Molson Coors Reports Second Quarter 2008 Financial Results

DENVER, COLORADO AND MONTREAL, QUEBEC, Aug 05 (MARKET
WIRE) --
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
operations (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
operations (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 income $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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