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Molson Coors Reports Second Quarter 2008 Financial Results

August 5, 2008

DENVER, COLORADO and MONTREAL, QUEBEC–(Marketwire – Aug. 5, 2008) – Molson Coors Brewing Company (TSX:TAP.A)(TSX:TAP.B)(NYSE:TAP) today reported higher sales volume and net sales and lower earnings per share for the fiscal second quarter ending June 29, 2008.

Second Quarter Highlights

Key results for the Company’s fiscal second quarter ended June 29, 2008, compared to the fiscal second quarter ended July 1, 2007, include the following:

– A major achievement during the quarter was the formation of MillerCoors, creating a single, stronger, more competitive American brewer with a powerful portfolio of brands and economies of scale to win in the U.S. beer market.

– Net sales increased 4.8 percent to $1.76 billion.

– Net sales per barrel increased 3.9 percent.

– Sales volume increased 0.9 percent to 11.6 million barrels, or 13.6 million hectoliters (HLs).

– Total Company sales-to-retail (STRs) rose 2.3 percent.

– Cost of goods sold per barrel increased 5.9 percent.

– Marketing, general and administrative expenses rose 1.4 percent.

– Income from continuing operations, a U.S. GAAP earnings measure, was $93.3 million after tax, compared to $184.3 million in the second quarter of 2007. The change is attributable to higher special charges, increased energy and commodity inflation in all markets, and a higher effective tax rate for the quarter.

– Underlying after-tax income was $172.6 million, or $0.93 per diluted share, in the second quarter 2008, a 2.0 percent decline from $176.1 million, or $0.97 per diluted share, last year. The company calculates non-GAAP underlying income by excluding special and other one-time items from the nearest U.S. GAAP earnings measure.

– To calculate underlying income in the second quarter of 2008, the company excluded net special charges of $103.9 million pretax. The charges were driven by a non-cash write-down of the book value of the Molson brands sold in the U.S.; MillerCoors retention, planning and integration expenses; and transition costs related to the outsourcing of shared services.

All $ amounts are in U.S. Dollars. See “Special and Other One- Time Items” and “Discontinued Operations” as well as tables below for reconciliations to nearest U.S. GAAP measures.

MOLSON COORS BREWING COMPANY

Peter Swinburn, Molson Coors president and chief executive officer, said, “This was a momentous quarter for the future of our company. With the creation of MillerCoors, we completed the most significant business combination in the history of U.S. beer. This new venture fundamentally changes the game in the U.S. beer industry by creating a stronger and more competitive company with the talent, brands and scale to win. MillerCoors is bringing new energy to the beer industry and will drive profitable growth, which provides Molson Coors Brewing Company with important new financial resources to continue building our brands in our core markets and around the world.”

Swinburn added, “Our financial performance in the second quarter benefited from another exceptional quarter by our U.S. business, with gains in sales volume, pricing and underlying income. We are excited about this strong momentum as we launch MillerCoors. Across our company, our top brands continue to outperform the industry in the second quarter, and we achieved net pricing gains and substantial cost savings in each of our core markets. At the same time, however, energy and commodity inflation has become a bigger challenge for our company and for the global beer industry. This cost inflation, combined with our higher tax rate, drove lower after- tax income for our total company in the quarter. In the face of challenging economic conditions, we continue to implement value- adding strategies that will allow us to build our brands, achieve positive pricing, reduce costs, and grow profits and cash for our shareholders. The fundamentals of our business remain strong, and we are more excited than ever about the future for Molson Coors Brewing Company, as we strive to become a top-performing global brewer.”

During the quarter, Molson Coors achieved approximately $18 million in cost reductions as part of its three-year, Resources for Growth program. At the half-way mark for the program, the Company has achieved $138 million of the total $250 million in cost savings expected by the end of 2009.

Foreign exchange rate movements increased total-company pretax income by approximately $6 million in the quarter.

The Company’s effective tax rate during the second quarter 2008 for income from continuing operations was 23 percent, both including special items and on an underlying basis, up from 13 percent and 20 percent, respectively, during the second quarter a year ago. The Company now estimates that its full-year 2008 effective tax rate will be in the range of 20 percent to 24 percent on an underlying basis.

