MOSCOW, March 18, 2004 - SUN Interbrew Limited (Lux: SUNB5-LX), a leading brewer in Russia and Ukraine, wishes to announce its financial results for the fourth quarter and full year ended 31 December 2003.

RESULTS

Operational Highlights

The Company has had a very successful 2003 marked by a number of significant achievements:

• Beer volume growth was up 28.6% vs. 2002
• Net Turnover increased by 24.8% vs. 2002
• EBIT growth was 121.6%
• EBITDA for the year was ?100.8m, or 34.7% higher than in 2002. Furthermore, if one were to strip out the negative currency impact compared to 2002, EBITDA for the year would be ?117.7m or 57.3% higher than in 2002.
• Net Income is ?21.3m and increased by ?24.9m from a loss situation in 2002.

This performance was achieved through strategic developments in a number of key business areas:

• More effective route to market by building partnerships with distributors and increasing brand visibility and availability
• Strengthening of existing brands and introduction of new, higher margin brands
• Innovations, particularly in packaging
• Operational excellence
• Optimization of brewing efficiencies

The above activities led to an average market share growth of 2.7% which reached 14.5% in Russia in 2003, from 11.8% in 2002. In the fourth quarter of 2003 the Company's market share in Russia reached 15.5%, 3.4% higher than in the fourth quarter of 2002.

In Ukraine, the Company's leading position was further strengthened with the average market share increasing from 32.2% in 2002 to 34.3% in 2003. In the fourth quarter the market share reached 36.6%.

In both countries the Company successfully introduced innovations and has now established itself as a market leader in this field.

The following examples illustrate the Company's efforts in both packaging and brand innovation:

• In 2003 SUN Interbrew revolutionized the beer market by introducing the breakthrough PET technology PIVOPACK® bottle, which has the same shelf life as a glass bottle.
• The Company's Premium and Core brands in Russia, Sibirskaya Korona® and Klinskoye®, were presented in a new proprietary bottle.
• In Russia, the Company successfully launched a new Klinskoye® dry beer variety, Samurai, as well as the Sibirskaya Korona® wheat beer variety, Beloye.
• In Ukraine, progress of the Chernigivske® wheat beer variety, Bile, was a huge success.

In addition, the strong growth of our global brands Stella Artois® and Staropramen® supported the Company's effort to establish a solid position in the Super Premium segment of our markets. Our other global brand, Beck's® , was also launched at the end of 2003 in both Russia and Ukraine.

Financial Highlights of the fourth quarter:

Financial Highlights of the Full Year:

* As further explained in the notes attached to the financial statements, during 2003 the Company conducted an assessment of its operations in Russia and determined that the Rouble would be the functional currency from January 1, 2003. The change in functional currency has increased Net Income for the first 9 and 12 months by ?4.0m and ?2.2 m respectively.

FINANCIAL PERFORMANCE IN 2003

The financial performance of SUN Interbrew Limited in 2003 was mainly driven by the remarkable volume growth of our business in both countries, Russia and Ukraine. This growth is all the more remarkable in the context of respective growth rates of 7.4% and 13.0% of the Russian and Ukrainian beer markets.

Our volume performance was in turn driven by the seamless parallel efforts to implement aggressive distribution growth, an unmatched level of activity in the field of innovation, and a consistent pricing policy in line with market trends. In addition, we were able to enhance operational efficiencies through a clear focus on cost control.

Global currency trends impacted our business significantly and reduced profitability by ?16.9m on the EBITDA level compared to 2002.

Sales, marketing and distribution costs for the year were ?138.8m vs. ?126.7m last year, with volumes up 28.6%.

The average distribution cost per hl was ?4.54 in the fourth quarter and ?3.96 for the whole year, slightly below 2002. Total sales and marketing costs in 2003 represented 13.0% of Net Turnover, compared to 15.9% in 2002.

Sales and marketing costs were 15.6% in the fourth quarter of 2003 vs. 21.0% in the fourth quarter of 2002 of respective Net Turnover.

General and administration costs for the quarter were at the same level as last year and ?6.0m lower for the full year, reflecting the Company's continuous focus on cost control mainly resulting in payroll and consultancy savings.

