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  • MolsonCoorsBrewingCompanyLondonAnalyst/InvestorMeeting

    December1,2010

  • P S i bPeterSwinburnChiefExecutiveOfficer

    M l C B i CMolsonCoorsBrewingCompany

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  • ForwardLookingStatements/USGAAPReconciliations

    ForwardLookingStatements:ThispresentationmayincludeestimatesorprojectionsthatconstituteforwardlookingstatementswithinthemeaningoftheU.S.federalsecuritieslaws.Generally,thewordsbelieve,expect,intend,anticipate,project,will,andsimilarexpressionsidentifyforwardlookingstatements,whichgenerallyarenothistoricinnature.AlthoughtheCompanybelievesthattheassumptionsuponwhichitsforwardlookingstatementsareb d bl i i h h i ill b I f hbasedarereasonable,itcangivenoassurancethattheseassumptionswillprovetobecorrect.ImportantfactorsthatcouldcauseactualresultstodiffermateriallyfromtheCompanyshistoricalexperience,andpresentprojectionsandexpectationsaredisclosedintheCompanysfilingswiththeSecuritiesandExchangeCommission(SEC).Thesefactorsinclude,amongothers,pensionplancosts;availabilityorincreaseinthecostofpackagingmaterials;ourabilitytomaintainmanufacturer/distributionagreements;impactofcompetitivepricingandproductpressures;ourabilitytoimplementourstrategicinitiatives,includingexecutingandrealizingcostsavings;changesinlegalandregulatoryrequirements,includingtheregulationofdistributionsystems;increaseinthecostofcommoditiesusedinthebusiness;ourabilitytomaintainbrandimage,reputationandproductquality;ourabilitytomaintaingoodlaborrelations;changesinoursupplychainsystem;additionalimpairmentcharges;theimpactofclimatechangeandtheavailabilityandqualityofwater;theabilityofMillerCoorstointegrateoperationsandtechnologies;lackoffullcontrolovertheoperationsofMillerCoors;theabilityofMillerCoorstomaintaingoodrelationshipswithitsdistributors;andotherrisksdiscussedinourfilingswiththeSEC,includingourAnnualReportonForm10KfortheyearendedDecember26,2009,whichareavailablefromtheSEC.Allforwardlookingstatementsinthispressreleaseareexpresslyqualifiedbysuchcautionarystatementsandbyreferencetotheunderlyingassumptions.Youshouldnotplaceunduerelianceonforwardlookingstatements,whichspeakonlyasofthedatetheyaremade.Wedonotundertaketoupdateforwardlookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.

    ReconciliationstoNearestU.S.GAAPMeasures:Thefollowingpresentationincludescertain"nonGAAPfinancialmeasures"asdefinedinRegulationGundertheSecuritiesExchangeActof1934.AscheduleispostedontheCompany'swebsiteatMolsonCooors.com(intheInvestorRelations"section)whichreconcilesourresultsasreportedunder

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    GenerallyAcceptedAccountingPrinciplesandthenonGAAPfinancialmeasuresincludedinthefollowingpresentation.

  • TodaysAgenda

    PeterSwinburn,CEO,MolsonCoors

    StewartGlendinning,CFO,MolsonCoors

    MarkHunter,CEO,MolsonCoorsUK

    SteveEllis,StrategyDirector,MolsonCoorsUK

    Chris McDonough, Marketing Director, Molson Coors UKChrisMcDonough,MarketingDirector,MolsonCoorsUK

    DavidHeede,FinanceDirector,MolsonCoorsUK

    ClosingRemarks

    Q&A

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  • MolsonCoorsBrewingCompanyOverview

    BrewingHeritage:350yearsofbrewingheritagewithMolsonandCoorsfamiliesretainingsignificantownership

    ExtraordinaryBrands:Alongstandingcommitmenttobuildingstrongbrandsthatexciteandinspirebeerdrinkers

    LeadingInnovations:Apassionfordeliveringvalueenhancinginnovation for drinkers worldwideinnovationfordrinkersworldwide

    GlobalPartnerships: Asuccessfultrackrecordofformingbre er partnerships that generate al e for both partiesbrewerpartnershipsthatgeneratevalueforbothparties

    Drive: MolsonCoorsisfocusedonbecoming atopglobal

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    brewerinprofit

  • PerformanceProfilebyMarket 2009

    *USvolumesrepresentMillerCoorsat42%.

