Investor Presentation

1. Investor Presentation December 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 9M2011 Sales: $1 078.6m 9M2011 EBITDA: $177.9m Poultry 9M2011 Total sales: $504.8m 9M2011 EBITDA: $83.0m Pork 9M2011Total sales: $196.6m 9M2011 EBITDA: $76.3m Meat Processing 9M2011 Total sales: $472.0m 9M2011 EBITDA: $29.9m • #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 • 7 clusters • Total capacity (t.p.a): 270,000 * • 7 plants • Total capacity (t.p.a): 195,000*** • 10 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 18% in RUR, and 24% to $1 078.6 mln Adjusted EBITDA* increased 1% in RUR, and 6% to $177.9 mln Adjusted EBITDA* margin was 17% Gross profit increased 6% in RUR, and 11% to $270.1 mln Group gross margin was 25% Net income decreased 6% in RUR, and slightly decreased 1% to $108.4 mln Net debt was $709.4 mln The effective cost of debt was 2.3%. 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 1st line of a large incubation facility with an annual capacity of 43 mln eggs In the pork segment by launching the breeding sites we started production at our three new greenfield farms in Tambov, Voronezh and Lipetsk Cherkizovo has completed integration of Mosselprom - a diversified vertically-integrated agro-industrial group, which we acquired in the spring. Cherkizovo has started construction of the Elets agroindustrial complex in Lipetsk Key Highlights of 9M2011 EBITDA and EBITDA Margin Evolution, 2006-2010, RUR mln SOLID FINANCIAL RESULTS CAGR +36%* 18% 7000,0 20% 18% 15% 18% 6000,0 16% 13% 5000,0 6641,6 14% 53% 14% 12% 4000,0 12% 27% 10% 3000,0 8% 5782,9 51% 6% 2000,0 3786,4 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 3Q2010 3Q2011 9M2010 9M2011 % change % change • Total sales increased 24% in US$ terms and 18% in RUR terms reflecting solid organic volume growth • Gross profit increased 11% in US$ terms and 6% in RUR terms; gross margin was 25% • Operating expenses as percentage of sales were flat at 13% • EBITDA increased 6% in US$ terms and 1% in RUR terms, EBITDA margin was at 17% • Net income decreased 1% in US$ terms and 6% in RUR terms. Net income margin was 10% US$/RUR rate 30.25 28.77 24% Total Sales, US$ mln 867.5 1,078.6 389.2 294.6 32% Gross Profit, US$ mln 243.5 270.1 11% 79.9 100.4 26% Gross Margin, % 25% 28% 26% 27% EBITDA, US$ mln 177.9 167.7 6% 72.0 54.7 32% EBITDA Margin, % 19% 17% 19% 19% Net Income, US$ mln 108.4 (1)% 110.0 35.9 18% 42.3 13% 10% Net Income margin % 11% 12% Total Group Sales, US$ mln EBITDA and EBITDA margin, US$ mln, % Net Income, US$ mln 177.9 110.0 120 108.4 167.7 1 078.6 1 200 19% 100 13% 867.5 42% 40% 48% 38% 1 000 17% 80 16% 800 43% 60 600 40% 46% 44% 50% 45% 40 400 44% 200 44% 20 16% 16% 8% 7% 0 0 9M2010 9M2011 9M2010 9M2011 Meat Processing Poultry Pork Meat Processing Poultry Pork Source: Management estimates, Company reports

