1. Baltika Breweries 2005 Results March 16, 2006

2. 2 Contents Financial Results Russian Beer Market and Baltika Breweries Future Developments

3. 3 Financial Results

4. 4 Russian market volume growth of 6% Strong volume growth –Total volumes 22,7 MHL, +13.8 % –Beer Volume 22,4 MHL, +13.1% –Export volume 1,4 MHL, +23% –Market share in Russia 24.1%, +1.3 %pts Excellent profit performance ―Net Sales 977.2 MEUR, +22.2 % –EBITDA 302.9 MEUR, +37.6 % –EBIT 233.0 MEUR, +44.4 % Overview of Developments in 2005

5. 5 Financial Results 2005 MEUR20052004 Change Volume, MHL 22.719.9+13.8% Net Sales 977.2799.7+22.2% EBITDA 302.9220.1+37.6% EBITDA Margin 31.0%27.5%+3.5%pts EBIT 233.0161.4+44.4% EBIT Margin 23.8%20.2%+3.7%pts Significant volume growth and high financial results IFRS

6. 6 4Q 2005 Financial Results MEUR4Q20054Q2004 Change Volume, MHL 4.94.7+3.6% Net Sales 219.6178.9+22.7% EBITDA 64.146.1+39.1% EBITDA Margin 29.2%25.8%+3.4%pts EBIT 45.431.3+45.3% EBIT Margin 20.7%17.5%+3.2%pts IFRS

7. 7 Baltika Net Sales Development in 2005 13.1% +8.5% +1.6% 22.2%22.2% Volume Price (/SKU) Forex Net Sales (EUR) -1.0%-1.0% Mix Volume growth and average price increases contributed to net sales growth* * beer volumes only

8. 8 MEUR 20052004 Change Net Sales 977.2799.722.2% Cost of sales* 469.7418.312.3% Gross profit 507.5381.333.1% Logistics expenses* 136.2112.121.5% Marketing, sales etc. expenses* 101.373.438.0% Administrative expenses* 37.034.47.6% EBIT 233.0161.444.4% Net profit 190.4110.672.1% 2005 Results Breakdown IFRS *Including depreciation

9. 9 20.2% 23.8% 3.7%3.7% 0.5% 0.1% -0.8%-0.8% EBIT Margin 2004 Cost of sales Administrative Expenses Marketing, sales, etc. Expenses EBIT Margin 2005 Depreciation Logistics Expenses Baltika Margin Development Reduction of production, administrative and material costs contributed to margin development

10. 10 Russian Beer Market and Baltika Breweries

11. 11 Russian Beer Market Development *With all Heineken acquisitions of 2005 ** Estimate Source: BBH, State Statistics Committee, Breweries In 2005 Baltika grew twice as fast as the market in whole. Source: BBH, State Statistics Committee, Breweries Note: Domestic Volumes Market share, %20042005 Baltika22.824.1 Sun Interbrew15.517.5 Heineken Heineken total* 7.4 14.9 7.1 13.4 Efes**6.26.8 Yarpivo6.46.3 Krasny Vostok6.95.9 Ochakovo6.45.7 SABMiller**4.64.9 Vena3.84.6 Others20.017.1 100%

12. 12 Packing Segments Development Share of the different packaging segments of the total beer market volumes Baltika has increased market share in all packaging segments and HoReCa * ITotal HoReCa Source: Business Analitika Baltika’s share in segment 20042005 Keg*13.516.7 Can35.441.4 Glass bottle19.922.9 PET19.424.1 Source: Business Analitika

13. 13 Price Segments Development Baltika’s share in segment 20042005 Licensed 6.38.2 Premium 23.630.2 Mainstream 31.935.9 Lower mainstream 26.529.0 Discount 6.113.0 Share of different price segments of the total beer market volumes Source: Business Analitika

14. 14 Leading European Brands in 2004 Baltika is brand №1 in Russia and brand №2 in Europe Volume in 2004, Mdkl 2005 - 106,6 90,3 Source: Canadean

15. 15 Beer Consumption Per Capita in Russia Source: State Statistics Committee, Baltika internal estimate L/year

16. 16 Performance of Baltika Brands in 2005 Baltika (market share 10.9%) and Arsenalnoye (5.4%) are the two leading brands of Russia Baltika brand volumes growth +11.5%, Arsenalnoye up +6.2% Significant growth of regional brands – Leningradskoye +49%, DV +35%, Samara + 17% Most growth noted in segments*: premium +6.6 %pts (market share 30.2%), mainstream +4 %pts (35.9%), discount +7,0 %pts (13%) * Source: Business Analitika

