ROS AGRO PLC - rusagrogroup.ru

INVESTOR PRESENTATIONROS AGRO PLC

September 2021

PRESENTING TEAM

2

MAXIM BASOVCHIEF EXECUTIVE OFFICER,

BOARD MEMBER

SVETLANA KUZNETSOVAIR & ESG DIRECTOR

BORIS CHERNICHERCHIEF FINANCIAL OFFICER

Agenda

3

Ros Agro overview1

Industry backdrop2

Investment highlights3

Strategy4

2Q 2021 update5

Appendix6

p.4

p.6

p.15

p.28

p.32

p.40

SECTION 1ROS AGRO OVERVIEW

ROS AGRO IS A LEADING DIVERSIFIED VERTICALLY-INTEGRATED AGRICULTURAL AND CONSUMER COMPANY IN RUSSIA

5

Oil and Fats business Meat Business Sugar Business Agriculture Business

Cereals

Betaine

Sugar

Pulp

Waste recyclingproducts

Bottled vegetable oil

Soap

Mayonnaise and Sauces

Margarine

Industrial fats

Bulk vegetable oil

Meal

Cheese

Butter andspreads

Cream

Whey mixes

ADJ. EBITDA1,2 ADJ. EBITDA MARGIN3

22%

CAPEX1,2 LEVERAGE4

1.6xNet debt / adj. EBITDA

EMPLOYEES5

20 ths people

OIL AND FATS BUSINESS MEAT BUSINESS SUGAR BUSINESS AGRICULTURE BUSINESS

Dairy Products

Source: Company dataNotes: 1 1H 2021 LTM (Last Twelve Months), calculated as financial result for the 6 months ended 30 June 2021 plus for the 12 months ended 31 December 2020 less for the 6 months ended 30 June 2020; 2 USD values converted using average CBR FX rate for 1H 2021 LTM of 74.62 RUB/USD; 3 Calculated as 1H 2021 LTM adj. EBITDA divided by sales; 4 Calculated as Net debt as of 30 June 2021 divided by 1H 2021 LTM adj. EBITDA; 5 As of June 2021

Oil and Fats Products

SALES1,2

191 RUBbillion|2.6 USD

billion 42 RUBbillion|0.6 USD

billion 15RUBbillion |0.2 USD

billion

Offal Industrial cuts

Half-carcasses Pigs

Sunflower seeds

Sugar beet

Wheat

Soy

Barley Corn

Packaged meat

SECTION 2INDUSTRY BACKDROP

134123

108

83

50

14,9%

14,3% 14,3%

19/20A 20/21E 21/22FStock to disappearance ratio

5-year average

Average: 17.1%

2 7742 812

2 848

2 761

2 812 2 829

19/20A 20/21E 21/22F

Production Consumption

189 178

165159 158

175

164149 147

153 158165

178 172

171180 175

170

171 174

204 203211

217

238 241230

240

278

239 244

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

2019 2020 2021

42%

27%

18%

13%

Corn Wheat Rice Other grains

GLOBAL GRAIN MARKET

GRAIN PRODUCTION & CONSUMPTION/CONSUMPTION STRUCTURE LEADING COUNTRIES ON WHEAT MARKET

WHEAT PRODUCTION & UTILIZATION

• Current prospects for world grains production point for a third successive year of moderate growth in line with consumption expansion

• Russia is #4 producer and #1 exporter in global wheat market with ca. 83m tonnes and ca. 39m tonnes respectively, which is effectively ca. 80% of total Russia’s grain exports

• Global wheat prices in 2021 reached a last three-year high on the back of:

‒ Crop condition concerns in Argentina, EU and USA

‒ Tightening export availabilities in EU

‒ Increase in international corn prices

‒ Uncertainty of tax / quota regulation in Russia

7

Global Production & Consumption, million tonnes4

GLOBAL WHEAT PRICES

Global consumption 20/21E by grain type (volume), %4 Production 20/21E of wheat, million tonnes4 Export 20 /21E of wheat, million tonnes4

Stock to disappearance ratio of top wheat exporters, %2, 4

US$ per tonne3, 4Wheat(globally) 4 Units 19/20A 20/21E 21/22F

Production Mt 760 767 776

growth % 3.9% 0.9% 1.2%

Consumption Mt 743 755 765

Exports Mt 187 188 193

growth % 10.6% 0.7% 2.7%

Ending stock Mt 277 287 295

1

№ №1%

1%

Source: OECD and FAO of the United Nations as of July 2021,Federal Reserve Economic Data by the Research Department at the Federal Reserve Bank of St. Louis (Federal Reserve Economic Data),Federal Customs Service of Russia Notes: 1 Incl. distiller's dry grains and other grains; 2 The stock-to-disappearance ratio is calculated as the ratio of stocks held by the main exporters to their disappearance (i.e. do mestic utilization (consumption) plus exports); Top exporters are Russia, EU, US, Canada, Australia, Ukraine, Argentina, Kazakhstan; 5-year average for 16/17-20/21; 3 Not Seasonally Adjusted ; 4 Data source for all charts and table except export of wheat in Russia and global wheat prices is OECD and FAO of the United Nations, for export of wheat in Russia is Federal Customs Service of Russia (2020 year), for global wheat prices is Federal Reserve Economic Data

39

27 27 25

21

80%

8%

12%

Wheat Corn Barley

33

43

54

39

48

2016 2017 2018 2019 2020

1 047

865

688 660 630

74 83 82

1414 15

2828 28

117125 125

19/20A 20/21E 21/22F

Wheat Corn Other grains1

Production, million tonnes 2

66%

11%

23%

Wheat Corn Other grains

RUSSIAN GRAIN MARKET

GRAIN PRODUCTION / GRAIN PRODUCTION STRUCTURE TOP-5 LANDHOLDERS

WHEAT SALE PRICE IN RUSSIA

• Russia has one of the lowest production costs globally in wheat, sunflower and barley

• Further decrease in production costs and strengthening of Russia’s competitive advantage in these cultures could be achieved by new technology and automation adoption or with climate change

• Global warming has a positive effect on Russian agriculture sector, especially in Central Russia and North regions (Volga region, Siberia)

• Ros Agro is one of the largest land bank holders in Russia, which provides exposure to attractive global and local grains market fundamentals

• Russia’s wheat exports are likely to grow on the back of large domestic supplies (assuming declining inventories) and strong competitive positions

• Export quotas are to remain in place in the next few seasons, while they do not seem as materially lower than available grain volumes, fairly reflecting the domestic supply-balance, as in the last two farming years

8

AgrocomplexTkachev’s

№

LANDHOLDER IN RUSSIA

ths ha 2

GRAIN EXPORT DYNAMICS / EXPORT STRUCTURE

Production structure 20/21 (volume), % 2

RUB/kg excl. of VAT 2

1

Export dynamics, million tonnes 2 Export structure 2020 (volume), % 2

~0%7%

Source: OECD and FAO of the United Nations as of July 2021, BEFL, APK-Inform, Rosstat, Federal Customs Service of RussiaNotes: 1 Incl. distiller's dry grains, rice and other grains; 2 Source for charts: grain production, grain production structure, export dynamics is OECD and FAO of the United Nations; source for export and export structure is Federal Customs Service of Russia; sources for top-5 landholders are BEFL as of May 2021, excluding Rusagro's land bank, which is indicated in accordance with Company's data as of 30 June 2021; source for wheat sale price chart is APK-inform

10,3

10,911,2

11,0 10,810,5

9,79,2 9,2

9,410,0 10,2

10,410,7

11,1

11,8 12,7 12,9

12,011,3

11,8

13,2

14,4 14,214,013,6

13,2 13,113,4 13,4

12,913,3


2019 2020 2021

24%

35%

29%

9%

27%

2019 2020 2021

519 493 472 466507

685727 558

498

610707

911

936996

1 105

921

1 010

Jan. Mar. May Jul. Sep. Dec.

