SABMiller and Molson Coors Report Double-Digit Quarterly Earnings Growth for MillerCoors

SABMiller and Molson Coors Report Double-Digit Quarterly Earnings Growth for
MillerCoors
Brewer Delivers Strong Underlying Profit Growth Despite Challenging Economic
and Industry Conditions

LONDON and DENVER, Nov. 4 /PRNewswire-FirstCall/ -- Driven by strong revenue
growth, cost management and continued synergy delivery, SABMiller plc (SAB.L)
and Molson Coors Brewing Company (NYSE: TAP; TSX) today reported double-digit
profit growth for MillerCoors for the quarter ended September 30, 2009.

"We are delivering our synergies, controlling costs and managing revenue for
sustainable profit growth," said MillerCoors CEO Leo Kiely. "In this
challenging economic environment, we're also realizing the benefit of a well
balanced portfolio that offers consumers choice and variety in all segments."

Key operating results for the third quarter are compared to the prior year
quarter and include MillerCoors operations in the U.S. and Puerto Rico.

THIRD QUARTER HIGHLIGHTS
(All amounts are in U.S. dollars and calculated in accordance with U.S. GAAP,
unless otherwise indicated.)
-- Underlying net income attributable to MillerCoors, excluding special
items, increased 28.1% to $244.4 million versus the prior year
comparable quarter
-- Total net revenue increased 3.1% to $2.01 billion
-- Domestic net revenue per barrel increased 3.7%
-- Cost of goods sold (COGS) per barrel increased 3.5%
-- $73 million delivered in cost synergies versus the prior year
comparable
quarter, bringing year-to-date synergy total to $183 million and
cumulative synergies since July 1, 2008, to $211 million

-- Marketing, general and administrative costs decreased 4.5%

MillerCoors domestic sales-to-retailers (STRs) were down 1.3 percent due to a
slight decline in premium light volumes and continued softness in above
premium and premium brands. Domestic sales-to-wholesalers (STWs) fell 0.7
percent, primarily driven by lower retail sales.

Pricing remained strong in the third quarter, as domestic net revenue per
barrel, excluding contract brewing and company-owned distributor sales,
increased 3.7 percent driven by sustained price increases taken in the fall of
2008 and reductions in discount activity.

Premium light brand volumes (Miller Lite, Coors Light, MGD 64) were down
low-single digits largely due to a decline in Miller Lite, which was partially
offset by MGD 64 growth. Miller Lite STRs were down mid-single digits and
Coors Light STRs were down slightly.

MGD 64 continued to perform well ahead of expectations, achieving STRs of
nearly three quarters of a million barrels year to date.

In a challenging market, MillerCoors craft and import portfolio grew slightly
during the quarter, led by high-single-digit growth of Blue Moon and
low-single-digit growth of Peroni Nastro Azzurro. The domestic above-premium
portfolio - which includes Miller Chill, Sparks and Killian's Irish Red -
experienced a double-digit decline.

The below premium portfolio was up low-single digits, largely due to the
strong performance of Keystone Light and continued growth of Miller High Life,
which more than offset declines in Milwaukee's Best. The premium regular
portfolio - which includes MGD and Coors Banquet - was down double digits.

MillerCoors total net revenue increased 3.1 percent to $2.01 billion versus
the prior year comparable quarter, driven by domestic net pricing. Excluding
contract brewing and company-owned distributor sales, domestic net revenue
increased 3.0 percent to $1.87 billion. Third-party contract brewing volumes
declined 4.6 percent, though profits were up slightly from the prior-year
comparable quarter.

Cost of goods sold per barrel increased 3.5 percent as benefits from
MillerCoors cost leadership programs were more than offset by brewing and
packaging materials cost increases under procurement contracts largely
arranged prior to more recent commodity market price reductions.

Marketing, general and administrative costs decreased 4.5 percent, driven
primarily by lower organizational costs and synergies, which were partially
offset by IT integration-related expenses.

For the quarter, underlying net income attributable to MillerCoors (excluding
special items) increased 28.1 percent to $244.4 million versus the prior-year
comparable quarter.

Depreciation and amortization expenses for MillerCoors in the third quarter
were $72.9 million and additions to tangible and intangible assets totaled
$79.5 million.

During the third quarter of 2009, MillerCoors reported special charges
totaling $14.7 million, which include pension curtailment and integration
expenses.

INTEGRATION AND COST SYNERGIES
MillerCoors achieved $73 million in synergies in the third quarter largely due
to marketing synergies, as well as organizational savings resulting from the
elimination of duplicate and transitional positions in the third quarter 2008.
Network optimization savings continue to be realized from shifting production
of Coors and Miller brands into the larger MillerCoors brewery network, a
process which will continue for the next nine months. MillerCoors continues
to integrate business processes and systems across the enterprise to deliver
enhanced customer solutions and better leverage the scale of the business.

