Investor Presentation

1. Investor Presentation March 2012

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. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securities in the Company, nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. The information contained in this presentation has not been independently verified. The information included in this presentation is subject to updating, completion, revision and amendment and such information may change materially. No person, including the Company, is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereto are subject to change without notice. Accordingly, no representation or warranty or undertaking, express or implied, is given by or on behalf of the Company or any of its respective members, directors, officers or employees or any other person as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained herein. None of the Company or any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or otherwise arising in connection therewith. This presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations. Forward-looking statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using the words "may", "will", "would", "should", "expect", "intend", "estimate", "anticipate", "project", "believe", "seek", "plan", "predict", "continue" and similar expressions or their negatives. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, general economic conditions in Russia, the European Union, the United States and elsewhere, and the Company's ability to respond to trends in its industry. Additional factors could cause actual results, performance or achievements of the Company to differ materially. The Company and each of its directors, officers, employees and advisors assume no obligation or undertaking to release any update of or revisions to any forward-looking statements in this presentation and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation. This presentation is made to and directed only at persons in Member States of the European Economic Area who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (2003/7/EC) ("Qualified Investors"). In addition, this presentation is made to and directed at (i) persons outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (such persons, "Relevant Persons"). Any person who is not a Relevant Person should not act or rely on this presentation or any of its contents. This presentation is not an offer of securities for sale in the United States.  The Company has not registered and does not intend to register any of its securities in the United States or to conduct a public offering of any securities in the United States.  Any of the Company’s securities may not be offered or sold in the United States absent registration or pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act of 1933 (the "Securities Act"). You understand that this presentation is not directed at persons located in the United States other than “qualified institutional buyers” (“QIBs”) as defined in Rule 144A (“Rule 144A”) under the Securities Act. You acknowledge that you are a QIB in the United States or that you are not located in the United States. Neither this presentation nor any copy of it may be taken or transmitted into Australia, Canada or Japan or to any persons or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of Australian, Canadian or Japanese securities law. The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. The Company has not registered and does not intend to register any of its securities under the applicable securities laws of Australia, Canada or Japan, and, subject to certain exceptions, none of the Company’s securities may be offered or sold within Australia, Canada, or Japan or to any national, resident or citizen of Australia, Canada or Japan.

3. Cherkizovo Group – The Integrated Meat Producer FY2011 Sales: $1,472.9m FY2011 EBITDA: $245.5m Poultry FY2011 Total sales: $691.5m FY2011 EBITDA: $110.9m Pork FY2011Total sales: $270.5m FY2011 EBITDA: $109.5m Meat Processing FY2011 Total sales: $635.4m FY2011 EBITDA: $41.7m • #2 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 • 7 clusters • Total capacity (t.p.a): 260,200 * • 7 plants • Total capacity (t.p.a): 145,270*** • 10 farms • Total capacity (t.p.a):91,400** 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

4. Overview of Results

5. Key Highlights of FY2011 Revenues increased 24% to $1,472.9 mln (20% in RUR) Adjusted EBITDA* increased 12% to $245.5 mln (9% in RUR) Adjusted EBITDA* margin was 17% Gross profit increased 14% to $369.3 mln (10% in RUR) Group gross margin was 25% Net income increased 2% to $147.8 mln (decreased 1% in RUR) Net debt was $719.2 mln The effective cost of debt was 2,0%. In the Penza poultry cluster: commenced the poultry breeding facility “Komarovka”, with a combined capacity of almost 1.1 million broilers; launched a large incubation facility with an annual capacity of 105 mln eggs; launched slaughtering facility with an hourly capacity of 8,000 heads In the Bryansk poultry cluster: commenced a second line at the poultry breeding facility with a combined capacity of almost 880,000 broilers; launched a large incubation facility with an annual capacity of 43 mln eggs (increase to 66 mln eggs in 1Q2012) In the pork segment by launching the breeding sites we started production at our three new greenfield farms in Tambov, Voronezh and Lipetsk In the meat processing segment we launched reconstructed Kaliningrad plant Cherkizovo has acquired and integrated Mosselprom - a diversified vertically-integrated agro-industrial company Cherkizovo has started construction of the Elets agroindustrial complex in Lipetsk EBITDA and EBITDA Margin Evolution, 2006-2011, RUR mln SOLID FINANCIAL RESULTS CAGR +30%* 9% 15% 7214,1 53% 6641,6 27% 5782,9 51% 3786,4 2997,0 1967,1 OPERATIONAL DEVELOPMENTS Source: Management estimates, Company reports  CAGR growth is calculated between 2006 to 2011

