Russia: Within the next few days, the world’s leading brewer by volume, InBev, may buy out the 15% stake of Sun Interbrew held by Russian Financial Group Alfa-Eco, Russian Newspaper Vedomosti revealed on December 28. According to analysts Alfa-Eco, which spent several tens of million dollars this summer acquiring Sun Interbrew shares in the market, will leave the project with a profit of about 50-100%. The value of the deal is not clear yet. According to some analysts, InBev may pay about US$ 60 million for the stocks while Alfa has invested about US$ 40 million. However other analysts said Alfa invested US$ 100 million and will sell its stake for US$ 200 million, Vedomosti said. SUN Interbrew share price increased for the last half of the year by about 100%. On December 27 SUN Interbrew shares were at the level of US$ 17.03.

SUN Interbrew Limited is the second largest brewer in Russia and the largest brewer in Ukraine. The company is a strategic partnership between InBev, the No. 1 global brewer, and the SUN Group, operating in the region since 1958, and in the beer sector of Russia and CIS since the beginning of 1990s. The company's main brands are Stella Artois®, Beck's®, Staropramen®, Klinskoye, Sibirskaya Korona, 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 and traded on the Luxembourg, Frankfurt and Berlin exchanges.

Sun Interbrew net sales reached EUR 214.1 million in Q3 2004, +31.5% up compared to the third quarter last year and EUR 563.5 million in the first nine months of the year, +43.8% YTD. Operating income comprised EUR 40.0 million in the third quarter and EUR 76.8 million YTD what is +35.8% and +55.6% higher than in the same periods last year. Net Income was EUR 27.3 million in the third quarter 2004 and EUR 47.3 milllion for nine months 2004, +45.9% and +103.7% respectively versus the same periods last year. In the third quarter beer volume was 5.8 million hl, +16.9% versus the same quarter last year. YTD beer volume increased by 23.8% and comprised 15.5 million hl.

SUN Interbrew continues to achieve market share growth. Beer volume in Russia increased in the third quarter 2004 by +11.3% versus a market growth of +10.5%, taking our market share to 15.3%, compared to 14.9% in the third quarter last year. For the first nine months 2004 our market share comprised 16.0% versus 14.3% in the same period last year, as a consequence of +26.7% volume growth against a market growth of +12.6%.

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