Palm Oil Soybean Oil

Sunflower Oil Other

1 067

1 088

1 115

1 088 1 088

1 112

19/20A 20/21E 21/22F


6,5%

6,8%

7,2%

19/20A 20/21E 21/22F

Stock to disappearance ratio

5-year average

Oilseeds production and consumption,million tonnes3

GLOBAL OIL & FATS MARKET

OILSEEDS BALANCE / VEG. OIL CONSUMPTION STRUCTURE LEADING SUNFLOWER OIL PRODUCERS & EXPORTERS

VEGETABLE OILS PRODUCTION AND UTILIZATION VEGETABLE OILS PRICE DYNAMICS

• Global oil and fats demand (especially sunflower oil) demonstrated superior growth supported by the growing consumption of food oil and biofuels

• According to FAO global oil consumption is expected to increase at faster pace than production, supported by demand from developing countries

• Russia is #2 producer and exporter of sunflower oilglobally with ca. 5.5m tonnesand 3.3m tonnes respectively

• 19/20A Stock-to-disappearance ratio is below 5 year average on the back of recovery from the adverse weather conditions caused global sunflower production to fall in 2020

• Global sunflower and palm oil prices in 2021 reached a last three-year high on the back of:

‒ rally in commodity prices

‒ higher input costs

‒ pandemic-related export breaks 9

Vegetable Oils (globally) 3 Units 19/20A 20/21E 21/22F


growth % 0.3% 1.3% 2.2%


Exports Mt 86 88 88

growth % (2.6%) 2.0% 0.5%


Stock to disappearance ratio of top vegetable oils exporters, %1,3

Average: 7.6%

Vegetable oils consumption structure 20/21E by oil type (volume), %3,4

Production 20/21E of sunflower oil, million tonnes3,4 Export 20 /21E of sunflower oil, million tonnes3,4

Sunflower Oil, US$ per tonne2,3 Palm Oil, US$ per tonne2,3

2,2%

~0%

Source: OECD and FAO of the United Nations as of July 2021, Federal Reserve Economic Data, United States Department of Agriculture (USDA), RosstatNotes: 1 The stock-to-disappearance ratio is calculated as the ratio of stocks held by the main exporters to their disappearance (i.e. do mestic utilisation (consumption) plus exports); Top exporters are Indonesia, Malaysia, Argentina, Ukraine, Russia, Canada, EU, US; 5-year average for 16/17-20/21; 2 Not seasonally adjusted; 3 Source for all charts and table, except consumption structure split of vegetable oils, sunflower oil producers & exporters, vegetable oils price dynamics is OECD and FAO of the United Nations; sources for consumption structure are: USDA (for vegetable oils split); source for sunflower oil producers & exporters is USDA, except for Russian export the source is Rosstat (latest available data 19/20); source for vegetables oils price dynamics is Federal Reserve Economic Data; 4 Notation 20/21 is put for illustrative purposes, USDA stated 2021

7,0

5,5

3,8

1,3 1,1

№ №

828 841 872 913 904 965

1 000847 900

974

1 189

1 4321 551

1 972

1 936

1 560

Jan. Mar. May Jul. Sep. Dec.

6,4

3,3

0,8 0,8 0,6

1,2 1,3 1,4

2018 2019 2020

39 40 39 38 39 40 40 41 41 40 39 40

40 41 41 43 46 4852 55

6569

78 7886

91

103108 109

91


2019 2020 2021

3,94,7 4,5 4,9

5,8

0,7

0,8 0,80,7

0,8

0,3

0,2 0,50,6

0,7

4,9

5,7 5,86,3

7,3

15/16 16/17 17/18 18/19 19/20

Sunflower oil Soy oil Others

RUSSIAN OIL & FATS MARKET

CRUDE VEGETABLE OIL PRODUCTION INDUSTRIAL AND CONSUMER OIL AND FATS PRODUCTION

CRUDE VEGETABLE OIL TRADE IN / OUT OF RUSSIA CRUDE SUNFLOWER OIL PRICES IN RUSSIA

• Being one of the cost leaders in sunflower oil globally, Russia demonstrated stable growth in crude vegetable oil and both industrial and consumer oils and fats production

– In the 2019/2020 season, the production of vegetable oil increased by 17%, the main growth driver was sunflower oil (18% YoY growth), which accounts for 79% of all vegetable oils produced in Russia

– Production of consumer fats and oil products showed upward trend and reached 3.0m tonnes (+3%) in 2020

– Industrial fats and oil showed moderate growth reaching 1.4m tonnes in 2020

• As a result of growth in the production of vegetable oil in Russia, its exports in the 2019/2020 season grew by 43% year-on-year. Russia also exported 30% more industrial fats and 17% more packaged oil and fat products y-o-y on the back of increasing export of confectionary products in China due to growing consumption

• Russia will continue expand sunflower oil production capacities and increase exports on the back of strong competitive advantage and increasing demand from Asia

• In 2020, the average annual price for unrefined sunflower oil in Russia amounted to RUB 55.6 thousand per tonne, excl. of VAT, which is 40% above the 2019 level. The growth trend is likely to continue in 2021

10

million tonnes2

million tonnes2

RUB/kg excl. of VAT1, 2

Industrial oil and fats, million tonnes217%

№

SUNFLOWER OIL PRODUCER IN RUSSIAIN 2020

IINDUSTRIAL FATS PRODUCER IN RUSSIA IN 2020

№

CONSUMER MARGARINE PRODUCER IN RUSSIA IN 2020

№

MAYONNAISE PRODUCER IN RUSSIA IN 2020

№

Consumer oil and fats, million tonnes2

Source: Company data, Russian Oil and Fats Union, APK-inform, Federal Customs Service of Russia, Russian Federal Service for Statistics (Rosstat)Notes: 1 EXW for respective regions; 2Source for crude vegetable oil production chart is APK-inform; source for industrial oil and fats production is the expert assessment based on data from the All-Russian Union of Oils and Fats and the Federal Customs Service of Russia, source for consumer oil and fats production is Rusagro’s estimate based on the data from the Russian Federal Service for State Statistics; source for crude vegetable oil trade in/out of Russia chart is the Rosstat; source for crude sunflower oil prices in Russia is APK-inform

1,9 1,9 2,0

0,9 0,8 0,9

0,2 0,20,2

2,9 2,93,0

2018 2019 2020

Packaged margarines & spreads

Mayonnaise

Bottled vegetable oil

1,3 1,6 1,8 2,13,30,2

0,2 0,30,6

0,7

0,40,5

0,60,6

0,6

2,02,4

2,83,3

4,7

0.8 0.8 1.0 1.1 0.80.3 0.2 0.2 0.3 0.5

1.1 0.9 1.2 1.4 1.4

15/16 16/17 17/18 18/19 19/20Sunflower oil Rape oil Soybean oil Palm oil Other oils

Export Import

84%

13%

3%

Sugar cane Sugar beet Molasses

106

45

32

2015

26

17 16

6

172 171

176

167

171174

19/20A 20/21E 21/22F


38,4%

37,2%36,9%

19/20A 20/21E 21/22FStock to disappearance ratio

5-year average

Average: 36.7%

280 285 275

276261

274 267255

246275 280

294

312332

260

222

235

261 262

283 274

315329 323

351375

349 358379 380 391


2019 2020 2021

GLOBAL SUGAR MARKET

SUGAR PRODUCTION&CONSUMPTION / SUGAR SOURCES PRODUCTION STRUCTURE LEADING SUGAR CONSUMERS AND SUGAR BEET PRODUCERS

SUGAR PRODUCTION & UTILIZATION

• The current production 21/22F forecast of 176m tonnes falls short of the world sugar consumption, resulting in a global shortfall of ca. 2.9m tonnes

• On the demand side, world sugar consumption is foreseen to rebound, mainly reflecting the expected resumption of economic growth in 2021, after the COVID19-driven global economic contraction in 2020

• Russia is #7 consumer of sugar and #2 producer of sugar beet globally with ca. 41kg sugar consumption per capita

• After falling to multiyear lows in April 2020, international prices of sugar generally increased in the past year, reaching their highest level since early 2017

– The hike in prices was prompted by continued concerns over tighter global supplies in 2020/21, following production declines in key producing countries, and sustained import demand from Asia

– However, prospects of large exportable supplies and a recovery in global production have so far prevented larger price surges

11

Source: OECD and FAO of the United Nations as of July 2021, Federal Reserve Economic Data Notes: 1 The stock-to-disappearance ratio is calculated as the ratio of world stocks to their disappearance (i.e. domestic utilization (consumption) plus exports; 5-year average for 16/17-20/21; 2 Not Seasonally Adjusted; 3 Data source for all charts and table except leading sugar consumers, sugar beet producers and global sugar prices is OECD and FAO of the United Nations, sources for leading sugar consumers, sugar beet producers OECD and FAO of the United Nations and World Bank (population for calculation per capita numbers); sources for global sugar prices is Federal Reserve Economic Data; 4 Notation 20/21 is put for illustrative purposes

GLOBAL SUGAR PRICES

World stock to disappearance ratio of sugar, %1,3 Global price of Sugar, No. 11, World, U.S., US$ per tonne2,3Sugar(globally) 3 Units 19/20A 20/21E 21/22F


growth % (1,4%) (0,7%) 3,0%


Exports Mt 66 63 62

growth % 14.3% (5.6%) (1.6%)


3%1%

№

18.9 37.4 11.3 40.9

Annual consumption per capita (kg.)

