Sun Brewing (B)

Harvard Business School Case 207-039

Case Software 207-704
This courseware was prepared solely as the basis for class discussion. Cases are not intended to serve as
endorsements, sources of primary data, or illustrations of effective or ineffective management.
Copyright 2006 Presidents and Fellows of Harvard College. No part of this product may be reproduced,
stored in a retrieval system, used in a spreadsheet or transmitted in any form or by any means--electronic,
mechanical, photocopying, recording or otherwise--without the permission of Harvard Business School.

Exhibit 3 SUN Interbrews Stock Price History, 01/01/199907/31/04 (in US $)

Date
04-Jan-99
05-Jan-99
06-Jan-99
07-Jan-99
08-Jan-99
11-Jan-99
12-Jan-99
13-Jan-99
14-Jan-99
15-Jan-99
18-Jan-99
19-Jan-99
20-Jan-99
21-Jan-99
22-Jan-99
25-Jan-99
26-Jan-99
27-Jan-99
28-Jan-99
29-Jan-99
01-Feb-99
02-Feb-99
03-Feb-99
04-Feb-99
05-Feb-99
08-Feb-99
09-Feb-99
10-Feb-99
11-Feb-99
12-Feb-99
15-Feb-99
16-Feb-99
17-Feb-99
18-Feb-99
19-Feb-99
22-Feb-99
23-Feb-99
24-Feb-99
25-Feb-99
26-Feb-99
01-Mar-99
02-Mar-99
03-Mar-99
04-Mar-99
05-Mar-99

Class B (Voting)
Shares
1.30
1.28
1.28
1.34
1.42
1.38
1.31
1.28
1.29
1.25
1.28
1.25
1.22
1.20
1.25
1.24
1.22
1.09
1.06
0.94
0.99
0.97
1.13
1.10
1.10
1.13
1.10
1.14
1.23
1.28
1.24
1.17
1.16
1.18
1.27
1.32
1.32
1.16
1.13
1.21
1.17
1.20
1.20
1.19
1.14

Class A (NonVoting) Shares

08-Mar-99
09-Mar-99
10-Mar-99
11-Mar-99
12-Mar-99
15-Mar-99
16-Mar-99
17-Mar-99
18-Mar-99
19-Mar-99
22-Mar-99
23-Mar-99
24-Mar-99
25-Mar-99
26-Mar-99
29-Mar-99
30-Mar-99
31-Mar-99
01-Apr-99
06-Apr-99
07-Apr-99
08-Apr-99
09-Apr-99
12-Apr-99
13-Apr-99
14-Apr-99
15-Apr-99
16-Apr-99
19-Apr-99
20-Apr-99
21-Apr-99
22-Apr-99
23-Apr-99
26-Apr-99
27-Apr-99
28-Apr-99
29-Apr-99
30-Apr-99
03-May-99
11-May-99
12-May-99
14-May-99
17-May-99
18-May-99
19-May-99
20-May-99
21-May-99
25-May-99
26-May-99
27-May-99

1.22
1.21
1.21
1.24
1.23
1.20
1.26
1.31
1.30
1.31
1.40
1.49
1.36
1.33
1.37
1.37
1.53
1.78
1.82
2.33
2.91
2.70
2.32
2.60
2.69
2.74
2.47
2.33
2.44
2.34
2.50
2.65
3.02
3.60
3.38
3.29
3.36
3.49
3.54
7.50
6.39
6.28
6.19
6.25
5.75
5.52
5.50
5.61
5.70
5.65

28-May-99
31-May-99
01-Jun-99
02-Jun-99
03-Jun-99
04-Jun-99
07-Jun-99
08-Jun-99
09-Jun-99
10-Jun-99
11-Jun-99
14-Jun-99
15-Jun-99
16-Jun-99
17-Jun-99
18-Jun-99
21-Jun-99
22-Jun-99
23-Jun-99
24-Jun-99
25-Jun-99
28-Jun-99
29-Jun-99
30-Jun-99
01-Jul-99
02-Jul-99
05-Jul-99
06-Jul-99
07-Jul-99
08-Jul-99
09-Jul-99
12-Jul-99
13-Jul-99
14-Jul-99
15-Jul-99
16-Jul-99
19-Jul-99
20-Jul-99
21-Jul-99
22-Jul-99
23-Jul-99
26-Jul-99
27-Jul-99
28-Jul-99
29-Jul-99
30-Jul-99
02-Aug-99
03-Aug-99
04-Aug-99
05-Aug-99

5.77
5.85
6.27
6.00
6.41
6.31
6.48
6.58
6.38
6.60
6.64
6.28
5.67
5.77
5.95
5.86
6.15
6.25
5.88
5.56
5.38
5.29
5.22
4.90
4.82
5.02
5.21
5.53
5.52
5.36
5.30
4.85
4.68
4.69
4.80
4.80
4.74
4.43
4.37
4.38
4.83
4.92
4.46
4.42
4.72
4.55
4.45
4.44
4.31
4.10

06-Aug-99
09-Aug-99
10-Aug-99
11-Aug-99
12-Aug-99
13-Aug-99
16-Aug-99
17-Aug-99
18-Aug-99
19-Aug-99
20-Aug-99
23-Aug-99
24-Aug-99
25-Aug-99
26-Aug-99
27-Aug-99
30-Aug-99
31-Aug-99
01-Sep-99
02-Sep-99
03-Sep-99
06-Sep-99
07-Sep-99
08-Sep-99
09-Sep-99
10-Sep-99
13-Sep-99
14-Sep-99
15-Sep-99
16-Sep-99
17-Sep-99
20-Sep-99
21-Sep-99
22-Sep-99
23-Sep-99
24-Sep-99
27-Sep-99
28-Sep-99
29-Sep-99
30-Sep-99
01-Oct-99
04-Oct-99
05-Oct-99
06-Oct-99
07-Oct-99
08-Oct-99
11-Oct-99
12-Oct-99
13-Oct-99
14-Oct-99

3.76
3.59
4.08
4.10
4.04
4.02
4.02
4.21
4.10
4.14
4.16
4.20
4.26
4.43
4.39
4.50
4.50
4.24
4.13
4.17
4.14
4.18
4.21
4.23
4.32
4.27
4.27
4.13
4.05
3.96
3.64
3.84
3.97
3.92
3.90
3.91
3.98
3.95
4.04
4.05
4.08
4.07
4.12
4.06
3.75
3.71
3.72
3.65
3.61
3.57

1.91
1.97
2.05
2.05
1.98
1.98
1.99
1.99
1.96
1.85
1.87
1.86
1.85
1.85
1.85
1.95
1.82
1.87
1.86
1.92
1.77
1.77
1.77
1.78
1.78
1.77
1.77
1.78
1.79
1.60
1.49
1.50
1.50
1.50
1.55
1.55
1.49
1.49
1.50
1.51
1.51

15-Oct-99
18-Oct-99
19-Oct-99
20-Oct-99
21-Oct-99
22-Oct-99
25-Oct-99
26-Oct-99
27-Oct-99
28-Oct-99
29-Oct-99
01-Nov-99
02-Nov-99
03-Nov-99
04-Nov-99
05-Nov-99
08-Nov-99
09-Nov-99
10-Nov-99
11-Nov-99
12-Nov-99
15-Nov-99
16-Nov-99
17-Nov-99
18-Nov-99
19-Nov-99
22-Nov-99
23-Nov-99
24-Nov-99
25-Nov-99
26-Nov-99
29-Nov-99
30-Nov-99
01-Dec-99
02-Dec-99
03-Dec-99
06-Dec-99
07-Dec-99
08-Dec-99
09-Dec-99
10-Dec-99
13-Dec-99
14-Dec-99
15-Dec-99
16-Dec-99
17-Dec-99
20-Dec-99
21-Dec-99
22-Dec-99
23-Dec-99

3.58
3.25
3.25
3.23
3.35
3.57
3.47
3.49
3.48
3.42
3.42
3.41
3.47
3.46
3.32
3.33
3.32
3.35
3.23
3.54
3.51
3.61
3.40
3.54
3.18
3.09
3.15
3.13
3.15
3.06
3.05
3.13
3.22
3.07
3.06
3.07
3.32
3.19
3.08
3.06
2.84
2.83
2.92
3.17
3.25
3.23
3.22
3.33
3.78
4.06

1.52
1.41
1.52
1.40
1.30
1.39
1.39
1.48
1.48
1.52
1.58
1.63
1.79
1.57
1.45
1.46
1.45
1.46
1.36
1.35
1.34
1.34
1.34
1.35
1.24
1.24
1.24
1.23
1.22
1.22
1.22
1.41
1.41
1.41
1.40
1.40
1.48
1.38
1.23
1.12
1.12
1.01
1.01
1.01
1.01
1.01
1.11
1.16
1.91
1.83

