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					Investor Presentation


        October 2011
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                                                                                                                                                                                                   1
 Cherkizovo Group – The Integrated Meat Producer


                                                                               1H2011 Sales: $689.1m
                                                                               1H2011 EBITDA: $105.7m



                                   Poultry                                          Pork                             Meat Processing
                                   1H2011 Total sales: $321.8m                      1H2011 Total sales: $123.4m      1H2011 Total sales: $303.0m
                                   1H2011 EBITDA: $48.7m                            1H2011 EBITDA: $46.3m            1H2011 EBITDA: $18.3m



Market Position                     • #2 in Russia                                  • #3 in Russia                   • #1 in Russia
                                                                                                                     • Sausages, salamis,
Key Products                        • Chilled/frozen poultry                        • Live pigs, pork carcasses,       fresh retail-format meat,
                                                                                      fresh pork cuts                  ready-to-cook products
Key Brands


Production                          • 7 clusters                                    • 10 farms                       • 7 plants
Facilities
                                    • Total capacity (t.p.a):                       • Total capacity (t.p.a):        • Total capacity (t.p.a):
                                      270,000 *                                       115,000**                        195,000***


Source: Poultry Union of Russia, Pork Union of Russia, Meat Union of Russia,
         Company’s Financials                                                   * Sellable product, as of 2011E
                                                                                ** Live weight, as of 2011E
                                                                                *** Prepared products, as of 2011E



                                                                                                                                                   2
Overview of Results
     Key Highlights of 1H2011

                                                                                         EBITDA and EBITDA Margin Evolution, 2006-2010,
SOLID FINANCIAL RESULTS
                                                                                         RUR mln
     Revenues increased 15% in RUR, and increased 20% to $689.1 mln                                            CAGR +36%*
     Adjusted EBITDA* decreased 11% in RUR, and 6% to $105.7 mln                       7000,0                                  18%       18%       20%
                                                                                                                                   15%
     Adjusted EBITDA* margin was 15%                                                   6000,0
                                                                                                                                                    18%

                                                                                                                                                    16%
     Gross profit decreased 1% in RUR, and increased 4% to $169.7 mln                  5000,0                          13%              6641,6 14%
                                                                                                                          53%
 
                                                                                                               14%
      Group gross margin was 25%                                                        4000,0
                                                                                                                                                    12%
                                                                                                      12%
                                                                                                               27%                                  10%
     Net income decreased 15% in RUR, and decreased 11% to $66.0 mln                   3000,0
                                                                                                                                5782,9              8%
                                                                                                     51%
     Net debt was $835.6 mln                                                           2000,0                       3786,4
                                                                                                                                                    6%
                                                                                                            2997,0
 
                                                                                                                                                    4%
      The effective cost of debt was 2%.                                                1000,0 1967,1
                                                                                                                                                    2%
OPERATIONAL DEVELOPMENTS                                                                  0,0                                                       0%
                                                                                                   2006      2007     2008      2009      2010
     Commenced the poultry breeding facility, “Komarovka”, at its Penza cluster,                           EBITDA, RUR mln        EBITDA margin, %
      built as part of ongoing poultry capacity increase project in Penza, consisting
      of 34 bird houses, with a combined capacity of almost 1.1 million broilers.                Source: Management estimates, Company reports
                                                                                                  CAGR growth is calculated between 2006 to 2010
     Commenced a second line at the poultry breeding facility in its Bryansk
      cluster, consisting of 26 bird houses, with a combined capacity of almost
      880,000 broilers.

     Cherkizovo has completed the acquisition of 100% of Mosselprom - a
      diversified vertically-integrated agro-industrial group. Mosselprom’s
      production activities include poultry, pork, feed production and grain
      businesses.

     Cherkizovo has started construction of the Elets agroindustrial complex in
      Lipetsk


                                                                                                                                                          4
     Group Performance
                                                                                                             1H2010 1H2011 %            2Q2010 2Q2011 %
         Total sales increased 20% in US$ terms and 15% in RUR                  US$/RUR rate                 30.07   28.62    change                          change
          terms reflecting solid organic volume growth in poultry and
          meat processing                                                             Total Sales, US$ mln    572.8   689.1 20%          307.6     382.5       24%
         Gross profit increased 4% in US$ terms and decreased 1% in                  Gross Profit, US$ mln 163.6     169.7      4%      90.0      106.1       18%
          RUR terms; gross margin was 25% due to lower than
          expected selling prices and rising costs                                    Gross Margin, %          29%    25%                29%           28%
         Operating expenses as percentage of sales were flat at 14%                  EBITDA, US$ mln         113.0   105.7 (6%)         63.4          71.6    13%
         EBITDA decreased 6% in US$ terms and 11% in RUR terms,
          EBITDA margin was at 15%                                                    EBITDA Margin, %        20%     15%                21%           19%
         Net income decreased 11% in US$ terms and 15% in RUR                        Net Income, US$ mln 74.1        66.0     (11%)     42.1          48.3    15%
          terms. Net income margin was 10%
                                                                                      Net Income margin % 13%         10%                   14%        13%




              Total Group Sales, US$ mln                     EBITDA and EBITDA margin, US$ mln, %                         Net Income, US$ mln

                                                                                                                          74.1
                                                                     113.0                                      80
                                                       120                                   105.7                                                     66.0
    800                                    689.1                                                                70
                                                       100                    20%                                             41%
    700                                     16%                      38%                                        60
                 572.8                                                                           41%                                                   50%
    600                                                80                         15%                           50
                  18%
    500
                                              43%      60                                                       40
    400
                 42%                                                 47%                         43%            30
    300                                                40                                                                     51%
                                                                                                                                                       43%
    200                                                                                                         20
                 40%                          41%      20
    100                                                                                                         10
      0                                                              15%                         16%                          8%                        7%
                                                        0                                                        0
                1H2010                    1H2011                    1H2010                  1H2011                       1H2010                    1H2011

