Notice on depositary receipts

Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, announces that Federal Law No. 114-FZ on Amendments to the Federal Law on Joint-Stock Companies and Certain Legislative Acts of the Russian Federation, dated 16 April 2022, was enacted on 27 April 2022. Among other things, the Law prohibits the placement of and trading in depositary receipts ("DRs") representing shares in Russian issuers, including PhosAgro, unless the Government Commission for Oversight of Foreign Investments in the Russian Federation  provides express permission to do so.

PhosAgro hereby announces that it filed an application for permission on 28 April 2022. The Government Commission will make a decision with respect to the application by 16 May 2022 (inclusive). If its application is denied, PhosAgro will be required, pursuant to the Law, to take necessary and sufficient measures to terminate the deposit agreements relating to its DR programme within five business days after the date of said denial.

About PhosAgro

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.