OJSC PHOSAGRO - PhosAgro Board Recommends Dividend of RUB 7.38 bln

For Immediate Release

22 March 2016

PhosAgro Board Recommends Dividend of RUB 7.38 bln

Moscow - The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, at its meeting today recommended that the Annual General Meeting of Shareholders ("AGM") approve a dividend of RUB 7,382 million, or RUB 57 per ordinary share (RUB 19 per Global Depositary Receipt).

The AGM will be held on 31 May 2016, with the record date for participation set as 15 April 2016. The Board has recommended that the the AGM set the dividend record date as 11 June 2016.

The Board of Directors recommended this dividend after reviewing PhosAgro's annual statutory accounts and its consolidated IFRS financial statements for 2015, which will be disclosed on Wednesday, 23 March 2016.

PhosAgro CEO Andrey Guryev said: "I am pleased that PhosAgro continues to have one of the most efficient companies in its sector, even in a year when the budgets for our large-scale investment and social programmes reached record numbers, and we continued to work on easing our debt burden.

The Board of Directors approved the AGM agenda, which includes the standard questions, and approved several related party transactions. Ivan Rodionov, a Non-Executive Director, was appointed to chair the AGM. The Board of Directors also gave preliminary approval the the Company's annual report.

For further information please contact:

OJSC PhosAgro
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
[e-mail]
[phone]

Timur Belov, Press Officer
Anastacia Basos, Deputy Press Secretary
[phone]

EM
Sam VanDerlip
[e-mail]
[phone]
[phone]