6. Group Performance 4Q2010 4Q2011 2010 2011 % change % change • Total sales increased 24% in US$ terms and 20% in RUR terms reflecting solid organic volume growth • Gross profit increased 14% in US$ terms and 10% in RUR terms; gross margin was 25% • Operating expenses as percentage of sales increased to 14% • EBITDA increased 12% in US$ terms and 9% in RUR terms, EBITDA margin was at 17% • Net income increased 2% in US$ terms and decreased 1% in RUR terms. Net income margin was 10% US$/RUR rate 30.37 29.39 24% Total Sales, US$ mln 1,188.2 1,472.9 392.5 320.5 22% Gross Profit, US$ mln 323.8 369.3 14% 80.5 98.8 23% Gross Margin, % 25% 27% 25% 25% EBITDA, US$ mln 245.5 218.5 12% 65.5 50.3 30% EBITDA Margin, % 18% 17% 17% 16% Net Income, US$ mln 147.8 2% 144.4 28.6 37% 39.3 12% 10% Net Income margin % 10% 9% * EBITDA was adjusted for two non-cash one-off items - the impairment of a non-significant subsidiary in the amount of US$3.4 million, as well as for the write-off of uncollectable fodder subsidies in the amount of US$4.8 million Total Group Sales, US$ mln EBITDA and EBITDA margin, US$ mln, % Net Income, US$ mln 180 147.8 144.4 1,472.9 300 160 245.5 1 600 18% 1,188.2 218.5 17% 250 140 1 400 51% 42% 45% 120 18% 1 200 200 39% 17% 43% 100 1 000 150 80 800 40% 45% 600 60 42% 100 44% 48% 400 40 40% 42% 50 200 20 16% 16% 6% 7% 0 0 0 2010 2011 2010 2011 2010 2011 Meat Processing Poultry Pork Meat Processing Poultry Pork Meat Processing Poultry Pork Source: Management estimates, Company reports

7. Poultry Division 2010 2011 % change%change $US RUR • Prices increased by 5% to $2.48 per kg for 2011* (excl. VAT) and increased by 1% to 72.79 RUR per kg (excl. VAT) • Total sales increased 38% to US$691.5 mln • Gross Profit increased 10% to US$160.4 mln, Gross Margin was 23% • In 2011 the segment accounted for a one-off direct subsidy of 405,0 mln RUR or US$13.8 which offset the cost of sales • Operating expenses as a percentage of sales went down to 12% • EBITDA increased 5% to US$110.9 mln, EBITDA margin decreased to16% for 2011 • Division profit decreased 3% to US$72.4 mln, division profit margin was 11% 30.37 29.39 US$/RUR rate 38% Total Sales, US$ mln 501.0 691.5 34% 146.2 Gross Profit, US$ mln 160.4 10% 6% Gross Margin, % 23% 29% 105.6 110.9* 5% 2% EBITDA, US$ '000 EBITDA Margin, % 21% 16% 74.6 72.4 (3)% (6)% Division profit US$ '000 15% 11% Division profit margin % * EBITDA was adjusted for the one-off non-cash item – a write-off of uncollectable fodder subsidies in the amount of US$2.9mln EBITDA and Division Profit, US$ mln Total Sales, US$ mln Volume and Price** Dynamics $2.48 5% 38% 120 30% $2.36 100 34% 21% 80 20% 16% 60 110.9 105.6 260,200 185,620 40 194,100 10% 691.5 74.6 72.4 20 501.0 0 0% 2010 2011 EBITDA, US$ '000 (left axis) Division profit, US$ '000 (left axis) EBITDA margin, % (right axis) Source: Management estimates, Company reports * Company’s selling price

