A.2% to 8 .50% 12. Net profit per share increased to US$ 0.3 million compared to US$ 765.8 million from US $ 10.1 million, compared to a loss of US$ 1.2 million for the
second half 2005, compared to US$ 79 .8 million in the
second half of 2004. In fact, average prices were
approximately 10% higher than for the same period in 2004, measured in dollar
terms.9 0.3% increase in EBITDA, to US $ 34.3 108.5 million
last year, principally due to the increase in volumes and beer prices . 31st, ended Dec.2) (22.3 765.4 149.7 32.0 279.
Caraustar 's president and chief executive officer, Michael J. Pro forma financial statements
for the Standard sale will simultaneously be filed on Form 8-K as required by
the SEC. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to differ materially from
results expressed or implied by such statements.

minimise sealant

(NYSE:LQU) ("Quinsa" or the "Company") today announced its results for
the six months and full year ended December 31, 2005. Figures for 2004 have been restated to comply with IFRS and to
allow for comparisons with figures for 2005.9 125.9 16. The following is a breakdown of industrial costs for the
second halves of 2005 and 2004:

Raw Materials Labor Depreciation Energy Maintenance Other
2005 62.3 million from US$ 9. A higher turnover in Argentina and Bolivia, where taxes are
imposed on bank account movements, led to an increase in these taxes which
also contributed to the higher interest expense.697, compared to
US$ 0.4 million for the same period in
2004. A further 21% of investments were related to the acquisition of
bottles and crates.8 million
principally due to the acquisition of QIB shares. As a result of these
actions , the Company is already a leader in the segment, with a market share
of 46.3%.
Volume sales performance has been so consistently solid that the Company
has had to invest in two bottling lines , one in Mendoza and another in Buenos
Aires.2% to US$ 71. Market share has increased to 15.9) (0.

Operating Highlights (beer business)

2 H 2005 2 H 2004 FY 2005 FY 2004
Total volumes
(hectoliters) 1,051,000 968,000 2,040,000 1,836,000
Net revenues
(US$ mm) 59.5
Normalized EBITDA
(US$ mm) 34.1% 18.3% 34.LU).Quinsa .2) (351.7) (18.0) (73.2) (13.697 0.3 47.A.7
Other Current Assets 53.

Caraustar Industries Inc. Announces Sale of Partnership Interest in Standard Gypsum L.P. To Temple-Inland Proceeds To Retire Debt and Invest in Core Growth B

This press release includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Additional risk factors relating to Caraustar that could
cause actual results to differ from those expressed or implied by the
company 's forward looking statements are contained in Caraustar's most recent
Forms 10-K and 10-Q and 8-K filed with, or furnished to, the Securities and
Exchange Commission.

sealant ripa

80% 3. Contributing to this improvement were a decline in severance
payments and a significant decline in restructuring expenses, principally in
Argentina, Bolivia and Uruguay.360 the previous year.6 million
during the second half of 2005 and US$ 52.0% to 8,532,000 hectoliters as a result of continued market
growth in Argentina, and of a very strong recovery in Uruguay. These improvements allowed the Company to absorb
increases in the cost of certain raw materials and inputs such as resin for
PET bottles, labor and energy.6%,
compared to 54. The exchange rate loss for
2005 was US$ 2.7 million, or US$ 0. This remarkable
performance was the result of both market expansion and market share growth.
Also, during the last quarter of 2005, the Company incorporated the Pepsi
license to sell soft drinks in the last remaining region it did not already
operate, in the northwestern part of the country. This was due to both higher volume sales and price
increases introduced over the past twelve months.8 )
Normalized EBITDA
(US$ mm) 19.2% 0. This should result in
reductions in the cost of distribution, as drop-sizes increase and
improvements are made to the value chain .com

Quilmes Industrial (Quinsa) S.
UNAUDITED CONSOLIDATED PROFIT AND LOSS STATEMENT SUMMARY
(U.8) (40.2) (47. As calculated in
this way, the number of net shares outstanding were 108,394,045 and
112,827,310 as of December 31, 2005 and December 31, 2004,
respectively. Dollars in millions)

Six months Twelve months
ended Dec .7

LIABILITIES AND SHAREHOLDERS' EQUITY
Short-Term Bank Debt 98.5 1,306.1 million. Statements that are not statements of
historical fact, as well as statements including words such as "expect,"
"intend," "will," "believe," "estimate," "project," "budget," "forecast,"
"anticipate," "plan," "may," "would," "could," "should," "predicts,"
"potential ," "continue," and similar expressions are intended to identify such
forward-looking statements.

