Investor Presentation

1. Investor Presentation June 2011

2. Disclaimer By attending this presentation, you agree to be bound by the foregoing limitations. This presentation has been prepared by OJSC Cherkizovo Group (the "Company") solely for use in connection with the presentation to investors of the Company’s annual financial and production results and is not made in contemplation of any offering of any of the Company’s securities. This presentation is strictly confidential to the recipient and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, by any medium or for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. 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3. Cherkizovo Group – The Integrated Meat Producer 2010 Sales: $1,188.2m 2010 EBITDA: $218.7m Poultry 2010 Total sales: $501.0m 2010 EBITDA: $106.1m Pork 2010Total sales: $222.2m 2010 EBITDA: $90.2m Meat Processing 2010 Total sales: $529.4m 20010 EBITDA: $36.9m • #1 in Russia • #2 in Russia • #3 in Russia Market Position • Sausages, salamis, fresh retail-format meat, ready-to-cook products Key Products • Chilled/frozen poultry • Live pigs, pork carcasses, fresh pork cuts Key Brands Production Facilities • 4 clusters • Total capacity (t.p.a): 230,000 * • 7 plants • Total capacity (t.p.a): 195,000*** • 7 farms • Total capacity (t.p.a):115,000** Source: Poultry Union of Russia, Pork Union of Russia, Meat Union of Russia, Company’s Financials * Sellable product, as of 2011E ** Live weight, as of 2011E *** Prepared products, as of 2011E

4. Overview of Results

5. Revenues increased 14% in RUR, and increased 16% to $308.2 mln Adjusted EBITDA* decreased 31% in RUR, and 30% to $34.9 mln Adjusted EBITDA* margin was 11% Gross profit decreased 14% in RUR, and decreased 12% to $64.6 mln Group gross margin was 21% Net income decreased 44% in RUR, and decreased 42% to $18.4 mln Net debt increased 3% in RUR, and was $642.1 million. The effective cost of debt remained at 2%. Commenced the poultry breeding facility, “Komarovka”, at its Penza cluster, built as part of ongoing poultry capacity increase project in Penza, consisting of 34 bird houses, with a combined capacity of almost 1.1 million broilers. Commenced a second line at the poultry breeding facility in its Bryansk cluster, consisting of 26 bird houses, with a combined capacity of almost 880,000 broilers. Cherkizovo has reached an agreement to acquire 100% of Mosselprom - the diversified vertically-integrated agro-industrial group. Mosselprom’s production activities include the following: poultry, pork, feed production and grain businesses. Subsequently, the strategic acquisition was completed on 16th May, 2011. Key Highlights of 1Q2011 EBITDA and EBITDA Margin Evolution, 2006-2010, RUR mln SOLID FINANCIAL RESULTS CAGR +28%* 18% 7000,0 20% 18% 15% 18% 6000,0 16% 13% 5000,0 6641,5 14% 53% 14% 12% 4000,0 12% 26% 10% 3000,0 8% 5782,9 52% 6% 2000,0 3786,5 2997,0 4% 1967,1 1000,0 2% OPERATIONAL DEVELOPMENTS 0,0 0% 2006 2007 2008 2009 2010 EBITDA, RUR mln EBITDA margin, % Source: Management estimates, Company reports  CAGR growth is calculated between 2006 to 2010 4

6. Group Performance 1Q2010 1Q2011 % change% change $US RUR • Total sales increased 16% in US$ terms and 14% in RUR terms reflecting solid organic volume growth across all segments • Gross profit decreased 12% in US$ terms and 14% in RUR terms; gross margin was 21% due to lower than expected selling prices and rising costs • Operating expenses as percentage of sales were flat at 14% • EBITDA decreased 30% in US$ terms and 31% in RUR terms, EBITDA margin was at 11% • Net income decreased 42% in US$ terms and 44% in RUR terms. Net income margin was 6% US$/RUR rate 29.89 29.27 Total Sales, US$ mln 265.0 308.2 14% 16% Gross Profit, US$ mln 73.5 64.6 (12)% (14%) 21% 28% Gross Margin, % Gross Margin, % EBITDA, US$ mln 49.6 34.9 (31%) (30%) EBITDA Margin, % 19% 11% Net Income, US$ mln 31.9 18.4 (42%) (44%) 12% 6% Net Income margin % Total Group Sales, US$ mln EBITDA and EBITDA margin, US$ mln, % Net Income, US$ mln 308.2 31.9 265.0 49.6 17% 39% 41% 37% 34.9 17% 18.4 19% 11% 42% 42% 49% 68% 46% 50% 37% 41% 41% 31% 14% 17% 9% 1% Source: Management estimates, Company reports

