Exhibit 99.1

Molson Coors Reports Lower Sales, Underlying After-Tax Income and EBITDA for the Third Quarter 2014

$1.20 billion of Underlying EBITDA and $766.1 million of Underlying Free Cash Flow Generated Year to Date through Third Quarter 2014

Third Quarter 2014 Highlights ⁽¹⁾

• Net sales: $1.17 billion, decreased 0.3% on a reported and a constant currency basis
• Net sales per HL: $134.44, increased 2.9%, driven by favorable pricing and sales mix
• U.S. GAAP net loss from continuing operations attributable to MCBC: $35.7 million ($0.20 per diluted share), driven by the impairment of intangible brand assets in Europe
• Underlying after-tax income: $271.5 million ($1.46 per diluted share), decreased 2.7%
• Underlying EBITDA (earnings before interest, taxes, depreciation and amortization): $469.2 million, decreased 2.5%
• Worldwide beer volume: 16.4 million hectoliters, decreased 3.4%

DENVER & MONTREAL--(BUSINESS WIRE)--November 6, 2014--Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported a 2.7 percent decrease in underlying after-tax income for the third quarter 2014, driven by lower volume, increased brand investments, unfavorable foreign exchange, and a higher underlying effective tax rate this year. These factors were partially offset by positive pricing and sales mix, cost reductions, and lower underlying interest expense versus a year ago. On a U.S. GAAP basis, the company reported a $35.7 million net loss primarily due to the impairment of two brands in Europe.

Molson Coors president and chief executive officer Peter Swinburn said, “In the third quarter, our underlying after-tax income decreased 2.7 percent and underlying EBITDA declined 2.5 percent. While we continued to expand gross margins and generate substantial cash, the underlying results were impacted by negative foreign currency movements, increased marketing spending, and the loss of the Modelo business in Canada, partially offset by the release of a reserve following the favorable resolution of a regulatory matter in Europe, all of which accounted for a combined $22 million negative pretax impact in the quarter. Our results also reflected weak consumer demand in the U.S., Europe and Canada."

Swinburn added, “Despite the headwinds in the quarter, we continued to strengthen our brand portfolio, deliver value-added innovation, grow our share of above premium, implement common processes, and focus on Profit After Capital Charge as the key driver for our cash and capital allocation strategy. However on a US GAAP basis, we reported a pretax loss due to a $360 million impairment of Jelen and Ozujsko, two of our brands in Europe. The largest markets for these brands are Serbia, Bosnia and Croatia, where two primary factors drove the impairments: weak consumer demand, which we expect to be exacerbated by the long-term impact of the severe flooding in May, and the growth of the low-price value segment."

Underlying EBITDA and Free Cash Flow

Underlying EBITDA was $469.2 million in the third quarter, a 2.5 percent decrease from a year ago. Year to date underlying EBITDA increased 4.2 percent from a year ago to $1.20 billion this year.

Underlying free cash flow through the first three quarters of 2014 was $766.1 million, an increase of $19.3 million from the prior year, driven by higher net cash distributions from MillerCoors, as well as lower cash paid for pension contributions, capital expenditures and interest versus last year, which were partially offset by lower working capital benefits this year.

Worldwide Volume

Worldwide beer volume of 16.4 million hectoliters, decreased 3.4 percent.

Foreign Exchange

The Company’s third quarter underlying consolidated pretax income includes the effect of foreign currency movements that were approximately $2 million positive in Europe, $5 million negative in Canada, and $3 million negative in Corporate.

Effective Income Tax Rates

The Company’s third quarter effective income tax rate was negative 2 percent on a reported basis and positive 18 percent on an underlying basis, with the difference driven by special and other non-core items. On a U.S. GAAP basis, the pretax loss, driven by the intangible brand asset impairments, was the primary driver of the negative effective tax rate. On an underlying basis, our effective tax rate was approximately 2 percentage points higher than prior year primarily due to changes in the geographic mix of income.