7. Poultry Division 9M2010 9M2011 % change%change $US RUR • Volumes increased by a robust 26% to appr. 185,620 tonnes • Prices increased by 8% to $2.52 per kg for 9M2011* (excl. VAT) and increased by 3% to 72.40 RUR per kg (excl. VAT) • Total sales increased 35% to US$504.8 mln • Gross Profit increased 8% to US$119.6 mln, Gross Margin was 24% due to increasing input and labor costs • In 9M2011 the segment accounted for a one-off direct subsidy of 396,3 mln RUR or US$13.8 which offset the cost of sales • Operating expenses as a percentage of sales were flat at 12% • EBITDA increased 1% to US$83.0 mln, EBITDA margin was 17% for 9M2011 • Division profit decreased 8% to US$54.6 mln, division profit margin was 11% 30.26 28.77 US$/RUR rate 35% Total Sales, US$ mln 375.2 504.8 28% 110.9 Gross Profit, US$ mln 119.6 8% 3% Gross Margin, % 24% 30% 82.0 83.0 1% (4)% EBITDA, US$ '000 EBITDA Margin, % 22% 17% 59.2 54.6 (8)% (12)% Division profit US$ '000 16% 11% Division profit margin % EBITDA and Division Profit, US$ mln Total Sales, US$ mln Volume and Price** Dynamics 2.52 35% 8% 2.33 100 30% 80 26% 22% 20% 17% 60 82.0 83.0 185,620 40 59.2 10% 504.8 146,830 54.6 20 375.2 0 0% 9M2010 9M2011 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. 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 75,000 live-weight tonnes be the end of 2012 • Investment of appr. $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 66 mln eggs • Sites launched in 4Q2010 and 1H2011, hatchery launched in August 2011 +142%* 470 +23% +6% 380 357 +15% 310 +18% 262 +35% Penza Cluster Capacity Increase Overview 194 • The project is expected to double production of the cluster to 140,000 live-weight tonnes in 2013 • Investment of appr. $120 mln supported by long-term subsidized loans • The project is a brownfield construction of 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 launched in 1H2011, hatchery launched in September 2011, slaughtering facility launched in November 2011 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 1H2012 * Expected increase in 2015 compared to 2010 levels * For 2011 Mosselprom volumes are consolidated from 13 May 2011 Source: Company, Management estimates

9. 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 business processes • Entrance into new regions • Significant potential for operational on-site improvements • Addition of two powerful brands Deal consideration 310 350 18% 55 262 300 • 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 35% 250 34 200 150 255 228 100 194 50 0 2010 2011 2012 Additional production of Mosselprom, thous. tonnes Production, thous. tonnes 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 (incl. VAT and working capital) Production volumes, 000, slaughter-weight tonnes Construction of state-of-the-art sites in one production area 470 500 450 380 357 110 • 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 400 110 20 2 20 350 2 300 360 360 250 355 200 310 150 262 300 300 295 255 228 194 100 194 50 0 2010 2011E 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

