Molson Coors Reports 2019 Second Quarter Results

Net Sales Revenue Decreased 4.4% Reported and 2.9% in Constant Currency

U.S. GAAP Net Income Decreased 22.3%

EPS (U.S. GAAP) of $1.52 Decreased 22.4%, and Underlying EPS (Non-GAAP) of $1.52 Decreased 19.1%

Soft Volume Partially Offset by Positive Global Pricing and Favorable Mix Increased Brand Investment to Drive Portfolio Premiumization Board of Directors Declares 39% Quarterly Dividend Increase Management Remains Committed to Cost Savings, Free Cash Flow Guidance and Ongoing Deleveraging

Management Remains Committed to Deleverage Target and Reiterates Dividend Expectations

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DENVER, Colo., and MONTREAL, Quebec – July 31, 2019 – Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported results for the 2019 second quarter. Molson Coors president and chief executive officer Mark Hunter said:

“After a solid start in the first four months of the year, May and June were challenging reflecting unfavorable weather and weak industry demand across our major geographies, resulting in a disappointing volume performance in the quarter. Despite this backdrop, we executed our plans for incremental brand investment to drive accelerated portfolio premiumization and innovation impact across our business. Encouragingly, we delivered strong constant currency net sales per hectoliter growth of 3.7% and our share trends improved in the U.S. and were stable in Europe. We also saw strong premium light share growth in the U.S. as Miller Lite and Coors Light each gained segment share. This was ahead of the newly launched Coors Light "Made to Chill" advertising, which is focused on new drinker recruitment by dramatizing Coors Light's purpose to refresh the spirit through its mountain cold refreshment credentials. We believe this creative platform is distinctive, disruptive and breakthrough. We also maintained our focus on cash flow, through cost savings and improving working capital.”

Mark continued, “We remain resolute on the ambition to improve our top-line through increased investments in our brands, premiumization and innovation initiatives, including the launch of our Truss cannabis infused non-alcoholic beverage portfolio in Canada later this year. We are committed to doing this while maintaining our investment grade credit rating and strengthening our quarterly dividend, which increased by 39% to $0.57 per share.”

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