Analysts Speak

Dear Client:The analysts speak, and we listen. First, Kaumil Gajrawala at UBS has reduced MolsonCoors global fourth quarter earnings per share estimate by 8 pennies in anticipation for higher spending levels ahead of the 2010 Winter Olympics. Kaumil also points out that US volumes are soft and forecasts fourth quarter MillerCoors shipments to decline only 2% "as they continue to take share and are lapping a comp of -4.4%....We continue to expect net pricing to rise 2%." That sounds about