RUSSIA

In 2003 SUN Interbrew Russia sold 10.8m hl of beer vs. 8.1m hl last year. This represents an increase of 33.2% compared to an overall beer market growth of 7.4%. On a quarter-to-quarter basis, sales volumes increased by 55.9% in the fourth quarter versus the same quarter in 2002.

Stella Artois® further expanded nationally and grew 114.7% in volume vs. 2002.

Both Staropramen® and Beck's® were successfully launched in Russia and achieved significant progress in 2003.

Sibirskaya Korona® exceeded last year's sales by 53.8%, following its relaunch in early 2003 in a new proprietary glass bottle, and availability in PIVOPACK®, as well as through the successful launch of the new variety, Beloye.

Klinskoye® sales recovered further with volume growing by 16.4% vs. 2002. This growth was driven by the success of PIVOPACK®, and aggressive launches of new varieties (Redkoe®, Samurai). In the fourth quarter, all Klinskoye® was offered to the consumer in a modern proprietary bottle, which helped to improve the brand's image.

Tolstiak® sales volume grew by 37.9% vs. the previous year, driven by the successful geographical expansion of sales, and supported by a new PET bottle shape.

Sales volumes, m hl

UKRAINE

The volume of beer sales for SUN Interbrew Ukraine grew by 11.8% to 1.1m hl in the reported quarter, with full year growth of 20.0% to 5.3m hl. With total industry growth of 13.0% SUN Interbrew Ukraine boosted its market share by 2 percentage points up to 34.3%.

Sales volumes, m hl

The market share increase and total volume growth were stimulated by the timely expansion of production capacities as well as a number of commercial and packaging initiatives on the Ukrainian and international brands.

Chernigivske® grew 44.0% in volume compared to 2002, based on the success of Chernigivske® Bile. Growth in the fourth quarter comprised 29.9% for Chernigivske®.

Rogan® sales grew with 9.5% vs. 2002.

Stella Artois® continued to grow strongly at 57.7% in 2003. Growth in the fourth quarter comprised 60.2% vs. the comparable quarter in the previous year.

The aggressive PET volume growth of SUN Interbrew Ukraine of 69.2% in 2003 expanded the PET segment of the market and made this segment the fastest growing on a year-on-year basis (40.4% vs. 2002).

The Keg market volume growth reached 16.3%; and SUN Interbrew Ukraine was in line with the market.

Bottle volumes grew by 3.5% with the market up by 6.6%.

Cans were successfully launched in May 2003.

SUMMARY AND OUTLOOK

The strong performances of our business in both Russia and Ukraine in the first three quarters of 2003 were continued seamlessly into the fourth quarter, leading to a record volume and net income performance for the Company in 2003.

In 2003 SUN Interbrew effectively implemented its strategy of expanding its diversified portfolio of brands and packaging, enabling it to take up strong positions in each segment of the market. All innovations were neatly tailored to serve consumer needs in our markets, which are becoming increasingly sophisticated. This approach was complemented by thoughtful strategy behind our marketing and commercial activities along with the aggressive change implemented across the routes to market we use.

Our strategy in 2003 led to both increased consumer loyalty and to the attraction of new customers - key factors in driving our outstanding volume growth and financial bottom line performance in 2003.

Whilst the strengthening of the Euro is likely to further affect our results, we expect our strong performance to continue throughout 2004.

For further information please contact:

Notes to Editors:

SUN Interbrew Limited is the second largest brewer in Russia and the largest brewer in Ukraine. The company is a strategic partnership between Interbrew, one of the largest brewers in the world, and the SUN Group, which has operated in the region since 1958, and in the beer sector of Russia and the CIS since the early 1990s.

The company's main brands are Stella Artois®, Beck's®, Staropramen®, Sibirskaya Korona ®, Klinskoye ®, and Tolstiak® in Russia, and Stella Artois®, Beck's®, Chernigivske®, Rogan®, Taller® and Yantar® in Ukraine.

SUN Interbrew is a public company registered in Jersey, whose shares are listed in Luxembourg and traded on the Luxembourg, Frankfurt and Berlin stock exchanges.