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									Investor Presentation


         May 2012
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                                                                                                                                                                                                   1
 Cherkizovo Group – The Integrated Meat Producer


                                                                               FY2011 Sales: $1,472.9m
                                                                               FY2011 EBITDA: $245.5m



                                   Poultry                                          Pork                            Meat Processing
                                   FY2011 Total sales: $691.5m                      FY2011 Total sales: $270.5m     FY2011 Total sales: $635.4m
                                   FY2011 EBITDA: $110.9m                           FY2011 EBITDA: $109.5m          FY2011 EBITDA: $41.7m



Market Position                     • #2 in Russia                                  • #3 in Russia                  • #2 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):
                                      260,200 *                                       91,400**                        145,270***


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



                                                                                                                                                  2
Overview of Results
      Key Highlights of 1Q2012
                                                                                                          EBITDA and EBITDA Margin Evolution, 2006-2011,
    SOLID FINANCIAL RESULTS*
                                                                                                          RUR mln
     Revenues increased 20% in RUR, and increased 16% to $357.8 mln                                                                CAGR +30%*
     Adjusted EBITDA* increased 80% in RUR, and 74% to $60.8 mln                                                                                        18%
                                                                                                       8000,0                                   18%                           20%
     Adjusted EBITDA* margin increased form 11% to 17%                                                                                                                       18%
                                                                                                       7000,0
                                                                                                                                                                9%      17%
     Gross profit increased 50% in RUR and 45% to $93.7 mln                                                                                                                  16%
                                                                                                       6000,0                                    15%
                                                                                                                                       13%
     Group gross margin increased to 26%                                                                                                                          7214,1     14%
                                                                                                       5000,0                 14%
     Net income increased 121% in RUR and 114% to $39.3 mln                                                         12%                53%            6641,6
                                                                                                                                                                              12%

                                                                                                       4000,0                                                                 10%
     Net debt was at $775.0 million.                                                                                         27%             5782,9
                                                                                                                                                                              8%
                                                                                                       3000,0
     The effective cost of debt was 1.7%.                                                                           51%            3786,4                                    6%

                                                                                                       2000,0
      Net income per share increased 112% to $0.91                                                                         2997,0                                             4%
                                                                                                                1967,1
     Cash conversion rate (CCR)*** was 145%                                                           1000,0
                                                                                                                                                                              2%

                            * All figures compared to 1Q2011                                              0,0                                                                 0%
                                                                                                                 2006      2007      2008      2009      2010        2011
OPERATIONAL DEVELOPMENTS
                                                                                                                                    EBITDA, RUR mln     EBITDA margin, %
     Cherkizovo Group continued construction of its greenfield pork farms in Tambov, Voronezh
      and Lipetsk by launching three rearing facilities at all three complexes.
                                                                                                                Source: Management estimates, Company reports
                                                                                                                 CAGR growth is calculated between 2006 to 2011
     Cherkizovo Group has opened the first line of the poultry breeding facility, “Pervomayskaya”,
      at its Bryansk cluster. The facility, which was built as part of Cherkizovo’s ongoing poultry
      capacity increase project, consists of 28 bird houses, with a combined capacity of almost 1
      million broilers.
     Cherkizovo Group has built 21 additional bird houses at the poultry breeding facility
      “Vostochnaya”. Previously, this facility consisted of 4 bird houses with a capacity of 246 000
      broilers, but with the new bird houses, this has increased to 1 million heads.
     Cherkizovo Group’s shares and bonds have been transferred from quotation list ‘A 2’ to
      quotation list ‘A 1’ at MICEX
     Cherkizovo Group’s bonds were included into the Lombard List of the Central Bank of
      Russia.
     In May, Cherkizovo announced entering the dynamic and profitable turkey meat market



                                                                                                                                                                            4
     Group Performance
                                                                                                              1Q2011      1Q2012 % change % change
         Total sales increased 16% in USD terms and 20% in RUR                       US$/RUR rate             29.27        30.26           USD                 RUR
          terms
         Gross profit increased 45% in USD terms and 50% in RUR                      Total Sales, USD mln     308.2        357.8           16%               20%
          terms; gross margin increased to 26%
                                                                                      Gross Profit, USD mln        64.6      93.7           45%
         Operating expenses as percentage of sales were flat at 14%                                                                                          50%
         EBITDA increased 74% in USD terms and 80% in RUR terms,                     Gross Margin, %          21%           26%
          EBITDA margin increased to 17%
                                                                                      EBITDA, USD mln          34.9          60.8                             80%
         Net income increased 114% in USD terms and 121% in RUR                                                                            74%
          terms. Net income margin increased to 11%                                   EBITDA Margin, %         11%           17%

