1. Investor Presentation March 2012

2. 1 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 Companys annual financial and production results and is not made in contemplation of any offering of any of the Companys 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 Companys 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 Companys 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 Companys securities may be offered or sold within Australia, Canada, or Japan or to any national, resident or citizen of Australia, Canada or Japan.

3. 2 Cherkizovo Group – The Integrated Meat Producer FY2011 Sales: $1,472.9m FY2011 EBITDA: $245.5m Market Position Key Products Key Brands Production Facilities Meat Processing FY2011 Total sales: $635.4m FY2011 EBITDA: $41.7m #2 in Russia Sausages, salamis, fresh retail-format meat, ready-to-cook products 7 plants Total capacity (t.p.a): 145,270*** * Sellable product, as of 2011 ** Live weight, as of 2011 *** Prepared products, as of 2011 Source: Poultry Union of Russia, Pork Union of Russia, Meat Union of Russia, Companys Financials Pork FY2011 Total sales : $270.5m FY2011 EBITDA: $109.5m #3 in Russia Live pigs, pork carcasses, fresh pork cuts 10 farms Total capacity (t.p.a): 91,400** #2 in Russia Poultry FY2011 Total sales: $691.5m FY2011 EBITDA: $110.9m Chilled/frozen poultry 7 clusters Total capacity (t.p.a): 260,200 *

4. Overview of Results

5. 4 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 OPERATIONAL DEVELOPMENTS EBITDA and EBITDA Margin Evolution, 2006-2011, RUR mln SOLID FINANCIAL RESULTS Source: Management estimates, Company reports CAGR growth is calculated between 2006 to 2011 51% 27% 53% CAGR +30%* 15% 1967,1 2997,0 3786,4 5782,9 6641,6 7214,1 9%

6. 5 0 20 40 60 80 100 120 140 160 180 20102011 0 50 100 150 200 250 300 20102011 0 200 400 600 800 1 000 1 200 1 400 1 600 20102011 Meat ProcessingPoultryPork Group Performance Gross Profit, US$ mln EBITDA, US$ mln EBITDA Margin, % Source: Management estimates, Company reports Total Sales, US$ mln1,188.2 323.8 Gross Margin, % 27% 218.5 18% Net Income, US$ mln 144.4 Net Income margin % 12% 1,472.9 369.3 25% 245.5 17% 147.8 10% Total Group Sales, US$ mln EBITDA and EBITDA margin, US$ mln, % Net Income, US$ mln 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% 24% 14% 12% 2% 1,188.2 1,472.9 42% 40% 18% 40% 43% 17% 245.5 45% 16% 42% 218.5 144.4 147.8 45% 51% 48% 44% 39% 18% 17% 7% 6% US$/RUR rate 29.3930.37 20102011 % change 4Q20104Q2011 320.5 80.5 25% 50.3 16% 28.6 9% 392.5 98.8 25% 65.5 17% 39.3 10% % change 22% 23% 30% 37% * 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 Meat ProcessingPoultryPork Meat ProcessingPoultryPork

7. 6 21%21% 16%16% 0 20 40 60 80 100 120 20102011 0% 10% 20% 30% EBITDA, US$ '000 (left axis)Division profit, US$ '000 (left axis) EBITDA margin, % (right axis) Poultry Division Volume and Price** Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 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$72.4 mln, division profit margin was 11% Gross Profit, US$ mln Total Sales, US$ mln501.0 146.2 691.5 160.4 38% EBITDA, US$ '000 Gross Margin, % 29% 105.6 EBITDA Margin, % 21% 74.6 Division profit margin % 23% 110.9* 16% 72.4 5% Division profit US$ '000 Source: Management estimates, Company reports * Companys selling price 185,620 38% 105.6 74.6 110.9 72.4 501.0 691.5 2010 2 011 % change % change $US RUR US$/RUR rate 11%15% 10% (3)% 34% 6% 2% (6)%(6)% 29.3930.37 260,200 194,100 34% 5% $2.36 $2.48 * EBITDA was adjusted for the one-off non-cash item – a write-off of uncollectable fodder subsidies in the amount of US$2.9mln

