1. Copyright © MEMRB IRI, 2006. Confidential and proprietary. MODERN VS. TRADITIONAL TRADE THE EVOLUTION OF THE ROMANIAN RETAIL MARKET OVER THE LAST YEARS ROMANIA RETAIL FORUM, October 17, 2006 Cristina Banfi ECR Business Development Manager MEMRB South Europe

2. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 2 Retail Market Universe - Romania, 2006 Main FMCG channels (number of stores) Note: Grocery includes channels as Hyper/Supermarket, Cash&Carry, Discounter and other Grocery outlets

3. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 3 Retail Market Evolution - Romania, 2002 - 2006 %Change number of stores per channel over time Outlet Universe2006 vs. 2002 Modern Trade 332.4% Traditional Trade 1.2% Total Romania - Off Premise 1.5%

4. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 4 Retail Market Evolution in the Region (number of stores) Channel / Country ROMANIAPOLANDBULGARIA 20022005 2005 vs. 2002 20022005 2005 vs. 2002 20022005 2005 vs. 2002 Total Grocery50,44452,5244.1%93,63499,6506.4% 28,16528,6931.9% Total Drugstore - Cosmetics 7,7348,1535.4%16,15117,99511.4% 13,99811,895-15.0% Total Specialised Store 8131,43276.1%1,7462,68453.7%n/a Total Convenience15,00410,882-27.5%25,26027,2217.8% 7,9535,362-32.6% Channel / Country HUNGARYCZECH REPUBLICSERBIA & MONTENEGRO 20022005 2005 vs. 2002 20022005 2005 vs. 2002 20022005 2005 vs. 2002 Total Grocery23,120 22,755-1.6% 17,605 16,142-8.3% 30,01127,014-10.0% Total Drugstore - Cosmetics 3,190 3,2702.5% 5,437 5,374-1.2% 4,1123,654-11.1% Total Specialised Store n/a 1,194 1,32611.1%n/a Total Conveniencen/a 1,536 1,74913.9% 10,7489,218-14.2%

5. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 5 Grocery Outlets Density Evolution in the Region Country Total Grocery 2005 (thousands) Population 2005 (millions) Density 2005 (outlets / 1000 inhabitants) Density 2002 (outlets / 1000 inhabitants) Romania 52.521.62.42.3 Bulgaria 28.77.73.73.6 Serbia & Montenegro 27.08.53.23.4 Poland 99.738.22.62.4 Hungary 22.710.12.22.3 Czech Republic 16.110.31.61.7 Outlets density in Romania and other countries in the region over time

6. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 6 3 3 16 20 7 2 4 7 13 11 17 23 16 27 25 13 11 5 Expansion of Modern Retail Chains in All Romanian Regions* 2 * as of October 2006

7. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 7 Modern Trade Channels – Romania, 2006 vs. 2005 Number of stores per channel Bucharest vs. the rest of the country

8. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 8 Channels value share over time Modern Trade Channels Evolution – Romania * estimation based on retailers expansion plans Number of stores over time

9. Copyright © MEMRB IRI, 2006. Confidential and proprietary. 9 SUMMARY  Modern Trade is developing fast and it is expected to count for more than 40% of total value sales in the FMCG market in 2007.  Discounters have the most aggressive expansion plans covering all regions of the country.  Hypermarkets are also very dynamic (4 times more outlets in 2007 compared to 2005) and will become the leading modern trade channel in 2007.