24545--3/1/2007--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 the Company or favored by other stockholders. Our success as an enterprise depends largely on the success of three primary products in three mature markets; the failure or weakening of one or more could materially adversely affect our financial results. We have indebtedness that is substantial in relation to our stockholders equity, which could hinder our ability to adjust to rapid changes in market conditions or to respond to competitive pressures. 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. Our primary production facilities in Europe and the United States are located at single sites, so we could be more vulnerable than our competitors to transportation disruptions, fuel increases and natural disasters. The termination of one or more manufacturer/distribution agreements could have a material adverse effect on our business. Because we will continue to face intense global competition, operating results may be unfavorably impacted. 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 and the Canadian dollar. Our operations face significant commodity price change and foreign exchange rate exposure which could materially and adversely affect our operating results. We could be adversely affected by overall declines in the beer market. Because of our reliance on a single information technology service supplier, we could experience significant disruption to our business. Due to a high concentration of unionized workers in the United Kingdom and Canada, 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. Risks specific to our Discontinued Operations Indemnities provided to the purchaser of 83% of the 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 the related entertainment business pursuant to the guarantees given to the National Hockey League (NHL). An adverse result in a lawsuit brought by Miller could have an adverse impact on our business. If we are unsuccessful in maintaining licensing, distribution and related agreements, our business could suffer adverse effects. If the Maritime Provinces refuse to recognize our new brewery in Moncton, New Brunswick, as a local brewer, we will not be able to use that facility as planned. Risks specific to the U.S. Segment Litigation directed at the alcohol beverage industry may adversely affect our sales volumes, our business and our financial results. We are highly dependent on independent distributors in the United States to sell our products, with no assurance that these distributors will effectively sell our products. Risks specific to the Europe 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. Consolidation of pubs and growth in the size of pub chains in the United Kingdom could result in less ability to achieve favorable pricing. We depend exclusively on one logistics provider in England, Wales and Scotland for distribution of our CBL products. We are reliant on a single third party as a supplier for kegs in the United Kingdom. We may incur impairments of the carrying value of our goodwill and other intangible assets that have indefinite useful lives.

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24545--3/1/2007--MOLSON_COORS_BREWING_CO