    ** Represents the % of pretax underlying profit from our 3* US t l t Mill C t 42%

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    Representsthe%ofpretaxunderlyingprofitfromour3majormarketsandexcludesourCorp/MCIsegmentresults.

    *USnetsalesrepresentMillerCoorsat42%.

  • ExpandingGlobalFootprint

    MCBC Markets by Size, CAGR & Profit Pool

    China 442 M/HL

    Russia 442 M/HL 7.5% CAGR (09-12) $1.0B Profit Pool (EBIT)

    103 M/HL 5.5% CAGR (09-12) $1.8B Profit Pool (EBIT)

    UK 50 M/HL -0.5% CAGR (09-12) $0.5B Profit Pool (EBIT)

    Canada 23 M/HL 0.5% CAGR (09-12) $1.3B Profit Pool (EBIT)

    Philippines

    UnitedStates 246 M/HL 1.0% CAGR (09-12) $6.5B Profit Pool (EBIT)

    Spain 35 M/HL

    ( )Japan 60 M/HL -0.5% CAGR (09-12) $1.6B Profit Pool (EBIT)

    Philippines 18 M/HL 3% CAGR (09-12) $0.35B Profit Pool

    (EBIT)

    1% CAGR (09-12) $0.8B Profit Pool (EBIT)

    Mexico 64 M/HL

    CentralAmerica&Caribbean ~7.5 M/HL ~1% CAGR (09-12) ~$150M Profit Pool (EBIT)

    Vietnam 24 M/HL 7% CAGR (09-12) $0.1B Profit Pool (EBIT)

    64 M/HL 3% CAGR (09-12) $1.5B Profit Pool (EBIT)

    Source: 1) HL, CAGR, profit pool and market share data; JP Morgan, Merill Lynch,

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    ) , , p p ; g , y ,Europe Equity Resource, 18 June 2010; 2) Revenue data; Euromonitor, Country Sector Briefing (for each country), February 2010

  • StrategicDirection

    Drivesustainable,longtermshareholdervalue:

    Investing in a portfolio of extraordinary brands Investinginaportfolioofextraordinarybrands

    Drivinginnovationatapackagingandbrandlevel

    Ensuringrigorouscostmanagementdiscipline

    Applyingastrong,disciplinedprocesstoallourcashusedecisionswithstrictreturncriteria

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  • InvestinginaPortfolioofExtraordinaryBrands

    DrivevalueandvolumeinUSpremiumlights CoorsLighttakingshareandoutperformingmarket Miller Lite new Man Up ad campaign andMillerLite new ManUp adcampaignand

    vortexinnovationimprovingthetrend MGD64maintainingshareinitscategory,

    leveragingfirstmoveradvantageg g g

    Buildcompellingabovepremiumportfolio CreationofTenth&Blake

    Invest in craft/specialty occasion portfolio Investincraft/specialtyoccasionportfolio

    ExtendCoorsLightInternationally Expansionintohighgrowthmarkets China,Russiap g g

    andVietnam Achievestrengthinthemasspremiumsegment ExploitexistingMCBCinnovationanddevelopnew

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    marketspecificinnovations

  • InvestinginaPortfolioofExtraordinaryBrands

    Expand&InnovateUKPortfolio ContinueCobraexpansion IntroducingBlueMoong LeveragenewModelo partnership Expandingcategory:BitterSweet

