ROS AGRO

Presentation for Investors

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Working Area Table of Contents 5 4 3 2 1

Investment highlights Strategyand Introduction Appendix Financial performance

to business Ros Agro

d evelopment

46 37 31 9 4

3

Section 1

Introduction to Ros Agro

4 Working Area • • • • • Mechta using official average CBR exchange rate for 2014 (37.97 RUB per USD) perRUB (37.972014 for rate CBR exchangeaverageofficial using 1 CompanydataSource:

Ros Ros Agro RosAgroGroup Based on volumes in 2014;in volumesonBased #2 pork producer in Russia with 6% market #2 pork producer within Russia 6%market # Vertically integratedVertically business model: 500 #1 ‒ ‒ ‒ ‒ 2 sugar producer in Russia with 15% market 2 sugar producer in15% with Russia market margarine margarine producer withRussia in hedge against fluctuationsprice commodity Vertically crop Sugar supply segment’s secured rawmaterial is ownby sugar beet fodder providing segment grain secured by is Meat business significantlyhigher than average Russia’s AgroRos operates a leadingagricultural business crop withyields ths

Khozyaiki . ha thein land bank Black Earth region primarily of Russia

- integrated business deliversbestintegrated

EZHK

2 –

As of 1H 2015, including land in includinglandPrimorsky 1H 2015, ofAs –

A leading vertically integrated agriculture company with exposure to highlyattractive market segments in Russia and CIS

The leader of the Russian agricultural sector Gotovim Business Business highlights Oil and Oil and Fats

doma

49% market 49%share market

Provansal

share

share -

in

- 1 Krai class class margins and a

1 EZHK (30 ths. ha); ths. (30

1

Highly recognized customer brands Schedroe 3

Breakdown is based on figures before adjustments for adjustmentsbeforefigures on is basedBreakdown

2

Leto

Source: Company data CompanySource: Mealproduction Mayonnaiseproduction Margarineproduction productionPork Sugar production Vegetable oil Agricultural Chaikofsky 16%

23% land 2014 2014 Revenue and EBITDA breakdown bysegment Revenue RUB 59.1bn

production US$ 1.5bn

27% bank other revenue and revenue other

34%

2

2014 2014 Keyoperational figures

Mon Café eliminations. Total Revenue and EBITDA figures converted to US$ US$ to converted figuresEBITDA and RevenueTotal eliminations.

Meat Sugar Oil & Fats Oil & Agriculture Sugar

Russkii

Sakhar 22% EBITDA RUB 18.1bn

US$ 9%

44%

0 .5bn 24%

3 Brauni 171 187 717 188

58 47 500 ths ths ths ths ths ths ths

. tons . tons . tons . tons . tons . tons . 5 ha

Working Area 2 1 CompaniesSource: Tyson foods Illovo Sugar

Tyson foods Ros Ros Agro Cherkizovo Data for 2008 forData all figures YE), (MarSugar Illovo for except YE, Dec toCalendarized Illovo Sugar Cherkizovo AverageEBITDA Ros Agro Ros Agro MHP BRF MHP JBS BRF Revenue JBS (2012 (2012 - 2010 converted from RUB using historical CBR average exchange rates (RUB per US$): 2008US$): per (RUB rates exchange averageCBR RUB historical using from converted 2010 (4)% (4)% (1)% data

- -

2014) 2014)

CAGR 5% 7% d margin

12% 7%

emonstrated emonstrated a solid 9% 17% 1 18%

15%

25%

18%

33% 1

US$ m US$ • launched Belgorod complex in of breeding Construction 2008

14% 716

converted to US to converted • • completed Belgorod was complex in of breeding Construction wereacquired and Tambov in Belgorod 2 sugar plants 2009 21% 779 $ at average exchange rates for respective periods; respectivefor rates exchangeaverage$ at

track track • • 380 ths. ha increased to Land bank Tambov began complex in of breeding Construction 1,020 26% 2010 –

24.81, 2009 24.81,

record of resilient performance

Resilient Resilient

• • • • –

31.68, 20 31.68, IPO on LSE 497 ths. tons harvest Record per day of its full capacity plant Samara region acquired plant was Samara oil 75% stake in Revenue 1,351 1,050 1,050 tons 13% 2011 growth growth trend reached

10 –

over over

–

30.36

• • EBITDA marginEBITDA year capacity in a reached its full launched and Plant was Shidlovsky sites 22 the launch of Bacon led to Tambov work at Construction 1,096 26% production 2012

in in

revenue

• 2 plant Zherdevskiy day at the 5.5 5 ths expanded from capacity processing Sugar

1,144 19% 2013 ths. ths. tons .

tons tons beet beet

to to a • • • • at at of equipment Modernization division in agriculture and of technology Modernization sugar upgrades at Equipment completed Bacon was of Tambov Construction 1,532 31% Fats Fats Plant 2014 equipment plants

• • fat and industrial and bone meal products, meat processed chilled large cuts, markets of entered new The Company Tambov heads in capacity of 2m with slaughterhouse Launch of the 1H2015 33% 565

an annual

region

6

Working Area SAPP 1 20151H of as dataCompany Source:

BELGOROD Ros Ros C BELGOROD apacity breakdown for sugar and meat; arable land bank as of 1H 2015 for agriculture segmentagriculture 2015for1H of as bankland arable meat;and sugar for breakdownapacity TAMBOV –

Samaraagroprompererabotka oil extraction plant oil extraction Samaraagroprompererabotka TAMBOV

Agro’s

Moscow

Location of the assets on the map of Russia SAMARA • • • • • • • • •

1 compound feed plant feed compound1 1 farms 6pig refineriessugar3 1 slaughterhouse1 feed compound1 facilities breeding2 farms pig7 sugar3

breeding

diversified asset base

refineries YEKATERINBURG

facility

plant

YEKATERINBURG PRIMORSKY KRAI PRIMORSKY SAMARA

• • •

• • A I S S U R in soyin Controlling bank 30 complexproject Pork plant (SAPP plant Oil extraction (EZhK plantfats Oil &

ths

; production

. ha of land of . ha 2014 revenue breakdown for oil and fats segment;fats oil and for breakdown2014revenue production 3 )

stake stake 3 )

Agriculture Oil Oil and Sugar Meat Fats

• • • • • • • • Oil: c. c. Oil: 180Meal:c. ths Sunflowerseeds: c. Mayonnaise:112 Margarine:57.9 ha of arable land ths Total land bank ths production capacity of 205 totalwithfacilities 13 pig farms, 3 breeding per day capacity of c. 35.1 6 Ros 2

sugar sugar refineries Including land in land Including Capacities . . ha including c. 380 .

tons tons tons

Agroassets by business segment 190

ths ths Primorsky . (annual) tons 2 . tons

ths

of of 500c. ths withtotal ths

. tons 420 . tons Krai

. tons

ths

(30

. ths. ha ths. ); 3

EZhK BelgorodTambov & Yekaterinburg –

Belgorod Belgorod Split byregion Yekaterinburg Fats Plant, Fats Yekaterinburg 42% 44% 44%

4% 96%

58% 56% 56%

Tambov Tambov

Samara Far Far East 1

7

Working Area Source: Company data CompanySource: Ros Ros Agro’s

Thegroup’s products are sold in more than 80 regions of Russia and footprint footprint across the globe Germany Egypt Moldova Denmark

Azerbaijan Belarus Israel Turkey

Oman UAE Iran Russian market

Turkmenistan Afghanistan Kazakhstan Uzbekistan

Tajikistan

Promising Promising markets

Kyrgyzstan

Russia

Mongolia Existingexport markets China

Thailand are exported

Vietnam Hong KongHong Korea South

to to 14 countries

Japan

8

Section 2

Investment highlights

9 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 Ros Agro – Key investment highlights

252,175, 23 252, 185, 50 253, 203, 104 1 Ros Agro is the most prominent integrated agribusiness company in Russia • Ros Agro holds market leadership positions across all its businesses… • …operating a vertically integrated business model 13, 103, 133 16, 125, 164 97, 156, 176 2 Second largest sugar producer in Russia • Russia is one of the largest consumers of sugar globally… 204, 40, 65 217, 63, 85 222, 115, 131 • …with Ros Agro being the 2nd largest sugar producer in the country... • ...operating 6 sugar refineries strategically located near sugar beet farms… • …and owning a strong branded product line covering different price categories 241, 97, 34 243, 119, 63 246, 152, 111 3 Second largest pork producer in Russia

• Russia is the fifth largest pork consumer globally in per capita terms… • …with Ros Agro being the 2nd largest pork producer in the country… • …operating state-of-the-art facilities in Belgorod and Tambov regions 127, 127, 127 144, 144, 144 172, 172, 172 4 Leading Russian oil and fats producer with a strong portfolio of brands Tier: 4 Tier: 5 • Russia is the largest consumer of mayonnaise and sunflower oil in the world… • …with Ros Agro operating as one of the leading players in the market… • …with a strong portfolio of brands… 218, 231, 197 231, 239, 217 • …and manufacturing footprint situated in close proximity to agricultural farmlands Working Area Working 5 One of the largest agricultural companies in Russia • Russia accounts for 9% of the world’s arable land… 254, 231, 185 254, 239, 210 • … with Ros Agro as one of the largest agricultural companies in the country… • … with 500 thousand hectares of land under control… • …providing above market yields across majority of its key crops 194, 217, 224 209, 226, 231 6 Highly experienced management team • Ros Agro is led by its best-in-class senior management… • …supported by a strong management bench 240, 190, 198 246, 218, 223 7 Government support • Consistent government support program 251, 207, 188 253, 230, 219 10