                                                                                       Net Income, USD mln     18.4          39.3           114%              121%
                                                                                      Net Income margin %       6%           11%



              Total Group Sales, USD mln                     EBITDA and EBITDA margin, USD mln, %                         Net Income, USD mln



                                                                                                 60.8         45                                       39.3
                                                        70
                                                                                                              40
    400
                                           357.8        60                   17%
                 308.2                                                                                        35
    350                                       16%                                                37%
                                                        50                                                    30                                       46%
    300           17%
                                                        40           34.9                                     25          18.4
    250
                  42%                           50%                                                           20
    200                                                 30           49%
    150                                                                                          53%          15
                                                        20                                                                 68%
    100                                                                                                       10                                       51%
                  41%                           34%     10           37%
     50                                                                                                        5            30%
      0                                                              14%                         10%                                                    3%
                                                        0                                                      0            2%
                1Q2011                    1Q2012                    1Q2011                  1Q2012                        1Q2011                   1Q2012

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

Source: Management estimates, Company reports
     Poultry Division

        Volumes increased by a robust 42% to appr. 75 860 tonnes                                    1Q2011 1Q2012                     % change % change
                                                                          US$/RUR rate                 29.27                              USD        RUR
        Prices decreased by 1% to $2.40 per kg for 1Q2012 (excl.                                                              30.26

         VAT) and increased by 2% to 72.50 RUR per kg (excl. VAT)        Total Sales, USD mln              139.4             189.3          36%                  40%
        Total sales increased 36% to $189.3 mln
        Gross Profit increased 82% to $47.8 mln, Gross Margin            Gross Profit, USD mln            26.2                47.8          82%                  89%
         increased to 25% due to lower grain prices and improved KPIs
        Operating expenses as a percentage of sales were flat at 13%     Gross Margin, %                  19%                 25%
        EBITDA increased 139% to $33.9 mln, EBITDA margin                EBITDA, USD '000                 14.2                33.9          139%                 147%
         increased to 18%
                                                                          EBITDA Margin, %                 10%                  18%
        Division profit increased 219% to $20.1 mln, division profit
         margin increased to 11%                                          Division profit USD '000          6.3                20.1          219%                 232%
                                                                         Division profit margin %           4%                 11%



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


                                                    200
                  $2.43      (1%)
    80                                 $2.40
    70                                              160                                              40                                                              30%

    60                                                                                               30
                                                                                                                                                      18%            20%
    50                                              120                            189.3             20
                                          75 860                                                                                            33.9
    40                                                                                               10
                                                                                                                          10%                                        10%
                                                     80     139.4                                                                                     20.1
    30           53 570                                                                                           14.2
                                                                                                                         6.3
                                                                                                       0                                                             0%
    20
                                                     40                                                            1Q2011                     1Q2012
    10
     0                                                0                                              EBITDA, US$ '000 (left axis)      Division profit, US$ '000 (left axis)
                1Q2011                   1Q2012           1Q2011              1Q2012                 EBITDA margin, % (right axis)

    Source: Management estimates, Company reports
    Investments to Drive Capacity and Efficiency Growth

    Bryansk Cluster Capacity Increase Overview                                   Volume sales (thous. sellable weight tonnes)

      The project is expected to double production of the cluster to
       75,000 live-weight tonnes by the end of 2012                        500                                     +142%*                                         470
      Sites launched: additional breeding facilities and bird houses,     450
                                                                                                                                                           +23%
       1st line of the new hatchery with an annual capacity of 43 mln                                                                                             110
       eggs                                                                400                                                    357 +6%        380
                                                                                                                                    2                20
      Sites to be launched in 2012-2013: 2nd line of the hatchery to      350
                                                                                                            +19%   310 +15%
                                                                                                                                   60                60           60
       increase capacity to 66 mln eggs, fodder factory.                   300
                                                                                                    260             55
                                                                           250           +34%
                                                                                                     33
                                                                           200       194
    Penza Cluster Capacity Increase Overview                               150                                                    295                300          300
                                                                                                                   255
                                                                           100                      227
                                                                                     194
      The project is expected to double production of the cluster to      50
       140,000 live-weight tonnes in 2013
                                                                            0
      Sites already launched: Incubation facility for 105 mln eggs per              2010            2011          2012E          2013E          2014E            2015E
       year, additional breeding facilities and bird houses and a state-
       of-the art slaughtering facility of 8,000 units per hour                                    Organic growth        Mosselprom       Elets project

      Sites to be launched in 2012: additional bird houses and a
       fodder factory.