8. 7 194 255 295 300 3 55 60 227 20 110 2 0 50 100 150 200 250 300 350 400 450 500 201020112012E2013E2014E2015E Organic growthMosselpromElets 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 1 st 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; 2 nd line of the new hatchery to increase annual capacity to 66 mln eggs 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. Source: Company, Management estimates * Expected increase in 2015 compared to 2010 levels * For 2011 Mosselprom volumes are consolidated from 13 May 2011 194 260 310 +34% +19% +142%* 357 380 470 +15% +6% +23%

9. 8 41%41%41% 0 20 40 60 80 100 120 20102011 0% 15% 30% 45% EBITDA, US$mln (left axis)Division profit, US$mln (left axis) EBITDA margin, % (right axis) 91,400 87,650 4% 15% $2.37 $2.72 Pork Division Source: Company * Companys selling price Volume and Price* Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 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% 90.0 69.4 109.5 270.5 222.2 22% 2010 2011 % change % change $US RUR US$/RUR rate Gross Profit, US$ mln Total Sales, US$ mln222.2 90.0 270.5 107.6 22% 20% EBITDA, US$ '000 Gross Margin, % 90.0 EBITDA Margin, % Division profit margin % 40% 109.5* 41% 82.6 22% Division profit US$ '000 41% 19%69.4 31% 18% 16% 18% 15% 29.3930.37 82.6 * EBITDA was adjusted for the one-off non-cash item – a write-off of uncollectable fodder subsidies in the amount of US$2.0mln

10. 9 76,5 37,5 12,5 81,0 108,0 110,0 71,671,6 34,5 6,16,1 11,2 14,4 23,3 25,0 5,4 12,5 9,89,8 0 20 40 60 80 100 120 140 160 180 200 201020112012E2013E2014E2015E Existing farmsGreenfield farmsAcquired farmsOrelselprom 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 Cost and scale synergies due to proximity of new farms to existing Cherkizovos 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 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 Breeding facilities at all three sites were launched in 2011 Sites are expected to reach their full capacity by the end of 2013 87,7 +111%* +4% +32% +50% +3% 91,4 120.2 180,0+ 185,0 185,0+

11. 10 7%7% 7% 0 10 20 30 40 50 20102011 0% 2% 4% 6% 8% 10% EBITDA, US$mln (left axis)Division profit, US$mln (left axis) EBITDA margin, % (right axis) Meat Processing Division Source: Company * The company selling price Volume and Price* Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 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% 529.4 635.4 20% 36.9 18.3 41.7 15.3 2010 2011 % change % c hange $US RUR US$/RUR rate Gross Profit, US$ mln Total Sales, US$ mln529.4 87.5 635.4 104.8 20% EBITDA, US$ '000 Gross Margin, % 17% EBITDA Margin, % 7% 18.3 Division profit margin % 17% 41.7* 7% 15.3 13% Division profit US$ '000 36.9 4% 2% (16%) 16% 9% (19)% 29.3930.37 145,270 141,550 3% 17% $3.89 $4.55 * 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

12. 11 0 40 80 120 160 200 240 20102011 Meat ProcessingPoultryPorkGrain Capital Expenditures and Debt Capital Expenditure, US$ mln Total Debt, RUR mln SubsidizedNon-subsidized Debt/Equity* 2011 Interest coverage* **16.6x 23,154.1 Cost of Debt* Net debt, RUR mln* 17,682.5 2010 2.5% 1.0x 2% 1.0x 13.7x **Defined as EBITDA divided by interest expense All Group Debt is in RUR, Cost of Debt for 2011 was 2% 88% 12% 93% 7% 85.2 79.8 4.810.8 92.6 109.3 173.7 212.8 0.1 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) 19,759.9 24,063.5 28% 29% 72% 71%

