1) Includedinnetcashusedininvestingactivities.(2) Includedinnetcashprovidedby(usedin)operatingactivities.ForthesixmonthsendedJune30,2018,primarilyreflectsthesettlementpaymentreceivedrelatingtoapurchaseprice

adjustmentandforthesixmonthsendedJune30,2017,primarilyreflectscostspaidforbreweryclosuresandrestructuringactivities.(3) IncludedinnetcashprovidedbyoperatingactivitiesandreflectscostspaidassociatedwiththeAcquisitionof58%ofMillerCoors,LLC,andtheMillerglobalbrandportfolio.

StatementsofOperations--MolsonCoorsBrewingCompanyandSubsidiaries

CondensedConsolidatedStatementsofOperations

(Inmillions,exceptpersharedata)(Unaudited) ThreeMonthsEnded SixMonthsEnded

June30,2018 June30,2017 June30,2018 June30,2017Financialvolumeinhectoliters 27.745 28.340 48.558 50.218Sales $ 3,820.5 $ 3,793.1 $ 6,688.5 $ 6,706.9Excisetaxes (735.3) (701.8) (1,271.8) (1,166.9)Netsales 3,085.2 3,091.3 5,416.7 5,540.0Costofgoodssold (1,739.1) (1,755.5) (3,274.8) (3,127.8)Grossprofit 1,346.1 1,335.8 2,141.9 2,412.2

Marketing,generalandadministrativeexpenses (744.7) (782.4) (1,425.8) (1,487.7)Specialitems,net (10.5) (16.5) 304.3 (23.2)Operatingincome(loss) 590.9 536.9 1,020.4 901.3

Interestincome(expense),net (76.7) (89.2) (159.9) (185.8)Otherpensionandpostretirementbenefits(costs),net 9.9 9.4 19.9 22.7Otherincome(expense),net (1.1) 3.1 — 2.9Income(loss)beforeincometaxes 523.0 460.2 880.4 741.1

Incometaxbenefit(expense) (92.2) (125.2) (167.1) (191.1)Netincome(loss) 430.8 335.0 713.3 550.0

Net(income)lossattributabletononcontrollinginterests (6.7) (5.1) (11.1) (11.6)Netincome(loss)attributabletoMCBC $ 424.1 $ 329.9 $ 702.2 $ 538.4

Basicnetincome(loss)attributabletoMCBCpershare: $ 1.96 $ 1.53 $ 3.25 $ 2.50Dilutednetincome(loss)attributabletoMCBCpershare: $ 1.96 $ 1.52 $ 3.24 $ 2.49

Weightedaverageshares-basic 216.0 215.4 215.9 215.3Weightedaverageshares-diluted 216.5 216.4 216.6 216.4

Dividendspershare $ 0.41 $ 0.41 $ 0.82 $ 0.82

MolsonCoorsBrewingCompanyandSubsidiariesU.S.ResultsofOperations (Inmillions)(Unaudited) ThreeMonthsEnded SixMonthsEnded

June30,2018 June30,2017 June30,2018 June30,2017Financialvolumeinhectoliters(1) 18.338 19.190 33.056 34.962

Sales(1) $ 2,354.6 $ 2,433.0 $ 4,216.3 $ 4,424.4Excisetaxes (282.1) (294.1) (496.0) (535.6)Netsales(1) 2,072.5 2,138.9 3,720.3 3,888.8Costofgoodssold(1) (1,189.7) (1,180.3) (2,179.8) (2,205.4)Grossprofit 882.8 958.6 1,540.5 1,683.4

Marketing,generalandadministrativeexpenses (435.1) (458.8) (828.2) (864.5)Specialitems,net(2) (3.3) (12.6) (4.8) (15.1)Operatingincome 444.4 487.2 707.5 803.8

Interestincome(expense),net 1.6 — 0.4 —Otherincome(expense),net (0.5) (0.7) (0.7) (0.7)Income(loss)beforeincometaxes $ 445.5 $ 486.5 $ 707.2 $ 803.1

Add/(less):Specialitems,net(2) 3.3 12.6 4.8 15.1Acquisitionandintegrationrelatedcosts(3) 0.9 0.8 2.0 5.3

