PhosAgro Board Approves 2015 Priorities

For Immediate Release 17 February 2015 PhosAgro Board of Directors Approves Priority Areas for 2015 Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leadingvertically integrated phosphate-based fertilizer producers, announces that theBoard of Directors held a meeting today, at which it approved the priorityfocus areas for the Company in 2015. PhosAgro CEO Andrey Guryev underscored the following areas as top prioritiesfor the Company: construction of the new 760 ths tonne/year ammonia productionfacility at PhosAgro-Cherepovets, which is being built in parallel to a new 500ths tonne/year granulated urea line and a new 300 ths tonne/year ammoniumsulphate line, as well as increases to phosphate-based fertilizer capacities. Andrey Guryev said: "This year we will be implementing the key phase of ourstrategy to 2020. The strategy aims to strengthen PhosAgro's competitiveadvantages, including the efficiency of sales, while increasing productioncapacity and flexibility. Successful implementation of these strategicinvestment programmes will create a solid base for PhosAgro's sustainabledevelopment for years to come." Key investment projects for upstream operations include the modernisation ofANOF-3. This project is due to be completed by 2016. PhosAgro's new sales strategy aims to bring the Company closer to its endcustomers by opening new trading offices in Latin America, Western and EasternEurope. The Company is also continuing to optimise its organizational structure, withthe launch of a merger of subsidiaries Agro-Cherepovets, PhosAgro AG and NordicRus Holding into PhosAgro-Cherepovets. The Board of Directors has called an Extraordinary General Meeting ofShareholders ("EGM") for 3 April 2015 to approve a series of transactionsrelated to PhosAgro's day-to-day activities. The Board of Directors alsoapproved the list of candidates for the new Board of Directors, which will bevoted on by the Annual General Meeting of Shareholders ("AGM"). The list ofcandidates includes all sitting members of the Board. The Board has also recommended that the AGM approve Centre for Tax PlanningKorpus Prava as the Company's Russian Accounting Standards auditor for 2015. For further information please contact: OJSC PhosAgro Irina Evstigneeva, Head of Corporate Finance and Investor [email protected]+7 495 231 3115 Timur Belov, Press Officer+7 495 232 9689 EM Sam [email protected]: +44 7554 993 032t: +7 499 918 3134 Notes to Editors PhosAgro is one of the leading global vertically integrated phosphate-basedfertilizer producers. The Company focuses on the production of phosphate-basedfertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of notless than 39%), as well as ammonia and nitrogen-based fertilizers. The Company is the largest phosphate-based fertilizer 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 one of the leading producers of feed phosphates in Europe, andthe only producer of monocalcium phosphate (MCP) in Russia. PhosAgro has 2.1 billion tonnes of resources (according to JORC) of highquality apatite-nepheline ore. The Company's mines and phosphate rockproduction facilities are located in the mountainous areas of the KolaPeninsula in the Murmansk region of northwest Russia, whereas its fertilizerand feed phosphate production assets are located near the city of Cherepovetsin the Vologda region and near the city of Balakovo in the Saratov region ofsouthwest part of European Russia. PhosAgro's 2013 IFRS revenue was over USD 3.3 bln and EBITDA was USD 752 mln.The Сompany's net debt/EBITDA ratio was 1.8 at 31 December 2013.

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