Business Segments

Following are the Company’s 2008 second quarter results by business segment:

Canada Business

The Canada business earned underlying pretax income of $154.4 million. The 5.6 percent increase compared to a year ago was driven by an $11 million benefit from favorable foreign currency and positive net pricing, partially offset by higher energy and commodity costs.

On a comparable basis (which includes the Modelo brands in all of Canada for both periods1), Canada sales-to-retail decreased 0.8 percent during the quarter and market share declined slightly. The sales-to-retail decrease was driven by weak industry performance reflecting unusually wet weather across most of Canada. Despite weak industry trends, Molson’s strategic brands, which represent more than 85 percent of the Company’s Canada volume, continued to grow, including mid-single-digit growth by the Coors Light brand and double-digit growth by Rickard’s, Creemore and Carling.

Results for the Modelo Molson joint venture, which sells the Modelo brands across Canada, are recorded under the equity method of accounting. Beginning in 2008, Modelo brand results are no longer consolidated in the Company’s Canada results, affecting the comparability of results with 2007.

Canada sales volume decreased 11.7 percent in the quarter ending June 29, 2008, due almost entirely to the transfer of volume to the Modelo Molson joint venture and the termination of the U.S. production contract for Foster’s. Net sales per barrel increased 4.2 percent in local currency during the quarter with more than half the increase driven by positive pricing. Cost of goods sold per barrel increased 1.4 percent in local currency, driven by eight percentage points of commodity and materials inflation, along with four percentage points due to higher overhead costs and the ongoing shift in sales mix to partner import brands. These factors were largely offset by two and one-half percentage points of operations cost savings and eight percentage points of net benefit related to the Foster’s and Modelo changes and cycling an unfavorable foreign currency adjustment in 2007. Marketing, general and administrative expenses decreased 10.4 percent in local currency during the quarter, due to the transfer of Modelo brand spending to the Modelo Molson joint venture.

(1)Molson Coors includes its 50% ownership share of Modelo Molson sales to retail in its consolidated sales to retail. Beginning in 2008, Modelo Molson sales volumes are excluded from consolidated sales volume.

United States Business

Underlying U.S. pretax income increased 14.8 percent to $112.7 million, driven by strong sales volume growth and higher net pricing, partially offset by higher energy, transportation and packaging material costs. Total U.S. segment sales to retail grew 5.1 percent during the quarter. The increase was due to mid-single- digit growth by Coors Light, high-single-digit growth by Coors Banquet, and double-digit growth by Blue Moon and Keystone Light. For the fourth consecutive quarter, each of the Company’s four largest U.S. brands achieved sales and market-share gains. In the second quarter, the U.S. business again achieved sales-to-retail growth in all major channels and in 47 out of 50 states. Total sales volume to wholesalers grew 7.0 percent. Net sales per barrel increased 3.8 percent in the second quarter, driven by positive pricing.

Cost of goods sold per barrel in the U.S. business increased by 4.9 percent in the second quarter, due primarily to increased fuel prices and packaging material costs. Marketing, general and administrative expense increased 6.6 percent during the quarter, driven by increased sales and marketing investments and higher incentive compensation related to strong business performance.

United Kingdom Business

The U.K. business reported underlying pretax income of $21.5 million in the second quarter of 2008 compared to $40.5 million in the same quarter last year. The decrease is primarily due to higher input inflation, higher pension costs and lower volumes. During the second quarter, the U.K. beer industry continued to suffer from weakening economic conditions, smoking bans, and accelerating commodity and materials inflation.

Despite the economic climate, the U.K. business gained market share in both the on-premise and off-premise channels in the second quarter. U.K. owned brand volumes decreased 2.6 percent in the quarter. The U.K. business increased volume in the off-premise channel by 6 percent, while volumes in the on-premise channel declined 9 percent.

U.K. net sales per barrel in local currency increased 3.4 percent during the quarter, driven by the 2007 acquisition of the Camerons on-premise distribution business. Comparable owned-brand net sales per barrel increased 0.6 percent due to higher on-premise pricing.