7. Poultry Division 1Q2010 1Q2011 % change % change US RUR • Volumes increased by a robust 15% to appr. 53,570 tonnes • Prices increased by 5% to $2.43 per kg for 1Q2011* (excl. VAT) and increased by 3% to 71.07 RUR per kg (excl. VAT) • Total sales increased 18% to US$139.4 mln • Gross Profit decreased 23% to US$26.2 mln, Gross Margin was 19% due to high input costs and lower selling prices • Operating expenses as a percentage of sales were flat at 13% • EBITDA decreased 40% to US$14.3 mln, EBITDA* margin was 10% for 1Q2011 • Division profit decreased 60% to US$6.3 mln, division profit margin was 5% Total Sales, US$ mln 118.5 139.4 18% 15% Gross Profit, US$ mln 33.9 26.2 (23%) (24%) 29% 19% Gross Margin, % EBITDA, US$ '000 23.9 14.3 (40%) (41%) EBITDA Margin, % 20% 10% Division profit US$ '000 15.8 6.3 (60%) (61%) Division profit margin % 13% 5% Volume and Price** Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 2.43 139.4 5% 2.32 118.5 18% 53,570 15% 46,570 23.9 15.8 14.3 6.3 Source: Management estimates, Company reports  Average exchange rate for 2009 was 31.72 RUR/1 USD, for 2010 the average rate was 30.37 RUR/1 USD ** Company’s selling price

8. 600 500 125 400 79,5 3,1 60 60 60 58,9 300 36,7* 200 295 295 295 287,6 234,3 194,1 100 0 2010 2011E 2012E 2013E 2014E 2015E Organic growth Mosselprom Elets project Investments to Drive Capacity and Efficiency Growth Volume sales (thous. slaughter-weight tonnes) Bryansk Cluster Capacity Increase Overview • The project is expected to double production of the cluster to 63,500 live-weight tonnes at the end of 2011 • Investment of approximately $62 mln supported by long-term subsidized loans • The project is a brownfield construction of breeding facilities and a new hatchery with an annual capacity of 43 mln eggs • First site is launched at end of 2010 +147%* 480 +11% 434,5 +21% 358,1 +3% 346,5 +28% 271 Penza Cluster Capacity Increase Overview +40% • The project is expected to double production of the cluster to 120,000 live-weight tonnes at the end of 2011 • Investment of approximately $120 mln supported by long-term subsidized loans • First site is launched in March 2011 • The project is a brownfield construction of: • Incubation facility for 105 mln eggs per year • Additional breeding facilities • State-of-the art slaughtering facilities of 8,000 units per hour 194,1 Zarechnaya Site Acquisition, 2010 • Located in the Penza region in proximity of Vasilyevskaya poultry site • Broiler breeding site with annual production capacity of 22,500 live-weight tonnes once operational – expected in 2H2011 * Expected increase in 2015 compared to 2010 levels * For 2011 Mosselprom volumes are consolidated from 13 May 2011 Source: Company, Management estimates

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

10. Transformational Project – Elets Agroindustrial Park New production–125 000tonnes of poultry, slaughter-weight Investments into total project – 19.5bln roubles Production volumes, 000, slaughter-weight tonnes Construction of state-of-the-art sites in one production area 420,0 375,0 • Incubation site – 160 mln incubation eggs per year • 5 broiler sites for 280 broiler houses and 4 parent stock sites • Fodder plant – 90 tonnes of fodder per hour • Poultry slaughter and processing plant – 24 000 units per hour • Pig slaughter and processing plant – 650 units per hour • Transport and logistical infrastructure 125,0 79,5 298,1 11% 3,1 26% 4% 22% 18% 295,0 295,0 295,0 290,0+ 235,0+ 194,1 Estimated project parameters Strategic benefits • Est. Debt – 15,6 bln RUR • Est. Equity – 3,9 bln RUR • Est. Payback – 6,5 years • Cost of Debt – 0,22% • Debt maturity – 10 years • Significant benefits of scale and efficiency • Beneficial location provides direct access to the high marginal Moscow and Central region markets • Synergetic effect with existing operations

