MANAGEMENT PRESENTATIONJUNE 2018

A G R I C U L T U R A L H O L D I N G

A G R I C U L T U R A L H O L D I N G

I Company at a glance 3

II Strategic goals 6

III Operations overview 8

IV Financial overview 14

2

CONTENTS

AGRICULTURAL HOLDING

I. COMPANY AT A GLANCE

Key crops production, k tons*

12 18 20

40 47 51 52 5620 20 20

60 60 60 60 60

2010 2011 2012 2013 2014 2015 2016 2017

thereof under cultivation

Land bank under control

2015 2016 2017

Revenue 53,3 38,0* 53,0

EBITDANet 20,1 19,2 13,7

Profit/Loss 12,8 9,3 4,7

Source: FS for 2015-17 is audited by Baker Tilly.* Carryover stocks of 2015/2016 MY were sold by YE2015.

Key financials, $m Rostok-Holding is a large vertically integrated agri-industrial holding.

Its key business segments are growing of grains and oilseeds, dairy farming, grain handling infrastructure, grain trading

Rostok-Holding is among top-7 most efficient Ukrainian agricultural companies acc. to Landlord (EBITDA’16/ha - $369)

Grain growing:• Focus on corn, sunflower, winter wheat and soybean• In 2017, the group harvested 336k tons of grains and oilseeds

Dairy farming:• At YE2017, total stock amounted to 2328 heads, out of which

1045 are forage-fed cows.• At YE2017, milk production reached 8274 kg/head.

k ha

Land bank under control: ca. 60k ha

3 modern elevators with 104k tons of storage capacity

500 units of self-propelled mobile and towed machinery

5 dairy farms

Key assets

1864

92

225271 265

311336

2010 2011 2012 2013 2014 2015 2016 2017

Spring barley

Soybean

Wheat

Sunflower

Corn

*In gross weight..

4

COMPANY AT A GLANCEA G R I C U L T U R A L H O L D I N G

SumyChernigiv

Kyiv

Odesa

KhersonSumy

Elevators

Land under cultivation

Administrative centerIchnya cluster(12.5 thou ha)

Glukhiv cluster(32.4 thou ha)

Chernihiv

Novhorod-Siverskiy cluster (12.2 thou ha)

1993...

Victor Kupavtsev and Victor Kiyanovsky established a milk processing business based on Ichnya and Sribneprocessing plants

Start of crop growing operations with 7k ha under management

Launch of trading operations: establishment of traders team and trading companies

Launch of a new elevator in Glukhiv (20k tons of storage capacity)

Ichnya Powder Milk and Butter Plant received an ISO 9001-2001 certificate

…2003... …2012...…2009...

Strengthening of the vertical integration: acquisition of a fodder mill in Ichnya

Launch of the 1st stage of a modern elevator in Ichnya (25k tons of storage capacity)

Annual exports volume exceeds 500k tons

…2011...…2010...

Land bank under control reached 20k ha

…2013-2014...

Land bank under control reached 60k ha

Increase in own storage capacity up to 91k tons

2015...

Reconstruction and launch of the 1st stage of seed grain production line in Glukhiv

Exit of dairy plants

Starts of exports on CIF basis

Elevator complex in Novhorod-Siverskiy city became part of the Group

2016-2017

Launch of the reconstruction and optimization of dairy farms in Ichnya

Modernization of the elevator complex in Noghorod-Siverskiy

5

BUSINESS GEOGRAPHY AND HISTORYA G R I C U L T U R A L H O L D I N G

Chernihiv region Sumy region

II. STRATEGIC GOALS

AGRICULTURAL HOLDING

Grain Growing

Crop production growth Focus on highly profitable and demanded crops: wheat, corn, sunflower, soybean, spring barley Use of modern agri equipment and high quality inputs in crop production Advanced agri technologies in place Upgrade of agricultural machinery Implementation of precision farming technology elements

Agribusiness

Production intensification Optimization of technological and production processes Boosting productivity of milk cows using advanced technologies, consistent improvement of

livestock

Grain Storage

Dairy Farming

Expansion of the Group’s grain elevators storage capacity Growth of grain drying capacities Increase in elevator complexes throughput Boost energy efficiency of all complexes