13. Investment Highlights

14. 13 Investment Highlights 1 2 3 4 6 7 5 8 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 9

15. 14 200620072008200920102011E2012E2013E 14 The Russian Economy is Re-bounding Towards its Historical Growth Path Real GDP Growth (%) 1 Real Disposable Income Growth (%)* Source: Rosstat, Broker estimates * Denotes real personal disposable income (% change pa) Source: Rosstat, Broker estimates RUB/USD FX Source: Bloomberg Avg. 28.59 Current: 29.66 Source: Bloomberg * Prices for Wheat (Cts/Bu), Soyabeans (C/Bushel), Barley (CAD/MT) and Corn (yellow) ** Rebased to 100 at September 1, 2009 Commodities Price Performance (rebased to 100)* March.07 Aug.08 Aug.09 Aug.10March.12 Aug.11 200620072008200920102011E2012E2013E 8.2% 8.5% 5.2% (7.8%) 4.3% 4.0% 10-13E Euro Area CAGR: 1.5% 10-13E World CAGR: 3.1% 13.3% 10.4% 2.7% (2.0%) 5.1% 0.8% 5.0% Q2 2012Q4 2012 Estimates**

16. 15 2% 38% 28% 25%25% 24% 27% 39% 39%39% 41%41% 33% 31% 34%34%33% 2000200920112015E 15 The Russian Meat Market is a Sizeable and Fast Growing Opportunity Production Volume (mln tonnes) 1 Source: Russian Meat Union 1 Meat prices in 2010 -2015 assumed to grow at CPI rate (EIU) 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 Production value 1 (US$ bn) Shift in Russian Meat Market Structure (volume) 1 Source: Russian Meat Union, FAPRI, Global Insight, World Bank Database Source: Russian Meat Union 1 Basing on internal consumption Biological norm – 75 kg Poultry Beef Pork CAGR: 6.3% CAGR: 21.3% Source: Russian Meat Union 2016E 72 Mutton 4,4 4,6 4,9 5,1 5,6 6,2 6,6 9,2 7,1 20002001200220032004200520062007200820092010 2011 8,48,4 2015E

17. 16 (1)* In volume terms (2011) (2)** In volume terms (slaughter-weight, 2011) (3)*** In volume terms (live weight, 2011) (4)**** Management estimates Source: National Pork Union of Russia, Company Pork *** Well Positioned to Drive Industry Consolidation 2 Fragmented market creates a platform for organic growth and consolidation Source: Russian Poultry Union, Company Poultry** Meat Processing* Source: Meat Union Estimates, Company Estimates Top 3 producers in US account 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 ****

18. 17 PoultryMeat Processing Local National Local National Premium Medium Low # 1 in Moscow region Leading Portfolio of Brands 3 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 Companys 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 Strong portfolio of federal brands covering the entire price spectrum

19. 18 Best in Class Distribution Network reaching a Well-diversified Customer Base 4 Companys 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 Companys well developed distribution network is a key success factor and major barrier for entry Meat Processing breakdown of sales by channel*, 2011 Poultry breakdown of sales by channel*, 2011 21%21% 14%14% *Source: Company

20. 19 Vertically Integrated within the Segments Prodo Land and Grain Fodder *** ( )* ** Farm ownership Pork/Poultry Breeding / / *** ( )* / / ** /// Meat Processing Centralised distribution Degree of vertical integration 5 35444 Land and Grain Distribution Quality control and cost optimisation FodderPork and PoultryProcessing Quality and biological safety Lower dependence on imports and suppliers Capture margins from value-added products Note: Degree of integration of different players based on Cherkizovo management judgment * Cattle activities ** Former Sadia operations *** Attributable to Pilgrims Pride acquisition Fully Owned Farms as a Key Differentiating Factor 44