11. Pork Division • Volumes increased 5% to appr. 20,220 tonnes • Prices increased by 12% to $2.57 per kg in 1Q2011* (excl. VAT) and by 10% to 75.27 RUR per kg (excl. VAT) • Total sales increased 21% to US$58.0 mln • Gross Profit decreased 4% to US$18.6 mln; Gross Margin was 32% due to depressed selling prices and higher input costs • Operating expenses as a percentage of sales decreased to 7% reflecting economies of scale • EBITDA decreased 4% to US$18.5 mln; EBITDA Margin was 32% • Division profit was flat at $US14.1 mln, division profit margin was 24% 1Q2010 1Q2011 % change % change US RUR Total Sales, US$ mln 47.9 58.0 21% 18% Gross Profit, US$ mln 19.4 18.6 (6%) (4%) Gross Margin, % 32% 41% EBITDA, US$ mln 19.2 (6%) 18.5 (4%) EBITDA Margin, % 40% 32% Division profit, US$ mln 14.1 14.1 2% 0% 30% 24% Division profit margin % Volume and Price* Dynamics EBITDA and Division Profit, US$ mln Total Sales, US$ mln 2.57 58.0 2.29 12% 47.9 21% 20,220 53,800 5% 19.2 18.5 19,190 14.1 14.1 Source: Company * Company’s selling price

12. Cherkizovo Consolidates the Russian Meat Market Volume sales (thous. live-weight tonnes) Acquisition of new farms in Lipetsk and Penza • In November 2010 Cherkizovo acquired two greenfield pork complexes: • Located in Penza and Lipetsk regions best-in-class integrated multi-site complexes, each complex includes breeding, rearing and fattening facilities • Transaction price of $100mln including $80mln of subsidized debt (effective interest is appr. 3%) represents cost of construction 237,4 +14% +171%* 207,4 +15% 180,7 +15% 156,9 +67% 94,1 87,7 +7% Greenfield construction in Tambov, Voronezh and Lipetsk • Cherkizovo is constructing greenfields in Tambov, Voronezh and Lipetsk regions • Sites will represent best-in-class integrated multi-site complexes, with breeding, rearing and fattening facilities • Investment consideration of appr. $160mm, of which appr. 20% will be funded by the Group, and the remaining 80% by bank loans • Sites are expected to become operational during 2011 in Tambov and Voronezh and during 2012 in Lipetsk • 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 Source: Company, Management estimates

13. Meat Processing Division • Volumes increased 8% to appr. 33,200 tonnes on consumer demand • Prices increased by 13% to $4.30 per kg for 1Q2011* (excl. VAT) and increased by 11% to 125.75 RUR per kg • Total sales increased 23% to US$138.4 mln on volume and price increases • Gross Profit decreased 2% to US$19.9 mln; Gross Margin decreased from 18% to 14% • Operating expenses as a percentage of sales were flat at 13% • EBITDA decreased 35% to US$5.5 million; EBITDA margin decreased to 4% • Division profit was US$0.4 mln, division profit margin was 0.3% 1Q2010 1Q2011 % change % change US RUR Total Sales, US$ mln 112.8 138.4 23% 20% 19.9 (2%) Gross Profit, US$ mln 20.3 (4%) 18% Gross Margin, % 14% EBITDA, US$ mln 8.4 (35%) (36%) 5.5 EBITDA Margin, % 7% 4% Division profit, US$ mln 4.3 (91%) (91%) 0.4 4% 0.3% Division profit margin % Volume and Price* Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 4.30 138.4 13% 3.80 23% 112.8 33,200 8% 130,000 8.4 30,790 5.5 4.3 0.4 Source: Company * The company selling price

14. Capital Expenditures and Debt Subsidised Non-subsidised Capital Expenditure, US$ mln Total Debt, US$ mln All Group Debt is in RUR, Cost of Debt for 1Q2011 was 1.8% 46.8 648 698 25.4 25.0 72% 71% 1.1 12.6 19.2 11.2 29% 28% 2.4 0.5 12% 12% Poultry: Penza cluster: - slaughter facility: 8000 units/hour – US$40 mln total project - capacity increase: additional 36,000 tonnes in 2012 – US$100 mln total project Bryansk cluster - capacity increase: additional 30,000 tonnes in 2011 – US$62 mln total project Pork: - greenfield construction in Tambov, Voronezh, Lipetsk – US$160 mln total project - capex into acquired farms in Penza and Lipetsk Meat processing:capital maintenance 88% 88% 2010 1Q2011 Net debt, US$ mln 580.2 642.1 Cost of Debt 2.5% 1.8% Debt/Equity 1.0x 1.0x Interest coverage* 11.1x 13.7x * Defined as EBITDA divided by interest expense

