The Canadian brewer Molson Inc. announced on October 20 that it has successfully issued CDN$50 million aggregate principal amount of floating rate medium term notes maturing October 19, 2004. This is the second issuance of notes out of a total CDN$500 million medium term note program. The notes are direct unsecured obligations of Molson and were offered by way of a private placement in Canada.

The offering was completed by RBC Dominion Securities Inc. The short term debt of Molson Inc. is rated R-1 (low) by Dominion Bond Rating Service Limited. The long term debt of Molson Inc. is rated A (low) by Dominion Bond Rating Service Limited and BBB+ by Standard & Poor's.

The net proceeds from the sale of the notes will be used by Molson to repay a portion of its indebtedness under an existing credit facility. The notes were issued at more favourable terms than the current credit facility. The notes have not been offered or sold within the United States or to U.S. persons.

Molson Inc. (TSX: MOL.A) is one of the world's largest brewers of quality beer with operations in Canada, Brazil and the United States. A global brewer with $3.5 billion in gross annual sales, Molson traces its roots back to 1786 making it North America's oldest beer brand. Committed to brewing excellence, Molson combines the finest natural ingredients with the highest standards of quality to produce an award-winning portfolio of beers including Molson Canadian, Molson Export, Molson Dry, Rickard's, Marca Bavaria, Kaiser and Bavaria.

24 October, 2003