MillerCoors Q2 2016

American Light Lagers

Miller Lite and Coors Light• Combined to delivered flat sales-to-retail volume for the

second consecutive quarter

2

Premium Regular

Coors Banquet• Gained segment share• Low-single-digit growth• On target for 10th consecutive year of growth

3

Above Premium

• STRs finished down low-single digits

4

Above Premium—Innovations

5

• Henry’s was the number-one Hard Soda franchise in the quarter

• Redd’s declined mid-single digits

Tenth and Blake

6

Finished Q2 with mid-single-digit decline

Below Premium

7

• Decreased mid-single digits for Q2

MillerCoors Q2 2016

Second Quarter Underlying Net Income

COGS/bbl

Pricing

Sales Mix

Cost

Savings

STW Volume

MG&A

9

Q2 2015 Q2 2016

$487.2M $468.8M

Domestic Net Revenue Per Barrel

Increase due to favorable net pricingand positive sales mix.

% C

ha

ng

e v

s. P

Y

1.5%1.6% 1.7%

10

1.2% 1.5%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

0.7%

Performance Results

11

-1.7%

Underlying Net Income

Net Sales STR Volume STW Volume

-3.8% -3.5% -4.4%

Financial Highlights

Total cost of goods sold (COGS) per barrel decreased 1.3 percent for Q2.

Marketing, General and Administrative costs increased 1.8 percent for Q2.

Depreciation and amortization expenses were $116.0 million for Q2.

12

MillerCoors Q2 2016