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Any failure to comply with this restriction may constitute a violation of United States securities laws. 2 Table of Contents 1 Ros Agro at a glance 4 2 Investment highlights 7 a e 3 Business overview 17 r A g n i k 4 Strategy and business development 38 r o W 5 Financial overview 43 3 Section 1 Ros Agro at a glance 4 Ros Agro at a glance Ros Agro – a leading vertically integrated diversified agriculture holding with exposure to highly attractive market segments in Russia and CIS Business highlights Overview of Ros Agro segments3 • #3 sugar producer in Russia with 14% market share1 • 6 sugar refineries 32.9 • #2 pork producer in Russia with 6% market share1 • Beet sugar 17.0 22.5 Sugar production 2015: 582kt 34% • • #1 consumer margarine producer in Russia with 45% market share1 Cane sugar 10% 21% production 2015: 183kt 2013 2014 2015 • #3 agricultural land holder in Russia with 504kha of land bank primarily located in the Black Earth region of Russia2 • 13 pig farms a • • 3 breeding facilities e Ros Agro operates vertically integrated business model which serves as a natural • 17.8 18.1 hedge against commodity price fluctuations and helps to deliver strong margins: Meat Pork production 2015: 176kt r • 7.4 A Compound feed production 50% ‒ Sugar is mainly produced from its own sugar beet 2015: 579kt 23% 42% g n ‒ Meat business is secured by own fodder production 2013 2014 2015 i k ‒ In agricultural business Company's core crop yields are significantly higher than r o Russia's average • Consumer margarine W production 2015: 43kt 17.3 Oil and • Mayonnaise production 14.9 Consolidated sales and Adj. EBITDA dynamics Fats 2015: 65kt 8.9 13% 10% • Vegetable oil production 11% 2015: 170kt Adj. EBITDA 2013 2014 2015 margin 19% 31% 34% 72.4 24.4 59.1 18.1 41% 47% 36.5 • Total land bank² of 504kha 28% Agriculture 6.8 • 410kha of arable land2 10.7 14.2 8.5 2013 2014 2015 2013 2014 2015 2013 2014 2015 Sales (RUBbn) Adj. EBITDA (RUBbn) 2013-2015 Sales Sales (RUBbn) Adj. EBITDA margin (%) CAGR (%) Source: Company data, Soyuzrossakhar, National Union of Pig Breeders, Russian Oil and Fats Union, BEFL Notes: 1 Based on volumes in 2015; 2 Other companies' agricultural landholding data as of April 2015 BEFL report, Ros Agro landholding data as of 2015YE;3 Excluding Razgulay's assets to be acquired (subject to necessary 5 corporate and legal procedures) Progress for the last 5 years Ros Agro has demonstrated consistently strong operating performance across all of its core segments since the IPO White sugar main players by output Share in 2015, % [Продимекс] [20]% Rusagro [14]% [Доминант] [15]% Sugar Meat Oil & Fats Agriculture [Сюкден] [10]% [Разгуляй] [7]% Other [34]% Total 100% 1 n #3 Sugar producer2 #2 Pork producer #1/#5 Cmoanysounmnaeirs em parrgoadruinceer / #3 Agricultural land holder3,4 o a itis e o p Market share in white sugar production Market share in pork production Market share in consumer margarine Agricultural land under management r t A e production / mayonnaise production (kha) k g raM 16% -2% 14%2 3.4% +2.6% 6.0% 32% +13%/4% 45% 424 CAGR 8.8% 5044 n /7% /11% i k 2011 2015 2011 2015 2011 2015 2011 2015 r o Beet sugar production (kt) Pork production (kt) Consumer margarine / mayonnaise Crop harvest (mt) W production (kt) CAGR s CAGR 5.9% CAGR 28.8% 5.3%/3.3% CAGR 6.1% cir 463 582 64 176 /3557 /4635 3.1 3.9 t e m 2011 2015 2011 2015 2011 2015 2011 2015 n o it c u Share of beet sugar in total sugar Compound feed production (kt) Vegetable oil production (kt) Owned land (%) d o production (%) r p ye +35% CAGR 25.4% CAGR 26.2% +11% K 41% 76% 234 579 67 170 32% 43% 2011 2015 2011 2015 2011 2015 2011 2015 Source: Company data, Soyuzrossakhar (Sugar), National Union of Pig Breeders (Meat), Russian Oil and Fats Union (Oil & Fats), BEFL (Agriculture) Notes: 1 In Russia based on output volumes; 2 Excluding the 5% market share of Razgulay's assets to be acquired by Ros Agro in 2016 (subject to necessary corporate and legal procedures); 3 Other companies' agricultural 6 landholding data as of April 2015 BEFL report, Ros Agro landholding data as of 2015YE; 4 Excluding 90kha of agricultural land of Razgulay to be acquired in 2016 (subject to necessary corporate and legal procedures) Section 2 Investment highlights 7 Investment highlights 1 2 3 Agri Oil & Fats business business Meat Sugar business business Strong Russian agri sector Market leadership across core Vertically integrated and diversified fundamentals categories in Russia with scale benefits a e r A g n 4 5 6 7 i k r o W Strategically located Strong brand portfolio across Experienced management with Strong financial performance state-of-the-art facilities products and price points proven track record 8 1 Strong Russian agri sector