PhosAgro Credit Rating Update

For Immediate Release 23 March 2015 PhosAgro Credit Rating Update Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leadingvertically integrated phosphate-based fertilizer producers, announces thatFitch Ratings has affirmed the Company's long-term foreign currency IssuerDefault Rating (IDR) of `BB+' with a Stable outlook. Standard & Poor's left PhosAgro's BBB- credit rating with a Negative outlookunchanged after that agency's downgrade of the Russian sovereign rating inJanuary 2015, while Moody's Investor Service adjusted the Company's long-termIssuer Rating to Ba1/Negative on 25 February 2015, following the RussianFederation sovereign ceiling downgrade by that agency. Following today's announcement by Fitch, PhosAgro's credit ratings are asfollows: Standard & Poor's: BBB-/Negative Fitch Ratings: BB+/Stable Moody's Investor Service: Ba1/Negative For further information please contact: OJSC PhosAgro Irina Evstigneeva, Head of Corporate Finance and Investor [email protected]+7 495 231 3115 Timur Belov, Press OfficerAnastacia Basos, Deputy Press Secretary+7 495 232 9689 EM Sam [email protected]+44 7554 993 032+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 (MCP) inEurope, and the only producer 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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