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 1 Ros Agro holds leading positions across all its businesses…

252,175, 23 252, 185, 50 253, 203, 104

Sugar Meat Oil & Fats Agriculture 13, 103, 133 16, 125, 164 97, 156, 176 • Sugar cube producer in

#1 #2 Commercial pork production #1 Margarine production 500 Land bank (in ths. ha) Russia • • • 1H 2015 data: Land bank • Market share (by volume) in • Market share in commercial • Market share in margarine 204, 40, 65 217, 63, 85 222, 115, 131 43% 6.3% 49% 42% Land owned sugar cube segment pork production production •

• Total pork capacity (ths. tons #2 • Sugar producer in Russia 205 #5 • Mayonnaise production 380 • Arable land (in ths. ha)

241, 97, 34 243, 119, 63 246, 152, 111 per year) Key (2014)highlightsKey Market share in sugar in Market share in mayonnaise 15% • 9% • Russia production

127, 127, 127 144, 144, 144 172, 172, 172 • Margarine production:

• Beet sugar production: • Pork production: • 47,100 tons Crop harvest: Tier: 4 Tier: 5 • 497,800 tons • 186,800 tons • 3,197,000 tons • Mayonnaise production: 57,700 tons 2014

production • 218, 231, 197 231, 239, 217 • Cane sugar production: • Compound feed production:

metrics (2014) metrics 218,800 tons 565,100 tons

Key Key • Vegetable oil production: Working Area Working

• 188,400 tons

254, 231, 185 254, 239, 210 14A) - RUB 22,464m RUB 17,751m RUB 14,920m RUB 10,710m

(+17.8%) (+77.6%) (+27.3%) (+10.1%) Revenue

194, 217, 224 209, 226, 231 12A (CAGR

financials (2014)financials 240, 190, 198 246, 218, 223 RUB 4,809m RUB 8,829m RUB 1,882m RUB 4,375m

Key Key (21.4%) (49.7%) (12.6%) (40.8%)

EBITDA (% margin) (%

251, 207, 188 253, 230, 219 11

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 1 …operating a vertically integrated business model

252,175, 23 252, 185, 50 253, 203, 104 Agriculture Oil and fats

13, 103, 133 16, 125, 164 97, 156, 176 4 Elevators with capacity to store up to 415 ths. tons of grain and 320 ths. tons of outdoor storage

Sugar Meat Provides the Meat Agriculture Provides the Sugar • The ingredients are sourced from the local third party segment with majority Surplus grain 204, 40, 65 217, 63, 85 222, 115, 131 suppliers segment with c. of the raw material is sold to third 70% of its raw used in fodder parties material production1

241, 97, 34 243, 119, 63 246, 152, 111

127, 127, 127 144, 144, 144 172, 172, 172 Sugar Meat Agriculture Oil and fats

• 6 sugar plants • 2 pork production facilities • The Company • 6 elevators Tier: 4 Tier: 5 In Belgorod and Tambov In Tambov and Belgorod also sells its For sunflower seed storage (Samara regions regions: products in region, Orenburg region and Far East) 13 commercial pig farms other regions of • 35.1 ths. tons/day • 218, 231, 197 231, 239, 217 Russia or to Maximum processing • 3 breeding facilities • SAPP oil extraction plant (Samara region) Working Area Working exporters capacity for sugar beet • 2 fodder production plants • Surplus meal and oil are exported to other countries • Completed slaugterhouse in 254, 231, 185 254, 239, 210 Tambov region with a capacity Granulated and refined sugar • EZhK Fats Plant (Yekaterinburg) brands of 2mm heads per year • Constructing pig farms with capacity of 300 ths. tons of Oil and fats product brands 194, 217, 224 209, 226, 231 pork, fodder plant and slaughterhouse in Primorsky Chaikofsky Mon Café Krai Gotovim doma! Mechta Khozyayki • Construction of the first phase (capacity of c.100 240, 190, 198 246, 218, 223 Russkii Brauni ths. tons) is scheduled to Sakhar start in spring 2016 Provansal Shchedroye leto

251, 207, 188 253, 230, 219 1 Share of in-house produced raw material used in fodder production is subject to market environment (prices) 12

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 2 Russia is one of the largest consumers of sugar globally…

252,175, 23 252, 185, 50 253, 203, 104

Market overview Russia has the highest per capita sugar consumption...

13, 103, 133 16, 125, 164 97, 156, 176 Annual per capita sugar consumption1, kg • Russia boasts of the highest annual per capita sugar 42.4 consumption in the world (42.4 kg per capita vs. 36.5 kg for Brazil, India 25.8 Brazil 55.7 36.5 35.8 34.0 204, 40, 65 217, 63, 85 222, 115, 131 30.3 35.8 kg for UK and 34.0 kg for the US) 28.1 China 16.2 Russia 41.7

Brazil 11.3 United States • Russian sugar market is stable with annual demand ranging from 33.2 10.7 241, 97, 34 243, 119, 63 246, 152, 111 United States Indonesia 21.4

5.5m tons to 6.0m tons 6.2

Russia 5.9 India 20.3

• In recent years, Russian Government policy has been aimed at Indonesia 5.4 127, 127, 127 144, 144, 144 172, 172, 172 Russia Brazil UK Germany South Africa USA China China 11.6 protecting and developing the domestic beet sugar industry Source: BMI Tier: 4 Tier: 5 ‒ In 2014, almost 86% of the sugar in Russia was produced from …with stable domestic consumption and production of sugar sugar beet Beet vs Raw sugar (2014) 218, 231, 197 231, 239, 217 m tons Beet sugar Raw sugar

Total consumption Total production Working Area Working • High import duties on cane sugar makes it less profitable than sugar 0.7

beet 4.4 254, 231, 185 254, 239, 210 7.1 ‒ This also explains the low share of sugar produced from imported 5.3 5.7 5.4 5.5 5.6 4.9 5.2 194, 217, 224 209, 226, 231 cane sugar in the country

240, 190, 198 246, 218, 223 2011 2012 2013 2014 Source: Rosstat, Soyuzrossakhar - January 2015, Helgilibrary 251, 207, 188 253, 230, 219 1 Based on 2011 data 13

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 2 …with Ros Agro being the 2nd largest sugar producer in the country...

252,175, 23 252, 185, 50 253, 203, 104

Business overview Ros Agro has been consistently increasing its market share

13, 103, 133 16, 125, 164 97, 156, 176 Market share in 2014 • Ros Agro is the second largest sugar producer with a 15% market share (2014) 22% 15% 13% ‒ Ros Agro accounted for 33% of the total amount of cane sugar produced 12% 204, 40, 65 217, 63, 85 222, 115, 131 in Russia in 2014 (compared to 23% in 2013) 15% 13% 9% • Sugar production structure has transformed significantly in the last few 7% years 2012 2013 2014 241, 97, 34 243, 119, 63 246, 152, 111 ‒ In 2011, beet sugar accounted for 41% of sugar production whereas by

2014 beet sugar’s contribution increased to 69% ‒ This transformation also facilitated to significant increase in the EBITDA

127, 127, 127 144, 144, 144 172, 172, 172 margin of sugar segment, i.e. from 5.6% in 2011 to 21.4% in 2014 Sucden

Ros Agro Ros Razgulay

Prodimex Dominant Tier: 4 Tier: 5 Ros Agro’s sugar production structure has transformed overtime...... with beet sugar commanding the majority share in production

218, 231, 197 231, 239, 217 2011 2014 ths. tons From sugar beet From raw cane sugar Under tolling agreements Working Area Working 1,127 37

254, 231, 185 254, 239, 210 EBITDA EBITDA 3% 756 margin: 5.6% 31% margin: 21.4% 714 681 706 627 717 62 614 611 83 52 54 41% 10 219 56% 57 109 194, 217, 224 209, 226, 231 69% 359 353 478 From raw cane sugar 383 From sugar beet 463 547 502 498 Under tolling agreements 248 270 299 216 240, 190, 198 246, 218, 223 2007 2008 2009 2010 2011 2012 2013 2014 Source: Soyuzrossakhar - January 2015, Company data 251, 207, 188 253, 230, 219 14

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 2 ...operating 6 sugar refineries strategically located near sugar beet farms…

252,175, 23 252, 185, 50 253, 203, 104

Belgorod region can process 15,600 tons of sugar beet per day and Tambov region can process 19,500 tons of sugar beet per day 13, 103, 133 16, 125, 164 97, 156, 176

Capacity 204, 40, 65 217, 63, 85 222, 115, 131 Sugar Beet 5,500 t/d Raw Cane 750 t/d

241, 97, 34 243, 119, 63 246, 152, 111

Belgorod Capacity Capacity Nikiforovsky Tambov Sugar Beet 7,000 t/d 127, 127, 127 144, 144, 144 172, 172, 172 Sugar Beet 4,900 t/d Chernyansky Znamensky Raw Cane 1,100 t/d Regional center Raw Cane 720 t/d Tier: 4 Tier: 5 Nika Sugar plant Valuikisakhar Land bank 218, 231, 197 231, 239, 217 30 km radius

Working Area Working 60 km radius Zherdevsky

254, 231, 185 254, 239, 210

194, 217, 224 209, 226, 231 Capacity Capacity Capacity Sugar Beet 6,000 t/d Sugar Beet 5,200 t/d Sugar Beet 6,500 t/d Raw Cane 720 t/d 240, 190, 198 246, 218, 223 Raw Cane 720 t/d Raw Cane 850 t/d

251, 207, 188 253, 230, 219 Note: t/d refers to tons/day 15

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 2 …and owning a strong branded product line covering different price categories

