BUSINESS UPDATE RUSSIA & UKRAINE Q May 2003

2  BEVERAGE MARKET BY DRINK CATEGORY - RUSSIA Source: Canadean: Annual Report 2002 Russia * Liquid milk consumption, of which approximately half is used in cooking Total Million hl Share of beer10.9%12.9%17.8%19.0%19.1%18.7% % Beer volume Million hl Total volume, Million hl

3  BEVERAGE MARKET BY DRINK CATEGORY - RUSSIA Source: Canadean: Annual Report 2002 Russia Consumption of Beverages per capita; Liter Alcoholic intake per capita; Liter

4  MARKET GROWTH - RUSSIA Source: SIL estimation, State Statistics Office

5  MARKET VOLUME BY PACK - RUSSIA Source: SIL estimation, State Statistics Office

6  STELLA ARTOIS Samara, “Zvezda”, April 7th 03  Stella Artois Cinevisibility consumer program in major Moscow and 7 regional cities movie theatres

7  STAROPRAMEN  Launched on in 50 cl & 33 cl bottles  The first trade feedback is very positive  April sales in line with the forecast  OOH campaign in Moscow (April)  National TV campaign is on air

8  SIBIRSKAYA KORONA Achievements  Launch of Proprietary bottle with new label design in March  Positive feedback from consumers  Launch supported with national TV, OOH in largest cities of Russia Launch of Sibirskaya Korona in PIVOPACK ® :  SK Vesenneye (Spring) seasonal variety – launched in March Launch of new varieties:  SK Krepkoye (Strong) Lux in Proprietary bottles and cans – launched in February  SK Rubinovoye in Proprietary bottles – launched in mid April. Support by OOH in East Regions.

9  KLINSKOYE Achievements:  Redkoe Launch  Proprietary bottle  PIVOPACK ® Launch  Label Change

10  KLINSKOYE REDKOE LAUNCH  TV Commercial – January 2003  Redkoe has been the first innovative product for the brand and now it is a significant brand variety sold at a premium price.  Redkoe TVC – 1st place in Independent Voting (March 2003)  Consumers find liquid very unique and tasty!

11  TOLSTIAK City format Design  1 L PET successfully launched - over 10% YTD in the brand’s mix.  Tolstiak PR program (Quality Image Support) in progress:  Distributors’ program  Retailers’ program  Tolstiak Quality Campaign:  Factory Tour TVC – on air from April 14  Tolstiak regional support:  POSM program, new POSM designs developed  Consumer promotion in Urals  Local PR

12  BEVERAGE MARKET BY DRINK CATEGORY - UKRAINE Source: Ukrpivo & Derzhcomstat Total volume, Million hl Total Million hl Share of beer33% 34%36%35%38% % Beer volume Million hl

13  BEVERAGE MARKET BY DRINK CATEGORY - UKRAINE Consumption of Beverages per capita; Liter Alcoholic intake per capita; Liter Source: Ukrpivo & Derzhcomstat Consumption of beer per capita, Liter/year Total alcoholic intake per capita, LiterYear Beer share of alcoholic intake 57%60%64%66%70%75%

14  MARKET GROWTH - UKRAINE Source: Ukrpivo & Derzhcomstat

15  MARKET VOLUME BY PACK - UKRAINE Source: Ukrpivo & Derzhcomstat

16  Q BRAND INITIATIVES - UKRAINE Main product initiatives:  Launch of Chernigivske Bile (wheat) 1L PET in March  Launch of Chernigivske Mitsne (strong) in 2L PET  Rogan Svitle (light) launch in bottle & keg (to fill niche in value segment) Key brands performance:  Stella Artois: + 116%  Chernigivske: + 51% [including Bile (wheat variant)]