Phosagro S Regulatory News (PHOR)

Independent Director Viktor Cherepov Re-elected Chairman of PhosAgro’s Board of Directors

Moscow – The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, re-elected the independent director Viktor Cherepov as its Chairman at its first meeting since the Company’s Annual General Meeting of Shareholders. Alexander Sharabaiko was re-elected Deputy Chairman of the Board of Directors.

The meeting also approved the leadership and membership of the Board committees.

The independent director Viktor Cherepov was re-elected Chairman of the Audit Committee; Siroj Loikov was elected Chairman of the Remuneration and Human Resources Committee; and Alexander Sharabaiko was re-elected Chairman of the Strategy and Sustainable Development Committee. Sergey Samosyuk was re-elected Secretary of the Board of Directors.

Having considered the issue of the compliance of the membership of the committees with the objectives of the Board of Directors and the goals of the Company’s activities, the Board of Directors confirmed that, at present, taking into account the scale of operations and the level of risk, the membership of the committees of the Board of Directors is fully in line with the objectives of the Board of Directors and the goals of the Company’s activities, and that there is no need to create additional Board committees.

The Board of Directors also recognised Vladimir Trukhachev as an independent director in accordance with the provisions of the Corporate Governance Code and the Listing Rules of Moscow Exchange.

In addition, the Company’s CEO, Mikhail Rybnikov, spoke at the meeting about the key results of PhosAgro Group’s operations in the first quarter:

“The consistent implementation of our long-term development programme has enabled us to continue to ramp up the pace of production of agrochemical products. According to preliminary data, production in 1Q increased 6% [year-on-year], which lays a solid foundation for us to achieve our production target of 11.3 million tonnes by the end of the year. The main factors driving increased production are our new million-tonne plant in Volkhov, which is going to reach design capacity this year, and our production facility in Balakovo, where the second phase of our large-scale strategic development programme is being completed.

“Positive production trends are reflected in our higher tax payments at all levels and in our support for corporate social and charitable projects as well as our increasing capitalisation: as of the end of 1Q, investors had estimated PhosAgro’s total value at RUB 1 trillion.”

About the Company

PhosAgro (www.phosagro.ru) is a vertically integrated Russian company and one of the world’s leading producers of mineral phosphorous fertilizers and of high-grade apatite concentrate grading 39% P2O5 and higher. PhosAgro’s fertilizers are highly effective, ensuring the improved quality of agricultural produce.

PhosAgro Group is the largest manufacturer of phosphate-based fertilisers in Europe (by total capacity of DAP/MAP/NP/NPK/NPS production), the largest producer of phosphite grading 39% P2O5 in the world and one of the leading global producers of ammonium and diammonium phosphate, one of Europe’s leading and the only producer in Russia of monocalcium phosphate feed (MCP), and the only producer in Russia of nepheline concentrate.

The company’s main products, including phosphite, 57 grades of fertilizer, phosphate feed, ammonium, and sodium tripolyphosphate, are used in around 100 countries on all inhabited continents. Our priority markets, besides Russia and the CIS, are Latin America, Europe, and Asia.

The company's shares are listed on the Moscow Exchange and its Global Depositary Receipts (GDRs) are listed on the London Stock Exchange (MOEX and LSE ticker: PHOR).

More information about PhosAgro PJSC can be found on our site: www.phosagro.ru