Audited financial results (IFRS) for 200 6

1. RAZGULAY GROUP Audited financial results (IFRS) for 2006

2. Revenue Revenue breakdown; billion rubles Revenue; billion rubles • The aggregate revenues of the Group companies totaled 23 billion Rubles (16% growth versus the 2005 revenues). • Revenues of Sugar division demonstrated 31% increase, revenues of Grain division – 5% increase • Growth drivers in Sugar divisionin 2006: beet sugar sales, sales of sugar produced from imported raw sugar • Growth drivers in Grain division in 2006: cereal production, grain trading Grain Sugar Grain revenue breakdown; billion rubles Grain revenue breakdown; billion rubles 11 Grain trading Flour processing Cereal Beet sugar production Sugar trading Raw sugar processing

3. EBITDA EBITDA;billion rubles EBITDA margin • Consolidated EBITDA amounted to 3,2 billion rubles in 2006, implying year-on-year growth of 34% • Sugar division EBITDA increased by 103%; Grain division EBITDA remained on the 2005-th year level • ConsolidatedEBITDA margin grew from 12,2% in 2005 to 14,1% in 2006 • Sugar division higher margins were mostly driven by higher share of own sugar beet in total volume of raw materials, increase in margin of raw sugar processing 3,2 2,4 +103% 0% Grain Sugar Grain Sugar Consolidated Sugar division EBITDA margin Grain division EBITDA margin 11 Grain trading Flour processing Beet sugar production Cereal Sugar trading Raw sugar processing

4. SG&A expenses The overall SG&A expenses of the Group from 1,2 billion rubles in 2005 to 2,2 billion rubles in 2006: SG&A expenses; billion rubles Commercial expenses 345 billion rubles • Changes in the Group’s sales and distributional policy: growing percentage of output isdelivered directly to the customer, that has resulted as well in growth of gross margin from 13,3% in 2005 to 18,7% in 2006 Gross margin (rhs) SG&A expenses Administrative expenses SG&A expenses breakdown; billion rubles 374 billion rubles • Number of companies in the Group increased from 26 to 39 Other SG&A expenses 11 274 billion rubles • Number of companies in the Group increased from 26 to 39 • The Group did IPO in 2006 Other SG&A expenses Commercial expenses Administrative expenses

5. Profit • Efficiency of operational activity in 2006 has increased: • Gross profit amounted 4,3 billion rubles versus 2,7 billion rubbles in 2005. Gross margin increased from 13,5% in 2005 to 18,7% in 2006, • EBITDA amounted 3,2 billion rubles versus 2,4 billion rubbles in 2005. EBITDA margin amounted 14,1% versus 12,2% in 2005. • Net profitfell from 1,4 billion rubles in 2005 to 0,9 billion rubles in 2006. Net profit decrease resulted from: • Depreciation growth, caused by growth of quantity of the subsidiaries and agricultural machinery purchases, • Efficient tax rate growth, caused by restructing ofGroup (one of the reasons for destructing was preparation for the IPO). • Financial expenses growth, caused by increasing of net debt Financial results; billion rubles Gross profit Net profit EBITDA Profit margins 11 Gross profit Net profit EBITDA

6. Net debt. CAPEX Net debt, billion rubbles • Net debt of the Group grew from 5,0 billion rubles as of 31.12.2005 to 10,2 billion rubles as of 31.12.2006 • Net debt growth resulted from: • Group’s investments that totaled 3,7 billion rubles, • Increase in working capital carried on to 2007 • Interest expenses in 2006 amounted to 1,05 billion rubles • Amount of subsidies, received from Federal budget, was close to 100 million rubles • Capex: 3,7 billion rubles • Increase in working capital carried in to 2007 Capex 2006; млрд рублей Acquisition of minority interest in sugar plants 0,2 Acquisition of grain farms 0,3 0,5 Modernization and purchasing of machinery 0,9 Acquisition of Slavyansky KHP 11 1,8 Purchasing of agricultural machinery

7. Contacts RAZGULAYGroup OJSC 6 2d Institutskaya Street Building 64 Moscow 109428 Russian Federation Tel.: (495) 232-2008 Fax: (495) 170-0575 E-mail: ir@raz.ru http://www.raz.ru