Molson Coors Brewing Company

September 2007

Leo Kiely Chief Executive Officer

Molson Coors Brewing Company

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Forward Looking StatementsThis presentation includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as “looking ahead,” “anticipates,” “estimates” and other terms with similar meaning. Although the Company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission. These factors include, among others, changes in consumer preferences and product trends; price discounting by major competitors; unanticipated expenses, margin impacts and other factors resulting from the implementation of our new supply chain process; and increases in cost generally. All forward-looking statements in this presentation are expressly qualified by such cautionary statements and by reference to the underlying assumptions. We do not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

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Agenda

• Update: Progress on Strengthening Our Base

• Molson Coors: Building a Brand-led Organization

• Strengthening Our Financial Foundation and

Generating Resources For Growth

• Q&A

We believe the best days of Molson Coors are yet to come.We believe the best days of Molson Coors are yet to come.

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Molson Coors – Global Highlights • Leading global brewer with a broad geographic presence

• Portfolio weighted toward growing beer segments

• Flagship Coors Light:– Second-largest brand in Canada

– Leading brand and two-thirds of MCBC volume in U.S.

– Continuing to grow in U.K.

• Since the merger:– Strengthened and aligned company management team

– Substantially reduced merger-related debt

– On-target to deliver $175 million in merger cost synergies

– Additional $250 million “next generation” cost savings planned by 2009.

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Local Strengths – Canada

• 20% of company sales volume, 60% of pretax income (*)

• Molson Canada has about 41% of beer volumes in Canada,

• Strong brand portfolio with #2 Coors Light and #3 Molson Canadian

• Coors Light ¾ of growing light beer segment in Canada –

grown at a double-digit rate in every quarter since merger

• Sales distribution strength

* Based on 2006 business unit pretax income, excluding special items.

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Local Strengths – U.S.

• Coors Brewing Company 1/2 of MCBC volume, about 1/3 of pretax income (*)

• #3 brewer with 11% market share in the U.S.

• U.S. has largest profit pool of any beer market in the world

• Strong, diverse brand portfolio, led by Coors Light, with 9 consecutive quarters of sales-to-retail growth

• Blue Moon and Keystone providing strong volume growth

• Merger synergies, other initiatives reduced G&A costs, funded sales growth, helped offset significant U.S. cost inflation

* Based on 2006 business unit pretax income, excluding special items.

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Local Strengths – U.K.

• Coors Brewers Limited 25% of MCBC volume, about 10% of pretax income (*)

• #2 market share position, about 21% of the beer market.

• Carling premium lager #1 beer in the U.K. – more than 25% larger than the #2 U.K. brand

• CBL outperformed industry, gained market share in beer, despite extremely challenging business environment

* Based on 2006 business unit pretax income, excluding special items.

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Strengthening Our Base for the Future

• Be great brand builders

• Strengthen our financial foundation

• Build global capabilities

• Establish a winning and inspired culture

Do these things well: We become a Top-Performing Global Brewer

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Strengthening Our Base – Building Great Brands

• Canada– unleashing Coors Light

– improving Molson Canadian trends

– gained total share for first time in nearly 4 years in Q2 2007

• U.S.– continued sales-to-retail growth

– Coors Light taking share for nine consecutive quarters

• U.K.– Carling brand remains #1 by a wide margin over #2

– Coors Light achieving steady growth in very challenging beer market.

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Strengthening Our Base – Success Factors

1. Securing our core markets• Increasing our size and profitability in existing, core markets through

superior brand building and cost management

2. Achieving global readiness • With fundamentals such as a common IT platform, common core

processes, a talented team, solid culture, and sound financial capacity

3. Investing our money and our talent wisely to achieve these objectives

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Leadership as a Brand-Led Enterprise

• Brand Led Organization– Establishing brand-led culture

– everyone, from senior management to our people at the consumer level, know, live and deliver customer needs

– understand that building our brands is our primary…our only…focus for growth

• Innovation – Key enabler for building our brands

– When our people are relentlessly focused on understanding and delivering on our customer needs, we will be positioned to execute and win

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Leadership as a Brand-Led Enterprise

• Culture of patience, persistence and consistency

• Local market capability and knowledge

• Best in Class at acquiring consumer insights and

understanding customer needs…and innovating

• Superior, integrated marketing and sales capabilities

• Clarity and consistency of MCBC vision and values

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Innovative Brand-Led Credo• “At Molson Coors, we are passionate about building our beer brands.”

• “Our passion starts with an obsession for developing customer and

consumer insights that shape our brand positioning and drive our brand

building initiatives.”

• “Everyone at Molson Coors plays their part to ensure that our brand

positioning and brand ambitions are supported in everything that we do.”

• “We are committed to challenging the beer industry status quo, and,

through creative thinking, having more and better brand building ideas

than our competitors.”

• “And, we recognize that to win we need to be more agile than our

competitors and execute ruthlessly and with pace.”

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Innovation Is a Global Imperative

• Canada– Molson Canadian and Coors Light Sub Zero dispense system

– Coors Light Cold Certified can

– Rickard’s White added to Rickard’s family

• U.S.– Frost Brew Liner cans

– Cold Activated Bottle

– Super Cold Draught systems

• U.K.– Carling C2 mid-strength lager

– Compact draught system

Tim Wolf Global CFO

Molson Coors Brewing Company

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Strong Brand Builders Are Strong Financial Builders!