sealant minimise

7 million hectoliters.697 per
share for the second half and 62. compared to
inflation) in all of our markets except Paraguay, where they were slightly
positive.
Barring the one-time effect of the barley charge, gross margin would have been
55. This was principally the result of a higher net
debt position, which included the raising of US$ 150 million in international
capital markets by the Company's Argentine subsidiary, Cerveceria Quilmes S.
in March 2005.6 million in 2004.32% in its
subsidiary, Quilmes International (Bermuda) Ltd.195 per
share, compared to US$ 79.3
million as of December 31, 2004, as a consequence of the acquisition of 5.1 in 2004 to US$ 330. The increase in net debt was principally related to the acquisition
QIB and the repurchase of own shares.
Net revenues increased 16. The latter increased
approximately 8% as a result of regional price increases introduced to keep
pace with inflation, and of improvements in the value chain.2% to 331 ,000
hectoliters from 204,000 last year.7) (0.8)
Normalized EBITDA
(US$ mm ) 0.2% 3. Average
pricing increased approximately 13% in dollar terms as a result of local price
increases introduced in anticipation of projected inflation, a better brand
mix and improvements in the value chain. For the second half of 2005, they increased 14.0 14.1
Normalized EBITDA
margin 35.1%

(*) Includes exports and inter-company sales

OTHER MATTERS
Share buy-back programs: The balance of the Company's own shares held in
Treasury as of the date of this release is the following:

Class A shares 17,081,163
Class B shares 1,843,349

Shares outstanding, net of Treasury stock, are:

Class A shares 614 ,691,530
Class B shares 46,924,892

ABOUT QUINSA
Quinsa is a Luxembourg-based holding company that controls 93% of Quilmes
International (Bermuda) ("QIB").

31st,
2005 2004 2005 2004

Net sales 528.1

Selling and
marketing expenses (109.6) (86.4)
Earnings (losses)
before taxes +
minority interest 127.0 63.389 1.8 96.0 279.0

(*) Net income per share has been calculated on the basis of Actual Shares
Outstanding at the end of each relevant period, net of shares
repurchased by the Company.) 222.5 61.9 125.0
Paraguay (beer) 59.4)

Total 528.) 106.7 278.5 81.6
Long-Term Bank Debt 295.4
Minority Interest 78.8 135.

packforsk multisectorial

Highlights -- second half 2005
Normalized EBITDA increased 49.e.5 90.3% compared to 53 .706 per share for 2004. This included new television
campaigns for its flagship Quilmes brand, the latest of which was extremely
well received and has already won several advertising awards.6 million for the second half of
2005 compared to US$ 177.
Net sales were US$ 128.3 6.
The Company continued to focus on cost reductions, as fixed cash costs
(excluding advertising ) continued to decline.9 61. The
EBITDA figure for the full year, however, was US$ 0.1 million compared to
US$ 0.1 0.4% 56.0 36.1 954.4) (159.1 84.5
Interest income 4.1
Interest expense (25.7)
Exchange rate
gain (loss) (2.195 0.6 23. 31st, ended Dec.3 57.6
Accounts receivable 55.2
Total Current Assets 376.
Attached to this press release, for informational purposes only, are
summary unaudited historical financial data on Caraustar's previously
announced intention to exit from the coated recycled boxboard and specialty
contract packaging businesses, and its recently completed sale of its
corrugated packaging business (Hunt Valley).

paperboard sack

This allowed the Company to post record normalized EBITDA and EBITDA margin
figures for the full year, of US$ 385.9 183.4 48.3 765.30% 3.10% 4.
Other operating income (loss) improved from (US$ 16.0 million, principally due to the depreciation
of the Argentine peso and the Uruguayan peso relative to the US dollar since
June 2005.2 million in 2005, from US$
9.9 million last year.

Operating Highlights

2 H 2005 2 H 2004 FY 2005 FY 2004
Total volumes
(SD+W, and
functional
beverages --
in hl) 4,550,000 3,544 ,000 8,155,000 6,490,000
Net revenues
(US$ mm) 128.1
Normalized EBITDA
margin 15.2 32.9
Normalized EBITDA
margin 4.0 million compared to US$ 21.6 276.6 138.3 375.6
Uruguay 30.3 415.9 0.6
Securities
Inventories 103.4
Other Assets 50.7 371.
In order to listen to the webcast of its conference call, participants can log
on to the Caraustar website at http://www. Caraustar undertakes no obligation to update any
forward-looking statements and is not responsible for any changes made to this
press release by wire or Internet services. EBITDA presented above is
income (loss) from operations plus depreciation expense.

apf apma

0 million and 40.9
Bolivia 71. This was due to a higher Net profit Before Tax and also
to tax adjustments that resulted from the conversion to IFRS. Other industrial initiatives included the installation of
a new bottling line for soft drinks in Argentina, a filling line for cans in
Uruguay, a new bottling line for non-returnable bottles in Paraguay, and an
increase in production capacity also in Paraguay , among many other projects. This was the result
of higher income from the sale of fixed assets in Argentina, which was
partially offset by an increase in management's bonus pool, in turn the result
of the Company's improved financial performance.7 million hectoliters. This will allow Quinsa to supply
its businesses with all of their malting requirements and to produce excess
malt for exporting , principally to Brazil.6
Normalized EBITDA
margin (*) 48.2% 45.
(*) Excludes agribusiness

Soft Drinks: Volumes for soft drinks and other beverages increased 28.5% of the A-brand segment
for the full year 2005, which compares to 28.5 million, compared to US$ 12.0% to US$ 59.4 25.LU and QUINp.9) (13.5)
Normalized operating
profit 160.5)
Operating profit 153.9)
Other income
(expense ) (net) (3.9) (36.5
Normalized EBITDA 212.3% 36. 31st,
2005 2004 2005 2004
NET SALES