Sugar consumption’20/21, million tonnes3

…

Sugar sources production structure’20/21, million tonnes3,4 Sugar beet production’20/21, million tonnes3,4

№

Production and consumption, million tonnes3

96,8%3,2%

Sugar beet Molassess

6,2

7,2

5,7~5,8 ~5,8 ~5,8

2018 2019 2020


92

580

378

684

1 208

312258

322 242166

2016 2017 2018 2019 2020

Export Import

21,1%

13,5%

13,4%11,8%

4,1%

36,1%

Prodimex Rusagro Dominant

Sucden Agrocomplex Others

RUSSIAN SUGAR MARKET

SUGAR PRODUCTION&CONSUMPTION / SUGAR SOURCES PRODUCTION STRUCTURE LARGEST SUGAR PRODUCERS IN RUSSIA

SUGAR TRADE IN / OUT OF RUSSIA SUGAR PRICES IN RUSSIA

• In Russia production of sugar beet demonstrated growth and increase of cost efficiency on the back of gain margins due to modernization of plants and beet yields improvement, both through investments and climate change

• Russia also benefits from high sugar per capita consumption

• Ros Agro was the 2nd largest player in 2020 with a share of 13.5%, including sugar produced from molasses

• Export volumes in 2020 (primarily to Near East region) reached ca. 1.2 mln tonnes on the back of inventory sales and favorable export / global prices

• Domestics prices are growing due to material tightening of balances, low base for a recovery, weaker local currency, cost inflation, strong global price level and high energy prices

12

ths tonnes2

million tonnes2

ISCO-Krasnodar basis, RUB/kg excl. of VAT2

-31%

76%

№

PRODUCER IN RUSSIAIN 2020

million tonnes2Sugar sources production structure’20/21, (volume), %2,3

1

Source: OECD and FAO of the United Nations as of July 2021, Soyuzrossakhar, Federal Customs Service of Russia, IKAR, ISONotes: 1 Company estimates based on public sources; 2 Source for sugar production, largest sugar producers in Russia and sugar imports is Soyuzrossakhar; source for sugar production split is OECD and FAO of the United Nations; source for sugar exports is Federal Customs Service of Russia; source for sugar prices in Russia is IKAR; 3 Notation 20/21 is put for illustrative purposes

33,2 31,4 30,8 29,527,3

24,424,5

21,8 20,6 18,6 16,8 18,619,6 18,4

23,0 22,8 23,1

24,0 26,3 27,533,1

39,6 37,834,934,5

37,841,4 41,0 40,7

39,7 37,5 39,3


2019 2020 2021

40%

34%

21%

5%

Poultry Pork Beef Sheep

1,2 1,21,3

1,7 1,8 1,71,6 1,7

1,2 1,3 1,3 1,3

1,3 1,2 1,3

1,1 1,4

1,0 1,01,2

1,4

1,71,5

1,41,41,6

2,0

2,32,4 2,6 2,4


2019 2020 2021

46

23

13

4,2 4,1

328

334

342

326

332

340

2020A 2021E 2022F


. . .

GLOBAL PORK MARKET

MEAT PRODUCTION & CONSUMPTION/CONSUMPTION STRUCTURE LEADING COUNTRIES ON PORK MARKET

PORK PRODUCTION & UTILIZATION

• World meat output in 2021 is expected to expand by ca. 2% percent, to 334m tonnes, reflecting an anticipated rebound in meat production in China, with notable expansions in Brazil, VietNam, the U.S. and the EU

• Pork is #2 meat consumed globally

• Russia is #4 producer in global pork with ca. 4.2m tonnes respectively

• International meat prices rose from January to June, reflecting solid import demand, especially from East Asia and the Middle East, amid limited expansion in global export supplies despite recovering production in key producing regions

13

Global Production & consumption, million tonnes 3

Source: OECD and FAO of the United Nations, Federal Reserve Economic Data, Federal Customs Service of RussiaNotes: 1The stock-to-disappearance ratio is calculated as the ratio of stocks held by the main exporters to their disappearance (i.e. domest ic utilization (consumption) plus exports) 5-year average for 17-21; Top exporters are EU, USA, Canada, Brazil, Mexico, Thailand, Chile, UK; 2 Not Seasonally Adjusted; 3 Data source for all charts and table except Russian pork export and global wheat prices is OECD and FAO of the United Nations, for Russian port export is Federal Customs Service of Russia, for global wheat prices is Federal Reserve Economic Data

GLOBAL PORK PRICES

Global consumption 2021E by meat type (volume), % 3 Production 2021E of pork, million tonnes 3 Export 2020 of pork, million tonnes 3

Stock to disappearance ratio of top pork exporters, %1, 3

US$ per kg2, 3Pork(globally) 3 Units 2020A 2021E 2022F


growth % (1.4%) 4.2% 4.4%


Exports Mt 12 11 11

growth % 12.0% (6.0%) (4.2%)


2%

2%

0,9%0,9%

1,0%

2020A 2021E 2022FStock to disappearance ratio

5-year average (latest, static)

Average: 1.1%

4,3

3,3

1,7

0,2

51 68 91 106

243

283 292

86 8314

2016 2017 2018 2019 2020

Export Import

9,5%

5,6%

5,6%

5,5%

4,7%

4,6%64,4%

Miratorg Velikoluksky

Rusagro Cherkizovo

AgroPromKoml. Group Agro-Belogorye

Other

2,7 2,9 3,2 3,43,8

0,60,6

0,6 0,50,5

3,33,5

3,7 3,94,3

2016 2017 2018 2019 2020

Large agricultural companies Small farms enterprises & private farms

RUSSIAN PORK MARKET

PORK PRODUCTION LARGEST PORK PRODUCERS IN RUSSIA

PORK TRADE IN / OUT OF RUSSIA MONTHLY PORK PRICES IN RUSSIA

• Pork production in Russia has grown by 9% to 4.3m tonnesin slaughtered weight in 2020

• Small farms and households continued to decrease their share in total output (to current 12%)

• Ros Agro was the 3rd largest pork producer in Russia in 2020, though the market remains very fragmented providing opportunities for consolidation

• Pork imports were completely substituted by domestic production while large Russian producers began actively exploring export opportunities, i.e. to South-Eastern Asia

• On the back of higher coarse grain prices, pork prices have increased accordingly, now being higher than for the past couple of years

14

ths tonnes1

Slaughtered weight, million tonnes1

Livestock in live weight, RUB/kg1

+9%

№

PRODUCER IN RUSSIAIN 2020

-83%

+130%

% of pork produced in Russia1

Source: Company data, National Union of Pig Breeders, APK-inform, Global monitoring, Federal Customs Service of RussiaNotes: 1 Source for pork production is Federal State Statistics Service; source for largest pork producers is Rusagro’s calculations based on data from the National Union of Swine Breeders and Cherkizovo; source for exports and imports is Federal Customs Service of Russia; source for pork prices is Global monitoring

89 8993 97

96 91

106

92

8488

817775 75

8682 81 85

101

10396 97

8390

96101 101

111 112 115 115

126


2019 2020 2021

SECTION 3INVESTMENT HIGHLIGHTS

DRIVERS OF OUR SUCCESS

16

10 Seasoned management team with proven track record of profitable growth

1 Large-scale, stable and diversified agribusiness with leading positions across the key segments

3 Robust vertical integration driving superior efficiency: from field to consumer

2 State-of-the-art facilities in strategically important locations

4 Tech-enabled operations utilizing advanced farming technologies

5 Strong consumer brand portfolio across the key products

6 Ability to benefit from vast export opportunities across all segments

7 Established platform with proven track record of organic and inorganic growth

8 Strong financial performance with compelling dividend proposition

9 Thorough ESG factors control

LARGE-SCALE, STABLE AND DIVERSIFIED AGRIBUSINESS WITH LEADING POSITIONS ACROSS THE KEY SEGMENTS

17

XX denotes to share in total sales1

50

1714

18%

AGRICULTURE BUSINESS

№3 pork producer in Russia9

5.6% share in Russian production9

№3 agricultural land holder in Russia5

688 ths ha of farming land area6

4.3 mm tonnes sales volumes of agricultural crops7

SALES1,2

38 RUBbillion

Adj. EBITDA Margin1

49 %

SALES1,2

37 RUBbillion

Adj. EBITDA Margin1

20 %

OIL AND FATS BUSINESS

№1sunflower oil3, consumer margarine4 and mayonnaise producer4 in Russia

№2 industrial fats producer in Russia3

№5 bottled vegetable oil producer in Russia3

SALES1,2

Adj. EBITDA Margin1

12 %fast-growing dairy business

SUGAR BUSINESS

sugar producer in Russia8

share in Russian production8

SALES1,2

30 RUBbillion

Adj. EBITDA Margin1

23 %

№2

13.5%

MEAT BUSINESS

1

Source: Company dataNotes: 1 1H 2021 LTM, before intersegment eliminations and without other operating income/expenses; 2 USD values converted using average CBR FX rate for 1H 2021 LTM of 74.62 RUB/USD; 3 In 2020 (or 2019/2020 season where applicable), estimates of the All-Russian Union of Oils and Fats, Ros Agro and experts' assessment; 4 According to AC Nielson in July 2021; 5 Based on BEFL data as of May 2021 and Ros Agro's land bank as of 30 June 2021; 6 As of 30 June 2021; 7 In 2020; 8 In 2020, Union of Russian Sugar Producers (Soyuzrossakhar); 9 In 2020, Ros Agro calculations based on data from the National Union of Swine Breeders and Cherkizovo