15. Investment Highlights

16. 2 3 4 6 7 5 8 9 1 Investment Highlights Attractive market fundamentals Well positioned to drive industry consolidation Leading portfolio of brands Best in class distribution network reaching a well-diversified customer base Vertically integrated within the segments Well-invested production assets Favourable regulatory and tax environment Attractive financial profile Strong management team and corporate governance

17. The Russian Economy is Re-bounding Towards its Historical Growth Path 1 Real Disposable Income Growth (%) Real GDP Growth (%) 09-12E World CAGR: 3.7% 09-12E Euro AreaCAGR: 1.7% Source: EIU Source: EIU, Global Insight RUB/USD FX Commodities Price Performance (rebased to 100)* Estimates** 187.4 Avg. 30.15 150.1 161.2 132.9 127.4 121.7 Current: 28.76 121.6 117.5 2012E 2011E Source: FactSet as of March 15, 2011 • Source: EIU, Bloomberg, Datastream, Business Monitor International as of March 15, 2011 • * Prices for Wheat (Cts/Bu), Soyabeans (C/Bushel), Barley (CAD/MT) and Corn (yellow) • ** Rebased to 100 at August 31, 2009 16 16 16

18. The Russian Meat Market is a Sizeable and Fast Growing Opportunity Production Volume(mln tonnes) 1 Significant growth of Russian economy and disposable income creates significant opportunities for the domestic meat market Annual Per Capita Meat Consumption, kg (2010) Russian Meat Market evolution Biological norm – 75 kg 2015E CAGR: 4.9% 72 Source: Russian Meat Union (Russia and USSR), USDA (other regions) Source: Russian Meat Union Shift in Russian Meat Market Structure (volume)1 Production value1(US$ bn) CAGR: 16.7% Poultry Beef Pork Source: Russian Meat Union 1 Basing on internal consumption Source: Russian Meat Union 1 Meat prices in 2010 -2015 assumed to grow at CPI rate (EIU) 17 17 17

19. 2 Well Positioned to Drive Industry Consolidation Fragmented market creates a platform for organic growth and consolidation Meat Processing* Poultry** Pork*** Top 3 producers in USaccount for approx. 38% of the market**** Top 3 producers in US account for approx. 50% of the market**** Top 3 producers in US account for approx. 57% of the market **** Source: Russian Poultry Union, Company Source: Meat Union Estimates, Company Source: National Pork Union of Russia, Company • * In volume terms (2010) • ** In volume terms (slaughter-weight, 2010) • *** In volume terms (live weight), 2010 • **** Management estimates

20. 3 Leading Portfolio of Brands Strong portfolio of federal brands covering the entire price spectrum • Powerful flagship brands • Petelinka and Chicken Kingdom account for almost all of the Company’s chilled cut poultry sales • Petelinka and Chicken Kingdom account for most frozen poultry sales • High brand awareness • Petelinka – #1 brand in Moscow and Moscow region in 2008 and 2009, enjoying 70% of customer loyalty • Chicken Kingdom – #1 brand in frozen and chilled poultry in Russia in 2008 and 2009* • Cherkizovsky: best Russian brand 2007, nominated by the Russia Brand Academy • Meat processing: Grand Prix awards at the 2009 ProdExpo International Exhibition Poultry Meat Processing National National Local Local Premium # 1 in Moscow region Medium Low * Gallup and ScanMarket 2009 research

21. 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 • Unique software system to ensure timeliness and quality of delivery Meat Processing breakdown of sales by channel*, 2010 Poultry breakdown of sales by channel*, 2010 21% 16% 38% 14% 65% 46% * Total for poultry and meat processing segments in volume termsexcluding sales directly by production units