11. Pork Division 9M2010 9M2011 % change% change $US RUR • Volumes increased 7% to 65,800 tonnes • Prices increased by 15% to $2.74 per kg in 9M2011* (excl. VAT) and by 9% to 78.90 RUR per kg (excl. VAT) • Total sales increased 24% to US$196.6 mln • Gross Profit increased 12% to US$75.9 mln; Gross Margin was 39% due to increasing input costs • In 9M2011 the segment accounted for a one-off direct subsidy of 168 mln RUR or US$5.9 mln which offset the cost of sales • Operating expenses as a percentage of sales were flat at 7% • EBITDA increased 13% to US$76.3 mln; EBITDA Margin was 39% • Division profit increased by 9% to $US57.2 mln, division profit margin was 29% US$/RUR rate 30.25 28.77 24% Total Sales, US$ mln 158.0 196.6 18% 67.9 Gross Profit, US$ mln 75.9 6% 12% Gross Margin, % 39% 43% 67.7 7% 76.3 13% EBITDA, US$ '000 43% EBITDA Margin, % 39% Division profit US$ '000 57.2 52.3 9% 4% Division profit margin % 29% 33% Volume and Price* Dynamics EBITDA and Division Profit, US$ mln Total Sales, US$ mln 2.74 15% 80 24% 45% 2.38 43% 70 39% 60 7% 30% 50 67.7 76.3 76.3 40 67.7 30 65,800 57.2 57.2 52.3 52.3 61,250 15% 196.6 158.0 20 10 0 0% 9M2010 9M2011 EBITDA, US$mln (left axis) Division profit, US$mln (left axis) EBITDA margin, % (right axis) 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 +111%* 185,0+ 185,0 +3% 180,0+ +29% 140,0+ +56% 90,0+ +3% 87,7 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 • Breeding facilities at all three sites were launched in 9M2011 • Sites are expected to reach their full capacity by the end of 2013 • 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 5% to appr. 108,420 tonnes • Prices increased by 19% to $4.54 per kg for 9M2011* (excl. VAT) and increased by 13% to 130.56 RUR per kg • Total sales increased 25% to US$472.0 mln • Gross Profit increased 17% to US$76.0 mln; Gross Margin decreased from 17% to 16% due to raw meat price increase and an increase in labor costs and social tax • Operating expenses as a percentage of sales were flat at 12% • EBITDA increased 8% to US$29.9 million; EBITDA margin decreased to 6% • Division profit was US$12.3 mln, division profit margin was 3% 9M2010 9M2011 % change% change $US RUR US$/RUR rate 30.25 28.77 25% Total Sales, US$ mln 379.0 472.0 18% 64.9 Gross Profit, US$ mln 76.0 11% 17% Gross Margin, % 16% 17% 29.9 8% 2% EBITDA, US$ '000 27.8 EBITDA Margin, % 7% 6% (12)% 13.9 12.3 Division profit US$ '000 (16)% Division profit margin % 4% 3% Volume and Price* Dynamics Total Sales, US$ mln EBITDA and Division Profit, US$ mln 4.54 25% 19% 3.82 5% 27.8 29.9 472.0 108,420 102,870 379.0 12.3 13.9 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 9M2011 was 2,3% 152.6 160 741 648 140 104.1 120 81.9 3.1 100 70% 80 72% 37.7 60 63.3 40 60.5 20 30% 28% 2.8 7.4 0 9M2010 9M2011 10% Meat Processing Poultry Pork Land 10% Poultry: investments into capacity Penza cluster: • - slaughter facility: 8000 units/hour • - incubation site: 105 mln eggs • - Bryansk cluster • - Incubation site: 66 mln eggs • Pork: investments into capacity • - greenfield construction in Tambov, Voronezh, Lipetsk • Meat processing:capital maintenance • - Launch of the acquired plant in Kaliningrad 90% 90% 9M2010 9M2011 Net debt, US$ mln 580.2 709.4 Cost of Debt 2.5% 2.3% Debt/Equity 1.0x 1.1x Interest coverage* 14.1x 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 (%) 10-13E World CAGR: 3.1% 10-13E Euro AreaCAGR: 1.5% Source: EIU * Denotes real personal disposable income (% change pa) Source: EIU RUB/USD FX Commodities Price Performance (rebased to 100)* Estimates** 209.8 201.8 Current: 30.46 188.2 198.8 158.4 155.3 126.8 Avg. 28.59 122.7 2012E 2011E Source: FactSet as of September 14, 2011 • Source: EIU, J.P. Morgan, Bloomberg, Datastream research as of September 14, 2011 • * Prices for Wheat (Cts/Bu), Soyabeans (C/Bushel), Barley (CAD/MT) and Corn (yellow) • ** Rebased to 100 at September 1, 2009 16 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. 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 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 accounts 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*, 9M2011 Poultry breakdown of sales by channel*, 9M2011 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 • 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 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 60.0 Orel 12.5 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 • Reshaping of the market – 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 • Effective cost of debt is 2.3% in 9M2011 • Attractive returns on invested capital Import quotas (000’ tonnes) Debt Structure as of 9M2011 Profit Tax Rate for Producers, % $741 mln 500 20 10% 450 18 400 500 350 300 430 90% 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