Cost of goods sold per barrel in local currency increased 11.9 percent in the second quarter, due primarily to higher Camerons factored brand sales, energy and materials cost inflation, and higher pension expense. Nearly half of this increase was due to Camerons and other factored brand sales. Marketing, general and administrative expense decreased 0.8 percent in local currency.

Global Markets and Corporate

Marketing, general and administrative expenses for Global Markets and Corporate decreased 6.1 percent to $35.1 million in the second quarter 2008, which includes $25.9 million in Corporate general and administrative expenses. Net interest expense was $26.0 million in the second quarter 2008, a decrease of $1.8 million compared to a year ago. The underlying pretax loss for Global Markets and Corporate was $57.1 million, a 3.4 percent improvement from the second quarter of 2007. Foreign exchange movements increased the Global Markets and Corporate pretax loss by $5 million due to higher interest and other corporate expense.

Special and Other One-Time Items

During the second quarter 2008 the Company reported net special charges of $103.9 million, due to four factors:

– Planning, integration and employee retention costs of $33 million related to MillerCoors;

– Transition costs of $12 million to outsource the Company’s shared services to a third-party supplier;

– $8 million of various other charges;

– A $51 million non-cash impairment of the intangible asset related to the Molson brands sold in the United States.

Molson brands that are marketed and sold in the U.S. by Coors Brewing Company have been declining in recent years. Most recently, increases in packaging and freight costs on imported products, combined with continued volume declines, have significantly impacted the overall profitability of the brands in the U.S. While management continues to believe that the Molson brands play an important role in the MillerCoors brand portfolio, it was determined that the value of the intangible brand asset has been impaired. The Company therefore recognized a $50.6 million non-cash charge in the second quarter to reduce the carrying value of the Molson brands in the U.S.

Second quarter 2007 underlying pretax income excludes a one-time $16.7 million benefit from the sale of the Company’s ownership interest in House of Blues Concerts Canada, as well as special charges of $25.4 million, including a $24.1 million non-cash special charge related to the termination of our Foster’s U.S. license agreement.

Discontinued Operations

The Company reports results for its former Brazilian unit, Cervejarias Kaiser (“Kaiser”), as discontinued operations. The Company reported a net loss of $12.4 million from discontinued operations during the quarter due to the impact of foreign exchange movements on the indemnity estimates related to the Brazil Kaiser business.

2008 Second Quarter Earnings Conference Call

Molson Coors Brewing Company will conduct an earnings conference call with financial analysts and investors at noon Eastern Time today to discuss the Company’s 2008 second quarter results. The Company will provide a live webcast of the earnings call.

Approximately two hours after the conclusion of the earnings call, the Company also will host an online, real-time webcast of an Investor Relations Follow-up Session with financial analysts at 3:00 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 November 1, 2008.