                                                                                   * Expected increase in 2015 compared to 2010 levels
Source: Company, Management estimates
                                                                                   * For 2011 Mosselprom volumes are consolidated from 13 May 2011




                                                                                                                                                                          7
      Pork Division

                                                                                                      1Q2011                 1Q2012         % change %change
          Volumes increased 12% to appr. 22 660 tonnes                        US$/RUR rate                 29.37              30.26         USD      RUR
          Prices increased by 4% to $2.66 per kg in 2012* (excl. VAT)
                                                                              Total Sales, USD mln             58.0            62.1               7%               11%
           and by 7% to 80.53 RUR per kg (excl. VAT)
          Total sales increased 7% to $62.1 mln                              Gross Profit, USD mln            18.6            24.6              32%               37%
          Gross Profit increased 32% to $24.6 mln; Gross Margin               Gross Margin, %                 32%             40%
           increased to 40% due to grain prices
                                                                              EBITDA, USD '000                 18.6            23.9              29%               33%
          Operating expenses as a percentage of sales increased to
           10% due to new facilities launch                                   EBITDA Margin, %                 32%              38%
          EBITDA increased 29% to $23.9 mln; EBITDA Margin was
                                                                               Division profit USD '000        14.1             18.1             28%               32%
           38%
          Division profit increased by 28% to $18.1 mln, division profit     Division profit margin %         24%              29%
           margin was 29%


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

                                 4%   $2.66                                                               25                                                          45%
     25                                                70
                         $2.57                                                                                                                          39%
                                                                                                                                                       38%
                                                       60                                                 20
     20                                                                                                                       32%
                                                                                                                             32%                                      30%
                                                       50                                                 15
     15
                                                       40
                    20 220            22 660                                           62.1               10                                 23.9
                                                                                                                                                                      15%
     10                                                30         58.0                                                18.6
                                                                                                           5                 14.1                     18.1
                                                       20
       5                                                                                                   0                                                          0%
                                                       10
                                                                                                                       1Q2011                  1Q2012
       0                                                0
                                                                                                          EBITDA, US$mln (left axis)      Division profit, US$mln (left axis)
                    1Q2011            1Q2012                    1Q2011             1Q2012                 EBITDA margin, % (right axis)

    Source: Company
    * Company’s selling price




                                                                                                                                                                                8
 Cherkizovo Consolidates the Russian Meat Market

Greenfield construction in Tambov, Voronezh and Lipetsk                  Volume sales (thous. live-weight tonnes)
    Cherkizovo is constructing greenfields in Tambov,
                                                                                                              +111%*
     Voronezh and Lipetsk regions                                      200                                                                185,0    185,0+
    Sites will represent best-in-class integrated multi-site                                                                180,0+ +3%
                                                                       180                                                                12,5       12,5
                                                                                                                      +50%   12,5
     complexes, with breeding, rearing and fattening facilities
                                                                       160                                                                25,0       25,0
    Investment consideration of appr. $160mm, of which appr.                                                                25,0
                                                                       140                                   120.2
     20% will be funded by the Group, and the remaining 80% by                                        +32%                                37,5       37,5
                                                                                                              9,8            34,5
     bank loans                                                        120
                                                                                               91,4           23,3
    Breeding and rearing facilities at all three sites are launched   100       87,7 +4%
                                                                                               5,4            6,1
    Sites are expected to reach their full capacity by the end of     80        11,2          14,4
     2013                                                              60
                                                                                                                                          110,0     110,0
                                                                                                                             108,0
                                                                       40        76,5          71,6           81,0
                                                                       20

                                                                        0
                                                                                 2010          2011           2012E          2013E        2014E      2015E

                                                                                   Existing farms      Greenfield farms      Acquired farms   Orelselprom

                                                                                   Cost and scale synergies due to proximity of
                                                                                    new farms to existing Cherkizovo’s facilities
                                                                                   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




                                                                                                                                                             9
     Meat Processing Division

         Volumes decreased by 12% to appr. 29 115 tonnes                                          1Q2011 1Q2012                        % change             % change
                                                                             US$/RUR rate                   29.27           30.26
         Prices increased by 11% to $4.75 per kg for 2012* (excl.                                                                         USD                  RUR
          VAT) and increased by 14% to 143.82 RUR per kg                    Total Sales, USD mln            138.4           130.9              (5%)               (2%)
         Total sales decreased 5% to $130.9 mln                            Gross Profit, USD mln           19.9             21.9                                 14%
                                                                                                                                               10%
         Gross Profit increased 10% to $21.9 mln; Gross Margin
                                                                            Gross Margin, %                  14%             17%
          increased to 17%
         Operating expenses as a percentage of sales increased to          EBITDA, USD '000                  5.5              6.1            11%                  15%
          14%
                                                                            EBITDA Margin, %                 4%                5%
         EBITDA increased 11% to $6.1 million; EBITDA margin
          slightly increased to 5%                                          Division profit USD '000         0.4              1.3             221%                 233%
         Division profit was $1.3 mln, division profit margin was 1%       Division profit margin %         0.3%              1%