Building and strengthening the foundation

• Programs to save money

• Funding our pension plans

• Reducing interest expense

• Optimizing tax rates

• Improving financial discipline

Drive free cash flowDrive free cash flow

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Saving Money: Merger Synergies Over Target

• Original three-year target: $175 million by 2007

• Locked in $180 million – $5 million over target

– Accelerated: nearly 70% in 1st two years vs. plan of 50%

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Saving Money: Resources for Growth On Track

48151716Overheads, G&A

2501077766Total

2727----Concept Stage Ideas

175656050Global Supply Chain

TotalTotal200920092008200820072007

Annual Cost SavingsAnnual Cost SavingsUS $millionsUS $millions

•• Business teams fully engagedBusiness teams fully engaged•• Savings largely identifiedSavings largely identified•• Quarterly tracking underwayQuarterly tracking underway•• 2007: $121 million combined synergies / RFG targets2007: $121 million combined synergies / RFG targets

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Resources for Growth Update

• Global Shared Services– Transactional activities in IT, Human Resources & Finance

– Service provider by October/November

– Annualized savings start 2008 and 2009

• North American Supply Chain– Procurement, Quality, EH&S, Engineering services, Process

Optimization and Technical Innovation Support

– Annualized savings start 2008

• Beer is a local business– Business units will still control go-to-market elements of their

business, including sales, marketing and distribution

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Improved Pension Funded Status Since 2004

• Pension funded status has improved 19% points in 2.5 years

* 2004 is pro forma for the Molson Coors merger. YTD 2007 is as of 7/31/2007. Excludes Canadian Beer Store pension

At 7/31/2007*

• PBO: $4.36 bb

• Assets: $4.25 bb

• Funded Position: ($118 mm)

At 12/26/2004*

• PBO: $3.74 bb

• Assets: $2.90 bb

• Funded Position: ($834 mm)

MCBC Funded Status*

78%83%

93%97%

0%

20%

40%

60%

80%

100%

120%

YE '04 PF YE '05 YE '06 YTD '07

% F

unde

d (P

BO

Bas

is)

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Pension Cash Needs to Decline

* Excludes Canadian Beer Store pension

MCBC Global Pension Contributions*

$75

$190

$139

$220-$240

$0

$50

$100

$150

$200

$250

'05 '06 '07F Long Run

$mm

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Focus on Reducing Pension Risk by ~50%Risk Reduction Work in Process

49%

100%

-15%-11%

-18% -7%

20%30%40%50%60%70%80%90%

100%

Curren

t Risk

Prof

ile

More B

onds

Long

Dura

tion B

onds

Intere

st Rate

Hedg

eAlte

rnativ

e Inv

estm

ents

New R

isk Profile

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Financial Strategies: Interest and Tax

2007 Actions:

• Restructured debt

• Streamlined company structure

Results:

Reduced annualized interest $26 million vs. 2006

With debt repayment/retirement, annualized interest $45 million lower

Lowered long-term effective tax rate range to 23% - 28%

9% points lower than pre-merger

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Financial Strategies: Debt Restructuring

• June: Completed $575 million offering of 2½% convertible senior notes due 2013

• July: Tender for $625 million of Coors 6-3/8% senior notes due 2012

• Reduced interest payments by $15 million annually

• Savings incremental to $250 million RFG program

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Financial Strategies: Lower Tax Rate

• Internal corporate reorganization– Realigned assets, liabilities, consolidated subsidiaries

– Reduced annualized interest payments $11 million

• U.K.– 2% reduction in corporate tax rate effective in 2008

• Canada– 2.5 percent corporate tax rate reductions effective 2008 through 2011

• ’07 Q2 benefited from one-time FIN 48 liabilities adjustment

LongLong--term ETR range reduced to 23term ETR range reduced to 23--28%28%

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Financial Discipline Generates Cash

• Rigorous capital/investment discipline

• Increase focus on working capital

• Improvements in forecasting: P&L and FCF

accuracy/visibility

• Continued efforts to sell non-core assets

• Track/manage RFG savings tightly, as with synergies

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2007 Free Cash Flow: Unusual Year

One-time investments Impact on cash flow ($ millions)

• Complete two new breweries ($85)

• Incremental pension contributions ($80)

• Refinancing costs ($25)

• U.K. kegs purchase ($90)

• Sale of House of Blues Canada Interest $30

Total: ($250)

• $170 million FCF expected for full year 2007

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2008 Free Cash Flow Goal: Key Elements“Sources”

Base operating income (2006)*

($ millions)

$660

Depreciation, amortization, non-cash stock comp. 390

Profit growth/working capital efficiency 100

Subtotal:

“Uses”

Capital expenditures ($250)

$1150

Cash Tax and Interest (210)

Pension contributions (excess over expense) (140)

Subtotal: ($600)

2008 “Net” Free Cash Flow Goal (+/-10%) $550

* Excluding special charges of $77.4 million in 2006.

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Update: Cash Use Priorities

Capital Structure

• Share repurchases

• Dividends

• Selective debt repayment

• Pension contributions

Base Growth

• Tactical brand investments

• In-market new brands

• Market place innovation

• Incremental capital expenditure

Strategic/transformational

• Select new geographies

• Infrastructure

• In-market opportunities

Focus: Disciplined allocation of cashFocus: Disciplined allocation of cash

Short-term Long-term

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Strong Brand Builders Are Strong Financial Builders!

Building and strengthening the foundation

• Saving money

• Pension funding

• Reducing interest expense

• Optimizing our tax rate

• Further improving our financial disciplines

Drive 2008 free cash flow of $550 million, +/Drive 2008 free cash flow of $550 million, +/-- 10%10%

Leo Kiely Chief Executive Officer

Molson Coors Brewing Company

Q&A