PhosAgro EGM Approves Interim Dividend of RUB 3.1 bln

OJSC PHOSAGRO - PhosAgro EGM Approves Interim Dividend of RUB 3.1 bln

PR Newswire

London, January 11

PhosAgro EGM Approves Interim Dividend of Over RUB 3.1 Billion, New Charter andManagement Board Regulations

Moscow - PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leadingglobal vertically integrated phosphate-based fertilizer producer, announces theresults of its Extraordinary General Meeting of Shareholders (EGM) held on 29December 2012.

Shareholders approved the payment of interim dividends for the first ninemonths of 2012 in the amount of RUB 3,111,927,000, or RUB 25 per share (RUB8.33 per GDR). The EGM also approved a new edition of the Company's Charter.The new Charter includes all previously approved amendments, updates to reflectthe requirements of current legislation, as well as additions related tochanges in the management structure of PhosAgro involving the creation of acollective executive body (the Management Board) and definition of itsresponsibilities.

PhosAgro shareholders also approved the Company's Management Board regulations.The creation of the Management Board and approval of documents regulating itsactivities reflect PhosAgro's commitment to adhere to best practice incorporate governance. These actions also make it possible for PhosAgro sharesto be included in the Moscow Exchange's A1 quotation list, which will help toexpand the Company's investor base to include state and private pension funds,retail investors and insurance companies. It may also in the future enablePhosAgro to be included in the MSCI Russia index.

PhosAgro CEO Maxim Volkov said: "Shareholder approval of the interim dividendsand documents relating to the creation of the Management Board demonstrate onceagain that PhosAgro is committed to implementing best practice in corporategovernance, act in the interests of its investors and shareholders, and that wecontinue to fulfil the promises we made during our IPO." PhosAgro's totaldividend payout since its IPO in July 2011 amounts to RUB 15 billion (RUB 120.5per share and RUB 40.17 per GDR), or 49% of the Company's net profit,attributable to shareholders of the parent company, for the same period.

The record date for shareholders to participate in the EGM and receivedividends was 23 November 2012.

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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