8. 500 450 110 400 20 2 350 60 60 60 300 55 250 33 200 300 300 295 150 255 227 100 194 50 0 2010 2011 2012E 2013E 2014E 2015E Organic growth Mosselprom Elets project Investments to Drive Capacity and Efficiency Growth Volume sales (thous. sellable weight tonnes) Bryansk Cluster Capacity Increase Overview • The project is expected to double production of the cluster to 75,000 live-weight tonnes be the end of 2012 • Sites launched: additional breeding facilities and 1st line of the new hatchery with an annual capacity of 43 mln eggs • Sites to be launched in 2012: fodder factory with a storage capacity of 300 000 tonnes; additional bird houses facilities; 2nd line of the new hatchery to increase annual capacity to 66 mln eggs +142%* 470 +23% +6% 380 357 +15% 310 +19% 260 +34% 194 Penza Cluster Capacity Increase Overview • The project is expected to double production of the cluster to 140,000 live-weight tonnes in 2013 • Sites already launched: Incubation facility for 105 mln eggs per year, additional breeding facilities and a state-of-the art slaughtering facility of 8,000 units per hour • Sites to be launched in 2012: additional bird houses and a fodder factory with a storage capacity of 300 000 tonnes. * Expected increase in 2015 compared to 2010 levels * For 2011 Mosselprom volumes are consolidated from 13 May 2011 Source: Company, Management estimates

9. Pork Division 20102011 % change%change $US RUR • Prices increased by 15% to $2.72 per kg in 2011* (excl. VAT) and by 11% to 80.04 RUR per kg (excl. VAT) • Total sales increased 22% to US$270.5 mln • Gross Profit increased 20% to US$107.6 mln; Gross Margin was 40% • In 2011 the segment accounted for a one-off direct subsidy of 176.4 mln RUR or US$6.0 mln which offset the cost of sales • Operating expenses as a percentage of sales were 8% • EBITDA increased 22% to US$109.5 mln; EBITDA Margin was 41% • Division profit increased by 19% to $US82.6 mln, division profit margin was 31% US$/RUR rate 30.37 29.39 22% Total Sales, US$ mln 222.2 270.5 18% 90.0 Gross Profit, US$ mln 107.6 16% 20% Gross Margin, % 40% 41% 90.0 18% 109.5* 22% EBITDA, US$ '000 41% EBITDA Margin, % 41% Division profit US$ '000 82.6 69.4 19% 15% Division profit margin % 31% 31% * EBITDA was adjusted for the one-off non-cash item – a write-off of uncollectable fodder subsidies in the amount of US$2.0mln Volume and Price* Dynamics EBITDA and Division Profit, US$ mln Total Sales, US$ mln 120 45% $2.72 15% $2.37 41% 41% 22% 100 4% 80 30% 109.5 60 90.0 91,400 87,650 69.4 40 15% 270.5 82.6 222.2 20 0 0% 2010 2011 EBITDA, US$mln (left axis) Division profit, US$mln (left axis) EBITDA margin, % (right axis) Source: Company * Company’s selling price

10. 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 +111%* 185,0+ 185,0 +3% 200 180,0+ +50% 180 12,5 12,5 12,5 25,0 25,0 160 25,0 120.2 140 +32% 37,5 37,5 34,5 9,8 120 91,4 23,3 +4% 87,7 100 5,4 6,1 Greenfield construction in Tambov, Voronezh and Lipetsk 11,2 80 14,4 60 110,0 110,0 108,0 • 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 • Breeding facilities at all three sites were launched in 2011 • Sites are expected to reach their full capacity by the end of 2013 81,0 40 71,6 76,5 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 Source: Company, Management estimates

