PhosAgro – FY 2012 Production Results

1

1. Market Context

Market Context – FY 2012

11 2

India, the largest consumer of phosphate fertilizers globally, resumed imports only in Q2

2012. Overall imports of phosphate based fertilizers reported for January-November 2012

declined around 20% as result of a significant decrease – over 70% – in NP imports from

China. Currently India is reporting adequate stocks to support upcoming season

In all other geographies, phosphate fertilizer stocks were and remain at a very low levels

Drought in the US has led to a reduction in grain supplies and growing soft commodities

prices, which approached historic highs at the end of summer 2012, while local

consumption of phosphate based fertilizers grew 10% y-o-y

Exports of phosphate based fertilizers from China decreased over 40% as a result of the

restrictive tariff policy imposed by the Chinese government (82% export duty on NP/TSP

introduced from January 2012)

Phosphate consumption in fast-growing developing markets such as Latin America,

Eastern Europe and Central Asia and Africa increased 3.0%-4.7% y-o-y in 2011/2012, with

Brazil up 8.8% y-o-y and Ukraine up 15.9% y-o-y

Source: IFA, Fertecon, Profercy, Argus FMB, CFMW

2. FY 2012 Production Results

FY 2012 Highlights

11

Total fertilizer production and sales in FY 2012 grew 8.6% a record 5.4 million tonnes

and 7.8% to an all-time high of 5.3 million tonnes, respectively.

Production and sales of phosphate-based fertilizers were up by 5.7% and 4.5% y-o-y,

respectively

Launch of brand new 500 kt p.a. urea plant on 26 October 2012 has doubled

PhosAgro's urea production capacity. As result nitrogen-based fertilizers production

and sales grew 21.8% and 23.1% y-o-y in 2012

NPK production and sales in FY 2012 up 37.1% and 39.2%, respectively

Production facilities have operated at full capacity throughout 2012

PhosAgro has achieved 93% increase in fertilizer production in 10 years (2002-2012)