Debt

Total debt at the end of the third quarter was $3.45 billion, and cash and cash equivalents totaled $722.1 million, resulting in net debt of $2.73 billion, which is $753 million lower than the prior year.

Third Quarter Business Segment Results

The following are the Company’s third quarter 2014 results by business segment:

United States Business (MillerCoors)⁽²⁾

Molson Coors underlying U.S. segment equity income increased 2.8 percent to $159 million in the quarter.

MillerCoors Operating and Financial Highlights

MillerCoors underlying net income for the quarter increased 3.5 percent to $376.7 million, driven by positive pricing, sales mix and cost savings.

MillerCoors domestic sales-to-retailers volume (STRs) declined 3.7 percent for the quarter. Domestic sales-to-wholesalers volume (STWs) decreased 1.7 percent. Domestic net revenue per hectoliter, which excludes contract brewing and company-owned-distributor sales, grew 2.5 percent due to favorable net pricing and positive sales mix. Total company net revenue per hectoliter, including contract brewing and company-owned-distributor sales, increased 2.6 percent. Contract brewing volumes decreased 1.0 percent.

Cost of goods sold (COGS) per hectoliter increased 2.0 percent, driven primarily by commodity and brewery inflation and higher costs associated with brand innovation, partially offset by supply chain cost savings. Marketing, general and administrative (MG&A) expense increased 0.5 percent, driven primarily by higher expenses relating to the Business Transformation initiative, partially offset by lower employee-related expenses.

Depreciation and amortization expenses for MillerCoors in the third quarter were $76.6 million, and additions to tangible and intangible assets totaled $85.0 million.

Canada Business

Canada underlying pretax income decreased 8.9 percent to $132.6 million in the quarter and decreased 5.7 percent on a constant-currency basis. More than two-thirds of the constant-currency decline was driven by cycling the $5.7 million benefit of 2013 equity earnings and administrative cost recoveries related to the Modelo joint venture, which was terminated at the end of February 2014. Higher marketing spending this year, lower volume, and cycling unusually low incentive compensation expense a year ago also contributed to the decline. A decrease in the Canadian dollar versus the U.S. dollar resulted in an approximate $5 million negative foreign currency impact on underlying pretax income in the quarter. These negative factors were partially offset by substantial cost savings in the third quarter this year.

STRs decreased 5.9 percent on a reported basis in the third quarter, primarily due to our termination of the Modelo joint venture earlier this year, along with lower industry volume and competitive promotional activity across Canada. Our market share⁽³⁾ declined approximately one-half point. Molson Coors Canada sales volume⁽³⁾ decreased 2.2 percent in the third quarter. Net sales per hectoliter increased 3.1 percent in local currency, driven by positive net pricing and mix.

COGS per hectoliter increased 1.3 percent in local currency, driven by fixed-cost deleverage, the loss of the Modelo brands this year, and brewing and material inflation, partially offset by cost savings. MG&A expense increased 15.1 percent in local currency, due to a planned increase in marketing spending and higher incentive compensation expense this year.

Europe Business

Europe underlying pretax income increased 4.4 percent to $101.4 million in the quarter and increased 2.3 percent on a constant currency basis. The increase was driven by cost savings and the release of a reserve following the favorable resolution of a regulatory matter, along with a benefit of approximately $2 million from favorable foreign currency movements.

Europe sales volume decreased 4.6 percent, as the region continued to be negatively impacted by the aftermath of severe flooding in parts of Serbia, Bosnia and Croatia earlier this year, as well as weakened consumer demand driven by a challenged regional economy and unfavorable weather in the quarter. Europe net sales per hectoliter increased 2.5 percent in local currency driven by positive geographic mix, primarily related to a higher proportion of net sales in the U.K.

COGS per hectoliter increased 3.4 percent in local currency driven by a mix shift into higher cost products and geographies.

