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Sun Brewing (B)

Harvard Business School Case 207-039

Case Software 207-704

This courseware was prepared solely as the asis for class discussion! Cases are not intended to serve as

endorse"ents# sources of pri"ary data# or illustrations of effective or ineffective "ana$e"ent!

Copyri$ht % 200& 'residents and (ellows of Harvard Colle$e! )o part of this product "ay e reproduced#

stored in a retrieval syste"# used in a spreadsheet or trans"itted in any for" or y any "eans--electronic#

"echanical# photocopyin$# recordin$ or otherwise--without the per"ission of Harvard Business School!

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Date

04-Jan-99 1.30

05-Jan-99 1.28

06-Jan-99 1.28

07-Jan-99 1.34

08-Jan-99 1.42

11-Jan-99 1.38

12-Jan-99 1.31

13-Jan-99 1.28

14-Jan-99 1.29

15-Jan-99 1.25

18-Jan-99 1.28

19-Jan-99 1.25

20-Jan-99 1.22

21-Jan-99 1.20

22-Jan-99 1.25

25-Jan-99 1.24

26-Jan-99 1.22

27-Jan-99 1.09

28-Jan-99 1.06

29-Jan-99 0.94

01-Feb-99 0.99

02-Feb-99 0.97

03-Feb-99 1.13

04-Feb-99 1.10

05-Feb-99 1.10

08-Feb-99 1.1309-Feb-99 1.10

10-Feb-99 1.14

11-Feb-99 1.23

12-Feb-99 1.28

15-Feb-99 1.24

16-Feb-99 1.17

17-Feb-99 1.16

18-Feb-99 1.18

19-Feb-99 1.27

22-Feb-99 1.32

23-Feb-99 1.32

24-Feb-99 1.1625-Feb-99 1.13

26-Feb-99 1.21

01-Mar-99 1.17

02-Mar-99 1.20

03-Mar-99 1.20

04-Mar-99 1.19

05-Mar-99 1.14

Exhibit 3 SUN Interbrew’s Stock Price History, 01/01/1999–07/31/04 (in US $)

Class B (Voting)

