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MOLSON COORS BREWING CO

CREDIT RATINGS & TERM STRUCTURE OF DEBT ■■

■■

■■

Molson Coor’s current long-term credit ratings are*: ■■ S&P: BBB-/Stable Outlook ■■ Moody’s: Baa3/Stable Outlook ■■ DBRS: BBB(Low)/Stable Outlook The Company issued ~USD6.9B of fixed-rate senior notes to fund the USD12B MillerCoors transaction. Management are working on deleveraging the balance sheet with the strong free cash flow generation to bring the Debt / EBITDA ratio down from over 5x in 2016 to ~3.75x by Mid-2019.

(in millions)

DEBT MATURITY PROFILE

S&P, MOODY’S D

$3,000

6x

$2,500

5x

$2,000

3x

$1,500

3x

$1,000

2x

$500 $0

et e t re

1x 2018 2019 2020 2021 2022 2023 2024 2026 2042 2046

0x

Mat rities CAD Notes

USD Notes

2012

2013

EUR Notes

S&P, MOODY’S DEBT / EBITDA 6x 5x

et e t re

3x

e illion

~4x

~3.75x

3x 2x 1x 2022 2023 2024 2026 2042 2046 Mat rities USD Notes

EUR Notes

0x

2012

2013

2014

2015 2016PE 2017 S&P

2018E Mid-2019E

Moody’s

Source: BGCSC Presentation - 5 September 2018

* Source: Molson Coors Q2 2018 10Q Report p59

2014

2015 S&P

Source: Molson Coors Q2 2018 10Q Report

URITY PROFILE

e illion

77

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018