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

                                                   140                                                 10                                                             10%
                              11%    $4.75
     35              $4.30
                                                   120                                                  8                                                             8%
     30
                                                   100                                                  6                                                             6%
     25                                                                                                                                               5%
                                                    80
     20                                                                         130.9                   4                 4%                                          4%
                                                               138.4
                 33 200             29 115          60
     15                                                                                                                                      6.1
                                                                                                        2           5.5                                               2%
     10                                             40                                                                     0.4                         1.3
                                                                                                        0                                                             0%
      5                                             20
                                                                                                                    1Q2011                    1Q2012
      0                                              0                                                  EBITDA, US$mln (left axis)       Division profit, US$mln (left axis)
                 1Q2011             1Q2012                   1Q2011            1Q2012                   EBITDA margin, % (right axis)

Source: Company
* The company selling price




                                                                                                                                                                               10
 New opportunities – Cherkizovo enters turkey meat market

          Turkey meat production joint venture with Grupo Fuertes (Spain)
              Total investments in the project – 4,5 bln RUR (incl. VAT)

 Integrated turkey meat production complex                        Russian turkey meat market highlights

•Greenfield project in Tambov region on a 5000ha land plot        •Double-digit growth
• Production capacity: 25-30 thousand tonnes in sellable weight   •Growing demand for nutritional turkey meat
(possible increase to 50 thousand tonnes)                         •Retail prices 3x higher than for poultry meat
•Full-cycle production from fodder to package
                                                                  •Import is replaced with domestic production quickly
•Complex will go live in 2014 and reach full capacity in 2015

   Combining leading European experience and genetic resources in turkey production
            with Cherkizovo’s strong position on the Russian meat market
                                                                        Top turkey meat producers in Russia, in volume terms, %




                                                                                                                                  11
   Capital Expenditures and Debt

              Capital Expenditure, RUR mln                                                         Total Debt, RUR mln
                                                                           All Group Debt is in RUR, Cost of Debt for 1Q2012 was 1.7%
  10,000.0                                           8 698.3
                                                                                    30000

                                                      542.2                         25000          24,063.5
   8,000.0                                                                                                               23,625.7
                                                      1 344.9                                                                                 Short-term
                                                                                    20000            29%                                      Long-term
   6,000.0                                                                                                                  30%
                                                                                    15000
   4,000.0
                                                      6 811.2                       10000
                  1 369.4            1 135.2                                                         71%                    70%
   2,000.0          74.1
                                       81,3                                          5000
                    732.8              471.5
                    562.5              582.4
        -                                                                               0
                   1Q2011            1Q2012         2012Plan                                         2011                1Q2012
                      Poultry   Pork      Meat processing                                     7%                    7%                      Subsidized

                                                                                                                                            Non-subsidized
Poultry: investments into capacity                                                                            93%                   93%

Bryansk cluster: “Pervomaiskaya” poultry breeding facility: 1st line
launched in 1Q2012                                                                                                       2011             1Q2012
Penza cluster
“Vostochnaya” poultry breeding facility: 21 additional bird houses           Net debt, RUR mln                      23 154.1              22,729.5
launched in 1Q2012
                                                                             Cost of Debt                                1.8%                1.7%
Pork: investments into capacity
greenfield construction in Tambov, Voronezh, Lipetsk: rearing facilities     Debt/Equity                                  1.0x                1.0x
launched in 1Q2012
                                                                             Debt/EBITDA*                                 3.2x                3.1x
Meat processing: investments into Kaliningrad plant
                                                                             Interest coverage**                         16.6x              18.0x



                                                                           *Defined as EBITDA divided by interest expense

                                                                                                                                                     12
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




                                                                                   14
      1          The Russian Economy is Re-bounding Towards its Historical
                 Growth Path

  Real Disposable Income Growth (%)*                                                                                    Real GDP Growth (%)
   13.3%                                                                                                                      8.2%          8.5%                                                             10-13E World
                 10.4%                                                                                                                                                                                       CAGR: 3.1%
                                                                                                                                                       5.2%
                                                                                                                                                                           4.3%       4.3%          4.0%        4.0%

