Market Overview

MillerCoors Purchases Group Annuity Contract to Secure Pension Benefits

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Molson Coors Brewing Company (NYSE:TAP, TSX:TPX) announced today that
its wholly-owned subsidiary, MillerCoors LLC, has closed on an agreement
to purchase a group annuity contract from Athene Annuity and Life
Company, a subsidiary of Athene Holding Ltd. ("Athene"), under which
Athene will assume from the MillerCoors LLC Pension Plan (the "Plan")
obligations to pay future pension benefits to over 6,000 retirees and
beneficiaries. By transferring the obligations to Athene, MillerCoors
will reduce its pension projected benefit obligation by over $900
million.

Starting May 1, 2018, Athene will begin making benefit payments to the
affected plan participants along with providing ongoing administrative
services. Plan participants will receive the same monthly benefit they
were previously receiving from the Plan.

This action will serve to reduce the overall size of the Plan, future
cost volatility and annual Plan administrative expenses.

MillerCoors engaged State Street Global Advisors as an independent
fiduciary to carefully evaluate and choose the insurer based on
financial strength, qualifications and overall capabilities, and it
selected Athene as the annuity provider. Willis Towers Watson served as
strategic advisors and Jones Day served as legal counsel to MillerCoors
in this transaction.

About Molson Coors

With a story that starts in 1774, Molson Coors has spent centuries
defining brewing greatness. As one of the largest global brewers, Molson
Coors works to deliver extraordinary brands that delight the world's
beer drinkers. From Coors Light, Miller Lite, Carling, Staropramen and
Sharp's Doom Bar to Leinenkugel's Summer Shandy, Blue Moon Belgian
White, Creemore Springs Premium Lager and Crispin Cider, Molson Coors
offers a beer for every beer lover.

Molson Coors operates through Molson Coors Canada, MillerCoors, Molson
Coors Europe and Molson Coors International. The company is not only
committed to brewing extraordinary beers, but also running a business
focused on respect for its employees, communities and drinkers, which
means corporate responsibility and accountability right from the start.
It has been listed on the Dow Jones Sustainability North American Index
for the past seven years. To learn more about Molson Coors Brewing
Company, visit molsoncoors.com, ourbeerprint.com or on Twitter through
@MolsonCoors.

Forward-Looking Statements

This press release includes "forward-looking statements" within the
meaning of the U.S. federal securities laws. Generally, the words
"aims," "believe," "expect," "intend," "anticipate," "project," "will,"
and similar expressions identify forward-looking statements, which
generally are not historic in nature. Forward-looking statements include
those relating to benefits to be paid by Athene, the expected reduction
to the Company's pension projected benefit obligation, and the expected
impact of the transaction on the size of the Plan, future cost
volatility, and administrative expenses. Although Molson Coors believes
that the assumptions upon which its forward-looking statements are based
are reasonable, it can give no assurance that these assumptions will
prove to be correct. Important factors that could cause actual results
to differ materially from Molson Coors' projections and expectations are
disclosed in Molson Coors' filings with the SEC. These factors include,
among others, health of the beer industry and our brands in our markets;
economic conditions in our markets; stock market and commodities
performance; consumer demand; global economic conditions; changes in
laws and regulations; development of new technology; costs of resources
and raw materials; force majeure events; changes in our supply chain
system; success of our joint ventures; future financial and operating
performance within and related to the industry; and other risks
discussed in our filings with the SEC . All forward-looking statements
in this Press Release are expressly qualified by such cautionary
statements and by reference to the underlying assumptions. You should
not place undue reliance on forward-looking statements, which speak only
as of the date they are made. We do not undertake to update
forward-looking statements, whether as a result of new information,
future events or otherwise.

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