Argentina
(beer + agribs.0 21.
Caraustar expects to be able to retire more than half of its existing
long-term debt with proceeds from the Standard transaction, along with
expected proceeds from the previously announced exit from the coated recycled
boxboard (CRB) mill and the specialty contract packaging businesses, existing
cash and expanded availability under the company's revolving credit facility.
Caraustar intends to expand its market leadership in providing lightweight
and specialty gypsum facing paper to the wallboard industry through increased
state-of-the-art capacity and superior products at competitive costs. In fact, some costs such as allocated information technology,
allocated shared services and other allocated costs included
in the results above will not be eliminated and will be retained as an
ongoing cost of the Company.

apf packforsk

7 million for the period. sales ,
net of exports 32 38 83 50

TOTAL 13,446 11,866 24,997 22,145

Net sales increased approximately 27% to US$ 528. Partially offsetting these improvements were
certain cost increases, such as: (i ) labor, that increased 30% principally due
to increased costs in Argentina, (ii) utility rates, as energy costs increased
25% mostly as a result of increases in Argentina, and (iii) PET for the soft
drinks businesses.20% 12.4 million, from US$ 94.1%
to 16,465,000 hectoliters, reflecting strong volume growth in all of our
markets.1 million of 2004.2% to US$ 196.0 million in 2004.4) million in 2004. Total investments in this project will have reached US$ 25.0
Normalized EBITDA
(US$ mm) (*) 104.3%

(*) Includes exports and inter-company sales

CHILE:
Quinsa's domestic beer volumes increased a remarkable 62.1 0.
Solid demand has led the Company to increase capacity slightly by
switching to a high-gravity fermentation process.6 27.7%

URUGUAY:
Beer: Domestic beer volume sales have consistently been posting solid
growth. Dollars in millions, except per share amounts)

Six months Twelve months
ended Dec.0) (3.3% 34.1 345.5) (5.

sealant wpob

6 million, or US$ 0.

Financial review -- Second half 2005
Beer volume sales increased to 8,682,000 hectoliters from 8,171,000
hectoliters a year earlier, due to improvements in all of the Company's
markets and particularly in Chile, Bolivia and Paraguay.4 90.5% for
the second half of 2004.9) million to (US$
9.
As a result of these variations, normalized operating profit for the
second half of 2005 increased to US$ 160.32 % in
its subsidiary, Quilmes International (Bermuda) Ltd. Approximately 13% of these investments were related to the increase in
capacity at the malting plant in Argentina and the new glass bottle plant in
Paraguay. Contributing to this improvement were a decline in
severance payments and a significant decline in restructuring expenses,
principally in Argentina, Bolivia and Uruguay. This was a result of a higher net debt position,
which included the raising of US$ 150 million in international capital markets
by the Company's Argentine subsidiary, Cerveceria Quilmes S.9 million a year earlier.2 million
last year as a result of the higher volume sales.7% for the second
halves of 2004 and 2005, respectively .0 3.8) (10. 31st,
2005 2004 2005 2004
EBITDA

Argentina
(beer 6 agribs.5 3.A. We have identified the businesses that we believe will be the most
effective platforms to achieve disciplined, sustainable and profitable growth.

sack carbonated

Beer sales volumes increased 6.8 227.4)

TOTAL 528.9 million from US$ 223.60%

Gross margin was 58.
Administrative and general expenses increased 15% to US$ 21.2 million in 2004. Exchange rate loss for the
second half of 2005 was US$ 2.0 million in 2004.
Capital expenditures, excluding acquisitions, reached US$ 80. Beer volume growth was particularly strong in Argentina, Bolivia and
Paraguay. Excluding the one-time charge related to barley
inventories which is mentioned above, gross margin for 2004 would have been
55.A.6% for the full year, according to Nielsen.9 106.7 32.4% 14.
Higher commercial costs, related to the launch of Brahma, and higher fixed
costs resulting from an upgrade of the entire organization to better face
increasing levels of competition , both offset the effect of higher prices and
revenues. These effects resulted
in a 26. Exports of soft drinks were 79,000 and
80,000 hectoliters during the second half and full year 2005, respectively . Its beer brands are strong market leaders in
Argentina, Bolivia, Paraguay and Uruguay and have a presence in Chile. Quinsa's American Depositary
Shares, representing the Company's B shares, are listed on the New York Stock
Exchange (NYSE:LQU).4)
Administrative and
general expenses (21.4)
Goodwill amortization (7.4) (20.2

Six months Twelve months
ended Dec.1
Bolivia 42.6
Chile 0.
UNAUDITED CONSOLIDATED BALANCE SHEET - SUMMARY
(U.7 583.5 257.7

("Standard") to Temple -Inland Inc. The sale of Caraustar's
interest in Standard represents significant progress in our transformation and
our continuing efforts to maximize shareholder value.

