2014 SECOND QUARTER EARNINGS ANNOUNCEMENT

AUGUST 6, 2014

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Premium Lights

3

Coors Light• Summer Brew• New look

Miller Lite

• Original Can success

• Aluminum Pint makeover

• New heritage bottles

Premium Regular

4

Winning in Above Premium

5

Above Premium Innovations

6

Above Premium- Tenth and Blake

7

Economy

8

Winning in the On-Premise

2

• “Building With Beer”

• Increased spending behind big

brands

• Innovations

• Recommend that retailers hold

the line on draft pricing

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Pricing

Sales Mix

Cost Savings

Volume

COGS

MSG&A

Q2 2013 Q2 2014

Second Quarter Underlying Net Income

Increased 8.0 Percent

$445.7M$412.7M

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Domestic Net Revenue Per Barrel

A result of favorable net pricing and brand mix

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% C

ha

ng

e v

s. P

Y

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014

% Change vs. Prior Year

3.3%3.1%4.1%2.6%4.0% 3.6%

Second Quarter Performance Results

Profit

8.0%

STR

Volume

1.2%

Net Sales

$445.7M $2.207B

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STW

Volume

1.7%

2.2%

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• Total cost of goods sold (COGS) per barrel increased 1.9 percent.

• Marketing General and Administrative costs increased 0.6 percent.

• Depreciation and amortization expenses were $77.4 million and additions to tangible and intangible assets totaled $70.0 million.

MillerCoors Second Quarter 2014

Financial Highlights

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