Non-GAAP:Underlyingpretaxincome(loss) $ 449.7 $ 499.9 $ 714.0 $ 823.5Add :Interestexpense(income),net (1.6) — (0.4) —Add :Depreciationandamortization 129.6 121.3 254.4 240.6AdjustmentstoarriveatunderlyingEBITDA(4) (1.4) — (2.8) —

Non-GAAP:UnderlyingEBITDA $ 576.3 $ 621.2 $ 965.2 $ 1,064.1

(1) Includesgrossinter-segmentsales,purchases,andvolumes,whichareeliminatedintheconsolidatedtotals.(2) SeePartI—Item1.FinancialStatements,Note6,"SpecialItems"oftheForm10-Qfordetaileddiscussionofspecialitems.SpecialitemsforthethreeandsixmonthsendedJune30,2018,

includesaccelerateddepreciationinexcessofnormaldepreciationof$1.4millionand$2.8million,respectively.TheseaccelerateddepreciationchargesareincludedinouradjustmentstoarriveatunderlyingEBITDA.

(3) ForthethreeandsixmonthsendedJune30,2018,$0.9millionand$2.0million,respectively,ofintegrationcostswereincurredincostofgoodssold,andforthethreeandsixmonthsendedJune30,2017,$0.7millionand$1.2million,respectively,ofintegrationcostswereincurredincostofgoodssold.ForthethreeandsixmonthsendedJune30,2017,integrationcostsof$0.1millionand$4.1million,respectively,wereincurredinmarketing,general&administrativeexpenses.

(4) Representsadjustmentstoremoveamountsrelatedtointerest,depreciationandamortizationincludedintheadjustmentstonon-GAAPunderlyingincomeabove,astheseitemsareaddedbackasadjustmentstonetincomeattributabletoMCBC.

MolsonCoorsBrewingCompanyandSubsidiariesCanadaResultsofOperations (Inmillions)(Unaudited) ThreeMonthsEnded SixMonthsEnded

June30,2018 June30,2017 June30,2018 June30,2017Financialvolumeinhectoliters(1) 2.473 2.530 4.180 4.323

Sales(1) $ 524.6 $ 527.6 $ 899.5 $ 905.0Excisetaxes (127.2) (120.0) (218.3) (206.3)Netsales(1) 397.4 407.6 681.2 698.7Costofgoodssold(1) (235.7) (233.4) (423.1) (414.5)Grossprofit 161.7 174.2 258.1 284.2

Marketing,generalandadministrativeexpenses (94.3) (104.7) (175.3) (200.8)Specialitems,net(2) (5.7) (1.0) (11.3) (2.2)Operatingincome(loss) 61.7 68.5 71.5 81.2

Otherincome(expense),net (0.4) 1.2 (1.1) 9.4Income(loss)beforeincometaxes $ 61.3 $ 69.7 $ 70.4 $ 90.6

Add/(less):Specialitems,net(2) 5.7 1.0 11.3 2.2Acquisitionandintegrationrelatedcosts(3) 0.2 2.8 0.3 2.8Othernon-coreitems(4) — — — (8.1)

Non-GAAP:Underlyingpretaxincome(loss) $ 67.2 $ 73.5 $ 82.0 $ 87.5Add :Depreciationandamortization 35.0 29.0 71.0 59.8AdjustmentstoarriveatunderlyingEBITDA(5) (6.0) (1.1) (12.1) (2.3)

Non-GAAP:UnderlyingEBITDA $ 96.2 $ 101.4 $ 140.9 $ 145.0

(1) Includesgrossinter-segmentsales,purchases,andvolumes,whichareeliminatedintheconsolidatedtotals.(2) SeePartI—Item1.FinancialStatements,Note6,"SpecialItems"oftheForm10-Qfordetaileddiscussionofspecialitems.SpecialitemsforthethreeandsixmonthsendedJune30,2018,

includesaccelerateddepreciationinexcessofnormaldepreciationof$1.0millionand$2.0million,respectively,andforthethreeandsixmonthsendedJune30,2017,includesaccelerateddepreciationinexcessofnormaldepreciationof$1.1millionand$2.3million,respectively,relatedtotheplannedclosureoftheVancouverbrewery.AlsoincurredinthethreeandsixmonthsendedJune30,2018,areaccelerateddepreciationchargesinexcessofnormaldepreciationof$5.0millionand$10.1million,respectively,relatedtotheplannedclosureofourexistingMontrealbrewery.TheseaccelerateddepreciationchargesinexcessofnormaldepreciationareincludedinouradjustmentstoarriveatunderlyingEBITDA.