27-Dec-99
28-Dec-99
29-Dec-99
30-Dec-99
03-Jan-00
04-Jan-00
05-Jan-00
06-Jan-00
07-Jan-00
10-Jan-00
11-Jan-00
12-Jan-00
13-Jan-00
14-Jan-00
17-Jan-00
18-Jan-00
19-Jan-00
20-Jan-00
21-Jan-00
24-Jan-00
25-Jan-00
26-Jan-00
27-Jan-00
28-Jan-00
31-Jan-00
01-Feb-00
02-Feb-00
03-Feb-00
04-Feb-00
07-Feb-00
08-Feb-00
09-Feb-00
10-Feb-00
11-Feb-00
14-Feb-00
15-Feb-00
16-Feb-00
17-Feb-00
18-Feb-00
21-Feb-00
22-Feb-00
23-Feb-00
24-Feb-00
25-Feb-00
28-Feb-00
29-Feb-00
01-Mar-00
02-Mar-00
03-Mar-00
06-Mar-00

3.50
3.22
3.17
3.17
3.88
3.97
4.09
4.22
4.22
4.21
4.13
4.07
4.05
4.21
4.09
4.13
3.95
4.22
4.39
4.36
4.37
4.31
4.45
4.49
4.39
4.37
4.49
4.45
4.50
4.51
4.54
4.51
4.49
4.53
4.51
4.53
4.54
4.54
4.55
4.59
4.63
4.64
4.58
4.48
4.46
4.45
4.58
4.45
4.48
4.46

1.62
1.81
1.56
1.56
2.04
1.91
1.81
1.80
1.80
1.69
1.65
1.75
1.74
1.83
1.77
1.77
1.82
1.83
2.02
2.10
2.11
2.20
2.28
2.24
2.23
2.23
2.25
2.28
2.35
2.35
2.27
2.28
2.27
2.27
2.55
2.56
2.27
2.27
3.15
3.16
2.32
2.51
3.18
2.43
2.42
2.42
2.44
2.42
2.12
3.26

07-Mar-00
08-Mar-00
09-Mar-00
10-Mar-00
13-Mar-00
14-Mar-00
15-Mar-00
16-Mar-00
17-Mar-00
20-Mar-00
21-Mar-00
22-Mar-00
23-Mar-00
24-Mar-00
27-Mar-00
28-Mar-00
29-Mar-00
30-Mar-00
31-Mar-00
03-Apr-00
04-Apr-00
05-Apr-00
06-Apr-00
07-Apr-00
10-Apr-00
11-Apr-00
12-Apr-00
13-Apr-00
14-Apr-00
17-Apr-00
18-Apr-00
19-Apr-00
20-Apr-00
25-Apr-00
26-Apr-00
27-Apr-00
28-Apr-00
02-May-00
03-May-00
04-May-00
05-May-00
08-May-00
09-May-00
10-May-00
11-May-00
12-May-00
15-May-00
16-May-00
17-May-00
18-May-00

4.68
5.04
5.76
5.16
5.10
5.69
5.05
5.57
5.63
5.73
5.60
5.48
6.14
6.73
6.56
6.25
6.71
6.83
6.70
6.58
6.19
5.00
5.32
6.04
5.48
5.36
5.20
5.05
5.53
4.72
4.56
4.50
4.31
4.44
4.98
4.99
4.92
5.02
4.74
4.73
4.76
4.66
4.58
4.37
4.33
4.46
4.47
4.53
4.24
4.02

2.58
2.40
2.90
2.89
2.89
2.89
3.01
3.63
3.50
4.37
3.38
3.56
3.64
5.66
5.11
5.10
5.05
4.80
4.69
4.67
4.98
4.72
4.79
3.83
3.84
4.31
3.81
4.29
4.10
3.58
3.13
3.28
3.00
2.96
2.95
2.95
3.19
4.07
3.80
4.46
4.49
4.48
4.08
4.05
4.06
3.64
3.56
3.53
3.39
3.13

19-May-00
22-May-00
23-May-00
24-May-00
25-May-00
26-May-00
29-May-00
30-May-00
31-May-00
01-Jun-00
02-Jun-00
05-Jun-00
06-Jun-00
07-Jun-00
08-Jun-00
09-Jun-00
12-Jun-00
13-Jun-00
14-Jun-00
15-Jun-00
16-Jun-00
19-Jun-00
20-Jun-00
21-Jun-00
22-Jun-00
23-Jun-00
26-Jun-00
27-Jun-00
28-Jun-00
29-Jun-00
30-Jun-00
03-Jul-00
04-Jul-00
05-Jul-00
06-Jul-00
07-Jul-00
10-Jul-00
11-Jul-00
12-Jul-00
13-Jul-00
14-Jul-00
17-Jul-00
18-Jul-00
19-Jul-00
20-Jul-00
21-Jul-00
24-Jul-00
25-Jul-00
26-Jul-00
27-Jul-00

3.85
3.25
3.35
3.46
3.64
4.00
3.99
3.92
3.92
3.72
4.20
4.16
4.15
4.04
4.21
3.91
4.06
4.08
3.93
3.91
4.34
3.98
3.92
3.78
3.84
3.65
3.38
3.35
3.30
3.23
3.44
3.57
3.42
3.43
3.38
3.35
3.24
3.14
3.21
3.09
3.19
3.13
3.45
3.13
3.39
3.33
3.31
3.19
3.30
3.17

2.96
3.07
2.98
3.05
3.00
3.17
3.06
3.08
3.27
3.25
3.30
3.31
3.34
3.17
3.16
3.15
3.15
3.17
3.17
3.14
3.18
2.97
3.25
2.64
2.53
2.81
3.05
3.07
2.93
3.04
3.06
3.04
3.04
2.96
2.57
2.56
2.67
2.57
2.73
2.81
2.62
2.57
2.43
2.30
2.32
2.34
2.33
2.35
2.40
2.33

28-Jul-00
31-Jul-00
01-Aug-00
02-Aug-00
03-Aug-00
04-Aug-00
07-Aug-00
08-Aug-00
09-Aug-00
10-Aug-00
11-Aug-00
14-Aug-00
15-Aug-00
16-Aug-00
17-Aug-00
18-Aug-00
21-Aug-00
22-Aug-00
23-Aug-00
24-Aug-00
25-Aug-00
28-Aug-00
29-Aug-00
30-Aug-00
31-Aug-00
01-Sep-00
04-Sep-00
05-Sep-00
06-Sep-00
07-Sep-00
08-Sep-00
11-Sep-00
12-Sep-00
13-Sep-00
14-Sep-00
15-Sep-00
18-Sep-00
19-Sep-00
20-Sep-00
21-Sep-00
22-Sep-00
25-Sep-00
26-Sep-00
27-Sep-00
28-Sep-00
29-Sep-00
02-Oct-00
04-Oct-00
05-Oct-00
06-Oct-00

3.14
3.06
3.23
3.11
3.44
3.90
4.09
3.56
3.55
3.54
3.53
3.49
3.57
3.48
3.52
3.54
3.56
3.41
3.46
3.52
3.52
3.47
3.30
3.17
2.80
2.74
2.78
2.75
2.69
2.75
2.61
2.80
2.75
2.72
2.59
2.75
2.73
2.68
2.71
2.70
2.50
2.53
2.54
2.47
2.47
2.25
2.21
2.19
2.30
2.08

2.31
2.60
2.31
2.56
2.26
2.27
2.91
2.88
2.79
2.63
2.35
2.45
2.74
2.47
2.38
2.27
2.25
2.24
2.24
2.03
2.26
2.25
2.19
2.05
1.86
2.07
2.06
2.04
2.00
2.19
2.16
1.89
1.98
1.99
1.98
1.98
1.96
1.95
1.95
1.97
1.76
2.01
2.02
1.76
1.63
1.63
2.20
2.18
2.17
2.17

09-Oct-00
10-Oct-00
11-Oct-00
12-Oct-00
13-Oct-00
16-Oct-00
17-Oct-00
18-Oct-00
19-Oct-00
20-Oct-00
23-Oct-00
24-Oct-00
25-Oct-00
26-Oct-00
27-Oct-00
30-Oct-00
31-Oct-00
01-Nov-00
02-Nov-00
03-Nov-00
06-Nov-00
07-Nov-00
08-Nov-00
09-Nov-00
10-Nov-00
13-Nov-00
14-Nov-00
15-Nov-00
16-Nov-00
17-Nov-00
20-Nov-00
21-Nov-00
22-Nov-00
23-Nov-00
24-Nov-00
27-Nov-00
28-Nov-00
29-Nov-00
30-Nov-00
01-Dec-00
04-Dec-00
05-Dec-00
06-Dec-00
07-Dec-00
08-Dec-00
11-Dec-00
12-Dec-00
13-Dec-00
14-Dec-00
15-Dec-00