Shares

Class A (Non-

Voting) Shares

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08-Mar-99 1.22

09-Mar-99 1.21

10-Mar-99 1.21

11-Mar-99 1.24

12-Mar-99 1.23

15-Mar-99 1.20

16-Mar-99 1.2617-Mar-99 1.31

18-Mar-99 1.30

19-Mar-99 1.31

22-Mar-99 1.40

23-Mar-99 1.49

24-Mar-99 1.36

25-Mar-99 1.33

26-Mar-99 1.37

29-Mar-99 1.37

30-Mar-99 1.53

31-Mar-99 1.78

01-Apr-99 1.8206-Apr-99 2.33

07-Apr-99 2.91

08-Apr-99 2.70

09-Apr-99 2.32

12-Apr-99 2.60

13-Apr-99 2.69

14-Apr-99 2.74

15-Apr-99 2.47

16-Apr-99 2.33

19-Apr-99 2.44

20-Apr-99 2.34

21-Apr-99 2.5022-Apr-99 2.65

23-Apr-99 3.02

26-Apr-99 3.60

27-Apr-99 3.38

28-Apr-99 3.29

29-Apr-99 3.36

30-Apr-99 3.49

03-May-99 3.54

11-May-99 7.50

12-May-99 6.39

14-May-99 6.28

17-May-99 6.1918-May-99 6.25

19-May-99 5.75

20-May-99 5.52

21-May-99 5.50

25-May-99 5.61

26-May-99 5.70

27-May-99 5.65

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28-May-99 5.77

31-May-99 5.85

01-Jun-99 6.27

02-Jun-99 6.00

03-Jun-99 6.41

04-Jun-99 6.31

07-Jun-99 6.4808-Jun-99 6.58

09-Jun-99 6.38

10-Jun-99 6.60

11-Jun-99 6.64

14-Jun-99 6.28

15-Jun-99 5.67

16-Jun-99 5.77

17-Jun-99 5.95

18-Jun-99 5.86

21-Jun-99 6.15

22-Jun-99 6.25

23-Jun-99 5.8824-Jun-99 5.56

25-Jun-99 5.38

28-Jun-99 5.29

29-Jun-99 5.22

30-Jun-99 4.90

01-Jul-99 4.82

02-Jul-99 5.02

05-Jul-99 5.21

06-Jul-99 5.53

07-Jul-99 5.52

08-Jul-99 5.36

09-Jul-99 5.3012-Jul-99 4.85

13-Jul-99 4.68

14-Jul-99 4.69

15-Jul-99 4.80

16-Jul-99 4.80

19-Jul-99 4.74

20-Jul-99 4.43

21-Jul-99 4.37

22-Jul-99 4.38

23-Jul-99 4.83

26-Jul-99 4.92

27-Jul-99 4.4628-Jul-99 4.42

29-Jul-99 4.72

30-Jul-99 4.55

02-Aug-99 4.45

03-Aug-99 4.44

04-Aug-99 4.31

05-Aug-99 4.10

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06-Aug-99 3.76

09-Aug-99 3.59

10-Aug-99 4.08

11-Aug-99 4.10

12-Aug-99 4.04

13-Aug-99 4.02

16-Aug-99 4.0217-Aug-99 4.21

18-Aug-99 4.10

19-Aug-99 4.14 1.91

20-Aug-99 4.16 1.97

23-Aug-99 4.20 2.05

24-Aug-99 4.26 2.05

25-Aug-99 4.43 1.98

26-Aug-99 4.39 1.98

27-Aug-99 4.50 1.99

30-Aug-99 4.50 1.99

31-Aug-99 4.24 1.96

01-Sep-99 4.13 1.8502-Sep-99 4.17 1.87

03-Sep-99 4.14 1.86

06-Sep-99 4.18 1.85

07-Sep-99 4.21 1.85

08-Sep-99 4.23 1.85

09-Sep-99 4.32 1.95

10-Sep-99 4.27 1.82

13-Sep-99 4.27 1.87

14-Sep-99 4.13 1.86

15-Sep-99 4.05 1.92

16-Sep-99 3.96 1.77

17-Sep-99 3.64 1.7720-Sep-99 3.84 1.77

21-Sep-99 3.97 1.78

22-Sep-99 3.92 1.78

23-Sep-99 3.90 1.77

24-Sep-99 3.91 1.77

27-Sep-99 3.98 1.78

28-Sep-99 3.95 1.79

29-Sep-99 4.04 1.60

30-Sep-99 4.05 1.49

01-Oct-99 4.08 1.50

04-Oct-99 4.07 1.50

05-Oct-99 4.12 1.5006-Oct-99 4.06 1.55

07-Oct-99 3.75 1.55

08-Oct-99 3.71 1.49

11-Oct-99 3.72 1.49

12-Oct-99 3.65 1.50

13-Oct-99 3.61 1.51

14-Oct-99 3.57 1.51

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15-Oct-99 3.58 1.52

18-Oct-99 3.25 1.41

19-Oct-99 3.25 1.52

20-Oct-99 3.23 1.40

21-Oct-99 3.35 1.30

22-Oct-99 3.57 1.39

25-Oct-99 3.47 1.3926-Oct-99 3.49 1.48

27-Oct-99 3.48 1.48

28-Oct-99 3.42 1.52

29-Oct-99 3.42 1.58

01-Nov-99 3.41 1.63

02-Nov-99 3.47 1.79

03-Nov-99 3.46 1.57

04-Nov-99 3.32 1.45

05-Nov-99 3.33 1.46

08-Nov-99 3.32 1.45

09-Nov-99 3.35 1.46

10-Nov-99 3.23 1.3611-Nov-99 3.54 1.35

12-Nov-99 3.51 1.34

15-Nov-99 3.61 1.34

16-Nov-99 3.40 1.34

17-Nov-99 3.54 1.35

18-Nov-99 3.18 1.24

19-Nov-99 3.09 1.24

22-Nov-99 3.15 1.24

23-Nov-99 3.13 1.23

24-Nov-99 3.15 1.22

25-Nov-99 3.06 1.22

26-Nov-99 3.05 1.2229-Nov-99 3.13 1.41

30-Nov-99 3.22 1.41

01-Dec-99 3.07 1.41

02-Dec-99 3.06 1.40

03-Dec-99 3.07 1.40

06-Dec-99 3.32 1.48

07-Dec-99 3.19 1.38

08-Dec-99 3.08 1.23

09-Dec-99 3.06 1.12

10-Dec-99 2.84 1.12

13-Dec-99 2.83 1.01

14-Dec-99 2.92 1.0115-Dec-99 3.17 1.01

16-Dec-99 3.25 1.01

17-Dec-99 3.23 1.01

20-Dec-99 3.22 1.11

21-Dec-99 3.33 1.16

22-Dec-99 3.78 1.91

23-Dec-99 4.06 1.83

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27-Dec-99 3.50 1.62

28-Dec-99 3.22 1.81

29-Dec-99 3.17 1.56

30-Dec-99 3.17 1.56

03-Jan-00 3.88 2.04

04-Jan-00 3.97 1.91

05-Jan-00 4.09 1.8106-Jan-00 4.22 1.80

07-Jan-00 4.22 1.80

10-Jan-00 4.21 1.69

11-Jan-00 4.13 1.65

12-Jan-00 4.07 1.75

13-Jan-00 4.05 1.74

14-Jan-00 4.21 1.83

17-Jan-00 4.09 1.77

18-Jan-00 4.13 1.77

19-Jan-00 3.95 1.82

20-Jan-00 4.22 1.83

21-Jan-00 4.39 2.0224-Jan-00 4.36 2.10

25-Jan-00 4.37 2.11

26-Jan-00 4.31 2.20

27-Jan-00 4.45 2.28

28-Jan-00 4.49 2.24

31-Jan-00 4.39 2.23

01-Feb-00 4.37 2.23

02-Feb-00 4.49 2.25

03-Feb-00 4.45 2.28

04-Feb-00 4.50 2.35

07-Feb-00 4.51 2.35

08-Feb-00 4.54 2.2709-Feb-00 4.51 2.28

10-Feb-00 4.49 2.27

11-Feb-00 4.53 2.27

14-Feb-00 4.51 2.55

15-Feb-00 4.53 2.56

16-Feb-00 4.54 2.27

17-Feb-00 4.54 2.27

18-Feb-00 4.55 3.15

21-Feb-00 4.59 3.16

22-Feb-00 4.63 2.32

23-Feb-00 4.64 2.51

24-Feb-00 4.58 3.1825-Feb-00 4.48 2.43

28-Feb-00 4.46 2.42

29-Feb-00 4.45 2.42

01-Mar-00 4.58 2.44

02-Mar-00 4.45 2.42

03-Mar-00 4.48 2.12

06-Mar-00 4.46 3.26

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07-Mar-00 4.68 2.58

08-Mar-00 5.04 2.40

09-Mar-00 5.76 2.90

10-Mar-00 5.16 2.89

13-Mar-00 5.10 2.89

14-Mar-00 5.69 2.89

15-Mar-00 5.05 3.0116-Mar-00 5.57 3.63

17-Mar-00 5.63 3.50

20-Mar-00 5.73 4.37

21-Mar-00 5.60 3.38

22-Mar-00 5.48 3.56

23-Mar-00 6.14 3.64

24-Mar-00 6.73 5.66

27-Mar-00 6.56 5.11

28-Mar-00 6.25 5.10

29-Mar-00 6.71 5.05

30-Mar-00 6.83 4.80

31-Mar-00 6.70 4.6903-Apr-00 6.58 4.67

04-Apr-00 6.19 4.98

05-Apr-00 5.00 4.72

06-Apr-00 5.32 4.79

07-Apr-00 6.04 3.83

10-Apr-00 5.48 3.84

11-Apr-00 5.36 4.31

12-Apr-00 5.20 3.81

13-Apr-00 5.05 4.29

14-Apr-00 5.53 4.10

17-Apr-00 4.72 3.58

18-Apr-00 4.56 3.1319-Apr-00 4.50 3.28

20-Apr-00 4.31 3.00

25-Apr-00 4.44 2.96

26-Apr-00 4.98 2.95

27-Apr-00 4.99 2.95

28-Apr-00 4.92 3.19

02-May-00 5.02 4.07

03-May-00 4.74 3.80

04-May-00 4.73 4.46

05-May-00 4.76 4.49

08-May-00 4.66 4.48

09-May-00 4.58 4.0810-May-00 4.37 4.05

11-May-00 4.33 4.06

12-May-00 4.46 3.64

15-May-00 4.47 3.56

