Exhibit 99.1

Molson Coors Reports Higher Net Sales and Underlying After-Tax Income for the Second Quarter

Second Quarter 2012 Highlights

• Underlying after-tax income^{(1, 2)}: $250.1 million, up 8.0% ($1.38 per diluted share, up 12.2%)
• Net income from continuing operations attributable to MCBC: $104.3 million, down 53.5% ($0.57 per diluted share, down 52.1%) due to Central Europe-related financing and acquisition costs
• Net sales: $999.4 million, up 7.0%
• Worldwide beer volume: 13.9 million hectoliters, up 6.4%
• Coors Light sales to retail: up 4.0%, with solid volume and market share growth across all of our regions

DENVER & MONTREAL--(BUSINESS WIRE)--August 7, 2012--Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported 7.0 percent higher net sales and an 8.0 percent increase in underlying after-tax income for the second quarter 2012, driven by positive performance in our U.S. business and the inclusion of two weeks of Molson Coors Central Europe (MCCE) operations in reported results in 2012. Underlying earnings per share from continuing operations increased 12.2 percent to $1.38 per diluted share, which includes $19.7 million of underlying pre-tax income for two weeks of MCCE results, partially offset by $5.0 million of acquisition-related interest expense in Corporate, as well as fewer shares outstanding this year. Net income from continuing operations attributable to Molson Coors (a U.S. GAAP earnings measure) decreased 53.5 percent due to MCCE-related financing and acquisition costs. These costs have been excluded from underlying results. See the Special and Other Non-Core Items section of this release.

Molson Coors Brewing Company’s acquisition of StarBev was completed on June 15. The final purchase price was €2.7 billion, the equivalent of $3.4 billion, including the assumption and payoff of pre-existing StarBev debt. The purchase was funded with $300 million in bank debt, $1.9 billion in senior unsecured notes, $601 million in cash, and a €500 million zero-coupon convertible note issued to the seller with a fair value of €511 million, or $646 million, at closing. The purchase price represents a multiple of 10.8 times 2011 pro forma underlying EBITDA.

Molson Coors president and chief executive officer Peter Swinburn said, “We completed the Central Europe acquisition in the second quarter, which we see as a strategically compelling and financially attractive transaction. We expect this acquisition to increase shareholder value toward the early part of our 3-to-5 year return range. This significantly enhances our growth profile with leading brands in the Central European markets, which we believe have promising potential both for our top line and bottom line.

“We remain focused on driving profits across all of our businesses and implementing our growth strategy of investing behind our core brands, delivering innovation, leveraging our above-premium portfolio and scaling our existing business in emerging markets.”

Cost Savings Highlights

In the second quarter, the Company delivered $14 million of Resources for Growth Two (RFG2) cost reductions, for a total of $150 million in savings since the program began over two years ago. As a result, we have achieved our three-year RFG2 Program target of $150 million six months early.

MillerCoors achieved cost savings of $32 million in the quarter. Molson Coors benefits from 42 percent of these cost savings.

Foreign Exchange

The Company’s second quarter results include the impact of unfavorable foreign currency movements from the British Pound and Canadian Dollar, which decreased underlying pretax income by approximately $9 million.

Effective Income Tax Rates

The Company’s second quarter effective income tax rate was 21 percent on a reported basis and 18 percent on an underlying basis. The Company estimates that its underlying effective tax rate will be in the range of 17 percent to 21 percent for full year 2012, assuming no further changes in tax laws.

Debt

Total debt at the end of the second quarter was $4.9 billion, and cash and cash equivalents totaled $516 million, resulting in net debt of $4.4 billion. These debt balances include $2.9 billion of MCCE acquisition-related debt.

2^nd Quarter Business Segment Results

Following are the Company’s second quarter 2012 results by business segment:

Canada Business

Canada underlying pretax income decreased 0.6 percent to $139.0 million in the quarter due to adverse foreign currency movements. Canada underlying income in local currency increased 4 percent, driven by higher volume, positive net pricing, cost reductions, and income from the addition of North American Breweries (NAB) contract brewing, which were partially offset by increased marketing and sales investments this year and the cycling of lower employee incentive costs last year. A 4.4% decline in the Canadian Dollar versus the U.S. dollar drove an approximate $7 million negative impact.

Both sales-to-retail (STRs) and sales volume increased 1.8 percent in the second quarter due to a year-over-year change in the timing of the Canada Day holiday within our fiscal calendar. As a result, the Canada Day retail load-in this year was in the second quarter, versus primarily in the third quarter last year. Our Canada market share declined approximately one-half share point from a year ago on estimated industry growth of 3 percent.