1.99
2.13
2.00
1.99
2.01
2.12
2.21
2.34
2.31
2.40
2.34
2.43
2.11
2.12
2.14
2.21
2.12
2.23
2.19
2.51
2.57
2.71
2.65
2.61
2.33
2.37
2.31
2.31
2.30
2.24
2.12
2.36
2.20
2.27
2.18
2.15
2.14
2.10
2.18
2.10
2.04
2.34
2.27
2.57
2.65
2.76
2.94
2.82
2.85
2.78

1.99
1.83
1.82
1.82
1.80
1.78
1.79
1.76
1.77
1.77
1.68
1.76
1.73
1.75
1.76
1.77
1.78
1.72
1.72
1.73
1.71
1.72
2.13
1.71
1.72
1.72
1.71
1.76
1.75
1.62
1.61
1.69
1.60
1.51
1.51
1.53
1.54
1.46
1.48
1.49
1.69
1.50
1.51
1.51
1.77
1.49
1.93
1.93
1.96
1.80

18-Dec-00
19-Dec-00
20-Dec-00
21-Dec-00
22-Dec-00
27-Dec-00
28-Dec-00
29-Dec-00
02-Jan-01
03-Jan-01
04-Jan-01
05-Jan-01
08-Jan-01
09-Jan-01
10-Jan-01
11-Jan-01
12-Jan-01
15-Jan-01
16-Jan-01
17-Jan-01
18-Jan-01
19-Jan-01
22-Jan-01
23-Jan-01
24-Jan-01
25-Jan-01
26-Jan-01
29-Jan-01
30-Jan-01
31-Jan-01
01-Feb-01
02-Feb-01
05-Feb-01
06-Feb-01
07-Feb-01
08-Feb-01
09-Feb-01
12-Feb-01
13-Feb-01
14-Feb-01
15-Feb-01
16-Feb-01
19-Feb-01
20-Feb-01
21-Feb-01
22-Feb-01
23-Feb-01
26-Feb-01
27-Feb-01
28-Feb-01

2.50
2.67
2.45
2.28
2.31
2.61
2.50
2.54
2.37
2.55
2.46
2.59
2.56
2.50
2.59
2.72
2.66
2.69
2.68
2.63
2.73
2.53
2.58
2.60
2.77
2.60
2.61
2.66
2.55
2.60
2.73
2.48
2.40
2.65
2.43
2.53
2.61
2.56
2.66
2.57
2.54
2.66
2.58
2.55
2.64
2.44
2.47
2.37
2.28
2.45

1.96
1.96
1.72
2.01
1.66
1.68
1.76
1.69
1.70
1.70
1.61
1.72
1.71
1.70
1.69
1.72
1.71
1.70
1.69
1.71
1.56
1.55
1.55
1.50
1.76
1.48
1.48
1.47
1.67
1.49
1.51
1.68
1.69
1.63
1.49
1.47
1.48
1.49
1.47
1.47
1.45
1.65
1.66
1.64
1.64
1.63
1.65
1.55
1.55
1.57

01-Mar-01
02-Mar-01
05-Mar-01
06-Mar-01
07-Mar-01
08-Mar-01
09-Mar-01
12-Mar-01
13-Mar-01
14-Mar-01
15-Mar-01
16-Mar-01
19-Mar-01
20-Mar-01
21-Mar-01
22-Mar-01
23-Mar-01
26-Mar-01
27-Mar-01
28-Mar-01
29-Mar-01
30-Mar-01
02-Apr-01
03-Apr-01
04-Apr-01
05-Apr-01
06-Apr-01
09-Apr-01
10-Apr-01
11-Apr-01
12-Apr-01
17-Apr-01
18-Apr-01
19-Apr-01
20-Apr-01
23-Apr-01
24-Apr-01
25-Apr-01
26-Apr-01
27-Apr-01
30-Apr-01
02-May-01
03-May-01
04-May-01
07-May-01
08-May-01
09-May-01
10-May-01
11-May-01
14-May-01

2.33
2.24
2.28
2.24
2.29
3.02
2.93
3.01
3.11
3.23
3.19
3.17
3.35
3.66
3.58
3.15
3.26
3.40
3.30
2.89
2.91
2.99
3.04
2.99
2.97
3.14
3.39
3.34
3.28
3.28
3.26
3.17
3.19
2.90
2.89
2.69
2.52
2.54
2.61
3.03
3.01
3.13
3.20
3.31
3.29
3.28
3.23
3.21
3.23
3.10

1.58
1.49
1.58
1.59
1.48
1.63
1.54
1.58
1.55
1.55
1.53
1.79
1.53
1.72
1.88
1.91
2.27
1.79
2.05
2.04
1.94
2.20
2.03
2.01
1.89
2.15
2.17
1.98
2.04
1.95
1.87
1.98
2.13
1.83
1.81
2.06
2.06
2.06
1.80
2.04
2.04
2.06
2.13
2.19
2.14
2.17
2.17
2.11
2.15
2.14

15-May-01
16-May-01
17-May-01
18-May-01
21-May-01
22-May-01
23-May-01
24-May-01
25-May-01
28-May-01
29-May-01
30-May-01
31-May-01
01-Jun-01
04-Jun-01
05-Jun-01
06-Jun-01
07-Jun-01
08-Jun-01
11-Jun-01
12-Jun-01
13-Jun-01
14-Jun-01
15-Jun-01
18-Jun-01
19-Jun-01
20-Jun-01
21-Jun-01
22-Jun-01
25-Jun-01
26-Jun-01
27-Jun-01
28-Jun-01
29-Jun-01
02-Jul-01
03-Jul-01
04-Jul-01
05-Jul-01
06-Jul-01
09-Jul-01
10-Jul-01
11-Jul-01
12-Jul-01
13-Jul-01
16-Jul-01
17-Jul-01
18-Jul-01
19-Jul-01
20-Jul-01
23-Jul-01

3.08
3.10
3.18
3.25
3.07
2.94
3.01
3.22
3.09
3.09
3.13
3.22
3.21
3.34
3.13
3.27
3.09
3.38
3.38
3.63
3.27
3.67
3.75
3.75
3.84
3.67
3.84
3.85
3.72
3.79
3.79
3.62
3.71
3.81
3.64
3.73
3.80
3.68
3.39
3.39
3.07
2.58
2.94
3.24
3.16
3.43
3.40
3.48
3.31
3.22

2.11
2.12
2.12
2.11
2.10
2.07
2.06
2.32
2.15
1.98
2.40
2.15
2.11
2.20
2.32
2.42
2.46
2.21
2.25
2.11
2.97
2.73
2.59
3.19
2.93
2.82
2.80
3.08
3.12
3.45
3.45
3.36
3.37
3.39
3.38
3.39
3.38
2.93
3.22
3.05
2.90
2.58
2.56
2.56
3.25
2.92
2.62
2.96
2.62
3.04

24-Jul-01
25-Jul-01
26-Jul-01
27-Jul-01
30-Jul-01
31-Jul-01
01-Aug-01
02-Aug-01
03-Aug-01
06-Aug-01
07-Aug-01
08-Aug-01
09-Aug-01
10-Aug-01
13-Aug-01
14-Aug-01
15-Aug-01
16-Aug-01
17-Aug-01
20-Aug-01
21-Aug-01
22-Aug-01
23-Aug-01
24-Aug-01
27-Aug-01
28-Aug-01
29-Aug-01
30-Aug-01
31-Aug-01
03-Sep-01
04-Sep-01
05-Sep-01
06-Sep-01
07-Sep-01
10-Sep-01
11-Sep-01
12-Sep-01
13-Sep-01
14-Sep-01
17-Sep-01
18-Sep-01
19-Sep-01
20-Sep-01
21-Sep-01
24-Sep-01
25-Sep-01
26-Sep-01
27-Sep-01
28-Sep-01
01-Oct-01

2.98
3.26
3.16
3.33
3.32
3.15
3.52
3.35
3.36
3.35
3.51
3.34
3.35
3.32
3.41
3.43
3.42
3.53
3.40
3.24
3.60
3.48
3.84
3.83
3.51
3.55
3.55
3.66
3.46
3.45
3.59
3.47
3.76
3.80
3.60
3.66
3.04
3.01
3.27
3.27
3.33
3.17
3.06
2.91
2.65
2.77
2.77
2.75
2.91
3.21