(3) ForthethreeandsixmonthsendedJune30,2018,$0.2millionand$0.3million,respectively,ofintegrationrelatedcostswereincurredincostofgoodssold.ForthethreeandsixmonthsendedJune30,2017,$2.8millionofintegrationrelatedcostswereincurredincostofgoodssold.

(4) ForthesixmonthsendedJune30,2017,againof$8.1millionwasrecordedinotherincome(expense),netresultingfromapurchasepriceadjustmentrelatedtothehistoricalsaleofMolsonInc.’sownershipinterestintheMontrealCanadiens.

(5) Representsadjustmentstoremoveamountsrelatedtointerest,depreciationandamortizationincludedintheadjustmentstonon-GAAPunderlyingincomeabove,astheseitemsareaddedbackasadjustmentstonetincomeattributabletoMCBC.

MolsonCoorsBrewingCompanyandSubsidiariesEuropeResultsofOperations (Inmillions)(Unaudited) ThreeMonthsEnded SixMonthsEnded

June30,2018 June30,2017 June30,2018 June30,2017Financialvolumeinhectoliters(1)(2) 6.916 6.715 11.320 11.074

Sales(2) $ 893.9 $ 796.2 $ 1,492.4 $ 1,310.6Excisetaxes (307.8) (271.5) (532.0) (404.3)Netsales(2) 586.1 524.7 960.4 906.3Costofgoodssold (353.6) (315.8) (621.3) (541.9)Grossprofit 232.5 208.9 339.1 364.4

Marketing,generalandadministrativeexpenses (143.7) (138.0) (274.1) (264.8)Specialitems,net(3) 0.3 (2.6) (4.8) (5.2)Operatingincome(loss) 89.1 68.3 60.2 94.4

Interestincome(expense),net (1.4) 1.0 (2.1) 2.0Otherincome(expense),net (0.9) 0.6 (1.2) 0.5Income(loss)beforeincometaxes $ 86.8 $ 69.9 $ 56.9 $ 96.9

Add/(less):Specialitems,net(3) (0.3) 2.6 4.8 5.2Acquisitionandintegrationrelatedcosts(4) 0.1 0.1 0.3 0.3

Non-GAAP:Underlyingpretaxincome(loss) $ 86.6 $ 72.6 $ 62.0 $ 102.4Add: Interestexpense(income),net 1.4 (1.0) 2.1 (2.0)Add :Depreciationandamortization 47.8 45.1 97.2 88.9AdjustmentstoarriveatunderlyingEBITDA(5) — (1.8) (1.0) (4.0)

Non-GAAP:UnderlyingEBITDA $ 135.8 $ 114.9 $ 160.3 $ 185.3

(1)Excludesroyaltyvolumeof0.490millionhectolitersand0.796millionhectolitersforthethreeandsixmonthsendedJune30,2018,respectively,andexcludesroyaltyvolumeof0.479millionhectolitersand0.804millionhectolitersforthethreeandsixmonthsendedJune30,2017,respectively.

(2) Includesgrossinter-segmentsalesandvolumes,whichareeliminatedintheconsolidatedtotals.(3) SeePartI—Item1.FinancialStatements,Note6,"SpecialItems"oftheForm10-Qfordetaileddiscussionofspecialitems.SpecialitemsforthesixmonthsendedJune30,2018,includes

accelerateddepreciationinexcessofnormaldepreciationof$1.0million,andforthethreeandsixmonthsendedJune30,2017,includesaccelerateddepreciationinexcessofnormaldepreciationof$1.8millionand$4.0million,respectively,relatedtotheclosureofourBurtonSouthbreweryintheU.K.,whichwascompletedinthefirstquarterof2018.TheseaccelerateddepreciationchargesinexcessofnormaldepreciationareincludedinouradjustmentstoarriveatunderlyingEBITDA.

(4) ForthethreeandsixmonthsendedJune30,2018,$0.1millionand$0.3million,respectively,ofintegrationrelatedcostswereincurredincostofgoodssold,andforthethreeandsixmonthsendedJune30,2017,$0.1millionand$0.3million,respectively,ofacquisitionandintegrationrelatedcostswereincurredincostofgoodssold.

