MARKET SURVEY. January 2012 RUSSIA'S FERTILIZERS INDUSTRY IN 2011 TABLE OF CONTENTS CORPORATE NEWS AGENCY

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1 CORPORATE NEWS AGENCY Interfax - CNA 2 Pervaya Tverskaya- Yamskaya Moscow, , Russia Tel. (7-495) cna@interfax.ru RUSSIA'S FERTILIZERS INDUSTRY IN 2011 January 2012 MARKET SURVEY TABLE OF CONTENTS RUSSIA S FERTILIZER INDUSTRY: FINANCIAL RESULTS...5 Key financials of top holdings to IFRS... 5 Key financials of top producers to RAS... 6 STOCK MARKET CONSENSUS FORECAST...9 Uralkali... 9 Phosagro... 9 Acron... 9 RUSSIA'S FERTILIZER INDUSTRY: MAJOR TRENDS...10 Russia's mineral fertilizer production Regional output of mineral fertilizers Russia s mineral fertilizers industry: export performance Major trends...17 Nitrogen fertilizers: key export markets Potash fertilizers: key export markets Compound fertilizers: key export markets Prices for mineral fertilizers Russia s mineral fertilizers industry: key segments Nitrogen fertilizers Phosphate fertilizers Potash fertilizers...28 TOP RUSSIAN FERTILIZER HOLDINGS...30 EuroChem EuroChem: structure EuroChem: operations summary EuroChem: key financials and ratios PhosAgro PhosAgro: structure PhosAgro: operations summary PhosAgro: key financials and ratios Uralkali Uralkali: structure Uralkali: operations summary Uralkali: key financials and ratios Acron Group Acron Group: structure... 51

2 Acron Group: operations summary Acron Group: key financials and ratios United Chemical Company UralChem UralChem: structure UralChem: operations summary UralChem: key financials and ratios SIBUR-Fertilizers SIBUR-Fertilizers: structure SIBUR-Fertilizers: operations summary Sibur-Fertilizers: key financials and ratios RUSSIAN INDEPENDENT PRODUCERS OF MINERAL FERTILIZERS...66 Togliattiazot Togliattiazot: operations summary Togliattiazot: key financials and ratios Kuibyshevazot Kuibyshevazot: operations summary Kuibyshevazot: key financials and ratios Minudobreniya (Voronezh region) Minudobreniya: operations summary Minudobreniya: key financials and ratios SUPPLEMENT...73 Profitability in sector of Materials in Russia s top producers of ammonia Russia s top producers of nitrogen fertilizers Russia s top producers of phosphate fertilizers LIST OF TABLES Table 1 Sales Revenue to IFRS/ US GAAP of Top Russian Holdings in Mineral Fertilizers Industry in 1H2011, US$ million...5 Table 2 EBITDA of Top Russian Holdings in Mineral Fertilizers Industry in 1H2011, US$ million...5 Table 3 Net Income to IFRS/ US GAAP of Top Russian Holdings in Mineral Fertilizers Industry in 1H2011, US$ million...5 Table 4 EBITDA Margin of Top Russian Holdings in Mineral Fertilizers Industry in 1H2011, US$ million...6 Table 5 ROS of Top Russian Holdings in Mineral Fertilizers Industry in 1H2011, US$ million...6 Table 6 Sales Revenue to RAS of Russia's Mineral Fertilizer Producers in Jan.-Sept. 2011, RuB million.7 Table 7 Operating Income to RAS of Russia's Mineral Fertilizer Producers in Jan.-Sept. 2011, RuB million...7 Table 8 Net Income to RAS of Russia's Mineral Fertilizer Producers in Jan.-Sept. 2011, RuB million...7 Table 9 ROA of Russia's Mineral Fertilizer Producers in Jan.-Sept. 2011, RuB million...8 Table 10 ROS of Russia's Mineral Fertilizer Producers in Jan.-Sept. 2011, RuB million...8 Table 11 Russia's Use of Mineral Fertilizers in (based on 100% nutrients)...11 Table 12 Sales of Mineral Fertilizers in Russian Market in Jan.-Sept. 2011, '000 tonnes (based on 100% nutrients)...11 Table 13 Russia's Production of Mineral Fertilizers in Jan.-Nov. 2011, '000 tonnes (based on 100% nutrients)...13 Table 14 Russia's Production of Mineral Fertilizers by Federal Districts in Jan.-Nov.2011, '000 tonnes (based on 100% nutrients)...16 Table 15 Russia's Production of Mineral Fertilizers by Regions in Jan.-Nov.2011, '000 tonnes (based on 100% nutrients)