2.98
2.90
2.90
2.80
2.89
3.41
3.34
3.35
3.36
3.17
3.16
3.17
2.68
3.13
2.69
3.16
3.19
3.21
3.03
3.01
3.28
3.03
2.92
3.60
3.46
3.46
3.18
3.20
3.00
3.00
2.83
2.93
3.40
3.26
3.15
3.20
2.36
2.28
2.22
2.12
2.96
3.26
2.50
3.19
3.20
3.23
3.23
3.21
3.05
3.21

02-Oct-01
03-Oct-01
04-Oct-01
05-Oct-01
08-Oct-01
09-Oct-01
10-Oct-01
11-Oct-01
12-Oct-01
15-Oct-01
16-Oct-01
17-Oct-01
18-Oct-01
19-Oct-01
22-Oct-01
23-Oct-01
24-Oct-01
25-Oct-01
26-Oct-01
29-Oct-01
30-Oct-01
31-Oct-01
01-Nov-01
02-Nov-01
05-Nov-01
06-Nov-01
07-Nov-01
08-Nov-01
09-Nov-01
12-Nov-01
13-Nov-01
14-Nov-01
15-Nov-01
16-Nov-01
19-Nov-01
20-Nov-01
21-Nov-01
22-Nov-01
23-Nov-01
26-Nov-01
27-Nov-01
28-Nov-01
29-Nov-01
30-Nov-01
03-Dec-01
04-Dec-01
05-Dec-01
06-Dec-01
07-Dec-01
10-Dec-01

2.93
2.88
3.02
2.93
2.94
2.85
2.92
3.27
3.28
2.82
3.36
3.34
3.34
3.33
3.16
3.74
3.48
3.13
3.12
3.30
3.26
2.99
3.07
3.06
3.36
3.23
3.23
3.39
3.31
3.89
3.88
4.20
3.97
3.85
4.23
4.19
4.30
4.22
4.57
4.54
4.68
4.79
5.06
5.06
5.13
4.54
4.43
4.56
4.18
4.80

3.21
3.20
3.20
2.29
3.22
3.20
2.74
2.88
3.19
2.91
2.73
2.71
2.71
2.70
2.67
2.67
2.95
2.86
2.86
2.71
2.72
2.71
2.98
2.88
2.87
3.14
3.14
2.94
2.86
3.04
3.17
3.36
3.35
3.49
3.26
3.97
4.17
4.17
4.26
4.62
5.07
4.88
5.10
5.24
4.10
4.67
3.99
4.25
4.22
4.22

11-Dec-01
12-Dec-01
13-Dec-01
14-Dec-01
17-Dec-01
18-Dec-01
19-Dec-01
20-Dec-01
21-Dec-01
27-Dec-01
28-Dec-01
02-Jan-02
03-Jan-02
04-Jan-02
07-Jan-02
08-Jan-02
09-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02
18-Jan-02
21-Jan-02
22-Jan-02
23-Jan-02
24-Jan-02
25-Jan-02
28-Jan-02
29-Jan-02
30-Jan-02
31-Jan-02
01-Feb-02
04-Feb-02
05-Feb-02
06-Feb-02
07-Feb-02
08-Feb-02
11-Feb-02
12-Feb-02
13-Feb-02
14-Feb-02
15-Feb-02
18-Feb-02
19-Feb-02
20-Feb-02
21-Feb-02
22-Feb-02
25-Feb-02

4.72
4.57
4.56
4.52
4.57
4.69
4.60
4.49
4.65
4.78
4.42
4.88
5.08
5.38
5.23
5.44
5.41
4.99
5.12
5.09
4.98
5.07
5.51
6.11
5.92
6.19
6.20
5.88
5.70
5.34
6.05
5.57
5.63
5.69
6.53
6.86
7.25
7.38
7.33
7.02
7.02
6.76
7.08
7.16
6.98
7.02
6.97
6.92
7.24
6.96

4.23
4.26
5.14
4.29
4.25
4.42
4.28
4.04
3.99
3.98
3.84
4.07
4.94
4.79
4.74
4.73
4.98
5.08
4.72
4.74
4.80
4.63
4.67
4.87
4.86
5.22
5.11
4.91
5.01
4.82
5.02
5.05
5.07
5.17
5.40
6.08
6.08
6.08
6.11
6.14
6.14
6.15
6.16
6.16
6.15
6.23
6.18
6.18
6.23
6.13

26-Feb-02
27-Feb-02
28-Feb-02
01-Mar-02
04-Mar-02
05-Mar-02
06-Mar-02
07-Mar-02
08-Mar-02
11-Mar-02
12-Mar-02
13-Mar-02
14-Mar-02
15-Mar-02
18-Mar-02
19-Mar-02
20-Mar-02
21-Mar-02
22-Mar-02
25-Mar-02
26-Mar-02
27-Mar-02
28-Mar-02
02-Apr-02
03-Apr-02
04-Apr-02
05-Apr-02
08-Apr-02
09-Apr-02
10-Apr-02
11-Apr-02
12-Apr-02
15-Apr-02
16-Apr-02
17-Apr-02
18-Apr-02
19-Apr-02
22-Apr-02
23-Apr-02
24-Apr-02
25-Apr-02
26-Apr-02
29-Apr-02
30-Apr-02
02-May-02
03-May-02
06-May-02
07-May-02
08-May-02
09-May-02

6.90
6.86
6.94
6.84
6.96
7.01
7.05
7.05
7.05
7.01
7.01
7.01
7.01
6.79
6.93
7.05
5.83
5.74
6.13
6.28
6.22
6.33
6.27
6.15
6.16
5.44
6.16
5.16
5.71
5.37
5.39
5.81
5.72
5.56
6.04
6.22
6.01
6.40
6.22
5.89
6.06
5.85
6.49
5.41
5.59
5.68
6.28
5.67
5.88
6.00

6.17
6.09
6.33
6.32
6.53
6.53
6.57
6.61
5.87
5.87
5.95
5.69
5.47
5.65
5.30
5.29
5.30
5.21
5.17
5.35
5.48
5.50
5.31
5.36
5.37
5.35
5.37
5.60
5.63
4.84
4.91
5.54
5.28
5.30
5.33
4.93
5.43
5.42
5.42
5.09
5.48
5.04
5.05
5.50
5.05
5.13
5.13
5.12
4.98
5.09

10-May-02
13-May-02
14-May-02
15-May-02
16-May-02
17-May-02
20-May-02
21-May-02
22-May-02
23-May-02
24-May-02
27-May-02
28-May-02
29-May-02
30-May-02
31-May-02
03-Jun-02
04-Jun-02
05-Jun-02
06-Jun-02
07-Jun-02
10-Jun-02
11-Jun-02
12-Jun-02
13-Jun-02
14-Jun-02
17-Jun-02
18-Jun-02
19-Jun-02
20-Jun-02
21-Jun-02
24-Jun-02
25-Jun-02
26-Jun-02
27-Jun-02
28-Jun-02
01-Jul-02
02-Jul-02
03-Jul-02
04-Jul-02
05-Jul-02
08-Jul-02
09-Jul-02
10-Jul-02
11-Jul-02
12-Jul-02
15-Jul-02
16-Jul-02
17-Jul-02
18-Jul-02

6.02
6.02
6.23
6.31
6.02
5.99
5.99
6.25
6.76
6.46
6.26
6.08
6.41
6.45
5.92
6.51
6.43
6.42
6.10
6.85
7.08
6.60
6.91
7.09
6.60
6.62
6.47
6.56
6.30
6.65
6.61
6.15
6.22
6.11
6.17
5.94
5.92
5.88
6.13
5.87
5.64
6.61
6.55
6.67
6.54
6.38
6.55
6.54
6.37
6.80

5.11
5.02
5.06
5.00
5.10
5.07
5.53
5.52
4.63
5.54
5.53
5.71
5.57
6.07
6.11
6.33
6.57
6.61
6.10
6.76
7.08
6.79
7.29
7.28
6.79
6.62
6.61
6.18
6.68
6.60
6.65
6.84
6.81
6.89
6.91
6.93
5.93
6.89
6.87
6.85
6.33
6.41
6.45
6.42
5.45
5.44
6.04
5.54
5.54
5.03

