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PhosAgro Update on PhosAgro-Cherepovets Share Tender

25 April 2014
Moscow – PhosAgro ("the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that shareholders owning over 10% of OJSC PhosAgro-Cherepovets shares have accepted PhosAgro’s voluntary tender offer for the purchase of PhosAgro-Cherepovets shares.

The purchase price has been set at RUB 44 per ordinary PhosAgro-Cherepovets share with a nominal value of RUB 1.10.  PhosAgro is accepting share tender documentation through 6 May 2014.  VTB has provided a bank guarantee for obligations arising as a result of the tender totalling RUB 10.8 billion.

PhosAgro and affiliated parties currently own 87.77% of the share capital of PhosAgro-Cherepovets.  PhosAgro plans to complete the consolidation of its ownership of PhosAgro-Cherepovets in 3Q 2014.