PhosAgro Announces Completion of SPO

OJSC PHOSAGRO - PhosAgro Announces Completion of SPO

PR Newswire

London, April 22

PhosAgro Announces Completion of SPO

Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), a leading global verticallyintegrated phosphate-based fertilizer producer, announces the completion of allpayments and transfers as part of the offering of existing shares in the formof shares and GDRs by a group of the Company's shareholders (the "Offering")that was announced 8 April 2013.

The existing shares were sold by the Cyprus-registered companies AdorabellaLimited and Chlodwig Enterprises Limited.

The Offer price was USD 42.00 per ordinary share, which was equivalent to USD14.00 per GDR. In total 11,111,000 existing shares were sold for the amount ofUSD 466,662 thousand.

In accordance with the conditions of the Offering, 79.65% of PhosAgro's sharesare subject to a lock-up period (deed of lock-up) from 12 April 2013 to 31December 2013, and remaining 20.35% shares make up the Company's free float.

BofA Merrill Lynch, Citigroup, Credit Suisse, Raiffeisen Bank International,Renaissance Capital, Sberbank CIB, and VTB Capital acted as Joint GlobalCoordinators and Joint Bookrunners for the Offering.

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PhosAgro is a leading global vertically integrated phosphate-based fertiliserproducer. The Group focuses on the production of phosphate-based fertilisers,feed phosphate and high-grade phosphate rock (with P2O5 content of not lessthan 39 percent), as well as ammonia and nitrogen-based fertilisers.

The Group is the largest phosphate-based fertiliser producer in Europe, thelargest producer of high-grade phosphate rock worldwide and the second largestMAP/DAP producer in the world (excluding China), according to Fertecon.PhosAgro is also a leading producer of MCP feed phosphates in Europe, and theonly producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of highquality apatite-nepheline ore, representing over 75 years of production. TheGroup also controls substantial Al2O3 resources and has 41% of Russia's rareearth oxides resources according to the G.P. Luzin Institute of EconomicProblems of the Kolskiy Scientific Centre of the Russian Academy of Sciences,2010).

The Group's mines and phosphate rock production facilities are located in themountainous areas of the Kola Peninsula in the Murmansk region of northwestRussia, whereas its fertiliser and feed phosphate production assets are locatednear the city of Cherepovets in the Vologda region and near the city ofBalakovo in the Saratov region of southwest part of European Russia. PhosAgro's2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The Сompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.

For further information on PhosAgro please visit: www.PhosAgro.com