24545--2/25/2009--MOLSON_COORS_BREWING

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Risks Specific to Our Company If Pentland and the Coors Trust do not agree on a matter submitted to stockholders, generally the matter will not be approved, even if beneficial to us or favored by other stockholders. Our success as an enterprise depends largely on the success of relatively few products in several mature markets; the failure or weakening of one or more of these products or markets could materially adversely affect our financial results. Poor investment performance of pension plan holdings and other factors impacting pension plan costs could unfavorably impact liquidity and results of operations. We rely on a small number of suppliers to obtain the packaging we need to operate our business. The inability to obtain materials could unfavorably affect our ability to produce our products. Consolidation of brewers worldwide may lead to the termination of one or more manufacturer/distribution agreements, which could have a material adverse effect on our business. Because we will continue to face intense global competition, operating results may be unfavorably impacted. We may not properly execute, or realize the anticipated $250 million of cost savings or benefits from, our ongoing strategic initiatives. Changes in tax, environmental or other regulations or failure to comply with existing licensing, trade and other regulations could have a material adverse effect on our financial condition. Our consolidated financial statements are subject to fluctuations in foreign exchange rates, most significantly the British pound ("GBP") and the Canadian dollar ("CAD"). Our operations face significant commodity price change exposure which could materially and adversely affect our operating results. We could be adversely affected by overall declines in the beer market. The success of our business relies heavily on brand image, reputation, and product quality. Deterioration to our brand equity may have a material effect on our operations and financial results. Due to a high concentration of unionized workers in the United Kingdom, Canada and at MillerCoors in the U.S., we could be significantly affected by labor strikes, work stoppages, or other employee-related issues. Changes to the regulation of the distribution systems for our products could adversely impact our business. Because of our reliance on third-party service providers for certain administrative functions, we could experience a disruption to our business. We may incur impairments of the carrying value of our goodwill and other intangible assets that have indefinite useful lives. Risks Specific to Our Discontinued Operations Indemnities provided to the purchaser of 83% of the Cervejarias Kaiser Brasil S.A. ("Kaiser") business in Brazil could result in future cash outflows and statement of operations charges. Risks Specific to the Canada Segment We may be required to provide funding to the entity that owns the Montr al Canadiens hockey club and certain related entertainment businesses pursuant to the guarantees given to the National Hockey League ("NHL"). We may experience continued discounting in Canada. Risks Specific to the U.S. Segment and MillerCoors We may not realize cost savings and other benefits from MillerCoors due to challenges associated with integrating operations, technologies, sales, and other aspects of the operations. We do not fully control the operations and administration of MillerCoors, our investment in which represents our interests in the U.S. beer business. MillerCoors is highly dependent on independent distributors in the United States to sell its products, with no assurance that these distributors will effectively sell its and our products. Risks Specific to the United Kingdom Segment Sales volume trends in the United Kingdom brewing industry reflect movement from on-premise channels to off-premise channels, a trend which unfavorably impacts our profitability. In the event that a significant pub chain were to go bankrupt, or experience similar financial difficulties, our business could be adversely impacted. Consolidation of pubs and growth in the size of pub chains in the United Kingdom could unfavorably impact pricing. We depend exclusively on one logistics provider in England, Wales, and Scotland for distribution of our CBL products.

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24545--2/25/2009--MOLSON_COORS_BREWING_CO