252,175, 23 252, 185, 50 253, 203, 104

13, 103, 133 16, 125, 164 97, 156, 176

Mon Cafe Russkii Sakhar 204, 40, 65 217, 63, 85 222, 115, 131 • Extra grade • White sugar cubes • Shaped refined sugar • White sugar crystals Chaikofsky cubes 241, 97, 34 243, 119, 63 246, 152, 111 Brauni Extra grade sugar:

• Brown granulated cane White sugar cubes • sugar • White crystals 127, 127, 127 144, 144, 144 172, 172, 172 • Brown cane cubes

Russkii Sakhar and Chaikofsky lead against competitors in Tier: 4 Tier: 5 Key takeaways customer ratings 218, 231, 197 231, 239, 217 Product line is represented in the sugar cube and packaged sugar Spontaneous Brand recognition Purchased at Working Area Working • Brands brand recognition with prompt some time segments across all of the popular package sizes 254, 231, 185 254, 239, 210 Russkii Sakhar 27 87 74 • Undisputed leader on the Russian sugar market in the B2C segment Chaikofsky 22 46 28 ‒ #2 sugar producer in Russia with 15% market share1 194, 217, 224 209, 226, 231 Competitor 1 10 39 20 ‒ Ros Agro has a 43% market share in the sugar cube segment1 Competitor 2 10 37 19

240, 190, 198 246, 218, 223 Source: Comcon Synovate, monitoring of sugar brand health conducted for Ros Agro in December 2014

Source: Soyuzrossakhar - January 2015, Company data 251, 207, 188 253, 230, 219 1 Based on volumes in 2014 16

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 3 Russia is the fifth largest pork consumer globally in per capita terms…

252,175, 23 252, 185, 50 253, 203, 104

Market overview Russia in the global pork market

13, 103, 133 16, 125, 164 97, 156, 176 Annual per capita pork consumption1, kg Total pork consumption (2014, mm tons) Per capita pork consumption (2014, kg) • Russia is the fifth largest pork producer globally (2014)

‒ The country’s per capita pork consumption reaches 20.5kg, lagging 53.9 53.3 China 57.0 Germany 52.6 204, 40, 65 217, 63, 85 222, 115, 131 behind only Germany, Poland, Czech Republic and China 43.1 United States 8.8 China 40.9 31.5 • Total pork consumption in Russia declined by 10.5% to 3.4m tons in Germany United States 27.3 20.5 4.4 241, 97, 34 243, 119, 63 246, 152, 111 2014 compared to 2013 primarily due to the increase in prices in the

Russia 3.1 Russia 21.8

domestic market caused by various trade restrictions on imports Brazil 2.8 Japan 20.0 127, 127, 127 144, 144, 144 172, 172, 172 Germany Poland Czech Republic China Russia • Whereas, pork production in Russia grew on average by 7.7% Japan 2.5 Brazil 13.7 Tier: 4 Tier: 5 each year in 2011-2014 to 3.0m tons, narrowing the gap between Source: BMI Domestic pork consumption and production local demand and supply 218, 231, 197 231, 239, 217 m tons Domestic pork consumption Production Working Area Working • Top 20 pork producers in Russia held 59.6%2 of the market in 2014 (compared to 54.2% in 2013), indicating market movement towards 3.8 3.8 254, 231, 185 254, 239, 210 3.6 3.4 3.0 consolidation 2.8 2.6 2.4 194, 217, 224 209, 226, 231

240, 190, 198 246, 218, 223 2011 2012 2013 2014

251, 207, 188 253, 230, 219 Source: OECD, AHDB, Rosstat 17 1 Based on 2014 data; 2 National Pork Producers Union

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 3 …with Ros Agro being the 2nd largest pork producer in the country…

252,175, 23 252, 185, 50 253, 203, 104

Ros Agro has a strong foothold in the Russian pork market… …positioned 2nd after Miratorg with a 6.3% market share… 13, 103, 133 16, 125, 164 97, 156, 176 Ros Agro has been one of the top 5 companies on the Russian • 12.7% pork market since 2010 204, 40, 65 217, 63, 85 222, 115, 131 ‒ It is the second largest pork producer with a market share of 6.3% (2014) 6.3% 6.1% 5.6% 241, 97, 34 243, 119, 63 246, 152, 111 • In 2014, the Group increased pork production by 38.0% to 187 ths. 3.1% 2.8% tons and compound feed production by 57.4% to 565 ths. tons 1.6%

127, 127, 127 144, 144, 144 172, 172, 172 • The Group currently caters to demand from businesses and Miratorg Ros Agro Cherkizovo Agro- Agrarnaya Kopitaniya Prodo Belogorie Gruppa Management Tier: 4 Tier: 5 organisations in 29 regions and plans to expand its geographic footprint following the launch of the rendering plant and …having witnessed a production CAGR (2008-14A) of 56.5% 218, 231, 197 231, 239, 217 slaughterhouse

Working Area Working ths. tons • Group’s agriculture division supplies feed ingredients to the pork Pork production by Ros Agro

254, 231, 185 254, 239, 210 division hence protecting from the unfavourable price changes for 187 a substantial portion of raw materials 135 194, 217, 224 209, 226, 231 62 64 73 39 13 240, 190, 198 246, 218, 223 2008 2009 2010 2011 2012 2013 2014

251, 207, 188 253, 230, 219 Source: National Pork Producers Union, “Rating of Largest Pork Producers in Russia in 2014”, January 2015 18

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 3 …operating state-of-the-art facilities in Belgorod and Tambov regions

252,175, 23 252, 185, 50 253, 203, 104 Belgorod region Tambov region 13, 103, 133 16, 125, 164 97, 156, 176

Belgorod

204, 40, 65 217, 63, 85 222, 115, 131 Tambov

241, 97, 34 243, 119, 63 246, 152, 111

127, 127, 127 144, 144, 144 172, 172, 172 presence Regional Tier: 4 Tier: 5

218, 231, 197 231, 239, 217

Regional center Pig farm Feed plant Working Area Working

254, 231, 185 254, 239, 210

• 6 commercial pig farms for 5,100 sows each • 7 commercial pig farms for 4,800 sows each

• 1 breeding facility for 2,500 sows • 2 breeding facilities for 1,200 and 1,700 sows

194, 217, 224 209, 226, 231 • 1 compound feed plant with capacity of 40 tons/hour • 1 compound feed plant with capacity of 50 tons/hour

• Total sow population of 36 ths. and the overall herd exceeds 400 ths. head • Slaughterhouse (launched in June 2015) with capacity of 1.95m head per year Commentary 240, 190, 198 246, 218, 223 • Total capacity to produce 90 ths. tons of pork per year • Total capacity to produce 115 ths. tons of pork per year

251, 207, 188 253, 230, 219 19

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 4 Russia is the largest consumer of mayonnaise and sunflower oil in the world…

252,175, 23 252, 185, 50 253, 203, 104

Market overview Stable demand and supply of sunflower oil in the Russian market

13, 103, 133 16, 125, 164 97, 156, 176 m tons Production Domestic consumption • Russia is the largest consumer of mayonnaise and sunflower oil 3.9 3.6 ‒ Per capita consumption of mayonnaise in Russia reached c. 4.4 kg 204, 40, 65 217, 63, 85 222, 115, 131 3.1 • Although the consumption of margarine in Russia has been declining in recent years, growing demand in Central Asia offers a good 2.1 2.1 2.1 2.1 2.2 additional market for Russian products 241, 97, 34 243, 119, 63 246, 152, 111

• Sunflower oil is the undisputed market leader in Russia followed by soybean oil 127, 127, 127 144, 144, 144 172, 172, 172

Tier: 4 Tier: 5 2011 2012 2013 2014

1 1 218, 231, 197 231, 239, 217 Russian margarine producers (2014) Russian mayonnaise producers (2014) Russian sunflower oil processing (2014)

Working Area Working Other Irkutsky MZhK Other 5% 4% 2% Yug Rusi Evdakovsky MZhK Other Unilever 4% Essen 23.8% 10% 28.2% 254, 231, 185 254, 239, 210 23% Ros Agro Ros Agro 9% Nefis Solnechniye 49% produkty Solnechniye Cosmetics Solnechniye 194, 217, 224 209, 226, 231 18% produkty 3.1% produkty 16% EFKO Ros Agro 3.9% 12.6% 20% NMZhK NMZhK 7.2% Aston 7.1% 18% NMZhK Kernel 3.8% EFKO 4.7% 240, 190, 198 246, 218, 223 22% Bunge 5.6%

251, 207, 188 253, 230, 219 1 Includes only companies in the Oils and Fats Union of Russia Source: Company data, Oils and Fats Union of Russia, Rosstat 20

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 4 …with Ros Agro operating as one of the leading players in the market…

252,175, 23 252, 185, 50 253, 203, 104

Business overview Production overview 13, 103, 133 16, 125, 164 97, 156, 176 • Ros Agro is the largest producer of margarine and fifth largest producer of mayonnaise in Russia (‘000 tons) CAGR 12-14 188 1 204, 40, 65 217, 63, 85 222, 115, 131 ‒ In 2014, the company strengthened its position on the margarine market by 12% points reaching 49% market share 152 Margarine 14.3% ‒ Ros Agro has retained a strong market position in mayonnaise (the most popular sauce product in Russia) with 9% market share1 110 241, 97, 34 243, 119, 63 246, 152, 111 • Ros Agro is the eighth largest processor of sunflower seeds with a market share of 3.9% Mayonnaise 2.7%