(5) Representsadjustmentstoremoveamountsrelatedtointerest,depreciationandamortizationincludedintheadjustmentstonon-GAAPunderlyingincomeabove,astheseitemsareaddedbackasadjustmentstonetincomeattributabletoMCBC.

MolsonCoorsBrewingCompanyandSubsidiariesInternationalResultsofOperations (Inmillions)(Unaudited) ThreeMonthsEnded SixMonthsEnded

June30,2018 June30,2017 June30,2018 June30,2017Financialvolumeinhectoliters(1) 0.637 0.643 1.157 1.171Sales $ 86.1 $ 81.3 $ 150.9 $ 147.6Excisetaxes (18.2) (16.2) (25.5) (20.7)Netsales 67.9 65.1 125.4 126.9Costofgoodssold(2) (44.1) (47.8) (81.9) (86.8)Grossprofit 23.8 17.3 43.5 40.1

Marketing,generalandadministrativeexpenses (20.6) (24.7) (35.7) (45.7)Specialitems,net(3) (1.8) (0.3) (2.8) (0.6)Operatingincome(loss) 1.4 (7.7) 5.0 (6.2)

Otherincome(expense),net (0.1) — — —Income(loss)beforeincometaxes $ 1.3 $ (7.7) $ 5.0 $ (6.2)

Add/(less):Specialitems,net(3) 1.8 0.3 2.8 0.6Acquisitionandintegrationrelatedcosts(4) 0.8 4.0 0.8 4.9

Non-GAAP:Underlyingpretaxincome(loss) $ 3.9 $ (3.4) $ 8.6 $ (0.7)Add :Depreciationandamortization 2.6 2.5 5.0 4.8

Non-GAAP:UnderlyingEBITDA $ 6.5 $ (0.9) $ 13.6 $ 4.1

(1)Excludesroyaltyvolumeof0.567millionhectolitersand0.977millionhectolitersforthethreeandsixmonthsendedJune30,2018,respectively,andexcludesroyaltyvolumeof0.554millionhectolitersand1.027millionhectolitersforthethreeandsixmonthsendedJune30,2017,respectively.

(2) Includesgrossinter-segmentpurchases,whichareeliminatedintheconsolidatedtotals.(3) SeePartI—Item1.FinancialStatements,Note6,"SpecialItems"oftheForm10-Qfordetaileddiscussionofspecialitems.(4) ForthethreeandsixmonthsendedJune30,2017,$1.4millionofintegrationcostswereincurredincostofgoodssold.ForthethreeandsixmonthsendedJune30,2018,integrationcosts

of$0.8millionwereincurredinmarketing,general&administrativeexpenses,andforthethreeandsixmonthsendedJune30,2017,integrationcostsof$2.6millionand$3.5million,respectively,ofintegrationcostswereincurredinmarketing,general&administrativeexpenses.

MolsonCoorsBrewingCompanyandSubsidiariesCorporateResultsofOperations (Inmillions)(Unaudited) ThreeMonthsEnded SixMonthsEnded

June30,2018 June30,2017 June30,2018 June30,2017Financialvolumeinhectoliters — — — —Sales $ 0.3 $ 0.3 $ 0.5 $ 0.6Excisetaxes — — — —Netsales 0.3 0.3 0.5 0.6Costofgoodssold 45.0 (23.5) (39.8) 39.5Grossprofit 45.3 (23.2) (39.3) 40.1

Marketing,generalandadministrativeexpenses (51.0) (56.2) (112.5) (111.9)Specialitems,net(1) — — 328.0 (0.1)Operatingincome(loss) (5.7) (79.4) 176.2 (71.9)

Interestexpense,net (76.9) (90.2) (158.2) (187.8)Otherpensionandpostretirementbenefits(costs),net 9.9 9.4 19.9 22.7Otherincome(expense),net 0.8 2.0 3.0 (6.3)Income(loss)beforeincometaxes $ (71.9) $ (158.2) $ 40.9 $ (243.3)

Add/(less):Specialitems,net(1) — — (328.0) 0.1Acquisitionandintegrationrelatedcosts(2) 7.7 11.2 16.5 24.6Unrealizedmark-to-market(gains)andlosses(3) (45.1) 23.4 39.6 (39.7)Non-coreotherpensionandpostretirementbenefits(costs),net(4) — — 0.1 (2.9)

