Turkey: Anadolu Efes announced its financial statements for 1H 2005 according to IFRS

Anadolu Efes, the holding company of Efes Beverage Group’s, announced its financial statements for 1H 2005 prepared in accordance with IFRS. In H12005 the total beer sales volume reached 772 million liters growing by 10% over the same period in 2004. The total soft drinks volume including the Turkish Coca-Cola operations grew by 14% reaching 164million unit cases in H12005. Remarkable top line growth in all business segments led consolidated sales revenues to grow by 24% reaching 558million USD.49% of total Group revenues are generated by the international operations. Consolidated COP reached 156millionUSD in H12005 with a margin of 28%; COP up by 10% vs H12004.Consolidated net profit increased by 26% to 78 million USD inH12005 from 62 million USD in H12004. Consolidated net debt position is 61million USD as of end of H12005.

Domestic sales volume increased by 1% to 331million liters in H12005 in spite of full reflection of the increased special consumption tax in Q12005 to the sales prices. Including the export volume, which grew 35% in H12005, total sales volume of the Turkey beer operations reached 357million liters up3%vs. H12004. Revenues increased to 282 million USD in H12005, up 23% from229 million USD in H12004.The increase in Operating Income was 13% as a result of Operating Expenses increasing ahead of the revenue growth. A significant portion of the increase for Operating Expenses was due to expenses incurred within the period in particular related to the launch of the “Foster’s” brand in Turkey which are to be stabilized in FY2005. As a result, COP grew by 14% to107 million USD in H12005, with a COP margin of 38%. Net income realised at 73 million USD in H1 2005 reflecting an increase of 25%. At the end of H12005 Turkey beer operations was at a net debt position of 39 million USD.

The brewing operations in Commonwealth of Independent States (“CIS”), Eastern Europe and the Balkans are managed by Efes Breweries International N.V.(“EBI”),a 70% subsidiary of Anadolu Efes, incorporated in the Netherlands and listed on the London Stock Exchange(IOB: EBID).EBI currently operates 9 breweries and 2 malteries with a total annual capacity of approximately 12million hectoliters of beer and 50,000 tons of malt. EBI maintained its rapid growth in highly competitive markets, ahead of the market trends. In order to meet the increasing demand in the operating territories, EBI has increased the capacities of the Ufa and Rostov breweries in Russia in addition to its brewery in Moldova. Currently EBI operates with 7.7 million hectoliters of brewing capacity in Russia and with 0.9 million hectoliters in Moldova. Sales volume was 415 million liters, representing an increase of 18% over 351million liters in H12004.

In the Russian beer market, the world’s fifth largest beer market, EBI grew its sales volumes by 18% in H12005over the same period in 2004 vs. an estimated market growth of 4% and had an average market share of 8% by value in the period. StaryMelnik” one of the leading brands in the local premium segment, is the best selling brand by value in the highly competitive Moscow beer segments. market and the 4thlargest brand by value in the Russian beer market as a whole.(AC Nielsen, YTD June2005).In EBI’s other markets, it maintains robust positions, with strong beer brands in the premium and mid-priced

Net sales on a consolidated basis in H12005and H12004were 222 million USD and 184million USD, respectively, reflecting growth of 20% over the same period of the previous year. Operating Profitability continued to recover and normalize, building on the seasonality and volume growth, although in H12005 certain margin contraction still existed in comparison with H12004.Gross Profit increased by 15% to 102 million USD in H12005 from 89 million USD in H1 2004 with a slight contraction in the Gross Profit margin.

Profit from Operations decreased by 28% to 18millionUSDin H12005 compared to 24 million USD in H12004. Operating Profit margin was at 8%. EBI recorded EBITDA of 38millionUSDin H12005,with an EBITDA margin of 17%, as compared to 42millionUSDin H12004.In H12005 average prices increased below the inflation, in particular in Russia, although pricing levels vs market average and competition was maintained. The change in the product composition with an increased share of PET presentations in the packaging mix, especially in Russia, resulted in a higher exposure to increased resin prices.

Although the impact of seasonal shift of marketing and advertising expenses has been stabilized to a great extent, lower Operating Profit margin vsH12004 reflects the effect of the expenses with respect to the restructuring of the sales and distribution system in Russia that is to be normalized throughout the rest of 2005. All EBI operations are EBITDA positive, except for Serbia & Montenegro. Higher marketing expenses were incurred in Serbia & Montenegro following the acquisition of the Zajecar Brewery in Q3 2004 to establish a strong long-term market position.

For 2005, outlook for volume growth is unchanged while revenue growth is expected to be in line with volume growth. The factors leading to the change in the profitability levels in H12005 are anticipated to affect the full year EBITDA expectations. A net loss of 2 million USD was realized in H12005 compared to net income of 12 million USD in H12004. In addition to the above impacts through profit from operations level the decrease in net profit reflects the impact of fluctuations of USD (the reporting currency of EBI) versus EURO and local currencies where EBI operates, resulting in a total negative swing of approximately 9 million USD in H12005 vsH12004.

International Beer Results (Efes Breweries International)Cont’d. The International Coca-Cola operations are conducted by Efes Sýnai Yatýrým Holding A.Þ. (“Efes Invest”) which is a 52% subsidiary of Anadolu Efes. Efes Invest (EFES.IS) is listed both in Istanbul and London Stock Exchanges(EFEZ).Efes Invest owns and operates 3 Coca-Cola franchises in Kazakhstan(CCAB), Azerbaijan(ACCB)and Kyrgyzstan (CCBB), in addition to Turkmenistan (TCCB) where the company is the largest shareholder of TCCB.

Following the completion of the new facility in Kazakhstan at the end of the first half of 2005, total annual bottling capacity of Efes Invest is currently at 67 million unit cases. Consumer preferences in the operating territories are shifting to premium brands primarily due to the improved disposable income.

Anadolu Efes Biracýlýkve Malt Sanayii A.Þ, listed in the Istanbul Stock Exchange, is the holding company of Efes Beverage Group’s beverage interests as well as an operating company, under which Turkey beer operations are managed. The Efes Beverage Group is composed of Anadolu Efes and its subsidiaries that produce and market beer, malt, soft drinks across a geography including Turkey, Russia, the CIS countries and Southeast Europe. The Group operates with 14 breweries, 4 malteries and 9 Coca-Cola bottling facilities in 9countries and has an annual brewing capacity of around 2.1billion liters, malting capacity of 150,000 tons and Coca-Cola bottling capacity of 442million unit cases per year.

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