                Meat Processing     Poultry     Pork                Meat Processing    Poultry    Pork                    Meat Processing    Poultry    Pork


Source: Management estimates, Company reports




                                                                                                                                                                     5
     Poultry Division

         Volumes increased by a robust 18% to appr. 117,990 tonnes
                                                                                                       1H2010              1H2011 % change % change
                                                                            US$/RUR rate                30.07               28.62       $US                    RUR
         Prices increased by 9% to $2.51 per kg for 1H2011* (excl.
          VAT) and increased by 4% to 71.79 RUR per kg (excl. VAT)          Total Sales, US$ mln            253.3           321.8           27%                 21%
         Total sales increased 27% to US$321.8 mln                         Gross Profit, US$ mln           76.6             75.3          (2%)                 (6%)
         Gross Profit slightly decreased to US$75.3 mln**, Gross           Gross Margin, %                 30%              23%
          Margin was 23% due to increasing input and labor costs
                                                                            EBITDA, US$ '000                56.7             48.7         (14%)                (18%)
         In 1H2011 the segment accounted for a one-off direct subsidy
          of 382 mln RUR or US$13.3 which offset the cost of sales          EBITDA Margin, %                22%               15%
         Operating expenses as a percentage of sales were flat at 13%
                                                                            Division profit US$ '000        40.4              31.1         (23%)               (27%)
         EBITDA decreased 14% to US$48.7 mln, EBITDA* margin was
          15% for 1H2011                                                    Division profit margin %        16%               10%
         Division profit decreased 23% to US$31.1 mln, division profit
          margin was 10%

              Volume and Price** Dynamics                     Total Sales, US$ mln                            EBITDA and Division Profit, US$ mln


                                                      350
    140
                                           2.51       300             27%
    120                          9%                                                                    60                                                              30%
                  2.30                                250                                              50
    100                                                                                                                     22%
                                                                                                       40                                                              20%
                                18%                   200                            321.8             30                                              15%
    80
                                                                                                                    56.7
                                            117,990                                                    20                                   48.7                       10%
    60                                                150                                                                   40.4
                                                             253.3                                     10                                              31.1
                                                      100                                               0                                                              0%
    40           99,860
                                                                                                                      1H2010                    1H2011
    20                                                50
                                                                                                       EBITDA, US$ '000 (left axis)    Division profit, US$ '000 (left axis)
     0                                                 0
                                                                                                       EBITDA margin, % (right axis)
                  1H2010                    1H2011           1H2010              1H2011
    Source: Management estimates, Company reports
    * Company’s selling price




                                                                                                                                                                               6
    Investments to Drive Capacity and Efficiency Growth

    Bryansk Cluster Capacity Increase Overview                                  Volume sales (thous. slaughter-weight tonnes)
      The project is expected to double production of the cluster to
       63,500 live-weight tonnes in 2012
                                                                          600
      Investment of appr. $62 mln supported by long-term                                                         +147%*
       subsidized loans                                                                                                                                     +11% 480
                                                                          500
      The project is a brownfield construction of breeding facilities                                                                              400
                                                                                                                                          +21%
       and a new hatchery with an annual capacity of 43 mln eggs          400
                                                                                                                                 357                             120
                                                                                                                          +3%                       40
      Sites launched in 4Q2010 and 1H2011, hatchery launched in                                          +28%    321             2,0
       August 2011                                                                                 262             59             60                60           60
                                                                          300
                                                                                        +40%
                                                                                                    37*
    Penza Cluster Capacity Increase Overview                                        194
                                                                          200
      The project is expected to double production of the cluster to                                              262            295               300          300
       120,000 live-weight tonnes in 2012                                                          225
                                                                          100       194
      Investment of approximately $120 mln supported by long-term
       subsidized loans                                                    0


                                                                                    2010           2011E          2012E           2013E             2014E        2015E
       First site is launched in March 2011
      The project is a brownfield construction of:                                               Organic growth         Mosselprom        Elets project

-      Incubation facility for 105 mln eggs per year
-      Additional breeding facilities
-      State-of-the art slaughtering facilities of 8,000 units per hour

     Zarechnaya Site Acquisition, 2010
       Located in the Penza region in proximity of Vasilyevskaya
        poultry site
       Broiler breeding site with annual production capacity of 22,500
        live-weight tonnes once operational – expected in 2H2011
                                                                                  * Expected increase in 2015 compared to 2010 levels
Source: Company, Management estimates
                                                                                  * For 2011 Mosselprom volumes are consolidated from 13 May 2011




                                                                                                                                                                         7
  Strategic Acquisition of Mosselprom


   Overview                                                                     Significant strategic benefits

     POULTRY – 56,500 sellable weight tonnes in 2010                             Significant scale and sales synergies due to
     - Moscow poultry cluster (consists of Moscow and Tula operations)            location in the lucrative Moscow region and
     - Kursk poultry cluster                                                      Central Russia and optimization of business
     PORK – 8,700 live-weight tonnes in 2010                                      processes
     - Orel pork production cluster - total capacity of 12,000 l/w tonnes        Entrance into new regions
      FEED PRODUCTION
                                                                                 Significant potential for operational on-site
     - Fodder plant in Moscow region sourcing fodder for both
                                                                                  improvements
       segments, appr. 250,000 tonnes per year of fodder production
                                                                                 Addition of two powerful brands
      LAND AND CROPPING
     - Operational landbank of appr. 30,000 ha
       (in ownership and under control)
                                                       346.5
                                                                                Deal consideration
           350
                                                19%
                                      290.8             58,9
           300
                                                                                  Enterprise value of Mosselprom was $252.9 mln
                              50%        56,5
           250
                                                                                  Of that, the Group assumes $183.8 mln of debt,
           200
                                                                                   which is mostly long-term and subsidized
           150                                         287,6                      $27.0 mln USD of equity will be financed through
                                        234,3
           100        194,1                                                        a previously announced additional ordinary share
                                                                                   issue, which will be distributed through a closed
            50
                                                                                   subscription
             0
                       2010              2011           2012
                 Additional production of Mosselprom, thous. tonnes
                 Production, thous. tonnes
Source: Management estimates, Company data