105 RUBbillion |1.4 USD

billion

|0.4 USDbillion

|0.5 USDbillion

|0.5 USDbillion

STATE-OF-THE-ART FACILITIES IN STRATEGICALLY IMPORTANT LOCATIONS

18

Samara Region1 oil extraction plant

1 dairy products plant

3 elevators

Orenburg Region

2 elevators

Penza Region

1 elevator

Ulyanovsk Region

1 dairy products plant

1 sugar plant

44 ths ha

Kursk Region2 sugar plants

27 ths ha

Belgorod Region3 sugar plants

293 ths ha

9 pig farms

1 breeding farm

2 compound feed mills

1 slaughterhouse and meat processing plant

2 elevators

Tambov and Voronezh Regions3 sugar plants

1 cereal processing plant

10 pig farms

3 breeding farms

1 compound feed mill


176 ths ha

2 elevatorsSaratov Region

1 oil and fats plant

2 oil extraction plants

53 ths ha

8 elevators

Sverdlovsk Region

1 oil and fats plant

Orel Region

AGRICULTURE BUSINESS• High self-sufficiency in grain storage capacity

providing opportunity to sell crops at more favorable prices

OIL AND FATS BUSINESS• Close proximity of oil and fat plants to

agricultural farmlands

SUGAR BUSINESS• Sugar processing plants are strategically located

in close proximity to sugar beet growing area• One of the two Russian producers who have

implemented a desugarisation process (sugar recovery from beet molasses) in our value chain

MEAT BUSINESS• High standards of biosecurity ensuring

animal’s health and production stability• Cost leader in pig production in Russia due to

modern technologies in our pig breeding operations

• Strategically located Primorye facilities withexport potential on Asian markets

LAND BANK• Russia accounts for 50+% of the world's

superior quality Black Earth (chernozem) area, which is partially located in the Belgorod and Tambov regions

Primorye Territory

6 pig farms

1 breeding farm

1 compound feed mill


1 oil extraction plant

95 ths ha

2

Source: Company dataNotes: As of 30 June 2021

ROBUST VERTICAL INTEGRATION DRIVING SUPERIOR EFFICIENCY: FROM FIELD TO CONSUMER

19

Molassesdesugarisation

Storage

Industrial fats

Harvesting

Sowingcompaign

Compound feedproduction

Oil extraction and production of co-products

Production ofoil-and-fatsproducts

Meal

Pigsgrowing

Slaughteringand meatprocessing

В2СSugar, cereals

В2BSugar, betaine, molasses, pulp

Sugar production

В2СBottled vegetable oil, mayonnaise and sauces, margarine and spreads, jams,soap

В2BIndustrial fats, vegetable oil, meal

В2СLarge cuts, portion cuts, small cuts, minced meat

В2BPigs,half-carcasses, industrial cuts,offal, waste recyclingproducts

В2СCheese and cheese analogues,butter and spreads, cream

В2BDry industrial whey mixes

Production ofbutter and cheese

Production of dry mixes

AGRIC ULTURE BUSINESS

DAIRY PRO DUC TS

MEAT BUSINESS

SUGAR BUSINESS

OIL AND FATS BUSINESS

Since 2021is under control of Oil

and Fats Business

3

Source: Company data

TECH-ENABLED OPERATIONS UTILIZING ADVANCED FARMING TECHNOLOGIES

20

4


SUSTAINABLE DEVELOPMENT

PRODUCTIVITY INCREASE & COST REDUCTION

TECH-ENABLED OPERATIONS

KEY GOALS

Development of innovative products

Advanced selection methods in crop farming

Improvement of crop yields

Biotechnologies

Energy and water consumption efficiency

Logistics andhuman factor optimisation

Precision farming technologies

Artificialintelligence

INN

OV

ATI

ON

SD

IGIT

AL

TRA

NSF

OR

MA

TIO

N

STRONG CONSUMER BRAND PORTFOLIO ACROSS THE KEY PRODUCTS

21

SUGAR BUSINESS

share in the whitelump sugar market



share in the whitelump sugar market Market share of chilled

semi-finished pork products7

share in the brownlump sugar market

41%

12% 0,2% 3%32% 9%

№4

SHARE OF ROS AGRO’S SUGAR PRODUCT BRAND IN THE RUSSIAN MARKET, %

MEAT BUSINESS

SHARE OF ROS AGRO’S BRANDS OF FAT AND OIL PRODUCTS IN THE RUSSIAN MARKET, %

OIL AND FATSBUSINESS

DAIRY PRODUCTS

5

Source: Company data; AC Nielsen (July 2021)Notes: 1 In the Urals; 2 In Volga and Southern Regions; 3 In Siberia, in low price segment; 4 In the Urals and Ekaterinburg; 5 In Moscow and Central Region; 6 In June 2021 brand “Khoroshiy” was excluded from the brand portfolio and sugar of this category started to be sold under the “Tepliye traditsii” brand; 7 In Jan-Jul 2021

10% 70% 32%

№1№1 №1 №1№112% 13%

share of mayonnaisemarket in Ekaterinburg

share of consumer margarine market in Russia


share of mayonnaisemarket in Moscow


CONSUMER MARGARINE MAYONNAISE

1 2 3

6

OTHER BRANDS

4 5

ABILITY TO BENEFIT FROM VAST EXPORT OPPORTUNITIES ACROSS ALL SEGMENTS

22

236

712

2018 2020

+202%

61 countries of Ros Agro’s products sales

Russia is one of the largest agricultural exporters globally, strategically located in close proximity to major export destinations

11

31

2018 2020

+193%

MEAT BUSINESSOIL AND FATS BUSINESS

45%

in total sales

13%

in total sales

Exports, ths tonnes

20%

in total sales

196255

2018 2020

+30%

SUGAR BUSINESSExports, ths tonnes

Exports, ths tonnes

19%

32%

2018 2020

+13 p.p.

ROS AGRO EXPORTSShare in total sales

6

Source: Company dataNotes: As of 2020

Indirect exposure to export markets via

confectionary sector among others

203

275

2018 2020

+35%

19%

in total sales

AGRICULTURE BUSINESSExports, ths tonnes

+

ESTABLISHED PLATFORM WITH PROVEN TRACK RECORD OF ORGANIC ANDINORGANIC GROWTH

23

PROVENTRACK RECORD

WELL-INVESTED

FACILITIES

OPERATIONAL

EXCELENCE

LEADINGPOSTIONS ACROSS

SEGMENTS

7

Source: Company dataNotes: 1 Rented by Ros Agro from SolPro; 2 In 2011-2020, excluding land acquired under Razguliay and Vozrozhdenie deals; 3 Including Primorye Territory assets

1.8 RUBbillion

2018

Acquisition of KapitalAgro

▪ 2 pig farms

▪ 1 slaughterhouse

35 RUBbillion

2018

Acquisition of rights to purchase the majority

interest in SolPro

▪ 3 oil and fats plants1

▪ 2 oil extraction plants1

▪ 8 elevators and land bank1

8.5RUBbillion

2019

Acquisition of 22.5% stake in Agro-Belogorie

▪ One of the largest pork producers in Russia with 2020 production volumes of 250 ths tonnes of pork for slaughter in live weight

34 RUBbillion

2015

Acquisition of debt and equity in Razguliay Group

▪ 3 sugar plants

▪ 1 cereal processing plant

▪ 90 ths ha land bank

INO

RG

AN

ICgr

ow

th

Launched3:

1 oil extraction plant

1 sunflower oil bottling facility

7Invested in 10 years

RUBbillion

OIL AND FATSBUSINESS

Launched3:

11 pig farms

5 breeding farms

2 compound feed mills

2 slaughterhouses


RUBbillion

MEATBUSINESS 22

Invested in 10 years

RUBbillion

SUGARBUSINESS

Launched:

2 molasses

desugarization plants


RUBbillion

AGRICULTUREBUSINESS

OR

GA

NIC

gro

wth

100+ ha land bank

increase2

15+ p.p. increase in share

owned land

>2xgrain crops

production growth’11-20

>2xbottled oil production

growth’11-20

~5x live weight pork


~2xbeet sugar production

growth’11-20

PR

OD

UC

TIO

N

gro

wth

~5x oil crops production

growth’11-20

>2xmayonnaise


~4xcompound feed


STRONG FINANCIAL PERFORMANCE…

24

KEY PERFORMANCE INDICATORS

84,3 79,1 83,0

138,2159,0

72,2

104,4

2016 2017 2018 2019 2020 1H2020 1H2021

Consolidated sales, RUB billion

~2x

+15%

18,214,0 16,2 19,4

32,0

11,9

22,1

13,7

5,6

12,8 9,7

24,3

9,7

17,6

2016 2017 2018 2019 2020 1H2020 1H2021

Adj. EBITDA & Net profitRUB billion

18%22% 19% 14% 16% 21%Adj. EBITDA margin

7%17% 15% 7% 13% 17%Net profit margin

adj.EBITDA Net profit

CASH GENERATION

Free Cash Flow1, RUB billion

4,3 6,6

54,361,7

68,9 66,8

0,2x 0,5x

3,4x 3,1x2,1x 1,6x

2016 2017 2018 2019 2020 1H2021 LTM

Net debt Net debt/adj. EBITDA

Leverage profile, RUB billion

LEVERAGE

Solpro deal

+2x

+65%

+45%

+45%

20%

15%

8

1,5 -3,5 0,52,6

17,9

7,1

15,9

2016 2017 2018 2019 2020 1H2020 1H2021

+125%

Source: Company dataNotes: 1 Calculated as adj. EBITDA minus Capex

…WITH COMPELLING DIVIDEND PROPOSITION

10970 69 69

165120

2016 2017 2018 2019 2020 1H 2021

Dividend payout ratio as % of net profit

3125

3945

75

35

50 50

2014 2015 2016 2017 2018 2019 2020 1H 2021

Payout per GDR, USD Payout per share, USD

DIVIDEND POLICY HISTORICAL DIVIDEND PAYOUTS

0.81 1.230.52 0.51 0.51

4.05 6.182.60 2.55 2.55

TRACK RECORD OF DIVIDEND PAYMENTS

Dividends, USD million

Conditions

Conditions affecting % of net profit paid to shareholders:

• Availability and amount of net profit under IFRS

• Achieving the target level of equity capital adequacy(Net Debt / Adjusted EBITDA LTM)

• Capital requirements for the implementation of the Development Strategy and targeted M&A transactions in the market

• The state of the economy, other internal and external changes affecting or capable of negatively affecting the Company’s operating activities

Frequency• Semi-annual basis: payment is based on the financial results for the first

half of the year and the second half of the year

Target payout At least 25%

of net profit under IFRS


25

0.89

4.45

8

At least 50%of net profit under IFRS

STARTING FROM 2H 20212013-1H 2021

THOROUGH ESG FACTORS CONTROL

26

HR

36%

63%

2016 2020

Share of internal recruitment, %

HUMAN CAPITAL DEVELOPMENT

COMPETITIVE SALARIES

Average monthly salaries, RUB ths

Social Green agenda

7,817,5

33,0 34,1

242

2016 2017 2018 2019 2020

PHILANTHROPY PROGRAMME BUDGET

RUB 42 mn funds (23% YoY)

In 2020 a charity programme was created to meet theCOVID-19 pandemic requirements

RUB mn

SOCIAL INVESTMENT PROJECTS

• Physical separation• All-in / all-out production• Feed quality control

REDUCING THE ENVIRONMENTAL FOOTPRINT

ENSURING BIOSECURITY

GHG emissions, ths tonnes

Breakdown of total solid wastes by classes, ths tonnes

843720

2019 2020

728 721

2019 2020

• Strict sanitary procedures• Vaccination• Disease monitoring

Host of competition games in immersive online format

In total, 6,647 students from 125 schools took part in such classes (30% YoY)

RUB 200 mn

In 2020 Ros Agro expanded its philanthropy programme to support schools in Moscow Region

ENSURING SAFETY

PROMOTING DIVERSITY

51%share of women

among office employees1

-22% YoY

1.75LTIFR1

-1 p.p. YoY

9%voluntary turnover

rate1

+6 p.p. YoY

72%engagement

rate1,2

-4% YoY

21MN CU. M

water consumption1

98%of solid waste is of Class 4 and 51

-2% YoY

3.7MN TONNES

total weight of liquid waste1

3849

2016 2020

9

Source: Company dataNotes: 1 In 2020; 2 Calculation is based on online questionnaire with multiple choice questions

SEASONED MANAGEMENT TEAM WITH PROVEN TRACK RECORD OF PROFITABLE GROWTH

27

Boris ChernicherChief Financial Officer

Maxim BasovChief Executive Officer, Member of the Board

Sergey KoltunovDirector of Legal

and Corporate Affairs

Olga FedorovaHR Director

Svetlana KuznetsovaIR & ESG Director

+ 6 p.p.share of owned land1

№1sunflower oil producer2

+ 62%pork production1

3xmolasses processing1

Vladimir AlexandrovHead of Oil and Fats Business

Roman ShkollerHead of the Agriculture Business

Pavel PermyakovHead of the Sugar Business

Evgeny SluchevskyHead of the Meat Business

~12% CAGR’16-20

Adj. EBITDA

~2XBusiness growth’16-20

80+ RUB billion

Investments’16-20

10

Source: Company dataNotes: 1 From 2016 till 2020; 2 In 2019/2020 season, estimates of the All-Russian Union of Oils and Fats and Ros Agro and experts assessment

SECTION 4STRATEGY

93164

250

2016 2020 mid-term target

1 2294 610 5 400


Meat

KEY STRATEGY PILLARS: BUSINESS EXPANSION

Agriculture Oil and fats

Sugar

551 559600


190308

400


810 7641 000


INORGANIC GROWTHORGANIC GROWTH

Arable land, ths ha

Pork production, ths t

Sunflower seeds processing capacity, t per day

Sugar production, ths t

• Vertically integrated pork production cluster

• Includes commercial pork farms, breeding farm, slaughterhouse and deboning facility, feed production facility and elevator

• Feed ingredients are supplied by Ros Agro's Agriculture business

Primorye project – to be launched in October 2021

61 countriesof export

75 ths tof pork capacity

Mid-2023time to full production

• Monitor new areas of business for the ongoing business expansion

• Selective accretive acquisitions

INCREASING MARKET SHARE AND EXPANSION TO NEW REGIONS

• Increasing market share in the current regions

• Expansion to new regions in Russia

CONTINUOUS EXPORT EXPANSION

• Continuous expansion to new export markets

• Key products for export: pork, grains (incl. corn), oil and fats products

Focus on export Asian markets

Source: Company dataNote: 1 1H 2021 LTM Adj. EBITDA before intersegment eliminations and without other operating income / expenses; not sum to 100% due t o rounding 29

Soy planted area, ths ha

FURTHER FOCUS ON SOYBEANS PRODUCTION

41% 27%

15%

1H’2021 LTM adj. EBITDA1 by segments

16%

Development of innovative productswith plant proteinsand vegetable fats, as well as "healthy“sugar alternatives

55 60

100


KEY STRATEGY PILLARS: B2C CHANNEL DEVELOPMENT

30

EXPANDING THE CURRENT PRODUCT MIXDEVELOPING PRIVATE BRANDS AND PROMOTING THEM ON THE CONSUMER MARKETS

Number of branded «Slovo Myasnika». SKUs, units

Leading private Ros Agro’s brands in Russia:

Oil and fats Sugar Meat

Source: Company dataNotes: 1 #1 position In the Urals; 2 #1 position in Volga and Southern Regions; 3 #1 position on Siberia, in low price segment; 4 In June 2021 brand “Khoroshiy” was excluded from the brand portfolio and sugar of this category started to be sold under the “Tepliye traditsii” brand; 5 As of July 2021, in tonnes

Continue investments into existing consumer

brands and introduction of new brands in all key

segments

Active developmentof branded processed

meat products segment under the brand

«Slovo Myasnika»

Sales of consumer oil and fat products, ths t

132

341400


1In Russian white lumpsugar market with~56% market share5

1In Russian consumer margarine market with~36% market share5

1In Russian mayonnaise market with~18% market share5

4

2

3

1

Export sales of bottled sunflower oil under the «Leto Krasno» trademark to the Chinese market

• Feb 2021 – Supply agreement with Chinese hypermarket chain Century Mart

• Aug 2021 – Supply agreement with Hema, Alibaba Group owned, Chinese retail chain

SECTOR MANAGEMENT FOCUS GOALS

Agriculture

• Digital transformation strategyfor 2018-22

• Selection center of sugar beet hybrids

• Simulation & optimisation tools• Real-time management of production

operations• Introducing the precision farming technologies• Soil fertility improvement• Development of advanced crop hybrids

• Automatization of business management and operational processes

• Creation of new highly productive hybrid seeds

Oil and fats

• Digital transformation strategy until 2026

• Research & Development center

• Decision-making information systems (ML, CV)• Data analysis systems (BigData, PowerBI, etc.)• Development of innovative products in

industrials fats and meal

• Increase the finished products sales margins

• Reduce the farm-gate price of sunflower by optimizing the logistics and storage

• Reduce costs and losses per unit of production

• Reduce risks and improve safety

Meat

• Digital business maturityimprovement strategy until 2025 (1st stage in a process)

• Automation of the control procedures and operational processes

• Creation of a system for conducting audits in multiple spheres (safety, accounting, etc.)