19-Jul-02
22-Jul-02
23-Jul-02
24-Jul-02
25-Jul-02
26-Jul-02
29-Jul-02
30-Jul-02
31-Jul-02
01-Aug-02
02-Aug-02
05-Aug-02
06-Aug-02
07-Aug-02
08-Aug-02
09-Aug-02
12-Aug-02
13-Aug-02
14-Aug-02
15-Aug-02
16-Aug-02
19-Aug-02
20-Aug-02
21-Aug-02
22-Aug-02
23-Aug-02
26-Aug-02
27-Aug-02
28-Aug-02
29-Aug-02
30-Aug-02
02-Sep-02
03-Sep-02
04-Sep-02
05-Sep-02
06-Sep-02
09-Sep-02
10-Sep-02
11-Sep-02
12-Sep-02
13-Sep-02
16-Sep-02
17-Sep-02
18-Sep-02
19-Sep-02
20-Sep-02
23-Sep-02
24-Sep-02
25-Sep-02
26-Sep-02

6.09
6.36
6.25
5.88
5.90
5.54
5.48
5.91
5.88
5.90
5.93
5.92
5.78
5.41
5.36
5.39
5.82
5.83
5.86
6.00
5.91
6.02
5.97
6.22
6.30
6.32
5.89
6.39
5.64
5.65
5.39
5.91
5.96
5.25
5.85
6.20
6.38
5.35
5.36
5.49
5.35
5.29
5.04
4.85
5.11
5.39
5.37
7.56
5.38
5.37

5.58
5.55
6.35
6.38
6.00
5.93
5.87
5.91
5.88
5.90
5.93
5.90
5.78
5.84
5.60
5.53
5.87
5.59
5.61
5.61
5.91
5.58
5.87
5.58
5.33
5.35
4.86
4.92
4.90
4.92
3.92
4.92
4.98
4.96
5.35
5.36
4.90
4.87
5.11
4.90
4.86
4.86
4.85
4.89
3.05
3.92
3.91
3.44
3.92
4.59

27-Sep-02
30-Sep-02
01-Oct-02
02-Oct-02
03-Oct-02
04-Oct-02
07-Oct-02
08-Oct-02
09-Oct-02
10-Oct-02
11-Oct-02
14-Oct-02
15-Oct-02
16-Oct-02
17-Oct-02
18-Oct-02
21-Oct-02
22-Oct-02
23-Oct-02
24-Oct-02
25-Oct-02
28-Oct-02
29-Oct-02
30-Oct-02
31-Oct-02
01-Nov-02
04-Nov-02
05-Nov-02
06-Nov-02
07-Nov-02
08-Nov-02
11-Nov-02
12-Nov-02
13-Nov-02
14-Nov-02
15-Nov-02
18-Nov-02
19-Nov-02
20-Nov-02
21-Nov-02
22-Nov-02
25-Nov-02
26-Nov-02
27-Nov-02
28-Nov-02
29-Nov-02
02-Dec-02
03-Dec-02
04-Dec-02
05-Dec-02

5.13
4.94
5.42
5.27
5.28
4.89
4.91
4.99
4.74
5.03
4.73
4.44
5.00
4.42
4.66
4.86
5.36
5.39
4.69
5.07
4.78
4.92
4.83
4.92
4.85
5.09
5.08
5.30
4.98
4.84
4.86
5.06
5.25
5.24
4.27
5.04
5.04
5.13
5.12
5.09
4.99
5.06
5.01
5.00
4.87
4.82
4.63
4.69
4.41
4.60

4.11
3.46
4.19
4.63
4.44
4.65
4.52
4.50
4.55
4.54
4.53
4.54
4.51
4.52
4.47
4.47
4.48
4.51
4.49
3.90
4.49
4.13
4.14
4.13
3.96
4.09
3.98
4.50
4.48
4.54
4.56
4.55
4.04
4.03
4.52
4.49
4.33
4.27
4.26
4.25
4.19
4.17
4.46
4.46
4.47
4.18
4.08
3.99
4.01
4.25

06-Dec-02
09-Dec-02
10-Dec-02
11-Dec-02
12-Dec-02
13-Dec-02
16-Dec-02
17-Dec-02
18-Dec-02
19-Dec-02
20-Dec-02
23-Dec-02
27-Dec-02
30-Dec-02
02-Jan-03
03-Jan-03
06-Jan-03
07-Jan-03
08-Jan-03
09-Jan-03
10-Jan-03
13-Jan-03
14-Jan-03
15-Jan-03
16-Jan-03
17-Jan-03
20-Jan-03
21-Jan-03
22-Jan-03
23-Jan-03
24-Jan-03
27-Jan-03
28-Jan-03
29-Jan-03
30-Jan-03
31-Jan-03
03-Feb-03
04-Feb-03
05-Feb-03
06-Feb-03
07-Feb-03
10-Feb-03
11-Feb-03
12-Feb-03
13-Feb-03
14-Feb-03
17-Feb-03
18-Feb-03
19-Feb-03
20-Feb-03

4.64
4.34
4.29
4.29
4.28
4.38
4.29
4.31
4.30
4.61
4.16
4.05
4.16
4.40
3.99
4.01
3.77
4.21
4.20
4.21
4.33
4.22
4.23
4.23
4.24
4.26
4.17
3.97
3.86
3.77
3.79
3.69
3.57
3.69
3.34
3.54
3.23
3.27
3.12
3.25
3.24
3.22
3.22
3.17
3.46
3.50
3.54
3.41
3.49
3.45

4.28
4.08
4.54
4.54
4.12
4.13
4.14
4.16
4.15
4.15
4.16
4.15
4.22
4.24
3.62
4.69
4.71
4.68
4.73
4.14
4.22
4.24
4.23
3.17
3.18
4.26
4.27
4.29
3.22
3.23
3.25
3.25
4.33
4.34
4.31
4.29
3.23
3.16
3.23
3.25
3.35
3.33
3.76
3.76
3.80
3.23
3.76
3.74
3.22
3.79

21-Feb-03
24-Feb-03
25-Feb-03
26-Feb-03
27-Feb-03
28-Feb-03
03-Mar-03
04-Mar-03
05-Mar-03
06-Mar-03
07-Mar-03
10-Mar-03
11-Mar-03
12-Mar-03
13-Mar-03
14-Mar-03
17-Mar-03
18-Mar-03
19-Mar-03
20-Mar-03
21-Mar-03
24-Mar-03
25-Mar-03
26-Mar-03
27-Mar-03
28-Mar-03
31-Mar-03
01-Apr-03
02-Apr-03
03-Apr-03
04-Apr-03
07-Apr-03
08-Apr-03
09-Apr-03
10-Apr-03
11-Apr-03
14-Apr-03
15-Apr-03
16-Apr-03
17-Apr-03
22-Apr-03
23-Apr-03
24-Apr-03
25-Apr-03
28-Apr-03
29-Apr-03
30-Apr-03
02-May-03
05-May-03
06-May-03

3.67
3.67
3.83
3.94
3.87
3.94
3.92
3.49
4.28
3.85
3.53
3.26
3.53
3.31
3.48
3.44
3.13
3.51
3.39
3.20
3.21
3.25
3.24
3.22
3.20
3.21
3.22
3.27
3.21
3.49
3.59
3.40
3.68
3.77
3.73
3.71
3.77
3.78
3.81
3.86
3.62
4.27
3.84
3.64
3.63
3.70
3.75
4.13
3.84
3.86

3.78
3.78
4.64
4.64
4.62
4.64
4.68
4.68
4.72
3.90
4.73
4.75
4.63
4.41
4.68
4.46
4.25
4.57
4.55
4.57
4.52
4.58
4.58
4.27
4.59
4.31
4.36
4.36
4.31
4.29
4.07
4.04
4.00
4.04
4.05
4.03
4.04
4.00
4.03
4.03
4.06
3.94
3.97
3.97
3.96
3.97
4.02
3.93
3.95
3.97

07-May-03
08-May-03
09-May-03
12-May-03
13-May-03
14-May-03
15-May-03
16-May-03
19-May-03
20-May-03
21-May-03
22-May-03
23-May-03
26-May-03
27-May-03
28-May-03
29-May-03
30-May-03
02-Jun-03
03-Jun-03
04-Jun-03
05-Jun-03
06-Jun-03
09-Jun-03
10-Jun-03
11-Jun-03
12-Jun-03
13-Jun-03
16-Jun-03
17-Jun-03
18-Jun-03
19-Jun-03
20-Jun-03
23-Jun-03
24-Jun-03
25-Jun-03
26-Jun-03
27-Jun-03
30-Jun-03
01-Jul-03
02-Jul-03
03-Jul-03
04-Jul-03
07-Jul-03
08-Jul-03
09-Jul-03
10-Jul-03
11-Jul-03
14-Jul-03
15-Jul-03

