MANAGEMENT CHANGE IN CHERKIZOVO GROUP

January 16, 2007

Cherkizovo Group OJSC, one of Russia's leading integrated and diversified meat producers, announces today that Naum Babaev is stepping down as Head of Strategy and Business Development with immediate effect to pursue his own business interests.  

Naum Babaev has been with the Group for the past 10 years, playing a key role in the early stages of the Group's development.  The Group's strategic development function is now being led directly by Sergey Mikhailov, Chief Executive Officer. 

Sergey Mikhailov, CEO of Cherkizovo Group OJSC said: 

"We would like to thank Naum for his contribution to the Group, particularly during the early years of Cherkizovo's growth.  We wish him all the best for the future."