    Partnership Addingexcitementthroughnewpackaging

    andbrandinnovations

    Improve Molson Trademark Brand ImproveMolsonTrademarkBrandPerformanceinCanada NewCanadianlaunch:MadefromCanada Adding excitement to category with 67 MAddingexcitementtocategorywith67,M

    andExport Improvingmarketshareperformance

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  • DrivingValueEnhancingInnovation

    MolsonCoorsisfocusedoninnovation:

    Innovation = Consumer ValueInnovation ConsumerValue

    Innovation=Differentiation

    Increasesdrinkerloyaltyandaddsexcitement

    Providescompetitiveadvantage

    Growsbrandsandmargins

    Drivestoplinegrowth

    Twomaincategoriesofinnovation:

    1. PackagingInnovations

    2. NewBrandsInnovation

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  • RigorousCostManagementDiscipline

    CostsavingscriticalforbrandmomentumandLTgrowth

    I d C d d U K b d i IncreasedCanadaandU.K.brandinvestments

    U.S.brands:initialsignsofimprovement

    Near term focus: deliver existing commitments Neartermfocus:deliverexistingcommitments

    RFG2

    MillerCoors costreductions

    Commitment:attackallcostreductionopportunitiestofreeupresourcestogrowtopandbottomlines

    Costreductionsareawayoflife

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  • WellPositionedtoGrow&ShareholderFocused

    STRATEGY OBJECTIVES

    Brands&Innovation=Consumer Value Growth

    MaintainorgrowmarketshareIncreaserevenueperbarrelD li i ti th t d iConsumerValue,Growth

    OpportunitiesDeliverinnovationthatdrivesbrandgrowthExtendglobalfootprint

    SHAREHODLER VALUE

    SmartCostManagement

    Strongercompetitor,balancesheetResourcestogrowtoplineandb tt li

    VALUE

    bottomline

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  • Stewart GlendinningStewartGlendinningChiefFinancialOfficer

    Molson Coors Brewing CompanyMolsonCoorsBrewingCompany

    1414

  • ValueDrivingFinancialStrategies

    MolsonCoorsfinancialperformanceupdate

    Financialstrategiestodrivesustainable,longtermvalueforshareholders:

    Costsavingsupdate

    S i b i l h d h Strategiestogeneratesubstantialcashandstrengthenourbalancesheet,

    Highreturncashusepriorities,disciplinedprocess

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  • PerformanceHighlights 2010

    YTD3Q:Positivepricingandcostreductionsdriveearningsgrowthandimprovingmomentum,despitechallengingvolumeenvironment

    3rd Q l ti t i i 3rd Q:acceleratingmomentum,marginexpansion

    Globalunderlyingaftertaxincome(1):+12.3%

    Global underlying pretax income: +29 9%Globalunderlyingpretaxincome: +29.9%

    U.S.Segment(2) underlyingpretaxincome+34.2%

    Canada+16.1%,(+10%inlocalcurrency)

    U.K.+12.6%,(+20%inlocalcurrency)

    Internationalvolume+11.2%in3rd Q,completedChinaJV

    E d d i d f i Expandedgross,operatingandaftertaxmargins

    Worldwidebeervolume4.0%in3rd Q

    Exceeded cost reduction goals in all businesses

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    (1)NonGAAPunderlyingincomeiscalculatedbyexcludingspecialandotheronetimeitemsfromthenearestU.S.GAAPearnings.SeereconciliationtothenearestU.S.GAAPmeasuresonourwebsite.

    (2)RepresentsMCBCsshareofMillerCoorsincomeafterequityadjustments.

    Exceededcostreductiongoalsinallbusinesses

    Percentagechangeisversuscomparableprioryearperiod.

  • MolsonCoorsCostReductionPrograms

    AnnualCostSavings(US$ millions)

    2005 2006 2007 2008 2009 2010YTD

    Total(US$millions) YTD

    RFG2(1012):$150mmgoal 55 55

    ResourcesforGrowth(0709) 91 87 92 270

    Merg