“On top of every table in Kazakhstan”

O P E R A T I O N S

Kazakhstan

The Kazakh beer industry has grownconsiderably between 1999 and2004, from approximately 1.4 millionhectoliters in 1999 to 2.9 millionhectoliters in 2004, constituting a CAGRof approximately 20.2%. In spite of thestrong historical increase in beerconsumption, estimated per capita beerconsumption of 20 liters remains lowwhen compared to European countries.With a population of approximately 15.9million, Kazakhstan is an attractive beermarket, and is expected to grow at aCAGR of approximately 8.7% in theperiod from 2004 to 2009.

Efes Kazakhstan ranks second inKazakhstan with a market shareof 18.0% by volume and i tsKaragandinskoe brand is the leadingbrand in the Kazakh beer market witha market share of 15.4% by volumefor 2004. Efes Kazakhstan operateswith two breweries in Almaty (“AlmatyBrewery”) and Karaganda (“KaragandaBrewery”), with an aggregate capacityof 1.0 million hectoliters per year andsales volume of 0.6 million hectolitersfor 2004. The annual capacity is 0.6million hectoliters at the Almaty Breweryand 0.4 million hectoliters at theKaraganda Brewery. Efes Kazakhstanalso operates an in-house maltery inKaraganda with an annual productioncapacity of 6,500 tones.

Efes Kazakhstan currently produces andsells three brands appealing to differentmarket segments: “Karagandinskoe” issold as a mid-priced local brand, StaryMelnik is sold as a local premium brandand Efes Pilsener is sold as a superpremium brand.

0.50.4

0.30.2

0.1

0.0

Sales Volume

Sales volume development

200320022001

0.6

0.7

0.8

2004

CAGR 21%

million hectoliters

0.4

0.5 0.5

0.6

Source: AC Nielsen YTD December 2004.

Market Share by Volume (%)Kazakhstan

Brand Market Share by Volume (%)Kazakhstan

Heineken 11 %

Shymkent 9 %

EBI 18 % BBH 30 %

Other 32 %

Shymenkentskoe 9 %

Other 43 %

Baltika (BBH) 15 % Karagandinskoe 15 %

Derbes (BBH) 8 %

Tyan-Shan (Heineken) 8 %

Stary Melnik 2%

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Romania

The Romanian beer market has an establishedbeer drinking culture with a per capitaconsumption of 61 liters for 2004. The marketsize is 13.5 million hectoliters, and has grownat a CAGR of 4.2% between 1999 and 2004.The Romanian beer market is expected to growat a CAGR of approximately 3.4% in the periodfrom 2004 to 2009.

Interbrew Efes Brewery, a 50:50 joint venturebetween EBI and InBev, supplies approximately8.0% of the Romanian beer output. InterbrewEfes Brewery operates a brewery in Ploiesti, 60km from the capital Bucharest, with a totalcapacity of approximately 1.5 million hectolitersper annum and sales volume of 1.1 millionhectoliters in 2004.

Currently, Interbrew Efes Brewery produces “Efes Pilsener”brand in the premium beer segment, and our local brand“Caraiman” in the mid-price segment. In addition to thesetwo brands, Interbrew Efes Brewery is engaged in theproduction of InBev brands, which include Stella Artois,Beck’s, Hopfen König, Bergenbier and Noroc.

Interbrew Efes Brewery in which EBI holds 50% stake isaccounted for by using proportionate consolidation in thefinancial results.

2

1

0

Sales Volume

Sales volume development

2004200320022001

3

CAGR 3%

million hectoliters

1.0 1.0 1.1 1.1