Baltika Breweries H1’06 Results August 10, 2006

2 Contents Financial Results Russian Beer Market and Baltika Breweries Outlook

3 Excellent profit performance ―Net Sales MEUR, +18,2% –EBITDA MEUR, +21.5% –EBIT MEUR, % Russian market volume growth of 6.1% Improvement of volume dynamics in Q2’06 –Total volume of Baltika Breweries 11.2 MHL, +4.0 % –Export volume of Breweries Group 0.8 MHL, +8%; with license volume in Ukraine volume growth abroad +18% –Beer Volume of Baltika Breweries in Russia in Q2’ MHL, +8.5% –Market share in Russia in H1’ %, -0.4%pts.; market share of Breweries Group 35.6%, -0.7%pts –Market share in Russia in Q2’06 24%, -0.1%п.п.; market share of Breweries Group * 36%, -0.4%п.п. Overview of Developments in 1H’06 *Baltika, Vena, Pikra, Yarpivo

4 Financial Results

5 1H’06 Financial Results H1’06H1’05∆ Volume, MHL % Net Sales, MEUR % EBITDA, MEUR % EBITDA Margin, MEUR30.6%29.7%+0.9 pts EBIT, MEUR % EBIT Margin, MEUR23.5%22.4%+1.1 pts IFRS

6 Baltika Net Sales Development in 1H’ % +5.6% +18.2%+18.2% Volume Average Price Change of Currency Rate Net Sales Many factors such as volume growth, average prices and change of currency rate contributed to net sales growth +6.6%+6.6% +1.2% Other Sales

7 MEUR H1’06H1’05 Change Net Sales (without VAT, excise) % Cost of sales* % Gross profit % Logistics expenses* %+9.8% Expenses on production promotion (marketing, sales etc. expenses)* % Administrative expenses* % EBIT % Net profit % 1H’06 Results Breakdown *Including depreciation IFRS

8 Baltika Margin Development 22.4% 23.5% EBIT Margin H1’05 Cost of Sales Logistics and Administrative Expenses Expenses on production promotion EBIT Margin H1’ % -2.6% Favorable market conditions and efforts on reduction of production costs compensated growth of expenses on production promotion +1.0%+1.0%

9 Russian Beer Market and Baltika Breweries

10 Russian Beer Market Development * Baltika, Vena, Pikra, Yarpivo ** Estimate Source: BBH, State Statistics Committee, Breweries Note: Domestic Volumes Source: BBH, State Statistics Committee, Breweries Market share, %H1’05H1’06 Baltika Group of Breweries* Sun Interbrew17.418,9 Heineken13.013,6 SABMiller * ,7 Ochakovo ,2 Others22.421,0

11 Price Segments Development Baltika’s share in segment H1’05H1’06 Licensed Premium Mainstream Lower Mainstream Discount Share of different price segments of the total beer market volumes Source: Business Analitika Group of Breweries Share in segment H1’05H1’06 Licensed Premium Mainstream Lower Mainstream Discount Source: Business Analitika

12 Performance of Baltika Brands in 1H’06  Baltika and Arsenalnoye are two leading brands in Russia  Volume growth of licensed brands: Tuborg – brand №1 in licensed segment %, Carlsberg +22.4%, Foster’s %, Kronenbourg %  Volume growth of premium brand Nevskoye +35.6%  High volume growth of a number of regional brands: Don +24.9%, Leningradskoye +47.7%  Growth of market share of Breweries Group in licensed segment +1.4% pts. (up to 20.8%)  Growth of market share of Breweries Group in premium segment +1.8% pts (up to 44.4%)

13 Инновации в начале 2006 года  Launch of Foster’s in bottle 0.5 l with ring-pool cork  Launch of Kronenbourg 1664 in bottle 0.46 l, brand transfer to twist-off cork  Launch of a new brand in the Baltika portfolio – beer for young adults “Cooler” in a transparent bottle with NLL label and ring-pool cork  Launch of a new licensed brand Tuborg Twist in a transparent bottle with NLL label and ring-pool cork  Launch of Carlsberg in a new bottle format with a bottom opener  Launch of PET 2.5 l for group of brands– Arsenalnoye, Kupecheskoye, DV, Uralsky Master etc.  Launch of a new packing mid-cone for can –brands Baltika 3, 7, Tuborg  Launch of Baltika 3 in PET 1.0 l  Launch of Yarpivo brand in PET 1.5 l

14 Outlook

15 Integration of BBH Russian companies Today: 4 separate enterprises After integration: Leader of Russian beer market

16 The Company plans to complete the merger process by the end of August. Shareholder assemblies of Vena, Pikra and Yarpivo are asked to approve the merger with Baltika Approval by regulatory and registration authorities. The Baltika Group of Companies becomes a single legal entity Supplemental share issue, buy- back of Baltika shares, voluntary purchase by Baltika of shares in Vena, Pikra, and Yarpivo Exchange of Vena, Yarpivo and Pikra shares for newly issued Baltika shares 03 July Baltika becomes majority shareholder in Vena, Yarpivo and Pikra Extraordinary meeting of Baltika shareholders approves the merger with Vena, Pikra and Yarpivo 07 March March- June July August September – December

17 Baltika Group in breweries: St.Petersburg (2 breweries), Rostov-on-Don, Tula, Samara Yaroslavl, Voronezh, Chelyabinsk Krasnoyarsk, Khabarovsk Production Capacity: 40 MHL/year 4 malt-houses: St.Petersburg, Tula, Chelyabinsk, Yaroslavl About employees Market share 36%

18 Portfolio of United Brands in 2006 Licensed Premium Mainstream Lower Mainstream Discount Rating #3 #1 Балтика 0, 5, 6, 7, 8 Балтика 2, 3, 4, 9

19 Breweries Group Network in Russia ST PETERSBURG SAMARA KRASNOYARSK KHABAROVSK TULA CHELYABINSK YAROSLAVL YARPIVO PIKRA VENA BALTIKA VORONEZH 10,5 МHL 4,5 МHL 1,5 MHL 6,0 МHL 1,5 МHL ROSTOV-ON-DON 2,5МHL 2,5 МHL in 2006, growth up to 4,5 МHL 3,0 МHL 1 МHL 6 МHL

Thank you! IR : Baltika Breweries H1’06 Results