OJSC PHOSAGRO - Cyprus Court Closes Proceeding against PhosAgro

For Immediate Release

30 March 2016

Cyprus Court Closes Proceeding against PhosAgro, Certain Employees and Shareholders

Moscow - PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, announces that today the Company received the decision of the District Court of Limassol (Cyprus) from 21 March 2016 by which it closed proceedings launched on 21 May 2015 by Alexander Gorbachev against PhosAgro, certain members of the Board of Directors and shareholders. By the decision of the court all charges have been dropped.

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]

Notes to Editors

PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P₂O₅ content of not less than 39%), as well as ammonia and nitrogen-based fertilizers.

The Company is the largest phosphate-based fertilizer 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 one of the leading producers of feed phosphates (MCP) 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. The Company'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 fertilizer 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.

PhosAgro's 2015 IFRS revenue was over USD 3.1 bln and EBITDA was USD 1.4 bln.

For further information on PhosAgro please visit: http://www.phosagro.com/