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Dairy - Market Overview WBD remains clear market leader with room to grow Dairy consumption, kg/person Structure of Russian Dairy Market (2005) ПО ЧТО ТЫ ХОЧЕ BUMM SHAAD DOHH Russia Poland Italy GB France Germany Spain 0 20 40 60 80 100 120 Source: Datamonitor, Reuters Business Insight, GKS Others 36% WBD 34% Campina 2% Unimilk 7% Ehrmann 2% Danone 14% Ochakovsky 5% Source: ACNielsen Retail Audit; value terms • Russian dairy consumption trails CEE & WE peers Market remains fragmented with many small producers . • Sustainable growth outlook in higher margin yogurts & desserts Continued growth in traditional segment in the regions • WBD maintains market share in 2005 (34.0% vs 33.8% in 2004) 8

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