16-May-00 4.53 3.53

17-May-00 4.24 3.39

18-May-00 4.02 3.13

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19-May-00 3.85 2.96

22-May-00 3.25 3.07

23-May-00 3.35 2.98

24-May-00 3.46 3.05

25-May-00 3.64 3.00

26-May-00 4.00 3.17

29-May-00 3.99 3.0630-May-00 3.92 3.08

31-May-00 3.92 3.27

01-Jun-00 3.72 3.25

02-Jun-00 4.20 3.30

05-Jun-00 4.16 3.31

06-Jun-00 4.15 3.34

07-Jun-00 4.04 3.17

08-Jun-00 4.21 3.16

09-Jun-00 3.91 3.15

12-Jun-00 4.06 3.15

13-Jun-00 4.08 3.17

14-Jun-00 3.93 3.1715-Jun-00 3.91 3.14

16-Jun-00 4.34 3.18

19-Jun-00 3.98 2.97

20-Jun-00 3.92 3.25

21-Jun-00 3.78 2.64

22-Jun-00 3.84 2.53

23-Jun-00 3.65 2.81

26-Jun-00 3.38 3.05

27-Jun-00 3.35 3.07

28-Jun-00 3.30 2.93

29-Jun-00 3.23 3.04

30-Jun-00 3.44 3.0603-Jul-00 3.57 3.04

04-Jul-00 3.42 3.04

05-Jul-00 3.43 2.96

06-Jul-00 3.38 2.57

07-Jul-00 3.35 2.56

10-Jul-00 3.24 2.67

11-Jul-00 3.14 2.57

12-Jul-00 3.21 2.73

13-Jul-00 3.09 2.81

14-Jul-00 3.19 2.62

17-Jul-00 3.13 2.57

18-Jul-00 3.45 2.4319-Jul-00 3.13 2.30

20-Jul-00 3.39 2.32

21-Jul-00 3.33 2.34

24-Jul-00 3.31 2.33

25-Jul-00 3.19 2.35

26-Jul-00 3.30 2.40

27-Jul-00 3.17 2.33

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28-Jul-00 3.14 2.31

31-Jul-00 3.06 2.60

01-Aug-00 3.23 2.31

02-Aug-00 3.11 2.56

03-Aug-00 3.44 2.26

04-Aug-00 3.90 2.27

07-Aug-00 4.09 2.9108-Aug-00 3.56 2.88

09-Aug-00 3.55 2.79

10-Aug-00 3.54 2.63

11-Aug-00 3.53 2.35

14-Aug-00 3.49 2.45

15-Aug-00 3.57 2.74

16-Aug-00 3.48 2.47

17-Aug-00 3.52 2.38

18-Aug-00 3.54 2.27

21-Aug-00 3.56 2.25

22-Aug-00 3.41 2.24

23-Aug-00 3.46 2.2424-Aug-00 3.52 2.03

25-Aug-00 3.52 2.26

28-Aug-00 3.47 2.25

29-Aug-00 3.30 2.19

30-Aug-00 3.17 2.05

31-Aug-00 2.80 1.86

01-Sep-00 2.74 2.07

04-Sep-00 2.78 2.06

05-Sep-00 2.75 2.04

06-Sep-00 2.69 2.00

07-Sep-00 2.75 2.19

08-Sep-00 2.61 2.1611-Sep-00 2.80 1.89

12-Sep-00 2.75 1.98

13-Sep-00 2.72 1.99

14-Sep-00 2.59 1.98

15-Sep-00 2.75 1.98

18-Sep-00 2.73 1.96

19-Sep-00 2.68 1.95

20-Sep-00 2.71 1.95

21-Sep-00 2.70 1.97

22-Sep-00 2.50 1.76

25-Sep-00 2.53 2.01

26-Sep-00 2.54 2.0227-Sep-00 2.47 1.76

28-Sep-00 2.47 1.63

29-Sep-00 2.25 1.63

02-Oct-00 2.21 2.20

04-Oct-00 2.19 2.18

05-Oct-00 2.30 2.17

06-Oct-00 2.08 2.17

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09-Oct-00 1.99 1.99

10-Oct-00 2.13 1.83

11-Oct-00 2.00 1.82

12-Oct-00 1.99 1.82

13-Oct-00 2.01 1.80

16-Oct-00 2.12 1.78

17-Oct-00 2.21 1.7918-Oct-00 2.34 1.76

19-Oct-00 2.31 1.77

20-Oct-00 2.40 1.77

23-Oct-00 2.34 1.68

24-Oct-00 2.43 1.76

25-Oct-00 2.11 1.73

26-Oct-00 2.12 1.75

27-Oct-00 2.14 1.76

30-Oct-00 2.21 1.77

31-Oct-00 2.12 1.78

01-Nov-00 2.23 1.72

02-Nov-00 2.19 1.7203-Nov-00 2.51 1.73

06-Nov-00 2.57 1.71

07-Nov-00 2.71 1.72

08-Nov-00 2.65 2.13

09-Nov-00 2.61 1.71

10-Nov-00 2.33 1.72

13-Nov-00 2.37 1.72

14-Nov-00 2.31 1.71

15-Nov-00 2.31 1.76

16-Nov-00 2.30 1.75

17-Nov-00 2.24 1.62

20-Nov-00 2.12 1.6121-Nov-00 2.36 1.69

22-Nov-00 2.20 1.60

23-Nov-00 2.27 1.51

24-Nov-00 2.18 1.51

27-Nov-00 2.15 1.53

28-Nov-00 2.14 1.54

29-Nov-00 2.10 1.46

30-Nov-00 2.18 1.48

01-Dec-00 2.10 1.49

04-Dec-00 2.04 1.69

05-Dec-00 2.34 1.50

06-Dec-00 2.27 1.5107-Dec-00 2.57 1.51

08-Dec-00 2.65 1.77

11-Dec-00 2.76 1.49

12-Dec-00 2.94 1.93

13-Dec-00 2.82 1.93

14-Dec-00 2.85 1.96

15-Dec-00 2.78 1.80

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18-Dec-00 2.50 1.96

19-Dec-00 2.67 1.96

20-Dec-00 2.45 1.72

21-Dec-00 2.28 2.01

22-Dec-00 2.31 1.66

27-Dec-00 2.61 1.68

28-Dec-00 2.50 1.7629-Dec-00 2.54 1.69

02-Jan-01 2.37 1.70

03-Jan-01 2.55 1.70

04-Jan-01 2.46 1.61

05-Jan-01 2.59 1.72

08-Jan-01 2.56 1.71

09-Jan-01 2.50 1.70

10-Jan-01 2.59 1.69

11-Jan-01 2.72 1.72

12-Jan-01 2.66 1.71

15-Jan-01 2.69 1.70

16-Jan-01 2.68 1.6917-Jan-01 2.63 1.71

18-Jan-01 2.73 1.56

19-Jan-01 2.53 1.55

22-Jan-01 2.58 1.55

23-Jan-01 2.60 1.50

24-Jan-01 2.77 1.76

25-Jan-01 2.60 1.48

26-Jan-01 2.61 1.48

29-Jan-01 2.66 1.47

30-Jan-01 2.55 1.67

31-Jan-01 2.60 1.49

01-Feb-01 2.73 1.5102-Feb-01 2.48 1.68

05-Feb-01 2.40 1.69

06-Feb-01 2.65 1.63

07-Feb-01 2.43 1.49

08-Feb-01 2.53 1.47

09-Feb-01 2.61 1.48

12-Feb-01 2.56 1.49

13-Feb-01 2.66 1.47

14-Feb-01 2.57 1.47

15-Feb-01 2.54 1.45

16-Feb-01 2.66 1.65

19-Feb-01 2.58 1.6620-Feb-01 2.55 1.64

21-Feb-01 2.64 1.64

22-Feb-01 2.44 1.63

23-Feb-01 2.47 1.65

26-Feb-01 2.37 1.55

27-Feb-01 2.28 1.55

28-Feb-01 2.45 1.57

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01-Mar-01 2.33 1.58

02-Mar-01 2.24 1.49

05-Mar-01 2.28 1.58

06-Mar-01 2.24 1.59

07-Mar-01 2.29 1.48

08-Mar-01 3.02 1.63

09-Mar-01 2.93 1.5412-Mar-01 3.01 1.58

13-Mar-01 3.11 1.55

14-Mar-01 3.23 1.55

15-Mar-01 3.19 1.53

16-Mar-01 3.17 1.79

19-Mar-01 3.35 1.53

20-Mar-01 3.66 1.72

21-Mar-01 3.58 1.88

22-Mar-01 3.15 1.91

23-Mar-01 3.26 2.27

26-Mar-01 3.40 1.79

27-Mar-01 3.30 2.0528-Mar-01 2.89 2.04

29-Mar-01 2.91 1.94

30-Mar-01 2.99 2.20

02-Apr-01 3.04 2.03

03-Apr-01 2.99 2.01

04-Apr-01 2.97 1.89

05-Apr-01 3.14 2.15

06-Apr-01 3.39 2.17

09-Apr-01 3.34 1.98

10-Apr-01 3.28 2.04

11-Apr-01 3.28 1.95

12-Apr-01 3.26 1.8717-Apr-01 3.17 1.98

18-Apr-01 3.19 2.13

19-Apr-01 2.90 1.83

20-Apr-01 2.89 1.81

23-Apr-01 2.69 2.06

24-Apr-01 2.52 2.06

25-Apr-01 2.54 2.06

26-Apr-01 2.61 1.80

27-Apr-01 3.03 2.04

30-Apr-01 3.01 2.04

02-May-01 3.13 2.06

03-May-01 3.20 2.1304-May-01 3.31 2.19

07-May-01 3.29 2.14

08-May-01 3.28 2.17

09-May-01 3.23 2.17

10-May-01 3.21 2.11

11-May-01 3.23 2.15

14-May-01 3.10 2.14

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15-May-01 3.08 2.11

16-May-01 3.10 2.12

17-May-01 3.18 2.12

18-May-01 3.25 2.11

21-May-01 3.07 2.10

22-May-01 2.94 2.07

23-May-01 3.01 2.0624-May-01 3.22 2.32

25-May-01 3.09 2.15

28-May-01 3.09 1.98

29-May-01 3.13 2.40

30-May-01 3.22 2.15

31-May-01 3.21 2.11

01-Jun-01 3.34 2.20

04-Jun-01 3.13 2.32

05-Jun-01 3.27 2.42

06-Jun-01 3.09 2.46

07-Jun-01 3.38 2.21

08-Jun-01 3.38 2.2511-Jun-01 3.63 2.11

