PhosAgro EGM Approves Dividends

Moscow - The shareholders of PhosAgro (Moscow Exchange, LSE: PHOR), a leading global vertically integrated producer of phosphate-based fertilizers, decided at an extraordinary general meeting (EGM) to pay out dividends in the amount of RUB 15.9285 billion at a rate of RUB 123 per ordinary share from the Company's undistributed net profit as of 30 September 2020. The dividend record date has been set as 25 December 2020.

Commenting on the EGM's decision, PhosAgro CEO Andrey Guryev said: "PhosAgro has been implementing a large-scale investment programme in recent years, which has expanded opportunities for the Company to generate free cash flow. This has enabled us to implement new investment projects as well as charitable and social responsibility programmes, while ensuring stable dividend payments to shareholders. Despite the challenging conditions of the pandemic, PhosAgro managed in 2020 not only to not curtail its production and investment programme, which will be carried out as planned this year, but also to create 570 new jobs since the beginning of the year.

"As part of our Development Strategy to 2025, we continue the vigorous implementation of a key investment project in the city of Volkhov, in the Leningrad region. The construction of a state-of-the-art facility for the production of phosphate-based fertilizers and support infrastructure - including a power plant - at a cost of RUB 28 billion will enable us to make PhosAgro's Volkhov chemical plant a driver for development of the industry in the long term, more than quadrupling commercial production at the enterprise from 200 thousand tonnes per year to 860 thousand tonnes per year. The project will result in about RUB 3 billion in additional tax revenues over five years once the plant reaches full capacity in 2023."

About the company

PhosAgro (www.phosagro.ru) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

PhosAgro's main products include phosphate rock, more than 50 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 102 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.

More information about PhosAgro can be found on the website: www.phosagro.ru.