67 57 55 56 58 ‒ In 2014, the company increased its vegetable oil production by 71.3% to 188 ths. tons 47 36 41 35 Vegetable oil 11.2% 127, 127, 127 144, 144, 144 172, 172, 172 Production overview Tier: 4 Tier: 5 2011 2012 2013 2014

218, 231, 197 231, 239, 217 Margarine (ths. tons) Mayonnaise (ths. tons) Vegetable oil (ths. tons) Working Area Working

57 58 188 254, 231, 185 254, 239, 210 55 56 47 152 41 36 35 110 194, 217, 224 209, 226, 231 67

240, 190, 198 246, 218, 223 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014

251, 207, 188 253, 230, 219 1 Includes only companies in the Oils and Fats Union of Russia Source: Company data, Oils and Fats Union of Russia 21

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 4 …with a strong portfolio of brands…

252,175, 23 252, 185, 50 253, 203, 104

13, 103, 133 16, 125, 164 97, 156, 176

204, 40, 65 217, 63, 85 222, 115, 131

 Top 10 mayonnaise brand in  Leading margarine and  Top 15 ketchup brand in  Leading position in markets Russia spreads brand in Russia and Russia in Azeribaijan and Moldova 241, 97, 34 243, 119, 63 246, 152, 111 Ural region

 6% market share in Russia  #1 ketchup brand in Ural  Markets mayonnaise,  >50% market share in region prepared sauces, spreads, 127, 127, 127 144, 144, 144 172, 172, 172  53% market share in Ural margarine market in mustard and vegetable oil region Uzbekistan and Tajikistan  Top 20 position in Russian under the brand mustard market Tier: 4 Tier: 5  Well developed leading  Top 3 brand in CIS countries distribution platform in Ural  #1 in mustard market for Ural region region

218, 231, 197 231, 239, 217 Working Area Working

254, 231, 185 254, 239, 210 Margarine Ketchup Ketchup 194, 217, 224 209, 226, 231

Mustard Spreads Mayonnaise Mayonnaise Margarine Mayonnaise 240, 190, 198 246, 218, 223

251, 207, 188 253, 230, 219 22

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 4 …and manufacturing footprint situated in close proximity to agricultural farmlands

252,175, 23 252, 185, 50 253, 203, 104

• 1.25 ths. tons per day capacity for • Leading plant in the processing industry processing of sunflower seeds in Far East 13, 103, 133 16, 125, 164 97, 156, 176 Top10 regions by sunflower seeds production • Main products include unrefined sunflower • Plant produces vegetable oil, mayonnaise, oil (pressed and extracted) and high-protein margarine, toilet and laundry soap, and granulated sunflower seed meal soybean meal 204, 40, 65 217, 63, 85 222, 115, 131 • Only second Russian plant to receive • Ros Agro owns 75% stake in Ussuriysky oil international GMP+2 B Good Manufacturing and fat factory "Primorskaya soya" Practice certificate

241, 97, 34 243, 119, 63 246, 152, 111

127, 127, 127 144, 144, 144 172, 172, 172 Samara Tier: 4 Tier: 5 (SAPP) Yekaterinburg (EZhK) 218, 231, 197 231, 239, 217 Ussuriysk

Working Area Working (Primorskaya soya)

254, 231, 185 254, 239, 210 • One of the five largest Russian enterprises in the industry and a leader on the CIS market • More than 50 products manufactured including margarines, mayonnaise, ketchup, mustard and sunflower oil 194, 217, 224 209, 226, 231 • Capacity to produce 57.9 ths. tons of margarine and 112 ths. tons of mayonnaise per year

240, 190, 198 246, 218, 223

251, 207, 188 253, 230, 219 23

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 5 Russia accounts for 9% of the world’s arable land…

252,175, 23 252, 185, 50 253, 203, 104

 Market overview  World’s arable land by country1 13, 103, 133 16, 125, 164 97, 156, 176 • Russia’s population of c. 140m provides a vast market for agricultural products

204, 40, 65 217, 63, 85 222, 115, 131 • Furthermore, Russia’s geographic position gives an inherent 11% 11% advantage of catering to the growing demand for agricultural products in both Asia and the Middle East 9% 8% 241, 97, 34 243, 119, 63 246, 152, 111 • The country’s ban on agricultural inputs from certain countries has

supported growth in the domestic market as domestic producers take 5%

advantage of the lack of competitive imports • For the last two years, total production of grains in Russia has been 127, 127, 127 144, 144, 144 172, 172, 172 exceeding demand in the domestic market

• Rouble devaluation incentivized exports in 2014 leading to the growth India USA Russia China Brazil Tier: 4 Tier: 5 in net exports to 29 m tons

218, 231, 197 231, 239, 217  Domestic production and consumption of grains Working Area Working m tons # Area harvested (in m ha) 254, 231, 185 254, 239, 210 56.1 56.6 55.7 56.1 55.3 68 68 94 64 65 105 71 92 194, 217, 224 209, 226, 231 1 29 52 1 18 59 52 60 1 21 43 1 18

240, 190, 198 246, 218, 223 Grain2010 Production Consumption Losses Net exports Grain2011 ProductionProduction Consumption LossesLosses Net exports Grain2012 ProductionProduction Consumption LossesLosses Net exports 2013Grain ProductionConsumption Losses Net exports Grain2014 inventory inventory inventory inventory inventory 2010YE Consumption Net exports 2011YE Consumption Net exports 2012YE Consumption Net exports 2013YE Consumption Net exports 2014YE

251, 207, 188 253, 230, 219 Source: Rosstat, Food and Agriculture Organization of the United Nations 1 2013 data 24

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 5 … with Ros Agro as one of the largest agricultural companies in the country…

252,175, 23 252, 185, 50 253, 203, 104

 Business overview  Top 10 holders of agricultural land in Russia1 13, 103, 133 16, 125, 164 97, 156, 176 • Ros Agro’s farmland is located mainly in the Belgorod and ths. ha 570 Tambov regions, in close proximity to the company’s processing 550 500 495 facilities 204, 40, 65 217, 63, 85 222, 115, 131 381 353 350 350 320 286 • Crops cultivated include sugar beet, wheat, barley, peas, soybean,

241, 97, 34 243, 119, 63 246, 152, 111 sunflower and corn

Prodimeks Ivolga Ros Agro Miratorg AvangardKrasniy- Krasniy Vostok Agro GK Dominant Prodimeks Ros Agro AK Bars Miratorg Razgulay Dominant ASB 127, 127, 127 144, 144, 144 172, 172, 172 holding Agro Vostok Tier: 4 Tier: 5  Ros Agro's total and arable land bank  Arable land structure (1H 2015)

Other 218, 231, 197 231, 239, 217 ths. ha Corn 3% Barley Working Area Working 5% Sunflower 25% 495 500 452 463 6% 83 120 254, 231, 185 254, 239, 210 73 87

Sugar beet 194, 217, 224 209, 226, 231 379 376 412 380 19% Wheat 23% 2012 2013 2014 1H 2015 240, 190, 198 246, 218, 223 Soy Arable land Other land 19%

251, 207, 188 253, 230, 219 Source: Company data, BEFL report on the land lords as of April 2015 1 Ros Agro figure based on Company data as of 1H 2015 25

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 5 … with 500 thousand hectares of land under control…

252,175, 23 252, 185, 50 253, 203, 104

 Overview of the assets  Key regions of operations 13, 103, 133 16, 125, 164 97, 156, 176 • Ros Agro’s key assets include 500 ths. ha of land, 4 elevators with Regional center 415 ths. tons of grain capacity and 320 ths. tons of outdoor Regions of Ros Agro operations storage in sleeves 204, 40, 65 217, 63, 85 222, 115, 131 • Crop farming in the Belgorod region is geared primarily towards meeting the feed needs of the livestock farming sector Tambov 241, 97, 34 243, 119, 63 246, 152, 111 • Ros Agro is the market leader in this region accounting for 25% of

Belgorod wheat, 21% of barley, 44% of peas and 14% of sunflower seed Belgorod Tambov production region Voronezh region 127, 127, 127 144, 144, 144 172, 172, 172 Voronezh • Crop farming in Tambov region is favored by black earth soil region Primorsky Krai Tier: 4 Tier: 5 • The cultivated land in Primorsky Krai in 2015 was planted with soybean (79%) and corn (21%) Vladivostok 218, 231, 197 231, 239, 217

Working Area Working  Land ownership structure (2012)  Land ownership structure (1H 2015)

254, 231, 185 254, 239, 210 Owned 32% Owned 42% 194, 217, 224 209, 226, 231 Leased Leased 68% 58% 240, 190, 198 246, 218, 223

251, 207, 188 253, 230, 219 26

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 5 …providing above market yields across majority of its key crops

252,175, 23 252, 185, 50 253, 203, 104

 Operating highlights 13, 103, 133 16, 125, 164 97, 156, 176

Source: Rosstat Yields 2014 (tons per ha) Prices (RUB/kg) 204, 40, 65 217, 63, 85 222, 115, 131 Ros Agro Russia's average 2013 2014

43% 5% 33% 8% 3% 241, 97, 34 243, 119, 63 246, 152, 111

15.8 4.7 127, 127, 127 144, 144, 144 172, 172, 172 4.4

3.6 3.5 Tier: 4 Tier: 5 9.8 9.0 8.2 2.5 218, 231, 197 231, 239, 217 2.3 1.9 5.9 6.4 6.2 Working Area Working 1.7 4.9 4.9 1.4 1.4 4.0 254, 231, 185 254, 239, 210

194, 217, 224 209, 226, 231 Wheat Corn Barley Sunflower Peas Wheat Corn Barley Sunflower Peas

x% Share in Ros Agro’s harvest (excluding sugar beet) 240, 190, 198 246, 218, 223