12-Jun-01 3.27 2.97

13-Jun-01 3.67 2.73

14-Jun-01 3.75 2.59

15-Jun-01 3.75 3.19

18-Jun-01 3.84 2.93

19-Jun-01 3.67 2.82

20-Jun-01 3.84 2.80

21-Jun-01 3.85 3.08

22-Jun-01 3.72 3.12

25-Jun-01 3.79 3.45

26-Jun-01 3.79 3.4527-Jun-01 3.62 3.36

28-Jun-01 3.71 3.37

29-Jun-01 3.81 3.39

02-Jul-01 3.64 3.38

03-Jul-01 3.73 3.39

04-Jul-01 3.80 3.38

05-Jul-01 3.68 2.93

06-Jul-01 3.39 3.22

09-Jul-01 3.39 3.05

10-Jul-01 3.07 2.90

11-Jul-01 2.58 2.58

12-Jul-01 2.94 2.5613-Jul-01 3.24 2.56

16-Jul-01 3.16 3.25

17-Jul-01 3.43 2.92

18-Jul-01 3.40 2.62

19-Jul-01 3.48 2.96

20-Jul-01 3.31 2.62

23-Jul-01 3.22 3.04

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24-Jul-01 2.98 2.98

25-Jul-01 3.26 2.90

26-Jul-01 3.16 2.90

27-Jul-01 3.33 2.80

30-Jul-01 3.32 2.89

31-Jul-01 3.15 3.41

01-Aug-01 3.52 3.3402-Aug-01 3.35 3.35

03-Aug-01 3.36 3.36

06-Aug-01 3.35 3.17

07-Aug-01 3.51 3.16

08-Aug-01 3.34 3.17

09-Aug-01 3.35 2.68

10-Aug-01 3.32 3.13

13-Aug-01 3.41 2.69

14-Aug-01 3.43 3.16

15-Aug-01 3.42 3.19

16-Aug-01 3.53 3.21

17-Aug-01 3.40 3.0320-Aug-01 3.24 3.01

21-Aug-01 3.60 3.28

22-Aug-01 3.48 3.03

23-Aug-01 3.84 2.92

24-Aug-01 3.83 3.60

27-Aug-01 3.51 3.46

28-Aug-01 3.55 3.46

29-Aug-01 3.55 3.18

30-Aug-01 3.66 3.20

31-Aug-01 3.46 3.00

03-Sep-01 3.45 3.00

04-Sep-01 3.59 2.8305-Sep-01 3.47 2.93

06-Sep-01 3.76 3.40

07-Sep-01 3.80 3.26

10-Sep-01 3.60 3.15

11-Sep-01 3.66 3.20

12-Sep-01 3.04 2.36

13-Sep-01 3.01 2.28

14-Sep-01 3.27 2.22

17-Sep-01 3.27 2.12

18-Sep-01 3.33 2.96

19-Sep-01 3.17 3.26

20-Sep-01 3.06 2.5021-Sep-01 2.91 3.19

24-Sep-01 2.65 3.20

25-Sep-01 2.77 3.23

26-Sep-01 2.77 3.23

27-Sep-01 2.75 3.21

28-Sep-01 2.91 3.05

01-Oct-01 3.21 3.21

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02-Oct-01 2.93 3.21

03-Oct-01 2.88 3.20

04-Oct-01 3.02 3.20

05-Oct-01 2.93 2.29

08-Oct-01 2.94 3.22

09-Oct-01 2.85 3.20

10-Oct-01 2.92 2.7411-Oct-01 3.27 2.88

12-Oct-01 3.28 3.19

15-Oct-01 2.82 2.91

16-Oct-01 3.36 2.73

17-Oct-01 3.34 2.71

18-Oct-01 3.34 2.71

19-Oct-01 3.33 2.70

22-Oct-01 3.16 2.67

23-Oct-01 3.74 2.67

24-Oct-01 3.48 2.95

25-Oct-01 3.13 2.86

26-Oct-01 3.12 2.8629-Oct-01 3.30 2.71

30-Oct-01 3.26 2.72

31-Oct-01 2.99 2.71

01-Nov-01 3.07 2.98

02-Nov-01 3.06 2.88

05-Nov-01 3.36 2.87

06-Nov-01 3.23 3.14

07-Nov-01 3.23 3.14

08-Nov-01 3.39 2.94

09-Nov-01 3.31 2.86

12-Nov-01 3.89 3.04

13-Nov-01 3.88 3.1714-Nov-01 4.20 3.36

15-Nov-01 3.97 3.35

16-Nov-01 3.85 3.49

19-Nov-01 4.23 3.26

20-Nov-01 4.19 3.97

21-Nov-01 4.30 4.17

22-Nov-01 4.22 4.17

23-Nov-01 4.57 4.26

26-Nov-01 4.54 4.62

27-Nov-01 4.68 5.07

28-Nov-01 4.79 4.88

29-Nov-01 5.06 5.1030-Nov-01 5.06 5.24

03-Dec-01 5.13 4.10

04-Dec-01 4.54 4.67

05-Dec-01 4.43 3.99

06-Dec-01 4.56 4.25

07-Dec-01 4.18 4.22

10-Dec-01 4.80 4.22

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11-Dec-01 4.72 4.23

12-Dec-01 4.57 4.26

13-Dec-01 4.56 5.14

14-Dec-01 4.52 4.29

17-Dec-01 4.57 4.25

18-Dec-01 4.69 4.42

19-Dec-01 4.60 4.2820-Dec-01 4.49 4.04

21-Dec-01 4.65 3.99

27-Dec-01 4.78 3.98

28-Dec-01 4.42 3.84

02-Jan-02 4.88 4.07

03-Jan-02 5.08 4.94

04-Jan-02 5.38 4.79

07-Jan-02 5.23 4.74

08-Jan-02 5.44 4.73

09-Jan-02 5.41 4.98

10-Jan-02 4.99 5.08

11-Jan-02 5.12 4.7214-Jan-02 5.09 4.74

15-Jan-02 4.98 4.80

16-Jan-02 5.07 4.63

17-Jan-02 5.51 4.67

18-Jan-02 6.11 4.87

21-Jan-02 5.92 4.86

22-Jan-02 6.19 5.22

23-Jan-02 6.20 5.11

24-Jan-02 5.88 4.91

25-Jan-02 5.70 5.01

28-Jan-02 5.34 4.82

29-Jan-02 6.05 5.0230-Jan-02 5.57 5.05

31-Jan-02 5.63 5.07

01-Feb-02 5.69 5.17

04-Feb-02 6.53 5.40

05-Feb-02 6.86 6.08

06-Feb-02 7.25 6.08

07-Feb-02 7.38 6.08

08-Feb-02 7.33 6.11

11-Feb-02 7.02 6.14

12-Feb-02 7.02 6.14

13-Feb-02 6.76 6.15

14-Feb-02 7.08 6.1615-Feb-02 7.16 6.16

18-Feb-02 6.98 6.15

19-Feb-02 7.02 6.23

20-Feb-02 6.97 6.18

21-Feb-02 6.92 6.18

22-Feb-02 7.24 6.23

25-Feb-02 6.96 6.13

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26-Feb-02 6.90 6.17

27-Feb-02 6.86 6.09

28-Feb-02 6.94 6.33

01-Mar-02 6.84 6.32

04-Mar-02 6.96 6.53

05-Mar-02 7.01 6.53

06-Mar-02 7.05 6.5707-Mar-02 7.05 6.61

08-Mar-02 7.05 5.87

11-Mar-02 7.01 5.87

12-Mar-02 7.01 5.95

13-Mar-02 7.01 5.69

14-Mar-02 7.01 5.47

15-Mar-02 6.79 5.65

18-Mar-02 6.93 5.30

19-Mar-02 7.05 5.29

20-Mar-02 5.83 5.30

21-Mar-02 5.74 5.21

22-Mar-02 6.13 5.1725-Mar-02 6.28 5.35

26-Mar-02 6.22 5.48

27-Mar-02 6.33 5.50

28-Mar-02 6.27 5.31

02-Apr-02 6.15 5.36

03-Apr-02 6.16 5.37

04-Apr-02 5.44 5.35

05-Apr-02 6.16 5.37

08-Apr-02 5.16 5.60

09-Apr-02 5.71 5.63

10-Apr-02 5.37 4.84

11-Apr-02 5.39 4.9112-Apr-02 5.81 5.54

15-Apr-02 5.72 5.28

16-Apr-02 5.56 5.30

17-Apr-02 6.04 5.33

18-Apr-02 6.22 4.93

19-Apr-02 6.01 5.43

22-Apr-02 6.40 5.42

23-Apr-02 6.22 5.42

24-Apr-02 5.89 5.09

25-Apr-02 6.06 5.48

26-Apr-02 5.85 5.04

29-Apr-02 6.49 5.0530-Apr-02 5.41 5.50

02-May-02 5.59 5.05

03-May-02 5.68 5.13

06-May-02 6.28 5.13

07-May-02 5.67 5.12

08-May-02 5.88 4.98

09-May-02 6.00 5.09

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10-May-02 6.02 5.11

13-May-02 6.02 5.02

14-May-02 6.23 5.06

15-May-02 6.31 5.00

16-May-02 6.02 5.10

17-May-02 5.99 5.07

20-May-02 5.99 5.5321-May-02 6.25 5.52

22-May-02 6.76 4.63

23-May-02 6.46 5.54

24-May-02 6.26 5.53

27-May-02 6.08 5.71

28-May-02 6.41 5.57

29-May-02 6.45 6.07

30-May-02 5.92 6.11

31-May-02 6.51 6.33

03-Jun-02 6.43 6.57

04-Jun-02 6.42 6.61

05-Jun-02 6.10 6.1006-Jun-02 6.85 6.76

07-Jun-02 7.08 7.08

10-Jun-02 6.60 6.79

11-Jun-02 6.91 7.29

12-Jun-02 7.09 7.28

13-Jun-02 6.60 6.79

14-Jun-02 6.62 6.62

17-Jun-02 6.47 6.61

18-Jun-02 6.56 6.18

19-Jun-02 6.30 6.68

20-Jun-02 6.65 6.60

21-Jun-02 6.61 6.6524-Jun-02 6.15 6.84

25-Jun-02 6.22 6.81

26-Jun-02 6.11 6.89

27-Jun-02 6.17 6.91

28-Jun-02 5.94 6.93

01-Jul-02 5.92 5.93

02-Jul-02 5.88 6.89

03-Jul-02 6.13 6.87

04-Jul-02 5.87 6.85

05-Jul-02 5.64 6.33

08-Jul-02 6.61 6.41

09-Jul-02 6.55 6.4510-Jul-02 6.67 6.42

11-Jul-02 6.54 5.45

12-Jul-02 6.38 5.44