11. Meat Processing Division • Prices increased by 17% to $4.55 per kg for 2011* (excl. VAT) and increased by 13% to 133.65 RUR per kg • Total sales increased 20% to US$635.4 mln • Gross Profit increased 20% to US$104.8 mln; Gross Margin was flat at 17% • Operating expenses as a percentage of sales were flat at 12% • EBITDA increased 13% to US$41.7 million; EBITDA margin was 7% • Division profit was US$15.3 mln, division profit margin was 2% 20102011 % change% change $US RUR US$/RUR rate 30.37 29.39 20% Total Sales, US$ mln 529.4 635.4 16% 87.5 Gross Profit, US$ mln 104.8 16% 20% Gross Margin, % 17% 17% 41.7* 13% 9% EBITDA, US$ '000 36.9 EBITDA Margin, % 7% 7% (16%) 18.3 15.3 Division profit US$ '000 (19)% Division profit margin % 4% 2% * EBITDA was adjusted for the one-off non-cash item – the impairment of a non-significant subsidiary in the amount of US$3.4 mln Volume and Price* Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 50 10% 20% $4.55 17% $3.89 40 8% 7% 7% 3% 30 6% 36.9 41.7 635.4 20 4% 145,270 141,550 529.4 15.3 10 18.3 2% 0 0% 2010 2011 EBITDA, US$mln (left axis) Division profit, US$mln (left axis) EBITDA margin, % (right axis) Source: Company * The company selling price

12. Capital Expenditures and Debt Subsidized Non-subsidized Capital Expenditure, US$ mln Total Debt, RUR mln All Group Debt is in RUR, Cost of Debt for 2011 was 2% 24,063.5 212.8 240 0.1 19,759.9 200 29% 173.7 160 28% 109.3 79.8 120 71% 80 72% 92.6 85.2 40 4.8 10.8 0 2010 2011 Meat Processing Poultry Pork Grain 7% 12% Poultry: investments into capacity Penza cluster: • slaughter facility: 8000 units/hour • incubation site: 105 mln eggs • poultry breeding facilities Bryansk cluster • 1st line of the incubation site: 43 mln eggs • poultry breeding facilities • Pork: investments into capacity • Launch of breeding facilities at three greenfield farms in Tambov, • Voronezh, Lipetsk • Meat processing: capital maintenance • Launch of the reconstructed plant in Kaliningrad (acquired in 2010) 93% 88% 2010 2011 17,682.5 Net debt, RUR mln* 23,154.1 2.5% Cost of Debt* 2% Debt/Equity* 1.0x 1.0x Interest coverage* ** 13.7x 16.6x **Defined as EBITDA divided by interest expense

13. Investment Highlights

14. 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

15. The Russian Economy is Re-bounding Towards its Historical Growth Path 1 2006 2007 2008 2009 2010 2011E 2012E 2013E Real Disposable Income Growth (%)* Real GDP Growth (%) 10-13E World CAGR: 3.1% 8.5% 8.2% 13.3% 10.4% 5.2% 4.3% 4.3% 4.0% 4.0% 5.1% 5.0% 5.0% 2.7% 10-13E Euro AreaCAGR: 1.5% 0.8% (7.8%) (2.0%) 2006 2007 2008 2009 2010 2011E 2012E 2013E Source: Rosstat, Broker estimates * Denotes real personal disposable income (% change pa) Source: Rosstat, Broker estimates RUB/USD FX Commodities Price Performance (rebased to 100)* Estimates** Q2 2012 Q4 2012 Current: 29.66 Avg. 28.59 March.07 Aug.11 Aug.10 March.12 Aug.09 Aug.08 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 14 14 14 14

16. The Russian Meat Market is a Sizeable and Fast Growing Opportunity Production Volume(mln tonnes) 1 31% 33% 34% 33% 27% 39% 39% 41% 38% 28% 25% 24% 2% 2% 2% 2% 2000 2009 2011 2015E 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 2016E CAGR: 6.3% 9,2 8,4 7,1 6,6 6,2 72 5,6 5,1 4,9 4,9 4,9 4,6 4,4 4,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2015E Source: Russian Meat Union, FAPRI, Global Insight, World Bank Database Source: Russian Meat Union Shift in Russian Meat Market Structure (volume)1 Production value1(US$ bn) Pork CAGR: 21.3% Poultry Beef Mutton 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) 15 15 15

