SUN Interbrew Limited plans to issue its first Russian Ruble bonds in the third quarter of 2003. The issuing entity of the bonds will be SUN Interbrew Finance, a Limited Liability Company and a 100% owned subsidiary of SUN Interbrew Limited, Jersey.  The lead manager and underwriter of this bond issue is ZAO «Raiffeisenbank  Austria».

The Prospectus has been launched with the Russian Federal Security Commission and following its registration, SUN Interbrew Finance plans to issue bonds in an amount up to 2.5 billion rubles with a three year maturity. Interest will be paid in semi-annual coupons. All issue payments are guaranteed by SUN Interbrew Limited, the group holding company. Proceeds from the RUR bond will be used to refinance existing short-term debt in order to further strengthen the group’s balance sheet.

SUN Interbrew Limited is one of the leading brewers in the Former Soviet Union with 9 breweries in Russia and 3 in the Ukraine along with its own distribution network. The company is the second largest brewer in Russia by production volume and the market leader in Ukraine. The Company’s main brands are Stella Artois, Staropramen, Klinskoye, Sibirskaya Korona and Tolstiak in Russia; and Stella Artois, Chernigivske, Rogan, Taller, Hetman and Yantar in Ukraine. The largest shareholders of SUN Interbrew include Interbrew, the World’s Local Brewer^?, and the SUN Group, an international investment management group.

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

ZAO “Raiffeisenbank Austria”, member of the international Raiffeisen banking group, is the 12th largest of the Russian bank as of July 1, 2003, and is one of the leaders in the rouble corporate bonds market. During 2001-2003, the Bank was an organizer and co-organizer of 23 corporate bond issues with a total value of 32.5 billion rubles.

For further information Contact:           

Raiffeisenbank

Laura Souleimanova                                                    Tel. +7 (095) 721-9900

SUN Interbrew Limited

Joseph W. Strella, Chief Executive Officer                         Tel. +7 (095) 960-2360

Evgeny Kornilov, Finance Director

Financial Dynamics

Ben Foster                                                                    Tel. +44 (20) 7269 7247

Caroline Ledosquet                                                         Tel. +44 (20) 7269 7233