3.74
4.02
4.02
3.93
3.74
3.80
3.70
3.81
3.91
3.51
3.92
3.92
3.95
3.98
3.56
4.06
4.16
4.12
3.70
3.87
3.86
3.92
4.33
4.46
3.86
4.47
4.12
4.50
3.97
4.20
4.09
4.11
4.96
4.62
4.77
4.52
4.75
5.02
5.11
4.57
4.84
5.17
5.35
5.21
5.31
5.15
5.12
5.14
5.19
5.03

3.97
4.02
4.02
4.05
4.03
3.80
3.76
3.81
3.85
3.86
2.93
3.86
2.95
3.92
3.92
3.88
3.92
3.88
3.88
3.87
3.86
3.92
3.86
3.87
3.86
3.53
3.88
3.91
3.91
3.90
3.86
3.99
4.64
4.62
4.59
4.29
4.24
4.91
4.59
3.47
3.46
4.59
4.60
4.53
4.52
4.42
4.55
4.75
4.51
4.48

16-Jul-03
17-Jul-03
18-Jul-03
21-Jul-03
22-Jul-03
23-Jul-03
24-Jul-03
25-Jul-03
28-Jul-03
29-Jul-03
30-Jul-03
31-Jul-03
01-Aug-03
04-Aug-03
05-Aug-03
06-Aug-03
07-Aug-03
08-Aug-03
11-Aug-03
12-Aug-03
13-Aug-03
14-Aug-03
15-Aug-03
18-Aug-03
19-Aug-03
20-Aug-03
21-Aug-03
22-Aug-03
25-Aug-03
26-Aug-03
27-Aug-03
28-Aug-03
29-Aug-03
01-Sep-03
02-Sep-03
03-Sep-03
04-Sep-03
05-Sep-03
08-Sep-03
09-Sep-03
10-Sep-03
11-Sep-03
12-Sep-03
15-Sep-03
16-Sep-03
17-Sep-03
18-Sep-03
19-Sep-03
22-Sep-03
23-Sep-03

5.05
5.10
5.14
5.10
5.16
5.17
5.21
4.89
4.83
4.82
4.78
4.61
4.61
4.66
4.65
4.55
4.55
4.63
4.49
4.41
4.52
4.49
4.50
4.46
4.90
4.45
4.38
4.36
4.62
4.63
4.58
4.36
4.39
4.39
4.62
4.72
4.80
5.21
5.23
5.16
5.31
5.37
5.43
4.80
5.47
5.51
5.74
5.46
5.29
5.40

4.49
4.48
4.51
4.53
4.31
4.02
4.01
4.03
4.03
4.02
3.98
3.93
3.94
3.98
3.97
3.98
3.98
3.96
3.98
3.96
3.96
3.93
3.94
4.23
4.45
4.21
4.05
4.03
4.13
4.03
4.03
4.03
4.06
4.06
4.02
3.91
4.04
3.99
4.00
4.15
4.14
3.92
3.96
4.18
3.91
4.16
4.17
4.21
4.02
4.02

24-Sep-03
25-Sep-03
26-Sep-03
29-Sep-03
30-Sep-03
01-Oct-03
02-Oct-03
03-Oct-03
06-Oct-03
07-Oct-03
08-Oct-03
09-Oct-03
10-Oct-03
13-Oct-03
14-Oct-03
15-Oct-03
16-Oct-03
17-Oct-03
20-Oct-03
21-Oct-03
22-Oct-03
23-Oct-03
24-Oct-03
27-Oct-03
28-Oct-03
29-Oct-03
30-Oct-03
31-Oct-03
03-Nov-03
04-Nov-03
05-Nov-03
06-Nov-03
07-Nov-03
10-Nov-03
11-Nov-03
12-Nov-03
13-Nov-03
14-Nov-03
17-Nov-03
18-Nov-03
19-Nov-03
20-Nov-03
21-Nov-03
24-Nov-03
25-Nov-03
26-Nov-03
27-Nov-03
28-Nov-03
01-Dec-03
02-Dec-03

5.74
5.52
5.51
6.02
6.07
6.20
6.43
6.42
6.62
6.85
7.78
8.19
7.91
8.06
8.22
8.15
7.85
7.67
7.57
7.41
7.55
7.52
7.58
7.35
7.30
7.36
6.52
5.91
6.42
7.48
7.22
7.31
6.45
6.67
6.90
7.22
7.02
7.35
7.51
7.38
6.90
6.66
6.67
7.30
7.55
7.15
7.14
7.67
7.42
7.25

4.25
4.25
4.25
4.17
4.49
4.68
5.26
5.21
5.27
5.48
5.90
5.85
5.90
5.84
5.87
5.24
5.23
5.81
5.83
5.25
5.31
4.95
4.97
4.82
4.79
5.14
5.12
5.10
5.04
5.06
5.04
4.57
5.07
5.06
5.06
5.13
5.15
5.17
5.17
5.24
5.24
5.23
5.24
5.18
5.19
5.25
5.24
5.28
4.83
4.83

03-Dec-03
04-Dec-03
05-Dec-03
08-Dec-03
09-Dec-03
10-Dec-03
11-Dec-03
12-Dec-03
15-Dec-03
16-Dec-03
17-Dec-03
18-Dec-03
19-Dec-03
22-Dec-03
23-Dec-03
29-Dec-03
30-Dec-03
02-Jan-04
05-Jan-04
06-Jan-04
07-Jan-04
08-Jan-04
09-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
26-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
02-Feb-04
03-Feb-04
04-Feb-04
05-Feb-04
06-Feb-04
09-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04

7.25
7.27
7.29
7.09
6.96
6.97
7.30
7.38
7.39
6.78
6.82
7.45
7.62
7.63
7.62
7.50
8.02
7.56
8.12
8.17
8.11
8.17
8.22
7.67
7.64
7.63
7.56
7.74
7.42
7.55
7.59
7.62
8.20
7.52
7.83
7.58
7.43
8.10
7.32
6.90
6.27
6.29
6.36
6.34
6.61
6.66
6.67
6.62
6.64
7.01

4.83
4.85
4.86
4.65
4.03
4.64
4.63
4.67
4.68
4.68
4.72
4.72
4.71
4.72
4.71
4.75
4.76
4.79
4.69
4.72
4.69
4.73
4.62
4.60
4.58
4.58
4.53
4.58
4.58
4.78
4.80
4.83
4.54
4.51
4.54
4.55
4.46
4.49
4.46
4.52
4.52
5.66
5.72
5.39
5.34
5.44
5.13
5.10
5.11
5.78

18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
01-Mar-04
02-Mar-04
03-Mar-04
04-Mar-04
05-Mar-04
08-Mar-04
09-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
01-Apr-04
02-Apr-04
05-Apr-04
06-Apr-04
07-Apr-04
08-Apr-04
13-Apr-04
14-Apr-04
15-Apr-04
16-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
26-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04

7.93
7.62
7.25
7.30
7.61
7.12
7.47
7.24
7.59
7.32
7.52
7.55
7.19
7.72
7.46
7.59
7.37
7.81
7.48
7.73
7.70
7.74
7.13
8.04
8.33
8.23
8.22
8.19
8.20
8.24
8.54
8.65
8.48
8.17
9.08
9.14
9.11
9.67
9.31
9.32
9.06
9.14
9.41
9.02
8.31
8.87
8.30
8.34
8.76
7.76

6.39
6.35
6.25
6.29
6.34
6.25
6.22
6.24
6.22
6.10
6.07
6.09
6.20
6.18
6.22
6.12
6.14
6.10
6.13
5.89
5.50
6.19
6.88
6.56
7.16
7.71
7.61
7.58
8.01
8.05
7.50
7.79
7.63
7.57
7.93
7.92
8.21
7.16
7.88
7.77
7.20
7.21
7.74
7.71
7.71
7.69
7.71
7.74
7.70
7.76

30-Apr-04
03-May-04
04-May-04
05-May-04
06-May-04
07-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
01-Jun-04
02-Jun-04
03-Jun-04
04-Jun-04
07-Jun-04
08-Jun-04
09-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
01-Jul-04
02-Jul-04
05-Jul-04
06-Jul-04
07-Jul-04
08-Jul-04

8.14
7.99
8.45
8.52
9.07
7.97
8.05
8.64
8.57
8.27
8.91
9.14
9.33
9.86
9.77
9.85
9.91
9.69
9.81
9.93
9.53
9.87
9.82
9.78
8.91
9.70
9.68
9.62
9.54
9.51
9.43
9.47
9.53
9.43
9.47
9.52
9.50
9.49
9.50
9.13
8.50
7.30
7.27
8.52
8.51
7.39
7.98
8.00
7.49
7.44