15-Jul-02 6.55 6.04

16-Jul-02 6.54 5.54

17-Jul-02 6.37 5.54

18-Jul-02 6.80 5.03

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19-Jul-02 6.09 5.58

22-Jul-02 6.36 5.55

23-Jul-02 6.25 6.35

24-Jul-02 5.88 6.38

25-Jul-02 5.90 6.00

26-Jul-02 5.54 5.93

29-Jul-02 5.48 5.8730-Jul-02 5.91 5.91

31-Jul-02 5.88 5.88

01-Aug-02 5.90 5.90

02-Aug-02 5.93 5.93

05-Aug-02 5.92 5.90

06-Aug-02 5.78 5.78

07-Aug-02 5.41 5.84

08-Aug-02 5.36 5.60

09-Aug-02 5.39 5.53

12-Aug-02 5.82 5.87

13-Aug-02 5.83 5.59

14-Aug-02 5.86 5.6115-Aug-02 6.00 5.61

16-Aug-02 5.91 5.91

19-Aug-02 6.02 5.58

20-Aug-02 5.97 5.87

21-Aug-02 6.22 5.58

22-Aug-02 6.30 5.33

23-Aug-02 6.32 5.35

26-Aug-02 5.89 4.86

27-Aug-02 6.39 4.92

28-Aug-02 5.64 4.90

29-Aug-02 5.65 4.92

30-Aug-02 5.39 3.9202-Sep-02 5.91 4.92

03-Sep-02 5.96 4.98

04-Sep-02 5.25 4.96

05-Sep-02 5.85 5.35

06-Sep-02 6.20 5.36

09-Sep-02 6.38 4.90

10-Sep-02 5.35 4.87

11-Sep-02 5.36 5.11

12-Sep-02 5.49 4.90

13-Sep-02 5.35 4.86

16-Sep-02 5.29 4.86

17-Sep-02 5.04 4.8518-Sep-02 4.85 4.89

19-Sep-02 5.11 3.05

20-Sep-02 5.39 3.92

23-Sep-02 5.37 3.91

24-Sep-02 7.56 3.44

25-Sep-02 5.38 3.92

26-Sep-02 5.37 4.59

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27-Sep-02 5.13 4.11

30-Sep-02 4.94 3.46

01-Oct-02 5.42 4.19

02-Oct-02 5.27 4.63

03-Oct-02 5.28 4.44

04-Oct-02 4.89 4.65

07-Oct-02 4.91 4.5208-Oct-02 4.99 4.50

09-Oct-02 4.74 4.55

10-Oct-02 5.03 4.54

11-Oct-02 4.73 4.53

14-Oct-02 4.44 4.54

15-Oct-02 5.00 4.51

16-Oct-02 4.42 4.52

17-Oct-02 4.66 4.47

18-Oct-02 4.86 4.47

21-Oct-02 5.36 4.48

22-Oct-02 5.39 4.51

23-Oct-02 4.69 4.4924-Oct-02 5.07 3.90

25-Oct-02 4.78 4.49

28-Oct-02 4.92 4.13

29-Oct-02 4.83 4.14

30-Oct-02 4.92 4.13

31-Oct-02 4.85 3.96

01-Nov-02 5.09 4.09

04-Nov-02 5.08 3.98

05-Nov-02 5.30 4.50

06-Nov-02 4.98 4.48

07-Nov-02 4.84 4.54

08-Nov-02 4.86 4.5611-Nov-02 5.06 4.55

12-Nov-02 5.25 4.04

13-Nov-02 5.24 4.03

14-Nov-02 4.27 4.52

15-Nov-02 5.04 4.49

18-Nov-02 5.04 4.33

19-Nov-02 5.13 4.27

20-Nov-02 5.12 4.26

21-Nov-02 5.09 4.25

22-Nov-02 4.99 4.19

25-Nov-02 5.06 4.17

26-Nov-02 5.01 4.4627-Nov-02 5.00 4.46

28-Nov-02 4.87 4.47

29-Nov-02 4.82 4.18

02-Dec-02 4.63 4.08

03-Dec-02 4.69 3.99

04-Dec-02 4.41 4.01

05-Dec-02 4.60 4.25

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06-Dec-02 4.64 4.28

09-Dec-02 4.34 4.08

10-Dec-02 4.29 4.54

11-Dec-02 4.29 4.54

12-Dec-02 4.28 4.12

13-Dec-02 4.38 4.13

16-Dec-02 4.29 4.1417-Dec-02 4.31 4.16

18-Dec-02 4.30 4.15

19-Dec-02 4.61 4.15

20-Dec-02 4.16 4.16

23-Dec-02 4.05 4.15

27-Dec-02 4.16 4.22

30-Dec-02 4.40 4.24

02-Jan-03 3.99 3.62

03-Jan-03 4.01 4.69

06-Jan-03 3.77 4.71

07-Jan-03 4.21 4.68

08-Jan-03 4.20 4.7309-Jan-03 4.21 4.14

10-Jan-03 4.33 4.22

13-Jan-03 4.22 4.24

14-Jan-03 4.23 4.23

15-Jan-03 4.23 3.17

16-Jan-03 4.24 3.18

17-Jan-03 4.26 4.26

20-Jan-03 4.17 4.27

21-Jan-03 3.97 4.29

22-Jan-03 3.86 3.22

23-Jan-03 3.77 3.23

24-Jan-03 3.79 3.2527-Jan-03 3.69 3.25

28-Jan-03 3.57 4.33

29-Jan-03 3.69 4.34

30-Jan-03 3.34 4.31

31-Jan-03 3.54 4.29

03-Feb-03 3.23 3.23

04-Feb-03 3.27 3.16

05-Feb-03 3.12 3.23

06-Feb-03 3.25 3.25

07-Feb-03 3.24 3.35

10-Feb-03 3.22 3.33

11-Feb-03 3.22 3.7612-Feb-03 3.17 3.76

13-Feb-03 3.46 3.80

14-Feb-03 3.50 3.23

17-Feb-03 3.54 3.76

18-Feb-03 3.41 3.74

19-Feb-03 3.49 3.22

20-Feb-03 3.45 3.79

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21-Feb-03 3.67 3.78

24-Feb-03 3.67 3.78

25-Feb-03 3.83 4.64

26-Feb-03 3.94 4.64

27-Feb-03 3.87 4.62

28-Feb-03 3.94 4.64

03-Mar-03 3.92 4.6804-Mar-03 3.49 4.68

05-Mar-03 4.28 4.72

06-Mar-03 3.85 3.90

07-Mar-03 3.53 4.73

10-Mar-03 3.26 4.75

11-Mar-03 3.53 4.63

12-Mar-03 3.31 4.41

13-Mar-03 3.48 4.68

14-Mar-03 3.44 4.46

17-Mar-03 3.13 4.25

18-Mar-03 3.51 4.57

19-Mar-03 3.39 4.5520-Mar-03 3.20 4.57

21-Mar-03 3.21 4.52

24-Mar-03 3.25 4.58

25-Mar-03 3.24 4.58

26-Mar-03 3.22 4.27

27-Mar-03 3.20 4.59

28-Mar-03 3.21 4.31

31-Mar-03 3.22 4.36

01-Apr-03 3.27 4.36

02-Apr-03 3.21 4.31

03-Apr-03 3.49 4.29

04-Apr-03 3.59 4.0707-Apr-03 3.40 4.04

08-Apr-03 3.68 4.00

09-Apr-03 3.77 4.04

10-Apr-03 3.73 4.05

11-Apr-03 3.71 4.03

14-Apr-03 3.77 4.04

15-Apr-03 3.78 4.00

16-Apr-03 3.81 4.03

17-Apr-03 3.86 4.03

22-Apr-03 3.62 4.06

23-Apr-03 4.27 3.94

24-Apr-03 3.84 3.9725-Apr-03 3.64 3.97

28-Apr-03 3.63 3.96

29-Apr-03 3.70 3.97

30-Apr-03 3.75 4.02

02-May-03 4.13 3.93

05-May-03 3.84 3.95

06-May-03 3.86 3.97

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07-May-03 3.74 3.97

08-May-03 4.02 4.02

09-May-03 4.02 4.02

12-May-03 3.93 4.05

13-May-03 3.74 4.03

14-May-03 3.80 3.80

15-May-03 3.70 3.7616-May-03 3.81 3.81

19-May-03 3.91 3.85

20-May-03 3.51 3.86

21-May-03 3.92 2.93

22-May-03 3.92 3.86

23-May-03 3.95 2.95

26-May-03 3.98 3.92

27-May-03 3.56 3.92

28-May-03 4.06 3.88

29-May-03 4.16 3.92

30-May-03 4.12 3.88

02-Jun-03 3.70 3.8803-Jun-03 3.87 3.87

04-Jun-03 3.86 3.86

05-Jun-03 3.92 3.92

06-Jun-03 4.33 3.86

09-Jun-03 4.46 3.87

10-Jun-03 3.86 3.86

11-Jun-03 4.47 3.53

12-Jun-03 4.12 3.88

13-Jun-03 4.50 3.91

16-Jun-03 3.97 3.91

17-Jun-03 4.20 3.90

18-Jun-03 4.09 3.8619-Jun-03 4.11 3.99

20-Jun-03 4.96 4.64

23-Jun-03 4.62 4.62

24-Jun-03 4.77 4.59

25-Jun-03 4.52 4.29

26-Jun-03 4.75 4.24

27-Jun-03 5.02 4.91

30-Jun-03 5.11 4.59

01-Jul-03 4.57 3.47

02-Jul-03 4.84 3.46

03-Jul-03 5.17 4.59

04-Jul-03 5.35 4.6007-Jul-03 5.21 4.53

08-Jul-03 5.31 4.52

09-Jul-03 5.15 4.42

10-Jul-03 5.12 4.55

11-Jul-03 5.14 4.75

14-Jul-03 5.19 4.51

15-Jul-03 5.03 4.48

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16-Jul-03 5.05 4.49

17-Jul-03 5.10 4.48

18-Jul-03 5.14 4.51

21-Jul-03 5.10 4.53

22-Jul-03 5.16 4.31

23-Jul-03 5.17 4.02

24-Jul-03 5.21 4.0125-Jul-03 4.89 4.03

28-Jul-03 4.83 4.03

29-Jul-03 4.82 4.02

30-Jul-03 4.78 3.98

31-Jul-03 4.61 3.93

01-Aug-03 4.61 3.94

04-Aug-03 4.66 3.98

05-Aug-03 4.65 3.97

06-Aug-03 4.55 3.98

07-Aug-03 4.55 3.98

08-Aug-03 4.63 3.96