3 Table 16 Russia's Exports of Mineral Fertilizers in Jan.-Oct. 2011, '000 tonnes...17 Table 17 Russia s Mineral Fertilizer Export by Value in Jan.-Oct..2011, $ million...19 Table 18 Breakdown of Russia's Export of Ammonia by Volume by Countries in 2010-January-October Table 19 Breakdown of Russia's Export of Nitrogen Fertilizers by Volume by Countries in January- October Table 20 Breakdown of Russia s Export of Potash Fertilizers Volume by Countries in January- October Table 21 Breakdown of Russia s Export of Compound Fertilizers by Volume by Countries in January-October Table 22 Prices for Mineral Fertilizers in Russia in Table 23 EuroChem's Key Consolidated Financials for January-September 2011 (Millions of US$)...35 Table 24 EuroChem's Key Consolidated Financials for (Millions of US$)...35 Table 25 EuroChem's Key Financial Ratios for Table 26 PhosAgro's Output in January-September Table 27 PhosAgro 's Key Consolidated Financials for 1H 2011 (Millions of US$)...43 Table 28 PhosAgro's Key Consolidated Financials for (Millions of US$)...43 Table 29 PhosAgro's Key Financial Ratios for Table 30 Uralkali Production of Potash Fertilizers in , '000 tonnes...44 Table 31 Uralkali Key Consolidated Financials for 1H 2011 (Millions of US$)...49 Table 32 Uralkali Key Consolidated Financials for (Millions of US$)...49 Table 33 Uralkali Key Financial Ratios for Table 34 Acron Group Consolidated Capacity, million tones...52 Table 35 Acron Group Consolidated Fertilizer Production in , 000 tones...52 Table 36 Acron's Key Consolidated Financials for January-September 2011 (Millions of US$)...55 Table 37 Acron's Key Consolidated Financials for (Millions of US$)...56 Table 38 Acron's Key Financial Ratios for Table 39 UralChem Production of Mineral Fertilizers in January-September 2011, tonnes...58 Table 40 UralChem's Key Consolidated Financials for January-September 2011 (Millions of US$)...61 Table 41 UralChem's Key Consolidated Financials for (Millions of US$)...61 Table 42 UralChem's Key Financial Ratios for Table 43 SIBUR-Fertilizers Production Capacity, 000 tonnes...64 Table 44 SIBUR-Fertilizers Sales of Mineral Fertilizers in , 000 tonnes...64 Table 45 SIBUR-Fertilizers Key Consolidated Financials for (Millions of US$)...65 Table 46 SIBUR-Fertilizers Key Financial Ratios for Table 47 Togliattiazot Production of Ammonia and Nitrogen Fertilizers in , '000 tonnes...66 Table 48 Togliattiazot's Key Financials to RAS for January-September 2011 (Millions of US$)...67 Table 49 Togliattiazot's Key Consolidated Financials for (Millions of US$)...67 Table 50 Togliattiazot's Key Financial Ratios for January-September Table 51 Kuibyshevazot Production of Ammonia and Nitrogen Fertilizers in January-September 2011, '000 tonnes...68 Table 52 Kuibyshevazot 's Key Consolidated Financials for (Millions of US$)...68 Table 53 Kuibyshevazot 's Key Financial Ratios for Table 54 Minudobreniya Production of Ammonia, Nitrogen, Phosphate Fertilizers in , '000 tonnes...70 Table 55 Minudobreniya Key Consolidated Financials for (Millions of US$)...71 Table 56 Minudobreniya Key Financial Ratios for Table 57 Growth of Sales, Operating Income, Net Income Within Russia s Materials Sector in Table 58 Operating Margins Within Russia s Materials Sector in Table 59 ROS Within Russia s Materials Sector in Table 60 ROE Within Russia s Materials Sector in Table 61 ROA Within Russia s Materials Sector in Table 62 Top Russia's Producers of Ammonia in , '000 tonnes...76 Table 63 Top Russia's Producers of Nitrogen Fertilizers in , '000 tonnes (based on 100% nutrients)