26. 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% 40% 39% 37% 26% 21% 18% 17% 13% 15% 16% Avg. 10% 13% Avg. 8% 10% 12% Avg. 10% 10% 10% 9% Avg. 6% Avg. 6% Avg. 6% Avg. 4% Avg. 6% Avg. 9% Avg. 10% 7% 9% 9% 9% 9% 6% 8% 7% 5% 7% 6% Avg. 5% 6% 6% 5% 5% Avg. 4% 5% 4% 4% 4% 5% 4% 4% 4% 3% 4% EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA margin 08 margin 09 margin 10 margin margin 08 margin 09 margin 10 margin margin 08 margin 09 margin 10 margin 9M11 9M11 9M11 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 25

27. Attractive Financial ProfileBest In Class Financial Performance 8 2006 2007 2008 2009 2010 9M11 Significant Improvement in Financial Performance (RUB mln) Sales Growth EBITDA Margin (%) 18.3% 36,084.7 +20.6% 17.8% 89.1% 18.3% 32,330.7 16.5% 31,027.2 14.2% 28,991.4 8.9% 44.4% 13.1% 11.5% 20,992.7 20.6% 7.3% 17,042.3 6.1% 5.4% 2.7% 2.6% 2006 2007 2008 2009 2010 9M11 2006 2007 2008 2009 2010 9M11 Sales CAGR (2006-2010) EBITDA Margin 2010 EBITDA Growth Net Income Growth 6,641.6 4,386.7 77.3% 61.8% +35.6% 5,782.9 +49.6% 3,789.1 5,117.5 3,118.2 48.4% 49.6% 3,786.4 42.1% N/M 2,977.0 1,941.3 1,575.1 1,967.1 N/M 35.6% 876.1 N/M (16.9)% 2006 2007 2008 2009 2010 9M11 Net Income CAGR (2006-2010) EBITDA CAGR (2006-2010) Source: Company filings (figures as per company’s fiscal year end), broker estimates 26 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 • 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 27

29. 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)

30. Appendix

31. 9M2011 Consolidated Financial Statements

32. Key Consolidated Income Statement and Data Period, US$ mln 9M2011 9M2010 Sales 867.5 1,078.6 Cost of sales 624.0 808.5 Gross Profit 243.5 270.1 28% 25% Gross Margin 113.5 142.0 Operating Expenses 167.7 177.9 EBITDA 19% 17% EBITDA Margin 130.0 128.1 Operating Income 15% 12% Operating Income Margin 110.0 Net Income 108.4 13% As % of Sales 10%

33. Cherkizovo Group – Balance Sheet Period, US$ mln 9M2011 2010 68.2 Cash and Equivalents 31.7 81.3 Trade Accounts Receivable 79.5 183.2 Inventory 194.1 134.9 Other Current Assets 118.9 467.6 424.2 Total Current Assets 937.6 Plant, Property and Equipment 1,116.6 66.7 Other Non-current Assets 123.8 1,004.3 Total Non-current Assets 1,240.4 1,471.9 Total Assets 1,664.6 73.3 Trade Accounts Payable 85.3 182.5 Short-term Debt 220.7 50.6 Other current liabilities 85.6 306.4 Total current liabilities 391.6 465.9 Long-term debt 520.3 29.5 Other non-current liabilities 32.5 495.4 Total non-current liabilities 552.8 Shareholders’ equity 670.1 720.2 1,471.9 Total Liabilities and Shareholders’ Equity 1,664.6

34. Summary Consolidated Cashflow Statement Period, US$ mln 9M2011 9M2010 Net Income 110.8 113.9 Depreciation 47.1 37.2 Adjustments for Non-Cash Items 11.1 4.6 Change in Net Working Capital 7.4 (3.3) 152.4 176.4 Net Operating Cash Flow Purchases of PP&E (119.1) (148.9) Other Investing Cash Flow (3.7) (9.8) (152.6) (128.9) Net Investing Cash Flow Proceeds from/(Repayment of) Debt (2.0) (49.4) Other financing Cash Flow (11.3) (7.2) Net Financing Cash Flow (60.7) (9.2) Exchange Rate Difference 0.4 (0.2) (36.5) 14.1 Net Increase in Cash and Equivalent

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