Board of Directors Approves Change of IFRS Auditor

Board of Directors Approves Change of IFRS Auditor

Moscow - At its meeting today the Board of Directors of PhosAgro, based on a proposal by its Audit Committee, approved the appointment of PricewaterhouseCoopers ("PwC") as PhosAgro's IFRS auditor and recommended that PhosAgro's CEO sign a contract with the new auditor. Following its appointment, PwC will conduct its first IFRS audit of the Company's financial statements for the financial year ended 31 December 2021.

PhosAgro CEO and Board of Directors member Andrey Guryev said: "We have worked with KPMG for nearly 15 years and are very happy with the robust audit process and productive relationship we developed during that time. During their tenure as PhosAgro's IFRS auditors the KPMG team developed an excellent understanding of our business and have always demonstrated the highest degree of professionalism.

"While we would happily continue with KPMG, the Audit Committee of the Board of Directors chaired by Independent Director Marcus Rhodes has recommended that PhosAgro rotate its auditor to bring fresh perspectives to the audit process, in keeping with regulatory guidance on the rotation of auditors. We look forward to a smooth transition to working with PwC for our FY 2021 IFRS audit and wish the KPMG team all the best in their future ventures."

PhosAgro's incumbent auditor for its consolidated IFRS financial statements will resign upon completion of their audit of the Company's IFRS financial statements for the financial year ended 31 December 2020. KPMG have confirmed that, based on their current understanding and knowledge, there are no reasons or matters connected with the change of their appointment as auditors, which they consider should be brought to the attention of the shareholders or creditors of the Company at the date of this release.

About the company

PhosAgro (www.phosagro.ru) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

PhosAgro's main products include phosphate rock, more than 50 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 102 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.

More information about PhosAgro can be found on the website: www.phosagro.ru.