24545--3/10/2006--MOLSON_COORS_BREWING

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Risks specific to the Molson Merger We may not realize the cost savings and other benefits we currently anticipate due to challenges associated with integrating the operations, technologies, sales and other aspects of the businesses of Molson and Coors. 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. Risks specific to our Discontinued Operations Indemnities provided to the purchaser of 68% of the Kaiser business in Brazil could result in future cash outflows and income statement charges. Risks specific to our Company Our success as an enterprise depends largely on the success of three primary products; 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, of which the loss or inability to obtain materials could negatively 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 negatively 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. We 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 limited number of technical service suppliers, 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 the US 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 Canada Segment We may be required to provide funding to or exercise control over the entity that owns the entertainment business and the Montr al Canadiens pursuant to the guarantees given to its lenders and the NHL. An adverse result in a lawsuit brought by Miller could have an adverse impact on our business. If we are unsuccessful in renegotiating licensing, distribution and related agreements, our business could suffer adverse effects. If regulatory authorities determine that industry understandings regarding the bottle standards are invalid, our business could be adversely impacted. Risks specific to the Europe Segment Consolidation of pubs and growth in the size of pub chains in the United Kingdom could result in less ability to achieve 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. Sales volumes in the United Kingdom brewing industry have been moving from on-premise locations to off-premise locations, a trend which unfavorably impacts our profitability.

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24545--3/10/2006--MOLSON_COORS_BREWING_CO