                                                             5.1%                        5.0%          5.0%
                                  2.7%
                                                                                                                                                                                                       10-13E Euro Area
                                                                            0.8%                                                                                (7.8%)                                   CAGR: 1.5%

                                              (2.0%)
      2006        2007            2008         2009          2010           2011         2012E         2013E                  2006          2007       2008      2009      2010       2011      2012E           2013E

Source: Rosstat, Broker estimates                                                                                     Source: Rosstat, Broker estimates
* Denotes real personal disposable income (% change pa)



  RUB/USD FX                                                                                                            Commodities Price Performance (rebased to 100)*
 40
                                                                                                                        250
                                                                                                                                                                                                           Estimates**
                                                                                                                        230                                                                                Q2 2012 Q4 2012
 36
                                                                                                                        210                                                                                    196.7

                                                                                                                        190
 32                                                                                                                                                                                                                       170.2
                                                                                                                                                                                                               159.2
                Current: 29.66                                                                                          170
                                                                                                                                                                                                                          169.6
 28                                                                                                                     150
                                             Avg. 28.59
                                                                                                                        130                                                                                    147.4
                                                                                                                                                                                                                          142.9
 24                                                                                                                     110

                                                                                                                         90                                                                                    Q2 2012E    Q4 2012E
                                                                                                                                                                 Wheat        Corn         Soybean
 20
   Март      Ав густ   Фев раль   Ав густ   Фев раль   Ав густ   Фев раль   Ав густ   Фев раль   Ав густ   Фев раль
                                                                                                                         70
  March.07 2007
   2007                    Aug.08
                         2008   2008          2009 Aug.09
                                                      2009         2010 Aug.10
                                                                          2010           Aug.112011
                                                                                       2011       March.12
                                                                                                      2012               Mar 10    Jun 10     Sep 10   Dec 10   Mar 11   Jun 11   Sep 11   Dec 11     Mar 12


Source: Bloomberg
                                                                                                                      Source: Bloomberg
                                                                                                                      * Prices for Wheat (Cts/Bu), Soyabeans (C/Bushel), Barley (CAD/MT) and Corn (yellow)
                                                                                                                      ** Rebased to 100 at September 1, 2009




                                                                                                                                                                                                                          15
    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 (2011)                                       Russian Meat Market evolution

                                                          Biological norm – 75 kg
                                                                                      Production Volume
                                                                    2016E
   110                                                                                (mln tonnes)

    90                                                                                                                                        6,2    6,6   7,1   8,4 9,2
                                                               72                            4,4   4,4   4,6   4,9   4,9    4,9   5,1   5,6
                109
    70                    93         83          76                          78
                                                               65
    50
            USA       Australia    Canada        EU        Russia            USSR
                                                                            (1988)

Source: Russian Meat Union, FAPRI, Global Insight, World Bank Database
                                                                                     Source: Russian Meat Union
  Shift in Russian Meat Market Structure (volume)1
                                                                                      Production value1                                                          70,1
                                                                                      (US$ bn)
         Pork          33%                31%           34%                  33%
                                                                                                                                              35,8 31,0 35,8
      Poultry          27%
                                                                                                                            23,6 24,4 26,1
                                          39%           39%                                                          18,2
                                                                             41%
                                                                                             6,9   9,4   10,1 12,8
         Beef
                       38%
                                          28%           25%                  24%
         Mutton         2%                2%             2%                   2%

                       2000               2009          2011                 2015E

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)




                                                                                                                                                                           16
               2   Well Positioned to Drive Industry Consolidation


                    Fragmented market creates a platform for organic growth and consolidation

           Meat Processing*                                                    Poultry**                                                                      Pork***
                         Ostankino                                                                                                                                                    Miratorg
                           5.9%                                                                                                                                                        7,7%
                                                                                                                     Prioskolie
                                     Cherkizovo                                                                       14,1%
                                                                                                                                                                                                  Agro-Belogorie
                                       5,4%                                                                                                                                                           5,7%
                                                                                                                              Cherkizovo Group
                                              ABI Group                                                                            10,1%
                                                                                                                                                                                                         Cherkizovo Group
                                                4,4%
                                                                                                                                                                                                               5.4%

