This document is being provided for the exclusive use of BOHAN JIANG at [FIRM]. Not for redistribution.

TAP US Equity
MOLSON COORS BREWING CO -B (Beverages)
Molson Coors Brewing Company operates as a brewing company. The Company brews and produces beer. Molson Coors Brewing serves customers worldwide. [FIGI
BBG000BS7KS3]

Earnings & Estimates Market Data

67.00
Next Announcement Date 10/30/19
P/E USD 12.20 63.60
Est P/E 12/19 12.97 60.20
T12M EPS 4.71
56.80
Est EPS 4.43
53.40
50.00
9/ 10 11 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/
30 /3 /2 /2 28 27 29 28 28 27 27 26 25
/2 0/ 9/ 9/ /2 /2 /2 /2 /2 /2 /2 /2 /2
01 20 20 20 01 01 01 01 01 01 01 01 01
8 18 18 18 9 9 9 9 9 9 9 9 9

Corporate Info
Px/Chg 1D (USD) 57.47/+.67%
52 Wk H (11/01/18) 67.62
1225 17th Street, Suite 3200 www.molsoncoors.com
52 Wk L (08/05/19) 49.92
Denver, CO 80202 T: 1-303-279-6565
YTD Change/% 1.31/2.33%
US Employees 17,750 (12/31/18)
Mkt Cap USD 12,483.1M
President/CEO Gavin D Hattersley
Shrs Out/Float 196.2M/181.1M
Chief Financial Officer Tracey I Joubert
SI/% of Float 11.8M/6.53%
Chief Growth Officer Krishnan Anand "Kandy"
Days to Cover 7.2

Revenue Earnings Per Share

12B 6

10B

8B 4

6B

4B 2

2B

2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
FY 3.57B 4.89B 7.51B 10.77B 10.61B 10.60B FY 3.76 3.39 4.47 5.04 4.43 4.48
Q1 700.00M 657.20M 2.45B 2.33B 2.30B 2.30B Q1 0.46 0.54 1.26 0.48 0.52 0.57
Q2 1.01B 986.20M 3.09B 3.09B 2.95B 2.98B Q2 1.41 1.11 1.66 1.88 1.52 1.46
Q3 1.02B 947.60M 2.88B 2.93B 2.87B 2.89B Q3 1.40 1.03 1.34 1.84 1.53 1.56
Q4 844.40M 2.29B 2.58B 2.42B 2.48B 2.47B Q4 0.49 0.79 0.62 0.84 0.83 0.88

Ratios
Fiscal Year End * Last Quarter End ~ Current/T12M
12/2018 06/19 Q2 USD
Issue Data Per Share Data Cash Flow Analysis
~ Last Px USD/57.47 ~ EPS T12M 4.71 P/CF 6.7
~ P/E 12.2 ~ DPS 1.64 Curr P/FCF 9.9
~ Dvd Ind Yld 4.0% * Bk Val Per Sh 64.26 CF/NI 2.1
* P/B 0.89 Rev/Bas Sh 49.86 Dvd P/O 31.7%
~ P/S 1.2 CPS 10.79 Cash Gen/Cash Reqd 2.3
~ Curr EV/T12M EBITDA 9.8 * Curr Shares Out 196.2M Csh Dvd Cov 3.2
~ Mkt Cap 12,483.1M FCF/Basic Sh 7.78 CFO/Sales 21.6%
~ Curr EV 21,959.3M Eff IR 2.9%

Growth Potential Profitability Structure

Dil EPS Frm Cont Op 1Y Gr -4.0% EBITDA 2.5B Curr Ratio 0.6
Cap 1Y Gr -1.1% EBIT 1.6B Quick Ratio 0.4
BPS 1Y Gr 3.7% OPM 15.2% Debt/Assets 34.8%
R&D To Sl 0.0% Prtx Mrgn 12.6% Debt/Com Eq 77.6%
Retntn Rt 68.3% ROA 3.0% A/R Trnovr 11.1
Rev - 1 Yr Gr -2.1% ROE 6.5% Inv Turnover 9.7
Empl 1Y Gr 3.2% ROC 4.7% GM 38.9%
Ast 1Y Gr -0.5% Ast TO 0.3 EBIT/Tot Int Exp 5.2

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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TAP US Equity
Geographic Segmentation Holdings Summary
2018 Rev 3Yr Gr Inst Holdings | OWN »
United States 7.26B N.A. # of Inst. Owners 912
Europe 2.00B 1.50% Shares Owned 186.95M
Canada 1.39B -2.71% Shares Out/Float 95.3%/103.2%
International 250.10M 20.06% # of Buyers/Sellers 320/311
Corporate 800.00k -7.17% Shares Sold 14.56M