22. Vertically Integrated within the Segments 5 Fodder Pork and Poultry Processing Distribution Land and Grain Quality control andcost optimisation Quality andbiological safety Lower dependence onimports and suppliers Capture margins fromvalue-added products Fully Owned Farms as a Key Differentiating Factor 5 4 4 4 4 3 4 Note: Degree of integration of different players based on Cherkizovo management judgment * Cattle activities ** Former Sadia operations *** Attributable to Pilgrim’s Pride acquisition 21

23. 5 Vertically Integrated within the SegmentsAgricultural Land Key facts Significant strategic benefits • 28,212 ha Tambov Region – in ownership • 14,615 ha in Lipetsk and 5,454 ha in Penza regions – long-term lease • 16,000 ha in Saratov region – 10,000 ha is in ownership and 6,000 is in long-term lease • Access to quality land – the “black earth” farming region is considered one of the best land in the world Access to landbank of approx. 64,000 ha • Conveniently located close to pork facilities • Securing feedstock on a long-term basis at controllable cost • Option to use manure as highly efficient and natural fertilizer • Cropping is outsourced to NAPKO, a crop raising company Opportunity to secure reliable feedstock Land is a strategic asset play that provides a hedge against grain price increase

24. Greenfield pork facilities enable to achieve industry leading margins as efficiency indicators are 50-70% higher compared to old pork farms State-of-art broiler and breeder farms and processing plants use finest breeds and latest technologies Cherkizovo controls the quality for the customer throughout the production chain Pork quality confirmed by “Ecological Product” certification 6 Well-invested Production Assets Low cost production assets enabling high profit margins Annual production capacity Meat processing (tpa) Incl. slaughter facilities . Poultry (lwt) Pork (lwt) Pork - greenfield acquisitions (lwt) Vologda Pork - greenfield construction (lwt) 5.0 Moscow 178 . 5 Bryansk 53.0 . 10 . 8 32.0 Lip etsk Tambov 77.0 50 . 0 12.5 25 . 0 Penza 12.5 51 . 0 Ulyanovsk 60.0 12.5 12.5 36.0 12.5 Voronezh Krasnodar 21 . 3 tpa – ‘000 tons per annum swt – ‘000 slaughter weight tonnes lwt – ‘000 live weight tonnes

25. 7 Favourable Regulatory and Tax Environment Import Quotas and Regulation Attractive Tax Regime Subsidised Interest Rate Rebate • National Program of Food Security in place – Russia to reduce imports of meat to 5-10% by 2014 • Significant decrease of import quotas in 2011 - to provide for a fair domestic price • Reshaping of the market – all imports are leg quarter parts, no bird in whole is allowed • Significant duty increases on imports of live pigs and pork by-products in 2010 • Duty increase on beef to stimulate poultry and pork consumption • New Trade Law in force from 2010 – to provide for transparency • Attractive tax rate for agricultural producers • Low effective Group tax rate • Profit tax may be raised subject to WTO accession (possible at end of 2011) • Effective cost of debt is 1.8% in 1Q2011 • Attractive returns on invested capital Domestic production and quotas (mln tonnes) Debt Structure as of 1Q2010 Profit Tax Rate for Producers, % $698 m 20 12% 18 88% 0 High EBITDA to Net Income conversion ratio Opportunity for domestic producers Source: Official Statistics, MinFin Source: Official Statistics Source: Company reports

26. Attractive Financial ProfileProfitability 8 Leading profitability indicators (EBITDA margin %) Poultry Pork Meat processing Avg. 10% Avg. 10% Avg. 9% Avg. 8% Avg. 6% Avg. 6% Avg. 6% Avg. 6% Avg. 4% Source: Company filings; operating income is assumed to be equivalent to EBIT for benchmarking purposesNote: Average excludes Cherkizovo *Poultry division **Pork division ***Meat processing ****Group margin ***** LTM margins based on most recently reported financials

27. Attractive Financial ProfileBest In Class Financial Performance 8 Significant Improvement in Financial Performance (RUB mln) Sales Growth EBITDA Margin (%) 89.1% 18.3% +20.6% 18.3% 17.8% 8.9% 44.4% 14.2% 13.1% 36,084.7 20.6% 7.3% 11.5% 32,330.7 28,991.4 6.1% 5.4% 20,992.7 17,042.3 2.7% 2.6% Sales CAGR (2006-2010) EBITDA Margin 2010 EBITDA Growth Net Income Growth 77.3% 61.8% 6,641.6 4,386.7 +35.6% 5,782.9 +49.6% 48.4% 49.6% 3,789.1 42.1% N/M 3,786.4 2,977.0 1,941.3 N/M 35.6% 1,575.1 1,967.1 876.1 N/M (16.9)% Net Income CAGR (2006-2010) EBITDA CAGR (2006-2010) Source: Company filings (figures as per company’s fiscal year end), broker estimates 26

