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2016 MILLERCOORS TRANSACTION ALMOST DOUBLED THE SIZE OF THE COMPANY ■■

■■

Management noted that the 58% stake in MillerCoors was purchased at a very attractive valuation at 9.2x EV/EBITDA multiple (post adjustment for net present values ("NPVs") of expected tax benefits) – this compared to AB InBev paying 18.7x for SABMiller. A further compelling fact of the transaction was it nearly doubled the size of the Company – and beer is a scale business globally.

Molson Coors acquires MillerCoors n e a ires Miller

9.2x

ransa tion M ltiple

18.7x 0

2

4

6

8

10

12

14

16

18

20

94M HL

Worldwide Brand Volume (M HL)

58M HL 0

10

20

30

40

50

60

70

80

90

100 2017 2015

$11.0B

Net Sales (USD B)

2017 2015

$6.8B 0

2

4

6

8

10

12 2017 2015

$2.5B

n erl in

$1.3B 0.0

0.5

1.0

1.5

2.0

2.5

3.0

$1,450M

Underlying FCF (USD M)

$704M 0

48

200

400

600

Source: Molson Coors Annual NY Investor/Analyst Meeting – 7 June 2017

800

1,000

1,200

1,400

1,600

2017 2015

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Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018