MOSCOW, March 28, 2003 - SUN Interbrew Limited (Lux: SUNB5-LX), a leading brewer in Russia and Ukraine, wishes to announce its financial results for the fourth quarter and year ended 31^st December 2002.

Board Appointment

The Company announces the promotion of Joseph W. (Joe) Strella, currently Country Manager for Russia, to Chief Executive Officer of SUN Interbrew as from the beginning of April 2003. In addition, Joe will continue as Country Manager for Russia, and will be based in Moscow. Joe was appointed Country Manager for Russia in September 2002 after a successful tenure as Country Manager for Ukraine. While in this role he led the effort to establish the Ukrainian business as undisputed market leader. Prior to his responsibilities in Ukraine, Joe was the CEO of SUN Brewing in the years preceding the formation of SUN Interbrew in April 1999.

The management team in Russia was also strengthened by the appointment of key managers with significant experience in the areas of marketing and supply chain.

In parallel, Andre Weckx will rejoin Interbrew as Chief Technical Officer responsible for worldwide brewery operations and supply chain management. The Company expresses its gratitude to Andre for his strategic direction and leadership over the last two years.

Results

Operational Highlights

Following a difficult first half of the year for SUN Interbrew when price and other errors resulted in a change of management in Russia, the company can look back at a number of significant achievements in 2002:

·         Market leadership in Ukraine consolidated with share increasing from 31.7% to 32.2% (including adjusting for the sale of Krym brewery)

·        Recovery of Russian market share in the second half of 2002 which has continued into the first quarter of 2003

·        Successful launch of PET and can lines in Russia

·        Appointment of supply chain and marketing managers

Financial Highlights

FINANCIAL PERFORMANCE IN 2002

The financial performance of SUN Interbrew Limited in 2002 was affected by the poor performance in Russia offset by the improved performance in Ukraine.

Underlying the headline results detailed above, the company achieved organic growth in 2002 versus 2001 as follows:

EBITDA         +13.0%

EBIT               +14.3%

Net Income     +40.6%

The headline results for 2002 were adversely affected by the following two items:

–        Foreign currency impact from the depreciation of local currencies versus the Euro, which reduced profitability by ? 27.1 m

–        Write-off of asset values and goodwill totaling ?6.7m in the 4^th quarter

A review of the overall market projections and the future cash flow generated by certain fixed assets led to the decision, being prudent, to write-off the goodwill generated on the acquisition of the Bavaria Brewery in St.Petersburg. In addition, following substantial investment in modern bottling lines over the last three years plus the market growth of PET and can packaging formats, certain older bottling lines have been written off. Furthermore, certain other assets whose future cash generation was in doubt have been written off. The total of these write-offs was ?6.7 m.

The following table explains the evolution of the headline numbers in 2002:

Gross margins, excluding write-offs, increased despite the negative foreign currency impact. EBITDA margins were impacted by the investment in commercial and marketing activities, which were maintained at planned levels despite the disappointing volume performance.

Improvements in working capital have resulted in a substantial improvement in net cash generated by operating activities in the amount of ?52.7m versus ?7.6m in 2001.

Reduction in Cost Base

Substantial fixed cost reductions were achieved during the year and particularly in the last quarter in Russia, ensuring a lower fixed cost base in 2003.

Selling, marketing and distribution costs in the final quarter were ?29.7m and marketing and commercial costs totaled ?17.9 m. The average distribution cost per hl was ?4.04, a decrease of 6.8% compared to the 4^th quarter of 2001.

Total sales and marketing costs for the year were ?69 m, which represents 16% of net turnover.

General and administration costs were consistently reduced each quarter in 2002, and the general and administration costs for the 4^th quarter were ?2.8m lower than for the same quarter in 2001. The total G&A costs for 2002 were ?31.3 m, a 5.9% increase over 2001. If the one-time costs incurred in the first quarter are removed, the G&A costs would be below 2001. Due to the cost reduction program the cost base for 2003 will be lower than 2002.

RUSSIA

Total volumes of beer sold in Russia in the last quarter were 1.61m hl versus 1.46m in Q4 2001, an increase of 10.6% in a market, which grew by only 1%.

For the year as a whole, the average market share fell from 12.8% in 2001 to 12.1% in 2002.  Following the investment in PET and cans, however, market share in the second half of 2002 grew to 12.5% from 11.8% in the first half.  The early results in 2003 indicate further gains in market share.

Market Share Growth – 2002

The key drivers of this growth are PET and cans, particularly PET growth in our Eastern Region. Tolstiak^® and our regional brands were sold in PET as capacity became available. Gross margins on these products are lower than those in glass bottles but despite this and the negative impact of a stronger Euro, overall gross margins were maintained at the same level as Q4 2001 before any asset write-offs. Sales of Klinskoye^® in 2002 were impacted by the lack of TV advertising in the key summer months. A new campaign is scheduled to start before the summer season. Sibirskaya Korona^® lost some share in its home market during its repositioning from a regional to a national brand.

Sales per hl have been affected by the strength of the Euro as can be seen as follows:

Beer Sales per hl, ?

The fall in net turnover values per hl largely reflects the devaluation of the Rouble against the Euro, a change in sales mix and price competition in the PET segment in the 3^rd and 4^th quarters 2002.

UKRAINE

Sales volumes of beer in Ukraine increased from 0.7m hl in 4^th quarter 2001 to 1.0m hl in 4^th quarter 2002, an increase of 27.9%, well ahead of the market growth in the quarter.

Market Share Growth – 2002

Total beer sales volumes for the year were 4.5m hl which is an absolute growth of 10.1%, but if the adjustment is made for scope changes (the sale of Krym), like for like volumes increased by 19.2%.