28. Corporate GovernanceStrong Board of Directors 9 Igor Babaev Chairman 30+ years of experience in the Russian meat industry Marcus Rhodes Sergey Mikhailov Yury Dyachuk Evgeny Mikhailov MushegMamikonian Samuel B. Lipman • Independent member • Chairman of Audit Committee • 20 years in audit • 2002-2008 - Audit Partner, E&Y • Degrees from Loughborough University and ICA, Great Britain • Independent member • Chairman of Remuneration Committee • President of Meat Union of Russia • 20+ years of experience in the industry • CEO and shareholder • Head of Legal • Head of Project Development and shareholder • Independent member • American poultry expert • Co-founder of Golden Rooster • 20+ years of experience in the poultry industry 27

29. 9 Dedicated Management Team Sergey MikhailovCEO Irina OstryakovaHead of Communications Ludmila MikhailovaCFO Arthur MinosyantsCOO • 11 years in communications • 2007-2008- Communications Director – Carlsberg Eastern Europe • Prior to that – Communications Director at Mechel OAO • BA from State Linguistic University, MBA from GSIB, Academy of National Economy, Moscow • 10 years in the industry • 2002-2004- Financial Analyst in General Mills Corporation, Canada • Prior to that - Head of corporate finance • division of Cherkizovsky MPP • BA from Finance Academy, Moscow; • MBA from York University, Canada • 15 years in the industry • 2000-2006 – First • Deputy President for Finance and • Economics, Cherkizovsky MPP • Prior to that – Finance • and Economics Director of Birulovsky Meat Processing Plant • PhD in Economics from the Moscow Plekhanov Institute for National Economy • 11 years in the industry • Joined the Company in 2001 as Director for Marketing • Prior to that, founder of aTelo telecommunications company, in Washington, DC • BA from Georgetown University (Finance and Economics)

30. Appendix

31. 1Q2011 Consolidated Financial Statements

32. Key Consolidated Income Statement and Data Period, US$ mln 1Q2011 1Q2010 Sales 265.0 308.2 Cost of sales 191.4 243.6 Gross Profit 73.5 64.6 28% 21% Gross Margin 35.8 43.2 Operating Expenses 49.5 34.9 EBITDA 19% 11% EBITDA Margin 37.7 21.3 Operating Income 14% 7% Operating Income Margin 31.9 Net Income 18.4 12% As % of Sales 6%

33. Cherkizovo Group – Balance Sheet Period, US$ mln 1Q2011 2010 68.2 Cash and Equivalents 55.4 81.3 Trade Accounts Receivable 79.9 183.2 Inventory 201.3 134.9 Other Current Assets 145.0 467.6 481.6 Total Current Assets 934.9 Plant, Property and Equipment 1,027.8 68.9 Other Non-current Assets 84.3 1,003.8 Total Non-current Assets 1,112.1 1,471.4 Total Assets 1,593.7 73.3 Trade Accounts Payable 74.4 182.5 Short-term Debt 203.5 50.6 Other current liabilities 53.8 306.4 Total current liabilities 331.6 465.9 Long-term debt 494.1 29.0 Other non-current liabilities 30.6 494.9 Total non-current liabilities 524.7 Shareholders’ equity 670.1 737.4 1,471.4 Total Liabilities and Shareholders’ Equity 1,593.7

34. Summary Consolidated Cashflow Statement Period, US$ mln 1Q2011 1Q2010 Net Income 18.4 32.5 Depreciation 13.6 11.8 Adjustments for Non-Cash Items 0.6 (0.9) Change in Net Working Capital (0.3) (14.5) 28.9 32.3 Net Operating Cash Flow Purchases of PP&E (24.4) (42.1) Other Investing Cash Flow (9.1) (0.3) (51.3) (24.6) Net Investing Cash Flow Proceeds from/(Repayment of) Debt (7.7) 1.9 Net Financing Cash Flow 1.9 (7.7) Exchange Rate Difference 4.4 1.1 (12.7) (2.3) Net Increase in Cash and Equivalent

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