Canada: Molson Coors Brewing Company announced on February 9 Molson Inc. fiscal 2005 third quarter results for the three-month period ended December 31, 2004.

For the quarter ended December 31, 2004, net sales revenue was virtually flat at $623.2 million compared to $623.3 million for the same period last year reflecting lower net sales in Brazil mainly due to lower volumes, offset by higher net sales in Canada. Consolidated brewing volume decreased by 7.5% to 5.37 million hectolitres versus 5.82 million hectolitres for the same period last year with volume down by 2.9% and 11.1% in Canada and Brazil respectively.

The Corporation recorded a consolidated operating profit of $62.7 million for the three months ended December 31, 2004, as a result of non-recurring charges that totaled $44.1 million, including the closure of the Queimados brewery in Brazil and Molson Coors merger costs. These charges excluded, the Corporation recorded a quarterly operating profit of $106.8 million.

Net interest expense for the quarter was $23.6 million, which was $1.3 million higher than the prior year reflecting higher debt and obligations in Brazil partially offset by an overall decrease in average debt and related interest expense in Canada.

The consolidated net earnings for the quarter were $17.7 million, down from net earnings of $43.6 million for the same period last year and net earnings per share were $0.14 versus net earnings per share of $0.34 in the previous year. Excluding the third quarter non-recurring items, net earnings were $51.9 million, and net earnings per share totaled $0.41 per share.

Cash provided from operating activities remained relatively strong and totaled $15.0 million and was 18.1% higher than the corresponding quarter last year owing to improved working capital, partially offset by lower net earnings and increased pension funding.

Brazil's EBIT in the quarter was negatively impacted by higher sales centre costs, as well as lower volumes, but partially offset by lower marketing and other costs as a result of the timing of certain marketing and other programs.

Total estimated Molson market share in Brazil was 9.7% for the three-month period ended December 31, 2004, compared to 12.1% for the same period last year, according to ACNielsen data.

Molson Coors Brewing Company is the fifth-largest brewer in the world, with pro-forma combined annual volume of 60 million hectoliters and net sales of more than US$6 billion. Molson Coors has a leading market share in Canada and in the U.K., a growth profile in the U.S. and an emerging market opportunity in Brazil, as well as a portfolio of well-established brands including Molson Canadian, Coors Light and Carling. Founded by pioneering families and tracing its roots back to 1786, Molson Coors Brewing Company has 18 breweries and 15,000 employees worldwide.

This press release contains forward-looking statements reflecting management's current expectations regarding future operating results, economic performance, financial condition and achievements of the Corporation. Forward-looking statements are subject to certain risks and uncertainties and actual results may differ materially. These risks and uncertainties are detailed in Molson filings with the appropriate securities commissions and include risks related to foreign exchange, commodity prices, tax matters, foreign investment and operations as well as contingent liabilities. The Corporation undertakes no obligation to update or revise any forward-looking statements publicly.

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