                                                                                                                                       8
    Transformational Project – Elets Agroindustrial Park

New production – 125 000 tonnes of poultry, slaughter-weight
Investments into total project – 19.5 bln roubles (incl. VAT and working capital)

Construction of state-of-the-art sites in one                             Production volumes,
production area                                                           000, slaughter-weight tonnes
                                                                                                                                                           420,0
                                                                                                                                            375,0
•       Incubation site – 160 mln incubation eggs per year                                                                  297              40            125,0
                                                                                                                                                     11%
•       5 broiler sites for 280 broiler houses and 4 parent stock sites                                                         2
                                                                                                                                    26%
                                                                                                                   4%
•       Fodder plant – 90 tonnes of fodder per hour                                                  22%

•       Poultry slaughter and processing plant – 24 000 units per hour                 18%

•       Pig slaughter and processing plant – 650 units per hour                  194         235+          290+             295             295,0          295,0

•       Transport and logistical infrastructure
                                                                             2010E           2011E         2012E           2013E            2014E          2015E

                                                                                                     Existing production    Elets project



                                                                                                                                                    Investments
    Estimated project parameters                                                                                                                    mln RUR     per
                                                                                         POULTRY PROJECT                                            (excl. VAT) unit
                                                                     Broiler farm            115 thous. tonnes selleable weight                        4441        38,7
    •   Est. Debt – 15,6 bln RUR
                                                                     Feed mill               558 thous, tonnes per year                                2288            4,1
    •   Est. Equity – 3,9 bln RUR                                    Elevators               462 thous. cubic m (grain)
    •   Est. Payback – 6,5 years                                     Breeder farm          98,5 mln hatching eggs                                      2758        28,0
    •   Cost of Debt – 0,22%                                         Hatchery               160 mln eggs                                                847         5,3
                                                                     Slaughter plant     24 000 units per hour 113,1 mln units per year                3061        27,1
    •   Debt maturity – 10 years                                     Logistics                                                                         1169
                                                                                                                           TOTAL                       14564




                                                                                                                                                                   9
     Pork Division

        Volumes were almost flat at 41,070 tonnes                                                     1H2010              1H2011 % change % change
        Prices increased by 14% to $2.70 per kg in 1H2011* (excl.          US$/RUR rate                    30.07              28.62      $US                    RUR
         VAT) and by 9% to 77.41 RUR per kg (excl. VAT)
                                                                            Total Sales, US$ mln            106.0              123.4           16%                11%
        Total sales increased 16% to US$123.4 mln
                                                                           Gross Profit, US$ mln            44.8               46.1             3%                (2%)
        Gross Profit increased 3% to US$46.1 mln; Gross Margin was
         37% mainly due to input cost increase and amortization and         Gross Margin, %                  42%               37%
         labor cost increase resulting from launch of new assets
                                                                            EBITDA, US$ '000                 44.9              46.3            3%                 (2%)
        In 1H2011 the segment accounted for a one-off direct subsidy
         of 168 mln RUR or US$5.9 mln which offset the cost of sales       EBITDA Margin, %                  42%               38%
        Operating expenses as a percentage of sales were flat at 7%
                                                                            Division profit US$ '000         34.3              35.5            4%                  3%
        EBITDA increased 3% to US$46.3 mln; EBITDA Margin was
         38%                                                               Division profit margin %          32%                29%                               (1%)
        Division profit increased by 4% to $US35.5 mln, division profit
         margin was 29%

             Volume and Price* Dynamics                      Total Sales, US$ mln                            EBITDA and Division Profit, US$ mln

    45                             2.70           140                                                  50                                                             45%
                 2.36       14%
                                                                                                                           42%
    40                                                               16%                                                                              38%
                                                  120                                                  40
    35
                                                  100                                                                                                                 30%
    30                                                                                                 30
    25                                             80
                            0.3%   41,070                                                              20           44.9                   46.3
    20
                                                                                    123.4                                                                             15%
              40,936                               60
                                                             106.0                                                         34.3                       35.5
    15                                                                                                 10
                                                   40
    10
                                                                                                       0                                                              0%
    5                                              20
                                                                                                                      1H2010                   1H2011
    0                                              0                                                   EBITDA, US$mln (left axis)      Division profit, US$mln (left axis)
                1H2010              1H2011                  1H2010              1H2011                 EBITDA margin, % (right axis)

Source: Company
* Company’s selling price




                                                                                                                                                                             10
Cherkizovo Consolidates the Russian Meat Market

Acquisition of new farms in Lipetsk and Penza                          Volume sales (thous. live-weight tonnes)
       In November 2010 Cherkizovo acquired two greenfield pork
        complexes:                                                                                           +111%*
                                                                      200
                                                                                                                                         185,0    185,0+
-       Located in Penza and Lipetsk regions best-in-class                                                                  180,0+ +3%
        integrated multi-site complexes, each complex includes        180
                                                                                                                     +20%   12,5         12,5      12,5
        breeding, rearing and fattening facilities                    160                                   150,0+
                                                                                                                            25,0         25,0      25,0
       Transaction price of $100mln including $80mln of              140                                    10,0
        subsidized debt (effective interest is appr. 3%) represents                                +67%      25,0           34,5         37,5      37,5
                                                                      120
        cost of construction                                                                 90,0+           20,0
                                                                      100       87,7 +3%       5,6
                                                                      80        11,2          15,0
Greenfield construction in Tambov, Voronezh and Lipetsk               60
                                                                                                                            108,0        110,0     110,0
                                                                                                             95,0
       Cherkizovo is constructing greenfields in Tambov,             40        76,5          70,0
        Voronezh and Lipetsk regions                                  20

