Efes Breweries International N.V. (“EBI” or “the Company”) today announced its consolidated financial results for the nine months ended 30 September 2004 in accordance with IFRS.

EBI, whose GDRs are listed on the London Stock Exchange, is a leading brewing group in the countries in which it operates across the Commonwealth of Independent States (“CIS”), Eastern Europe and the Balkans, with a strong presence in Russia. The Company is one of the major brewers in the region with total annual production capacity of around 11 million hectolitres and a malt production capacity of 50,000 tonnes.

Summary of the Operating Results

• Sales volumes + 48%
• Net sales + 56%
• EBITDA + 47%
• Profit from operations + 47%

The Russian Federation continues to be one of the fastest growing beer markets in the world and EBI grew at almost five times that of the Russian beer market for the nine months ended 30 September 2004 reflecting EBI’s strong positioning in the higher value-added and higher-margin mid to premium priced segments of the Russian beer market.

In the nine month period ended 30 September 2004, EBI’s consolidated sales volume was approximately 5.8 million hectolitres, representing an increase of 48% over 4.0 million hectolitres in the nine month period ended 30 September 2003. EBI is currently the third largest brewer in Russia by value, growing its volumes by 62% in the nine month period ended 30 September 2004 over the same period in 2003. In EBI’s other markets, it maintains top three positions, with leading beer brands in the local premium and mid-priced segments.

Net sales on a consolidated basis in the nine month periods ended 30 September 2004 and 2003 were approximately US$305.8 million and US$195.7 million, respectively, reflecting growth of approximately 56% over the same period in the previous year and exceeding volume growth for the same period. Consequently, EBI has maintained its average sales price per hectolitre of consistently around US$50.

EBI recorded EBITDA of US$78.6 and US$53.5 in the nine month periods ended 30 September 2004 and 2003 respectively reflecting a growth of 47% over the same period in the previous year.

Profit from operations increased by 47% in the nine month period ended 30 September 2004 over the same period in 2003. Operating expenses increased ahead of the sales volume growth, reflecting the integration costs of the acquired breweries as well as increased selling and marketing expenses related to the re-launch of the acquired brands, such as Beliy Medved.

Net profit decreased by 45% to US$28.8 in the nine month period ended 30 September 2004 from US$52.2 in 2003 , reflecting the impact of one-off gains in the nine month period ended 30 September 2003, in particular the capital gain of US$26.4 recorded as a result of acquisition of the Amstar Brewery in Russia in August 2003 partly through a share swap. Excluding this one-off gain in 2003, the increase in the net profit for the nine month period was approximately 12%.

Overview of EBI

EBI is a leading brewing group in the countries in which it operates, across the CIS, Eastern Europe and the Balkans. Currently EBI operates in the Republic of Kazakhstan, Moldova, Romania, Russia, and Serbia and Montenegro, where the Company has nine breweries, and markets and sells beer products through the Company’s five directly-owned operating subsidiaries and the Company’s newly acquired second brewery in Serbia. The product portfolio of EBI consists mainly of local premium and local mid-priced beer brands, many of which hold leading positions in their respective market segments, and the Efes Pilsener international brand. EBI has recently acquired a second brewery in Serbia making it the third largest brewer in the market.

EBI, incorporated in the Netherlands, is owned 70.2% by Anadolu Efes Biracilik ve Malt Sanayii Anonim Şirketi (“Anadolu Efes”), the leading brewer in Turkey. Anadolu Efes, together with its direct and indirect subsidiaries and affiliates (collectively with Anadolu Efes, “Efes Beverage Group”), produces and markets beer, bottled water, malt and soft drinks across Turkey, Eastern Europe, the Balkans and the CIS. All brewing operations of Efes Beverage Group outside of Turkey are conducted by EBI.

The Company completed a successful listing of GDRs on the London Stock Exchange in October 2004 and currently is a publicly traded company (IOB: EBID).

EBI’s current long-term strategic goal is to be one of the leading brewers in the region extending from the Adriatic Sea to the borders of the People’s Republic of China. To achieve this goal, EBI will continue to pursue a strategy aimed at increasing revenue and profits, including:

• Capitalise on the growth of the beer market in the countries of operation
• Expand into new countries
• Focus on high-margin and growing segments
• Tactical Premium Product Positioning Strategy
• Continue to create and invest in brands and pursue aggressive marketing campaigns