251, 207, 188 253, 230, 219 Source: Company data, Rosstat 27

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 6 Ros Agro is led by its best-in-class senior management…

252,175, 23 252, 185, 50 253, 203, 104 Vadim Moshkovich Maxim Basov

13, 103, 133 16, 125, 164 97, 156, 176

Vadim Moshkovich Maxim Basov Founder, Chairman of the Board of Directors Chief Executive Officer 204, 40, 65 217, 63, 85 222, 115, 131

• In May 2015, Mr. Moshkovich was appointed the Chairman of • In July 2009, Mr. Basov joined Ros Agro as the General

241, 97, 34 243, 119, 63 246, 152, 111 Ros Agro’s Board of Directors Director

• From 2006 to 2014, he was a member of the Council of • From 2006 to 2009, he was the General Director of Federation (upper chamber of the parliament of the Russian 127, 127, 127 144, 144, 144 172, 172, 172 Metalloinvest Group as well as the General Director of various Federation) on behalf of the Belgorod region holding companies of the group (including Metalloinvest, • In 2001, Mr. Moshkovich became Member of the Board of Gasmetal and CK Metalloinvest) Tier: 4 Tier: 5 Directors of Sobinbank • From 2004 to 2006, he served as the first Deputy Chairman of • In 1999, he became Director General (until 2006) and co- the board of directors in Interpipe Limited 218, 231, 197 231, 239, 217 owner of the group of companies consolidated into Ros Agro

Working Area Working in 2003 • From 2000 to 2003, he held several management positions at Severstal • In 1995, Mr. Moshkovich started working in the agribusiness, 254, 231, 185 254, 239, 210 first as Head of Shugarimpeks ZAO and then as Head of • In 1999-2000, he worked at McKinsey & Company Shugarimpeks Trading Company till 1999 • Mr. Basov graduated from New York University in 1996 • From 1994 to 1995, he served as a Head of Bely Orel (vodka 194, 217, 224 209, 226, 231 importing company) • From 1991 to 1992, he worked at the Moscow Commodity Exchange 240, 190, 198 246, 218, 223 • Mr. Moshkovich graduated from Moscow Institute of Radio Engineering, Electronics and Automation in 1992

251, 207, 188 253, 230, 219 28

216, 216, 216 226, 226, 226 Tier:1 Tier: 2 Tier: 3

133, 174, 62 155, 194, 86 176, 202, 129 6 …supported by a strong management bench

252,175, 23 252, 185, 50 253, 203, 104 Name Title Biography 13, 103, 133 16, 125, 164 97, 156, 176 Sergey Tribunsky Investment Director, • Has served as Investment Director, Director for M&A, capital markets, investor relations since Director for M&A, capital February 2015 markets, investor relations • Joined Ros Agro in 2009 204, 40, 65 217, 63, 85 222, 115, 131 • Previously worked at the Investment Bank Renaissance Capital in analytical department Nailya Mukhamedzanova Chief Financial Officer 241, 97, 34 243, 119, 63 246, 152, 111 • Has served as the Chief Financial Officer since January 2015

• Vast experience as a Chief Financial Officer in various companies including Rasstal, Rusal, Pepsi Co and Wimm Bill Dann 127, 127, 127 144, 144, 144 172, 172, 172 Sergey Koltunov Deputy CEO for Legal and • Served as the Deputy CEO for Legal and Corporate Affairs Tier: 4 Tier: 5 Corporate Affairs • Previously served as the head of the law departments in various companies including

218, 231, 197 231, 239, 217 Russian Alcohol Group and Danone Working Area Working Aurika Dmitrieva Head of Human • Has served as the Head of Human Resources since October 2012 254, 231, 185 254, 239, 210 Resources • Previously served as HR Director in Corporation Interpipe Scientific Production Investment Group (Ukraine)

194, 217, 224 209, 226, 231 Dmitry Brekhov Head of Internal Audit • Has served as the Head of Internal Audit since October 2010 • Previously served as the Head of Internal Audit in agricultural investment company AGRICO, 240, 190, 198 246, 218, 223 and AntantaPioglobal

251, 207, 188 253, 230, 219 29

216, 216, 216 226, 226, 226 Working Area 7 • • • • •

Source: 1

Converted from RUB using official CBR exchange rate as of 31 December 2014 December31 of as rate exchangeCBR official usingRUB fromConverted The tariff The tariff on white set sugar is at imports ‒ decrease in tariffs consumers allowsto benefit lower from whenHowever,the arehigh prices and prices are The The government introduced the current regime intariff opposed to agriculturalinputor outputs the of supportprice market form through (MPS) allsupport Nearlyto producers sugar the in Russian Federation Consistent Consistent government Tariffs rangeTariffs between Ministry of Agriculture of the Russian FederationRussian theof Agriculture of Ministry 14% system is 14%

lowand price competition withimports is high USD 3.4bn 12% RUB 193bn Government support breakdown primarily designed to primarily 16%

1

USD 140 USD 43% Sugar

and support domestic support domestic producers whenworld s

ector subsidies the countryonrelies USD 270 USD USD 340 USD Other Animal breeding Crop (indirect growing support) Land development Interestrate subsidies

import import

per ton per s (2014) 2004 tariff measures, tariff measures, as ton upport program

–

56.26

prices prices

imports, a imports,

is

providedin • • Source:

‒ ‒ 2014: 2013 ban on import of meat andUS),from as counter Import bannedwas due to rulingsveterinary (2012 ban onpigs live from EU, ‒ ‒ sector Pork support employstwoprotectionmajor mechanisms: Ministry of Agriculture of the Russian FederationRussian theof Agriculture of Ministry Ban on processed meat products Ban on meat pork dutiesimport High for out of quota import Annual import quota (430

32% 12% Government

USD

RUB 617bn 12% 11.0bn

16%

14% 1

support by 15%

kt Pork sector

of of pork)

t arget sector

Other Infrastructure Agriculture Animal breeding Finance-payment system Dairy cattle breeding (2015 - sanctions measures in - 2020)

30

Section 3

Strategy and business development

31 Working Area Source: Company data CompanySource: Keypillars of Ros

3 2 1 consumer consumer brands

Far Far East project development business business areas presence in all Expanding Expanding Further of Agro’s

• • • • • • • biggest biggest food markets in the world Primorsky currently sold the in region are The a major agribusiness cluster in Ros Agro began implementing large final customers of its meat segment by As a next significant step, the Company activelyinvestsin the brand developmentlines Ros Agro sees the B2Cmarket as a promising markets existing capacity Ros Ros Agro invested more than RUB52bn in development of production in 2010

Primorsky Agro Agro keeps considering acquiring new development strategy

Krai

Krai

is situated also wellgeographically, on the border with China, one of the to to maintain

market market has strong potential, producing leading imported Primorsky

branded processed - positions in the Russiansugar scale investment projects in 2014 intended to create

plans to

Krai assets assets and , , in the RussianFar East

area of area of the business expansionand

because increase the of levelvertical integration meat meat investing about 50% of the products products and sellingthem to in projects in projects , oiland meat

to to expand - 2014

32

Working Area • • ths 1 2 1 data Source: Company

ths • • Excluding internal sales internal Excluding Excluding production on tolling agreements on tolling production Excluding

. . tons land sharearablepossible Companyof highestmaintain aims to the most AgroRosimportant strategic theof goals of bankis one land the of Expansion

. refinerraw of also Roshas Agro productioncompany increased 2014 In ha Expanding

2012 2012 547 604 379 452 73

cane sugar cane

57 doubled

Sugar production From sugar beet

Landbank development production of cane of production Arable land

presence presence in all business in an attempt to benefit from from benefitattempt to anin 2013 2013 502 109 611 376 463 87

sugar development From raw cane sugar becoming the biggest importer importer biggestthe and becoming Other land

1

favourable 2014 2014 498 717 412 495 219 83

pricing

areas areas (1/2) • • tons ths ths • TOP players3 the being mayonnaiseRussianmarket, the onEFKO andpositionEssen, with Ros#5holds Agro margarineproducerlargestRussia of in currentlyits steadilyincreasing sales of and Fats segment it Oil is Company the been& has . . tons

36 Group has dramatically increased its pork production capacity over the last couple of years dramatically of has Group its couplelast overthe increasedcapacity pork production 2012 Ekaterinburg Ekaterinburg plant ( fat

55 Margarine

2012 73

41

2013 Sales growth Sales growth in Oil and Fats segment

57 Mayonnaise

Meat Meat production development

EZhK 47 2014

58 )

2013 135

136 2012

99 Samaraplant (SAPP)oil

Meal 121

2013

2 74 Rawoil

2014 187

239 2014 NMZhK

199 33

Working Area 1

Continuous expansion expansion Continuous complexes farming pig of in Construction 1 data CompanySource:

Expanding Based on plans for 2015 forplanson Based

+60 capacity: Storage +30 bank: Land 2016 launch: Construction of presence presence in all business ths ths

land bank land . .

ha ha

1 1

• • • • for for Company’sownproducts Increase bank Tambov in Region expansionFurther of land 2016 scheduled to start spring in (capacityof c.100 Construction of the first phase Krai slaughterhouse in pork, fodder plant and capacity of 300 Constructing pig farms with Primorsky

in storage capacity Ongoing projects and plans for the future

Krai ths

ths Primorsky . of tons . tons) is

areas areas (2/2) Introduction of aoil new of plant Introduction new to Expansion export markets

per year 100 new plant: oil Capacityof 10 countries markets: Promising 14 countries markets: export Current ths . tons

