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MOLSON COORS BREWING CO

ELEVATION CAPITAL ESTIMATED INTRINSIC VALUE RANGE Elevation Capital – Estimated Intrinsic Value Range:

Downside/Upside Potential Range:

US$ 46.06 US$ 115.33

-28.1% +78.8%

PER SHARE

VALUATION SUMMARY $140 $120

+78.8%

$100

+60.9% +42.9%

$80

Upside

Upside

Upside

$60 $40

-28.1%

Downside

$20 $0 Current Share Price*

ECVF Average Cost**

EC Pessimistic GFC Scenario 8.9x EV/EBITDA

EC Standalone Scenario #1 12x EV/EBITDA

EC Standalone Scenario #2 13.0x EV/EBITDA (Peer Average)

* Current Share Price = USD64.1 (as at 23 November 2018) ** Elevation Capital Value Fund (“ECVF”) Average Cost = USD77.66 (as at 23 November 2018) EC = Elevation Capital, ECVF = Elevation Capital Value Fund

EC Takeover Scenario 14x EV/EBITDA

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Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018