MG&A expense decreased 10.7 percent in local currency, due to cost savings and the release of a reserve following the favorable resolution of a regulatory matter in the quarter.

International Business

The International segment posted an underlying pretax loss of $2.7 million in the third quarter, versus a loss of $2.1 million a year ago, due to higher marketing investments, which drove strong double-digit top-line growth.

Total International sales volume, including royalty volume, increased 22.9 percent, primarily due to strong Coors Light growth in Latin America, significant growth in India and the addition of the Australia market. Net sales per hectoliter decreased 7.2 percent, driven by geographic mix and foreign currency movements.

COGS per hectoliter decreased 5.6 percent, due to sales mix changes and foreign currency movements. International MG&A expense increased 14.9 percent, driven by higher marketing investments and project expenses.

Corporate

Underlying Corporate pretax loss totaled $58.7 million for the third quarter, a $0.9 million improvement versus the prior year driven by lower underlying interest expense and information technology project costs, partially offset by unfavorable foreign currency movements.

Change in Interim Period Accounting for Advertising Expenses

Effective the first quarter of 2014, we changed our policy for recognizing advertising expenses during interim periods and have applied this change retrospectively. The change in interim accounting affects the timing of advertising expenses over interim periods but has no impact on full year results. We have provided the impact to fiscal year 2013 quarterly results on our investor relations website.

Special and Other Non-Core Items

The following special and other non-core items have been excluded from underlying pretax earnings.

During the quarter, Molson Coors recognized a net special charge of $367.6 million. This pretax charge was driven by a $360.0 million impairment of indefinite-lived intangible brand assets (Jelen and Ozujsko) in Europe and an $8.9 million impairment of our definite-lived intangible asset associated with our license agreement with Miller in Canada. We also incurred $2.2 million of restructuring costs and recognized $3.5 million of income associated with insurance proceeds resulting from the flooding in the Balkan region that occurred in the second quarter of 2014.

MillerCoors reported $0.2 million in special charges for restructuring. Our portion of these charges is $0.1 million at our 42 percent economic ownership share.

Other non-core items resulted in $2.9 million of pretax income, which was driven by unrealized mark-to-market net gains on commodity hedges.

2014 Third Quarter Conference Call

Molson Coors Brewing Company will conduct an earnings conference call with financial analysts and investors at 11:00 a.m. Eastern Time today to discuss the Company’s 2014 third quarter results. The Company will provide a live webcast of the earnings call.

The Company will also host an online, real-time webcast of an Investor Relations Follow-up Session with financial analysts and institutional investors at 1:00 p.m. Eastern Time. Both webcasts will be accessible via the Company’s website, www.molsoncoors.com. Online replays of the webcasts will be available until 11:59 p.m. Eastern Time on February 9, 2015. The Company will post this release and related financial statements on its website today.

Footnotes:

⁽¹⁾ The Company calculates non-GAAP underlying after-tax income, underlying EBITDA, underlying free cash flow and constant currency results by excluding special and other non-core items from the nearest U.S. GAAP performance measure, which is net income from continuing operations attributable to MCBC for both underlying after-tax income and underlying EBITDA and net cash provided by operating activities for underlying free cash flow. For further details regarding these adjustments, please see the section “Special and Other Non-Core Items,” along with tables for reconciliations to the nearest U.S. GAAP measures. Unless otherwise indicated, all $ amounts are in U.S. Dollars and all quarterly comparative results are for the Company’s fiscal third quarter and first three quarters ended September 30, 2014, compared to the fiscal third quarter and first three quarters ended September 28, 2013. Additionally, all per-hectoliter calculations exclude contract brewing and non-owned factored beverage volume in the denominator but include the financial impact of these sales in the numerator, unless otherwise indicated.