MillerCoors has delivered $183 million in synergies this year, bringing the
total to $211 million since beginning operations on July 1, 2008. The company
now expects to achieve $270 million of cumulative synergies by the end of
calendar year 2009, surpassing its original commitment of $225 million. As
previously communicated, MillerCoors will deliver incremental cost savings
above its $500 million synergy target, and approximately $200 million in cost
savings are expected to be delivered by the end of 2012, approximately in line
with current market expectations. These cost savings include efficiencies in
production costs, procurement, and marketing, general and administrative
expense.

Overview of MillerCoors
MillerCoors produces, markets and sells the MillerCoors portfolio of brands in
the U.S. and Puerto Rico. Built on a foundation of great beer brands and more
than 288 years of brewing heritage, MillerCoors continues the commitment of
its founders to brew the highest quality beers. MillerCoors is the
second-largest beer company in America, capturing nearly 30 percent of U.S.
beer sales. Led by two of the best-selling beers in the industry, MillerCoors
has a broad portfolio of highly complementary brands across every major
industry segment. Miller Lite is the great-tasting beer that established the
American light beer category in 1975, and Coors Light is the brand that
introduced consumers to Rocky Mountain cold refreshment. MillerCoors brews
premium beers Coors Banquet and Miller Genuine Draft, and economy brands
Miller High Life and Keystone Light. The company also imports Peroni Nastro
Azzurro, Pilsner Urquell, Grolsch and Molson Canadian and offers innovative
products such as Miller Chill and Sparks. MillerCoors features craft brews
from the Jacob Leinenkugel Brewing Company, Blue Moon Brewing Company and the
Blitz-Weinhard Brewing Company. MillerCoors operates eight major breweries in
the U.S., as well as the Leinenkugel's craft brewery in Chippewa Falls, WI and
two microbreweries, the 10th Street Brewery in Milwaukee and the Blue Moon
Brewing Company at Coors Field in Denver. MillerCoors vision is to create the
best beer company in America by driving profitable industry growth.
MillerCoors insists on building its brands the right way through brewing
quality, responsible marketing and environmental and community impact.
MillerCoors is a joint venture of SABMiller plc and Molson Coors Brewing
Company.

Overview of SABMiller
SABMiller plc is one of the world's largest brewers with brewing interests and
distribution agreements across six continents. The group's wide portfolio of
brands includes premium international beers such as Grolsch, Miller Genuine
Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as market-leading
local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller
plc is also one of the largest bottlers of Coca-Cola products in the world. In
the year ended March 31, 2009, the group reported $3,405 million adjusted
pre-tax profit and group revenue of $25,302 million. SABMiller plc is listed
on the London and Johannesburg stock exchanges. For more information on
SABMiller plc, visit the company's website: www.sabmiller.com.

Overview of Molson Coors
Molson Coors Brewing Company is one of the world's largest brewers. It brews,
markets and sells a portfolio of leading premium quality brands such as Coors
Light, Molson Canadian, Molson Dry, Carling, Coors Banquet and Keystone Light
in North America, Europe and Asia. For more information on Molson Coors
Brewing Company, visit the company's web site, http://www.molsoncoors.com.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of
the U.S. federal securities laws, and language indicating trends, such as
"anticipated" and "expected". It also includes financial information, of
which, as of the date of this press release, the Companies' independent
auditors have not completed their review. Although the Companies believe that
the assumptions upon which their respective financial information and their
respective forward-looking statements are based are reasonable, they can give
no assurance that these assumptions will prove to be correct. Important
factors that could cause actual results to differ materially from the
Companies' projections and expectations are disclosed in Molson Coors' filings
with the Securities and Exchange Commission or in SABMiller's annual report
and accounts for the year ended March 31, 2009, and in other documents which
are available on SABMiller's website at www.sabmiller.com. These factors
include, among others, changes in consumer preferences and product trends;
price discounting by major competitors; 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.
Neither SABMiller nor Molson Coors undertakes to update forward-looking
statements relating to their respective businesses, whether as a result of new
information, future events or otherwise. Neither SABMiller nor Molson Coors
accepts any responsibility for any financial information contained in this
press release relating to the business or operations or results or financial
condition of the other or their respective groups.

MillerCoors Results and Related Reconciliations
The table below reconciles net income attributable to MillerCoors, reported in
accordance with US GAAP as used for inclusion within Molson Coors reported
results, to MillerCoors EBITA as used for inclusion within SABMiller's
reported results in accordance with IFRS. Underlying net income and EBITA are
non-GAAP measures. Management of both companies believes that underlying net
income and EBITA provide shareholders with a useful basis for assessing the
profit performance of MillerCoors. There are limitations to using non-GAAP
financial measures, including the difficulty associated with comparing
companies that use similarly named non-GAAP measures whose calculations may
differ from the company's calculations. Prior year results for the first six
months are presented on a pro forma basis. Adjustments have been made to
reflect comparative data including amortization of definite life intangible
assets

MillerCoors Reconciliation of US GAAP Net Income to Underlying Net Income
(non-GAAP measure) and to EBITA, calculated under IFRS, noting that first
half 2008 numbers are Pro Forma.