Reconciliations to Nearest U.S. GAAP Measures

Molson Coors Brewing Company

2008 Second Quarter Underlying After-Tax Income (After-Tax Income From Continuing Operations, Excluding Special and Other One-time Items) (Note: Some numbers may not sum due to rounding.) (In millions of $US, except per share data)__________________ 2008 2nd Q__2007 2nd Q —————————————————————- U.S. GAAP: After-tax income from continuing operations:________________________ $93.3______$184.3 ____________________ Per diluted share:________$0.50______ $1.02 Add back: Pretax special items – net__________ 103.9________25.4 Add back: Gain on sale of House of Blues Canada equity investment (other income)____________-______ (16.7) Minus: Tax effects related to special and other one-time items__________________________ (24.6)______(17.0) Non-GAAP: Underlying after-tax income:________$172.6______$176.1 ____________________ Per diluted share:________$0.93______ $0.97 —————————————————————- 2008 Second Quarter Underlying Pretax Income (Pretax Income From Continuing Operations, Excluding Special and Other One-time Items) (Note: Some numbers may not sum due to rounding.) ____________________________________________ Business________________Total ——————————————————————– —— __________________________________________________________Global ________________________________________________________ Markets ____________________________________________________________ and__ Consoli- (In millions of $US)____________ Canada__ U.S.__ U.K.__Corporate____ dated ——————————————————————– —— U.S. GAAP: 2008 2nd Q pretax income (loss) from continuing operations – reported__________$153.9__$35.4____$18.4____ $(80.1)__$127.6 Add back: Pretax special items – net______________________________ 0.5__ 77.3______3.1______ 23.0____103.9 Non-GAAP: 2008 2nd Q underlying pretax income (loss)____________154.4__112.7____ 21.5______(57.1)__ 231.5 ——————————————————————– —— Percent change 2008 2nd Q vs. 2007 2nd Q underlying pretax income (loss)____________________ 5.6%__14.8%__ -46.9%______- 3.4%____ 2.5% ——————————————————————– —— U.S. GAAP: 2007 2nd Q pretax income (loss) from continuing operations______________________138.8__ 98.2____ 39.2______(59.1)__ 217.1 Add back: Pretax special items net______________________________24.1____________ 1.3________________25.4 Minus: Gain on sale of House of Blues Canada equity investment (other income)__________________(16.7)______________________________(16.7) Non-GAAP: 2007 2nd Q underlying pretax income (loss)__________ $146.2__$98.2____$40.5____ $(59.1)__$225.8 ——————————————————————– ——

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. 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. 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.

MOLSON COORS BREWING COMPANY

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, and language indicating trends, such as “trend improvements,”"progress,”"anticipated,”"expected,”"improving sales trends” and “on track.” It also includes financial information, of which, as of the date of this press release, the Company’s independent auditors have not completed their review. Although the Company believes that the assumptions upon which the financial information and 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 projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission. These factors include, among others, changes in consumer preferences and product trends; price discounting by major competitors; failure to realize the anticipated cost savings and other benefits from MillerCoors; failure to realize anticipated results from synergy initiatives; and increases in costs generally. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.

________________MOLSON COORS BREWING COMPANY AND SUBSIDIARIES ______________ CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ________________(VOLUMES IN THOUSANDS, DOLLARS IN MILLIONS __________________AND PER SHARE AMOUNTS IN WHOLE DOLLARS) ________________________________ (UNAUDITED) __________________________ Thirteen____ Thirteen______Twenty-____ Twenty- ______________________________Weeks________Weeks____Six Weeks__ Six Weeks ______________________________Ended________Ended________Ended______ Ended ——————————————————————– —– ____________________________June 29,______July 1,____ June 29,____ July 1, ______________________________ 2008________ 2007________ 2008________2007 ——————————————————————– —– Volume in barrels____________11,617______ 11,509______ 20,732______20,378 ——————————————————————– —– ——————————————————————– —– Sales______________________$2,359.4____ $2,244.0____ $4,175.6____$3,895.2 Excise taxes________________ (602.0)______(567.8)____(1,061.6)____ (990.3) ——————————————————————– —– Net Sales__________________1,757.4______1,676.2______3,114.0____ 2,904.9 Cost of goods sold________ (1,033.6)______(966.9)____(1,868.6)__ (1,737.1) ——————————————————————– —– Gross profit________________ 723.8________709.3______1,245.4____ 1,167.8 Marketing, general and administrative expenses______(463.2)______(456.9)______(899.8)____ (853.7) Special items, net__________ (103.9)______ (25.4)______(111.2)______(33.6) ——————————————————————– —– Operating income____________ 156.7________227.0________234.4______ 280.5 Interest expense, net________ (23.1)______ (24.9)______ (47.0)______(51.3) Debt extinguishment costs________ -____________- ________(12.4)__________- Other income, net______________(6.0)________15.0________ (1.4)______ 16.2 ——————————————————————– —– Income from continuing __operations before income __taxes and minority __interests__________________ 127.6________217.1________173.6______ 245.4 Income tax benefit (expense)____________________(28.9)______ (28.5)______ (23.4)______(33.7) ——————————————————————– —– Income from continuing __operations before __minority interests__________ 98.7________188.6________150.2______ 211.7 Minority interests in net income of consolidated entities______________________(5.4)________(4.3)______ (10.8)______ (8.1) ——————————————————————– —– Income from continuing __operations__________________ 93.3________184.3________139.4______ 203.6 Loss from discontinued operations, net of tax______ (12.4)________ 0.6________(21.4)______(14.2) ——————————————————————– —– Net income__________________ $80.9______ $184.9______ $118.0______$189.4 ——————————————————————– —– ——————————————————————– —– Basic income (loss) per share: From continuing __operations__________________$0.51________$1.03________$0.77______ $1.15 From discontinued