17. 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. 57% of the market **** Top 3 producers in US account for approx. 50% of the market**** Source: Russian Poultry Union, Company Source: Meat Union Estimates, Company Estimates Source: National Pork Union of Russia, Company • * In volume terms (2011) • ** In volume terms (slaughter-weight, 2011) • *** In volume terms (live weight, 2011) • **** Management estimates

18. 3 Leading Portfolio of Brands Strong portfolio of federal brands covering the entire price spectrum Poultry Meat Processing Powerful well-known brands • Cherkizovsky products enjoy very high levels of brand recognition and customer loyalty in the Central Russia and Volga region • Petelinka accounts for almost all of the Company’s chilled cut poultry sales • Petelinka – #1 brand in Moscow and Moscow region • Chicken Kingdom has very high customer loyalty throughout the Central Federal District of Russia • During 2011 we added the high-profile Mosselprom brand to our portfolio National National Local Local Premium # 1 in Moscow region Medium Low

19. 4 Best in Class Distribution Network reaching a Well-diversified Customer Base Company’s well developed distribution network is a key success factor and major barrier for entry • Company’s distribution network covers all Russian Federal Districts • Daily deliveries by a dedicated fleet of refrigerated trucks provide a significant competitive advantage • Warehouse network throughout European part of Russia • Strong relationship with independent distributors • Unique software system to ensure timeliness and quality of delivery Meat Processing breakdown of sales by channel*, 2011 Poultry breakdown of sales by channel*, 2011 21% 14% *Source: Company

20. 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 19

21. 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 • Appr. 30,000 ha in Orel region – acquired as part of Mosselprom • Access to quality land – the “black earth” farming region is considered one of the best land in the world Access to landbank of approx. 100,000 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 that provides a hedge against grain price increase

22. Well-invested Production Assets 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 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 Kaliningrad Moscow 4.3 121.3 . Bryansk 56.0 . 10 . 8 71.0 Tula 31.0 Orel 22.0 Kursk 12.5 Lip etsk 12.0 85.0 Tambov 50 . 0 Penza 25 . 0 12.5 12.5 70.5 . Ulyanovsk Voronezh 83.0 12.5 8.6 12.5 12.5 tpa – ‘000 tons per annum swt – ‘000 slaughter weight tonnes lwt – ‘000 live weight tonnes 21

23. 7 Favourable Regulatory and Tax Environment Import Quotas and Regulation Attractive Tax Regime Subsidised Interest Rate Rebate • Poultry import – all imports are leg quarter parts, no bird in whole is allowed • Russia’s admission to WTO – pork quotas will remain at the level of 2012 until 2020 and poultry quotas - until 2020 and beyond. After 2020 duty on pork will be 25% • Duty on import of live pigs will decrease from 40% to 5% in the second half of 2012. • Attractive tax rate for agricultural producers • Low effective Group tax rate • Government considers prolongation of the zero rate • Effective cost of debt is 2% in 2011 • Attractive returns on invested capital Import quotas (000’ tonnes) Debt Structure as of 2011 Profit Tax Rate for Producers, % RUR 24,063.5 mln 500 7% 450 20 18 400 500 350 300 430 93% 250 350 200 330 150 100 50 0 0 2011 2012 2011 2012 1 Poultry import quotas Pork import quotas Subsidized Not subsidized High EBITDA to Net Income conversion ratio Opportunity for domestic producers Source: Official Statistics, MinFin Source: Official Statistics Source: Company reports

24. Attractive Financial ProfileProfitability 8 Leading profitability indicators (EBITDA margin %) Poultry Pork Meat processing Cherkizovo* Brazil Foods**** Fleury Michon**** Atria**** Cherkizovo** China Yurun**** Cherkizovo*** HKScan**** People's Foods**** Brazil Foods**** 41% 41% 40% 37% 26% 21% 18% 16% Avg. 8% 13% 14% 14% Avg. 10% 12% 13% 10% 12% Avg. 6% Avg. 6% Avg. 6% Avg. 4% Avg. 6% 10% Avg. 9% Avg. 10% Avg. 10% 7% 9% 9% 9% 6% 8% 8% 8% 7% 6% 8% Avg. 5% 7% 6% 5% 5% Avg. 4% 5% 4% 6% 4% 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 purposesNote: Average excludes Cherkizovo *Poultry division **Pork division ***Meat processing ****Group margin 23