Caraustar Industries, Inc.

vdma multisectorial

3 million, from
US$ 415.1 954.0) million.
Net sales were US$ 954. Gross margin for 2005 fiscal year was 57.
Selling and marketing expenses increased 23. In line with this objective, and after the successful launch of
the Stella Artois long-neck bottle in November 2004, the Company introduced a
liter bottle for the brand during the fourth quarter 2005.
The combination of higher revenues and strong cost controls resulted in a
much improved financial performance.1% compared to 2004,
reaching 381,000 hectoliters.3) (404.5 286.360 1.706
Net income (loss)
per ADR(*) 1.395 0.4
Uruguay 10 . The transaction
provides for the elimination of $29.
Unaudited Selected Financial Data
As of and for the Nine Months Ended September 30, 2005

Acquired
Facility
Specialty Charlotte
CRB Hunt Contract Carton
Mills Valley Packaging Total Plant

Balance Sheet Data:

Inventory $7,675,266 $1,704,121 $3,698,563 $13,077,950 $2,201,908
Accounts
Receivable 12,407,604 3,260,494 9,095,344 24,763,442 2,382,571
Accounts
Payable 9,948,416 1,850,379 5,150,644 16,949,439 1,722,785

Net Working
Capital 10,134,454 3,114,236 7,643,263 20,891,953 2,861,694

Fixed
Assets,
Net 114,473,861 11,474,019 13,627,582 139,575,462 6,506,000

Estimated
Goodwill 9,500,000 3,400,000 2,200,000 15,100,000 -

Statement of Operations Data:

External
Sales $77,467,265 $26,739,532 $37 ,314,972 $141,521,769 $14,676,000

Selling +
General
Administrative
Expenses 10,987,979 3,209,548 5,760,820 19,958,347 1,798,000

Income
(Loss)
from
Opera-
tions(A) (10,326,332) (1,248,060) 662,985 (10,911 ,407) 1,374,000

Depreciation
expense(B) 5,243,000 475,000 651,000 6 ,369,000 1,318,000

EBITDA
(A)+(B) (5,083,332) (773,060) 1,313,985 (4,542 ,407) 2,692,000

Note: The balances and results above are presented for informational
purposes only and are not necessarily indicative of future
results.

envelopes packaging

Also, under Luxembourg GAAP, repurchased own shares were
accounted for at cost and classified as financial assets, while under IFRS
they are reported as a separate component of shareholders' equity.
As a result of the change in accounting standards, net profit after tax
was approximately US$ 16 million more for full year 2005 than it would have
been under the Luxembourg GAAP.9 416.3

Other (net) (6.5) (10.
Further, expenses increased significantly in Chile as a result of the
launching of the Brahma brand in September 2005.1 million
in the second half of 2004.1) million in 2004. Chile also experienced very significant volume growth following the
launch of the Brahma brand in September 2005 while Uruguay posted the second
largest increase, in percentage terms, across the Company. Administrative expenses
increased to US$ 40.4 million in 2004, principally as a
result of an increase in personnel-related costs in Argentina. in March 2005. A higher turnover in Argentina and Bolivia, where taxes are
imposed on bank account movements, led to an increase in these taxes which
also contributed to the higher interest expense.8 million as of December 31, 2005 from US$ 135. This improvement largely reflects
price increases introduced during the year to match consumer price inflation,
in the context of a relative stable exchange rate.9 152.4%

(") These figures include exports and inter-company sales.9 million, as a result of the
increase in both volumes and average prices.1
Normalized EBITDA
(US$ mm) 42.7 56.4 62.2
Normalized EBITDA
(US$ mm) 10.9 17 .
Further, pursuant to the Company's strategic alliance with AmBev, it has
entered into license and distribution agreements to produce and sell in
Argentina, Bolivia, Chile, Paraguay and Uruguay the AmBev brands.3 415.3 765.9 73.5) (3.2) (4.5 26.7
Other Liabilities 467.
(Nasdaq: CSAR) today announced that as part of a strategic transformation
plan, it has sold its fifty-percent partnership interest in Standard Gypsum,
L .
We intend to provide a more flexible capital structure and improve the
efficiency of our operations and infrastructure. (EST) Wednesday, January 18, 2006.
Caraustar, a recycled packaging company , is one of the world's largest
integrated manufacturers of converted recycled paperboard.

Note: The balances and results above are presented for informational
purposes only and are not necessarily indicative of future
results.

packagers 490

Quilmes Industrial (Quinsa) S.A. Announces 2005 Second Half And Full Year Results

The Company is listed on the Luxembourg Stock Exchange and is therefore
required by the European Commission to fully comply with International
Financial Reporting Standards ("IFRS") as of January 1, 2005.6 23.7 27.
Selling and marketing expenses increased 26% to US$ 109. Advertising expenses
increased approximately 17%, and represented approximately 7% of consolidated
sales.1 million for the
second half of 2005, compared to US$ 84.4 million from
US$ 159.0 million, compared to US$ 28. These offset the results of
currency appreciations in Argentina and Bolivia.
Other income (expense) was (US$ 2.

MARKETS
ARGENTINA:
Beer: Total volume sales, including exports, increased 4% compared to the
second half 2004, reaching 5.
Net revenues increased 21% to US$ 215. This led to a 17% increase
in average pricing for the second half 2005, compared to the second half 2004,
measured in dollars.