• • • bottle sunflower refine, deodorizeand the designs of a plant to The Group is working on Oman Japan, South Korea, Iran, UAE, Thailand, Vietnam, China, Afghanistan, Hong Kong, considers promising: The markets expansion Companywill markets markets

to new export Ros continue oil

Agro

34

• • • • • • • • ‒ Ros Agro plans to produce 200 produceRos to plans Agro 2017)in August productionstart of planned Construction boneandmeat company product of Expansion 12 of Installation Tambov in plants further to plansexpand TheCompany bottle sunflower oil sunflower withbottle is TheGroupworking on capacity Company’sstorageforin Increase byproducts own60 Tambov 30in Regionbybank landFurther expansion head/hour productivitywill 600 live slaughterhouseto weight andincreasefrom 350 Production ths . . tons entered a pressing line at the pressinga lineat of pig farming pigfarming complexes of Region(RUBTambov in c.17bn,

at Tambov at willBacon increaseby 148 meal meal and region the new markets markets newthe line. With With line. a design capacity of 49 of design capacity a

the industrial designs of a plant a of designs the launch of of launchthe ths Znamensky . tons of pork in liveporkin of . tons weight of large of fat

sugar beet processing capacity at the at processingcapacity sugarbeet cuts, cuts, products, chilled processed

plant with an annual capacityannual anplantwith the slaughterhousethe to refine to ths . . tons ths ths , deodorizeand , peryear . . tons porkin of . . ha

ths , the ,

. . tons

Working Area 2 1 data CompanySource: ths

2015 December date: Completion RUB Cost:

Annualized based on actualon Annualizedbased

. . tons Further development

36m 2012

322

Brandeds Further expansion of presence in all

segments of the sugar market

• • 2013

figure for 1H for figure the the sugar under sticks of single The sugar and cube packaged sugar Expand presence in all segments of ugar 334 Chaikofsky

Company plans Company plans to begin production volume - portion portion 2015;

2 brand

2014 Yekaterinburg fats plant ( plant fats Yekaterinburg

318 development

2015E market

of consumer brands 180 360

EZhK 1

) sales onlysales ) Ongoing projects and plans for the future RUB 2016 date: Completion

Further development of bn Branded margarine

2012

5.0

• • • Khozyaiki The target 22.8 of Khozyaiki Aim to increase national Development of 2013 5.6 development Company plans Company plans to launch

brand

ketchups mayonnaise per point sale of & mayonnaise Mechta

kg

turnover of

Mechta 2014

6.8 2

Khozyaiki

Khozyaiki Mechta

revenue Mechta

2015E into a into

3.6 7.1 brand

1 to to

a

Development of brandsB2C in the 2015 date: Completion

meat segment • • segment products in the B2C term demand for products ensure to long chilled processed create brand a for Ros possible capacity as quickly as segment up design to products in the B2C bring production meat of Company intends to the slaughterhouse Following the launch of

Agro Agro

plans plans to

, the 35 -

Working Area 3

Agriculture Far East development cluster (Pork) Other Land Meat

• • • Current crop mix: • • • production production facility Controlling stake in soy 21% 79% progress Design and feasibility study in subsidy in form of interest rate Received government support ha of land In acquired 2014 ca. 26.5 Current - -

corn soybeans 

Pig farms Pig farms open

status



Overview

ths .

• • • • • • 2018 Build a slaughter Build slaughter a house Build Primarily soybeans and corn to reach capacity in each 2 next years To add spring 2016 tons Begin construction of increase the land bank Plans to Medium

livestock pork livestock in facility a feed factory feed a 100 300 substantially -

ths term goals

ths  . tons . tons Commercial Commercial production launched . tons capacity tons

of of 100

ths

.

 Exclusive location between major export markets • South Korea: • North China: Population: 51 m 51 Population: m 300 Population:

2019

 Projected Projected capacity reached RUSSIANFEDERATION • • • Primorsky production Pork projectin Export: Capacity investments: USDTotal ca. 1bn

• Japan: significant sharesignificant Krai : 300 : Population: 127 m 127 Population:

:

ths

. tons

36

Section 4

Financial performance

37 Working Area Sales RUB m Net income Net EBIT EBITDA Gross profit 1 CompanySource: Net Net margin EBIT D&A EBITDA Other expenses General & Distribution & Gross Cost of sales Revaluation gain

Ros Ros Agro summaryincome statement Incl. net gain on sugar derivativessugar ongain netIncl.

margin

margin margin

administrative administrative expenses

1

selling selling expenses data

Income statement statement (26,364) (2,600) (2,490) (2,785) 10,682 10,682 34,064 4,305 4,305 6,182 8,781 2,983 (374) 2012 13% 18% 26% 31% based on audited IFRS

(31,121) (3,271) (2,624) (2,993) 36,490 36,490 3,202 3,202 3,513 6,784 8,858 3,489 (295) 2013 10% 19% 24% 9%

(47,274)

(3,497) (2,991) (4,472) 20,177 20,177 14,572 18,069 24,082 12,244 59,112 2014 34% 25% 31% 41% 218

1H 2014 1H (22,195) (1,476) (1,141) (1,938) 26,645 26,645 6,015 6,015 5,027 6,503 9,058 4,608 24% 19% 24% 34% 110

1H 2015 1H (24,155) (1,489) (2,074) (2,271) 10,697 12,612 32,589 7,220 7,220 9,209 4,179 22% 28% 33% 39% 417

• • • • despite despite gross some margin dilution to historically 33% high 1H in 2015 provided EBITDAfor margin increase Ongoing focus control on cost depreciation (+46%) associated with Rouble to growth in contributor to revenue and EBITDA The grains and and pork driven prices export for import Rouble depreciation and effect its on increased significantly Most agriculture segments and profitability of sugar, and meat margin mainly increased due to sales increased revenue its and EBITDA In 1H 2015 company significantly significantly increased significantly increased prices sale sugar sugar segment prices prices for - driven driven prices for sugar and Commentary 1H 2015 2015 1H oil

Ros YoY

was the biggest was the biggest Agro products

YoY , mostly due mostly

due to to 38

Working Area RUB m RUB m EBITDA development overview

FY 2013FY 1H 20141H 6,503 6,503 XX% XX% 6,784 24% 19%

- -

EBITDA margin EBITDA margin

Sugar Sugar 3,089 2,712 2,712

7,103 Meat Meat 823 1H2014

2013

– –

1H2015 2014 EBITDAdevelopment Agriculture Agriculture 2,014 546 EBITDAd

evelopment Oil & Oil Fats Oil & Oil Fats

857 67

Eliminations & Eliminations & (1,778) Other Other 46

1H 20151H FY 2014FY 10,697 10,697 18,069 33% 31%

39

6 784 PPS: pull PPS: pull this data on the chart 3 089 7 103 2 014 857 (1 (1 778)

18 069 Working Area • • Adjusted • • Sales 2014: vs.2013 • Adjusted • Sales 1 RUB H Source: Company data CompanySource:

Sugar 2015 reducing production costs productionreducing relatively15.3% to yieldgrewsugar 2013, since unchanged almost remained has sugarbeet of While production Positive 2013in harvest recorda after production beet sugar was pricesin sale Increase share) market 33% withsugar caneraw of refinerand importer biggest the primarilywasgrowth Sales volumes offset in the surgea bydrivenmainly was margin EBITDA andEBITDA of growthSubstantial R bywascausedsales in increase The

ouble bn (up (up

17.0 vs

EBITDA EBITDA RUB RUB by an increase in cost per unit as a result of higher prices for raw caneraw for prices higherof resulta as unit per cost in increasean by .

depreciation 2013 1 changes in sales in changes

H

5 3 2014 10% . . 1.7 5 4

(up bn, (up bn :

,

s + + RUB RUB

32 32

egment performance % %

3 2 ) )

Revenue . .

volumes volumes 1 7 bn, bn caused bycaused ,

+ + 180 156 22.5 Performance highlights and Financial p driven bydriven % % 2014 the 46% rise in the sale pricesale the in rise 46% the

, , an increasean

sale pricessale margin margin 4.8 21%

the EBITDA

+ +

11 15 became Company(the sugar caneraw from productiondoubled in the production costs of sugar beet and sugar, a decrease in decreasea sugar, and beet sugarof costs productionin the % % and erformance ) )

R oubledepreciation 10.8 1H2014 s

EBITDA margin to 39.6 RUB/kg RUB/kg 39.6to 16% 1.7

sugar

(excl. VAT (excl.

sale 14.3 prices, yet was yetprices, 1H2015 ), primarily owing toowing primarily),

4.5 31%

partly ths Source: Company data CompanySource: . . tons 2013 611

Under tollingagreements From sugar beet From raw cane sugar From sugar beet From raw cane sugar 41% 2014 717 Transformation of Production

2011

3% 1H2014

226 56%

Operating Operating performance 1H2015 183

sugar production structure 2013 24.6 653

Sales Sales price (RUB/kg) Sales volume(ths. tons)

2014

From sugar beet From raw cane sugar 28.4 752 volumes volumes and price 69%

2014

1H2014

27.1 389 31%

1H2015

353 39.6

40

Working Area • • +26%) margin +412%, 7.1bn, RUB EBITDA(up Adjusted • Sales 2013 • • EBITDA Adjusted • • +17%) 1.3bn,RUB (up Sales 20151H RUB Source: Company data CompanySource: Meat Meat segment performance protected 2%. aboutby costs productionreduce to managed Group the 2013,to compared resources energyand drugs veterinaryingredients,feed for prices of growththe Despite costs in feed decreasea and volumes in increasean by accompanied was pricesin sale An increase and ban) imports to (due market live of imports capacityproductionof expansionaggressive company’s the by driven primarilywasgrowth Production project constructionhouse slaughter Increase partlywas yet sale surged bydrivenmainly was growth side, profit gross the On environment pricing favorablethe 83 to 4% byrose pork) processedandpigs livestock (incl. Sales volumes and States United Europe, from bywascausedsales in increase The vs. 2014 vs. bn (up RUB 10.3bn,RUB (up vs.

