1. May 12, 2006 St. Petersburg BALTIKA BREWERIES Q1 2006 Results

2. CONTENTS Financial Results Russian Beer Market and Baltika Breweries Future

3. 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

4. Financial Results

5. Baltika Financial Results Q1 2006 Q1’06Q1’05 Change Volume, MHL 4.104.17-1.7% Net Sales, MEUR 188.2165.4+13.8% EBITDA, MEUR 50.244.944.9+11.7% EBITDA Margin, % 26.7%26.7%27.1%27.1%-0.5% pts. EBIT, MEUR 32.229.4+9.4% EBIT Margin, % 17.1%17.8%-0.7 %pts. IFRS

6. 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

7. MEUR Q1’06Q1’05 Change Net Sales 188.2165.4+13.8% Cost of sales* 91.691.687.087.0+5.3% Gross profit 96.678.4+23.2% Logistics expenses* 28.926.9+7.5% Marketing, sales etc. expenses* 23.915.1+58.3% Administrative expenses* 11.67.07.0+65.7% EBIT 32.232.229.4+9.4% Net profit 24.023.3+3.0% Q1 2006 Results Breakdown IFRS *Including depreciation

8. Development of Baltika Operating Margin 17.8% 17.1% EBIT Margin Q1 2005 COGS Administrative costs Sales and marketing costs EBIT Margin Q1 2006 +3.9% -1.9% -3.6% +0.9% Logistics costs

9. Russian Beer Market and Baltika Breweries

10. Russian Beer Market Development Market share %Q1’05Q1’06 Baltika24.123.0 Baltika Group*36.134.9 Sun Interbrew18.119.4 Heineken12.913.7 Efes12.712.1 SABMiller*5.05.05.65.6 Ochakovo5.95.95.45.4 Others 9.39.39.09.0 Source: State Statistics Committee, Breweries Note: Domestic Volumes * Baltika, Vena, Pikra, Yarpivo * *Estimate Source: BBH, State Statistics Committee, Breweries

11. Price Segments Development Baltika’s share in segment Q1’05Q1’06 Licensed7.07.6 Premium28.129.7 Mainstream37.533.4 Lower mainstream28.926.8 Discount16.211.6 Baltika Group’s share in segment Q1’05Q1’06 Licensed19.320.6 Premium41.844.5 Mainstream52.449.8 Lower mainstream36.933.8 Discount26.123.3 Share of different price segments of the total beer market volumes Source: Business Analytica

12. Packaging Segments Development Baltika’s share in segment Q1’05Q1’06 Keg*16.318.4 Can41.739.8 Glass bottle22.322.2 PET26.321.1 * Total HoReCa Baltika Group’s share in segment Q1’05Q1’06 Кеg*26.728.8 Can58.457.6 Glass bottle33.134.0 PEТ36.931.8 Share of packaging segments of the total beer market volumes Source: Business Analitica

13. 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%

14. 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

15. Future

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

17. Major stages of the merger in 2006 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 on 27.4 Voting on merger resolutions FAS Securities Regulator Others Baltika shareholders Retain ownership or 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, Vena and Yarpivo shares into Baltika shares Baltika becomes majority shareholder in Pikra, Vena and Yarpivo Baltika Group becomes a single legal entity March 7May ~August ~October ~End 2006 Company expects to complete the merger process by the year end Converting shares and contractual purchase Baltika shareholders approved all resolutions on merger Stock issue placement and cash offers EGSMs of Pikra, Vena and Yarpivo Regulatory approvals and registrations

18. 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%

19. Portfolio of United Key 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

20. 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 2,5 МHL 2,5 МHL in 2006 growth up to 4,5 МHL 3,0 МHL 1 МHL 6 МHL

21. Thank you! Baltika Breweries Q1 2006 Results