       Sites will represent best-in-class integrated multi-site       0
        complexes, with breeding, rearing and fattening facilities              2010          2011E          2012E          2013E        2014E      2015E

       Investment consideration of appr. $160mm, of which appr.                  Existing farms      Greenfield farms      Acquired farms   Orelselprom
        20% will be funded by the Group, and the remaining 80% by
                                                                                  Cost and scale synergies due to proximity of
        bank loans
                                                                                   new farms to existing Cherkizovo’s facilities
       Sites are expected to become operational in 2012
                                                                                  Efficient deployment of capex, as all essential
                                                                                   construction is completed in Lipetsk and Penza
                                                                                  Greenfield construction represents significant
                                                                                   efficiency gains


                                                                        * Increase in 2015 compared to 2010 levels




    Source: Company, Management estimates




                                                                                                                                                            11
     Meat Processing Division

        Volumes increased 6% to appr. 70,100 tonnes                                                   1H2010               1H2011 % change % change
                                                                            US$/RUR rate
        Prices increased by 17% to $4.47 per kg for 1H2011*                                                30.07               28.62        $US                     RUR
         (excl. VAT) and increased by 12% to 127.98 RUR per kg              Total Sales, US$ mln            243.4               303.0             24%                19%
        Total sales increased 24% to US$303.0 mln                          Gross Profit, US$ mln            42.4                48.5                                 9%
                                                                                                                                                  14%
        Gross Profit increased 14% to US$48.5 mln; Gross Margin
                                                                            Gross Margin, %                   17%                16%
         decreased from 17% to 16% due to raw meat price
         increase and an increase in labor costs and social tax             EBITDA, US$ '000                  18.2               18.3             1%                  (4%)
        Operating expenses as a percentage of sales were flat at
                                                                            EBITDA Margin, %                   8%                 6%
         12%
        EBITDA was flat at US$18.3 million; EBITDA margin                  Division profit US$ '000          9.1                 7.4           (19%)                (23%)
         decreased to 6%
                                                                            Division profit margin %          4%                  2%
        Division profit was US$7.4 mln, division profit margin was
         2%
             Volume and Price* Dynamics                      Total Sales, US$ mln                             EBITDA and Division Profit, US$ mln

 80                                                                                                    20                                                                 10%
                                                  300
                              17%   4.47                              24%
 70              3.81                                                                                                        8%                                           8%
                                                  250                                                  15
 60
                              6%                                                                                                                          6%              6%
                                                  200
 50                                                                                 303.0              10           18.2                        18.3
                                                                                                                                                                          4%
 40                                               150
                                    70,097
 30
                                                             243.4                                     5                      9.1                          7.4
                66,200                                                                                                                                                    2%
                                                  100
 20
                                                                                                       0                                                                  0%
                                                   50
 10                                                                                                                    1H2010                      1H2011

     0                                              0                                                       EBITDA, US$mln (left axis)      Division profit, US$mln (left axis)
                1H2010              1H2011                   1H2010                 1H2011                  EBITDA margin, % (right axis)

Source: Company
* The company selling price




                                                                                                                                                                                  12
      Capital Expenditures and Debt

               Capital Expenditure, US$ mln                                          Total Debt, US$ mln
                                                             All Group Debt is in RUR, Cost of Debt for 1H2011 was 1.7%
120                                                                     900                                  875
                                                106.0                                                                            Long-term
                                                                         800
100                                                                                                                              Short-term
                                                                         700              648
 80               59.5                              58.2                 600

                   1.8                                                   500                                            67%
 60
                                                                         400              72%
                  21.4
 40
                                                                         300
                                                    42.2
 20                35.3                                                  200

                                                                         100              28%                            33%
  0                1.0                              5.6
                                                                           0
                 1H2010                         1H2011                                  1H2010                         1H2011
                 Meat Processing   Poultry   Pork     Land                       11%                           12%

Poultry: investments into capacity
Penza cluster:                                                                                      89%                         88%

- slaughter facility: 8000 units/hour
                                                                                             Subsidised      Non-subsidised
- incubation site
                                                                                                      1H2010                      1H2011
- capacity increase: additional 36,000 tonnes
Bryansk cluster
                                                             Net debt, US$ mln                            580.2                       835.6
- capacity increase: additional 30,000 tonnes
Pork: investments into capacity
                                                             Cost of Debt                                 3.0%                        1.7%
- greenfield construction in Tambov, Voronezh, Lipetsk
Meat processing: capital maintenance                         Debt/Equity                                   1.0x                        1.2x

- Launch of the acquired plant in Kaliningrad                Interest coverage*                           11.6x                       14.4x

                                                             * Defined as EBITDA divided by interest expense



                                                                                                                                              13
Investment Highlights
Investment Highlights


1   Attractive market fundamentals
2   Well positioned to drive industry consolidation
3   Leading portfolio of brands
4   Best in class distribution network reaching a well-diversified customer base
5   Vertically integrated within the segments
6   Well-invested production assets
7   Favourable regulatory and tax environment

8   Attractive financial profile

9   Strong management team and corporate governance




                                                                                   15
    1            The Russian Economy is Re-bounding Towards its Historical
                 Growth Path

  Real Disposable Income Growth (%)*                                                           Real GDP Growth (%)