Flexible production and sales models enabled PhosAgro to adapt to changes in the

global demand patterns

4

Quarterly Production Overview

Phosphate-based fertilisers Nitrogen-based fertilisers

5

Apatit mine and beneficiation plant Other products

1,122

1,047

1,091 1,079 1,080

985

1,012 1,029

900

950

1,000

1,050

1,100

1,150

Q4 Q3 Q2 Q1

km

t

2012

2011

311 319

252

217 204 207

244 247

0

50

100

150

200

250

300

350

Q4 Q3 Q2 Q1

km

t

2012

2011

2,324

2,238

2,126

2,272

2,208

2,169

2,084

2,255

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

Q4 Q3 Q2 Q1

km

t

2012

2011

1,817

1,771 1,779

1,798 1,806

1,715

1,783

1,882

1,600

1,650

1,700

1,750

1,800

1,850

1,900

Q4 Q3 Q2 Q1

km

t

2012

2011

Quarterly Sales Overview

Phosphate-based fertilisers Nitrogen-based fertilisers

6

Apatit mine and beneficiation plant* Other products

1,013

1,107

1,056 1,067

1,049

1,020 1,017

975

900

950

1,000

1,050

1,100

1,150

Q4 Q3 Q2 Q1

km

t

2012

2011

307 308

239 240

191 207

223

268

0

50

100

150

200

250

300

350

Q4 Q3 Q2 Q1

km

t

2012

2011

1,271

1,124

1,035

1,153

1,047 1,028

992

1,083

900

950

1,000

1,050

1,100

1,150

1,200

1,250

1,300

Q4 Q3 Q2 Q1

km

t

2012

2011

53

37

83 84 88

57

100 103

0

20

40

60

80

100

120

Q4 Q3 Q2 Q1

km

t

2012

2011

* Excluding intra-group sales

Quarterly Production Volumes by Product

7

Apatit mine and beneficiation plant

Phosphate-based fertilisers

Nitrogen-based fertilisers

Other products

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

Phosphate rock 2,056.8 1,957.6 1,969.8 1,901.2 1,871.6 1,854.1 2,005.4 2,006.9

Nepheline concentrate 267.6 250.7 268.4 267.9 254.3 230.2 266.4 248.2

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

DAP/MAP 517.0 621.3 525.3 604.4 446.2 601.7 558.8 710.0

NPK 387.3 367.6 400.1 268.0 440.8 307.7 416.0 255.9

NPS 138.6 18.0 50.3 42.3 132.7 22.0 24.8 0.0

APP 19.1 13.4 12.1 13.7 12.0 18.0 17.3 13.0

MCP 60.3 59.5 59.3 56.4 59.6 62.7 62.4 49.8

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

AN 73.3 99.3 23.8 117.3 121.2 116.2 96.3 122.9

NP 15.2 0.0 65.1 0.0 0.0 0.0 0.0 0.0

Urea 222.3 104.4 229.6 89.7 130.6 127.4 120.6 124.1

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

AlF3 4.6 6.2 6.4 5.2 6.5 6.4 6.6 6.4

Ammonia 272.0 210.5 289.6 214.9 278.6 286.3 255.4 298.4

Phosphoric acid 398.8 436.0 405.3 418.5 396.0 415.2 408.0 441.5

Sulphuric acid 1,142.0 1,153.6 1,069.7 1,076.7 1,097.4 1,075.3 1,128.2 1,135.4

Quarterly Sales Volumes by Product

8

Apatit mine and beneficiation plant*

Phosphate-based fertilisers

Nitrogen-based fertilisers

Other products

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

Phosphate rock 1,007.8 801.3 857.3 763.2 782.6 752.7 894.1 835.4

Nepheline concentrate 263.6 246.0 266.7 264.5 252.0 238.9 259.0 247.3

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

DAP/MAP 509.5 596.2 534.0 645.6 414.1 616.3 569.5 675.1

NPK 336.0 359.0 420.7 256.9 446.2 304.2 416.1 242.7

NPS 89.4 18.1 80.2 42.3 124.0 22.0 5.5 0.3

APP 17.7 18.4 9.8 13.8 11.1 11.7 13.4 11.8

MCP 60.1 57.6 62.3 61.4 60.5 63.1 62.8 45.2

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

AN 48.1 106.1 44.7 118.9 113.8 68.4 91.3 153.4

NP 29.5 0.0 49.9 0.0 0.0 0.0 0.0 0.0

Urea 229.5 85.2 213.6 87.9 125.5 154.5 149.0 115.0

kmt Q4 2012 Q4 2011 Q3 2012 Q3 2011 Q2 2012 Q2 2011 Q1 2012 Q1 2011

AlF3 4.6 6.1 6.3 5.8 6.7 6.1 6.5 6.4

Ammonia 3.3 24.2 8.1 5.6 30.9 53.7 30.5 58.3

Phosphoric acid 5.5 3.2 2.2 3.3 2.9 3.9 2.0 2.6

Sulphuric acid 40.0 54.0 20.4 41.8 42.3 36.3 45.1 35.7

* Excluding intra-group sales

2.4

0.98

0.45

0.14

0.24

0.02

7.8

1.7

1.1

1.8 DAP/MAP/NPK/

NPS

Urea

AN/AN-based fertilisers

Liquid fertiliser (APP)

Feedphosphates

Aluminumfluoride (ALF3)

Phosphate rock

Nepheline

Ammonia

Note: (1) production capacities as of October 26, 2012

(2) as of 31 December 2011 and 26 October 2012

4.2

2012(1), mln t

Nitrogen fertilisers Phosphate-based fertilisers and feed phosphates

End

products

Feed

stock

MAP/DAP

MAP/DAP/NPK:

fully flexible production lines

with NPK production capacity of 1.8 mln t

and NPS production capacity up to 1 mln t

Capacity Growth Production Capacities

Source: PhosAgro

1.8

1.7

2011 – 2012, mln t(2)

+6%

2012

2011

0.98

0.48 +104% 2011

2012

2011 – 2012, mln t(2)

2011 – 2012, MW(2)

183

151 +21%

2012

2011

NPK

capacities

Urea

capacities

Electricity

capacities

2011

2012

+5% Sulphuric

acid

capacities

2011 – 2012, mln t(2)

4.83

4.61

2011

2012 1.94

1.86

Phosphoric

acid

capacities

2011 – 2012, mln t of P2O5(2)

+4%

Metachem capacities

Source: PhosAgro

Organic growth through addition of new capacities

9

0

1,000

2,000

3,000

4,000

5,000

6,000

2008 2009 2010 2011 2012E

PhosAgro Increases Production and Flexibility with Growth

in Number of NPK/NPS Grades

NPS:

20:20:0:14

14:34:0:8

NPK/NPKS:

9:25:25:4

13:19:19

NPS:

20:20:0:14

16:20:0:14

14:34:0:8

15:36:0:8

NPK/NPKS:

9:25:25:4

10:26:26:4

15:15:15:8

10:20:20

13:13:21

16:16:8

13:19:19

12:32:12

6:20:30

12:32:16

PKS:

0:20:20:6

0:15:46:7

4X

NPK/NPKS/NPS/PKS grades

from 4 up to 16

in 4 years

AN Urea DAP MAP NPK/NPKS/NPS/PKS NPS

16%

38%

21 Downstream

Products in 2012

Overall

CAGR:8%

NPK/NPS

CAGR: 33%

10

9 Downstream

Products in 2008

APP

‘000 kt

Source: PhosAgro

Outlook

11 11

Active seasonal demand for urea in Western Europe and United States, which traditionally

precedes increased demand for phosphate-based fertilizers

Corn acreage in United States expected to increase on sustained high prices to support

strongest demand for DAP/MAP since 2007/2008

Latest IFA forecast (December 2012) for the upcoming 2013/2014 season calls for 2.4% y-

o-y growth in overall global fertilizer demand, whereas phosphate fertilizer demand is

expected to increase 3.5%. Phosphate consumption is expected to increase at a higher

pace in 2013/2014 in fast-growing markets: Africa +7.2%; Eastern Europe and Central

Asia +4.7%; Latin America +4.5%

Fertilizer stockpiles in Brazil at lowest levels in two years (at the same level as in 2011,

when Brazil import volumes set new records)

Nutrient consumption imbalance in India due to overuse of urea has lead to decline in crop

quality and output – phosphate fertilizer use for upcoming 2013/2014 season forecasted to

increase by 7%, or by 500 kmt of P2O5 (IFA, December 2012)

Source: IFA, Fertecon, Profercy, Argus FMB, CFMW