Presentation: Results of I Q 2012 Warsaw, May 2012

I. General information about PKM Duda.

II. The results of I Q 2012.

III. Implementation of the Duda 2012 Programme.

2

one of the largest companies in the meat sector,

holding company consisting of nearly 30 companies operating mainly within:

slaughtering, cutting and distribution of meat (pork, beef, venison) and cured meats,

breeding herd,

cultivation of cereals and other plant products,

production of meat,

national leader in the distribution segment and the slaughter of red

meat,

one of the most modern production facilities in Europe.

Revenue: PLN 1 670 million (2011)

Profile: food industry

Employees: 1 750 people

I. General information about PKM Duda

3

CG PKM Duda structure

4

II. Results of I Q 2012

5

134128133

174

216

180

234239231

265261284289

327341

369

318343

382

419

386

446

369374

334337

390394

343

406

444

477509

Consolidated financial results

Income (in millions of PLN)

Consolidated income from sales PKM Duda between 2004 and IQ 2012 (in millions of PLN)

342,9

509,1

+48%

I kw. 2011 I kw. 2012

Export income (in millions of PLN)

52,4 58,9

+12%

I kw. 2011 I kw. 2012

6

+48%

Consolidated financial results

7

According to the strategy, the company focused on improving the situation regarding liquidity and strenghtening of the working capital.

Working capital net (in millions of PLN)

78,8

76,6

I kw. 2011 I kw. 2012

Current liquidity ratio

1,1

1,13

I kw. 2011 I kw. 2012

-2,2mln zł

+2,7%

Consolidated financial results

8

The Group consistently reduces its debt, especially the interest debt. This will enable stable funding to continue current operations towards the

development of the Group.

These actions are shown in the balance sheet. The debt figures have been reduced. It is alsovisible in the overall level of debt ratio (which went down by 4 % p.)

and a stable ratio of equity funding.

Total debt ratio

60,4%

56,1%

I kw. 2011 I kw. 2012

-4 pkt %

Ratio of equity funding

I kw. 2011 I kw. 2012

66,0 66,9

-0,9 pkt %

Consolidated financial results

9

454 873

344 461323 285

264 249 263 309 265 436237 430 232 082 232 321

0

100 000

200 000

300 000

400 000

500 000

30.06.2009 31.12.2009 30.06.2010 31.12.2010 31.03.2011 30.06.2011 30.09.2011 31.12.2011 31.03.2012

Dług odsetkowy

Consolidated financial results

EBITDA (in millions of PLN)

EBIT (w mln zł)

Net results (in millions of PLN)*

19,6

14,4

I kw. 2011 I kw. 2012

12,1

7,7

I kw. 2011 I kw. 2012

-36%

7,3

- 1,8

I kw. 2011 I kw. 2012

-26%

10 * Net result attributed to shareholders of the parent company

The negative impact on the financial results of the Group (consolidated) caused by a one-off event:

The payment by the company CM Makton of perpetual use rights and properties to a subsidiary at 100%:

Makton Property Sp. z o.o. Estimated income tax due from the profit on the transaction on 31 March 2012 equalled 2 million zlotys.

PKM Duda and Production Segment

Pork:

high raw material prices

very low supply of pigs

„salt scandal”

difficult payment situation for the companies of the meat business resulting

in limiting the insurance borders by insurance companies for companies

experiencing payment and vindication problems.

traditionally smaller demand in the beginning of the year

decreasing slaughter margins

difficultues with Easternh trade as the sanitary rules by Customs Union

(Belarus/ Kazachstan/ Russia) became more severe

reconstruction of the number of pigs in China

increase in productionin Grąbkowo plant - revenue by 28% and slaughter

by 18% of the purchase on the home market by 16%

further growth of average weights and meat content enhancing competitive

groups based on the quality

Market conditions in 2011

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38,9%

35,2%

23,0%

0,0% 10,0% 20,0% 30,0% 40,0% 50,0%

styczeń

luty

marzec

Annual percentage change of pork raw material prices in I quarter of 2012-2011

PKM Duda and Production Segment

Beef:

record prices of cattle slaughter

increase inslaughter q/q

Venison:

good operational results

good prognosis for the annual results

strong demand for the German market

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Market conditions in 2011

10,0

6,0 7,511,6

6,98,7

13,7

9,8

11,7

37,1%

62,9%56,5%

0,0%

15,0%

30,0%

45,0%

60,0%

0,0

5,0

10,0

15,0

20,0

25,0

Byki Krowy Jałówki

Average prices of purchasing raw material in the I quarter of 2010-2012 (PLN/kilo)

2010

2011

2012

zmiana % 2012/2010

Volume of pig slaughtering in Grąbkowo (in thousands)

332 224,7

I kw 2011 I kw 2012

PKM Duda and Production Segment

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Purchase of pigs by PKM DUD in the domestic market in 2010 and 2009 (in thousands)

207,6 249,3

600 000

700 000

I kw 2011 I kw 2012

+16%

szt.