       12,9%      12,6%
                                                                                                                                                                                         10-13E
                                                                                                 8,2%        8,5%                                                                        World
                                                                                                                        5,2%                4,0%       4,3%       4,5%         4,4%      CAGR:
                                                                                                                                                                                          3.1%
                                                         4,3%            4,4%      4,3%
                                                                  3,1%
                                 1,7%         2,1%
                                                                                                                                                                                       10-13E
                                                                                                                                                                                      Euro Area
                                                                                                                                                                                       CAGR:
       2006        2007          2008         2009       2010    2011E   2012E     2013E                                         -7,8%
                                                                                                                                                                                        1.5%
                                                                                                 2006        2007       2008      2009       2010      2011E      2012E        2013E

Source: EIU                                                                                  Source: EIU
* Denotes real personal disposable income (% change pa)



  RUB/USD FX                                                                                   Commodities Price Performance (rebased to 100)*
                                                                                                                                                                      Estimates**
  40                                                                                          260                   Wheat         Soy a
                                                                                                                                                                       209.8
  36                                                                                          220                   Barley        Corn
                                                                                                                                                                                           201.8
  32            Current: 30.46                                                                180                                                                      198.8               188.2
                                                                                                                                                                       158.4
                                                                                              140                                                                                          155.3
  28                                                                                                                                                                   126.8
                                        Avg. 28.59                                            100                                                                                          122.7
  24
                                                                                                60
  20
                                                                                                     сен.09 дек.09 мар.10 июн.10 сен.10 дек.10 мар.11 июн.11 сен.11
       сен.07        май.08         янв .09          сен.09     май.10   янв .11    сен.11                                                                                              2012E
                                                                                                                                                                          2011E

Source: FactSet as of September 14, 2011                                                     Source: EIU, J.P. Morgan, Bloomberg, Datastream research as of September 14, 2011
                                                                                             * Prices for Wheat (Cts/Bu), Soyabeans (C/Bushel), Barley (CAD/MT) and Corn (yellow)
                                                                                             ** Rebased to 100 at September 1, 2009




                                                                                                                                                                                                16
    1 The Russian Meat Market is a Sizeable and Fast Growing
           Opportunity
     Significant growth of Russian economy and disposable income creates significant
                        opportunities for the domestic meat market
  Annual Per Capita Meat Consumption, kg (2010)                                       Russian Meat Market evolution

                                                           Biological norm – 75 kg
                                                                                      Production Volume
                                                                   2015E
   110                                                                                (mln tonnes)
                                                                                                                                                                   9,0
    90                                                                                                                                           6,2   6,6   7,1
                109                                           72                            4,4   4,4       4,6   4,9   4,9    4,9   5,1   5,6
    70                    93        83          76                          78
                                                              65
    50
            USA       Australia    Canada       EU           Russia         USSR




                                                                                                                                     E
                                                                                          00

                                                                                          01

                                                                                          02

                                                                                          03

                                                                                          04

                                                                                          05

                                                                                                                                   06

                                                                                                                                   07

                                                                                                                                   08

                                                                                                                                   09

                                                                                                                                   10

                                                                                                                                  15
                                                                           (1988)




                                                                                        20

                                                                                        20

                                                                                        20

                                                                                        20

                                                                                        20

                                                                                        20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                20
Source: Russian Meat Union (Russia and USSR), USDA (other regions)
                                                                                     Source: Russian Meat Union
  Shift in Russian Meat Market Structure (volume)1
                                                                                      Production value1                                                            70,1
                                                                                      (US$ bn)


      Poultry
                      30%                                                                                                                        35,8 31,0 35,8
                                     39%             40%              42%                                                      23,6 24,4 26,1
                                                                                                                        18,2
         Beef         33%            28%             26%              22%                   6,9   9,4   10,1 12,8

         Pork         37%            33%             34%              36%




                                                                                                                                                       E

                                                                                                                                                       E
                                                                                         00

                                                                                         01

                                                                                                       02

                                                                                                               03

                                                                                                               04

                                                                                                                           05

                                                                                                                           06

                                                                                                                                        07

                                                                                                                                        08

                                                                                                                                                     09

                                                                                                                                                    10

                                                                                                                                                    15
                      2000          2010             2012E            2015E
                                                                                       20

                                                                                       20

                                                                                                     20

                                                                                                             20

                                                                                                             20

                                                                                                                         20

                                                                                                                         20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                                   20

                                                                                                                                                  20

                                                                                                                                                  20
Source: Russian Meat Union                                                           Source: Russian Meat Union
1 Basing on internal consumption                                                     1 Meat prices in 2010 -2015 assumed to grow at CPI rate (EIU)




                                                                                                                                                                          17
          2      Well Positioned to Drive Industry Consolidation


                   Fragmented market creates a platform for organic growth and consolidation

        Meat Processing*                                                     Poultry**                                                                      Pork***
                              Cherkizovo Group
                                    3.6%                                                                                                                                        Miratorg
                                             OMPK
                                                                                                                       Prioskolie                                                7,2%
                                             3,3% Prodo
                                                  2,5% Mikoms                                                           14,8%
                                                                                                                                                                                              Agro-Belogorie
                                                        1,6% Tsaritsyno                                                         Cherkizovo Group                                                  5,4%
                                                                2,3%                                                                  7,2%
                                                                  Pokom                                                                                                                                 Cherkizovo Group
                                                                   1,9%                                                                                                                                       5.0%
                                                                   Tavr                                                                                                                                    Prodo
                                                                   1,0%                                                                                                                                    4,2%
                                                                 Dymov                                                                       Prodo
                                                                          Others                                                                                                                            Belgorodskiy Bacon
                                                                  1,0%                                                                       6,1%                                                                  3,4%
                                                                          48,4%
                                                                                                                                                                                                            Siberian Agrarian Group
                                                                                                                                                                                                                      2,6%
                                                                                                                                          Belgrankorm
                                                                                                                                                                                                             KoPitania
                                                                                                                                              6,2%                                                             2,4%
                                                                                                                                                        Others                                              Eksima
                                                                                                                                        Resurs          64,9%                                                2,0%
                                                                                                                                         2,8%                                                           Troparevo
                                                                                                                                                                                                           1,5%
                   Others
                                                                                   Mosselprom                            Alpi        Belaya Ptitsa
                   82,8%                                                                                                                                                                   Vostochniy
                                                                                      2% Lisko Broiler                  2,7%             3,1%                                                1,4%
                                                                                              2,2%                    Ural Broiler
                                                                                                     Chelny Broiler
                                                                                                         2,2%            2,3%


