Molson Coors Reports Second Quarter 2008 Financial Results

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
--------------------------------------------------------------------------