• Development of innovative products, such as plant based meat alternatives and insects protein

• Automation and robotisation of standard operations

• Reduce costs and operating losses• Better management decision-making

Sugar

• Raw materials management program• Long-term storage program• Smart production program

• Automation of measurement processes• Extension plant’s service time• Implementation of AI-backed technologies• Development of innovative products in sweet

proteins and sugar alternatives

• Reduce losses at all stages of sugar beet production

KEY STRATEGY PILLARS: AUTOMATION AND INNOVATION

31

Introducing the precision farming technologies

Developing the automation of production and operating processes


RUSAGRO Tech Challenge

Purpose: search for innovative projects and technologies for integration into Rusagro’sproduction processes

Winners:

• will receive the possibility of integrating solution into the production chains of Rusagro with the cost of piloting project up to RUB 100 million

• an excursion to the existing production facilities of Rusagro, according to the subject of the declared project

Timing: August – December 2021

Using advanced selection methods in crops

SECTION 52Q 2021 UPDATE

72 161

104 372

2 117 4 103 3 885

24 837

(2,732)

Revenue 6M2020

Sugar Meat Agriculture Oil & Fats Eliminations& other

Revenue 6M2021

NET REVENUE (IFRS) 6M 2021 VS 6M 2020

NET REVENUE, ADJ. EBITDA: 6M 2021 VS 6M 2020

Revenue of Meat segment growth by RUB 4,103 million (+29%) is attributable to the higher sales prices of all meat products

Revenue of Sugar segment increased by RUB 2,117 million (+15%) due to increase of sugar sales price partially compensated by sales volume decrease

Oil & Fats sales increased by RUB 24,837 million (+68%)¹ due to rise in prices across all key product categories

Agriculture sales increased by RUB 3,885 million (+49%) thanks to higher sales volume of wheat and higher sales price of wheat, soybean and sunflower, compensated by a drop in sales volume of all crops other than wheat

Adjusted EBITDA margin increased from 16% in 6M 2020 to 21% in 6M 2021

Adjusted EBITDA increased by RUB 10,217 million ( +86%)

+45%

RUB million

+86%

16% 21%

RUB million

COMMENTS

ADJUSTED EBITDA 6M 2021 VS 6M 2020

Adjusted EBITDA margin, %

Source: Company dataNote: 1 In 6M 2021 results of Dairy Products segment are included in Oil and Fat segment due to consolidation of these two businesses. For comparison purpose sales of the previous years were corrected accordingly 33

11 902

22 119

686 747

3 7293 061

1 994

Adj. EBITDA 6M2020

Sugar Meat Agriculture Oil & Fats Eliminations& other

Adj. EBITDA 6M2021

CASH FLOWS: 6M 2021 VS 6M 2020

34

RUB million 6M 2021 6M 2020Variance

Units %

Net cash flow from operating activities, incl. 21,348 19,053 2,295 12

Operating cash flow before working capital changes 22,742 12,641 10,101 80

Working capital changes (758) 6,672 (7,430) -

Net cash flow from investing activities, incl. (17,411) (4,765) (12,646) (265)

Purchases of property plant and equipment and inventories intended for construction

(6,222) (4,825) (1,398) (29)

Acquisition of Solnechnye Produkty assets (11,689) - (11,689) -

Net cash flow from financing activities 36,373 (13,407) 49,780 -

Net effect of exchange rate changes on cash and cash equivalents

(102) 173 (275) -

Net increase / (decrease) in cash and cash equivalents 40,208 1,054 39,154 3,716

KEY CONSOLIDATED CASH FLOW INDICATORS PRESENTED ACCORDING TO MANAGEMENT ACCOUNTS METHODOLOGY (NOT IFRS PRESENTATION)1

During 6M 2021 the Company started to acquire SolPro assets (Atkarskiy oil extraction plant), cash inflow corresponding to loans and interest repaid as the result of SolProassets acquisition is included in line net cash from financing activities

The key investments in property, plant and equipment and inventories intended for construction during 6M 2021 were made in the Meat segment in the amount of RUB 2,846 million (6M 2020: RUB 2,083 million) due to the purchases related to the construction project in the Russian Far East

Investments attributable to agriculture segment in the amount of RUB 911 million(6M 2020: RUB 1,181 million) and Sugar segment in the amount of RUB 355 million (6M 2020: RUB 913 million) mainly relate to purchases of machinery and equipment for production facilities renewal and maintenance

Investments in the Oil and Fat segment in the amount of RUB 2,110 million (6M 2020: RUB 648 million)

2 083

1181

913

648

Total 4,825

2 846

911

355

2,110Meat

Agro

Sugar

Oil&Fats

Total 6,222

CAPEX 6M 2021 VS 6M 2020, RUB MILLION

6M 2021 6M 2020

Comments

Source: Company dataNotes: 1 As for the Company’s management accounts methodology. For the purpose of conformity with the methodology of the Group’s net debt calculation investments in financial assets related to financial activities are presented in Cash flows from financing activities in the Group’s management accounts 34

RUB million30 June

202131 Dec.

2020Variance

Units %Gross debt 181,555 114,929 66,626 58

Short-term borrowings 116,206 51,753 64,453 125

Long-term borrowings 65,349 63,176 2,173 3

Cash & cash equivalents, bank deposits & bonds (114,711) (46,029) (68,682) (149)

Short-term cash, deposits and bonds (80,740) (12,064) (68,676) (569)

Long-term cash, deposits and bonds (33,971) (33,965) (6) 0

Net debt 66,844 68,900 (2,056) (3)

Short-term borrowings, net 35,466 39,689 (4,223) (11)

Long-term borrowings, net 31,378 29,211 2,167 7

Adjusted EBITDA (LTM) 42,202 31,984 10,218 32

Net debt/adjusted EBITDA (LTM) 1.58 2.15 (0.6) pp –

Adj. EBITDA (LTM)1 without other operating income/expenses 42,496 32,435 10,061 31

Net debt/adj. EBITDA (LTM)1 without other operating income/expenses 1.57 2.12 (0.5) pp –

DEBT PROFILE (AS OF 30 JUNE 2021)

DEBT POSITION AND LIQUIDITY MANAGEMENT

35

Gross debt increased by RUB 66,626 million (+58%) up to RUB 181,555 million

• Net debt decreased by RUB 2,056 million (-3%) to RUB 66,844 million as a result of an increase in short term cash, deposits and bonds

Net finance expenses in 6M 2020 in the amount of RUB 379 million changed to net finance income in amount of RUB 1,051 million in the 6M 2021 (RUB 1,430 million increase) due to the following reasons:

• RUB 1,243 million mainly due to negative dynamics in forex losses in 6M 2020 which were compensated by export foreign currency revenue growth (reflected above EBITDA)

RUB million 6M 2021 6M 2020Variance

Units %

Net interest expense (2,507) (2,582) 75 3

Gross interest expense (3,774) (3,357) (417) (12)

Reimbursement of interest expense 1,267 775 492 64

Interest income 3,723 3,572 151 4

Net gain / (loss) from bonds held for trading (1) (17) 16 92

Other financial income / (expenses), net (163) (1,351) 1,188 88

Net foreign exchange gain / (loss) 28 (1,215) 1,243 –

Other financial income / (expenses), net (192) (137) (55) (40)

Total net finance income / (expenses) for business purposes 1,051 (379) 1,430 –

39%

34%

12%

8%7% Rosselhozbank

Alfa bank

Gazprombank

Vnesheconombank

Sberbank

NET FINANCE INCOME / (EXPENSE)

COMMENTS

CREDIT PORTFOLIO (EXCL. NON-BANK LOANS)2

Source: Company dataNotes: 1 For information purpose: adj , EBITDA and Net Debt/ adj. EBITDA according to the methodology used before 2020, when it was decided to include part of Other operating income and expenses (recurring items) in calculation2 The shares are calculated taken into account the fair value adjustments made according to IFRS requirements for the purpose of financial statements

35

3 5777 082

19 596

5 960 5 926

8152 912

10 176

3 026 2 837

2Q20 3Q20 4Q20 1Q21 2Q21

Sales Adj. EBITDA

AGRICULTURE KEY FINANCIAL AND OPERATIONAL INDICATORS

36

SALES, ADJUSTED EBITDA AND ADJUSTED EBTIDA MARGIN

Sales (RUB +2,349 million, +66%)

Sales increase impact by main factors

▪ RUB +2,214 million of an increase in sales volume of wheat and soybean

▪ RUB +1,122 million of an increase in sales price of wheat and soybean

▪ RUB -1,082 million of a decrease in sales volume of barley and corn

Adjusted EBITDA (RUB +2,022 million, +248%, margin +25 pp)

