REG-PJSC PhosAgro: Argentina Lifts Import Duties on DAP <Origin Href="QuoteRef">PHOR.MM</Origin>

PhosAgro PAOAnnouncement

30/08/2017 14:45

For Immediate Release   30 August 2017 

Argentina Lifts Import Duties on DAP

Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE:
PHOR), one of the world’s leading vertically integrated phosphate-based
fertilizer producers, is considering increasing sales of fertilizers to
Argentina following the decision taken by Argentinian President Mauricio Macri
to cancel the 6% import duty on high-quality diammonium phosphate (DAP) from
Russia.

Andrey Guryev, CEO of PhosAgro, President of the Russian Association of
Fertilizer Producers and Chairman of the Russian-Argentine Council of
Entrepreneurs from the Russian side, commented:

“The joint efforts of federal authorities, including the Ministry of Foreign
Affairs and the Ministry of Economic Development, as well as the
intergovernmental Russian-Argentine commission for cooperation in trade,
science and technology, the Russian Union of Industrialists and Entrepreneurs
and the Chamber of Commerce and Industry have successfully upheld the
interests of Russian business on the international arena by lifting
restrictive measures on the trade of high-quality Russian mineral fertilizer
products. We are grateful to the Argentine authorities for the constructive
dialogue and willingness to bolster mutually beneficial cooperation between
Russian and Argentine companies.

“To be sure, Russian fertilizer producers are not the only winners from such
a decision; Argentine farmers and their customers will also benefit from
additional volumes of 300-350 kt of high-quality DAP products that are free
from potentially harmful contaminants.

“Agricultural products and mineral fertilizers, which are necessary for
increasing the efficiency of agricultural production, together constitute one
of the most important and largest areas of trade between Russia and Argentina.
The Russian fertilizer industry views Argentina and the rest of Latin America
as a high-priority market, alongside the Russian domestic market. In 2016,
Russian fertilizer exports to Argentina grew by 1.6 times year-on-year to 521
kt, making up 43% of Russia’s overall exports to Argentina.

“The illogical situation in which high-quality Russian DAP, which is free
from potentially harmful contaminants, was subject to import duties, while
fertilizer containing harmful substances were allowed without being subject to
duties, has now been resolved.”

For further information please contact:

PJSC PhosAgro
Alexander Seleznev, Head of Investor Relations
ir@phosagro.ru
+7 495 232 96 89 ex 21 87

Timur Belov, Press Officer
Anastacia Basos, Deputy Press Secretary
+7 495 232 9689

EM
Sam VanDerlip
vanderlip@em-comms.com
+44 7554 993 032
+7 499 918 3134

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 (P(2)O(5) 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 2016 IFRS revenue was over USD 2.8 bln and EBITDA was USD 1.08
bln.

For further information on PhosAgro please visit: www.PhosAgro.com



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