PhosAgro Fertilizer Production up 5% y-o-y in 1Q 2014

For Immediate Release 23 April 2014 PhosAgro Fertilizer Production up 5% y-o-y in 1Q 2014 Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), a leading global verticallyintegrated phosphate-based fertilizer producer, announces its productionresults for the three months ended 31 March 2014. Total fertilizer production and sales increased year-on-year in 1Q 2014 by5.2%, and 0.6%, respectively. Production of phosphate-based fertilizer for 1Q2014 increased by 4.3%, while production of nitrogen-based fertilizersincreased by 8.2% year-on-year. PhosAgro's production and sales volumes for the three months ended 31 March2014 are summarized in the tables below. Production volumes by type (kmt) 1Q 2014 1Q 2013 Change y-o-y Phosphate-based fertilizers 1,229.3 1,178.6 4.3% Nitrogen-based fertilizers 374.8 346.3 8.2% TOTAL fertilizers 1,604.1 1,524.9 5.2% Apatit mine and beneficiation 2,171.3 2,226.2 (2.5%)plant Other products** 40.2 40.7 (1.2%) Sales volumes by type (kmt) 1Q 2014 1Q 2013 Change y-o-y Phosphate-based fertilizers 1,215.7 1,294.4 (6.1%) Nitrogen-based fertilizers 425.3 336.7 26.3% TOTAL fertilizers 1,641.0 1,631.1 0.6% Apatit mine and beneficiation 873.0 1,018.0 (14.2%)plant* Other products** 85.6 79.9 7.1% Commenting on the 1Q 2014 production results, PhosAgro CEO Andrey Guryev said:"We have maintained near 100% capacity utilisation throughout 1Q 2014.Favorable market conditions and higher demand have enabled us to increasesubstantially our sales of both concentrated fertilizers and NPKs to LatinAmerica and Russia, where our year-on-year sales volumes to these marketsincreased more than 100% and over 30%, respectively, in 1Q 2014. We changed ourproduct mix in response to demand at the beginning of the year, increasingproduction of DAP/MAP after a sharp recovery in prices following the very lowprice floor we saw in 4Q 2013; we subsequently increased NPK production andsales in February and March after the stabilisation of potash and NPK markets. "Looking forward to 2014, we believe that the effects of Uralkali's decision tostop export sales through BPC on the whole market have subsided, and we areseeing prices for key phosphate-based fertilizers normalise on normal marketsupply / demand conditions, backed by solid farmer economics on the demand sideand increased cash costs on the supply side, given recent substantial sulphurand ammonia price increases. As the low cost producer, I am very optimisticwith respect to PhosAgro's ability to significantly improve financialperformance in such a market environment and increase returns to ourshareholders." The table below provides a breakdown of production volumes by major product for1Q 2014: Production volumes (kmt) 1Q 2014 1Q 2013 Change y-o-y Apatit mine and beneficiation plant Phosphate rock 2,009.1 1,972.1 1.9% Nepheline concentrate 162.2 254.1 (36.2%) Phosphate-based fertilizers DAP/MAP 570.5 529.8 7.7% NPK 498.9 433.7 15.0% NPS 58.0 113.4 (48.9%) APP 29.0 24.5 18.4% MCP 65.4 62.1 5.3% SOP 7.5 15.1 (50.3%) Nitrogen-based fertilizers AN 122.4 112.8 8.5% Urea 252.4 233.5 8.1% Other products AlF3 7.2 7.0 2.9% STPP 33.0 33.7 (2.1%) Feed stock Ammonia 296.4 263.7 12.4% Phosphoric acid (kt P2O5) 470.9 439.8 7.1% Sulphuric acid (kt 1,103.4 1,102.0 0.1%monohydrate) The table below provides a breakdown of sales volumes by major product for 1Q2014: Sales volumes (kmt) 1Q 2014 1Q 2013 Change y-o-y Apatite mine and beneficiation plant Phosphate rock* 714.3 766.2 (6.8%) Nepheline concentrate 158.7 251.8 (37.0%) Phosphate-based fertilizers DAP/MAP 567.2 614.1 (7.6%) NPK 469.9 428.2 9.7% NPS 81.1 161.6 (49.8%) APP 26.4 16.8 57.1% MCP 62.9 56.1 12.1% SOP 8.2 17.6 (53.4%) Nitrogen-based fertilizers AN 142.6 118.7 20.1% NP - 0.9 (100.0%) Urea 282.7 217.1 30.2% Other products AlF3 7.3 6.8 7.4% STPP 28.0 32.6 (14.1%) Ammonia 1.3 1.8 (27.8%) Phosphoric acid 12.1 7.4 63.5% Sulphuric acid 36.9 31.3 17.9% * Excluding intra-group sales** Excluding feed stock 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: +7 916 306 6112 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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