Non-GAAP:Underlyingpretaxincome(loss) $ (109.3) $ (123.6) $ (230.9) $ (261.2)Add: Interestexpense(income),net 76.9 90.2 158.2 187.8Add :Depreciationandamortization 0.9 1.0 2.0 1.9

Non-GAAP:UnderlyingEBITDA $ (31.5) $ (32.4) $ (70.7) $ (71.5)

(1)SeePartI—Item1.FinancialStatements,Note6,"SpecialItems"oftheForm10-Qfordetaileddiscussionofspecialitems.(2) Inconnectionwiththeacquisition,forthethreeandsixmonthsendedJune30,2018,wehaverecorded$7.7millionand$16.5million,respectively,ofintegrationcostswithinmarketing,

general&administrativeexpenses,andforthethreeandsixmonthsendedJune30,2017,wehaverecorded$11.2millionand$24.6million,respectively,ofintegrationcostswithinmarketing,general&administrativeexpenses.

(3) Theunrealizedchangesinfairvalueonourcommodityswaps,whichareeconomichedges,arerecordedascostofgoodssoldwithinourCorporatebusinessactivities.Astheexposurewearemanagingisrealized,wereclassifythegainorlosstothesegmentinwhichtheunderlyingexposureresides,allowingoursegmentstorealizetheeconomiceffectsofthederivativewithouttheresultingunrealizedmark-to-marketvolatility.

(4) ForthesixmonthsendedJune30,2017,includestheretrospectiveimpactoftheFASB'snewpensionandOPEBaccountingstandardandmovingthenon-servicecostcomponentofnetperiodicpensionandotherpostretirementbenefitstotheCorporatesegment.SeePartI—Item1.FinancialStatements,Note2,"NewAccountingPronouncements"oftheForm10-Qfordetaileddiscussion.

BalanceSheet

CondensedConsolidatedBalanceSheets

(Inmillions,exceptparvalue)(Unaudited) Asof

June30,2018 December31,2017AssetsCurrentassets:Cashandcashequivalents $ 792.9 $ 418.6Accountsreceivable,net 984.9 733.8Otherreceivables,net 131.1 168.2Inventories,net 637.5 591.5Othercurrentassets,net 341.1 277.6Totalcurrentassets 2,887.5 2,189.7

Properties,net 4,599.4 4,673.7Goodwill 8,332.6 8,405.5Otherintangibles,net 14,018.4 14,296.5Otherassets 723.0 681.5Totalassets $ 30,560.9 $ 30,246.9LiabilitiesandequityCurrentliabilities:Accountspayableandothercurrentliabilities $ 2,971.0 $ 2,684.5Currentportionoflong-termdebtandshort-termborrowings 1,411.0 714.8Totalcurrentliabilities 4,382.0 3,399.3

Long-termdebt 9,455.1 10,598.7Pensionandpostretirementbenefits 828.1 848.5Deferredtaxliabilities 1,771.0 1,648.6Otherliabilities 328.1 316.8Totalliabilities 16,764.3 16,811.9

MolsonCoorsBrewingCompanystockholders'equityCapitalstock:Preferredstock,$0.01parvalue(authorized:25.0shares;noneissued) — —ClassAcommonstock,$0.01parvaluepershare(authorized:500.0shares;issuedandoutstanding:2.6sharesand2.6shares,respectively) — —ClassBcommonstock,$0.01parvaluepershare(authorized:500.0shares;issued:205.1sharesand204.7shares,respectively) 2.0 2.0ClassAexchangeableshares,noparvalue(issuedandoutstanding:2.9sharesand2.9shares,respectively) 107.7 107.7ClassBexchangeableshares,noparvalue(issuedandoutstanding:14.7sharesand14.7shares,respectively) 553.2 553.2

Paid-incapital 6,707.0 6,688.5Retainedearnings 7,703.5 7,206.1Accumulatedothercomprehensiveincome(loss) (1,025.4) (860.0)ClassBcommonstockheldintreasuryatcost(9.5sharesand9.5shares,respectively) (471.4) (471.4)

TotalMolsonCoorsBrewingCompanystockholders'equity 13,576.6 13,226.1Noncontrollinginterests 220.0 208.9Totalequity 13,796.6 13,435.0