21. 20 Vertically Integrated within the Segments Agricultural Land 5 Key factsSignificant 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 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 Land is a strategic asset that provides a hedge against grain price increase Access to landbank of approx. 100,000 ha Opportunity to secure reliable feedstock

22. 21 Well-invested Production Assets 6 Low cost production assets enabling high profit margins Moscow 56.0. 10.8 121.3. Lipetsk 85.0 50.0 Tambov 25.0 Penza 83.0 70.5.Ulyanovsk 8.6 Annual production capacity Meat processing (tpa) Poultry (lwt) Pork (lwt) Vologda 5.0 Bryansk 71.0 Kaliningrad 4.3 Incl. slaughter facilities. tpa – 000 tons per annum swt – 000 slaughter weight tonnes lwt – 000 live weight tonnes Pork - greenfield acquisitions (lwt) 12.5 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 12.5 Voronezh Pork - greenfield construction (lwt) 12.5 31.0 Orel 12.5 Kursk 12.0 Tula 22.0

23. 22 0 50 100 150 200 250 300 350 400 450 500 20112012 Poultry import quotasPork import quotas 1 SubsidizedNot subsidized Favourable Regulatory and Tax Environment 7 Profit Tax Rate for Producers, % Debt Structure as of 2011 Import quotas (000 tonnes) Effective cost of debt is 2% in 2011 Attractive returns on invested capital Attractive tax rate for agricultural producers Low effective Group tax rate Government considers prolongation of the zero rate Attractive Tax Regime Subsidised Interest Rate Rebate Import Quotas and Regulation Opportunity for domestic producers 7% Source: Official Statistics Source: Company reports Source: Official Statistics, MinFin Poultry import – all imports are leg quarter parts, no bird in whole is allowed Russias 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. High EBITDA to Net Income conversion ratio 93% 350 330 500 430 20112012 RUR 24,063.5 mln 0 18 20

24. 23 8%8% 4%4% 7%7% 4% 8%8% 9% 8% 5% 6%6% 6% 7% 4% 5% 4% 5% EBITDA margin 08 EBITDA margin 09 EBITDA margin 10 EBITDA margin 11 Fleury Michon****Atria**** Cherkizovo***HKScan**** 40% 37% 41% 4% 2% 13% 41% 8%8% 14%14% 9%9% 14%14% 5% 9% 10% 6% 12% EBITDA margin 08 EBITDA margin 09 EBITDA margin 10 EBITDA margin 11 Cherkizovo**China Yurun**** People's Foods****Brazil Foods**** 18% 26% 16%16% 21% 13% 6% 10% 12% 7% EBITDA margin 08 EBITDA margin 09 EBITDA margin 10 EBITDA margin 11 Cherkizovo*Brazil Foods**** 23 Attractive Financial Profile Profitability 8 Leading profitability indicators (EBITDA margin %) Source: Company filings; operating income is assumed to be equivalent to EBIT for benchmarking purposes Note: Average excludes Cherkizovo PoultryPorkMeat processing Avg. 4% Avg. 10% Avg. 9% Avg. 6% *Poultry division **Pork division ***Meat processing ****Group margin Avg. 8% Avg. 5% Avg. 10% Avg. 6% Avg. 4%

25. 24 Attractive Financial Profile Best In Class Financial Performance 24 8 Significant Improvement in Financial Performance (RUB mln) EBITDA Margin (%)Sales Growth +20% Net Income GrowthEBITDA Growth +30% +38% 17,042.3 20,992.7 28,991.4 32,330.7 17.8% 13.1% 14.2% 11.5% 60.4% 20.4% 30.9% 6.8% 4.5% 16.7% 12.7% 5.6% 5.1% 8.2% 1,967.1 2,977.0 3,786.4 5,782.9 9.8% 44.4% 30.0% 28.0% 7.6% 876.1 1,575.1 1,941.3 3,789.1 Source: Broker estimates, Company filings (figures as per companys fiscal year end), Sales CAGR (2006-2011)EBITDA Margin 2011 EBITDA CAGR (2006-2011) Net Income CAGR (2006-2011) 36,085.1 18.4% 6,635.6 43,284.4 7,214.1 16.7% 4,385.6 4,344.2 200620072008200920102011 200620072008200920102011 200620072008200920102011200620072008200920102011 37.7% 29.1% 15.4% 12.0% (11.5%)

