OPERATIONAL UPDATE May th of June, 2017

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1 OPERATIONAL UPDATE May th of June, 2017

2 Key Events of May 2017 /02 Operational Financial Trading & Commercial The company s planting campaign progressed well (97% completed) despite unusually high rainfall in many areas (3 times higher than average for the month) and lower temperatures extended the optimal planting windows. Winter crops benefited from the moisture and will be audited for yield forecast in June. Spring crops are in satisfactory condition and are being sprayed with herbicides and fertilizers. The fleet of 80 combines is being prepared for the grain harvest scheduled to begin in early July. The company continues to renovate its 8 central cluster bases. The company has fully settled in 5 cluster bases and expects to complete the renovation of 3 last bases in the summer. Silos are being cleaned out of 2016 grain and prepared for the 2017 harvest intake. An agreement with IFC was reached on the conditions of restructuring of its debt, which will be split into a secured and unsecured portions. The sides agreed terms for restructuring the secured part of the debt. The unsecured portion of the debt to IFC will be restructured on the same terms as for other unsecured creditors. The company reached an agreement with Alfa-Bank on postponement of the initial payment under the settlement till September, fully eliminating need of additional Working Capital financing in July. Therefore, existing Working Capital facility of USD 46 million is sufficient to cover all Working Capital needs for the season. The company started actively selling its 2017 crop forward and entered into forward contracts for corn, soya and sunflower. Forward contracting will continue in June. The company received and commissioned 4 new CASE sprayers, and expects to receive 2 new tractors in June.

3 2017 Harvest / Cropping Plan /03 Crop Area March budget, Updated planned area as of 31 May, Difference, % Yield March budget, mt/ha Harvest forecast March budget, kmt Updated harvest forecast as of 31 May, kmt Difference, % Winter crops Wheat 39,1 35,7-9% 4,9 192,6 176,1-9% Rapeseed ,0 Harvest 13,2 / Cropping -6% Plan 2,0 28,2 26,5-6% Rye 0,1 0,4 324% 5,0 0,5 2,1 324% Barley 0,1 0,1 0% 4,2 0,3 0,3 0% Total 53,3 49,4-7% Spring crops Rapeseed 4,0 3,8-7% 1,7 6,8 6,4-7% Barley 6,0 4,0-34% 4,5 27,1 18,0-34% Sunflower 32,2 31,3-3% 2,4 77,9 75,8-3% Corn 20,3 24,0 18% 7,1 144,6 170,3 18% Soybean 17,0 17,8 5% 2,0 33,9 35,5 5% Sugar beet 3,6 3,6 0% 40,0 142,8 142,4 0% Other 2,5 2,7 8% Total 85,6 87,1 2% Other Fallow land 2,7 3,8 41% Sublease 13,1 12,7-3% In May, Mriya slightly updated its sowing plan for 2017 season. The total area under winter crops was reduced by 7% in comparison to the previously budgeted areas due to write off of winter wheat and rapeseed as a result of the inspection of crops condition after the winter. That land was re-sown with spring crops. Land under cultivation was reduced by 1,7 since update of the budget in March as a result of divesting this area in line with the agreed strategy of the land bank optimization. Total 154,7 153,0-1%

4 Agricultural Operations (1/4) /04 Sowing of Spring Crops 2017 Crop Updated total planned sowing area as of 31 of May, Sowing plan as of 31 of May, Sown as of 31 of May, Completion for May, % Rapeseed 3,8 3,8 3,8 100% Barley 4,0 4,0 4,0 100% Sunflower 31,3 31,3 31,3 100% Corn 24,0 24,0 24,0 100% Soybean 17,8 17,1 16,4 96% Sugar beet 3,6 3,6 3,6 100% Other 2,7 2,5 1,5 59% Total 87,1 86,2 84,5 98% Mriya is currently completing the sowing campaign for its spring crops. In May, the company completed sowing of sunflower and corn. Due to substantial rainfalls in May, the company experiences delays in sowing of soybean and buckwheat. The sowing campaign is going to be completed in June and the company doesn t expect any negative impact of delay on the overall spring sowing campaign. As of 31 of May, 97% of spring crops planned for the sowing campaign 2017 were in the ground.

5 Agricultural Operations (2/4) /05 Application of main fertilizers Crop Total planned to be done as of 31 of May, Winter crops Total done as of 31 of May, Completion in May, % Wheat 61,2 61,2 100% Rapeseed 22,5 22,5 100% Rye 0,1 0,1 100% Barley 0,1 0,1 100% Spring crops Rapeseed 3,7 3,5 93% Barley 3,7 4,8 129% Sunflower 26,6 24,0 90% Corn 18,7 18,3 98% Soybean - 0,9 100% Sugar beet 7,1 7,1 100% The company has only slightly behind the May plan of application of fertilizers for rapeseed, sunflower and corn as a result of bad weather conditions and subsequent delay in sowing. Mriya is planning to complete applying fertilizers in the second decade of June. The company expects that it will not have negative impact on yields.