ations__________________(0.07)________0.00________(0.12)______(0.08) ——————————————————————– —– Basic net income per share________________________$0.44________$1.03________$0.65______ $1.07 ——————————————————————– —– ——————————————————————– —– Diluted income (loss) per share: From continuing __operations__________________$0.50________$1.02________$0.75______ $1.13 From discontinued

ations__________________(0.07)________0.00________(0.12)______(0.08) ——————————————————————– —– Diluted net income per share________________________$0.43________$1.02________$0.63______ $1.05 ——————————————————————– —– ——————————————————————– —– Weighted average shares basic________________________182.4________178.9________181.7______ 177.5 Weighted average shares diluted______________________186.0________181.2________185.0______ 180.1 Dividends per share__________ $0.20________$0.16________$0.36______ $0.32 ——————————————————————– —– ——————————————————————– —– ________________MOLSON COORS BREWING COMPANY AND SUBSIDIARIES ________________ UNITED STATES SEGMENT RESULTS OF OPERATIONS ________________ (VOLUMES IN THOUSANDS, DOLLARS IN MILLIONS) ________________________________(UNAUDITED) ____________________________ Thirteen__ Thirteen____ Twenty-____ Twenty- ________________________________Weeks______Weeks__ Six Weeks__ Six Weeks ________________________________Ended______Ended______ Ended______ Ended ——————————————————————– —- ______________________________June 29,____July 1,____June 29,____July 1, ________________________________ 2008______ 2007________2008______ 2007 ——————————————————————– —- Volume in barrels______________ 7,048______6,588______12,595______11,754 ——————————————————————– —- ——————————————————————– —- Sales__________________________$970.3____ $877.1____$1,721.7____$1,556.0 Excise taxes__________________ (128.5)____(119.3)____ (229.9)____ (212.8) ——————————————————————– —- Net sales______________________841.8______757.8____ 1,491.8____ 1,343.2 Cost of goods sold____________ (514.4)____(458.5)____ (907.3)____ (818.7) ——————————————————————– —- Gross profit__________________ 327.4______299.3______ 584.5______ 524.5 Marketing, general and administrative expenses______ (214.6)____(201.3)____ (412.2)____ (381.6) Special items, net______________(77.3)________ -______ (69.3)__________- ——————————————————————– —- Operating income________________35.5______ 98.0______ 103.0______ 142.9 Other income, net________________(0.1)______ 0.2________ 2.3________ 0.8 ——————————————————————– —- Earnings before income taxes and minority interests____$35.4______$98.2______$105.3______$143.7 ——————————————————————– —- ——————————————————————– —- ________________ MOLSON COORS BREWING COMPANY AND SUBSIDIARIES ________________ UNITED KINGDOM SEGMENT RESULTS OF OPERATIONS __________________(VOLUMES IN THOUSANDS, DOLLARS IN MILLIONS) ________________________________(UNAUDITED) ____________________________ Thirteen__ Thirteen____ Twenty-____ Twenty- ________________________________Weeks______Weeks__ Six Weeks__ Six Weeks ________________________________Ended______Ended______ Ended______ Ended ——————————————————————– —- ______________________________June 29,____July 1,____June 29,____ July 1, ________________________________ 2008______ 2007________2008________2007 ——————————————————————– —- Volume in barrels______________ 2,407______2,471______ 4,406______ 4,451 ——————————————————————– —- ——————————————————————– —- Sales__________________________$676.1____ $664.5____$1,227.4____$1,181.5 Excise taxes__________________ (309.0)____(297.5)____ (549.8)____ (522.8) ——————————————————————– —- Net sales______________________367.1______367.0______ 677.6______ 658.7 Cost of goods sold____________ (251.6)____(232.3)____ (470.6)____ (436.7) ——————————————————————– —- Gross profit__________________ 115.5______134.7______ 207.0______ 222.0 Marketing, general and administrative expenses________(96.4)____ (97.7)____ (191.5)____ (188.4) Special items, net______________ (3.1)______(1.3)______ (5.2)______ (5.4) ——————————————————————– —- Operating loss__________________16.0______ 35.7________10.3________28.2 Interest income, net______________2.9________2.9________ 5.7________ 5.7 Other expense, net______________ (0.5)______ 0.6________(1.7)______ (1.6) ——————————————————————– —- Earnings before income taxes and minority interests____$18.4______$39.2______ $14.3______ $32.3 ——————————————————————– —- ——————————————————————– —- ________________MOLSON COORS BREWING COMPANY AND SUBSIDIARIES ____________________CANADA SEGMENT RESULTS OF OPERATIONS __________________(VOLUMES IN THOUSANDS, DOLLARS IN MILLIONS) ________________________________ (UNAUDITED) ____________________________ Thirteen__ Thirteen____ Twenty-____ Twenty- ________________________________Weeks______Weeks__ Six Weeks__ Six Weeks ________________________________Ended______Ended______ Ended______ Ended ——————————————————————– —- ______________________________June 29,____July 1,____June 29,____ July 1, ________________________________ 2008______ 2007________2008________2007 ——————————————————————– —- Volume in barrels______________ 2,069______2,344______ 3,563______ 3,979 ——————————————————————– —- ——————————————————————– —- Sales__________________________$695.5____ $683.8____$1,195.3____$1,124.4 