7

STRATEGIC GOALSA G R I C U L T U R A L H O L D I N G

III. OPERATIONS OVERVIEW

AGRICULTURAL HOLDING

2,9 2,7 2,82,2 2,2 2,0

2015 2016 2017

Group Ukraine

4,8 4,96,7

3,9 4,2 4,1

2015 2016 2017

2,13,4

2,41,9 2,3 2,0

2015 2016 2017

Corn40%

Soybean 17%

Sunflower17%

Winter wheat12%

Spring barley 9%

Other5%

Group’s crop yields*

7,6

10,7 10,5

5,7 6,65,4

2015 2016 2017

*In gross weight

162

34 507 11

198

34 4818 13

222

3550

13 18

Corn Sunflower Wheat Soybean Spring barley

2015 2016 2017

Key crops production, k tons*

*In gross weight

Corn WheatSunflower

Crop rotation structure, 2018 In 2018, land under cultivation amounts to 56k ha.

Operations organized in 3 geographicallyconcentrated clusters in Chernihiv and Sumyregions, the Northern part of Ukraine

Advanced agri technologies in place

Focus on highly profitable and demanded crops:wheat, corn, sunflower, soybean, and spring barley

In 2017, achieved yields are higher as compared tothe Ukrainian average

56k ha

Source: Ministry of agrarian policy and food of Ukraine, the group’s data

Soybean

4,93,7

5,3

3,0 3,3 3,3

2015 2016 2017Spring barley

9

CROP GROWING A G R I C U L T U R A L H O L D I N G

2046

81

'12 '15 '22п

Plans to increase the existing storage capacity of the Group*

25 35 45

'12 '15 '22п

*k tons as of year end

Grain elevator in Ichnya

Kombikormnyk LLC(Ichnya town, Chernihiv region)

Shalyhinske LLC(Glukhiv town, Sumy region)

«Novhorod-Siverskii elevator» LLC (Novhorod-Siverskii town, Chernihiv region)

Technical characteristics

Storage capacity Current - 35 000 t(design - 70 000 t)

Current - 46 000 t (design - 81 000 t)

Current - 23 000 t (design - 59 000 t)

Grain drying** 1000 t/day(design – 2000 t/day) 2400 t/day 1200 t/day

(design - 2200 t/day)Grain cleaning 100 t/hour 200 t/hour 100 t/hourTransporters 100 t/hour 250 t/hour 100 t/hourAcceptance inspection 2000 t/day 4000 t/day 2500 t/dayCarload 1500 t/day 1500 t/day 1200 t/dayTrainload 1560 t/day: 24 wagons/day 2080 t/day: 32 wagons/day 1200 t/day: 18 wagons/day

Wagons capacity 16 wagons 16 wagons. 9 wagons

*as of 1.01.2018**drying capacities if corn is 28% moisture

The Group has been intensively investing in its own elevators onthe back of quality infrastructure deficit in the region

Elevators are furnished with equipment supplied by world’sleading producers: «Petkus» (Germany), «Mega» (Argentina),Brock Meyer (USA), «SPS» (Spain), Lubnymash (Ukraine),«Damas» (Denmark), «Rakoraf» (Germany), «KhorolskiyMechanical Plant» (Ukraine), «Olis» (Ukraine)

To date the total storage capacity of the group reaches 104ktons.

Group also uses plastic big bags as an alternative grain storagecapacity

Grain elevator in Glukhiv

Kombikormnyk Shalyhinske

Grain elevator in Novhorod-Siverskii

1023

45

'15 '17 '22п

Novhorod-Siverskii

10

GRAIN STORAGE AND INFRASTRUCTUREA G R I C U L T U R A L H O L D I N G

28%

2015 2016 2017

80%

20%

2015 2016 2017

4% 12% 12%

96% 88% 88%

2015 2016 2017

74%

17%

6%3%

2009-2013: The group was selling not only the crops of its own production, but also the

crops purchased from the market Supplies were made on CIF and FOB terms Within 5 years, the volume of export sales increased almost 3-fold to about

600k tons in 2013 2014: On the back of low grain prices, mainly due to market supply excess as well as

in view of the current macroeconomic situation in Ukraine, the group'sbusiness strategy starting from 2H2014 has been adjusted, i.e. it was decidedto focus on grain growing and sale of the group’s own crops