6 Agricultural Operations (3/4) /06 Soil cultivations for Spring Crops 2017 Spraying of chemicals Crop Total planned to be done as of 31 of May, Total done as of 31 of May, Completion in May, % Rapeseed 6,0 6,0 100% Barley 4,6 4,6 100% Sunflower 40,7 40,9 101% Corn 40,4 40,4 100% Soybean 32,5 31,3 96% Sugar beet 10,0 7,4 74% Soil cultivation plan for May was completed with some delays for sugar beet as a consequence of bad weather conditions, low ground temperature and subsequent insignificantly slower development of the crop. Soil cultivation for sugar beet was postponed until June. Crop Total planned to be done as of 31 of May, Winter crops Total done as of 31 of May, Completion in May, % Wheat 66,3 58,3 88% Rapeseed 35,9 34,8 97% Rye 0,4 0,4 100% Barley 0,2 0,2 100% Spring crops Rapeseed 3,1 4,5 142% Barley 4,4 4,3 97% Sunflower 55,0 48,8 89% Corn 27,5 26,2 95% Soybean 20,0 9,8 49% Sugar beet 11,8 12,0 102% Mriya is slightly behind its plan of spraying of herbicides and pesticides resulted from bad weather conditions in May. The schedule of spraying of chemicals for soybean was changed due to late sowing of the crop.

7 Agricultural Operations (4/4) /07 Machinery productivity Type of operation Normative productivity, ha/day Equipment utilization, % Plan productivity, ha/day Fact productivity, ha/day Completion, % Sowing % % Application of fertilizers % % Application of CAM % % Spraying % % Field works % % Machinery productivity, average for May, ha/day Average for May Machinery productivity was lower than normative productivity due to substantial rainfalls in May, with the rain levels 3 times higher than average monthly rate for the regions. The abovementioned factors led to delays in sowing of soybean; nevertheless, the company doesn t expect any significant negative impact on soybean yields, despite low temperature in May Plan productivity, ha/day Fact productivity, ha/day Sowing Application of mineral fertilizers Application of CAM Spraying Field works

8 Agricultural Operations (4/4) /08 Land Bank: lease resigning & reregistering, as of 30 of Apr 2017, as of 31 of May 2017, Total Land Bank, 181,1 179,9 Of which registered, 161,5 161,1 Plan for resigning in May 2017, Resigned in May 2017, Completion, % 5,3 5,9 112% Plan for registration in May 2017, Resignment of land lease contracts Registration of land lease contracts Registered in May 2017, Completion, % 8,8 6,9 79% Total land bank under Mriya s control was reduced by 1,2 as a result of planned non-operational land optimization. The total of 161,1 out of overall land bank under control is fully signed and registered (90% of total land bank). The registration continues and is picking up pace. The land resigning plan for May was fully completed. The registration plan for May was implemented by 79% due to technical problems occurred at the State Register of Property Rights.

9 Trading /09 Crops trading prices* 2017, USD Commodity *EXW delivery terms, VAT excluded. **Prices in updated March budget didn t change in comparison with November budget. ***Projected sales prices are based on current forward/spot prices or company estimates if no applicable market indicators are available. ****Weighted average price is calculated on the basis of combination of volumes for which prices have already been fixed and volumes for which there are no contracts yet. Budgeted price for season 2017, USD/mt ** Projected sales price based on current market as of 31 May 2017, USD/mt *** Mriya actual sales price (forward & spot) as of 31 May 2017, USD/mt Weighted average of Mriya actual & projected sales prices as of 31 May 2017, USD/mt **** Deviation from budgeted price, % Wheat n/a 133-4,3% Rapeseed n/a 385-2,9% Barley n/a 123-2,0% Sunflower ,7% Corn ,2% Soya ,5% Sugar (finished prod.) n/a 504 0,0% In May, Mriya entered into forward contracts for sunflower, soybean and corn with delivery in September-November. Sales prices are in line with company budgeted expectations. The company is planning to enter into contracts for wheat, rapeseed and barley in June, when the prices of these commodities are assumed to reach budgeted levels. Changes in the projected sales prices are related to an update of market prices forecast, changes in shipment plans and clarification of logistics costs.

10 Staff Highlights /10 Number of Mriya employees Employees category Fact as of 30 April 2017 Fact as of 31 May 2017 Changes, % Clusters staff % Staff on elevators % Administrative staff % Total % In May, the company increased numbers of its seasonal employees for the spring / summer campaign. Also, the company closed two farms as was planned. Total headcount as of May is in line with budget.

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