Excise taxes__________________ (162.9)____(149.3)____ (279.1)____ (252.0) ——————————————————————– —- Net sales______________________532.6______534.5______ 916.2______ 872.4 Cost of goods sold____________ (258.5)____(266.0)____ (474.7)____ (464.6) ——————————————————————– —- Gross profit__________________ 274.1______268.5______ 441.5______ 407.8 Marketing, general and administrative expenses______ (117.1)____(120.5)____ (223.7)____ (216.8) Special items, net______________ (0.5)____ (24.1)______ (1.9)______(28.2) ——————————————————————– —- Operating income______________ 156.5______123.9______ 215.9______ 162.8 Other income, net________________(2.6)______14.9________ 0.7________17.2 ——————————————————————– —- Earnings before income __taxes and minorit interests__ $153.9____ $138.8______$216.6______$180.0 ——————————————————————– —- ——————————————————————– —- ________________MOLSON COORS BREWING COMPANY AND SUBSIDIARIES ______________GLOBAL MARKETS AND CORPORATE RESULTS OF OPERATIONS __________________(VOLUMES IN THOUSANDS, DOLLARS IN MILLIONS) ________________________________(UNAUDITED) ____________________________ Thirteen__ Thirteen____ Twenty-____ Twenty- ________________________________Weeks______Weeks__ Six Weeks__ Six Weeks ________________________________Ended______Ended______ Ended______ Ended ——————————————————————– —- ______________________________June 29,____July 1,____June 29,____ July 1, ________________________________ 2008______ 2007________2008________2007 ——————————————————————– —- Volume in barrels________________ 93________ 106________ 168________ 193 ——————————————————————– —- ——————————————————————– —- Net sales______________________$15.9______ $16.9______ $28.4______ $30.6 Cost of goods sold______________(9.1)______(10.1)______(16.0)______(17.1) ——————————————————————– —- Gross profit____________________6.8________ 6.8________12.4________13.5 Marketing, general and administrative expenses______ (35.1)______(37.4)______(72.4)______(66.9) Special items, net____________ (23.0)__________-______ (34.8)__________- ——————————————————————– —- Operating loss________________(51.3)______(30.6)______(94.8)______(53.4) Interest expense, net__________(26.0)______(27.8)______(52.7)______(57.0) Debt extinguishment costs__________-__________ -______ (12.4)__________- Other expense, net______________(2.8)______ (0.7)______ (2.7)______ (0.2) ——————————————————————– —- Loss before income taxes____ $(80.1)____ $(59.1)____$(162.6)____$(110.6) ——————————————————————– —- ——————————————————————– —- ________________MOLSON COORS BREWING COMPANY AND SUBSIDIARIES __________________ CONDENSED CONSOLIDATED BALANCE SHEETS ______________________________ (IN MILLIONS) ________________________________(UNAUDITED) ____________________________________________________________As of ——————————————————————– ——- ________________________________________________________June 29,__ December __________________________________________________________ 2008____30, 2007 ——————————————————————– ——- Assets Cash and cash equivalents________________________________$284.4______$377.0 Receivables, net________________________________________1,046.9______ 871.1 Total inventories, net____________________________________347.6______ 369.6 Other, net________________________________________________149.6______ 159.1 ——————————————————————– ——- Total current assets__________________________________ 1,828.5____ 1,776.8 Properties, net________________________________________ 2,638.7____ 2,696.2 Goodwill and intangible assets, net____________________ 8,116.2____ 8,385.9 Other____________________________________________________ 575.7______ 592.7 ——————————————————————– ——- Total assets________________________________________ $13,159.1__ $13,451.6 ——————————————————————– ——- ——————————————————————– ——- Liabilities and stockholders’ equity Accounts payable________________________________________ $405.8______$380.7 Accrued expenses and other______________________________1,370.1____ 1,350.5 Short-term borrowings and current portion of long-term debt____________________________________________21.4________ 4.3 ——————————————————————– ——- Total current liabilities______________________________1,797.3____ 1,735.5 Long-term debt__________________________________________2,056.9____ 2,260.6 Pension and post-retirement benefits______________________612.4______ 677.8 Other__________________________________________________ 1,505.3____ 1,584.4 ——————————————————————– ——- Total liabilities______________________________________5,971.9____ 6,258.3 Minority interests________________________________________ 35.2________43.8 Total stockholders’ equity______________________________7,152.0____ 7,149.5 ——————————————————————– ——- Total liabilities and stockholders’ equity__________ $13,159.1__ $13,451.6 ——————————————————————– ——- ——————————————————————– ——- ________________MOLSON COORS BREWING COMPANY AND SUBSIDIARIES ______________ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ________________________________(IN MILLIONS) ________________________________ (UNAUDITED) ____________________________________________________Twenty-Six Weeks Ended ——————————————————————– —— ______________________________________________________ June 29,____ July 1,

