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PROPERTIES
The Company's major facilities are set forth below:

FACILITY

LOCATION

PRODUCT

Noble Brewery

City of Zhaoqing on a site  containing approximately 135,000 square meters

Malt Beverages

Zhaoqing Brewery

City of Zhaoqing on a site containing approximately 131,000 square meters

Malt Beverages

Zao Yang High Worth
Brewery

City of Zao Yang on a site containing approximately 70,000 square meters

Malt Beverages


The facilities of Noble Brewery and Zhaoqing Brewery are well maintained and suitable for their respective operations. The facilities of Zao Yang High Worth Brewery have been modernized and new equipment has been added to convert them into Pabst Blue Ribbon beer production complexes.

The Company estimates that Zhaoqing Brewery, Noble Brewery and Zao Yang High Worth Brewery operated at approximately 49.2%, 49.2% and 56.9%, respectively, of their theoretical brewing capacities during the year ended December 31, 2002. Annual production capacity can vary due to product mix, packaging mix, market demand and seasonality.




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