The growth achieved is due to several successful initiatives including:

–        The growth of the Chernigivske^® brand by 54%

–        Introduction of wheat beer under the Chernigivske^® brand

–        Taller^®growth of 33% partially due to the introduction of “Taller Ice^®”

–        Excellent growth of Stella Artois^® which is brewed in the Desna brewery

Net turnover per hl in Ukraine was also affected by the strength of the Euro versus the Hryvna.

Beer Sales per hl, ?

SUMMARY AND OUTLOOK

2002 was a disappointing year in terms of volume growth and financial performance. Mistakes were made resulting in a change of management in the second half in Russia.

The outlook for our businesses in both Russia and Ukraine is now encouraging with both businesses growing market share. Both markets are seeing the proportion of sales in PET and cans now growing significantly.

In Russia all the signs indicate that the business has turned the corner in 2002 in market share growth and confidence within the business is improving rapidly, due to the following:

–        Investment in PET and cans

–        Price realignment

–        Improved cost base

–        Innovation in packaging and liquid formats

In Ukraine the extra capacity in PET has enabled continued growth and together with the brand growth further consolidation of our market leadership should take place.

The company’s target is to achieve market share growth along with a substantially improved financial performance in 2003 and beyond.

ENDS

For further information Contact:

SUN Interbrew Limited

Joe Strella, Chief Executive Officer

Alan Hibbert, Chief Financial Officer                  +7 (501) 960-2360

Financial Dynamics

Ben Foster                                                        +44 (20) 7269 7247

Caroline Ledosquet                                            +44 (20) 7269 7233

Notes to Editors:

SUN Interbrew Limited is the second largest brewer in Russia and the largest brewer in Ukraine.  The company is a strategic partnership between Interbrew, one of the largest brewers in the world, and the SUN Group, operating in the region since 1992.

The company’s main brands are Stella Artois^®, Klinskoye^®, Sibirskaya Korona^®, Tolstiak^® and Volzhanin^® in Russia, and Stella Artois^®, Chernigivske^®, Rogan^®, Taller^® and Yantar^® in Ukraine.

SUN Interbrew is a public company registered in Jersey, whose shares are listed and traded on the Luxembourg, Frankfurt and Berlin exchanges.

SUN Interbrew Limited and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2002 and 2001
(Euros in thousands, except per share amounts)

See Notes to the Condensed Consolidated Financial Statements.

SUN Interbrew Limited and Subsidiaries
Condensed Consolidated Balance Sheets
As of December 31, 2002 and 2001
(Euros in thousands)

See Notes to the Condensed Consolidated Financial Statements.

SUN Interbrew Limited and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2002 and 2001
(Euros in thousands)

See Notes to the Condensed Consolidated Financial Statements.

SUN Interbrew Limited and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the Years Ended December 31, 2001 and 2002
(in thousands)

See Notes to the Consolidated Financial Statements.

SUN Interbrew Limited and Subsidiaries

Notes to Condensed Consolidated Financial Statements

For the Years Ended December 31, 2001 and 2002

1.                    Financial Presentation and Disclosure

The accompanying consolidated financial statements of SUN Interbrew Limited and Subsidiaries (the “Company”) have been prepared in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”).

The consolidated financial statements, from which these condensed consolidated financial statements have been derived, have been audited by KPMG.  KPMG has issued an unqualified audit opinion dated 27 March 2003 on the consolidated financial statements.

The majority-owned subsidiaries incorporated under the laws of the Russian Federation and Ukraine (the “Russian subsidiaries” and “Ukrainian subsidiaries”) maintain accounting records and prepare their financial statements in Russian Roubles and Ukraine Hryvnas in accordance with the requirements of Russian and Ukraine accounting and tax legislation. The accompanying financial statements differ from the financial statements prepared for statutory purposes in Russia and Ukraine in that they reflect certain adjustments, not recorded in the accounting books of the Russian or Ukrainian subsidiaries, which are appropriate to present the financial position, results of operations and cash flows in accordance with US GAAP.

2.                    Description of Business Environment

SUN Interbrew Limited is incorporated in Jersey, Channel Islands, and through a controlling interest in 11 breweries and 2 distribution companies manufactures, markets and distributes beer, malt and soft drinks primarily in the Russian Federation ("Russia") and Ukraine.

The Company’s voting shares (Class “B”) are 34% owned and controlled by S.U.N. Trade (International) Limited (together with its affiliates, “STI”) and 34% owned and controlled by Interbrew S.A. (together with its affiliates “Interbrew”). The remainder of the voting shares are widely circulated.

The Company’s non-voting shares (Class “A”) are owned and controlled by Interbrew, with an interest of 77% and STI, with an interest of 12% as of December 31, 2002.  The remainder of the non-voting shares are widely circulated.

3.                    Currencies

The functional currency of the Russian subsidiaries is the euro  ("?").  Transactions in currencies other than the euro are translated into euro at the exchange rate at the date of the transaction. The economy of Ukraine is no longer considered hyperinflationary, and the Company has applied the Ukrainian Hryvna as the functional currency for its Ukrainian subsidiaries starting from January 1, 2002.

The Exchange rates of the Russian and Ukrainian currencies (Rouble "RUR" and Hryvna "UAH" respectively) to euro have changed from 26.49 RUR and 4.67 UAH for ? 1 respectively at December 31, 2001 to 33.11 RUR and 5.53 UAH for ? 1 respectively at December 31, 2002. The 2002 average exchange rate was ? 1=RUR 29.65and ? 1=UAH 5.03.

4.                    Significant Transactions

During the period ending December 31, 2002, the Company has not entered into any significant transactions.