Phosagro S Regulatory News (PHOR)

For Immediate Release 28 April 2015 PhosAgro Board of Directors Recommends Dividend of RUB 15/share The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of theworld's leading vertically-integrated phosphate-based fertilizer producers,recommended a meeting on 28 April 2015 that the Annual General Meeting ofShareholders ("AGM") approve a final dividend for 2014 of RUB 15 per share (RUB5 per Global Depositary Receipt), or RUB 1.94 billion, from the Company'sundistributed profit. The Board also recommended setting 19 June 2015 as therecord date for shareholders to be eligible to receive dividends. The final 2014 dividend is in addition to interim dividends totalling more thanRUB 5.82 billion for the first six and nine months of 2014. Pending AGMapproval of the final 2014 dividend, PhosAgro will pay total dividends for 2014of more than RUB 7.78 billion. The Board of Directors also changed PhosAgro's dividend policy to increase netprofit available for distribution as dividends to a range of 30%-50%, from the20%-40% range that the Company currently aims to pay out. The Board also noted management's plans for reducing the Company's debt loadduring 2015 by approximately RUB 20 billion by using operating cash flows todecrease short-term borrowings. PhosAgro CEO Andrey Guryev said: "With sustainable, robust cash flows, we areconfident in our ability to continue implementing PhosAgro's RUB 36 billioncapital expenditure programme in 2015, while also reducing debt levels andpaying out cash to our shareholders." At the meeting the Board of Directors also reviewed PhosAgro's consolidated FY2014 IFRS financial statements (which will be disclosed on 29 April 2015),approved the agenda for the 8 June 2015 AGM, gave preliminary approval to theCompany's annual report, and approved the text or the AGM notice as well as theforms and texts of the AGM ballots. The list of candidates for PhosAgro'sRussian Accounting Standards auditor for 2015 includes FBK. For further information please contact: OJSC PhosAgro Irina Evstigneeva, Head of Corporate Finance and Investor Relationsir@phosagro.ru+7 495 231 3115 Timur Belov, Press OfficerAnastacia Basos, Deputy Press Secretary+7 495 232 9689 EM Sam VanDerlipvanderlip@em-comms.com+44 7554 993 032+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 third 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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