7.4 23% 2013 1H 2014:1H

in general andin general : from unfavourable from

1.7

offset byoffset pigs. Increasepigs. (up RUB 0.8bn, +26%, margin +3%) margin +26%, 0.8bn,RUB (up

+

139%) the increase in feed costs in feed increase the administrative costs was mainly driven by an bydrivenmainly was costs administrative

Revenue

price changes for a substantial portion of portion a substantial forchanges price in sale prices was caused bywassalepricescausedin Canada Rouble depreciationRouble 17.8

Performance highlights Financial p

2014 further rise further

8.8 50%

EBITDA

in the sale pricessale in the

erformance

Thanks to Thanks the declinethe 7.2 1H2014 43% prices accompanied by an byaccompanied prices

still impacted by impactedstill EBITDA margin its own agriculture division, the Group is Group thedivision, agricultureownits increase in payrollin increase

in the supply of meat on the domesticthe on meat supplyinof the raw materials raw 3.1

ths

. tons in an attempt to benefit from benefitto attemptin an tons .

ban

on imports of live of imports on costs 8.5 increase in volumes volumes in increase 1H2015

associated with associated

4.0 47%

and ban and

pigs

on • ths Note: as of June, 2015June,of as Note: . . tons 2013 Russia: the Belgorod and Tambov andregions Russia: Belgorodthe The 135 Belgorod Tambov

Group’s meat business is is Group’sbusiness meat comprised of

Grouppork production

2014

187 Production

1H2014 Number Number of 89

farms Operating Operating performance 7 6

Production 1H2015

92

13 pig farms and 3 breeding facilities facilities Centralin breeding3pigfarms and 13 Farms capacity 63.6 2013 115 (sows) 33,600 30,600

capacity Sales

Sales price (RUB/kg) Sales volume(ths. tons) 95.9 2014

182 volumes volumes and price

1H2014 capacity 87.3 80 Production

115,000 90,000 (tons (tons pa) 1H2015

83

100.9

41

Working Area • Adjusted • • Sales 2013 • Adjusted • • Sales 1 RUB H 1 20151H of as dataCompany Source:

Agriculture segment performance

2015 Including domestic increase The Rouble Sales with2013 comparison primarilywas volumes sales declinein A payroll Growth Main prices Revenue

vs

bn (up ( up .

vs

most 2014

8.5 negative

EBITDA EBITDA

RUB RUB were

of 28%

. costs

depreciation

was

2013 1 land in land in all market H

growth :

profitable

prices 2 0 crops 20 mainly

. . mainly mainly 2 6 2.4

14 factor (up bn, (up bn Primorsky

: and

,

was

on

+ + RUB RUB driven

26 38 as driven

was crop the among

% % driven result

2 0

) )

domestic

Revenue a

. . 0 5 by in

Krai decrease bn, bn, by

exporters, of the an by

an

(30 + + transported

i 85 110 a ncrease 10.7

reporting

Performance highlights increase market % Financial ths. significant

% , in 2014

,

margin

sales ha total) ha as margin driven bydriven

.

in

4.4

well

41%

Margins period

sales in prices

volumes

increase

sale + EBITDA as

+ 13

16

volumes on sugar beet ( beet sugar %

was

of performance prices % were )

: sugar

)

sugar of

sunflower in

barley high

sales but increase

beet ,

sunflower

on - was

1.6 20.6% (

1H2014 - thanks 31% volumes 6 , wheat,

%

which partly EBITDA margin ),

YoY sunflower

0.5 seeds to

for

saw

offset of the )

due todue

which wheat

increase and strong

by seeds

demand lower harvest volumes in volumes harvestlower other

increased (+

126 demand

in ( -

97

products yield %

% remains 2.2 )

1H2015 ) and

transportation and and

increased on

corn

strong 1.0 a 47%

the

substantial

( -

62 back

on %

sale

and ) the

of

• Corn Peas seeds Sunflower Barley Wheat beet Sugar ‒ ‒ regionsand of Thekeyassets Ownership Ownership structure

Elevators: capacity Elevators: of bank: Land Sales Sales volumes 68% include: 2,935 2013

123 408 500 42 19 35 the Group’sthe 32%

ths 2,330 2014 (

249 299 . . ha ths 41 34 99 415 (2012YE) . tons)

(380 Operating Operating performance 1H ths agriculture 16 32 95 57 12 1 Leased Owned ths 6 4 .

tons of grain and tons grain of

. . ha 1H

Landb 129 89 1 arable) 6 5 1 5 division are -

2

ank Corn Peas seeds Sunflower Barley Wheat beet Sugar 320

located in the Belgorod and Tambov andBelgorod the in located Ownership Ownership structure

ths

. tons of outdoor storage in outdoorstorage of tons

Prices Prices 58% 2013 4.0 8.2 9.8 6.2 5.9 1.5

(RUB/kg) 42% 2014 15.8 4.9 9.0 4.9 6.4 2.1

(1H

1H 12.8

5.0 8.2 5.5 5.7 1.6 2015 1 Leased Owned 4 sleeves

) 1H

11.1 20.9 42 7.0 9.3 8.4 1 5

-

2014: 2013: 2012:

Working Area • • Adjusted • • Sales 2013 • • Adjusted • • Sales 1 RUB H 3 2 1 Source:

3.3 Oil and Fats segment performance

19% 2015 Sales to third Sales to EZhK intra2014and1H2015 1HIn 2013 seeds SAPP advertising EZhK operations SAPP increase EZhK sale SAPP EZhK segment case operations SAPP s EZhK

ale vs

bn (up (up

0.6 .

prices of prices vs

2014

2 EBITDA 2 2 2 – in EBITDA

2 2 2 2 RUB RUB

Company data Company : : : of pricessale : decreased : : : :

.

Yekaterinburg

Samara Samara oil increase

an sales 71 a

sales a 1

1 of and

H H : significant

%

significant

and and

expenses increase 11 6 0 2014 2015

8.1 . . parties

growth 0 2 acquisition

mayonnaise increased mayonnaise 2014 %

(up volumes volumes bn, (up bn,

tolling 17% tolling

and in :

1.4 .

by

RUB

+ + RUB sale This

67 3

7

in

in increase 3

% margarine increased by 29% which was partly offset by 3% sales volumes decrease, while decrease, volumes sales 3% byoffset partlywhichwas 29% by increased margarine

by increase of % Fats % of %

plant plant (SAPP)

)

sale 0 raw

prices of of

0 own was ) RUB . of respectively sunflower

9 .

1H2014 1 bn,

sunflower margarine 17% P 4.9

the bn,

oil

lant, SAPP SAPP lant, prices - sunflower Revenue

compensated

segment elimination adjustments allocated to Samara oil plantSamaraallocatedtoelimination adjustments segment

266

in

+ was

Far production 0.8 in + 84

7 costs

m % sales %

Performance highlights

Financial Financial

offset East seeds and , ,

by

margin margin oil and

of

seeds

25% on the back of 9% sales volumes growth volumes sales 9% of back theon 25% – plant volume volumes

1H2015

and

by

3.8

sunflower

Samaraagroprompererabotka oil Samaraagroprompererabotka on volume mayonnaise

by 59

+ meal + 0.8 the (engaged on

1 % 0 a ; % 21% .

5

the cost increase

related ) of significant % EBITDA

and performance decreased

) seeds

raw related

of 61

in increased

raw party’s oil %

buying in (+ 5.6

2013

growth party’s (+

increase cost 75 oil

Yekaterinburg Yekaterinburg fats plant ( by 107 0.4 % 7%

production decreased

and ) of

56

%

by

was

production

in raw ) %

EBITDA margin

processing and in meal 16

and

compensated

oil 1 % sale 6.8

2014

extraction plant extraction

meal

and facilities production 39 by

0.5

7% prices facilities % 19

1 (+

of respectively

% %

98 soya

,

in accompanied of

% partly

by

1H2014

1 volume ) 3.1 all

H beans) a was

2014 5%

significant main 0.1 offset

due ; due

cost

that EZhK products

by to to by

of

1H2015

was

increase 3.6 the increase the

the sunflower

)

not

0.2 trading trading of prices 6%

the the

in in

2013 2013 2013 2013 121 56.8 74 57 41 31.5 50.8 7.8

2014 2014 2014 2014 239 199 29.5 59.0 9.0 58 47 54.5

Keyproduct sales 1H2014 1H2014 1H2014 1H2014 142 133 25 8.5 27.9 57.5 20 51.1 Mayonnaise

Margarine

Meal Oil 3

71.5 1H2015 1H2015 1H2015 1H2015

87 58 13.1 27 20

66.2

45.1

Saleprice (RUB/kg) Sales volume(ths. tons) Saleprice (RUB/kg) Sales volume(ths. tons) Saleprice (RUB/kg) Sales volume(ths. tons) Saleprice (RUB/kg) Sales volume(ths. tons) 43