fundamentals Ros Agro is enjoying favorable sector fundamentals in each of the four segments where it is present Sugar Meat Large, stable market with majority sugar production coming from high-margin Strong growth potential driven by further domestic production industrialisation, sugar beet due to favorable sector regulation import substitution and expected pork consumption growth towards the EU levels Dynamics of sugar Correlation between Per capita meat Evolution of the Russian consumption in Russia local and global prices consumption 2015 (kg) pork market (mt) Industrial production Import Share of beet sugar (%) Sugar contract #11 NYM Annual total pork consumption (mt) Other domestic production Total consumption (mt) Total production (mt) Krasnodar sugar contract¹ Pork consumption Other meat consumption per capita per capita a 90 87 89 1,000 4.4 1.7 3.4 3.8 erA 5.6 4.9 5.7 5.2 5.7 5.7 S)tU/$ 700 88.2 76.1 71.6 01..80 003...744 003...634 ( 400 g 54.6 44.3 23.3 2.0 2.3 2.5 100 n 2013 2014 2015 2013 2014 2015 Germany Poland Russia 2013 2014 2015 i k Source: Soyuzrossakhar, BMI Source: Factset, ISCO Source: BMI, National Union of Pig Breeders Source: National Union of Pig Breeders r o W Oil & Fats Agriculture Russia is the largest mayonnaise and sunflower oil market globally One of the largest agri commodities exporters globally strategically located in close proximity to major export destinations Mayonnaise total Sunflower oil total Arable land across Russia agricultural consumption 2015 (kt) consumption 2015 (kt) countries 20132 (mha) exports 2016YTD (mt) Wheat Yield 2016YTD (t/ha) Share in global export (%) 709 605 1,960 2.4 5.9 3.8 14.4 2.9 11.4 980 23.5 223 700 122.0 108.0 33.0 3.8 3.0 Russia USA Mexico Russia Turkey Argentina Russia EU Ukraine Wheat Corn Barley Source: BMI Source: USDA, Foreign Agricultural Services Source: USDA, Faostat Source: USDA Note: 1 Converted from RUB using CBR average monthly exchange rates; 2 The latest available arable land data across countries 9 Per capita consumption (kg) 4.9 1.9 1.7 1 Strong Russian agri sector fundamentals: government regulation The agri sector enjoys strong government support aimed at protecting and developing domestic producers Government support breakdown (2015) Government support of agricultural sector Dairy cattle breeding 16%  The Russian agricultural sector receives constant government support Food Security doctrine Finance-payment system  In 2014, interest rate subsidies covered the most part of interest rate  Ministry of Agriculture targets the following levels of self-sufficiency for 2020: sugar 32% Animal breeding payments for agriculture companies that attract loans for investments Interest rate subsidies 90%, meat and meat products 85%, grains 95% and vegetable oil 90%, the majority of RUB 617bn 15%  11% which have been already reached USD 11.0bn1 Agriculture Ros Agro’s effective interest rate was 4% vs. usual rate of 3-5% 8% Crop growing (incl. indirect support) Infrastructure  Interest rate subsidies Agriculture companies in Russia benefit from favourable taxes. Currently companies that are involved in producing agricultural produce have 0% tax; Animal breeding  In 2015, interest rate subsidies covered a substantial part of the interest rate payments 12% 14% Other a 12% RUB 220bn the same is true for those that produce meat products for agriculture companies that attract loans for investments 12% e USD 3.6bn1 52% Infrastructure development − Ros Agro has 0% tax for its agriculture and pork divisions, while other rA Favorable taxation businesses are levied with the usual tax rate of 20% g 17% Other  Currently agricultural and meat producers are subject to 0% income tax Source: Ministry of Agriculture of the Russian Federation  Moreover, VAT for agriculture companies is 10% vs. usual 18% n  http://rg.ru/2015/09/21/prodbezopasnost.html VAT for agriculture companies is 10% vs. usual 18% i k https://www.vedomosti.ru/business/articles/2015/09/18/609246-rossii-nuzhno-bolshe-svoego-sahara-rastitelnogo-masla-ribi r o W Sugar sector Pork sector   Nearly all support to sugar producers in the Russian Federation is provided in the form Pork sector support employs two major protection mechanisms: annual import quota of market price support (MPS) through import duties (430 kt of pork) and high import duties for out of quota import   The system is primarily designed to support domestic sugar producers from sugar beet In addition, import of live pigs from EU and of meat from US was banned due to when the global raw sugar prices are low and stabilise the market when the domestic veterinary rulings and as counter sanctions measures sugar prices are high Source: Ministry of Agriculture of the Russian Federation Note: 1 Converted from RUB using 2015 average CBR exchange rate of 61.07 10