11-Aug-03 4.49 3.9812-Aug-03 4.41 3.96

13-Aug-03 4.52 3.96

14-Aug-03 4.49 3.93

15-Aug-03 4.50 3.94

18-Aug-03 4.46 4.23

19-Aug-03 4.90 4.45

20-Aug-03 4.45 4.21

21-Aug-03 4.38 4.05

22-Aug-03 4.36 4.03

25-Aug-03 4.62 4.13

26-Aug-03 4.63 4.03

27-Aug-03 4.58 4.0328-Aug-03 4.36 4.03

29-Aug-03 4.39 4.06

01-Sep-03 4.39 4.06

02-Sep-03 4.62 4.02

03-Sep-03 4.72 3.91

04-Sep-03 4.80 4.04

05-Sep-03 5.21 3.99

08-Sep-03 5.23 4.00

09-Sep-03 5.16 4.15

10-Sep-03 5.31 4.14

11-Sep-03 5.37 3.92

12-Sep-03 5.43 3.9615-Sep-03 4.80 4.18

16-Sep-03 5.47 3.91

17-Sep-03 5.51 4.16

18-Sep-03 5.74 4.17

19-Sep-03 5.46 4.21

22-Sep-03 5.29 4.02

23-Sep-03 5.40 4.02

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24-Sep-03 5.74 4.25

25-Sep-03 5.52 4.25

26-Sep-03 5.51 4.25

29-Sep-03 6.02 4.17

30-Sep-03 6.07 4.49

01-Oct-03 6.20 4.68

02-Oct-03 6.43 5.2603-Oct-03 6.42 5.21

06-Oct-03 6.62 5.27

07-Oct-03 6.85 5.48

08-Oct-03 7.78 5.90

09-Oct-03 8.19 5.85

10-Oct-03 7.91 5.90

13-Oct-03 8.06 5.84

14-Oct-03 8.22 5.87

15-Oct-03 8.15 5.24

16-Oct-03 7.85 5.23

17-Oct-03 7.67 5.81

20-Oct-03 7.57 5.8321-Oct-03 7.41 5.25

22-Oct-03 7.55 5.31

23-Oct-03 7.52 4.95

24-Oct-03 7.58 4.97

27-Oct-03 7.35 4.82

28-Oct-03 7.30 4.79

29-Oct-03 7.36 5.14

30-Oct-03 6.52 5.12

31-Oct-03 5.91 5.10

03-Nov-03 6.42 5.04

04-Nov-03 7.48 5.06

05-Nov-03 7.22 5.0406-Nov-03 7.31 4.57

07-Nov-03 6.45 5.07

10-Nov-03 6.67 5.06

11-Nov-03 6.90 5.06

12-Nov-03 7.22 5.13

13-Nov-03 7.02 5.15

14-Nov-03 7.35 5.17

17-Nov-03 7.51 5.17

18-Nov-03 7.38 5.24

19-Nov-03 6.90 5.24

20-Nov-03 6.66 5.23

21-Nov-03 6.67 5.2424-Nov-03 7.30 5.18

25-Nov-03 7.55 5.19

26-Nov-03 7.15 5.25

27-Nov-03 7.14 5.24

28-Nov-03 7.67 5.28

01-Dec-03 7.42 4.83

02-Dec-03 7.25 4.83

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03-Dec-03 7.25 4.83

04-Dec-03 7.27 4.85

05-Dec-03 7.29 4.86

08-Dec-03 7.09 4.65

09-Dec-03 6.96 4.03

10-Dec-03 6.97 4.64

11-Dec-03 7.30 4.6312-Dec-03 7.38 4.67

15-Dec-03 7.39 4.68

16-Dec-03 6.78 4.68

17-Dec-03 6.82 4.72

18-Dec-03 7.45 4.72

19-Dec-03 7.62 4.71

22-Dec-03 7.63 4.72

23-Dec-03 7.62 4.71

29-Dec-03 7.50 4.75

30-Dec-03 8.02 4.76

02-Jan-04 7.56 4.79

05-Jan-04 8.12 4.6906-Jan-04 8.17 4.72

07-Jan-04 8.11 4.69

08-Jan-04 8.17 4.73

09-Jan-04 8.22 4.62

12-Jan-04 7.67 4.60

13-Jan-04 7.64 4.58

14-Jan-04 7.63 4.58

15-Jan-04 7.56 4.53

16-Jan-04 7.74 4.58

19-Jan-04 7.42 4.58

20-Jan-04 7.55 4.78

21-Jan-04 7.59 4.8022-Jan-04 7.62 4.83

23-Jan-04 8.20 4.54

26-Jan-04 7.52 4.51

27-Jan-04 7.83 4.54

28-Jan-04 7.58 4.55

29-Jan-04 7.43 4.46

30-Jan-04 8.10 4.49

02-Feb-04 7.32 4.46

03-Feb-04 6.90 4.52

04-Feb-04 6.27 4.52

05-Feb-04 6.29 5.66

06-Feb-04 6.36 5.7209-Feb-04 6.34 5.39

10-Feb-04 6.61 5.34

11-Feb-04 6.66 5.44

12-Feb-04 6.67 5.13

13-Feb-04 6.62 5.10

16-Feb-04 6.64 5.11

17-Feb-04 7.01 5.78

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18-Feb-04 7.93 6.39

19-Feb-04 7.62 6.35

20-Feb-04 7.25 6.25

23-Feb-04 7.30 6.29

24-Feb-04 7.61 6.34

25-Feb-04 7.12 6.25

26-Feb-04 7.47 6.2227-Feb-04 7.24 6.24

01-Mar-04 7.59 6.22

02-Mar-04 7.32 6.10

03-Mar-04 7.52 6.07

04-Mar-04 7.55 6.09

05-Mar-04 7.19 6.20

08-Mar-04 7.72 6.18

09-Mar-04 7.46 6.22

10-Mar-04 7.59 6.12

11-Mar-04 7.37 6.14

12-Mar-04 7.81 6.10

15-Mar-04 7.48 6.1316-Mar-04 7.73 5.89

17-Mar-04 7.70 5.50

18-Mar-04 7.74 6.19

19-Mar-04 7.13 6.88

22-Mar-04 8.04 6.56

23-Mar-04 8.33 7.16

24-Mar-04 8.23 7.71

25-Mar-04 8.22 7.61

26-Mar-04 8.19 7.58

29-Mar-04 8.20 8.01

30-Mar-04 8.24 8.05

31-Mar-04 8.54 7.5001-Apr-04 8.65 7.79

02-Apr-04 8.48 7.63

05-Apr-04 8.17 7.57

06-Apr-04 9.08 7.93

07-Apr-04 9.14 7.92

08-Apr-04 9.11 8.21

13-Apr-04 9.67 7.16

14-Apr-04 9.31 7.88

15-Apr-04 9.32 7.77

16-Apr-04 9.06 7.20

19-Apr-04 9.14 7.21

20-Apr-04 9.41 7.7421-Apr-04 9.02 7.71

22-Apr-04 8.31 7.71

23-Apr-04 8.87 7.69

26-Apr-04 8.30 7.71

27-Apr-04 8.34 7.74

28-Apr-04 8.76 7.70

29-Apr-04 7.76 7.76

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30-Apr-04 8.14 7.78

03-May-04 7.99 7.75

04-May-04 8.45 7.85

05-May-04 8.52 7.91

06-May-04 9.07 7.86

07-May-04 7.97 7.73

10-May-04 8.05 7.7011-May-04 8.64 7.69

12-May-04 8.57 7.74

13-May-04 8.27 7.68

14-May-04 8.91 7.72

17-May-04 9.14 7.82

18-May-04 9.33 7.78

19-May-04 9.86 7.82

20-May-04 9.77 7.74

21-May-04 9.85 7.21

24-May-04 9.91 6.61

25-May-04 9.69 7.87

26-May-04 9.81 7.2627-May-04 9.93 7.97

28-May-04 9.53 6.72

31-May-04 9.87 7.92

01-Jun-04 9.82 6.73

02-Jun-04 9.78 6.72

03-Jun-04 8.91 6.71

04-Jun-04 9.70 6.75

07-Jun-04 9.68 6.78

08-Jun-04 9.62 6.74

09-Jun-04 9.54 6.64

10-Jun-04 9.51 7.87

11-Jun-04 9.43 6.6114-Jun-04 9.47 6.63

15-Jun-04 9.53 7.89

16-Jun-04 9.43 6.60

17-Jun-04 9.47 6.63

18-Jun-04 9.52 6.67

21-Jun-04 9.50 6.66

22-Jun-04 9.49 6.65

23-Jun-04 9.50 6.65

24-Jun-04 9.13 6.70

25-Jun-04 8.50 6.68

28-Jun-04 7.30 6.69

29-Jun-04 7.27 6.6630-Jun-04 8.52 6.69

01-Jul-04 8.51 6.69

02-Jul-04 7.39 6.78

05-Jul-04 7.98 7.37

06-Jul-04 8.00 6.77

07-Jul-04 7.49 6.81

08-Jul-04 7.44 6.20

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  Years Ended December 31, 2000–2003 (US$ in thousands)

2000 2001 2002 2003

Net Sales 260,732 351,003 407,464 609,826

Cost of goods sold  171,798 199,671 237,098 367,728

Gross Margin 88,934 151,332 170,366 242,098

Selling and distribution expenses 36,829 75,366 119,197 156,646

General and administrative expenses   19,355 26,587 29,482 28,545

Operating Income 32,750 49,379 21,686 56,907

Interest income 2,105 1,236 - -

Interest expense 4,224 3,730 8,030 11,096

Foreign exchange loss (3,116) (5,611) (8,961) (10,700)

Gain (loss) from equity investments (1,131) 1,291 - -

Other income (expenses), net   1,172 (4,806) (3,281) (2,891)Income before taxes and minority interest 27,556 37,759 1,414 32,221

Income taxes 15,250 15,868 2,951 6,765

Minority interest   2,344 1,817 1,866 1,407

Net Income (Loss) 9,962 20,074 (3,403) 24,049

1.0854 1.1175 1.0626 0.8860

Source: SUN Interbrew Ltd. Annual Reports.