Totalliabilitiesandequity $ 30,560.9 $ 30,246.9

CashFlowStatement

CondensedConsolidatedStatementsofCashFlows

($inmillions)(Unaudited) SixMonthsEnded

June30,2018 June30,2017Cashflowsfromoperatingactivities:Netincome(loss)includingnoncontrollinginterests $ 713.3 $ 550.0Adjustmentstoreconcilenetincome(loss)tonetcashprovidedbyoperatingactivities:Depreciationandamortization 429.6 396.0Amortizationofdebtissuancecostsanddiscounts 7.2 11.2Share-basedcompensation 25.1 31.6(Gain)lossonsaleorimpairmentofpropertiesandotherassets,net — (4.3)Unrealized(gain)lossonforeigncurrencyfluctuationsandderivativeinstruments,net 38.4 (41.5)Incometax(benefit)expense 167.1 191.1Incometax(paid)received 20.0 23.5Interestexpense,excludinginterestamortization 155.8 177.6Interestpaid (152.5) (175.4)Pensionexpense(benefit) (29.5) (31.4)Pensioncontributionspaid (5.0) (72.1)Changeincurrentassetsandliabilitiesandother (71.7) (237.8)

Netcashprovidedby(usedin)operatingactivities 1,297.8 818.5Cashflowsfrominvestingactivities:

Additionstoproperties (351.1) (354.0)Proceedsfromsalesofpropertiesandotherassets 4.4 46.1Other (50.5) 6.0

Netcashprovidedby(usedin)investingactivities (397.2) (301.9)Cashflowsfromfinancingactivities:

Exerciseofstockoptionsunderequitycompensationplans 6.3 1.1Dividendspaid (177.0) (176.6)Paymentsondebtandborrowings (2.4) (2,201.5)Proceedsondebtandborrowings — 1,536.0Netproceedsfrom(paymentson)revolvingcreditfacilitiesandcommercialpaper (376.1) 282.0Changeinoverdraftbalancesandother 24.5 (34.2)

Netcashprovidedby(usedin)financingactivities (524.7) (593.2)Cashandcashequivalents:

Netincrease(decrease)incashandcashequivalents 375.9 (76.6)Effectofforeignexchangeratechangesoncashandcashequivalents (1.6) 18.6Balanceatbeginningofyear 418.6 560.9

Balanceatendofperiod $ 792.9 $ 502.9

ReconciliationstoNearestU.S.GAAPMeasuresbyLineItem

SecondQuarter2018 ThreeMonthsEndedJune30,2018

(Inmillions)(Unaudited) Netsales

Costofgoodssold(1)

Grossprofit

Marketing,generaland

administrativeexpenses(2)

Specialitems,net(3)

Operatingincome(loss)

Reported(U.S.GAAP) $ 3,085.2 $ (1,739.1) $ 1,346.1 $ (744.7) $ (10.5) $ 590.9Adjustments to arrive at underlying:Specialitems,netEmployee-relatedcharges — — — — 1.0 1.0Impairmentsorassetabandonmentcharges — — — — 8.3 8.3Terminationfeesandother(gains)losses — — — — 1.2 1.2

Non-CoreitemsIntegrationrelatedcosts — 1.2 1.2 8.5 — 9.7Unrealizedmark-to-market(gains)losses — (45.1) (45.1) — — (45.1)

Taxeffectsonspecialandnon-GAAPitems — — — — — —Underlying(Non-GAAP) $ 3,085.2 $ (1,783.0) $ 1,302.2 $ (736.2) $ — $ 566.0

SecondQuarter2018 ThreeMonthsEndedJune30,2018

(Inmillions,exceptpersharedata)(Unaudited)

Interestincome

(expense),net

Otherpensionand

postretirementbenefits(costs),net

Otherincome

(expense),net

Income(loss)beforeincometaxes

Incometax

benefit(expense)

Netincome

(loss)attributabletoMCBC

Netincome(loss)

attributabletoMCBCperdilutedshare

Reported(U.S.GAAP) $ (76.7) $ 9.9 $ (1.1) $ 523.0 $ (92.2) $ 424.1 $ 1.96Adjustments to arrive at underlying:Specialitems,netEmployee-relatedcharges — — — 1.0 — 1.0 0.01Impairmentsorassetabandonmentcharges — — — 8.3 — 8.3 0.04Terminationfeesandother(gains)losses — — — 1.2 — 1.2 0.01