      Top 3 producers in US account for                                   Top 3 producers in US account for                                              Top 3 producers in US account for
      approx. 38% of the market****                                       approx. 57% of the market ****                                                 approx. 50% of the market****

      Source: Meat Union Estimates, Company                                Source: Russian Poultry Union, Company                                         Source: National Pork Union of Russia, Company
(1)       * In volume terms (2010)
(2)       ** In volume terms (slaughter-weight, 2010)
(3)       *** In volume terms (live weight), 2010
(4)       **** Management estimates



                                                                                                                                                                                                                        18
     3        Leading Portfolio of Brands

                  Strong portfolio of federal brands covering the entire price spectrum

 Powerful flagship brands
                                                                            Poultry           Meat Processing
     – Petelinka accounts for almost all of the
       Company’s chilled cut poultry sales                      National            Local   National    Local
     – Petelinka and Chicken Kingdom account for
       most frozen poultry sales                   Premium
 High brand awareness
     – Petelinka – #1 brand in Moscow and Moscow             # 1 in Moscow region
       region in 2008 and 2009, enjoying 70% of
       customer loyalty
     – Chicken Kingdom – #1 brand in frozen and
       chilled poultry in Russia in 2008 and 2009*
     – Cherkizovsky: best Russian brand 2007,      Medium
       nominated by the Russia Brand Academy
     – Meat processing: Grand Prix awards at the
       2009 ProdExpo International Exhibition


                                                    Low

 * Gallup and ScanMarket 2009 research




                                                                                                                19
4    Best in Class Distribution Network reaching a Well-diversified
     Customer Base

    Company’s well developed distribution network is a key success factor and major
                                   barrier for entry
                                                         Company’s distribution network covers all Russian Federal
                                                          Districts
                                                         Daily deliveries by a dedicated fleet of refrigerated trucks
                                                          provide a significant competitive advantage
                                                         Warehouse network throughout European part of Russia
                                                         Strong relationship with independent distributors
                 St. Petersburg
                                                      Unique software system to ensure timeliness and quality of
                      Vologda                          delivery
     Moscow
                 Naro-Fominsk                    Meat Processing breakdown          Poultry breakdown of sales
     Lipetsk
                Tambov      Kazan                of sales by channel*, 1H2011       by channel*, 1H2011
Belgorod           Penza
                      Ulyanovsk
           Rostov                 Ekaterinburg
                                  Chelyabinsk                                         21%
                                                                                                                                       16%
                                                                                           14%                             38%
       Labinsk
                                                                           65%
                                                                                                                                       46%




                                                            Traditional Retail   Modern Retail   Wholesale
      Distribution and Storage Network                                                                       Traditional Retail   Modern Retail   Wholesale


                                                 * Total for poultry and meat processing segments in volume terms excluding sales directly by
                                                 production units




                                                                                                                                                          20
  5      Vertically Integrated within the Segments


                                                                  Fodder            Pork and Poultry            Processing
                     Land and Grain                                                                                                         Distribution




                                                                  Quality and          Lower dependence on     Capture margins from         Quality control and
                                                                biological safety      imports and suppliers   value-added products          cost optimisation


                                                 Fully Owned Farms as a Key Differentiating Factor

                                                                                                                                                                   Prodo

Land and Grain                                                                                                                                              
Fodder                                                                   *** ()*                               **                                          
Farm ownership                                                                                                                                              
Pork/Poultry Breeding                                    /            /*** ()*              /              /**               /        /              /
Meat Processing                                                                                                                                             
Centralised distribution                                                                                                                                    
Degree of vertical integration
                                                           5                   4                  4                 4                 4            3              4
Note: Degree of integration of different players based on Cherkizovo management judgment
* Cattle activities ** Former Sadia operations *** Attributable to Pilgrim’s Pride acquisition




                                                                                                                                                                        21
    5    Vertically Integrated within the Segments
         Agricultural Land

                         Key facts                                          Significant strategic benefits

    Access to landbank of approx. 100,000 ha
       28,212 ha Tambov Region – in ownership                           Conveniently located close to pork facilities
       14,615 ha in Lipetsk and 5,454 ha in Penza regions –             Securing feedstock on a long-term basis at
        long-term lease                                                   controllable cost
       16,000 ha in Saratov region – 10,000 ha is in ownership          Option to use manure as highly efficient and natural
        and 6,000 is in long-term lease                                   fertilizer
       Appr. 30,000 ha in Orel region – acquired as part of             Cropping is outsourced to NAPKO, a crop raising
        Mosselprom
                                                                          company
       Access to quality land – the “black earth” farming region
        is considered one of the best land in the world


                                                                        Opportunity to secure reliable feedstock




                                                                    Land is a strategic asset play that provides a
                                                                        hedge against grain price increase