Exhibit 4aSUN Interbrew Ltd. and Subsidiaries, Consolidated Statements of Operations for the

Note: Figures converted from Euros to Dollars

using year-average exchange rates:

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  2001–2003 (US$ in thousands)

2000 2001 2002 2003

ASSETS

Cash and cash equivalents 41,560 8,352 8,209 3,194

Accounts receivable, net 9,351 22,605 21,143 30,057

Inventories 57,651 64,832 69,953 96,026

Assets held for disposal 12,814 - ### -

Taxes receivable - ### 27,055 25,786

Deferred tax assets 1,006 1,391 6,905 11,205

Other current assets   16,324 31,940 14,965 9,711

Total current assets 138,706 129,120 148,231 188,607

Plant and equipment, net 283,275 312,557 420,739 531,013

Intangible assets, net 2,653 5,113 3,752 4,417

Goodwill 24,436 23,486 27,615 71,810

Long-term deferred tax assets 6,131 4,832 9,769 8,147

Other long-term assets, net   8,114 11,540 6,234 12,684

Total assets 463,313 486,648 616,341 816,677

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Accounts payable 34,084 23,777 37,424 54,321

Taxes payable 7,213 2,404 6,620 10,890

Deferred tax liabilities 804 947 2,442 2,228

Accrued expenses 12,864 7,236 3,956 17,439

Short-term debt/ 30,503 35,817 119,178 164,305

Short-term debt, related parties   6,126 45,226 42,618 -

Total current liabilities 91,595 115,408 212,239 249,183

Long-term deferred tax liabilities 9,256 7,124 8,479 31,279

Long-term bonds payable 669 92 - 87,693

Post-retirement benefit payable   - ### 490 585

Total liabilities 101,519 122,624 221,208 368,740

Minority interests in equity of subsidiaries 45,891 45,055 34,909 17,969

Shareholders’ Equity

  1,213 1,149 1,367 1,795

360 341 406 489

Additional paid-in capital 297,114 281,403 334,845 451,729

Retained earnings 17,216 36,076 39,135 74,041

Accumulated other comprehensive loss   - ### (15,529) (98,085)

Exhibit 4b SUN Interbrew Ltd. and Subsidiaries, Consolidated Balance Sheets as of December 31,

Class A Shares, one pence par; authorized 125,278,614shares; issued 88,777,585 shares —2002–2003; issued

81,094,19 shares—2000–2001Class B Shares, one pence par; authorized 30,000,000

shares; issued 27,796,220 shares

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Total shareholders’ equity   315,903 318,969 360,224 429,968

Total liabilities and shareholders’ equity 463,313 486,648 616,341 816,677

1.0747 1.1347 0.9536 0.7918

Source: SUN Interbrew Ltd. Annual Reports.

Note: Figures converted from Euros to Dollars using end-

of-year exchange rates:

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  Years Ended December 31, 2000–2003 (US$ in thousands)

2000 2001 2002 2003

OPERATING ACTIVITIES

Net Income/(loss) 9,962 20,074 (3,403) 24,049

Adjustments to net income

Depreciation 26,892 35,849 48,226 57,256

Minority interest 2,344 1,817 1,866 1,407

Deferred taxes 1,183 (600) (4,877) 1,614

Allowance for doubtful accounts and inventory provisions 2,901 1,089 (1,413) 1,564

Other noncash items 2,687 4,778 410 8,754

Change in working capital:

  Accounts receivable (1,637) (14,580) 4,612 (7,678)

  Inventories (23,250) (10,177) 6,604 (12,542)

  Other current assets 3,817 (8,969) 2,520 (2,698)

  Taxes payable (27) (16,671) (658) 8,666

Accounts payable 4,442 (6,583) (890) 2,585

Accrued expenses   2,228 732 (3,428) 11,211

Net cash provided by (used in) operating activities 31,541 6,759 49,570 94,155

INVESTING ACTIVITIES

Net purchase of intangible assets and plant and equipment (96,752) (92,518) (108,415) (126,637)

Acquisitions of consolidated subsidiaries (37,009) (4,236) (4,826) (70,529)

Cash acquired in acquisition of breweries 25,646 - - -

Sale of investment   - 12,321 - -

Net cash provided by (used in) investing activities (108,116) (84,433) (113,241) (197,166)

FINANCING ACTIVITIES

Net proceeds from issuance of shares 113,388 - - 1,002

Proceeds (payments) of loans payable-related parties (12,882) 6,397 - (3,432)

Proceeds from loans and bonds   (10,585) 39,789 62,119 99,460

Net cash provided by (used in) financing activities 89,921 46,186 62,119 97,030

- - -

Increase (decrease) in cash and cash equivalents 13,346 (31,488) (1,552) (5,981)

Cash and cash equivalents, beginning of year 27,804 39,969 8,919 8,835

Cash and cash equivalents, end of year 41,151 8,481 7,367 2,854

Cash paid during the period for

Interest 4,942 1,213 7,636 10,210Income taxes 15,661 23,191 9,368 9,038

Schedule of Noncash Financing Activities

Proceeds from shares issue offset with loan - - - 42,438

Issuance of stock to acquire breweries 32,484 - - -

1.0854 1.1175 1.0626 0.8860

Exhibit 4cSUN Interbrew Ltd. and Subsidiaries, Consolidated Statements of Cash Flows for the

Note: Figures converted from Euros to Dollars using year-average

exchange rates:

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Source: SUN Interbrew Ltd. Annual Reports.

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Buyer Target Year

Scottish & Newcastle Hartwall Feb-02 1,892.9 1,910.9 n/a 719.4 n/a

Scottish & Newcastle Baltika Feb-02 2,195.8 2,216.6 14.8 537.4 14.1

Heineken Bravo beer business Feb-02 326.4 330.0 5.3 117.3 2.3

Soros FM Efes Breweries Int'l May-02 281.4 299.0 4.6 116.0 2.5

Texas Pacific Group Oct-02 209.3 200.0 3.5 108.1 2.3

Soros FM Efes Breweries Int'l Mar-03 341.2 351.7 7.0 160.0 3.2

Efes Amstar Aug-03 63.3 68.7 1.3 20.0 0.4

SUN Interbrew Bulgar-Khmel Aug-03 36.0 36.0 0.6 n/a n/a

Source: United Financial Group Analyst Report, Alexei Krivoshapko, “Russian Brewing Sector: 2003 & Beyond,” August 11, 2003.

Exhibit 6 Major Transactions in Russian Beer Markets, 2002–2003

TEV at

 Jan 1 ($M)

TEV at

closing

($M)

Capacity

at Jan 1

(mn HL)

Sales, LTM

($M)

Sales,

LTM

(mn HL)

PIT Breweriesa

a Formerly, Detroit Brewing Co.

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  229.9 184.9 100% 1,726

203.4 n/a 50% n/a

29.5 n/a 100% n/a

28.5 49.0 13% 32.5

23.0 30.0 28% 46.8

36.6 56.7 2% 5.9

4.0 n/a 100% 19.0

n/a n/a 100% n/a

EBITDA,

LTM ($M)

Net Debt,

incl. Minority

Interest ($M)

Stake

acquired

Cash paid

($M)

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Global Breweries Russian Operations

Interbrew SUN Interbrew 13.2% 67.3

Carlsberg (50% of BBH) Baltika, Vena, Carlsberg license 16.2% 114.5

S&N (50% of BBH) Baltika 16.2% 114.5

Heineken Bravo 4.3% 28.0

SABMiller Transmark 2.7% 22.0

Source: United Financial Group Analyst Report, Alexei Krivoshapko, “Russian Brewing Sector: 2003 & Beyond,” August 11, 2003

Exhibit 7 Global Breweries’ Russian Operations in 2003

Volume market

share in Russia

 Russian EBITDA

Adjusted for Minority

Interest ($M)

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3.9%

12.5%

8.9%

1.3%

1.4%

  .

 Russian EBITDA

as a % of Global

EBITDA

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Voting Shares (Class B) Non-Voting Shares (Class A) Total

Khemka Family 10.49 8.89 19.38

37.7% 10.0% 16.6%

Interbrew 10.49 76.24 86.73

37.7% 85.8% 74.3%

Alfa Group 4.39 0 4.39

15.8% 0.0% 3.8%

Institutional Investors 2.42 3.74 6.16

8.7% 4.2% 5.3%

Total 27.79 88.87 116.66

100% 100% 100.0%

Source: Deutsche Bank Analyst Report, Nich Bevam, Graeme Eadie, and Mark Purdy, “Interbrew,” August 13, 2004.

