MARKET SURVEY. April 2014 A COMPREHENSIVE INSIGHT IN RUSSIA S MEAT AND MEAT PRODUCTS MARKET IN TABLE OF CONTENTS CORPORATE NEWS AGENCY

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1 CORPORATE NEWS AGENCY Interfax - CNA 2 Pervaya Tverskaya- Yamskaya Moscow, , Russia Tel. (7-499) cna@interfax.ru A COMPREHENSIVE INSIGHT IN RUSSIA S MEAT AND MEAT PRODUCTS MARKET IN April 2014 MARKET SURVEY TABLE OF CONTENTS RUSSIA S MARKET FOR MEAT AND MEAT PRODUCTS: MAJOR TRENDS IN Consumption... 6 Retail sales of meat and meat products... 8 Poultry market trends Pork market trends Beef market trends Meat products market trends RUSSIA S MARKET FOR MEAT AND MEAT PRODUCTS: SUPPLY OF RAW MATERIALS Local production of meat and poultry Livestock trends and meat production Regional production of meat and poultry IMPORT PENETRATION Imports of meat and poultry Major trends Beef Pork Mutton and goat Poultry Imports of meat products Smoked, salted, pickled meat Sausages RUSSIA S MEAT-PROCESSING INDUSTRY Major trends Regional production Meat and by-products Poultry and by-products RUSSIA S MEAT-PROCESSING HOLDINGS AND TOP COMPANIES: KEY FINANCIALS IN Sales and income growth Profit margins... 35

2 RUSSIA S MARKET FOR MEAT AND MEAT PRODUCTS: PRICE TRENDS Retail prices for meat and poultry via prices for key foodstuffs Retail prices for meat and meat products Retail prices for meat and meat products in key regional markets Moscow Moscow region St.Petersburg Krasnodar territory Rostov region Samara region Republic of Tatarstan Republic of Bashkortostan Sverdlovsk region Tyumen region TOP HOLDINGS IN RUSSIA S MEAT-PROCESSING INDUSTRY Cherkizovo Group Structure Operations summary Miratorg Structure Operations summary Prioskolye Group Structure Operations summary Prodo Group Structure Operations summary Ostankino Group Structure Operations summary ABI Group Structure Operations summary Agro-Belogorye Group of Companies Structure Operations summary BZERK-Belgrankorm Structure Operations summary Tsaritsyno Group of Companies Structure Operations summary Group of Agro Enterprises Resurs Structure Operations summary Exima Holding Structure Operations summary SUPPLEMENT Production of meat and poultry for slaughter by regions Top holdings in Russian meat-processing industry

3 LIST OF TABLES Table 1 Share of Key Meat and Meat Products in Russia s Retail Market in Table 2 Russia's Livestock (Cows, Hogs, Muttons and Goats) in , million... Table 3 Russia's Growth in Livestock Agriculture by Federal Districts in Table 4 Russia's Growth in Livestock Agriculture by Regions in Table 5 Russia's Output of Meat for Slaughter in , mln tonnes... Table 6 Production Capacity and Assets Commissioned in Russia's Agriculture in Table 7 Russia's Production of Meat and Poultry for Slaughter by Federal Districts in , '000 tonnes... Table 8 Top Russia's Regions by Production of Meat and Poultry for Slaughter in 2013, '000 tonnes... Table 9 Russia's Import of Meat and Poultry in Jan.-Feb.2014, '000 tonnes... Table 10 Breakdown of Russia's Beef Imports by Countries by Volume in Table 11 Breakdown of Russia's Pork Imports by Countries by Volume in Table 12 Breakdown of Russia's Imports of Mutton and Goats by Countries by Volume in Table 13 Breakdown of Russia's Poultry Imports by Countries in Table 14 Breakdown of Russia's Imports of Smoked, Salted, Pickled Meat by Countries by Volume in Table 15 Breakdown of Russia's Sausages Imports by Countries in Table 16 Russia's Production of Key of Meat Products in Q1 2014, thousand tons... Table 17 Ranking of Meat and Meat Products by Average Monthly Growth in Output in Russia in Q Q Table 18 Commissioning of New Capacities in Russia in Meat-Processing Industry in , tones per working day... Table 19 Ranking of Key Russia s Federal Districts by Output of Meat and By-Products in 2013, thousand tones... Table 20 Ranking of Top Russia s Regions by Output of Meat and By-Products in 2013, thousand tonnes... Table 21 Ranking of Key Russia s Federal Districts by Output of Poultry and By-Products in 2013, thousand tones... Table 22 Ranking of Top Russia s Regions by Output of Poultry and By-Products in 2013, thousand tones* Table 23 Ranking of Russia's Meat-Processing Holdings and Top Companies by Sales Revenue in 2013, US$ mln... Table 24 Ranking of Russia's Meat-Processing Holdings and Top Companies by EBITDA in 2013, US$ mln... Table 25 Ranking of Russia's Meat-Processing Holdings and Top Companies by Net Income in 2013, US$ mln... Table 26 Ranking of Russia's Meat-Processing Holdings and Top Companies by EBITDA Margin in Table 27 Ranking of Russia's Meat-Processing Holdings and Top Companies by ROS in Table 28 Ranking of Retail Prices for Key Foodsuffs in Russia by Growth in Q1 2014, year-to-year... Table 29 Retail Prices For Meat and Meat Products in Russia in March Table 30 Price Level for Key Meat Products in Top Regional Markets of the Central, the North-Western, and the Southern Federal Districts in March 2014, against Russia s average... Table 31 Price Level for Key Meat Products in Top Regional Markets of the Volga and the Urals Federal Districts in March 2014, against Russia s average... Table 32 The Most Expensive and the Cheapest Meat and Meat Products in Moscow in March Table 33 The Most Expensive and the Cheapest Meat and Meat Products in the Moscow Region in March Table 34 The Most Expensive and the Cheapest Meat and Meat Products in St.Petersburg in March Table 35 The Most Expensive and the Cheapest Meat and Meat Products in the Krasnodar Territory in 3

