Efes Breweries International N.V. ("EBI"), registered in the Netherlands, together with its subsidiaries and affiliates, operates across the Commonwealth of Independent States ("CIS"), Eastern Europe and the Balkans. EBI is listed in the London Stock Exchange ("EBID") with a free float of approximately 30%. Having commenced its operations in 1999 with two breweries in Kazakhstan and Russia, EBI's current operating territory consists of Russia, Moldova, Kazakhstan and Serbia, where the Company has ten breweries with a total annual brewing capacity of 24.6 million hectoliters ("mhl") and an annual malt production capacity of 139, 000 tonnes.

EBI's operating territories include some of the largest or fastest growing beer markets in Europe and Eurasia, all of which possess significant potential for further growth due to their improving macroeconomic trends and consequently higher purchasing power as well as the low base of per capita beer consumption across these countries.

The Company is a majority-owned subsidiary of Anadolu Efes Biracilik ve Malt Sanayii A. Ş. ("Anadolu Efes"), the leading beverage company in Turkey listed in the Istanbul Stock Exchange. Anadolu Efes, together with its direct and indirect subsidiaries and affiliates, produces, markets and sells beer, malt, soft drinks and bottled water across Turkey, Southeast Europe, Russia, the CIS countries and the Middle East. All beer operations of Anadolu Efes outside of Turkey are conducted by EBI. Anadolu Efes comprises the beverage division of the Anadolu Endüstri Holding A.Ş. ("Anadolu Group"), one of Turkey's leading conglomerates. Anadolu Group operates with principal interests in the beverage, automotive, finance, fast service restaurants, writing instruments and office supplies sectors through partnership and joint ventures with a number of international corporations like Coca-Cola, Interbrew, SAB Miller, Warsteiner, Foster's, Samsung, Isuzu, Itochu, Lombardini, Faber-Castell, Findomestic, McDonald's and Cetelem.

www.anadoluefes.com

Key Features of EBI include:

Presence in high-growth markets:
The beer markets in the territories, in which EBI operates, are among the least saturated beer markets in developing countries with comparable levels of disposible income and per capita consumption. In addition, disposible income and per capita consumption of beer in these territories are increasing which is believed to be a continuation of a long term growth trend. In addition there is still significant growth potential as evidenced by the expected 5.4% and 7.8% growth of per capita consumption in the Russian and Kazakh beer markets, respectively (CAGR 2004-2009E).

Leading market positions and tactical premium product positioning:
EBI's products are predominantly positioned in the most profitable or fastest growing segments of the beer markets in which it operates. For example, in Russia, EBI's products are positioned primarily in the licensed (Efes Pilsener) and local premium segment (e.g. Stary Melnik) of the market.
In addition to the existing brands in its brand portfolio, the new brands, which were added into the brand portfolio through the acquisitions, has significantly contributed to the consolidated sales volume of EBI in 2004. After the re-launch of the "Beliy Medved" brand (Russia) in August 2003 and "Weifert" brand (Serbia) in December 2003, the sales volumes of each brand showed a significant growth of 127% and 600% in 2004 vs 2003, respectively.

Branding and marketing expertise:
EBI has developed considerable expertise in re-launching existing, and creating new beer brands, and promoting them to national prominence in each of the markets in which it operates. A key component of EBI's branding strategy is also to reinforce the national characteristics of most of its brands.

Expertise in managing organic growth and integrating acquisitions / Quality and experience of the management:
The management of EBI have worked together for a considerable length of time and have a track record over seven years of successfully managing rapid organic growth and integrating new acquisitions into its production. EBI has grown through a combination of strategic alliances, green-field developments and modular expansion of its brewing facilities.