MillerCoors Q1 Trading Update presentation May 2016 · Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016. Performance Results 11 2.3%-1.3% 22.2% 1.3% Profit Net Sales STR Volume STW Volume.

MillerCoors Q1 2016

American Light Lagers

Miller Lite and Coors Light• Improved volume performance• Both delivered flat volume for the

first time since the joint venture

2

Premium Regular

Coors Banquet• Gained segment share• Low-single-digit growth

3

Winning in Above Premium

• STRs finished up low-single digits

4

Above Premium—Innovations

5

• Henry’s Hard Orange has the best velocity in the Hard Soda category since the fourth week of the brand’s launch

• Henry’s Hard Ginger Ale is the number-one ginger ale

• Redd’s declined low-single digits

Above Premium—Tenth and Blake

6

Finished Q1 with low-single-digit decline

Below Premium

7

• Decreased mid-single-digits for Q1• Steel Reserve Alloy Series grew double digits

MillerCoors Q1 2016

First Quarter Underlying Net Income

COGS/bbl

Pricing

Sales Mix

Cost

Savings

STW Volume

MG&A

9

Q1 2015 Q1 2016

$304.6M $372.1M

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

Performance Results

11

2.3%-1.3%

1.3%22.2%

Profit Net Sales STR Volume STW Volume

Financial Highlights

Total cost of goods sold (COGS) per barrel decreased 5.0 percent for Q1.

Marketing, General and Administrative costs increased 5.3 percent for Q1.

Depreciation and amortization expenses were $117.1 million for Q1.

12

MillerCoors Q1 2016