17. 17 Innovations at Baltika in 2005 Re-styling of all Baltika sub-brands First in Russia “Cash-Can” (can with cash inside) for Baltika brand national promo-action Re-styling of Arsenalnoye and Medovoye brands New sub-brand Arsenalnoye Zakalennoye with spicy chili launched Re-styling of regional brands DV, Samara, Don First produced brand in a bottle with transparent label - Carlsberg Baltika №9 first produced in PET1,5 L

18. 18 Future Developments

19. 19 Integration of BBH Russian companies Today: 4 separate enterprises After integration: Leader of Russian beer market

20. 20 Major stages of the merger Baltika shareholders approved all resolutions on merger Stock issue placement and cash offers EGSMs of Pikra, Vena and Yarpivo Regulatory approvals and registrations Baltika Breweries Registration of stock issue with Securities Regulator Voting on merger resolutions Federal Antimonopoly Service Securities Regulator Others Baltika shareholders Retain ownership OR Accept cash offer Pikra, Vena, Yarpivo shareholders Accept exchange offer OR Accept cash offer OR Retain ownership Voting on merger resolutions Final conversion of remaining Pikra, Vena and Yarpivo shares into Baltika shares Baltika becomes majority shareholder in Pikra, Vena and Yarpivo Baltika Group becomes a single legal entity March 7 ~August ~October ~End 2006 Having received the approval of Baltika shareholders the company expects to complete the merger process by the year end

21. 21 “Baltika Group” in 2006 10 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 11 000 employees Total sales in 2005 – 1.4 billion euro

22. 22 Group Brewery 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 2,0 МHL in 2006, growth up to 2,5 МHL 2,5 МHL in 2006, growth up to 4,5 МHL 3,0 МHL 1 МHL 6 МHL

23. 23 Portfolio of United Brands in 2006 BaltikaYarpivo, Pikra, Vena Baltika after integration Licensed Premium Mainstream Lower mainstream Discount Rating #6 #1 #3 Rating #2 #1 Балтика 0, 5, 6, 7, 8 Балтика 2, 3, 4, 9

24. 24 Vise-President Finances and Economics Ekaterina Azimina Group Management as of 1 May, 2006 President Anton Artemiev Vise-President Supply Chain Alexander Dedegkaev Vice-President Marketing Andrey Rukavishnikov Vice-President Sales (West) Viktor Semak Director Export Dmitry Kistev Vice-President Personnel and Administration Daniil Briman Director Legal Anton Rogachevsky Director Corporate Affairs and Information Mervi Heinaro Director Security Vladimir Bezugly Director Sales Development Elvira Chornaya Vice-President Sales (East) Oleg Burkhanov

25. Thank you! Baltika Breweries 2005 Results

26. 26 Supplementary Information

27. 27 Baltika Worldwide Export to 38 countries (3 new countries) in 2005 1.4 MHL, up +23% 6% of total Baltika sales More than 70% of Russian beer exports produced by Baltika Award «The Best Russian Exporter» 2001, 2002, 2003, 2004 Other Countries 1 GERMANY 2 ISRAEL 3 USA 4 LATVIA 5 LITHUANIA 6 ESTONIA 7 UK 8 KOREA 9 PORTUGAL 10 GREECE 11 CYPRUS 12 NETHERLANDS 13 JAPAN 14 CANADA 15 SPAIN 16 IRAN 17 FRANCE 18 UAE 19 POLAND 20 CUBA 21 AUSTRALIA 22 NEW ZEALAND 23 TAIWAN 24 CHINA 25 NORWAY 26 IRELAND 27 FINLAND CIS Countries 1 BELARUS 2 UKRAINE 3 MOLDOVA 4 UZBEKISTAN 5 KAZAKHSTAN 6 KYRGYZSTAN 7 AZERBAIJAN 8 GEORGIA 9 ARMENIYA 10 TURKMENISTAN 11 TAJIKISTAN

28. 28 Baltika Investment Structure Total volume of investments into the company’s development exceeded 1 bln USD bln USD 83,3

29. 29 (MHL) Beer Market Development and Baltika sales Source: State Statistics Committee, Baltika internal estimate

30. 30 Growth of Beer Market in Russia and Baltika Volume Source: State Statistics Committee, Baltika internal estimate

31. 31 Baltika Market Share Development Source: State Statistics Committee, internal Baltika estimate

32. 32 BBH Group Structure Baltika St. Petersburg Tula Rostov-on-Don Samara Khabarovsk Yarpivo Yaroslavl Voronezh Vena St. Petersburg Chelyabinsk Pikra Saku Aldaris SUA Klaipeda Utena Slavutich Zaporozhje Kiev Lvivska Derbes 50% Russia Scottish&Newcastle plcCarlsberg A/S BBH AB BalticsUkraineKazakhstan