7
Operating profit
(US$ mm) (*) 80.
The Company continued to rely on modern and innovative introductions to
support the success of its business. These were 3% lower for full
year 2005 than they were for 2004.
As a result of these actions, EBITDA increased to US$ 42.0 57.6
Normalized EBITDA
margin 58. Thus, the Brahma brand achieved a market share of 4%,
according to Nielsen, while the rest of the portfolio held its ground and
maintained its share.5 12.0
Operating loss
(US$ mm) (0.5 million during the second half of 2005, compared to
US$ 3.8 223.3) (9.6 8.5 79.5
Normalized EBITDA
margin 40. Net income per ADR is calculated on the basis of two net
shares outstanding per ADR.1 0.1

Other (1.5 million in letters of credit that
guaranteed Caraustar's portion of Standard 's debt, and which had reduced
availability under Caraustar's revolving credit facility. Caraustar has
developed its leadership position in the industry through diversification and
integration from raw materials to finished products.

jpma packaging

3%, respectively.5 million, or US$ 1.9 million in 2004, principally due to
higher income from the sale of fixed assets in Argentina during the second
half 2005. Operating profit after these expenses was US$ 153., from Beverage Associates
Corporation.0%.6
million for the year 2004. ("QIB") from Beverage Associates
Corporation.3 million a year
earlier.7 million a year earlier.
In line with the Company's vertical integration strategy, capacity at the
Tres Arroyos malting plant is being doubled.6% and, more importantly, a 29.

Operating Highlights

2 H 2005 2 H 2004 FY 2005 FY 2004

Total volumes
(hectoliters) (*) 1,316,000 1,215,000 2,326,000 2,143,000
Net revenues
(US$ mm) 71.4
Normalized EBITDA
margin 58. The line was imported from our business in
Bolivia.5 52.
The Company also has bottling and franchise agreements with PepsiCo, and
thus accounts for 100% of PepsiCo beverage sales in both Argentina and
Uruguay.5 172.1) (2.8) (3.2) (9.9 183.8 227.7
Interarea sales and
other adjustments (6.4) (6.1 954.4 203.6 17.8 8.6 85.8 101.

reusable wpob

9% to 4. agribusiness) 222.4) (6.6 million for the same period in 2004. This was principally the result of a
substantial increase in revenues, and also of cost savings due to improvements
in industrial efficiency.
Total shareholders' equity increased to US$ 473. Goodwill increased from US$ 262.

Operating Highlights

2 H 2005 2 H 2004 FY 2005 FY 2004
Total volumes
(hectoliters) (") 5,693,000 5,475,000 10,996,000 10,480,000
Net revenues
(US$ mm) (*) 215. Market share growth
was achieved as a result of several factors, including a strong performance of
the Pepsi brand, expanded distribution of the 1.25-liter returnable glass
bottle and an improved performance of the Company's distributors in the soft
drinks category.

0
Operating profit
(US$ mm) 34.1 27.9 million from US$ 0.1% 1.6% to 1,051,000 hectoliters
for the second half of 2004, compared to 968,000 hectoliters for 2004.
The Company also completed the reorganization of its distribution network. The remaining stake is held by Companhia de
Bebidas das Americas - AmBev ("AmBev").
Quinsa, through QIB , controls beverage and malting businesses in five
Latin American countries.S.1) (6.9) (9.6 40.5 90.3
Total Assets 1,413.0 436 . EST)

ATLANTA, Ga."
UBS Investment Bank acted as financial advisor to Caraustar Industries ,
Inc.

packagers gpi

195 per
share, for the full year 2005.6
Uruguay beer 21.3 415 .7 million,
principally as a result of increased personnel costs in Argentina and Uruguay,
although they declined to 4.
Net interest expense increased to US$ 21.5 million in 2004.
This was the result of a depreciation of the Paraguayan guarani, and to a
lesser extent, of the Chilean and Uruguayan peso.0 million from US$ 436. Higher volumes also contributed to the increase in
revenues.9 335.0% 7.2 million from
US$ 32.2% 58.

Operating Highlights

2 H 2005 2 H 2004 FY 2005 FY 2004
Total volumes
(hectoliters) (*) 331,000 205,000 550,000 380,000
Net revenues
(US$ mm) 22.
Net revenues increased 23.6 million.2% 56.

Soft Drinks: Domestic soft drink volumes also posted strong growth,
reaching 213,000 hectoliters compared to 152,000 hectoliters for the second
half of 2004.25-liter glass returnable bottle, which already accounts for 29% of the
business' sales. It has also installed the
first canning line in the country.0 21.7
Operating profit
(US$ mm) 9.4 6.A.1 414.9) (21.3 5.720 2.3% 40.9 416.4 90.7 74.3 6. S.8 262. (NYSE: TIN), the joint venture
partner, for $150 million plus Temple-Inland 's assumption of Caraustar's
portion of Standard's debt in the amount of $28.
Caraustar will be hosting a conference call and webcast to discuss the
transformation plan beginning at 10:00 a .

fpa bottling

LUXEMBOURG, Quilmes Industrial (Quinsa)
S.
The captions where differences between both accounting conventions are
most significant are Tangible Fixed Assets, Intangible Assets and Deferred
Income Taxes. This was principally the result of
higher average prices for beer measured in dollar terms, particularly in
Argentina and Paraguay, and for soft drinks in Argentina.1 345.5 61.3 37.4
Uruguay (CSD+W) 8.2