Net sales per hectoliter increased 6 percent in local currency, with more than half of the increase driven by continued positive pricing, and the remainder due to the addition of NAB contract sales.

Cost of goods sold (COGS) per hectoliter increased 6 percent in local currency, with more than half of the increase related to the cost of brewing beer under our NAB contract, along with higher pension costs, input inflation and a mix shift toward higher-cost products.

Marketing general and administrative (MG&A) expense increased 13 percent in local currency, with two-thirds driven by higher marketing and sales investments and the remainder due to cycling lower employee incentive costs in the prior year.

United States Business (MillerCoors)⁽³⁾

Molson Coors underlying U.S. segment pretax income increased 7.2 percent to $184.6 million in the quarter.

MillerCoors Operating and Financial Highlights

MillerCoors underlying net income for the quarter, excluding special items, increased 9.1 percent to $436.0 million, driven by positive pricing, favorable brand mix and cost management.

MillerCoors domestic STRs declined 1.4 percent. Domestic sales-to-wholesalers (STWs) increased 0.3 percent.

Domestic net revenue per hectoliter, which excludes contract brewing and company-owned-distributor sales, grew 3.6 percent primarily due to strong net pricing and favorable mix. Total company net revenue per hectoliter, including contract brewing and company-owned distributor sales, increased by 3.4 percent for the quarter. Third-party contract brewing volumes were up 6.7 percent.

COGS per hectoliter increased 2.5 percent driven by packaging innovation, brand premiumization and brewing material costs, partially offset by cost savings initiatives.

MG&A costs increased 3.1 percent, due to slightly increased marketing spending related to the Miller64 brand re-launch and increased spending behind new products and packaging innovations, partially offset by lower information systems costs.

Depreciation and amortization expenses for MillerCoors in the second quarter were $73.0 million and additions to tangible and intangible assets totaled $47.6 million.

Central Europe Business (Pro forma U.S. GAAP)⁽⁴⁾

Central Europe pro forma underlying pretax income decreased 36.6 percent to $46.2 million in the quarter. Positive volume and net pricing were more than offset by unfavorable foreign currency movements, geographic and channel mix, and input cost inflation. These results reflect a negative impact on underlying earnings of approximately $9 million from foreign currency fluctuations.

Central Europe pro forma sales volume increased 1.4 percent. Overall MCCE market share was up slightly in the quarter.

Pro forma net sales per hectoliter increased 2 percent in local currency due to positive net pricing.

Pro forma COGS per hectoliter increased 11 percent in local currency, primarily driven by increased sales of innovative products and packages and input cost inflation, particularly malt, utilities and fuel.

Pro forma MG&A expenses increased 8 percent in local currency, due to increased marketing behind product innovation and increased bad debt expenses.

United Kingdom Business

U.K. underlying pretax income decreased 19.3 percent to $28.0 million in the quarter, due to lower volume, higher pension expense and higher marketing investment, partly offset by lower general and administrative costs. These results reflect a negative impact on underlying earnings of approximately $1 million from a 3.1 percent depreciation of the British Pound versus the U.S. Dollar.

U.K. STRs decreased 7.9 percent due to a weak U.K. off-premise channel impacted by poor weather and increased competitor promotional activity. With U.K. beer industry volumes declining approximately 5 percent, our market share declined in the quarter, driven by the lower-margin off-premise channel.

Net sales per hectoliter increased 5 percent in local currency primarily due to the positive impact of increased sales of non-owned (factored) beverages. Pricing on owned brands was negative, driven by lower pricing in the off-premise as a result of continuing competitive market dynamics, partly offset by positive pricing in the on-premise.

COGS per hectoliter increased 13 percent in local currency, with more than two-thirds of the increase due to higher factored product costs. The rest of the change was driven by input inflation, higher pension costs and fixed-cost deleverage from lower volumes. Factored product costs were unusually high in the second quarter, and we anticipate they will decrease slightly in the third quarter.

MG&A expenses decreased nearly 14 percent in local currency, due to lower employee incentive costs and cost reduction initiatives, partly offset by higher marketing investments and pension expense this year.

International Business

The International segment posted an underlying pretax loss of $13.4 million in the second quarter, up from $10.1 million a year ago due to the addition of costs related to the Cobra India business and infrastructure investments and the effect of asset-value and cost adjustments in our China joint venture.

International STRs increased 36 percent due to the addition of India sales, along with Carling growth in the Ukraine and Coors Light growth in Latin America. Excluding royalty sales (primarily in Mexico and Europe), International volume grew 32.2 percent. Net sales increased nearly 32 percent, driven by volume growth. Cost of goods per hectoliter increased 8 percent, with nearly two-thirds due to asset-value and cost adjustments in our China joint venture, and the remainder due to sales mix and input inflation.