                                                   Prodo                                                                                                                                                      Prodo
                                                                      Others                                                                                                                                  3,8%
                                                   4,2%
                                                                      45,7%                                                                Severnaya                                                          Rusagro
                                                                                                                                        poultry farm 5,9%                                                      3,4%
                                                          Mikoms
                                                                                                                                                                                                              Agrarian Group
                                                           2,5%                                                                                                                                                   3,3%
                                                                                                                                     Resurs
                                                                                                                                      5,8%                  Others                                            KoPitania
                                                         Tsaritsino                                                                                         61,7%                                               3,2%
                                                           2,4%                                                                                                                                            Komos Group
                                                        Tavr                                                                      Belgrankorm                                                                 2,1%
                                                                         Alpi Holding
                                                       1,0%                                                                           5,6%
                                                  Dymov                     1,6%                                                                                                                     Eksima
      Others                                                                   Chelny Broiler                                Prodo-Trade                                                              1,9%
                                                   1,0%                                                     Belaya Ptitsa
      73,2%                                                                         1,7%                                        4,8%                                                    APK Don
                                                                                                                2,9%                                                                     1,8%
                                                                                                Lisko Broiler
                                                                                                    1,8%



        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 Estimates                   Source: Russian Poultry Union, Company                                            Source: National Pork Union of Russia, Company
(1)         * In volume terms (2011)
(2)         ** In volume terms (slaughter-weight, 2011)
(3)         *** In volume terms (live weight, 2011)
(4)         **** Management estimates



                                                                                                                                                                                                                      17
    3      Leading Portfolio of Brands

             Strong portfolio of federal brands covering the entire price spectrum

                                                                               Poultry           Meat Processing
Powerful well-known brands
                                                                   National            Local   National    Local
    – Cherkizovsky products enjoy very high levels
      of brand recognition and customer loyalty in
      the Central Russia and Volga region             Premium
    – Petelinka accounts for almost all of the
      Company’s chilled cut poultry sales                       # 1 in Moscow region
    – Petelinka – #1 brand in Moscow and Moscow
      region
    – Chicken Kingdom has very high customer
      loyalty throughout the Central Federal District
      of Russia                                       Medium
    – During 2011 we added the high-profile
      Mosselprom brand to our portfolio



                                                    Low




                                                                                                                   18
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*, 2011         by channel*, 2011
Belgorod           Penza
                      Ulyanovsk                                                                                                  13%
           Rostov                 Ekaterinburg                                     23%
                                  Chelyabinsk                                21%
                                                                                                        40%
       Labinsk                                                                  14%
                                                       55%

                                                                                        22%
                                                                                                                                      47%

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


                                                 *Source: Company




                                                                                                                                              19
  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




                                                                                                                                                                        20
    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 that provides a hedge
                                                                              against grain price increase




                                                                                                                                  21
    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         Kaliningrad
                                                          4.3                                         Moscow
        and processing plants use finest breeds                                                        121.3 .
        and latest technologies                                                    Bryansk
                                                                                    71.0
                                                                                                           .
                                                                                                        56.0
                                                                                                        10.8
                                                                                              Tula      31.0
       Cherkizovo controls the quality for the                                  Kursk
                                                                                         Orel     22.0
                                                                                           12.5 Lipetsk
        customer throughout the production                                           12.0       85.0
                                                                                                 50. 0 Tambov
        chain                                                                             12.5 12.5 25. 0 Penza
                                                                                                                  .
                                                                                                               70.5 Ulyanovsk
                                                                                         Voronezh              83.0
                                                                                                      12.5            8.6
       Pork quality confirmed by “Ecological                                                  12.5            12.5

        Product” certification


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




                                                                                                                                22
            7          Favourable Regulatory and Tax Environment

               Import Quotas and Regulation                      Subsidised Interest Rate Rebate                              Attractive Tax Regime

         Poultry import – all imports are leg
          quarter parts, no bird in whole is allowed                   Effective cost of debt is 2%                        Attractive tax rate for agricultural
         Russia’s admission to WTO – pork                              in 2011                                              producers
          quotas will remain at the level of 2012                      Attractive returns on                               Low effective Group tax rate
          until 2020 and poultry quotas - until 2020                                                                        Government considers
          and beyond. After 2020 duty on pork will                      invested capital
          be 25%                                                                                                             prolongation of the zero rate
         Duty on import of live pigs will
          decrease from 40% to 5% in the second
          half of 2012.



