On August 26, 2003 the Russian Federal Commission for the securities market has registered the Prospectus of the first bond issue of SUN Interbrew Finance, a fully owned subsidiary of SUN Interbrew Limited, Jersey.

The issue with the face value of RUR 2.5 BN will mature in three years from the placement date. The bonds bear semi-annual coupons. The placement at nominal value will take place through the open auction at MICEX.  The issuer has decided to add a put option at the date of the second coupon payment, i.e. August 17, 2004. The first two coupons rates are equal and will be fixed on the day of the primary auction at MICEX.  Further coupon rates will be defined by the issuer not later than on the 10th day before the put-option date. The issue is fully guaranteed by SUN Interbrew Limited, Jersey. The lead manager and underwriter of this issue is ZAO «Raiffeisenbank  Austria».

The placement date will be determined by the issuer and announced to the potential investors in “Vedomosty” newspaper. Proceeds from the issue will be used to refinance current short-term debt to further strengthen the groups balance sheet, to fund ongoing Group capital investment requirements, and the acquisition of «Kombinat Napitkov» – a company owning brewing production capacities in Novocheboksarsk, Republic of Chuvashia, announced on 1 August 2003.

For further information Contact:

Raiffeisenbank
Laura Souleimanova
Tel. +7 (095) 721-9900

SUN Interbrew Limited
Joseph W. Strella, Chief Executive Officer
Evgeny Kornilov, Finance Director
Tel. +7 (095) 960-2360

Financial Dynamics
Ben Foster
Caroline Ledosquet
Tel. +44 (20) 7269 7247
Tel. +44 (20) 7269 7233

Note to editors:

SUN Interbrew Limited is one of the leading brewers in the Former Soviet Union with 9 breweries in Russia and 3 in the Ukraine along with its own distribution network. The company is the second largest brewer in Russia by production volume and the market leader in Ukraine. The Company’s main brands are Stella Artois, Staropramen, Klinskoye, Sibirskaya Korona and Tolstiak in Russia; and Stella Artois, Chernigivske, Rogan, Taller, Hetman and Yantar in Ukraine. The largest shareholders of SUN Interbrew include Interbrew, the World’s Local Brewer?, and the SUN Group, an international investment management group.

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

ZAO “Raiffeisenbank Austria”, a member of the international Raiffeisen banking group, is the 12th largest of the Russian bank in terms of total assets as of July 1, 2003, and is one of the leaders in the rouble corporate bonds market. During 2001-2003, the Bank acted as Arranger and Co-arranger of 23 corporate bond issues with a total value of 32.5 billion rubles.