7.78
7.75
7.85
7.91
7.86
7.73
7.70
7.69
7.74
7.68
7.72
7.82
7.78
7.82
7.74
7.21
6.61
7.87
7.26
7.97
6.72
7.92
6.73
6.72
6.71
6.75
6.78
6.74
6.64
7.87
6.61
6.63
7.89
6.60
6.63
6.67
6.66
6.65
6.65
6.70
6.68
6.69
6.66
6.69
6.69
6.78
7.37
6.77
6.81
6.20

09-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04

Source: Bloomberg

7.74
8.69
8.01
8.68
8.65
9.33
10.07
9.97
9.79
10.92
10.92
12.09
12.67
13.26
12.65
13.44

6.20
6.21
6.16
6.82
6.79
8.09
8.70
8.05
8.56
7.97
7.28
9.42
7.24
7.84
8.43
8.40

Exhibit 4a SUN Interbrew Ltd. and Subsidiaries, Consolidated Statements of Operations for the
Years Ended December 31, 20002003 (US$ in thousands)
2000

2001

2002

2003

Net Sales

260,732

351,003

407,464

609,826

Cost of goods sold

Gross Margin

171,798
88,934

199,671
151,332

237,098
170,366

367,728
242,098

Selling and distribution expenses

36,829

75,366

119,197

156,646

General and administrative expenses

Operating Income

19,355
32,750

26,587
49,379

29,482
21,686

28,545
56,907

Interest income
Interest expense
Foreign exchange loss
Gain (loss) from equity investments

2,105
4,224
(3,116)
(1,131)

1,236
3,730
(5,611)
1,291

8,030
(8,961)
-

11,096
(10,700)
-

Other income (expenses), net

Income before taxes and minority interest
Income taxes

1,172
27,556
15,250

(4,806)
37,759
15,868

(3,281)
1,414
2,951

(2,891)
32,221
6,765

2,344
9,962

1,817
20,074

1,866
(3,403)

1,407
24,049

1.0854

1.1175

1.0626

0.8860

Minority interest
Net Income (Loss)
Note: Figures converted from Euros to Dollars
using year-average exchange rates:

Source: SUN Interbrew Ltd. Annual Reports.

Exhibit 4b SUN Interbrew Ltd. and Subsidiaries, Consolidated Balance Sheets as of December 31,
20012003 (US$ in thousands)
2000

2001

2002

2003

41,560
9,351
57,651
12,814
1,006

8,352
22,605
64,832
###
1,391

8,209
21,143
69,953
###
27,055
6,905

3,194
30,057
96,026
25,786
11,205

Other current assets

Total current assets

16,324
138,706

31,940
129,120

14,965
148,231

9,711
188,607

Plant and equipment, net

Intangible assets, net
Goodwill
Long-term deferred tax assets

283,275
2,653
24,436
6,131

312,557
5,113
23,486
4,832

420,739
3,752
27,615
9,769

531,013
4,417
71,810
8,147

Other long-term assets, net

Total assets

8,114
463,313

11,540
486,648

6,234
616,341

12,684
816,677

Liabilities
Accounts payable
Taxes payable
Deferred tax liabilities
Accrued expenses
Short-term debt/

34,084
7,213
804
12,864
30,503

23,777
2,404
947
7,236
35,817

37,424
6,620
2,442
3,956
119,178

54,321
10,890
2,228
17,439
164,305

Short-term debt, related parties

Total current liabilities

6,126
91,595

45,226
115,408

42,618
212,239

249,183

Long-term deferred tax liabilities

Long-term bonds payable

9,256
669

7,124
92

8,479
-

31,279
87,693

101,519
45,891

###
122,624
45,055

490
221,208
34,909

585
368,740
17,969

1,213

1,149

1,367

1,795

360
297,114
17,216

341
281,403
36,076

406
334,845
39,135

489
451,729
74,041

###

(15,529)

(98,085)

ASSETS
Cash and cash equivalents
Accounts receivable, net
Inventories
Assets held for disposal
Taxes receivable
Deferred tax assets

LIABILITIES AND SHAREHOLDERS EQUITY

Post-retirement benefit payable

Total liabilities
Minority interests in equity of subsidiaries
Shareholders Equity
Class A Shares, one pence par; authorized 125,278,614
shares; issued 88,777,585 shares 20022003; issued
81,094,19 shares20002001
Class B Shares, one pence par; authorized 30,000,000
shares; issued 27,796,220 shares
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss

Total shareholders equity

Total liabilities and shareholders equity
Note: Figures converted from Euros to Dollars using endof-year exchange rates:

Source: SUN Interbrew Ltd. Annual Reports.

315,903
463,313

318,969
486,648

360,224
616,341

429,968
816,677

1.0747

1.1347

0.9536

0.7918

Exhibit 4c SUN Interbrew Ltd. and Subsidiaries, Consolidated Statements of Cash Flows for the
Years Ended December 31, 20002003 (US$ in thousands)
2000

2001

2002

2003

9,962

20,074

(3,403)

24,049

26,892
2,344
1,183
2,901
2,687

35,849
1,817
(600)
1,089
4,778

48,226
1,866
(4,877)
(1,413)
410

57,256
1,407
1,614
1,564
8,754

(1,637)
(23,250)
3,817
(27)
4,442

(14,580)
(10,177)
(8,969)
(16,671)
(6,583)

4,612
6,604
2,520
(658)
(890)

(7,678)
(12,542)
(2,698)
8,666
2,585

2,228
31,541

732
6,759

(3,428)
49,570

11,211
94,155

(96,752)
(37,009)
25,646

(92,518)
(4,236)
-

(108,415)
(4,826)
-

(126,637)
(70,529)
-

Sale of investment
Net cash provided by (used in) investing activities

(108,116)

12,321
(84,433)

(113,241)

(197,166)

FINANCING ACTIVITIES
Net proceeds from issuance of shares
Proceeds (payments) of loans payable-related parties

113,388
(12,882)

6,397

1,002
(3,432)

Proceeds from loans and bonds

Net cash provided by (used in) financing activities

(10,585)
89,921

62,119
62,119
(1,552)
8,919
7,367

99,460
97,030
(5,981)
8,835
2,854

7,636
9,368

10,210
9,038

OPERATING ACTIVITIES
Net Income/(loss)
Adjustments to net income
Depreciation
Minority interest
Deferred taxes
Allowance for doubtful accounts and inventory provisions
Other noncash items
Change in working capital:
Accounts receivable
Inventories
Other current assets
Taxes payable
Accounts payable
Accrued expenses
Net cash provided by (used in) operating activities
INVESTING ACTIVITIES
Net purchase of intangible assets and plant and equipment
Acquisitions of consolidated subsidiaries
Cash acquired in acquisition of breweries

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year

13,346
27,804
41,151

39,789
46,186
(31,488)
39,969
8,481

Cash paid during the period for

Interest
Income taxes

4,942
15,661

1,213
23,191

Schedule of Noncash Financing Activities

Proceeds from shares issue offset with loan
Issuance of stock to acquire breweries

32,484

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

exchange rates:

1.0854

1.1175

1.0626

42,438
0.8860

Source: SUN Interbrew Ltd. Annual Reports.

Exhibit 6 Major Transactions in Russian Beer Markets, 20022003

Buyer

Target

Scottish & Newcastle

Scottish & Newcastle
Heineken
Soros FM
Texas Pacific Group
Soros FM
Efes
SUN Interbrew

Hartwall
Baltika
Bravo beer business
Efes Breweries Int'l
PIT Breweriesa
Efes Breweries Int'l
Amstar
Bulgar-Khmel

TEV at
Year Jan 1 ($M)
Feb-02
Feb-02
Feb-02
May-02
Oct-02
Mar-03
Aug-03
Aug-03

1,892.9
2,195.8
326.4
281.4
209.3
341.2
63.3
36.0

TEV at
closing
($M)
1,910.9
2,216.6
330.0
299.0
200.0
351.7
68.7
36.0

Capacity
Sales,
at Jan 1 Sales, LTM
LTM
(mn HL)
($M) (mn HL)
n/a
14.8
5.3
4.6
3.5
7.0
1.3
0.6

719.4
537.4
117.3
116.0
108.1
160.0
20.0
n/a

Formerly, Detroit Brewing Co.

