1Q 2021 Operating Results : PhosAgro Reports 40% -2-

Sales volumes by key markets:

Sales volumes by region 
Phosphate-based fertilizers 
(kt)           1Q 2021 1Q 2020 Chng, % 4Q 2020 Chng, % 
Russia         589.8   626.1   -5.8%   328.7   79.4% 
Europe         715.6   721.1   -0.8%   479.4   49.3% 
Latin America  447.5   170.0   163.2%  403.4   10.9% 
India          57.9    55.0    5.3%    121.3   -52.3% 
Africa         98.7    233.0   -57.6%  110.2   -10.4% 
North America  55.8    120.1   -53.5%  25.2    121.4% 
CIS            69.5    102.9   -32.5%  55.7    24.8% 
Other          41.7    59.1    -29.4%  21.4    94.9% 
Total          2,076.5 2,087.3 -0.5%   1,545.3 34.4% 
 
Nitrogen-based fertilizers 
Russia         275.5   290.5   -5.2%   120.0   129.6% 
Europe         185.7   166.7   11.4%   92.0    101.8% 
Latin America  84.5    121.8   -30.6%  206.0   -59.0% 
North America  186.1   67.1    177.3%  67.1    177.3% 
CIS            10.6    7.8     n/a     0.3     3,433.3% 
Other          44.9    48.9    -8.2%   14.1    218.4% 
Total          787.3   702.8   12.0%   499.5   57.6% 

Export sales of PhosAgro fertilizers increased 6.7% year-on-year to 2.0 million tonnes, driven by a strong recovery in seasonal demand in Europe, Latin America and North America. The increase in sales was also due to the excellent affordability for end users and the low level of carry-over stocks in major sales markets. All these factors enabled PhosAgro to increase sales in its main markets.

Domestic mineral fertilizer sales volumes in 1Q 2021 amounted to about 0.9 million tonnes, a nearly twofold increase from the previous quarter and at the same level as 1Q 2020. Sales of NPK and ammonium nitrate grades were driven by the growth in the affordability of fertilizers for end users and the large size of the agricultural sector in Russia.

Market highlights

Since the beginning of 2021, mineral fertilizer markets have enjoyed a noticeable increase in demand and higher prices thanks to the combination of the following factors: ? a considerable increase in demand and higher world prices for basic agricultural crops, which have contributed to

an increase in the affordability of fertilizers; ? favourable weather conditions in most major sales markets; ? low carry-over stocks for the main types of fertilizers in India, South Asia and the United States; ? growth in domestic consumption of fertilizers in the main exporting regions, including due to greater supplies to

the domestic market in China (to replenish stocks) and the United States (due to the introduction of import duties

on phosphate-based fertilizers from Morocco and Russia); ? scheduled and unscheduled shutdowns of ammonia plants in the main producing countries.

In the future, we may see a slight price correction from current levels due to the start of the off-season in major sales markets - in the United States, Europe and China. At the same time, prices for cereals and oilseeds remain high, which will ensure that fertilizers remain highly affordable while limiting the price correction.

Contacts

PJSC PhosAgro

Andrey Serov, Head of the Investor Relations Department

[phone]

[e-mail]

Timur Belov, Press Officer

[phone] ext. 2652

[e-mail]

EM

Sam VanDerlip

[e-mail]

[phone]

About us

PhosAgro (www.phosagro.com) 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 over 100 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. -----------------------------------------------------------------------------------------------------------------------

ISIN:           US71922G2093 
Category Code:  TST 
TIDM:           PHOR 
LEI Code:       25340053KRUNNYUWF472 
OAM Categories: 2.2. Inside information 
Sequence No.:   100148 
EQS News ID:    1186668 
 
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April 20, 2021 07:01 ET (11:01 GMT)