Product Segmentation
2018 Rev 3Yr Gr
Beer 10.77B 44.53% Insider Holdings | OWN »
% Held by Insiders 0.81%
Net change last 6M 1.96%

Top Holders | HDS »

Issue Information | RELS » VANGUARD GROUP INC 10.68%
BLACKROCK 7.86%
Sec Type Common Stock DODGE & COX 7.06%
Pri Exch New York ADOLPH COORS COMPANY LLC 6.90%
PAR USD 0.01 INDEPENDENT FRANCHISE PARTNERS 4.50%
Pri MIC XNYS STATE STREET CORP 4.36%
Incorp UNITED STATES (DE) JPMORGAN CHASE & CO 4.24%
FIGI BBG000BS7KS3
ISIN US60871R2094
CUSIP 60871R209
SEDOL1 B067BM3 US
Equity Weights
Common 020900547
NAICS 312120
S&P 500 INDEX N.A.
WPK # A0DPTB
BBG US Lrg Cap PR 0.043%
Sicovam 925575
BBG SASB US Lrg Cap PR 0.344%
BBG US Agg Eq Index PR 0.036%
RUSSELL 1000 VALUE INDEX 0.074%
RUSSELL 3000 INDEX 0.034%
S&P 500 Value N.A.
RUSSELL 1000 INDEX 0.037%
S&P 500 CONS STAPLES IDX N.A.
S&P 1500 Composite Index N.A.

Dividend | DVD »
USD
Ind Gross Yield 3.97%
5Y Net Growth 4.71%

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 09/29/2019 19:38:19 2

 This document is being provided for the exclusive use of BOHAN JIANG at [FIRM]. Not for redistribution.

TAP US Equity
Bloomberg Intelligence: Beverages, Global
Critical Themes: Alcoholic Beverage Company Pension Funding Industry Indicators: US Non-Alcohol CPI
in Hand
Plunging Interest Rates Challenge Alcoholic-Beverage 164
Companies
155
Analyst Coverage Duncan Fox & Kenneth Shea
Sep 9, 2019 146

A 50-bp cut in discount rates would add $3.6 billion to pension 137
funding if applied to the European-quoted beverage companies
128 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
and Molson Coors, yet that's unlikely to alter company 96 97 98 99 00 01 02 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
strategies as pension deficits are under control. The companies
generated more than $22 billion of free cash flow and paid $12
billion in dividends in 2018. Source: Bureau of Labor Statistics, Currency: , Unit: N/A, Periodicity: Annually
Critical Themes: U.S. Beverage Group Faces Interest Rate
Pension Risks
Tumbling Interest Rates a New Challenge for U.S. Industry Indicators: US Alcohol CPI
Beverage Group
145
Analyst Coverage Kenneth Shea & Gopal Srinivasan
Aug 13, 2019 136

Plunging intermediate-term U.S. interest rates might pressure 127

leading U.S. beverage companies, in our view, if the rates 118
stay low and tepid stock returns force the likes of Coca-
109
Cola and PepsiCo to add to pension-plan funding. Such
additional investment could outweigh any potential benefit from 100 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
00 01 02 03 04 05 06 06 07 08 09 10 11 12 13 14 15 16 17 18 19
refinancing debt.

Source: Bureau of Labor Statistics, Currency: , Unit: N/A, Periodicity: Annually

Industry Indicators: Eurozone Alcohol CPI

104

98

92

86

80

74 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
97 98 99 00 01 02 03 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Source: Eurostat, Currency: , Unit: N/A, Periodicity: Annually

Industry Revenue (CCB) Operating Statistics of Industry Comparables (RV)

Company FY Revenue Total Revenue Comps
Metric Company Comps Low Comps High
MOLSON COORS-B 10.8B 100.00% Median
ANHEUSER-BUSCH I 54.6B 100.00% Sales Growth Yoy (%) -2.12 -5.85 5.17 15.4
PEPSICO INC 45.9B 70.91% EBITDA Margin (%) 23.1 9.79 20.2 30.4
COCA-COLA CO/THE 35.5B 100.00% ROIC 4.36 4.36 18.8 84.7
NESTLE SA-REG 29.7B 31.75%
HEINEKEN NV 26.5B 100.00% Equity Valuation of Industry Comparables (RV)
Comps
Metric Company Comps Low Comps High
Company Revenue Breakdown (CCB) Median
Industry Percentage Est P/E Current Yr 13 13 23.7 58.7
Beverages 100.00% EV/EBITDA FY1 9.51 6.34 15.4 29.8

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 09/29/2019 19:38:19 3