Trading Statement

Trading Statement 

    LONDON--(BUSINESS WIRE)--July 15, 2003--

                   Chairman's AGM Trading Statement

In his statement to shareholders at today's AGM, John Young, Chairman
of Young & Co.'s Brewery, P.L.C. made the following comments about
current trading:

'Trading during the first quarter has been in line with expectations.
Continued economic uncertainty and rising costs have been offset by
management action and the excellent summer weather in June.

'Re-organisation of the estate continues and since the year end we
have moved a further 12 pubs from management to tenancy. We also
continue to seek investment opportunities, but the prices currently
prevailing in the market remain excessive.

'We are confident that the continued implementation of our strategy
and our focus on producing high quality ales will give us the best
possible platform to meet any challenges head on.'

For further information:

Stephen Goodyear
Peter Whitehead
Young & Co.'s Brewery, P.L.C.                                 020 8875 7000

James Longfield/John Olsen
Hogarth Partnership                                           020 7357 9477

   Short Name: Young & Co's Brew
   Category Code: TST
   Sequence Number: 00007042
   Time of Receipt (offset from UTC): 20030715T112544+0100