MillerCoors
Three Months Ended Nine Months Ended
-----------------------------------------

-----------------------------------------
(In millions of $US) Sept 30, Sept 30, Sept 30, Sept 30,
2009 2008 2009 2008
-----------------------------------------
US -GAAP: Net Income 229.7 168.2 740.6 479.4
--------------------
Plus: Special items(1) 14.7 22.6 45.5 138.7
Non - GAAP Underlying Net
Income 244.4 190.8 786.1 618.1
-------------------------
Plus: Adjustments to arrive at
IFRS Underlying EBITA(2) 45.2 21.8 106.5 73.4
IFRS: MillerCoors underlying
earnings before interest, taxes
and amortization before
exceptional items (EBITA(3) 289.6 212.6 892.6 691.5
--------------------------------
Percent change vs. prior year
MillerCoors pro-forma underlying
EBITA(3) 36.2% 29.1%

(1) Current year special items include integration charges related to the
MillerCoors Joint Venture, and charges for pension curtailment. Prior
year special items include integration charges, asset impairment charges,
and a loss on sale of a company owned distributorship.
(2) US - GAAP Underlying Net Income to IFRS EBITA adjustments relate to
differing treatment of step-up depreciation, pension, post retirement
benefits, consolidation of container joint ventures, asset disposal,
deferred taxes, share based compensation and severance expenses between
US - GAAP and IFRS. Amortization of intangible assets, Interest, Taxes,
Equity Income and Minority interest have been removed to arrive at
underlying EBITA.
(3) EBITA - Earnings Before Interest, Taxes, and Amortization, excluding
exceptional items.

These financial results are not necessarily indicative of the results for
Molson Coors Brewing Company or SABMiller plc for the comparable periods.

This announcement is for information only and does not constitute an offer or
an invitation to acquire or dispose of any securities or investment advice or
an inducement to enter into investment activity. This announcement does not
constitute an offer to sell or issue or the solicitation of an offer to buy or
acquire the securities of SABMiller or Molson Coors (the "Companies") in any
jurisdiction.

The distribution of this announcement may be restricted by law. Persons into
whose possession this announcement comes are required by the Companies to
inform themselves about and to observe any such restrictions.

MILLERCOORS LLC
RESULTS OF OPERATIONS
(VOLUMES IN THOUSANDS, DOLLARS IN MILLIONS)
(UNAUDITED)

Three Months Ended Nine Months Ended
---------------------- -------------------
Sept 30, Sept 30, Sept 30, Sept 30,
2009 2008 2009 2008
-------- -------- -------- ---------
Actual Actual Actual Pro Forma
------ ------ ------ --------

18,441 18,646 53,687 54,539
Volume in barrels ====== ====== ====== ======

Sales 2,350.7 2,293.4 6,855.8 6,710.2

Excise Taxes (341.2) (343.7) (993.7) (1,004.1)
------ ------ ------ ---------

Net Sales 2,009.5 1,949.7 5,862.1 5,706.1

Cost of Goods Sold (1,266.6) (1,236.9) (3,618.8) (3,513.7)

Gross profit 742.9 712.8 2,243.3 2,192.4

Marketing, General and
Administrative Expenses (496.0) (519.1) (1,438.4) (1,566.2)

Special Items (net) (14.7) (22.6) (45.5) (138.7)

Operating Income 232.2 171.1 759.4 487.5

Other Income (Expense), net 2.3 2.3 1.6 7.1
--- --- --- ---

Income before Income Taxes
and Minority Interests 234.5 173.4 761.0 494.6

Income Tax Expense (2.3) (1.9) (6.9) (1.9)
---- ---- ---- ----

Net Income 232.2 171.5 754.1 492.7
Net income attributable
to Non-controlling interest (2.5) (3.3) (13.5) (13.3)
---- ---- ----- -----
Net Income Attributable
to MillerCoors LLC 229.7 168.2 740.6 479.4
===== ===== ===== =====

SOURCE SABMiller; Molson Coors

SABMiller, +44 20 7659 0100/ 414 931 2000, or Nigel Fairbrass, Media
Relations, Mobile, +44 7799 894265, or Gary Leibowitz, Investor Relations,
Mobile, +44 7717 428540, all of SABMiller; or Colin Wheeler, Media Relations,
+1-303-927-2443, or Dave Dunnewald, Investor Relations, +1-303-927-2334, or
Leah Ramsey, Investor Relations, +1-303-927-2397, all of Molson Coors