PhosAgro Fertilizer Sales up 4% y-o-y in 1H 2014

For Immediate Release 24 July 2014 PhosAgro Fertilizer Sales up 4% y-o-y in 1H 2014 Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), a leading global verticallyintegrated phosphate-based fertilizer producer, announces its productionresults for the six months ended 30 June 2014. Total fertilizer production and sales increased year-on-year in 1H 2014 by 3.4%and 3.9%, respectively. Production of phosphate-based fertilizer for 1H 2014increased by 3.2%, while production of nitrogen-based fertilizers increased by4.4% year-on-year. PhosAgro's production and sales volumes for the six months ended 30 June 2014are summarized in the tables below. Production volumes by type (kmt) 1H2014 1H2013 Change y-o-y Phosphate-based fertilizers 2,378.4 2,305.6 3.2% Nitrogen-based fertilizers 704.6 675.2 4.4% TOTAL fertilizers 3,083.0 2,980.8 3.4% Apatit mine and beneficiation 4,323.0 4,373.8 (1.2%)plant Other products** 78.5 74.1 5.9% Sales volumes by type (kmt) 1H2014 1H2013 Change y-o-y Phosphate-based fertilizers 2,332.2 2,307.3 1.1% Nitrogen-based fertilizers 749.2 659.6 13.6% TOTAL fertilizers 3,081.4 2,966.9 3.9% Apatit mine and beneficiation 1,746.4 1,957.2 (10.8%)plant* Other products** 175.9 147.6 19.2% Commenting on the 1H 2014 production results, PhosAgro CEO Andrey Guryev said:"We have once again maintained near-100% capacity utilisation throughout thefirst half of the year. Favorable market conditions and higher demand haveenabled us to increase substantially our sales of both concentrated fertilizersand NPKs to Latin America and Russia; our sales volumes to these marketsincreased year-on-year by more than 70% and over 20%, respectively, during 1H2014. We continue to adapt our product mix in response to demand and thepricing environment, which has significantly improved from last year - in firstsix months of 2014, DAP FOB Tampa prices have recovered by 18%, from USD 407per tonne at the beginning of the year to USD 480 per tonne as of 30 June 2014. "Looking forward to the remainder of 2014, we believe that the market remainsstrong, and we are seeing prices for DAP increasing to and above USD 500 pertonne in all markets, with FOB Tampa at USD 510 for the last two weeks, despitedeclining prices for the soft commodities basket. Both demand and supply sidefactors are supporting prices, with solid farmer economics combined withincreased cash costs for all significant phosphate producers: ammonia is aroundUSD 500 per tonne while sulphur continues to increase and is currently aboveUSD 150 per tonne for most producers. Current market conditions give meconfidence that PhosAgro, as the low cost producer, will deliverstrong financial performance when we report later in August." The table below provides a breakdown of production volumes by major product for1H 2014: Production volumes (kmt) 1H2014 1H2013 Change y-o-y Apatit mine and beneficiation plant Phosphate rock 3,920.8 3,895.2 0.7% Nepheline concentrate 402.2 478.6 (16.0%) Phosphate-based fertilizers DAP/MAP 1,156.5 1,092.7 5.8% NPK 951.4 863.2 10.2% NPS 80.6 149.3 (46.0%) APP 47.7 45.3 5.3% MCP 126.5 123.9 2.1% SOP 15.7 31.2 (49.7%) Nitrogen-based fertilizers AN 157.8 182.3 (13.4%) NP 58.3 33.3 75.1% Urea 488.5 459.6 6.3% Other products AlF3 14.4 14.1 2.1% STPP 64.1 60.0 6.8% Feed stock Ammonia 575.1 521.2 10.3% Phosphoric acid (kt P2O5) 945.2 874.8 8.0% Sulphuric acid (kt 2,189.8 2,187.3 0.1%monohydrate) The table below provides a breakdown of sales volumes by major product for 1H2014: Sales volumes (kmt) 1H2014 1H2013 Change y-o-y Apatite mine and beneficiation plant Phosphate rock* 1,340.1 1,479.4 (9.4%) Nepheline concentrate 406.3 477.8 (15.0%) Phosphate-based fertilizers DAP/MAP 1,157.3 1,061.7 9.0% NPK 890.6 845.3 5.4% NPS 101.9 199.3 (48.9%) APP 43.2 46.6 (7.3%) MCP 123.0 121.0 1.7% SOP 16.2 33.4 (51.5%) Nitrogen-based fertilizers AN 185.7 196.5 (5.5%) NP 43.8 17.4 151.7% Urea 519.7 445.7 16.6% Other products AlF3 14.5 13.6 6.6% STPP 61.8 57.3 7.9% Ammonia 7.8 3.3 136.4% Phosphoric acid 26.3 14.1 86.5% Sulphuric acid 65.5 59.3 10.5% * Excluding intra-group sales ** Excluding feed stock For further information please contact: OJSC PhosAgroIrina Evstigneeva, Head of Corporate Finance and Investor [email protected]+7 495 231 3115 Timur Belov, Press Officer+7 495 232 9689 EMSam [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 (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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