PhosAgro Board Confirms Maxim Volkov as CEO

20 Jan 2012 11:09

For Immediate Release 20 January 2012

PhosAgro Board Confirms Maxim Volkov as CEO

Moscow - PhosAgro ("the Company"), a leading global vertically integrated phosphate-based fertilizer producer, announces that its Board of Directors has re-appointed Maxim Volkov as CEO for another one year term in accordance with the Company charter.

The Board of Directors also voted to allow the PhosAgro CEO to hold positions in the management bodies of other organizations.

Short bio of Maxim Volkov:

CEO of OJSC PhosAgroCEO of Management Company CJSC PhosAgro AGMember of the Board of Directors of OJSC PhosAgro

Mr. Volkov joined the Board of Directors of OJSC PhosAgro in 2002. Prior to becoming PhosAgro's CEO, he was the deputy CEO for economic affairs and finance. Mr. Volkov started his career in 1996 as an auditor with Arthur Andersen. He holds a master's degree from the Bod¸ Graduate School of Business (Norway). He also graduated from the Ustinov Baltic State Technical University.

For further information please contact:

OJSC "PhosAgro"+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsUKStuart Leasor+ 44 20 7920 2317RussiaSam VanDerlip+7 495 663 8005Notes to Editors

PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 35.7 percent), 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), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources, and has 41% of Russia's rare earth oxides resources.

The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. The Group is the only global vertically integrated fertilizer producer that derives approximately 90% of its consolidated gross profit from the phosphates segment. PhosAgro's 1H 2011 IFRS revenue was $1.7 bln and EBITDA was $620 mln. The С ompany's net debt/EBITDA ratio was 0.6 at 30 June 2011.

For further information on PhosAgro please visit: www.PhosAgro.com