4 Table 64 Top Russia's Producers of Phosphate Fertilizers in , '000 tonnes (based on 100% nutrients)...77 LIST OF GRAPHS Graph 1 Russia's Mineral Fertilizer Industry Operating Margin and ROS in Jan.-Sept Graph 2 Russia's Industry of Mineral Fertilizers Via GDP and Agriculture in 1999-Jan.-Nov. 2011, Y-to-Y...10 Graph 3 Sales of Mineral Fertilizers in Russian Market in , '000 tonnes (based on 100% nutrients)...12 Graph 4 Russia's Production of Mineral Fertilizers in , '000 tonnes (based on 100% nutrients) 12 Graph 5 Russia's Monthly Growth Rates of Mineral Fertilizers in January-November Graph 6 Russia's Production of Key Types of Mineral Fertilizers in , 2001= Graph 7 Breakdown of Russia's Production of Mineral Fertilizers by Key Types in Graph 8 Breakdown of Russia's Production of Mineral Fertilizers by Federal Districts in Graph 9 Russia's Mineral Fertilizer Export Via Production in 2003-Jan.-Oct.2011, Y-to-Y...17 Graph 10 Russia's Monthly Export Growth of Main Types of Mineral Fertilizer by Volume in March- October 2011, Y-to-Y...18 Graph 11 Breakdown of Russia's Mineral Fertilizer Export by Volume in Graph 12 Russia's Monthly Export Growth of Main Types of Mineral Fertilizer by Value in March- October 2011, Y-to-Y...20 Graph 13 Breakdown of Russia's Mineral Fertilizer Export by Value in *...20 Graph 14 Export Prices for Russian Nitrogen Fertilizers in January-October 2011, Y-to-Y...23 Graph 15 Export Prices for Russian Potash Fertilizers in January-October 2011, Y-to-Y...24 Graph 16 Russia's Production of Nitrogen Fertilizers in *, '000 tonnes (based on 100% nutrients)...25 Graph 17 Russia's Monthly Growth Rates of Ammonia in January-November Graph 18 Russia's Monthly Growth Rates of Nitrogen Fertilizers in January-November Graph 19 Russia's Production of Phosphate Fertilizers in *, '000 tonnes (based on 100% nutrients)...27 Graph 20 Russia's Monthly Growth Rates of Phpsphate Fertilizers in January-November Graph 21 Russia's Production of Potash Fertilizers in *, '000 tonnes (based on 100% nutrients)...28 Graph 22 Russia's Monthly Growth Rates of Potash Fertilizers in January-November Graph 23 Eurochem s Share in Russia's Production of Mineral Fertilizers in Graph 24 Eurochem s Quarterly Ratios in Graph 25 PhosAgro s Share in Russia's Production of Mineral Fertilizers in Graph 26 Acron s Share in Russia's Production of Mineral Fertilizers in Graph 27 Acron's Quarterly Ratios in Graph 28 Acron s Share in Russia's Production of Mineral Fertilizers in Graph 29 UralChem's Quarterly Ratios in Graph 30 SIBUR-Fertilizers Share in Russia's Production of Nitrogen Fertilizers in Graph 31 Share of Togliattiazot in Russia's Nitorgen Fertilizer Production in Graph 32 Share of Kuibyshevazot in Russia's Nitrogen Fertilizer Production in Graph 33 Share of Minudobreniya in Russia's Mineral Fertilizer Production in

5 CORPORATE NEWS AGENCY INTERFAX CORPORATE NEWS AGENCY Head of Research Dr. Igor Y. Volosov Tel.: Fax.: Internet: Interfax Group is a leading provider of critical information on Russia, China and emerging markets of Eurasia, serving the diverse needs of investors, corporations, financial professionals and the media. Interfax provides about 100 specialized information services, supplying weekly and daily intelligence reports with industry analysis, business information, real-time news, market data and ratings and credit reports. The leader in the CIS, the Interfax Group has a global operational network, with over 1000 staff daily turning out over 3000 stories from over 70 bureaus worldwide. Interfax Group's market surveys, which are widely recognized as an unbiased information source, have been successfully published since The reports focus on in-depth analysis of key Russian industries and sub-industries in sectors of energy, materials, capital goods, industrials, consumer discretionary, consumer staples, telecommunication services, utilities. Interfax research products take advantage of unique research opportunities provided by the SPARK-Interfax Database which covers 12 million Russian, Ukrainian, Kazakh entities and has tools to analyze, compare, link and benchmark companies. The surveys are completed using only the most reliable information coming from the Federal Statistical Service, the Federal Customs Service, the Central Bank of RF, the Economic Development and Trade Ministry, Federal Financial Markets Service and other key agencies. Interfax-CNA product range includes: Profiles on more than 4.5 million Russian companies Profiles on Russian banks and insurance companies Marketing profiles (regions, goods, producers, exporters etc.) In-depth analysis on Russian markets and industries Macroeconomic research and policy impact analysis Identification and evaluation of potential business partners Individual data search

MARKET SURVEY. November 2005 RUSSIA'S CHEMICAL AND PETROCHEMICAL INDUSTRY IN TABLE OF CONTENTS CORPORATE NEWS AGENCY

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