Efes Beverage Group rapidly expands in Europe and becomes the leader of the Moldovan Beer Market

Efes Beverage Group Rapidly Expands In Europe “Efes Beverage Group Becomes The Leader Of The Moldovan Beer Market” Efes Breweries International B.V., the Holland based subsidiary of the Efes Beverage Group conducting the Group’s international beer operations, has obtained the necessary approvals from the Moldovan authorities to acquire the Vitanta Intravest S.A. brewery located in Chisinau, through a tender offer. Western NIS Enterprise Fund (“WNISEF”), currently the major shareholder of Vitanta Intravest S.A. with an 86% share, has today announced its decision to sell its shares to Efes Beverage Group in a press conference held in Chisinau.

Consequently, Efes Beverage Group will include Moldova into its portfolio of high growth markets in its targeted geography from the Adriatic to China. Vitanta Intravest is the leader of the Moldovan market in the beer, soft drinks and water segments with %70, %55 and %29 share respectively. Moldovan beer market, with total consumption of around 40 million litres and per capita consumption of 9 litres as of 2001, is among the fastest growing markets in Europe. In 2002, Moldovan beer market is expected to grow about 40%.

Mr. Muhtar Kent, President and CEO of the Efes Beverage Group, said “the Group is rapidly expanding to become the fastest growing European brewer and entering the dynamic Moldovan market through Vitanta, the leading beer, soft drinks and water company, is a definite strategic advantage. Vitanta has successfully built a strong and credible brand portfolio across a wide spectrum, and we are excited about the remaining growth prospects of our new brands in Moldova.” Ms. Natalie Jaresko, President of the WNISEF stated; "WNISEF is very proud of Vitanta and all Vitanta has been able to achieve since we became shareholders. Together with Vitanta's superb management we have built a national leader in the brewery industry that has now attracted the attention of an international leader in the brewery industry. In essence, this proves that our work to create a strong brand, high quality product, efficient manufacturing and distribution operation created real value for Vitanta's shareholders and the Moldovan economy. We are confident that Efes will continue to build on Vitanta's strengths."

Efes Beverage Group is one of the largest beverage groups across a territory spanning from the Adriatic to China, currently consisting of 12 breweries, 4 malteries and 9 Coca-Cola bottling facilities in 9 countries, including Moldova. The Group is the 11th largest European brewer by sales volume as of 2001, and is growing to become one of the strongest players in the region. Efes Beverage Group brands are enjoyed in over 35 countries worldwide and Efes Pilsen, the Group’s primary brand, is one of the 10 European brands that beer consumers prefer worldwide. The Efes Beverage Group, whilst successfully extending its brands to markets outside of Turkey, also introduces leading global brands to its existing markets. In Turkey, the Group produces the worldwide globally recognized brands like “Miller Genuine Draft” and “Beck’s”, and recently commenced production of one of the foremost brands in Germany, “Warsteiner Premium Verum”, in the Russian Federation.