Gross profit increased to US$ 307.5 million for
the same period in 2004.
Net profit after tax increased 86% to US$ 75 .2 million for the
same period in 2004.1% in 2004. This increase was due to the net profit for the period, which
was partially offset by the repurchase of own shares and dividends.8 million in 2004 . Thus, despite significant increases in
freight, in turn the result of larger sales and higher unitary costs, and in
the cost of industrial labor, EBITDA increased to US$ 104.3% in 2004.9
Operating profit
(US$ mm) 8.9 (2.6 17.9 125.6
Operating profit
(US$ mm) 32.
The increase in volumes and revenues combined with strict cost controls
have allowed the business to post a very significant improvement in EBITDA,
reaching US$ 10.6) (36.6 129.2 385. Actual Shares Outstanding are the sum of:
(i) all Class B shares, and (ii) all Class A shares divided by ten,
reflecting this Class' claim on dividends and assets.

Quilmes Industrial (Quinsa) S.1 108.5 52.2 385. Dollars in millions)

As of December 31st,
2005 2004
ASSETS
Cash, Cash Equivalents and Government 164.8
Goodwill 330.0
Total Liabilities and Shareholders Equity 1413.P.

ripa wpob

1 million in the second half 2004.
An increase in soft drink volumes in both Argentina and Uruguay , and in
beer volumes, particularly in Chile, Argentina and Bolivia, also contributed
to the improvement in revenues.3%, compared to 34.4 million a year earlier, reflecting an increase in volumes and higher
freight and labor costs, particularly in Argentina.5 million, compared to US$ 257. The first stage of this project,
which has expanded original capacity by one third, has already been completed.2 53.2 79.5 167.3% 10.7 108. This was not fully reflected in the EBITDA figure for the second
half 2005 which was significantly benefited by an appreciation of the local
currency, thus increasing to US$ 0.9 million the previous year. The plant is already in
its testing period, which is expected to conclude shortly in order to commence
production in earnest .3 51.
During 2004 it had concentrated on distribution in Montevideo, while during
2005 the focus was on the interior of the country. Prior to this investment, cans were filled in Argentina and imported. Similarly,
under the agreements AmBev may produce and distribute Quinsa's brands in
Brazil.1 9.2 35.3 108.0 36.2 32.1 0.4 62. Keough,
commented , "We continue working diligently to strategically transform the
company.m. Caraustar serves the
four principal recycled boxboard product end-use markets: tubes, cores and
composite cans; folding cartons; gypsum facing paper; and specialty paperboard
products.

packaging fpa

6% to US$ 212.2 35. Also contributing to the increase
in gross profit were continuing cost reductions and improvements to the
Company's industrial efficiency.70% 2.1% as a percentage of sales, compared to 4. Consolidated normalized EBITDA
margin was 40.6 million, compared to US$
40. This was principally the result of higher pricing,
particularly in Argentina.5 million for
2004. Minority
interest declined to US$ 78.2 million as of December 31, 2005, compared to US$ 142.4%
to 4,550,000 hectoliters, compared to the second half of 2004.
Regarding the business' financial performance, production costs increased
slightly during the second half of 2004 as the cost of concentrate (which is a
function of selling prices), resin for PET bottles and cans all increased. This performance reflects strong market growth , since market
share was stable.
The Company continued to focus on enhancing the brand equity of its
portfolio, introducing innovative packaging and limited edition bottles for
its principal brands, and on strengthening its distribution network.4 43.6) (2.7 44. The Company has followed a conservative price
policy over the past three years, to the extent that the retail price of its
flagship brand, Pilsen, has not increased since the end of 2002. The soft drinks business has benefited from the introduction of
the 1.
Net revenues increased to US$ 30.0 ) (16.1) (2.7 142.5
Argentina
(CSD + other) 19.7 142.5

Quilmes Industrial (Quinsa) S.0 120.1
Property, Plant and Equipment , Net 612.3
Shareholders' Equity 473.

minimise reusable

2% to US$ 75. Local currency
prices, on the other hand, were virtually flat in real terms (i.4 167.0
Chile 22.0
Paraguay beer 59.8 million a year
earlier. This was largely the result of higher volume sales in all of the
Company's markets and also price increases , particularly in the Argentine beer
and soft drink businesses and in Paraguay.70%
2004 60.6 million, largely
as a result of the increase in volumes and also higher freight costs,
particularly in Argentina, related to increases in labor and fuel costs.1 million, from US$ 15.A. The debt raised throughout 2005 was principally used to finance
the acquisition of the Company's own shares and the acquisition of 5.

Financial Review -- Fiscal Year 2005
For the twelve months ended December 31, 2005 beer volumes increased 7.6 million from US$ 36.
Other operating income (loss ) improved from (US$ 21. Operating profit after these
expenses was US$ 276.
The Company continued strengthening its brand portfolio, providing
advertising support for all of its brands. Quinsa also
continued with its strategy of developing its presence in the premium segment
of the market. It also developed a
new advertisement for its other premium brand, Iguana.
The balance of the additional capacity will become fully operational in May
2006.6 177.9% 49.3 million.8 227.3) 13.3% 53.2 35. The
second half continues to reflect the success of our cost control culture, as
administrative expenses declined 14% compared to 2004.5 90.

