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PhosAgro Statement on PhosAgro-Cherepovets Ownership

17 July 2012

Moscow– PhosAgro ("PhosAgro" or "the Company") (MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertiliser producer, is providing an update regarding its ownership of PhosAgro-Cherepovets following its creation by way of merger of Cherepovetsky Azot and Ammophos. 

PhosAgro and PhosInt Limited (a related party) now own 87.6% of PhosAgro-Cherepovets.  Prior to the merger, PhosAgro Group owned 94.1% of Ammophos and 63.3% of Cherepovetsky Azot.

Shareholders of Cherepovetsky Azot and Ammophos approved the re-organisation of the companies by way of merger at EGMs on 27 February 2012.