International MG&A expense increased 26 percent, driven by incremental brand investments in priority markets, along with infrastructure investments. Asset-value and cost adjustments in our China joint venture contributed 6 percent to the increase.

Corporate

Underlying Corporate expenses totaled $55.2 million pretax for the second quarter. This reduction of $1.7 million was primarily due to lower project expense, partially offset by higher interest expense.

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 special items resulted in a $21.2 million pretax charge driven primarily by $10.4 million of goodwill and other intangible asset impairments related to our China business, a $7.2 million asset write-off related to the discontinuation of primary packaging and $4.5 million of restructuring charges in the UK, and $1.4 million of special termination benefit costs in Canada, partially offset by a $2.3 million gain related to Toronto flood insurance reimbursement.

Other non-core items resulted in a $158.7 million pretax charge, driven by $152.4 million of Central Europe financing and acquisition-related expenses in Corporate ($74.1 million in Other Income, $55.5 million in Interest, and $22.8 million in G&A), an $8.6 million non-cash fair value adjustment to inventory and $2.5 million of acquisition-related expenses in Central Europe, and $0.5 million of acquisition-related costs in our International business. These charges were slightly offset by a $1.5 million unrealized mark-to-market gain on commodity hedges in Corporate COGS and a $3.8 million unrealized FX gain in Central Europe.

During the quarter, MillerCoors reported a $2.3 million pension curtailment gain special item. This equates to $1.0 million at Molson Coors’ 42 percent economic ownership share.

2012 Second Quarter Earnings 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 2012 second 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 2:00 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 August 7, 2013. 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 by excluding special and other non-core items from the nearest U.S. GAAP earnings measure, which is net income from continuing operations attributable to MCBC. To calculate underlying after-tax income in the second quarter, the Company excluded non-core gains, losses and expenses, as well as special items. For further details, please see the section “Special and Other Non-Core Items,” along with tables for reconciliations to the nearest U.S. GAAP measures.

⁽²⁾ Unless otherwise indicated, all $ amounts are in U.S. Dollars and all quarterly comparative results are for the Company’s fiscal second quarter ended June 30, 2012, compared to the fiscal second quarter ended June 25, 2011. Additionally, all per-hectoliter results 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.

⁽³⁾ 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 4).

⁽⁴⁾ Unless otherwise indicated, all $ amounts are in U.S. Dollars. The pro forma statements of operations include adjustments directly attributable to the acquisition of StarBev. Actual amounts include the results of operations for Central Europe from the Acquisition date of June 15, 2012, through June 30, 2012. Pro forma amounts include the results of operations for Central Europe for the periods indicated on each statement. These amounts also include pro forma adjustments as if MCCE had been acquired on December 26, 2010, the first day of our 2011 fiscal year, including the effects of on-going acquisition accounting impacts and eliminating operating costs and expenses directly related to the transaction, but do not include adjustments for costs related to integration activities following the completion of the Acquisition, cost savings or synergies that have been or may be achieved by the combined businesses. Pro forma amounts are not necessarily indicative of what the results would have been had we operated the businesses since December 26, 2010, and do not purport to be indicative of future operating results.

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, Central Europe, the United Kingdom, and Molson Coors International (MCI). The Company has a diverse portfolio of owned and partner brands, including signature brands Coors Light, Molson Canadian, Staropramen and Carling. Molson Coors is listed on the 2011 Dow Jones Sustainability Index (DJSI), the most recognized global benchmark of sustainability among global corporations. For more information on Molson Coors Brewing Company, visit the company’s web site, www.molsoncoors.com.

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, our ability to successfully integrate StarBev, retain key employees and achieve planned cost synergies; pension plan costs; availability or increase in the cost of packaging materials; our ability to maintain manufacturer/distribution agreements; impact of competitive pricing and product pressures; our ability to implement our strategic initiatives, including executing and realizing cost savings; 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; the ability of MillerCoors to integrate operations and technologies; lack of full-control over the operations of MillerCoors; the ability of MillerCoors to maintain good relationships with its distributors; and other risks discussed in our filings with the SEC, including our Annual Report on Form 10-K for the year-ended December 31, 2011, 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.

Reconciliations to Nearest U.S. GAAP Measure

Pretax and after-tax underlying income should be viewed as a supplement to, not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Our management uses underlying income as a measure 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; and in communications with the board of directors, stockholders, analysts and investors concerning our financial performance. We believe that underlying income performance is used by and is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to evaluate our performance without regard to items such as special items, which can vary substantially from company to company depending upon accounting methods and book value of assets and capital structure.

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