Operating Highlights

2 H 2005 2 H 2004 FY 2005 FY 2004
Total volumes (beer,
hectoliters) (*) 387,000 342,000 683,000 593,000
Total volumes (CSD+W,
hectoliters) 292,000 152,000 456,000 281,000
Net revenues
(US$ mm) 30.8)
Other operating
income (loss) (9.4 94.3 233.9)

Net income (loss ) 75.5%
EBITDA 205.
UNAUDITED GEOGRAPHIC INFORMATION - SUMMARY
(U. 31st, ended Dec.5 12.5) (10.3 51 .5 106.1
Total Liabilities 861.com and look for the webcast
button/icon on the "Investor Relations" page.

polystyrene bottling

The Company has included "Normalized Operating Profit" and "Normalized
EBITDA" captions in its Profit and Loss Statement that reflect the actual
performance of the business before the sale of fixed assets and management's
bonus pool. The following is a breakdown of sales by
business:

Revenues breakdown (millions of dollars )

Six months to Twelve months to
December December December December
31, 2005 31, 2004 31, 2005 31, 2004

Argentina beer
(incl.4
Argentina CSD ,
and other beverages 128.2 14.3 9.30% 3.8% in 2004. Overall, selling and marketing expenses remained virtually flat as a
percentage of sales, at 20.
The charge for income tax increased to US$35.5 million for 2005, compared to US$ 172., from Beverage Associates
Corporation.
Net profit after tax for 2005 was US$ 129.0 million
once it is completed.

1 153.7% 53.8%

(*) Includes exports and inter-company sales

PARAGUAY:
Quinsa continued to experience the recovery that had started during the
fourth quarter of 2003, with volumes increasing 8. Market share has increased from 12.
In terms of industrial investments , the beer business has increased
capacity by switching to a high-gravity process.5 3.2 % 22.2
Cost of goods sold (220.0)
Minority interest (16.413

Depreciation and
amortization 52.7 98.4
Argentina
(CSD + other ) 128.4 167.9 17. At the
same time, the company expects to reinforce its leading positions in uncoated
recycled boxboard (URB) and converted products through highly disciplined
capital investment and "bolt-on" acquisitions.

Caraustar Industries, Inc.

Associations , organizations, trade groups, societies related to the packaging manufacturing industry.

sack asociatia

8 million hectoliters.

Domestic volume breakdown (thousands of hectoliters)

Six months to Twelve months to
December December December December
31, 2005 31, 2004 31, 2005 31, 2004

Argentina beer 5,589 5,421 10,821 10,396
Argentina CSD,
and other beverages 4,550 3,544 8,155 6,490
Bolivia 1,299 1,205 2,299 2,129
Chile 331 204 550 379
Paraguay beer 1,051 968 2,040 1,836
Uruguay beer 381 334 673 584
Uruguay (CSD+W) 213 152 376 281

Interco. Normalized EBITDA increased approximately 50% to US$
212.
The net charge for the sale of fixed assets and management's bonus pool
declined to US$ 7.
Other income (expense) net, was (US$ 3.3 million,
compared to US$ 183.0
million in 2004. The Company's net debt
position - total bank debt net of cash and short-term investments - was US$
187.8% for December 2005, according to Nielsen.8 million for 2004, while EBITDA margin
was 48.8 197.3% 44. This introduction has been
extremely successful, and already accounted for 12% of its market segment in
December 2005.6 23.
These represented exports of the H2Oh! brand to Argentina , until production
started in that country.
Despite the impressive increase in volumes for both the soft drink and beer
businesses, fixed cash costs (excluding advertising) declined in local
currency , compared to 2004.6) (36.0) (3.6
Income taxes (35.4 132.9
Bolivia 71.6 45. (Caraustar to host conference call and webcast
Wednesday, January 18, 2006 10:00 a.caraustar. EBITDA presented above is
income (loss) from operations plus depreciation expense.

apma packagers

Soft drink sales volumes increased 28 .
Net profit after tax increased 86.1 108.5 12.50% 14. The significant improvement in gross margin was the result of
larger volume sales and improved pricing, both of which helped dilute fixed
costs, as well as improvements to the Company's industrial efficiency.9) million.
Normalized operating profit for the year 2005 was US$ 286.5 million, or US$ 1. Long term debt portion of total bank
debt was US$ 295. Quinsa achieved a total
market share of 19.
In terms of its marketing and promotional activities, the October 2005
Pepsi Music rock festival in Buenos Aires was hugely successful, since it was
attended by more than 160,000 people and it received massive media coverage.
Higher revenues, however, offset these effects, allowing for a remarkable 188%
increase in EBITDA, to US$19.5 90.8% during the second half of 2005,
reaching 1,299,000 hectoliters compared to 1,205,000 hectoliters for the same
period in 2004.3 57.5% in
December, according to Nielsen, which is 4 percentage points higher than it
was a year earlier.
Net revenues increased to US$ 22.
The Company has completed the construction of a new 100-ton/day, glass
bottle production facility on schedule and on budget. Once fully operational, it will have the potential to
supply up to 25% of Quinsa's regional needs.
The Company completed a series of marketing initiatives during the second
half of 2005, including the re-launching of the premium Zillertal brand.8% to 15 .9 million in 2004.8 8.
Quinsa's web address: http://www.5) (191.8 550.7) (196.9) (13.3 183.0
Sale of fixed assets
and management bonus (7.7

