Spaten Analysis published by Frankfurter Allgemeine Zeitung (FAZ)

The German Frankfurther Allgemeine Zeitung (FAZ.NET) published the key parts of our analysis of the Spaten-Interbrew cooperation. We translate their introduction with a link to the full article:

Spaten-Shares have room for growth

The brewery concern Spaten Franziskaner Bräu wants to divest itself from the brewing business and focus on real estate. The share price does not yet seem to reflect the substance value.

More on the topic at www.faz.net.

Please read the English translation of our original analysis published September 19, 2003.

Analyst Disclosure: Axel G. Merk, his family, Merk Investments as well as Merk Investments' clients hold Spaten shares.

Risk Disclaimer: Investments in the stock market is associated with a variety of risks. This is not a direct buy recommendation. Aside from the typical risks associated with shares, please note that Spaten is a publicly traded limited partnership ("Kommanditgesellschaft auf Aktien KGaA"), which might impact the valuation. Also note that trading liquidity of Spaten shares is traditionally low, even if it has been elevated in recent months due to takeover rumors. Also be aware that a large portion of shares outstanding are held by very few parties.

Merk Investments LLC, http://www.merkinvestments.com/, is an independent investment advisor registered with the US Securities and Exchange Commission ("SEC"). Address: 555 Bryant St #455, Palo Alto CA 94301, USA. Phone USA (877)270 6999; CH 0 800 883 300; DE 0 800 181 0473; AT 0 800 281 332.