2017: In 2017, corn, winter wheat, soybean and spring barley produced by the

group were sold for exports Sunflower has been sold for processing inside Ukraine

Distribution, 2017

231 k t

Export sales breakdown by grain types, 2017

Grain sales volume, k tons

Corn Wheat Sunflower Soybean

Wheat

Corn

182,0210,0

78,5

44,4 43,0

Spring barley

11,6

Soybean

5,9

16,5

Spring barley

44,933,5 32,9 32,2

2015 2016 2017

10,6

90%

10%

86%

19,0

72%

Export

Domesticmarket

287 k t

31%

86%

14%

10%

96%

4%

91%

9%

8,7

69%

11

GRAIN TRADINGA G R I C U L T U R A L H O L D I N G

8% 2% 7%

92%

98%

93%

2015 2016 2017

export domestic market

Seeds suppliers

Fertilizers suppliers

CPP suppliers

High quality inputs from world’s leading suppliers are used as production inputs

Machinery suppliers

12

MACHINERY AND INPUTSA G R I C U L T U R A L H O L D I N G

5,9 6,0

8,3

5,4 5,75,0

2015 2016 2017

Rostok-Holding Ukraine

1256 12191045

1403 14461282

2015 2016 2017

Dairy stock breakdown

Volume and selling price of milk

6,8 6,88,1

4,45,6

7,5

2,0

4,0

6,0

8,0

4,0

6,0

8,0

10,0

2015 2016 2017

Milk sales in net weight, k tons (lhs)

Selling price (exl. VAT and aids), UAH/kg (rhs)

Productivity of cows

Dairy farming business operates on the basis of 5 cattle farms in Chernigivand Sumy regions

Basic cattle breed is Holstein, one of the most prominent dairy breeds

Consistent and high quality milk produced: protein – no less than 3.1%, fat -3.7%

Safety harness system with automatic distribution of feed is used at theGroup’s farms

The farms are equipped with milking parlor supplied by GEA Westfalia

In 2017, milk production reached 8274 kg/head

In 2016, as part of the optimization program on the territory of Ichnyacluster the reconstruction of the dairy farms was launched

Total stock, k headsYoung stockForage-fed cows

Use of feed, 2017

70%

30%

In-house feed

Milk yield per head p.a., tons*based on the costs in money terms

Purchases from the 3rd

parties

2,3

2,7 2,7 2,3

13

DAIRY FARMINGA G R I C U L T U R A L H O L D I N G

IV. FINANCIAL OVERVIEW

AGRICULTURAL HOLDING

3,7 4,3

8,8

2015 2016 2017

16,8

15,09,2

2015 2016 2017

20,119,2

13,7

2015 2016 2017

Gross profit, $ m

Investments, $ m

EBIT, $ m

EBITDA, $ m

Source: FS for 2015-2017 is audited by Baker Tilly.

- EBIT margin

32% 39%

38%51%

- EBITDA margin

- Gross profit margin

21,719,5

17,4

2015 2016 2017

41% 52%

33%

17%

26%

15

FINANCIAL OVERVIEWA G R I C U L T U R A L H O L D I N G

2015 2016 2017

Source: management accounts of the group

Loan portfolio, $ m

Net debt/EBITDA

1,1

1,3

1,6

21,920,3

22,2

01.01.2016 01.01.2017 01.01.2018

As of 31.12.2017, total debt of the group amounted to $22.2 m: 18.7% of total debt are leasing liabilities to Tekom-Leasing

and OTP Leasing for the purpose of purchasing agricultural and elevator machinery

73% of debt is long-term Key financial partners of the group are PJSC “ProCredit

Bank” and PJSC JSB “Pivdennyi” Net debt/EBITDA ratio does not exceed 1.6х. as at YE2017.

16

DEBT PORTFOLIOA G R I C U L T U R A L H O L D I N G

USD-denominated loans

Thank you for your attention!

The head office of “ROSTOK-HOLDING” group is located at:

Lesi Ukrainky Boulevard 30B, Kyiv, 01133, Ukraine

Phone: +38 (044) 581-51-01, +38 (044) 364-23-21

Fax: +38 (044) 581-59-89, +38 (044) 364-23-22

E-mail: secretar@rostokholding.com

www. rostokholding.com

AGRICULTURAL HOLDING