Non-CoreitemsIntegrationrelatedcosts — — — 9.7 — 9.7 0.04Unrealizedmark-to-market(gains)losses — — — (45.1) — (45.1) (0.21)

Taxeffectsonspecialandnon-GAAPitems — — — — 6.9 6.9 0.03Underlying(Non-GAAP) $ (76.7) $ 9.9 $ (1.1) $ 498.1 $ (85.3) $ 406.1 $ 1.88

(1) Adjustmentsrelatetothefollowingsegments:U.S.segment$0.9million,Canadasegment$0.2million,Europesegment$0.1million,Corporatesegment$(45.1)million.(2) Adjustmentsrelatetothefollowingsegment:Internationalsegment$0.8million,Corporatesegment$7.7million.(3) Adjustmentsrelatetothefollowingsegments:U.S.segment$3.3million,Canadasegment$5.7million,Europesegment$(0.3)million,Internationalsegment$1.8million.

YTDSecondQuarter2018 SixMonthsEndedJune30,2018

(Inmillions)(Unaudited) Netsales

Costofgoodssold(1)

Grossprofit

Marketing,generaland

administrativeexpenses(2)

Specialitems,net(3)

Operatingincome(loss)

Reported(U.S.GAAP) $ 5,416.7 $ (3,274.8) $ 2,141.9 $ (1,425.8) $ 304.3 $ 1,020.4Adjustments to arrive at underlying:Specialitems,netEmployee-relatedcharges — — — — 4.9 4.9Impairmentsorassetabandonmentcharges — — — — 17.6 17.6Terminationfeesandother(gains)losses — — — — (326.8) (326.8)

Non-CoreitemsIntegrationrelatedcosts — 2.6 2.6 17.3 — 19.9Unrealizedmark-to-market(gains)losses — 39.6 39.6 — — 39.6Othernon-coreitems — — — — — —

Taxeffectsonspecialandnon-GAAPitems — — — — — —Underlying(Non-GAAP) $ 5,416.7 $ (3,232.6) $ 2,184.1 $ (1,408.5) $ — $ 775.6

YTDSecondQuarter2018 SixMonthsEndedJune30,2018

(Inmillions,exceptpersharedata)(Unaudited)

Interestincome

(expense),net

Otherpensionand

postretirementbenefits

(costs),net(4)

Otherincome

(expense),net

Income(loss)beforeincometaxes

Incometax

benefit(expense)

Netincome

(loss)attributabletoMCBC

Netincome(loss)

attributabletoMCBCperdilutedshare

Reported(U.S.GAAP) $ (159.9) $ 19.9 $ — $ 880.4 $ (167.1) $ 702.2 $ 3.24Adjustments to arrive at underlying:Specialitems,netEmployee-relatedcharges — — — 4.9 — 4.9 0.03Impairmentsorassetabandonmentcharges — — — 17.6 — 17.6 0.08Terminationfeesandother(gains)losses — — — (326.8) — (326.8) (1.51)

Non-CoreitemsIntegrationrelatedcosts — — — 19.9 — 19.9 0.09Unrealizedmark-to-market(gains)losses — — — 39.6 — 39.6 0.18Non-coreotherpensionandpostretirementbenefits(costs),net — 0.1 — 0.1 — 0.1 —

Taxeffectsonspecialandnon-GAAPitems — — — — 52.9 52.9 0.25Underlying(Non-GAAP) $ (159.9) $ 20.0 $ — $ 635.7 $ (114.2) $ 510.4 $ 2.36

(1)Adjustmentsrelatetothefollowingsegments:U.S.segment$2.0million,Canadasegment$0.3million,Europesegment$0.3million,Corporatesegment$39.6million.(2) Adjustmentsrelatetothefollowingsegment:Internationalsegment$0.8million,Corporatesegment$16.5million.(3) Adjustmentsrelatetothefollowingsegments:U.S.segment$4.8million,Canadasegment$11.3million,Europesegment$4.8million,Internationalsegment$2.8million,Corporate

segment$(328.0)million.(4) Adjustmentsrelatetothefollowingsegment:Corporatesegment$0.1million.

CONTACT:MolsonCoorsNewsMediaColinWheeler,303-927-2443orInvestorRelationsKevinKim,303-927-2515