Investor Presentaiton

ПО ЧТО ТЫ ХОЧЕ Вимм. SHAAD DOHH WBD - Challenges Ahead Growing strength of retailers & cost growth remain issues Russian Retail Landscape - end 2005 Russian Retail Landscape - end 2010 (forecast) Kiosks & Pavilions 15% Discounters 10% Markets 21% Supermarkets 10% Hypermarkets 3% Source: GKS, Renaissance Capital • Traditional Grocery Stores 41% Markets 15% Kiosks & Pavilions 12% Discounters 21% Source: Renaissance Capital Traditional Grocery Stores 25% Supermarkets 15% Hypermarkets 12% Growth of hypermarkets & supermarkets putting pressure on producers • Retail chains reduce intermediaries but have strong pricing power . Side effects of economic growth: higher wages, higher tariffs • New TV advertising rules reduce airtime, driving up rates • Continued market entry by multinational food co's 18 • Consolidation among Russian players increases competition

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