        Import quotas (000’ tonnes)                                     Debt Structure as of 2011                     Profit Tax Rate for Producers, %

         500                                                                    RUR 24,063.5 mln
         450                                                                                                      24
                                                                                        7%                                    24
         400                                                                                                                 24                                              20
                                                                                                                                                        18
         350
                                             500
         300                                                                                                      18          18

         250                                                                                                                 18
                                                    430                                    93%
         200          350
         150
                              330                                                                                 12          12
                                                                                                                             12
         100
          50
                                                                                                                      6           6
           0                                                                                                                  6
                     2011     2012           2011    2012
                                                                                             1
                                                                                                                                      0
                    Poultry import quotas   Pork import quotas                  Subsidized       Not subsidized       0           0
                                                                                                                      2010      2012
                                                                                                                              0 2011      2013
                                                                                                                                          2012    2014
                                                                                                                                                  2013        2015
                                                                                                                                                              2014    2016
                                                                                                                                                                      2015         2017
                                                                                                                                                                                   2016    2018
                                                                                                                              2012        2013   2014        2015    2016         2017    2018




         Opportunity for domestic producers                                            High EBITDA to Net Income conversion ratio

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




                                                                                                                                                                                          23
8      Attractive Financial Profile
       Profitability

                                       Leading profitability indicators (EBITDA margin %)

      Poultry                                                         Pork                                                     Meat processing

             Cherkizovo*                Brazil Foods****                   Cherkizovo**                China Yurun****                 Fleury Michon****          Atria****
                                                                           People's Foods****          Brazil Foods****                Cherkizovo***              HKScan****

                                                                       40%                          41%           41%
                                                                                     37%
                       26%

                                     21%
         18%
                                                   16%
                                         Avg. 8%       13%                                14%          14%
                                        12%                               Avg. 10%
             10%                                                                                                        13%
                                                                                                          12%                     Avg. 6%        Avg. 6%        Avg. 6%         Avg. 4%
                          Avg. 6%                                             10%
                                             7%                           9% 9%          Avg. 9%       Avg. 10%    Avg. 10%                     9%
                           6%                                                                                                    8%                            8% 7%   8%
                                                      Avg. 5%                                 6%                   8%                                                     7%
            Avg. 4%                                                                         5%            4%                       6%              6%4%5%        5% 5%      4%
                                                                                                                                    4%4%                                 4%
                                                                                                                        2%




          EBITDA    EBITDA    EBITDA    EBITDA                           EBITDA         EBITDA    EBITDA           EBITDA         EBITDA         EBITDA    EBITDA              EBITDA
         margin 08 margin 09 margin 10 margin 11                        margin 08      margin 09 margin 10        margin 11      margin 08      margin 09 margin 10           margin 11




    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




                                                                                                                                                                                          24
     8          Attractive Financial Profile
                Best In Class Financial Performance
                                        Significant Improvement in Financial Performance (RUB mln)
                                                   Sales Growth                                                                                               EBITDA Margin (%)

                                                     43,284.4
                                          36,085.1                                                                                                          18.4%
                                                                                           60.4%                                                  17.8%                                                   16.7%
                              32,330.7                                                                                                                                16.7%

                     28,991.4                                                                                                  14.2%
                                                                                              30.9%                                     13.1%                                               12.7%
                                                                                                                      11.5%
           20,992.7
                                                                                      20.4%                                                                                               8.2%
17,042.3


                                                                             6.8%                                                                                                   5.6%



                                                                            4.5%                                                                                                  5.1%

  2006       2007      2008      2009       2010      2011                                                             2006     2007     2008      2009      2010      2011
                                                                             Sales CAGR (2006-2011)                                                                                      EBITDA Margin 2011


                                               EBITDA Growth                                                                                                  Net Income Growth
                                                     7,214.1
                                                                                                                                                                      4,344.2
                                          6,635.6                                                     44.4%                                                 4,385.6                                       37.7%

                                5,782.9                                                                                                           3,789.1
                                                                                            30.0%                                                                                                 29.1%

                      3,786.4

           2,977.0                                                                         28.0%                                                                                             15.4%
                                                                                                                                        1,941.3
                                                                                                                              1,575.1
 1,967.1
                                                                                    9.8%                                                                                                  12.0%
                                                                                                                      876.1


                                                                                    7.6%                                                                                             (11.5%)
  2006       2007      2008      2009       2010      2011                                                             2006     2007     2008      2009      2010      2011
                                                                                                                                                                                  Net Income CAGR (2006-2011)
                                                                              EBITDA CAGR (2006-2011)

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


                                                                                                                                                                                                                  25
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




                                                                                                                               26
9   Dedicated Management Team




            Sergey Mikhailov              Ludmila Mikhailova           Arthur Minosyants
                 CEO                                CFO                         COO

           • 11 years in the industry    • 10 years in the industry   • 15 years in the industry