+48%

54,0%55,0%56,0%57,0%58,0%59,0%60,0%

Styczeń Luty Marzec

Average meat content (w %)

2012 2011

82,084,086,088,090,092,094,096,098,0

Styczeń Luty Marzec

The average WBC weight (kg)

2012 2011

+90%

238,5

125,4

I kw. 2011 I kw. 2012

Income (mln zł)

EBITDA (millions of PLN)

EBIT (millions of PLN)

-1,4

I kw. 2011 I kw. 2012

-4,5

I kw. 2011 I kw. 2012

3,7

PKM Duda and Production Segment

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7,2

Plant Segment

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loss in cultivating cereal due to low temperature

stable, good situation in agriculture

high prices of cereal and rape

Market conditions in 2011

Animal agriculture segment

Market conditions in 2011

exploiting the modernized fattening farm, which meets all

demands of environmental regulations and the animal well-

being; first sale at the slaughterhouse – May (this year

production: 20 000 pieces)

increased production costs by approx. 7%

PKM Duda - a technological avant-garde!

"pharmacological castration" – a breeding standard

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Animal agriculture segment

+32%

9,0

6,8

Revenues (in millions of PLN)

6,0 6,0

EBITDA (millions of PLN)

4,7

4,5

EBIT (millions of PLN)

0% +4%

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I kw. 2012 I kw. 2011

I kw. 2012 I kw. 2011 I kw. 2012 I kw. 2011

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Market conditions in 2011

Trade segment

further change in the structure of consumption - decrease in cured meats, increase in fresh meat, especially poultry

intensification of activities in order to consolidate stores into network of retail shopping

Sales growth y/y by 10,4% (1,67 th. tonnes)

Sales value growth y/y by 16,4% (28 m zlotys)

EBITDA growth y/y by 43% (2,9 m zlotys)

development of HoReCa

dynamic revenue growth rdr (o 50%)

Dynamic growth of quantities sold y/y (o 37%)

territorial development

portfolio diversification

Trade segment

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0 zł

1 000 000 zł

2 000 000 zł

3 000 000 zł

4 000 000 zł

5 000 000 zł

6 000 000 zł

Dynamics of the HORECA sales department

2011 2012

Trade segment

+24%

261,6

210,6

Revenues (in millions of PLN)

9,9

6,4

EBITDA (millions of PLN)

7,6

3,9

EBIT (millions of PLN)

+55% +95%

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I kw. 2012 I kw. 2011

I kw. 2012 I kw. 2011 I kw. 2012 I kw. 2011

Trade segment

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Contribution of segments to EBITDA

Contribution of segments to operating revenue

Revenue from customers structure according to the segments

Segment results for the PKM DUDA Capital Group in I Q 2012

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1,6%

51,4%

0,2%

46,8%

Segment rolny roślinny Segment handlowy

Segment rolny zwierzęcy PKM Duda i segment produkcyjny

11,4%

61,8%

26,8%

0,0% 10,1%

62,3%

27,7%

0,0%

Part 3 Implementation of Duda 2012 Programme

Wyniki prac Programu Duda

2012

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The effect of the PRO Programme in 2011 are based on increasing efficiency in the following areas:

purchase, employment, production, distribution and integration.

3,6 3,4

20

0

5

10

15

20

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Wykonanie Q1 2011 Wykonanie Q1 2012 Budżet 2012

Implemented benefits in I Q 2012 equalling 3,4 million represent 17% of the Duda 2012 Programme.

Implemented savings of the DUDA 2012 Programme

Legal notes

- This document on PKM Duda has been prepared by PKM Duda (the "Company").

- This document does not represent a complete or exhaustive image of the Company. This document and the associated slides

and their descriptions may contain statements that relate to the future. The forward-looking statements are not guarantees of

fulfillment of expectations of future performance and involve risks, uncertainties and therefore the actual financial situation of

the Group in the future may differ materially from the expectations expressed or implied.

- The Company presents its own image, prepared in accordance to the best knowledge and belief, provided that it is not possible

to provide complete information. Implementation of the events referred to in this document is subject to the satisfaction of

several conditions that may occur impossible to meet.

- Regarding the comprehensiveness or accuracy of the information presented in this document, no warranties or representations

shall be created. The Company is not responsible for any reason whatsoever arising from any use of this document. This

document has been prepared solely for information and publicity, and does not constitute an offer to buy or sell or offer

securities or financial instruments or to participate in any commercial venture. This document does not constitute an offer or

invitation to purchase or subscribe for any securities in any jurisdiction, and nothing contained therein shall not constitute a

basis for any agreement, commitment or investment decision, nor should it rely on it in connection with any contract,

commitment or investment decision.

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Headquarters Polish Meat Concern DUDA S.A.

ul. Kłobucka 25, 02-699 Warszawa tel. (+48) 22 319 94 00

www.pkmduda.pl