▪ Increase in adjusted EBITDA was the result mainly of higher sales prices of crops, while cost of sales remained relatively stable

Adj. EBITDA Margin, RUB million

23% 41% 52% 48%51%

Adj. EBITDA margin, %

Corn, ths tPrice of soybean, RR/kg, excl. of VAT

Soybean, ths t Wheat, ths t

Price of corn, RR/kg, excl. of VAT

Price of wheat, RR/kg, excl. of VAT

66%

248%(1%)

(6%)

SALES VOLUME AND PRICE OF GRAIN CROPS WHEAT AND SOYBEAN PRICES, RUB/KG EXCL. OF VAT


3 5775 926

8152 837

2Q20 2Q21

36

21867

71

65

197

30111,6

12,515.0 14,9

26,9 39,8

-130

-110

-90

-70

-50

-30

-10

10

30

50

0

50

100

150

200

250

300

350

400

450

500

2Q 2020 2Q 2021

10,4 10,7 11,1 11,8 12,7 12,9 12,0 11,3 11,8 13,2 14,4 14,2 14,0 13,6 13,2 13,1 13,4 13,4 12,9 13,3

25,322,0

26,2 27,1 25,828,6 28,1 29,5 29,9 29,2

34,2 36,0

30,7

35,9

43,440,2 39,7 38,8

Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21

Wheat Soybean

19 671 18 45425 231 27 690

33 962

2 413 3 043 1 995 3 144 4 368

2Q20 3Q20 4Q20 1Q21 2Q21

Sales EBITDA adj.

89 85

3 3

92 88

72,9108,5

210 219,5

-150

-100

-50

0

50

100

150

200

0

50

100

150

200

250

2Q 2020 2Q 2021

OIL & FATS key financial and operational indicators

37

Sales, Adjusted EBITDA and Adjusted EBITDA margin¹

Sales (RUB +14,291 million, +73%)1

▪ Sales increase impact by main factors: RUB +14,412 million of price growth and RUB -279 million of the decrease in sales volumes

▪ Sales price of bottled sunflower oil to retail in Russia did not exceed 95 RUB/l incl. of VAT at the plant

Adjusted EBITDA (RUB +1,955 million, +81%, margin +1 pp) 1

▪ Adjusted EBITDA growth was mainly due to higher sales prices for all products

▪ Cost of sales increased due to higher prices for raw materials, particularly sunflower seeds, bulk and tropical oil

Adj. EBITDA MarginRUB million

Consumer dairy products, ths t Sales price of dairy products , RR/kg

Consumer oil & fat products, ths t Sales price of oil & fat products, RR/kg

12% 17% 8% 13%11%73%

81% 23%

39%

Sales volume and price of consumer products Market prices for meal and crude sunflower oil, EXW, Rub / kg, excl. of VAT


Notes: 1. In 2Q 2021 results of Dairy Products segment are included in Oil and Fat segment due to consolidation of these two businesses. For comparison purpose sales of the previous years were corrected accordingly

19 671

33 962

2 413 4 368

2Q20 2Q21


11 12 12 12 14 17 16 15 15 16 19 21 21 22 23 23 25 2525 28 25 26 29 2933 36

3742 46 46 46 47 47 49 53 52

40 41 41 43 46 48 52 5565 69

78 7886

91103

108 109

91

Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21

Sunflower meal Soybean meal Crude sunflower oil

9 028 8 7677 034

8 461 7 745

2 533 2 7901 347 2 245 1 995

2Q20 3Q20 4Q20 1Q21 2Q21

Sales EBITDA adj.

SUGAR key financial and operational indicators

38

Sales, Adjusted EBITDA and Adjusted EBITDA margin

Sales (RUB -1,283 million, -14%):

▪ Sugar sales decreased due to sales volume decrease of 46% (RUB -3,681 million) partially compensated by sale price growth of 57% (RUB +2,218 million)

▪ Average sugar sales price showed positive trend y-o-y, because in 2Q 2020 market sugar prices in Russia reached minimum level for 2014-21

Adjusted EBITDA (RUB -538 million, -21%, margin -2 pp)

▪ Contribution of higher sugar beet purchase prices of season 2020/21 compared to 2019/20 to the change of adjusted EBITDA margin exceeded the impact of sugar sales prices growth leading to overall segment’s quarterly margin decrease

Sales volumes and prices (excl. of VAT) Sugar: price ISCO-Krasnodar, Rub / kg, excl. of VAT

(14%)

(21%)


(8%)(11%)

Sales Volume, ths t Sales price, RR/kg, excl. of VAT


297

160

26,9

42,4

-30

-20

-10

0

10

20

30

40

50

2Q 2020 2Q 2021

9 0287 745

2 533 1 995

2Q20 2Q21

19,6 18,423,0 22,8 23,1 24,0

26,3 27,5

33,1

39,6 37,834,934,5

37,8 41,4 41,0 40,7 39,7 37,5 39,3

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 2021

28% 32% 19% 26%27%

7 2708 767 9 588

8 5619 621

1 3372 790

1 539 1 745 1 349

2Q20 3Q20 4Q20 1Q21 2Q21Sales EBITDA adj.

MEAT key financial and operational indicators

39

Sales, Adjusted EBITDA and Adjusted EBITDA margin

Sales (RUB +2,351 million, +32%)

▪ RUB +2,174 million of sales price growth as a result of average sales price increase in 2Q21 of all meat product categories by 26%

▪ RUB +223 million of sales volumes growth bcaused mainly by culled livestock sales

Adjusted EBITDA (RUB +12 million, +1%, margin -4 pp)

▪ RUB +2,174 million of price growth was partially compensated by increased costs of feed and animals' health protection (RUB -1,480 million)

▪ RUB -318 million of expenses relate to the start of operations in Primorie

▪ RUB -81 million of marketing and other selling activities expenses

▪ Decrease in EBITDA margin is due to increased livestock sales

Sales volumes and prices (excl. of VAT) Market pork prices, Rub / kg in live weight, excl. of VAT

32%

1%


Pork products, ths t Sales price, RR/kg

12%

(23%)


59 62

123

155

2Q 2020 2Q 2021

7 270

9 621

1 337 1 349

2Q20 2Q21

75,1 75,1

85,782,0 81,0

85,0

101,0 103,096,0 96,9

83,490,4

95,9100,6 101,4

111,0 112,0115,0 115,0

126,0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 2021

18% 32% 16% 14%20%


SECTION 6APPENDIX

2021 MARKET REGULATION

41

EXW PRICE, incl. VAT (RUB) RETAIL PRICE, incl. VAT (RUB)

Term 20 Dec – 1 Oct 2021 20 Dec – 1 Oct 2021

Sugar36 RUB/kg

(for 50 kg bag)46 RUB/kg

Bottled sunflower oil 95 RUB/liter 110 RUB/liter

PRICES: SUGAR & BOTTLED OIL EXPORT: GRAIN AND OIL CROPS

IMPORT: SUGAR EXPORT: BULK SUNFLOWER OIL

COUNTRYDUTY-FREE SUGAR IMPORT

LIMITS, (ths tn)

Term 15 May – 30 Sep ‘21

Russia 350.0

Kazakhstan 134.4

Kyrgyzstan 40.0

Armenia 22.4

BULK SUNFLOWER OIL

Term 1 Sep 2021 – 31 Aug 2022

Duty 70% of the difference between the basic price (1000 $/t) and the indicative price (arithmetical average of market prices per month) reduced by the size of the adjusting factor (50 $/t)

GRAIN CROPS OIL CROPS

Quota15 Feb – 30 Jun 2021

17.5 mln tn1 No quota

Duty

1 Mar – 1 Jun ‘21 From 2 Jun ‘21

Within quota: 50 €/t

Outside quota: 50% FOB price (not less than 100 €/t)

70% of difference between the world price and 200 $/t

WHEAT

CORN & BARLEY

15 Mar – 1 Jun ‘21 From 2 Jun ‘21

Corn: 25 €/t

Barley: 10 €/t

70% of difference between the world price and 185 $/t

SUNFLOWER SEEDS

SOY & RAPESEED

9 Jan – 30 Jun ‘21 1 July ‘21 – 31 Aug ‘22

30% tariff of the customs value, but not less than 165 €/t

50% tariff of the customs value, but not less than 320$/t

1 Feb – 30 Jun ‘21 9 Jan ‘21 – 31 Aug ‘22

For soy For rapeseed30% tariff of the

customs value, but not less than 165 €/t

Source: Company data, IKARNotes: 1 The quota will be prorated between the companies based on export volumes from 1 January to 31 December 2020