Exhibit 8 SUN Interbrew’s Ownership Structure in July 2004 (Million Shares)

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2004E 2005E 2006E 2007E 2008E 2009E

Net Sales 665 746 851 942 1,045 1,161

Operating expenses 305 347 391 432 477 523

Selling, General & Administrative   221 240 265 294 324 355EBITDA 138 159 195 216 245 283

Depreciation   64.6 62.8 60.7 ### 56.4 54.5EBIT 73.5 96.5 134.7 155.0 188.3 228.2

Interest expense 15.9 15.0 15.0 15.0 15.0 15.0

Foreign exchange loss 6.3 6.9 7.6 8.1 6.9 7.4

Other income (expenses), net   5.8 6.6 7.5 8.3 9.2 10.2Income before taxes and minority interest 45 68 105 124 157 196

Income taxes 12.7 19.1 29.3 34.6 44.0 54.8

Minority interest   1.0 1.5 2.3 2.7 3.4 4.2

Net Income (Loss) 31.7 47.6 73.1 86.4 109.8 136.6

Cash Flow Statement Items

Increase in Net Working Capital 13.8 11.7 13.7 10.5 11.4 11.8

Capital Expenditures 51.4 47.3 43.2 44.3 42.7 43.5

Source: United Financial Group Analyst Report, Alexei Krivoshapko, “Russian Brewing Sector: 2003 & Beyond,” August 11, 2003.

Exhibit 9a SUN Interbrew Income Statement and Cash Flow Statement Projections, 2004-2010 ($ millions)

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2010E

1,295

574

390331

52.9278.2

15.0

7.9

11.4244

68.3

5.3

170.4

12.2

43.5

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2004E 2005E 2006E 2007E 2008E 2009E

ASSETS

Cash and cash equivalents 32.3 85.2 164.3 257.0 372.5 512.6

Accounts receivable, net 34.3 38.5 43.9 48.6 53.9 59.9

Inventories 109.3 122.5 136.2 148.4 161.4 174.5

Assets held for disposal

Taxes receivable

Deferred tax assets

Other current assets 63.3 70.5 79.8 87.6 96.4 106.2

Total current assets 239.1 316.7 424.3 541.5 684.3 853.3

Plant and equipment, net 470.8 455.2 437.6 423.5 409.6 398.4

Intangible assets, net

Goodwill 31.1 31.1 31.1 31.1 31.1 31.1

Long-term deferred tax assets

Other long-term assets, net 14.2 14.2 14.2 14.2 14.2 14.2

Total assets 755.2 817.2 907.1 1,010.3 1,139.2 1,297.0

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Accounts payable 63.8 74.7 86.7 98.5 111.6 125.7

Taxes payable 10.7 12.1 13.8 15.2 16.9 18.8

Deferred tax liabilities 2.6 2.6 2.6 2.6 2.6 2.6

Accrued expenses 6.4 7.2 8.2 9.1 10.1 11.2

Short-term debt/ 199.4 199.4 199.4 199.4 199.4 199.4

Short-term debt, related partiesTotal current liabilities 283.0 296.0 310.7 324.8 340.6 357.7

Long-term deferred tax liabilities 8.5 8.5 8.5 8.5 8.5 8.5

Long-term bonds payable

Other long-term liabilities 0.5 0.5 0.5 0.5 0.5 0.5

Total liabilities 292.0 304.9 319.6 333.7 349.6 366.7

Minority interests in equity of subsidiaries 12.3 13.8 16.0 18.7 22.1 26.3

Shareholders’ Equity

Charter capital 378.1 378.1 378.1 378.1 378.1 378.1

Retained earnings 89.0 136.5 209.6 295.9 405.6 542.0

Reserves (15.6) (15.6) (15.6) (15.6) (15.6) (15.6)

Total shareholders' equity 451.5 499.0 572.1 658.4 768.1 904.6Total liabilities and shareholders’ equity 755.2 817.2 907.1 1,010.3 1,139.2 1,297.0

Source: United Financial Group Analyst Report, Alexei Krivoshapko, “Russian Brewing Sector: 2003 & Beyond,” August 11, 2003.

Exhibit 9a SUN Interbrew Balance Sheet Projections, 2004-2010 ($ millions)

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2010E

685.6

66.8

188.8

116.6

1,057.8

388.7

31.1

14.2

1,491.7

141.6

20.9

2.6

12.5

199.4

377.1

8.5

0.5

386.0

31.6

378.1

712.2

(15.6)

1,074.71,491.7

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Company Major Brands

Adolph Coors USA No 37.27 68.76 2,563

Ambev Brazil No Antarctica, Brahma, Skol 1,005.17 17.78 17,872

Anadolu Efes Turkey Yes Efes, Marmara 112.88 13.76 1,553

Anheuser-Busch USA No 801.00 51.90 41,572

Asahi Japan No 107.1 485.27 10.62 5,154

Baltika Russia Yes Baltika 117.11 12.00 1,405

Boston Beer Co. USA No Samuel Adams 14.16 22.98 325

Carlsberg Denmark Yes Carlsberg, Tuborg 5.958 76.28 50.21 3,830

Chile No 599.42   3*+!,0 20.77 6,615

DB Breweries New Zealand No DB Draught, Monteith's, Tui 1.68 50.42 5.99 302

Diageo UK No Guinness, Harp 0.56 3,057.50 12.38 37,852

FEMSA Mexico No 1,059.46 43.94 46,553

Foster's Australia No Foster's, Victoria, Carlton 1.333 2,008.80 3.25 6,529

Grolsch Netherlands No Grolsch 0.792 16.92 29.77 504

Grupo Modelo Mexico No 3,251.76 2.48 8,064

Heineken Netherlands Yes 0.792 489.98 31.25 15,312

Interbrew Belgium Yes 0.792 434.00 30.19 13,102

Kirin Japan No 107.1 966.26 9.78 9,450

Lion Nathan New Zealand No 1.333 534.24 4.89 2,612

Molson Canada No Molson, Stock Ale, Carling 1.311 127.59 24.80 3,164

SAB Miller South Africa Yes Miller, Castle, Hansa 1,000.32 12.73 12,734

San Miguel Philippines No San Miguel, Red Horse 56.357 2,845.38 1.03 2,931

Sapporo Holdings Japan No 101.7 355.34 3.74 1,329

UK Yes 0.56 860.18 7.25 6,236

Tsingtao China (HK) No Tsingtao, Dragon, Phoenix 8.277 1,060.00 0.89 943

Exhibit 10 International Brewing Companies: Comparative Financials (in US$ millions, as of 7/31/2004)

Country of

Origin

Operations

in Russia /

Ukraine?

US$

Exchange

Rate

12/31/03

 Shares

Outstanding

(millions)

7/31/2004

Stock

Price ($)

7/31/2004

Market

Value of

Equity

Coors, Keystone, Killian's,

Zima

Budweiser, Busch,

MichelobSuper Dry, Fujisan,

Kuronama

Compa.as

Cerveceras Unidas

Cristal, Escudo, Royal

Guard, Aysen

Tecate, Carta Blanca, Sol,

Superior

Corona, Modelo Especial,

Pacifico, Negra Modelo,

VictoriaHeineken, Amstel, Buckler,

Murphy'sLabatt, Beck's, Stella Artois,

Rolling RockKirin Lager, Ichiban Shibori,

Kirin Tanrei

Lion Red, Hahn, Steinlager,

Taihushui, Tooheys

Sapporo Black Label,

YebisuScottish &

Newcastle

Courage, John Smith's,

Newcastle Brown

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Source: Bloomberg; Annual reports; Deutsche Bank analyst report, Nich Bevam and Marc Greenberg, “Global Brewing,” September 20, 2004;

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SalesEBITDA EBIAT

  1,251 3,992 544 175 212 403

2,068 3,003 1,063 488 605 939

192 746 225 165 120 216

7,285 14,147 4,077 2,076 2,096 2,609

3,137 13,072 1,251 214 342 966

95 737 227 123 122 179

- 208 23 11 10 16

1,499 7,946 1,051 240 379 874

234 641 144 90 71 131

15 189 12 15 16 9

11,686 16,857 4,116 41 148 2,526

3,417 6,759 1,544 275 515 1,079

2,254 3,947 924 347 501 627

57 388 77 33 31 57

- 3,603 1,111 429 463 704

2,956 11,686 2,489 1,019 1,175 1,878

3,071 8,894 1,891 638 775 1,492

2,734 14,921 1,709 315 453 1,238

1,077 1,329 361 135 179 211

866 2,649 439 216 246 242

2,961 8,296 1,504 580 689 961

205 2,637 760 131 134 212

3,129 4,720 413 10 128 364

3,552 9,118 1,502 307 524 1,048

318 811 123 30 40 95

Interest

Bearing

Debt

Net

Income

Cash

Flow

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nd casewriters' analysis