                                                                                                                                 22
    6      Well-invested Production Assets

                       Low cost production assets enabling high profit margins

       Greenfield pork facilities enable to          Annual production capacity
                                                        Meat processing (tpa)
        achieve industry leading margins as             Incl. slaughter facilities
                                                               .
                                                        Poultry (lwt)
        efficiency indicators are 50-70% higher         Pork (lwt)
        compared to old pork farms                      Pork - greenfield acquisitions (lwt)
                                                                                                                Vologda
                                                        Pork - greenfield construction (lwt)
                                                                                                                  5.0
       State-of-art broiler and breeder farms
                                                                                                    Moscow
        and processing plants use finest breeds                                                       178. 5
        and latest technologies                                                     Bryansk
                                                                                     32.0
                                                                                                        .
                                                                                                     53.0
                                                                                                      10.8
                                                                                                      60.0
       Cherkizovo controls the quality for the                                       12.5
                                                                                          Orel
                                                                                               Lipetsk
        customer throughout the production                                                       77.0 Tambov
                                                                                          12.5 50. 0 25. 0
        chain                                                                                     12.5      Penza
                                                                                                              51. 0 Ulyanovsk
                                                                                             12.5     12.5   60.0    36.0
       Pork quality confirmed by “Ecological                                              Voronezh          12.5

        Product” certification
                                                                  Krasnodar
                                                                     21. 3

                                                  tpa – ‘000 tons per annum
                                                  swt – ‘000 slaughter weight tonnes
                                                  lwt – ‘000 live weight tonnes




                                                                                                                                23
            7           Favourable Regulatory and Tax Environment

              Import Quotas and Regulation                                   Subsidised Interest Rate Rebate                               Attractive Tax Regime

         National Program of Food Security in place –
          Russia to reduce imports of meat to 5-10%                                Effective cost of debt is 1.7%                       Attractive tax rate for agricultural
          by 2014
         Significant decrease of import quotas in 2011                             in 1H2011                                             producers
          - to provide for a fair domestic price                                   Attractive returns on                                Low effective Group tax rate
         Reshaping of the market – all imports are                                                                                      Profit tax may be raised subject
          leg quarter parts, no bird in whole is allowed                            invested capital
         Significant duty increases on imports of live                                                                                   to WTO accession (possible at
          pigs and pork by-products in 2010                                                                                               end of 2011)
         Duty increase on beef to stimulate poultry
          and pork consumption
         New Trade Law in force from 2010 – to
          provide for transparency


         Domestic production and quotas                                           Debt Structure as of 1H2011                     Profit Tax Rate for Producers, %
         (mln tonnes)
                                                                                                   $875 m
                                                                                                                                  24

                                                   0,47               0,47
                                                                                                                                                                                            20
                                                   0,78               0,35                             12%                                                                    18
              0,6               0,5                                                                                               18
              1,2               0,9


                                                   5,8                 6,2                                                        12

              4,1               4,5                                                                      88%

                                                                                                                                  6


             2008              2009               2010               2011E
                                                                                                                                                    0
                                                                                                         1                        0
                Domestic Production   Quotas for Poultry   Quotas for Pork
                                                                                            Subsidized       Not subsidized        2008    2009   2010   2011   2012   2013   2014   2015   2016




         Opportunity for domestic producers                                                        High EBITDA to Net Income conversion ratio

    Source: Official Statistics                                              Source: Company reports                                       Source: Official Statistics, MinFin




                                                                                                                                                                                                   24
8      Attractive Financial Profile
       Profitability

                                       Leading profitability indicators (EBITDA margin %)

      Poultry                                                         Pork                                                    Meat processing

             Cherkizovo*                Brazil Foods****                  Cherkizovo**               China Yurun****                 Fleury Michon****          Atria****
             Pilgrim 's Pride****                                         People's Foods****         Brazil Foods****                Cherkizovo***              HKScan****
                                                                       40%                         41%
                                                                                     37%                      37%

                        26%

                                      21%
          18%
                                                    15%
                                                       13%                               15%          16%
                                          Avg. 8%                         Avg. 10%                                13%
              10%                                                                                      Avg. 10%     12%
                            Avg. 6%       9%                              10%10%                                                 Avg. 6%        Avg. 6%        Avg. 6%         Avg. 4%
                                                                                         Avg. 9%
                                             7%                             9%                            9%      Avg. 10%
                            6%5%                                                                                                              9%              9%
                                                      Avg. 5%                                6%                                8%                                 7%   7% 6%
            Avg. 4%                                                                        5%            4%             4%       6%                  5%          5% 5%
                                                                                                                                  4%4%           4%4%                    3% 4%



                -3%                                       -3%

          EBITDA     EBITDA     EBITDA              EBITDA              EBITDA     EBITDA     EBITDA              EBITDA       EBITDA     EBITDA     EBITDA                   EBITDA
         m argin 08 m argin 09 m argin 10           m argin            m argin 08 m argin 09 m argin 10           m argin     m argin 08 m argin 09 m argin 10                m argin
                                                     HY11                                                          HY11                                                        HY11


    Source: Company filings; operating income is assumed to be equivalent to EBIT for benchmarking purposes                  *Poultry division **Pork division ***Meat processing
    Note: Average excludes Cherkizovo                                                                                        ****Group margin




                                                                                                                                                                                         25
     8          Attractive Financial Profile
                Best In Class Financial Performance
                                        Significant Improvement in Financial Performance (RUB mln)
                                                   Sales Growth                                                                                                  EBITDA Margin (%)

                                          36,084.7                                                                                                             18.3%
                                                                                            89.1%                                                    17.8%                                                     18.3%
                              32,330.7
                                                                                                                                                                         15.3%
                     28,991.4                                                                                                     14.2%
                                                                                                  44.4%                                    13.1%                                                8.9%
                                                                                                                         11.5%
           20,992.7                                  19,723.6
                                                                                       20.6%                                                                                                7.3%
17,042.3


                                                                                6.1%                                                                                                   5.4%



                                                                               2.7%                                                                                                  2.6%
  2006      2007       2008      2009       2010      HY 11                                                               2006    2007      2008      2009      2010      HY 11
                                                                                Sales CAGR (2006-2010)                                                                                      EBITDA Margin 2010