____________________________________________________2008________2007 ——————————————————————– —— Cash flows from operating activities: Net

come______________________________________________$118.0______$189.4 Adjustments to reconcile net income to net cash __provided by operating activities: __Depreciation and amortization__________________________167.2______ 167.4 __Change in working capital and other, net______________(124.6)____ (308.6) ——————————————————————– —— Net cash provided by operating activities________________160.6________48.2 Cash flows from investing activities: Additions to properties and intangible assets__________(136.4)____ (268.3) Proceeds from sales of assets and businesses, net________33.5________33.3 Other, net________________________________________________8.6________ 2.8 ——————————————————————– —— Net cash used in investing activities____________________(94.3)____ (232.2) Cash flows from financing activities: Exercise of stock options under equity compensation __plans__________________________________________________ 45.9______ 167.9 Dividends paid__________________________________________(65.5)______(57.1) Net borrowings of debt________________________________ (147.6)______599.6 Other____________________________________________________ 9.3______ (32.9) ——————————————————————– —— Net cash (used in) provided by financing activities____ (157.9)______677.5 Cash and cash equivalents: Net (decrease) increase in cash and cash equivalents____(91.6)______493.5 Effect of foreign exchange rate changes on cash and cash equivalents____________________________________ (1.0)________4.3 Balance at beginning of year____________________________377.0______ 182.2 ——————————————————————– —— Balance at end of period________________________________$284.4______$680.0 ——————————————————————– —— ——————————————————————– ——

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