Phosagro S Regulatory News (PHOR)

For Immediate Release 31 July 2013 PhosAgro Board of Directors Elects Andrey A. Guryev as CEO Moscow - PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), aleading global vertically integrated phosphate-based fertilizer producer,announces that its Board of Directors has elected Andrey A. Guryev as CEO afteraccepting Maxim Volkov's early resignation. The Board's decisions today were inline with recommendations made earlier by the Committee for Remuneration andHuman Resources. The Board of Directors has also appointed a new Management Board, whichincludes PhosAgro Board Member and CEO Andrey A. Guryev, COO Mikhail Rybnikov,Deputy CEO Sergey Sereda, Deputy CEO for Corporate and Legal Affairs AlexeiSirotenko and CFO Alexander Sharabaiko. In addition, the Board approved aresolution allowing members of the Management Board to hold managementpositions in other entities. Comments on the Board of Directors meeting: PhosAgro Board of Directors Chairman Sven Ombudstvedt thanked Maxim Volkov forhis work as CEO of the Company and wished him luck in his new undertakings. Mr.Ombudstvedt said: "Maxim Volkov successfully led PhosAgro through manyimportant years of development; he has assembled an excellent team ofprofessionals who are well positioned to support the Company's continuedgrowth. I am very pleased that Maxim will continue to support PhosAgro in hiscapacity as a Board member and the Chairman of the Strategy Committee. "The Board unanimously supports Andrey A. Guryev's appointment to thisposition. He has a detailed understanding of all aspects of the business thanksto his nearly 10 years of experience with the Company, during which he hastaken on ever-increasing management responsibilities. After Andrey was namedDeputy CEO for Sales and Logistics two years ago, PhosAgro significantlyincreased sales volumes to both domestic and international markets, reaching arecord 5.3 million tonnes in 2012." Andrey A. Guryev said: "No major overhauls to PhosAgro's strategy are planned.In addition to implementing our investment programme and strategic initiativesaimed at increasing shareholder value, we will maintain our dividend policy andhonour the promises made to investors in the course of the Company's IPO andSPO." Mr. Guryev has been working at PhosAgro since 2004, when he started as aneconomist in the finance department. He later specialised in fertilizerexports. Andrey A. Guryev has been Deputy CEO of OJSC PhosAgro since April2011. From October 2011 to June 2013, he was also Deputy CEO for Sales andLogistics of PhosAgro AG, and since June 2013 he has been the Chief OperatingOfficer of PhosAgro AG. Andrey A. Guryev also sits on the Board of Directors and is a member of theStrategy Committee and the Health, Safety and Environmental ProtectionCommittee. He graduated from the Russian Government Academy of National Economy, holds aBA in economics from the University of Greenwich, and has a PhD in economicsfrom the St. Petersburg National Mineral Resources University. For further information please contact: OJSC PhosAgro Irina Evstigneeva,Head of Corporate Finance and Investor Relations+7 495 231-31-15 Timur Belov, Press Officer+7 495 232-96-89 M:Communications Sam VanDerlipvanderlip@mcomgroup.com+44 7554 993 032+7 916 306 6112 Notes to Editors 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's2012 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.1 bln. The Сompany's net debt/EBITDA ratio was 0.77 at 31 December 2012.

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