Focus Bergenbier Focus Bergenbier

Number 1 BrandNumber 1 Brand

Value: 51.7%

Core Lager: 37.5%

Premium: 5.7%

Super Premium: 5%

1,298 1,955 1,935 2,168

Beer Market Segments, 2003

GDP/capita (EUR)

Source:Breweries Association

Source: MEMRB National Retail Audit Company

Market split by channels 2003

Other Off premise (KA),

4.1%

On premise, 39.8%

Off premise, 56.1%

Romanian Beer Market Evolution: 1995-2003

8.6 8.37.3

10.211.1

12.111.3 11.5

12.8

26

3732

4650

5450 51

59

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

95 96 97 98 99 00 01 02 030

10

20

30

40

50

60

70

Total industry volume (Mil.HL) L/ capita

Source: MEMRB National Retail Audit Company

Interbrew: Excises and Taxes evolution

6.37.5

6

7.5

46%47%

45%

41%

0

2

4

6

8

2000 2001 2002 200335%

40%

45%

50%

Excise EUR/HL (VAT+EXCISE)/ NNS %

Romanian Beer Market Overview

Source: Breweries AssociationInterbrew Net Net Sales Evolution (KEURO)

97 98 99 00 01 02 03

92,6% 12,3%22,3% 9,0% -1,6%

15,0%

Interbrew Romania Sales

Net Net Sales (Euro)

Interbrew volumes and market shares in total market (KHL)

569

1,974

310512

9781164

1458 1,495 1,439

3 .6 %

6 .1%7.8%

9 .6% 10.5%12 .1%

13.3 % 12 .5%

15.4 %

0

500

1000

1500

2000

2500

95 96 97 98 99 2000 2001 2002 20030.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%

Total Interbrew Interbrew market share

Bergenbier History

� April 1994: Interbrew take-over of Blaj brewery- (under construction)

� May 1995: Launch of Bergenbier

� 2003:Bergenbier has 54% of the Interbrew sales

Source: Breweries Association

Bergenbier volumes&market shares 1995-2003

177354 364

654796 855 785 814

1,066

2.1%4.3% 5.0%

6.4%7.2% 7.1% 7.0% 7.1%

8.3%

0200400600800

10001200

1995 1996 1997 1998 1999 2000 2001 2002 20030.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Bergenbier volumes KHL Market Share Bergenbier 1995-2003

Bergenbier Success Drivers1. Consistent positioning & communication as beer for

young adults

11

11

5

11

9

15

12

5

10

17

12

7

16

18

19

21

32

47

0 10 20 30 40 50

Thirst quenching

Attractive TVadvertising

For young people

Easy to find

You drink itespecially with

friends

Especially forfootbal

supporters

BergenbierUrsusGolden Brau

Image Attributes by Main Core Lager Brands

Source: GfK Brand Performance Quantitative Study 2003

Especially forfootball supporters

To be drunk especiallywith friends

Stimulates goodtime and fun

A beer for drinkingamong males

For Young people

Bergenbier Success Drivers2. Consistent brand investment.

Brand spendings (Euro)

01,0002,0003,0004,0005,0006,0007,000

1999 2000 2001 2002 2003

brand spendings (Euro)

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%

1998 1999 2000 2001 2002 2003

Bergenbier SOV in Market Bergenbier SOM (Share of Market)

Sorce: Breweries Association and Alfa Cont

Bergenbier Success Drivers3. Focus on exclusive wholesalers

Bergenbier Numeric & Weighted Handling

40% 46% 49%55% 60%

74% 80% 80%86% 86%

0%

50%

100%

1999 2000 2001 2002 2003

BB Numeric Handaling BB Weighted Handling

GIURGIUALEXANDRIA

SLATINA

CRAIOVA

DROBETETURNU-SEVERIN

TÂRGU JIURÂMNICU VÂLCEA

ARGEŞ

PITEŞTI

CĂLĂRAŞI

CĂLĂRAŞI

CONSTANŢA

CONSTANŢA

TULCEA

TULCEABRĂILA

BRĂILA

IALOMIŢA

SLOBOZIA

BUCUREŞTI

TÂRGOVIŞTE

PRAHOVA

PLOIEŞTI

BUZĂU

BUZĂU

GALAŢI

GALAŢI

VRANCEA

FOCŞANI

COVASNA

SFÂNTU GHEORGHEBRAŞOV

BRAŞOV

SIBIU

DEVA

REŞIŢA

TIMIŞOARA

ARAD

ALBA IULIA

BIHOR

ORADEA

CLUJ

CLUJ NAPOCA

SĂLAJ

ZALĂU

SATU MARE

SATU MARE

MUREŞ

TÂRGU MUREŞ

HARGHITAMIERCUREA CIUC

BACĂU

BACĂU

VASLUI

VASLUI

IAŞI

IAŞI

NEAMŢ

PIATRA NEAMŢBISTRITA

MARAMURESBAIA MARE

SUCEAVA

SUCEAVA

BOTOŞANI

BOTOŞANI

Source: MEMRB National Retail Audit

� Partnership programs (logistics and Infrastructure)

� Cooperative market activity (Exclusives Retailers, local promotions, POSM, joint trade investments)

� Drive active distribution

One wholesaler/countyExclusive beer category

Bergenbier Success Drivers4.Consistant drive for innovation� Packaging/liquid

� Route to market (Fridge, quality draught, shelves)

105102 1049380

110110110105

85 85 8580808080

-10

10

30

50

70

90

110

130

150

170

2000 2001 2002 2003

Ursus Price Index

Bergenbier Price Index

Golden Brau Price Inde

Gambrinus Price Index

Bergenbier Market Sha

10.9% 10.5% 10.4%12%

Bergenbier Success Drivers5. Remain Price Competitive and Accessible

Bergenbier Success Drivers6. Constant Search for Excellent Quality

0.95

0.88

0.91

0.990.97

0.98

0.95

0.86

0.90 0.90

0.970.960.98

1999 2000 2001 2002 2003

Bergenbier Golden Brau Ursus

Pair Preference / Men

32%

68%

Bergenbier Ursus

Pair Preference / Women

62%

38%

Bergenbier Ursus

Liking RatioLikes/(Likes+Dislikes)

Source: GfK Brand Performance Study 2003

Pair Preference for Bergenbier Vs Ursus Premium

Source:Liquid Interbrew Qualitative Study April 2004

8.74

8.36

8.19

7.89

7.60

Ursus

Bergenbier

Skol

Golden Brau

Timisoreana

Overall EvaluationScale from 1 to 10, where 10 is “excellent”

Source: GfK Brand Performance Study 2003

Top 5 brands in Romania

11.2%12.0%

11.1%11.7% 11.2%

10.3%

4.6%5.7%

4.1% 4.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Bergenbie r Urs us Go lden Brau Timis o reana Sko l

2002 2003

Source: MEMRB National Retail Audit Company2002-2003

Fight with the main competitorMarket shares evolution

10.0%

10.5%

11.0%

11.5%

12.0%

12.5%

13.0%

2001 2002 2003

Total Ursus (S.A.B.) Total Bergenbier (Interbrew)

Source: MEMRB National Retail Audit Company2002-2003