4 Table 36 The Most Expensive and the Cheapest Meat and Meat Products in the Rostov Region in March Table 37 The Most Expensive and the Cheapest Meat and Meat Products in the Samara Region in March Table 38 The Most Expensive and the Cheapest Meat and Meat Products in the Republic of Tatarstan in Table 39 The Most Expensive and the Cheapest Meat and Meat Products in the Republic of Bashkortostan in March Table 40 The Most Expensive and the Cheapest Meat and Meat Products in the Sverdlovsk Region in Table 41 The Most Expensive and the Cheapest Meat and Meat Products in the Tyumen Region in March Table 42 Cherkizovo Key Consolidated Financials to IFRS in , US$ millions... Table 43 Miratorg s Key Consolidated Financials to IFRS in , US$ millions... Table 44 Prioskolye Group s Key Consolidated Financials to RAS* in , US$ millions... Table 45 Prodo Group s Key Consolidated Financials to RAS* in , US$ millions... Table 46 Omsk Beacon ( Kalachinsk) Key Financials to RAS in , US$ mln... Table 47 Klin Meat-Processing Plant Key Financials to RAS in , US$ mln... Table 48 Ostankino Group s Key Consolidated Financials to RAS* in , US$ millions... Table 49 Ostankino Meat-Processing Plant Key Financials to RAS in Jan.-Sept. 2013, US$ mln... Table 50 ABI Group s Key Consolidated Financials to RAS* in , US$ millions... Table 51 Key Consolidated Financials to RAS* of Agro-Belogorye Group of Companies in , US$ millions... Table 52 BZERK-Belgrankorm s Key Consolidated Financials to RAS* in , US$ millions... Table 53 Tsaritsyno Group s Key Consolidated Financials to RAS* in , US$ millions... Table 54 Key Consolidated Financials to RAS* of Group of Agro Enterprises Resurs in , US$ millions... Table 55 Exima Holding s Key Consolidated Financials to RAS* in , US$ millions... Table 56 Mikoyan Meat-Processing Plant s Key Financials to RAS in , US$ mln... Table 57 Russia's Production of Meat and Poultry for Slaughter by Regions in , '000 tonnes... Table 58 Top Holdings in Russia s Meat-Processing Industry: Consolidated Sales and Business Priorities, $ mln*... LIST OF GRAPHS Graph 1 Russia s Meat Market in , mln tons... Graph 2 Russia s Meat Market in , $ bn... Graph 3 Russia s Average Wages Per Capita in , $ per month... Graph 4 Breakdown of Russia s Meat Market by Types of Meat in Graph 5 Ranking of Key Foodstuffs by Growth in Retail Sales in Russia in Graph 6 Annual Growth in Retail Sales of Meat and Key Meat Products in Russia in Graph 7 Russia s Poultry Market by Volume in , mln tones... Graph 8 Russia's Livestock Trends in , 1992= Graph 9 Breakdown of Meat for Slaughter By Type (Cattle, Hogs, Poultry, Mutton, Goats) in Russia in Graph 10 Breakdown of Russia's Production Meat and Poultry for Slaughter by Federal Districts in Graph 11 Import of Meat and Poultry Via Russia's Consumption in , '000 tonnes... Graph 12 Russia's Import of Meat and Poultry in , '000 tonnes... Graph 13 Growth of Russia's Meat-Processing Industry in 2004-Q1 2014, Y-to-Y... Graph 14 Russia's Monthly Growth Rates of Meat-Processing Industry in October 2013-March 2014, Y- to-y... Graph 15 Russia's Production of Key of Meat Products in , 2005= Graph 16 Commissioning of New Capacities in Russia in Meat-Processing Industry in , tones per working day... 4

5 Graph 17 Breakdown of Russia's Production of Meat and By-Products by Federal Districts in Graph 18 Breakdown of Russia's Production of Poultry and By-Products by Federal Districts in Graph 19 Average Operating Margin and ROS of Russia's Meat-Processing Industry in Graph 20 Comparative Growth in Retail Prices for Foodstuffs and Meat and Poultry in Russia in