Working Area • • • • Ros Ros Agro debt portfolio overview Source: CompanySource: Note: as of 30 June 2015 June30 of as Note: ‒ Net ‒ In furtherhasdecreased58%RUB netto debtby Since 2014YE1.5bn ‒ ‒ ‒ increased Gross debt 1H 2015 the company continuedcompany the 1H2015 RUB 813m RUB 616m is All debtRUBdenominated 2.6% rate of interest average Effective 97% o ther Short-term of total gross total debt of 32% financial financial income/(expenses Cheapfinancing and abundantcash available By Maturity By data as of 30 June, 2015 June, 30of as data

of financial financial of FOREX subsidies receivedcovered of 25bn RUB

by RUB 2.7bn (upRUB12 by2.7bn

Long-term

68% is is Total debt subsidized

loss loss to to ) increased by RUBincreasedcompared by 1H 589m 2014to ) benefit in

1H2015 %) %) breakdown from the state agriculture subsidies subsidies state agriculturefrom the 37% to RUB25bn to of gross of interest Alfa-bank compared 44%

to RUB 232m loss RUB232m in to 2014loss 1H

Sberbank By Lender By 2% expense

25bn RUB 1%

Locko-bank

54% program

VTB

RUB m RUB bn

1,380 2,244 3,624 2013 5x 2013YE 2.1x 14.6

 EBITDA/Netinterest expense Net interestexpense Secure coverage of interest payments  2,288 2,134 Net debt 2014 Conservative 117x

154

2014YE

3.6 0.2x

l everage Net debt/LTMEBITDA Interestexpense reimbursed 1H2014 1,171 1,212 159x

41

30June 2015 0.1x

1.5 1H2015

1,034 1,650

616 10x

44

Working Area RUB m Net working working Net capital Trade and other payables - Inventories + Trade and other receivables RUB m

3 2 numbermultipliedby and COGS bydivided sheet balance fromitem capitalworking respectivethe as calculateddaysPayable c) year the in days of numbermultipliedby then and COGS bydivided itemline inventoryan as calculated days Inventoryb) rev totalby sheet balance fromitem capitalworking respectivedividingby the period each for calculatedReceivabledays a) Note: Source:

Ros Ros Agro working capital and CAPEXoverview CAPEX figures include cash outflows for purchases of property, plant and equipment and inventories intended for constructionfor intended inventoriesand equipmentand plant property,of purchases for outflows cashinclude CAPEX figures COGS & Sales LTM of basis theCalculatedon Cash cycle Cash cycle Payable days Inventory days Receivable days

of days 1

Cash cycle days calculated as follows:as calculateddays cycle Cash

Company in the yearin the

11.6% 4,249 2013 days data

1

Net 5,208 2014 8.8% 8.8% CAPEX working working capital dynamics CAPEX

3

d evelopment CAPEX/Sales 13,284 13,284 13,865 1H2014 2,353 2,353 1,771 152.7 162.6 2013 2,222 17.7 17.7 27.6 8.3% 8.3%

15,084 15,084 15,509 2,772 2,772 2,348 112.8 119.7

2014 14.5 14.5 21.4 enu

e and then multiplying it multiplyingthenand e

of

1H2015 days in the year in the days 3,707 11.4%

1H

10,585 10,585 2015 6,772 6,772 6,628 2,815 45.1 49.1 78.5 15.8 by numberby 2

• •

• Roubles trade and other payablesdenominated were in denominated in In seasonality of factor operations Net working capitalchanges aredriven mainlyby ‒ ‒ ‒ In 2014 c.53% of trade and other receivableswere region Construction 1.3bnRUB (+105% Modernizationof plantssugar the in amount of 1.4bn (+65% agriculturalsegment Purchases of machineryand equipment 1H 2015

in the in amount of CAPEX primarily comprised comprised of CAPEX primarily US of of a slaughter house Commentary Commentary YoY d ) ollars

YoY in the amount in the amount of RUB 0.7bnRUB ( and )

Euros Euros

in Tambov Tambov in while 97% of while97% of - 2% RUB : in YoY

45 )

Section 5

Appendix

46 Working Area Short Current liabilities Other equipment plantandProperty, Non Other Inventories receivablesotherandTrade Short equivalents cash Cashand Current assets RUB m Non earningsRetained capital Share Equity Taxes Governmentgrants Long Non Taxes payablesotherTradeand 1 CompanySource:

Ros Ros Agro balance sheet and cash flow statement Change - - - controlling interest controlling - current liabilities current assets - -

term borrowings term

term term borrowings term investments

in cash in

on bank deposits,bank on data

purchases  Balance sheet of bonds, interest received and cash from loans classified as cash flows from investing activities investing fromflowscash as classified loans fromcashand received interest bonds,

23,214 11,342 34,565 14,369 16,394 18,144 22,171 28,365 34,984 13,865 15,267 38,146 1,735 1,674 2,353 6,619 4,570 1,771 2,673 FY13 290 8

40,160 11,353 51,819 12,233 12,500 17,454 29,520 37,596 15,509 10,316 43,910 1,963 9,806 2,182 2,772 8,076 6,873 2,348 8,864 FY14 307 464

1H2015 44,564 11,355 55,932 10,152 16,873 25,617 32,818 40,586 14,332 10,585 18,065 51,115 14.31 1,792 8,110 2,115 6,628 7,768 2,815 5,318 250

of the year equivalentsCashcashatandthe end year the of beginning the at equivalents cash Cashand equivalents Net in andcash increase cash ratechanges exchange of Neteffect Netusedin financing cashactivities Cash flows from financing activities Net from cashinvesting activities Cash flows from investing activities Net from cashoperating activities taxationProfit before Cash flows from operating activities RUB m Other Dividendspaid paid Interest Repaymentborrowings,net of Other Interest Cashfrom loans, Cash from promissory netnotes, Purchases of bank cash in onChange assets intangible Purchases other of equipment plantand Purchases property, of Other taxpaidIncome workingChangesin capital biologicalassets, of net Revaluation income Interest Governmentgrants expense Interest amortization Depreciationand

received

bonds

net

deposits



Cash flow statement

(16,072) (15,733) (4,127) (4,233) (1,042) (2,023) (2,918) 11,924 13,999 2,673 2,020 3,788 2,153 4,780 3,624 3,271 3,533 FY13 (215) (124) (504) (97) 653 148 168 964 (0) 21 -

(13,791) (11,293) (3,207) (2,296) (5,244) (5,206) (3,484) (1,054) (1,808) (1,011) (2,822) 10,316 12,464 15,677 20,892 2,673 7,644 2,878 3,004 2,881 1,240 1,100 2,288 3,497 FY14 (713) (608) (152) (823) 1

1H2014 (8,803) (1,000) (1,127) (7,911) (5,244) (2,221) (1,721) (1,420) 2,627 2,673 1,234 1,455 8,805 7,457 1,072 1,643 1,208 1,476 6,278 (155) (384) (617) (462) (46) (42) (58) 599 -

1H2015 (20,468) (16,353) (4,998) (1,269) (2,760) (1,427) (3,707) (1,213) (1,096) 10,316 5,318 6,977 8,478 2,686 9,762 1,302 1,650 1,489 7,954 (587) (598) (466) 47 (59) (59) 297 741

- -

Working Area Trading Multiples of Comparable Companies 2 1 of as BloombergSource:

Ros Agro d Ros Agro capitalizationmarket currentbydivided months12 last the dividendsover the of Sum Developing markets peers Developed market Developed market Sugar Sugar producers Core peers Core Meat producers Meat Oil producers Sector peers ividend

policy assumes 25% NI payout ratio (IFRS basis) twice a yeara twice basis) (IFRS ratio payoutNI 25% assumespolicy

29 October 2015 October 29

Average Average Average Average Average NobleGroup Bunge JBS BRF PokphandCharoen Industrias Cosan IllovoSugar AgriGolden Wilmar IOI Group KLK Kernel MHP Cherkizovo Ros

Company Agro Berhad

–

Brasil

International

Bachoco

-

Resources foods

–

after 1H and FY resultsFYand 1H after South Africa South

HongKong Singapore Singapore Country

Malaysia Malaysia Thailand Ukraine Ukraine Russia Mexico Russia Brazil Brazil Brazil USA

Market Market Cap (US

10,658 10,791 15,000 14,039

2,420 4,489 2,816 2,471 3,536 6,181 5,637 1,072 1,121 579 967 600 $ m $

)

2015E 15.2x 11.8x 16.4x 12.6x 13.8x 18.0x 16.6x 7.3x 9.8x 5.2x 4.2x 3.1x 7.3x 7.2x 5.5x 5.5x 4.9x 5.6x 3.5x 4.4x 4.8x

EV / EV / EBITDA

2016E 13.7x 10.5x 13.7x 10.4x 12.4x 17.4x 14.4x 6.7x 9.0x 5.9x 4.1x 3.0x 6.7x 6.7x 4.8x 7.1x 4.4x 7.4x 3.9x 4.4x 4.0x

2015E 18.1x 17.9x 21.0x 13.0x 21.4x 31.4x 10.7x 26.5x 19.6x 12.2x 25.1x 27.0x 9.5x 6.3x 4.1x 5.9x 8.9x 9.4x 6.8x 6.1x 6.1x

P / P / E

2016E 14.5x 14.1x 18.4x 10.8x 17.0x 17.0x 14.3x 13.5x 14.7x 14.5x 11.0x 25.1x 22.9x 8.0x 4.7x 4.1x 5.1x 9.4x 5.0x 4.1x 5.2x

Div. 12.8% 7 9.6% 1.9% 1.1% 1.6% 3.6% 1.9% 3.2% 5.1% 1.5% 2.6% 2.1% 2.4% 1.8% 5.0% 5.8% 2.1% 4.1% 2.1% 6.6% .

4 Yield %

2

1

48