Mironovsky II

completed

CJSC Mironovsky Khleboprodukt (Mironovsky) will expand its current poultry operations from a current production capacity of 126,000 tons of poultry per annum to 227,000 tons in 2008. Project elements include of expansion of existing and construction new facilities in Mironovsky’s integrated poultry operations. Specific project components include: - construction of a new feed mill in Katerinopol including crushing capacity for sunflower, soy beans, and rape seed; and expansion of an existing feed mill at Tavriysky to produce feed for capacity expansion and reduce feed transport expenses; - construction of a new broiler meat production facility in Kanev District, Chercassy Region to produce a range of semi-finished and cooked products; - expansion of the Company’s existing parent stock farms, broiler growing farms and hatcheries; - construction of a new slaughter plant, with processing capacity of 10,000 birds per hour; - expansion of the Company’s transportation system for feed, eggs, day old chicks and finished product; and - working capital. The project will commence in third quarter of 2005 and will be completed in 2008.