⁽²⁾ MillerCoors, a U.S. joint venture of Molson Coors Brewing Company and SABMiller plc, was launched on July 1, 2008. Molson Coors has a 42 percent economic interest in MillerCoors, which is accounted for using the equity method. Molson Coors’ interest in MillerCoors results, along with certain adjustments under U.S. GAAP, is reflected in “Equity Income in MillerCoors.” This release includes reconciliation from MillerCoors Net Income to Molson Coors Brewing Company Equity Income in MillerCoors and Non-GAAP U.S. Segment Underlying Pretax Income (see Table 6).

⁽³⁾ Excludes the Modelo brands from our Canada STR results in third quarter 2013 and 2014. The Company terminated on February 28, 2014, its joint venture that sold the Modelo brands in Canada, and control of the brands reverted to Anheuser-Busch InBev.

Overview of Molson Coors

Molson Coors Brewing Company is one of the world’s largest brewers. The Company’s operating segments include Canada, the United States, Europe, and Molson Coors International (MCI). The Company has a diverse portfolio of owned and partner brands, including signature brands Carling, Coors Banquet, Coors Light, Molson Canadian and Staropramen. Molson Coors is listed on the 2014/2015 Dow Jones Sustainability World Index (W1SGITRD), the most recognized global benchmark of sustainability among global corporations. For more information on Molson Coors Brewing Company, visit the company’s website, www.molsoncoors.com.

About Molson Coors Canada Inc.

Molson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors Brewing Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.

Forward-Looking Statements

This press release includes estimates or projections that constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words “believe,” "expect,” "intend,” "anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historic in nature. Although the Company 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 the Company’s historical experience, and present projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”). These factors include, among others, impact of competitive pricing and product pressures; health of the beer industry and our brands in our markets; economic conditions in our markets; pension plan costs; availability or increase in the cost of packaging materials; our ability to maintain manufacturer/distribution agreements; our ability to implement our strategic initiatives, including executing and realizing cost savings; our ability to successfully integrate our Central Europe business; changes in legal and regulatory requirements, including the regulation of distribution systems; increase in the cost of commodities used in the business; our ability to maintain brand image, reputation and product quality; our ability to maintain good labor relations; changes in our supply chain system; additional impairment charges; the impact of climate change and the availability and quality of water; risks relating to operations outside North America; success of our joint ventures; lack of full-control over the operations of MillerCoors; and other risks discussed in our filings with the SEC, including our Annual Report on Form 10-K for the year-ended December 31, 2013, which are available from 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.

Use of Non-GAAP Measures

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America ("U.S. GAAP"), we also present pretax and after-tax "underlying income," "underlying effective tax rate," "underlying free cash flow," and "constant currency," which are non-GAAP measures and should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We also present underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") as a non-GAAP measure. Our management uses underlying income, underlying EBITDA, underlying effective tax rate, underlying free cash flow and constant currency as measures of operating performance to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the board of directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe that underlying income, underlying EBITDA, underlying effective tax rate, underlying free cash flow and constant currency performance are used by and are useful to investors and other users of our financial statements in evaluating our operating performance because they provide an additional tool to evaluate our performance without regard to special and non-core items, which can vary substantially from company to company depending upon accounting methods and book value of assets and capital structure. We have provided reconciliations of all non-GAAP measures to their nearest U.S. GAAP measures and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure. These adjustments consist of special items from our U.S. GAAP financial statements as well as other non-core items, such as acquisition and integration related costs, unrealized mark-to-market gains and losses, and gains and losses on sales of non-operating assets, included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.

N/M = Not meaningful

Constant currency is a non-GAAP measure utilized by Molson Coors management to measure performance, excluding the impact of foreign currency movements. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. This information is non-GAAP and should be viewed as a supplement to (not a substitute for) our reported results of operations under U.S. GAAP. We calculate the impact of foreign exchange on net sales, pretax income and non-GAAP underlying pretax income using the following steps:

Worldwide Beer Volume

CONTACT:
Molson Coors
News Media
Colin Wheeler, 303-927-2443
or
Investor Relations
Dave Dunnewald, 303-927-2334