2014/FOURTH QUARTER EARNINGS ANNOUNCEMENTFEBRUARY 10, 2015

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Premium Lights

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Coors Light• Significant brand restage

• New visual identity• New packaging design• New TV advertising

Miller Lite• Grew low-single digits

and industry share in Q4

Premium Regular

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Coors Banquet• Eighth straight year of growth

Winning in Above Premium

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• MillerCoors Above Premium portfolio represents 14.9% of MillerCoors total domestic net revenue, up nearly 2.9% vs. 2013

Above Premium – Innovations

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Above Premium – Craft

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Below Premium

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Winning with Quality

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Domestic Net Revenue Per Barrel

A result of favorable net pricing and positive bran d mix

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% C

hang

e vs

. PY

0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%4.00%4.50%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

% Change vs. Prior Year

3.3%3.1%4.1%2.6%4.0% 3.6% 2.5% 2.0%

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Pricing

Sales Mix

Cost Savings

Volume

COGS

MSG&A

FY* 2013 Q4 2013

Fourth Quarter Underlying Net Income Decreased 11.8 Percent

$241.9M$1.290B

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Q4 2014

$213.3M

FY 2014

$1.328B

*Full Year

FY Q4

STR and Net Revenue Performance Results

0.6%

FY* STRVolume

2.5%

$7.848B $1.782B

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Q4 STRVolume

1.7% 1.1%

*Full Year

FY Net Revenue

Q4 Net Revenue

Domestic Net Revenue Per Barrel

Third-party brewing volumes were up 0.8% for 2014 and 1.9% for Q4.

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% C

hang

e vs

. PY

0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%4.00%4.50%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

% Change vs. Prior Year

3.3%3.1%4.1%2.6%4.0% 3.6% 2.5% 2.0%

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• Total Cost of Goods Sold per barrel increased

2.6% for the full year and 3.0% for Q4.

• Marketing General and Administrative costs

decreased 0.8% for 2014, increased 1.8% for Q4.

• Depreciation and amortization expenses for 2014

were $311.1 million and $78 million for Q4.

Additions to tangible and intangible assets in

2014 totaled $401.1 million, 138.9 million in Q4.

MillerCoors Year End and Fourth Quarter 2014 Financial Highlights

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