P&L STATEMENT

42

RUB million Six months ended 30 June Year ended December 31

2021 2020 2020 2019

Sales 104,372 72,161 158,971 138,172Net gain/(loss) on revaluation of biological assets and agricultural produce (435) 4,410 5,890 (4,112)Cost of sales (79,558) (56,326) (121,133) (110,471)Net gain/(loss) from trading derivatives (0) 11 11 (7)Gross profit 24,379 20,256 43,739 23,582Distribution and selling expenses (4,318) (4,588) (9,761) (9,819)General and administrative expenses (4,641) (3,682) (7,377) (6,711)Reversal of provision/(provision) for impairment of loans issued 1,852 (3,257) (5,071) #VALUE!Other operating income/(expenses), net 1,033 1,244 2,293 1,927Operating profit / (loss) 18,305 9,973 23,824 8,979Interest expense (2,507) (2,582) (4,805) (5,481)Interest income calculated using the effective interest method 3,723 3,521 5,123 5,141Other similar interest income - - 2,042 2,164Net (loss)/gain from bonds held for trading (1) (17) (16) (28)Other financial income/ (expenses), net (163) (1,351) (1,844) (331)Profit before income tax 19,356 9,543 24,323 10,444Income tax expense (1,755) 187 (27) (736)Profit for the period 17,600 9,730 24,297 9,709Other comprehensive incomeItems that will not be reclassified to profit or loss:Gains less losses on investments in equity securities at fair value through other comprehensive income - - 57 -Income tax relating to other comprehensive income - - (7) -Total comprehensive income for the period 17,600 9,730 24,346 9,709Profit is attributable to:Owners of ROS AGRO PLC 17,630 9,765 24,360 9,808Non-controlling interest (30) (35) (63) (100)Profit for the period 17,600 9,730 24,297 9,709Total comprehensive income/(loss) is attributable to:Owners of ROS AGRO PLC 17,630 9,765 24,409 9,808Non-controlling interest (30) (35) (63) (100)Total comprehensive income for the period 17,600 9,730 24,346 9,709Earnings per ordinary share for profit attributable to the owners of ROS AGRO PLC, basic and diluted (in RR per share) 0.7 0.4 0.9 0.4

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2021 AND YEAR ENDED 31 DECEMBER 2020


CASH FLOW STATEMENT

43

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2021 – NOT IFRS PRESENTATION¹

RUB million6M 2021 6M 2020

VarianceUnits %

CASH FLOWS FROM OPERATING ACTIVITIESProfit before income tax 19,356 9,543 9,812 103Adjustments for non-cash & non operating (income)/expenses, net 3,386 3,097 289 9Operating cash flow before working capital changes 22,742 12,641 10,101 80 Change in trade and other receivables and prepayments (1,908) 382 (2,291) –Change in other taxes receivable (5,552) 984 (6,536) –Change in inventories and biological assets (1,608) 5,128 (6,736) –Change in trade and other payables 2,214 619 1,595 258Change in other taxes payable 6,097 (441) 6,538 –Cash generated from operations 21,984 19,313 2,671 14 Income tax paid (636) (260) (377) (145) Net cash from operating activities 21,348 19,053 2,295 12CASH FLOWS FROM INVESTING ACTIVITIESPurchases of property, plant and equipment and inventories intended for construction (6,222) (4,825) (1,398) (29) Acquisition of SolPro assets4 (11,689) – (11,689) –Movement in restricted cash 104 – 104 –Purchases of associates (57) (35) (22) 0Purchases of other intangible assets (202) (238) 36 15Purchases of land lease rights (26) – (26) –Dividends received 377 187 191 152 Other investing activities 303 146 157 108Net cash from investing activities (17,411) (4,765) (12,646) (265) CASH FLOWS FROM FINANCING ACTIVITIESNet cash flows on borrowings, incl. interest paid on borrowings and lease 63,269 (13,989) 77,257 –Net cash flows on financial assets related to financial activities, incl. interest received2 (16,998) 3,324 (20,321) –Proceeds from government grants 869 545 325 60Dividends paid to owners Ros Agro PLC (10,667) (3,217) (7,450) (232)(Repayment)/proceeds of lease liabilities principal (55) (70) 15 22Other financial activties (46) – (46) –Net cash from financing activities 36,373 (13,407) 49,780 –Net effect of exchange rate changes on cash and cash equivalents (102) 173 (275) –Net increase/ (decrease) in cash and cash equivalents 10,208 1,054 39,154 3,716Cash and cash equivalents at the beginning of the period 11,867 2,171 9,696 447 Cash and cash equivalents at the end of the period 52,075 3,224 48,850 1,515

Source: Company dataNotes: 1 For the purpose of conformity with the methodology of the Group’s net debt calculation investments in financial assets related to financial activities are presented in Cash flows from financing activities in the Group’s management accounts

FINANCIAL POSITION STATEMENT (1/2)

44

CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30 JUNE 2021

RUB million Six months ended 30 June Year ended December 31,

2021 2020 2019

LIABILITIES and EQUITY

Current liabilities

Short-term borrowings 116,206 51,753 31,835

Lease liabilities 926 944 917

Trade and other payables 17,846 16,016 17,493

Current income tax payable 255 4,096 124

Other taxes payable 10,377 180 3,468

Provisions 751 70 -

Total current liabilities 146,361 73,059 53,836

Non-current liabilities

Long-term borrowings 65,349 63,176 66,041

Government grants 8,652 8,537 8,307

Lease liabilities 4,755 4,856 3,990

Deferred income tax liability 2,071 487 495

Total non-current liabilities 80,827 77,055 78,832

Total liabilities 227,188 150,114 132,668

Equity

Share capital 12 12 12

Treasury shares (491) (491) (491)

Share premium 26,964 26,964 26,964

Share based payment reserve 1,314

Fair value reserve -

Additional paid-in capital -

Other reserves 1,363 1,363 -

Retained earnings 105,043 98,185 78,961

Equity attributable to owners of ROS AGRO PLC 132,893 126,034 106,761

Non-controlling interest (30) 0.04 66

Total equity 132,863 126,034 106,827

Total liabilities and equity 360,051 276,149 239,495


FINANCIAL POSITION STATEMENT (2/2)

45

RUB million Six months ended 30 June Year ended December 31,

2021 2020 2019

ASSETS

Current assets

Cash and cash equivalents 52,075 11,867 2,171

Restricted cash 37 144 0

Short-term investments 42,301 19,584 23,457

Trade and other receivables 11,256 9,512 8,068

Prepayments 2,868 2,941 3,019

Current income tax receivable 512 646 225

Other taxes receivable 11,059 5,507 4,349

Inventories and short-term biological assets 68,477 69,001 49,387

Total current assets 188,584 119,202 90,676

Non-current assets

Property, plant and equipment 100,195 87,519 80,629

Inventories intended for construction 2,413 3,353 3,157

Right-of-use assets 6,875 6,935 6,231

Goodwill 2,365 2,365 2,365

Advances paid for non-current assets 8,043 6,905 8,721

Long-term biological assets 3,303 2,528 2,279

Long-term investments and receivables 42,528 42,692 42,636

Investments in associates 314 258 165

Deferred income tax assets 4,351 3,566 1,853

Other intangible assets 637 620 609

Other non-current assets 443 206 173

Total non-current assets 171,467 156,947 148,819

Total assets 360,051 276,149 239,495

CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30 JUNE 2021


DISCLAIMER

46

IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by ROS AGRO PLC (the

“Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agreeto be bound by the following terms and conditions.

The Information is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchasesecurities of the Company, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever.

The Information has been prepared by the Company, and no other party accepts any responsibility whatsoever, or makes any representation or warranty, express or implied, for the contents of theInformation, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with the Company and nothing in this document or at thispresentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future.

The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-looking statementsgive the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include,without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “canhave,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertaintiesand other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results,performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present andfuture business strategies and the environment in which it will operate in the future.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or theopinions contained therein. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-looking statements, applies only as ofthe date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to theInformation, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’sexpectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document.Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.

The Information is not intended for publication or distribution, directly or indirectly, in or into the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933,as amended (the “Securities Act”)). The Information is provided for information purposes only and is not, and must not be viewed as, an offer to buy, or solicitation of an offer to sell, securities in theUnited States or in any other jurisdiction. The Company has not registered, and does not intend to register, any part of the offering in the United States or to conduct a public offering of any securitiesin the United States, and securities may not be offered or sold within the United States without registration except pursuant to an exemption from, or in a transaction not subject to, the registrationrequirements of the Securities Act. Neither the Information nor any part or copy of it may be taken or transmitted into the United States, its territories or possessions, or distributed, directly orindirectly, in the United States or its territories or possessions. Any failure to comply with this restriction may constitute a violation of United States securities laws.

47

CONTACTS

Svetlana KuznetsovaIR & ESG Director

E-mail: [email protected]

Tel.: +7 (495) 363-1661

www.rusagrogroup.ru/eng

http://www.rusagrogroup.ru/eng

ROS AGRO PLC - rusagrogroup.ru

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