Net income (loss)
per share(*) 0.2 269. S.0
Chile 22.9
Paraguay (beer) 34.6 27.5 1,306.m. Such risk factors include,
among others: uncertainties as to the timing or satisfaction of conditions to
closing of the company's expected sale of its CRB mill system and specialty
contract packaging businesses and its ability to sell other related
facilities: uncertainties regarding the terms and conditions, if any, upon
which the company is able to obtain an expanded revolving credit facility; the
competitive environment in the paper industry and competition, customer and
vendor responses to the company's proposed strategic transformation plan; and
uncertainties regarding the cost, availability or feasibility of expansion ,
technology, investment or acquisition opportunities that the company may
desire to pursue.

packagers packaging

As a result, the
Company's primary accounting principles will no longer be Luxembourg GAAP. Volumes for soft
drinks increased 29% to 4,764,000 hectoliters, reflecting very strong
performances in both Argentina and Uruguay.3 108.80% 3.9% for the second half of 2004,
although the latter included a one-time charge related to barley inventories.7%.7 million, from US$ 142.3% for the previous year.0) million in 2005, compared to
(US$ 3. Also contributing to the increase in revenues were
the higher volumes in every market.
Gross profit for full year 2005 was US$ 550.
The net charge for the sale of fixed assets and management's bonus pool
declined to US$ 9.8) million in 2005, compared to
(US$ 3.5 million, compared to US$ 90.2 (0. It has also completed minor capacity
expansions in both Santa Cruz and La Paz, in order to better cater for the
strong demand.9 73. Also contributing to this
increase was an appreciation of the Chilean peso, that resulted in average
prices for the second half of 2005 being approximately 14% higher than in
2004, measured in dollar terms.1 million in 2004. This strategy
has resulted in remarkable growth for the beer market, particularly in the
context of a healthy economy. Remarkably, though, despite this policy average
prices increased 19% for the period, as a consequence of an appreciation of
the peso, improvements in the margin pool and a better brand mix.
Quinsa's Class A and Class B shares are listed on the Luxembourg Stock
Exchange (Reuters codes: QUIN.9) (12.1) (1.4) (3.1)

Total 212.7 735., Caraustar Industries, Inc. In fact, some costs such as allocated information technology,
allocated shared services and other allocated costs included
in the results above will not be eliminated and will be retained as an
ongoing cost of the Company.
Unaudited Selected Financial Data
As of and for the Year Ended December 31, 2004

Acquired
Facility
Specialty Charlotte
CRB Hunt Contract Carton
Mills Valley Packaging Total Plant

Balance Sheet Data:

Inventory $7,533,121 $3,666,592 $3,187,424 $14,387 ,137 (1)

Accounts
Receivable 9,576,012 2,947,119 4,750,590 17,273,721 (1)

Accounts
Payable 8,520,754 1,368,481 2,975,784 12,865,019 (1)

Net Working
Capital 8,588,379 5,245,230 4,962,230 18,795,839 (1)

Fixed
Assets,
Net 118,331,392 11,914,534 13,804,484 144,050 ,410 (1)

Estimated
Goodwill 9,500,000 3,400,000 2,200,000 15,100,000 (1)

Statement of Operations Data:

External
Sales $96,516,487 $35,335,641 $39,733,100 $171,585,228 $19,314,000

Selling +
General
Administrative
Expenses 14,329,908 3,775,732 5,665,713 23,771,353 1,491,000

Loss from
Opera-
tions(A) (10,510,435) (990,502) (1,914,761) (13,415,698) (171,000)

Depreciation
expense(B) 7,705,000 624,000 889,000 9,218,000 1,870,000

EBITDA
(A)+(B) (2,805,435) (366,502) (1,025,761) (4,197,698) 1,699,000

(1) Balance sheet data is not available.

packagers vdma

5% to US$ 129.1 5.4) (3.50 % 16. Soft drink volumes
increased 26.1 million, a 33% increase on
the US$ 414.5) million to
(US$12.
Net interest expense increased to US$ 38.
The debt raised throughout 2005 was principally used to finance the
acquisition of the Company's own shares and the acquisition of 5.32%
in Quilmes International (Bermuda) Ltd. The Company's market share
reached 78.8 401. This region represents an
estimated 11% of Pepsi's total sales in the country. During the second half of the year it
introduced H2Oh!, a lightly carbonated, calorie free flavored beverage that is
marketed under the umbrella of the 7-Up brand.2%

BOLIVIA:
Domestic volume sales increased 7. This was the result of the very good
performance of the Company's established brands and the introduction of the
Brahma brand in September 2005.4 million, principally as a result
of higher volume sales and improvements in terms of the value chain.4 48.8% 57.1)
Gross profit 307.7) (30.4 48.1
Long term cash investments 42. in the Standard transaction .