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

n/a
14.1
2.3
2.5
2.3
3.2
0.4
n/a

Net Debt,
EBITDA, incl. Minority
LTM ($M) Interest ($M)
229.9
203.4
29.5
28.5
23.0
36.6
4.0
n/a

184.9
n/a
n/a
49.0
30.0
56.7
n/a
n/a

Stake
acquired

Cash paid
($M)

100%
50%
100%
13%
28%
2%
100%
100%

1,726
n/a
n/a
32.5
46.8
5.9
19.0
n/a

Exhibit 7 Global Breweries Russian Operations in 2003

Global Breweries

Russian Operations

Interbrew
Carlsberg (50% of BBH)
S&N (50% of BBH)
Heineken
SABMiller

SUN Interbrew
Baltika, Vena, Carlsberg license
Baltika
Bravo
Transmark

Volume market
share in Russia
13.2%
16.2%
16.2%
4.3%
2.7%

Russian EBITDA
Adjusted for Minority
Interest ($M)
67.3
114.5
114.5
28.0
22.0

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

August 11, 2003.

Russian EBITDA
as a % of Global
EBITDA
3.9%
12.5%
8.9%
1.3%
1.4%

Exhibit 8 SUN Interbrews Ownership Structure in July 2004 (Million Shares)

Voting Shares (Class B)

Non-Voting Shares (Class A)

Total

Khemka Family

10.49
37.7%

8.89
10.0%

19.38
16.6%

Interbrew

10.49
37.7%

76.24
85.8%

86.73
74.3%

Alfa Group

4.39
15.8%

0
0.0%

4.39
3.8%

Institutional Investors

2.42
8.7%

3.74
4.2%

6.16
5.3%

Total

27.79
100%

88.87
100%

116.66
100.0%

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

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

2005E

2006E

2007E

2008E

2009E

Net Sales
Operating expenses

665
305

746
347

851
391

942
432

1,045
477

1,161
523

Selling, General & Administrative

EBITDA

221
138

240
159

265
195

294
216

324
245

355
283

Depreciation
EBIT

64.6
73.5

62.8
96.5

60.7
134.7

###
155.0

56.4
188.3

54.5
228.2

Interest expense
Foreign exchange loss

15.9
6.3

15.0
6.9

15.0
7.6

15.0
8.1

15.0
6.9

15.0
7.4

Other income (expenses), net

Income before taxes and minority interest
Income taxes

5.8
45
12.7

6.6
68
19.1

7.5
105
29.3

8.3
124
34.6

9.2
157
44.0

10.2
196
54.8

Minority interest
Net Income (Loss)

1.0
31.7

1.5
47.6

2.3
73.1

2.7
86.4

3.4
109.8

4.2
136.6

Cash Flow Statement Items

Increase in Net Working Capital
Capital Expenditures

13.8
51.4

11.7
47.3

13.7
43.2

10.5
44.3

11.4
42.7

11.8
43.5

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

2010E
1,295
574
390
331
52.9
278.2
15.0
7.9
11.4
244
68.3
5.3
170.4

12.2
43.5

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

2004E

2005E

2006E

2007E

2008E

2009E

Cash and cash equivalents

Accounts receivable, net
Inventories
Assets held for disposal
Taxes receivable
Deferred tax assets
Other current assets
Total current assets

32.3
34.3
109.3

85.2
38.5
122.5

164.3
43.9
136.2

257.0
48.6
148.4

372.5
53.9
161.4

512.6
59.9
174.5

63.3
239.1

70.5
316.7

79.8
424.3

87.6
541.5

96.4
684.3

106.2
853.3

Plant and equipment, net

Intangible assets, net
Goodwill
Long-term deferred tax assets
Other long-term assets, net
Total assets

470.8

455.2

437.6

423.5

409.6

398.4

31.1

31.1

31.1

31.1

31.1

31.1

14.2
755.2

14.2
817.2

14.2
907.1

14.2
1,010.3

14.2
1,139.2

14.2
1,297.0

63.8
10.7
2.6
6.4
199.4

74.7
12.1
2.6
7.2
199.4

86.7
13.8
2.6
8.2
199.4

98.5
15.2
2.6
9.1
199.4

111.6
16.9
2.6
10.1
199.4

125.7
18.8
2.6
11.2
199.4

283.0
8.5

296.0
8.5

310.7
8.5

324.8
8.5

340.6
8.5

357.7
8.5

0.5
292.0
12.3

0.5
304.9
13.8

0.5
319.6
16.0

0.5
333.7
18.7

0.5
349.6
22.1

0.5
366.7
26.3

378.1
89.0
(15.6)
451.5
755.2

378.1
136.5
(15.6)
499.0
817.2

378.1
209.6
(15.6)
572.1
907.1

378.1
295.9
(15.6)
658.4
1,010.3

378.1
405.6
(15.6)
768.1
1,139.2

378.1
542.0
(15.6)
904.6
1,297.0

ASSETS

LIABILITIES AND SHAREHOLDERS EQUITY

Liabilities
Accounts payable
Taxes payable
Deferred tax liabilities
Accrued expenses
Short-term debt/
Short-term debt, related parties
Total current liabilities
Long-term deferred tax liabilities
Long-term bonds payable
Other long-term liabilities
Total liabilities
Minority interests in equity of subsidiaries
Shareholders Equity
Charter capital
Retained earnings
Reserves
Total shareholders' equity
Total liabilities and shareholders equity

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

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)
1,074.7
1,491.7

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

Company

Country of
Origin

Operations
in Russia /
Ukraine?
Major Brands

Adolph Coors

USA

No

Ambev
Anadolu Efes

Brazil
Turkey

No
Yes

Anheuser-Busch

USA

No

Asahi

Japan

No

Baltika
Boston Beer Co.
Carlsberg

Russia
USA
Denmark

Yes
No
Yes

Coors, Keystone, Killian's,

Zima
Antarctica, Brahma, Skol
Efes, Marmara
Budweiser, Busch,
Michelob
Super Dry, Fujisan,
Kuronama
Baltika
Samuel Adams
Carlsberg, Tuborg

US$
7/31/2004
Exchange
Shares 7/31/2004
Market
Rate Outstanding
Stock Value of
12/31/03
(millions) Price ($)
Equity
37.27

68.76

2,563

1,005.17
112.88

17.78
13.76

17,872
1,553

801.00

51.90

41,572

107.1

485.27

10.62

5,154

5.958

117.11
14.16
76.28

12.00
22.98
50.21

1,405
325
3,830

599.42

318.50

20.77

6,615

Compaas
Chile
Cerveceras Unidas

No

Cristal, Escudo, Royal

Guard, Aysen

DB Breweries

New Zealand

No

DB Draught, Monteith's, Tui

1.68

50.42

5.99

302

Diageo

UK

No

0.56

3,057.50

12.38

37,852

FEMSA

Mexico

No

1,059.46

43.94

46,553

Foster's
Grolsch

Australia
Netherlands

No
No

2,008.80
16.92

3.25
29.77

6,529
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

Guinness, Harp
Tecate, Carta Blanca, Sol,
Superior
Foster's, Victoria, Carlton
Grolsch
Corona, Modelo Especial,
Pacifico, Negra Modelo,
Victoria
Heineken, Amstel, Buckler,
Murphy's
Labatt, Beck's, Stella Artois,
Rolling Rock
Kirin Lager, Ichiban Shibori,
Kirin Tanrei

107.1

966.26

9.78

9,450

Lion Nathan

New Zealand

No

Lion Red, Hahn, Steinlager,

Taihushui, Tooheys

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
San Miguel

South Africa
Philippines

Yes
No

56.357

1,000.32
2,845.38

12.73
1.03

12,734
2,931

Sapporo Holdings

Japan

No

101.7

355.34

3.74

1,329

Scottish &
Newcastle

UK

Yes

Miller, Castle, Hansa

San Miguel, Red Horse
Sapporo Black Label,
Yebisu
Courage, John Smith's,
Newcastle Brown

0.56

860.18

7.25

6,236

Tsingtao

China (HK)

No

8.277

1,060.00

0.89

943

Tsingtao, Dragon, Phoenix

1.333
0.792

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

Interest
Bearing
Debt

Net
Sales EBITDA Income EBIAT

Cash
Flow

1,251

3,992

544

175

212

403

2,068
192

3,003
746

1,063
225

488
165

605
120

939
216

7,285

14,147

4,077

2,076

2,096

2,609

3,137

13,072

1,251

214

342

966

95
1,499

737
208
7,946

227
23
1,051

123
11
240

122
10
379

179
16
874

234

641

144

90

71

131

15

189

12

15

16

11,686

16,857

4,116

41

148

2,526

3,417

6,759

1,544

275

515

1,079

2,254
57

3,947
388

924
77

347
33

501
31

627
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
205

8,296
2,637

1,504
760

580
131

689
134

961
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

ember 20, 2004; and casewriters' analysis