Molson Coors Reports Increased Net Sales and Income for Fourth Quarter and Full Year 2007

Market Wire, February, 2008

Molson Coors Brewing Company (TSX: TAP)(NYSE: TAP) today reported net sales growth and increased income for the fiscal fourth quarter and full year ending December 30, 2007.

Key Fourth Quarter Results

Key results for the Company's fiscal fourth quarter (13 weeks) ended December 30, 2007, compared to the fiscal fourth quarter (14 weeks) ended December 31, 2006, include the following:

- Net sales increased 4.5 percent to $1.6 billion.

- Net sales per barrel increased 8.5 percent to $153 per barrel.

- Excluding the impact of the additional week in the Company's
  fiscal 2006, total Company sales to retail (STRs) rose 1.5 percent;

  - U.S. STRs rose 5.5 percent;

  - Canada STRs grew 0.7 percent;

  - Europe segment STRs declined 6.0 percent.

- Sales volume declined 3.7 percent to 10.5 million barrels, or
  12.3 million hectoliters (HLs), due entirely to an additional week
  in the same quarter last year.

- Cost of goods sold increased 5.5 percent to $978.6 million.

- Marketing, general and administrative expenses were 3.3 percent
  lower, at $419.7 million.

- U.S. GAAP (generally accepted accounting principles) net income
  rose 74.5 percent to $173.2 million.

- Excluding special and other one-time items, income from
  continuing operations (after tax) was $133.0 million or $0.73
  per diluted share, a 23.6 percent increase compared to $107.7
  million or $0.62 per diluted share, in the fourth quarter 2006.
  (See "Special and Other One-Time Items" and "Discontinued
  Operations" below.)  To calculate this non-GAAP performance
  measure, the company excludes the following items from fourth
  quarter 2007 net income: 1) net special charges of $23.2 million
  pretax and 2) a one-time, non-cash benefit of $60.4 million
  related to changes in Canada and U.K. corporate income tax laws.

All $ amounts are in U.S. dollars. See tables below for reconciliations to nearest U.S. GAAP measures.

Leo Kiely, Molson Coors president and chief executive officer, said, "In 2007, Molson Coors Brewing Company delivered on the promise of the 2005 merger between Molson and Coors. We have built a strong team that has stayed focused and delivered solid growth in net sales, gross profit and after-tax income. We achieved these results while facing a very difficult cost environment and investing substantially in our brands. Indeed, our strategic brands showed robust growth in the fourth quarter and throughout the year, despite challenging competitive and economic conditions. Coors Light, our flagship brand, showed solid growth on a global basis.

"The U.S. business gained market share and increased operating income more than 28 percent during 2007, while overcoming significant cost challenges. In Canada, our team gained market share for the first time in six years, and did an excellent job balancing volume and pricing priorities. In the U.K., our team continued to successfully impose strong cost discipline in a very difficult trading environment.

"For the third straight year, we have over-delivered on our synergies and other cost savings targets, allowing us to close out our merger synergies program above our original goal. In addition, we are already ahead of schedule on our next-generation Resources for Growth cost savings program.

"Finally, we are working to complete the proposed MillerCoors U.S. joint venture, which we expect to generate substantial additional earnings and cash flow for Molson Coors Brewing Company over time. The joint venture will enable us to compete even more effectively in an increasingly competitive worldwide market. It represents a huge step forward in our quest to become a top-performing global brewer."

Foreign exchange rate movements increased total-company pretax income by approximately $12 million in the fourth quarter 2007. Due to one-time tax benefits, the Company's effective tax rate during the fourth quarter was negative 15 percent, down from positive 24 percent a year ago. Excluding special and other one-time items, the Company's fourth quarter effective tax rate was 24 percent, down from 25 percent a year ago.

For the full year 2007, foreign exchange movements increased total pretax income by approximately $27 million, excluding special and other one-time items. The Company's effective tax rate for the full year was positive 1 percent, down from positive 17 percent a year ago. Excluding special and other one-time items, the Company's 2007 effective tax rate was 20 percent, down from 30 percent a year ago.

2007 Key Financial Highlights

Key results for the Company's fiscal year (52 weeks) ended December 30, 2007, compared to the fiscal year (53 weeks) ended December 31, 2006, include the following:

- Net sales grew 5.9 percent to $6.19 billion.

- Gross profit grew by 5.2 percent, or $123.8 million, to $2.49 billion.

- Net income grew 37.7 percent to $497.2 million.

- Excluding special and other one-time items, income from
  continuing operations (after tax) was $507.3 million or $2.80 per
  diluted share, a 39.7 percent increase compared to $363.1 million
  or $2.10 per diluted share in the fourth quarter 2006. (See
  "Special and Other One-Time Items" and "Discontinued Operations"
  below.)

- For the full year, we achieved merger synergies of $55 million;
  closing out this year's cost saving program $5 million above our
  original three-year target of $175 million.  In the first year
  of our Resources for Growth cost-reduction program, we achieved
  $91 million in savings out of our $250 million three-year
  program, $25 million above our first year goal.

- At December 30, 2007, total cash and equivalents stood at
  $377 million and total owned debt stood at $2.15 billion,
  excluding approximately $113 million of non-owned joint venture debt.