           • Joined the Company in       • 2002-2004- Financial       • 2000-2006 – First
             2001 as Director for          Analyst in General Mills     Deputy President for
             Marketing                     Corporation, Canada          Finance and
           • Prior to that, founder of   • Prior to that - Head of      Economics,
             aTelo telecommunications      corporate finance            Cherkizovsky MPP
             company, in Washington,      division of Cherkizovsky    • Prior to that – Finance
             DC                            MPP                          and Economics Director
           • BA from Georgetown          • BA from Finance              of Birulovsky Meat
             University (Finance and       Academy, Moscow;             Processing Plant
             Economics)                    MBA from York              • PhD in Economics from
                                           University, Canada           the Moscow Plekhanov
                                                                        Institute for National
                                                                        Economy




                                                                                                   27
Appendix
1Q2012 Consolidated Financial
        Statements
Key Consolidated Income Statement and Data

Period, USD mln            1Q2012    1Q2011

Sales                      357.8      308.2
Cost of sales             (264.1)    (243.6)
Gross Profit                93.7       64.6
Gross Margin                26%        21%

Operating Expenses        (51.5)      (43.2)
EBITDA                      60.8       34.9

EBITDA Margin               17%        11%

Operating Income            42.2       21.3

Operating Income Margin     12%         7%

Net Income                  39.3       18.4

As % of Sales               11%         6%




                                               30
Cherkizovo Group – Balance Sheet

 Period, USD mln                              1Q2012   2011

Cash and Equivalents                           30.6      28.3
Trade Accounts Receivable                      77.7      77.6
Inventory                                     237.7     219.4
Other Current Assets                          108.2      98.6
Total Current Assets                          454.2     423.9


Plant, Property and Equipment                1,329.5   1,197.6
Other Non-current Assets                       76.4      69.4
Total Non-current Assets                     1,405.9   1,267.0
Total Assets                                 1,860.1   1,690.9


Trade Accounts Payable                         78.1      88.2
Short-term Debt                               238.9     214.2
Other current liabilities                      61.4      55.9
Total current liabilities                     378.4     358.3
Long-term debt                                566.7     533.6
Other non-current liabilities                  44.4      41.5
Total non-current liabilities                 611.1     575.1
Shareholders’ equity                          839.4     727.3
Total Liabilities and Shareholders’ Equity   1,860.1   1,690.9




                                                                 31
Summary Consolidated Cashflow Statement

Period, USD mln                       1Q2012   1Q2011


Net Income                              40.3    18.4
Depreciation                           18.3     13.6
Adjustments for Non-Cash Items         (2.1)     0.6
Change in Net Working Capital            0.5    (0.3)
Net Operating Cash Flow                57.0     32.3

Purchases of PP&E                     (40.8)   (42.1)
Other Investing Cash Flow                0.1    (9.2)
Net Investing Cash Flow               (40.7)   (51.3)
Proceeds from/(Repayment of) Debt     (14.2)     1.9
Other financing Cash Flow              (2.5)     0.0
Net Financing Cash Flow               (16.7)     1.9
Exchange Rate Difference                2.8       4.4
Net Increase in Cash and Equivalent     2.3    (12.7)




                                                        32
    Transformational Project – Elets Agroindustrial Park

New production – 125 000 tonnes of poultry, sellable-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, sellable-weight tonnes
                                                                           500                                                                               470
                                                                           450
                                                                                                                                               380           110
•       Incubation site – 230 mln incubation eggs per year                 400                                                   357
                                                                                                                                               20 110
                                                                           350                                                    2
•       5 broiler sites for 280 broiler houses and 4 parent stock sites    300
                                                                                                                             2           20

•       Fodder plant – 90 tonnes of fodder per hour                        250                                                                 360           360
                                                                                                                                 355
•       Poultry slaughter and processing plant – 24 000 units per hour     200
                                                                                                                310
                                                                           150                      260
•       Pig slaughter and processing plant – 650 units per hour            100
                                                                                        194
                                                                                      194
                                                                                                    228        255          295          300           300

•       Transport and logistical infrastructure                             50

                                                                                0
                                                                                      2010          2011        2012E            2013E         2014E         2015E

                                                                                              Organic growth and Mosselprom              Elets project
                                                                                                                                                        Investments,
    Estimated project parameters                                                                                                                        mln RUR
                                                                                                  POULTRY PROJECT                                       (excl. VAT)  per 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                    230 mln eggs                                                  847        3,7
                                                                    Slaughter plant          24 000 units per hour    113,1 mln units per year                3061      27,1
    •   Debt maturity – 10 years                                    Logistics                                                                                 1169
                                                                                                                             TOTAL                           14564



                                                                                                                                                                      33
             Alexander Kostikov
Head of Investor Relations and Communications
          +7 495 788 3232 ext. 5019

      a.kostikov@cherkizovo-group.com




                                                34

								
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