26. 25 Evgeny Mikhailov Yury Dyachuk Corporate Governance Strong Board of Directors Igor Babaev Chairman 30+ years of experience in the Russian meat industry Sergey Mikhailov CEO and shareholder Head of Legal Department Head of Project Development and shareholder Musheg Mamikonian Independent member President of Meat Union of Russia 20+ years of experience in the industry Samuel B. Lipman Independent member American poultry expert 20+ years of experience in the poultry industry 9 Marcus Rhodes Independent member Chairman of Audit Committee 20 years in audit 2002-2008 - Audit Partner, E&Y Degrees from Loughborough University and ICA, Great Britain

27. 26 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) 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 Dedicated Management Team Arthur Minosyants COO Sergey Mikhailov CEO Ludmila Mikhailova CFO 9

28. Appendix

29. 2011 Consolidated Financial Statements

30. 29 Key Consolidated Income Statement and Data Operating Expenses Sales Cost of sales Gross Profit Gross Margin EBITDA EBITDA Margin Operating Income Operating Income Margin Net Income As % of Sales 1,188.2 864.4 27% 156.9 218.5 166.9 14% 144.4 12% 323.8 18% 1,472.9 1,103.6 25% 195.5 245.5 170.4 12% 147.8 10% 17% 369.3 Period, US$ mln 2010 2011 Impairment of assets - 3.4

31. 30 Cash and Equivalents28.2 77.6 219.7 98.7 424.2 1,142.4 Other Non-current Assets116.1 1,258.5 1,682.7 88.2 Short-term Debt214.1 Other current liabilities56.0 Total current liabilities358.3 Long-term debt533.3 Other non-current liabilities30.6 Total non-current liabilities563.9 Shareholders equity 760.5 Total Liabilities and Shareholders Equity1,682.7 Trade Accounts Receivable Plant, Property and Equipment Total Non-current Assets Total Assets Inventory Other Current Assets Total Current Assets Trade Accounts Payable Cherkizovo Group – Balance Sheet Period, US$ mln 2011 2010 68.2 81.3 135.0 467.7 937.6 66.7 1,004.3 1,471.9 73.3 182.5 50.6 306.4 465.9 29.6 495.5 670.1 1,471.9 183.2

32. 31 Summary Consolidated Cashflow Statement 148.7 50.7 4.4 (37.5) 166.3 (170.6) (42.3) (212.9) 90.9 75.5 (0.6) 28.3 Net Income Depreciation Adjustments for Non-Cash Items Change in Net Working Capital Net Operating Cash Flow Purchases of PP&E Other Investing Cash Flow Net Investing Cash Flow Proceeds from/(Repayment of) Debt Net Financing Cash Flow Exchange Rate Difference Net Increase in Cash and Equivalent 150.8 65.3 11.9 4.2 232.2 (211.9) (2.1) (214.0) (29.2) (59.0) 0.9 (39.9) Period, US$ mln 2011 2010 (15.4) Other financing Cash Flow (29.8)

33. 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) 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 Construction of state-of-the-art sites in one production area 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 Estimated project parameters 2 Production volumes, 000, sellable-weight tonnes 20 110 194 228 255 295 300 194 310 355 360360360360 260 20 110 2 0 50 100 150 200 250 300 350 400 450 500 201020112012E2013E2014E2015E Organic growth and MosselpromElets project 470 380 357

34. 33 THANK YOU!