Stabilisation Notice

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Citigroup Global Markets Limited

12 August 2011

Stabilisation Notice

Citigroup Global Markets Limited hereby gives notice that it and its affiliates undertook stabilisation (within the meaning of the rules of the Financial Services Authority) in relation to the offering of 26,535,120 Global Depositary Receipts ("GDRs"), with 30 GDRs representing one ordinary share in OJSC "PhosAgro" (Security Identifiers: Rule 144A GDR ISIN: US71922G1004 and Reg S GDR ISIN: US71922G2093).

The Stabilising Manager was Citigroup Global Markets Limited (Contact: Suneel Hargunani, +44 207 986 8764).

The stabilisation period commenced on 13 July 2011 at approximately 08:00 a.m. London time and the stabilisation period ended at the close of business on 11 August 2011.

For each of the dates during which stabilisation transactions were carried out, the price range was as follows:

Date Lowest Price Highest Price

13th July 2011 U.S.$13.90 U.S.$14.00

14th July 2011 U.S.$13.95 U.S.$14.00

15th July 2011 U.S.$14.00 U.S.$14.00

18th July 2011 U.S.$13.95 U.S.$14.00

3rd August 2011 U.S.$13.80 U.S.$13.80

4th August 2011 U.S.$13.80 U.S.$13.80

5th August 2011 U.S.$13.30 U.S.$13.60

8th August 2011 U.S.$12.40 U.S.$13.10

9th August 2011 U.S.$11.25 U.S.$12.30

11th August 2011 U.S.$11.20 U.S.$11.70

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of OJSC "PhosAgro" in any jurisdiction.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.