May 12, 2006 St. Petersburg

BALTIKA BREWERIES

Q1 2006 Results

CONTENTS

• Financial Results • Russian Beer Market and Baltika Breweries• Future

• Russian market volume growth of 2% • Frozen volumes

– Baltika total volumes 4.1 MHL, -1,7 %, Group* total volumes 6.2 MHL, -0.7%

– Baltika export volumes 0.3 MHL, +11%, including licence production growth +20%

– Baltika market share in Russia 23%, -1.1 %pts, Group * 34.9%, -1.2%pts

• Solid profit performance by Baltika ― Net Sales 188.2 MEUR, +13.8%

– EBITDA 50.2 MEUR, +11.7 %

– EBIT 32.2 MEUR, +9.4 %

• Merger plan approved by shareholders of Baltika

• License production of Baltika started in Ukraine

Overview of Developments in Q1 2006

* Baltika, Vena, Pikra, Yarpivo

Financial Results

Baltika Financial Results Q1 2006

Q1’06 Q1’05 Change

Volume, MHL 4.10 4.17 -1.7%

Net Sales, MEUR 188.2 165.4 +13.8%

EBITDA, MEUR 50.2 44.9 +11.7%

EBITDA Margin, % 26.7% 27.1% -0.5% pts.

EBIT, MEUR 32.2 29.4 +9.4%

EBIT Margin, % 17.1% 17.8% -0.7 %pts.

IFRS

Baltika Net Sales Development in Q1 2006

- 1.7%

+7.7%

+13.8%

Beer volume Price/SKU

Forex Net Sales(EUR)

+6.2%

+1.6%

Other sales

MEUR Q1’06 Q1’05 Change

Net Sales 188.2 165.4 +13.8%

Cost of sales* 91.6 87.0 +5.3%

Gross profit 96.6 78.4 +23.2%

Logistics expenses* 28.9 26.9 +7.5%

Marketing, sales etc. expenses* 23.9 15.1 +58.3%

Administrative expenses* 11.6 7.0 +65.7%

EBIT 32.2 29.4 +9.4%

Net profit 24.0 23.3 +3.0%

Q1 2006 Results Breakdown

IFRS* Including depreciation

Development of Baltika Operating Margin

17.8% 17.1%

EBIT MarginQ1 2005

COGS Administrativecosts

Sales andmarketing

costs

EBIT MarginQ1 2006

+3.9% -1.9%-3.6% +0.9%

Logistics costs

Russian Beer Market and Baltika Breweries

Russian Beer Market Development

34

6

11

2

16

9

7

-1

17

-3

2

7

12

17

2005 Q1 Q2 Q3 Q4 2006 Q1

Market growth Baltika Group

Market share % Q1’05 Q1’06Baltika 24.1 23.0

Baltika Group* 36.1 34.9

Sun Interbrew 18.1 19.4

Heineken 12.9 13.7

Efes 12.7 12.1

SABMiller* 5.0 5.6

Ochakovo 5.9 5.4

Others 9.3 9.0

Source: State Statistics Committee, BreweriesNote: Domestic Volumes

* Baltika, Vena, Pikra, Yarpivo* *EstimateSource: BBH, State Statistics Committee, Breweries

Price Segments Development

Baltika’s share in segment

Q1’05 Q1’06

Licensed 7.0 7.6

Premium 28.1 29.7

Mainstream 37.5 33.4

Lower mainstream 28.9 26.8

Discount 16.2 11.6

6,9% 8,9%

21,2% 19,6%

28,6%28,4%

25,1% 23,4%

18,1% 19,2%

0,4%0,3%

Q1'05 Q1'06

Imported

Licensed

Premium

Mainstream

Lowermainstream

Discount

Baltika Group’s share in segment

Q1’05 Q1’06

Licensed 19.3 20.6

Premium 41.8 44.5

Mainstream 52.4 49.8

Lower mainstream 36.9 33.8

Discount 26.1 23.3

Share of different price segments of the total beer market volumes

Source: Business Analytica

Packaging Segments Development

38,7% 39,5%

41,6%42,7%

12,8% 12,7%

5,8% 6,2%

1Q05 1Q06

Keg

Can

Glass bottle

PET

Baltika’s share in segment Q1’05 Q1’06

Keg* 16.3 18.4

Can 41.7 39.8

Glass bottle 22.3 22.2

PET 26.3 21.1

* Total HoReCa

Baltika Group’s share in segment Q1’05 Q1’06

Кеg* 26.7 28.8

Can 58.4 57.6

Glass bottle 33.1 34.0

PEТ 36.9 31.8

Share of packaging segments of the total beer market volumes

Source: Business Analitica

Positions of Baltika Group Brands in Q1’06• Baltika and Arsenalnoye – two leading brands of Russia

• Tuborg is brand №1 in license segment, growth in Q1’06 +47.0%, Carlsberg +11.5%, Foster’s +52.2%

• Premium brand Nevskoye grew +37.1%

• High growth of regional brands: Leningradskoye +31%, Don +29.8%, Samara +8.3%

• Baltika Group market share in license segment +1.3%pts – share 20.6%

• Baltika Group market share in premium segment +2.7%pts – share 44.5%

Baltika Group Innovations in early 2006 • Foster’s in 0,5 l bottle with a ring-pull crown cap

• Kronenbourg 1664 in 0,46 l bottle, brand switch to a twist-off cap

• A new brand in the Baltika umbrella – Cooler, a beer for young adults in a transparent bottle with a NLL label and ring-pull crown cap and in a can

• A new license brand Tuborg Twist in a transparent bottle with a NLL label and ring-pull cap

• Carlsberg in a new bottle format with a unique bottom opener

• PET 2,5 l for several brands – Kupecheskoye and Arsenalnoye the first

Future

Integration of BBH Russian companies around BaltikaToday:

4 separate enterprises After integration:

Leader of Russian beer market

Major stages of the merger in 2006

Baltika shareholders approved all resolutionson merger

Stock issueplacement and cash offers

EGSMs ofPikra, Vena and Yarpivo

Regulatory approvals andregistrations

Baltika Breweries Registration of stock issue with Securities Regulator on 27.4

Voting on merger resolutions

FASSecurities RegulatorOthers

Baltika shareholders Retain ownershipor Accept cash offer (redemption 8.3- 22.5; contractual purchase 23.5-6.7)

Pikra, Vena, Yarpivo shareholders

Accept exchange offer or Accept cash offer or Retain ownership (July 2006)

Voting on merger resolutions

Final conversion of remaining Pikra, Venaand Yarpivo shares intoBaltika shares

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March 7 May ~August ~October ~End 2006

Company expects to complete the merger process by the year end

Converting shares and contractual purchase

Baltika shareholders approved all resolutionson merger

Stock issueplacement and cash offers

EGSMs ofPikra, Vena and Yarpivo

Regulatory approvals andregistrations

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• Market share 35%

Portfolio of United Key Brands in 2006Baltika Yarpivo, Pikra, Vena

Baltika after integration

Licensed

Premium

Mainstream

Lower mainstream

Discount

Rating

#6

#1

#1

#1

#3

Rating

#2

#1

#1

#1

#1

Балтика 0, 5, 6, 7, 8

Балтика 2, 3, 4, 9

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-DON2,5 МHL

2,5 МHL in 2006 growth up

to 4,5 МHL

3,0 МHL

1 МHL

6 МHL

Thank you!

Baltika BreweriesQ1 2006 Results