PhosAgro-Cherepovets Signs USD 150 mln Loan

For Immediate Release 24 June 2013 Raiffeisen Bank and PhosAgro-Cherepovets Sign USD 150 million Three-Year Credit Agreement Moscow - Raiffeisen Bank and PhosAgro ("PhosAgro" or "the Company") (MoscowExchange, LSE: PHOR), a leading global vertically integrated phosphate-basedfertiliser producer, announce a new credit line for PhosAgro-Cherepovets. The USD 150 million credit line has a three-year term. The borrowed funds will be used for PhosAgro-Cherepovets working capital,general corporate purposes, and refinancing of other loans. Raiffeisen Bank Management Board Member and Head of Corporate Banking OksanaPanchenko said: "Raiffeisen Bank has for several years been working withPhosAgro and its subsidiaries. This credit line confirms our confidence that wewill continue to work with the Company. I have no doubt that the borrowed fundswill help our client implement its plans." PhosAgro CEO Maxim Volkov said: "With this loan agreement we have made furtherprogress in the optimisation of our loan portfolio by replacing more expensiveborrowings and by achieving a more balanced medium term repayment schedule. Ourgoal is to lower our overall borrowing costs and to reduce gross debt by overUSD 250 million by the end of the second quarter of 2013." For further information please contact: OJSC PhosAgro+7 495 232-96-89Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press Officer M:CommunicationsSam [email protected]+44 (0) 7554 993 032 Notes to Editors 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's2012 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.1 bln. The Сompany'snet debt/EBITDA ratio was 0.77 at 31 December 2012.

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