25. Attractive Financial ProfileBest In Class Financial Performance 8 Significant Improvement in Financial Performance (RUB mln) Sales Growth EBITDA Margin (%) 43,284.4 18.4% 36,085.1 +20% 17.8% 60.4% 16.7% 16.7% 32,330.7 14.2% 28,991.4 12.7% 30.9% 13.1% 11.5% 20,992.7 20.4% 8.2% 17,042.3 5.6% 6.8% 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 4,385.6 6,635.6 44.4% 37.7% +30% +38% 3,789.1 5,782.9 30.0% 29.1% 3,786.4 15.4% 28.0% 2,977.0 1,941.3 1,575.1 1,967.1 9.8% 12.0% 876.1 (11.5%) 7.6% 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), 24 24

26. 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 • American poultry expert • 20+ years of experience in the poultry industry • CEO and shareholder • Head of Legal Department • Head of Project Development and shareholder • Independent member • President of Meat Union of Russia • 20+ years of experience in the industry 25

27. 9 Dedicated Management Team Sergey MikhailovCEO Ludmila MikhailovaCFO Arthur MinosyantsCOO • 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)

28. Appendix

29. 2011 Consolidated Financial Statements

30. Key Consolidated Income Statement and Data Period, US$ mln 2010 2011 Sales 1,188.2 1,472.9 Cost of sales 864.4 1,103.6 Gross Profit 323.8 369.3 Gross Margin 25% 27% 195.5 156.9 Operating Expenses - 3.4 Impairment of assets 218.5 245.5 EBITDA 17% 18% EBITDA Margin 170.4 166.9 Operating Income 14% 12% Operating Income Margin Net Income 147.8 144.4 As % of Sales 12% 10%

31. Cherkizovo Group – Balance Sheet Period, US$ mln 2011 2010 68.2 Cash and Equivalents 28.2 81.3 Trade Accounts Receivable 77.6 183.2 Inventory 219.7 135.0 Other Current Assets 98.7 467.7 424.2 Total Current Assets 937.6 Plant, Property and Equipment 1,142.4 66.7 Other Non-current Assets 116.1 1,004.3 Total Non-current Assets 1,258.5 1,471.9 Total Assets 1,682.7 73.3 Trade Accounts Payable 88.2 182.5 Short-term Debt 214.1 50.6 Other current liabilities 56.0 306.4 Total current liabilities 358.3 465.9 Long-term debt 533.3 29.6 Other non-current liabilities 30.6 495.5 Total non-current liabilities 563.9 Shareholders’ equity 670.1 760.5 1,471.9 Total Liabilities and Shareholders’ Equity 1,682.7

32. Summary Consolidated Cashflow Statement Period, US$ mln 2011 2010 Net Income 150.8 148.7 Depreciation 65.3 50.7 Adjustments for Non-Cash Items 11.9 4.4 Change in Net Working Capital 4.2 (37.5) 166.3 232.2 Net Operating Cash Flow Purchases of PP&E (170.6) (211.9) Other Investing Cash Flow (2.1) (42.3) (214.0) (212.9) Net Investing Cash Flow Proceeds from/(Repayment of) Debt 90.9 (29.2) Other financing Cash Flow (29.8) (15.4) Net Financing Cash Flow (59.0) 75.5 Exchange Rate Difference 0.9 (0.6) (39.9) 28.3 Net Increase in Cash and Equivalent

33. Transformational Project – Elets Agroindustrial Park New production–125 000tonnes of poultry, sellable-weight Investments into total project – 19.5bln roubles (incl. VAT and working capital) Production volumes, 000, sellable-weight tonnes Construction of state-of-the-art sites in one production area 470 500 450 380 357 110 • Incubation site – 230 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 400 110 20 2 20 350 2 300 360 360 250 355 200 310 150 260 300 300 295 255 228 194 100 194 50 0 2010 2011 2012E 2013E 2014E 2015E Organic growth and Mosselprom Elets project Estimated project parameters • 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

34. THANK YOU!