Sun Brewing

WE DRINK OUR BEER

SUN Interbrew Annual Report 2004

Main Innovation

We Drink Our Beer

NOT BECAUSE

Country Report Financial Review Corporate Governance Management Our People Social Responsibility Independent Auditor’s Report Financial Statements Financial Notes

03 11 17 23 31 53 59 65 69 75 84 85 90

Company Description

Key Figures

SUN Interbrew Annual Report 2004

Chairman’s Letter

CEO Review

SUN Interbrew Annual Report 2004

02

WE HAVE TRUST IN OUR BRANDS

We Drink Our Beer

Not Because

Company Description

SUN Interbrew Annual Report 2004

Company Description

SUN Interbrew Limited is the second largest brewer in Russia and the market leader in Ukraine. The company is a strategic partnership between InBev, 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. SUN Interbrew Limited has 8 breweries in Russia and 3 in the Ukraine, along with its own distribution network. 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. The Company has a full listing on the Luxembourg Stock Exchange. The Company's shares are also listed for trading purposes on the Freiverkehr market of the Berlin Stock Exchange, the Stuttgart Stock Exchange, the Frankfurter Boerse and the Xetra™ market of the Frankfurt Stock Exchange. The Class B GDRs are listed for trading purposes on the Munich Stock Exchange.

04

Russia& Ukraine

Kursk Klin Ivanovo Saransk Novocheboksarsk Volzhskiy Perm’ Omsk

We Drink Our Beer

Chernigov Kharkov Nikolaev

05

SUN Interbrew Annual Report 2004

Company Description

GLOBAL BRANDS

Stella Artois® Hoegaarden®

Stella Artois® is the most popular Belgian beer in the world and a...