Molson Coors Brewing Company Announces Pricing of Its Private Offering of Canadian Dollar-Denominated Senior Notes in Canada

Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) (“Molson Coors”) announced today the pricing of the previously announced private placement offering in Canada by Molson Coors International LP, a wholly-owned indirect subsidiary of Molson Coors, of C$1 billion aggregate principal amount of senior notes, consisting of C$500 million principal amount of 2.840% Senior Notes due 2023 and C$500 million principal amount of 3.440% Senior Notes due 2026 (collectively, the “Notes”). The offering is expected to close on or about July 7, 2016, subject to customary closing conditions.

After deducting underwriting discounts and commissions and estimated offering expenses, Molson Coors expects to receive net proceeds from the offering of approximately C$996 million.

Molson Coors intends to use the net proceeds of this offering to partially fund the previously announced acquisition from Anheuser-Busch InBev SA/NV of SABMiller plc’s interest in MillerCoors LLC and all other assets primarily related to the Miller brand portfolio outside of the United States and Puerto Rico (the “Acquisition”), and to pay related fees and expenses of the Acquisition. The offering is not conditioned on the closing of the Acquisition. Prior to the closing of the Acquisition, Molson Coors intends to invest the net proceeds from this offering in U.S. government securities, short-term certificates of deposit, cash equivalents, money market funds or other short-term investments or demand deposit accounts. In the event that the Acquisition is not consummated, the Notes will be subject to a special mandatory redemption. Molson Coors intends to raise additional debt financing in international markets to finance the remaining amounts necessary for the Acquisition.

The Notes were sold only to Canadian investors in reliance on Regulation S. The Notes have not been and will not be qualified by a prospectus under Canadian securities laws and will be subject to resale restrictions. The Notes have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, will not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Notes or any other security, nor shall there be any sale of the Notes or any other security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

Overview of Molson Coors

Molson Coors Brewing Company is a leading global brewer delivering extraordinary brands that delight the world's beer drinkers. It brews, markets and sells a portfolio of leading premium brands such as Coors Light, Molson Canadian, Carling, Staropramen and Blue Moon across The Americas, Europe and Asia. It operates in Canada through Molson Coors Canada; in the US through MillerCoors; across Europe through Molson Coors Europe; and outside these core markets through Molson Coors International. The company is the only alcohol producer currently recognized for world class sustainability performance through the Dow Jones Sustainability Index. It was listed on the World Index for the past four years and named global Beverage Sector Leader in 2012 and 2013. Molson Coors is constantly looking for ways to improve its Beer Print.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on management’s current expectations. Such statements include, without limitation, plans, projections and estimates regarding the use of proceeds from the proposed offering. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, without limitation, prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors that could affect Molson Coors and its results is included in Molson Coors’s filings with the SEC, which are available at www.sec.gov. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Molson Coors does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.

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