RESULT OF EXTRAORDINARY GENERAL MEETING

OJSC "PhosAgro"

("PhosAgro" or "the Company")

RESULT OF EXTRAORDINARY GENERAL MEETING

OJSC PhosAgro (MICEX: RTS, LSE: PHOR), the Russian-based vertically-integrated global leader in the phosphate fertilizer industry, announces the results of the extraordinary general shareholders meeting (EGM) held on 10 August, 2011.

In accordance with the results, the following resolutions have been passed by the EGM:

·; Approval of the definition of independent non-executive directors. At time of nomination and during the five years preceding the elections, the independent non-executive director should not be an officer of PhosAgro or any it's subsidiaries and should not hold more than 3% of the Company`s shares.

·; Approval of the addition and amendments to the resolution of the general shareholders` meeting as at 12 May 2011 on remuneration and compensation to the members of the Board of Directors. The remuneration shall be paid only to the independent non-executive directors. Quarterly remuneration to the Chairman of the Board of Directors, who is an independent non-executive director, is set at US$37,500. Quarterly remuneration to other independent non-executive directors is set at US$4,500. Additional quarterly reimbursement to the Chairman of the Audit Committee is set at US$24,786. Additional quarterly reimbursement to the Chairman of the Remuneration and Human Resources Committee is set at US$7,280.

·; Approval of the insurance of PhoAgro Directors and management liability in connection with the initial public offering. The insurer is Zurich Insurance Company Ltd. The liability limit amounts to US$50 million. Insurance premium should not exceed US$170,000. The term of the contract is for 6 years.

·; Approval of insurance contract of legal entities, their directors and other senior officers of PhosAgro. The insurer is Zurich Insurance Company Ltd. The liability limit amounts to US$50 million. Insurance premium should not exceed US$70,760. The term of the contract is for 1 year.

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Notes to Editors

PhosAgro is a vertically integrated global leader in the phosphate fertiliser industry. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock, as well as ammonia and nitrogen-based fertilisers. In 2010, the Group was the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China). PhosAgro controls approximately 2.1 billion tonnes of high quality apatite-nepheline ore resources, which translates to over 75 years of production. The Group's strategic aim is to reinforce its position as a leading integrated global producer of fertilisers and to enhance overall value for its shareholders through increasing fertiliser and feed phosphate production capacities, utilising the full potential of its apatite-nepheline ore reserves base and continuing to improve operational flexibility and efficiency. PhosAgro is listed on the MICEX stock exchange (MICEX: PHOR) with its global depositary receipts listed on the London Stock Exchange (PHOR LI). The Group had revenues of approximately $2.5 billion in 2010 with EBIDTA of approximately $674 million. PhosAgro employs approximately 25,000 people.

For further information on PhosAgro please visit the company's website - www.PhosAgro.ru  

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