317,5

530,4

160,1

264,1

75,8

127,8

21,8

35,9

(4,0)

(1,2)

(0,4)

29,3

5,8

-

23,1

63,9

(5,9)

(8,2)

17,3

55,8

(1,1)

(2,7)

16,1

53,1

35,9

63,8

Note 1: EBITDA here means earnings before interest (financial income/(expense) — net), tax, depreciation and amortisation, minus gain on net monetary position, minus minority interest, minus gain on sale of subsidiaries and investment in securities, minus recognition of currency translation due to dilution at subsidiaries, plus provision for bad debt, plus provision for inventories, minus income recognised from reversal of provision for bad debt, minus income recognised from reversal of provisions for inventories, plus impairment in property, plant and equipment. EBITDA is not a measurement of performance under IFRS and should not be considered as an alternative to (a) operating profit (loss) or net profit (loss) (as determined in accordance with IFRS), or as a measure of EBI’s operating performance, (b) cash flows from operating, investing or financing activities (as determined in accordance with IFRS), or as a measure of EBI’s ability to meet cash needs, or (c) any other measures of performance under IFRS. EBITDA may not be indicative of EBI’s historical operating results, nor is it meant to be a projection or forecast of future results. Management believes that EBITDA is a measure commonly reported and widely used by investors in comparing performance without regard to depreciation, which can vary significantly depending upon accounting methods, interest expense or taxation, or non-operating factors. Accordingly, EBITDA has been disclosed in this Offering Circular to permit a more complete and comprehensive analysis of EBI’s operating performance relative to other companies operating in EBI’s markets. Because companies do not calculate EBITDA identically, EBI’s presentation of EBITDA may not be comparable to similarly titled measures used by other companies.

Note 2: Interbrew Efes Brewery in which Efes Breweries International holds 50% stake is accounted for by using proportionate consolidation.

Note 3: Figures for Efes Breweries International are obtained from audited financial results prepared in accordance with IFRS.

Note 4: New operations acquired in 2003; Vitanta Brewery (Moldova), Amstar Brewery (Russia), and Pancevo Brewery (Serbia) are consolidated for the periods January-December 2003, July-December 2003, September- December 2003 respectively.