                                               EBITDA Growth                                                                                                     Net Income Growth

                                          6,641.6
                                                                                                    77.3%                                                      4,386.7                                   61.8%
                                5,782.9
                                                                                                                                                     3,789.1
                                                                                                 48.4%                                                                                                 49.6%

                      3,786.4

           2,977.0                                   3,025.9                                42.1%                                                                                             N/M
                                                                                                                                           1,941.3                       1,888.5
                                                                                                                                 1,575.1
 1,967.1
                                                                                          35.6%                                                                                               N/M
                                                                                                                        876.1


                                                                                       (16.9)%                                                                                                 N/M

  2006      2007       2008      2009       2010      HY 11                                                               2006    2007      2008      2009      2010      HY 11
                                                                         EBITDA CAGR (2006-2010)                                                                                     Net Income CAGR (2006-2010)

                                                   Source: Company filings (figures as per company’s fiscal year end), broker estimates


                                                                                                                                                                                                                       26
9        Corporate Governance
         Strong Board of Directors




                                                 Igor Babaev
                                                   Chairman
                                         30+ years of experience in the
                                           Russian meat industry




     Sergey           Yury            Evgeny                   Musheg                Samuel B.          Marcus Rhodes
    Mikhailov        Dyachuk          Mikhailov               Mamikonian              Lipman            • Independent
                                                                                                          member
• CEO and        • Head of Legal   • Head of Project        • Independent         • Independent         • Chairman of Audit
  shareholder      Department        Development and          member                member                Committee
                                     shareholder            • President of Meat   • American poultry    • 20 years in audit
                                                              Union of Russia       expert              • 2002-2008 - Audit
                                                            • 20+ years of        • 20+ years of          Partner, E&Y
                                                              experience in the     experience in the   • Degrees from
                                                              industry              poultry industry      Loughborough
                                                                                                          University and
                                                                                                          ICA, Great Britain




                                                                                                                               27
9   Dedicated Management Team




      Sergey Mikhailov              Ludmila Mikhailova           Arthur Minosyants           Irina Ostryakova
           CEO                                CFO                         COO                   Head of
                                                                                             Communications
     • 11 years in the industry    • 10 years in the industry   • 15 years in the industry   • 11 years in
                                                                                               communications
     • Joined the Company in       • 2002-2004- Financial       • 2000-2006 – First          • 2007-2008-
       2001 as Director for          Analyst in General Mills     Deputy President for         Communications
       Marketing                     Corporation, Canada          Finance and                  Director – Carlsberg
     • Prior to that, founder of   • Prior to that - Head of      Economics,                   Eastern Europe
       aTelo telecommunications      corporate finance            Cherkizovsky MPP           • Prior to that –
       company, in Washington,      division of Cherkizovsky    • Prior to that – Finance      Communications
       DC                            MPP                          and Economics Director       Director at Mechel
     • BA from Georgetown          • BA from Finance              of Birulovsky Meat           OAO
       University (Finance and       Academy, Moscow;             Processing Plant           • BA from State
       Economics)                    MBA from York              • PhD in Economics from        Linguistic University,
                                     University, Canada           the Moscow Plekhanov         MBA from GSIB,
                                                                  Institute for National       Academy of National
                                                                  Economy                      Economy, Moscow




                                                                                                                        28
Appendix
1H2011 Consolidated Financial
        Statements
Key Consolidated Income Statement and Data

Period, US$ mln           1H2011      1H2010

Sales                      689.1      572.8
Cost of sales              519.3      409.2

Gross Profit              169.7       163.6

Gross Margin                25%        29%

                           94.3        75.5
Operating Expenses
                           105.7      113.0
EBITDA
                            15%        20%
EBITDA Margin

                           75.4        88.1
Operating Income

Operating Income Margin    11%         15%

Net Income                 66.0       74.1

As % of Sales              10%         13%




                                               31
Cherkizovo Group – Balance Sheet

 Period, US$ mln                              1H2011    2010

Cash and Equivalents                           39.1      68.2
Trade Accounts Receivable                      85.3      81.3
Inventory                                     225.4     183.2
Other Current Assets                          141.5     134.9
Total Current Assets                          491.3     467.6


Plant, Property and Equipment                1,237.1    934.9
Other Non-current Assets                      142.9      68.9
Total Non-current Assets                     1,380.0   1,003.8
Total Assets                                 1,871.3   1,471.4


Trade Accounts Payable                         89.0      73.3
Short-term Debt                               287.3     182.5
Other current liabilities                      83.5      50.6
Total current liabilities                     459.8     306.4
Long-term debt                                587.4     465.9
Other non-current liabilities                  35.4      29.0
Total non-current liabilities                 622.8     494.9
Shareholders’ equity                          788.7     670.1
Total Liabilities and Shareholders’ Equity   1,871.3   1,471.4




                                                                 32
Summary Consolidated Cashflow Statement

Period, US$ mln                        1H2011   1H2010


Net Income                               66.8    76.0
Depreciation                            29.8     24.9
Adjustments for Non-Cash Items            2.2     1.7
Change in Net Working Capital          (11.8)    12.1
Net Operating Cash Flow                 87.0    114.7

Purchases of PP&E                      (99.5)   (68.8)
Other Investing Cash Flow               (5.9)    (0.6)
Net Investing Cash Flow               (105.4)   (69.4)
Proceeds from/(Repayment of) Debt      (13.3)   (14.8)
Other financing Cash Flow               (3.8)    (8.5)
Net Financing Cash Flow                (17.1)   (23.3)
Exchange Rate Difference                  6.5    (2.0)
Net Increase in Cash and Equivalent    (29.0)    20.0




                                                         33
THANK YOU!




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