PhosAgro : Independent Director Viktor Cherepov Re-elected Chairman of PhosAgro’s Board of Directors

Moscow
- The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, re-elected the independent director Viktor Cherepov as its Chairman at its first meeting since its Annual General Meeting of Shareholders. Alexander Sharabaika was re-elected Deputy Chairman of the Board of Directors.

Mr Cherepov said: "Thanks to the concerted efforts of our workforce and close cooperation between our Board of Directors and management, we have been steadily implementing our long-term strategy for dynamic growth and our large-scale capital investment programme, with a record RUB 73 billion planned for investment this year. As a result, we have been able to maintain the positive trend when it comes to production: according to preliminary figures, we increased production of agrochemicals by 3.6% in the first half of this year.

"Our long-term commitment to sustainability and our priority focus on improving working conditions and unlocking the potential of our employees are also reflected in the increase in the average salary at our production sites, which has risen by 60% over the past three years and has been indexed by a further 15% since 1 February 2024. We have increased our support for social and charitable projects sevenfold over the past 10 years, allocating a total of over RUB 25 billion for these purposes in 2022 and 2023. The meaningful work that we have carried out to develop the social sphere in the regions where we operate will continue."

The meeting also approved the chairmen and members of the Board committees.

Mr Cherepov was re-elected Chairman of the Audit Committee; Siroj Loikov was elected Chairman of the Remuneration and Human Resources Committee; and Mr Sharabaika was re-elected Chairman of the Strategy and Sustainable Development Committee. Sergey Samosyuk was re-elected Secretary of the Board of Directors.

Having considered the issue of the compliance of the membership of the Board committees with the Board's objectives and the goals of the Company's activities, the Board confirmed that, at present, taking into account the scale of the Company's operations and its level of risk, the membership of the Board committees is fully in line with the Board's objectives and with the goals of the Company's activities, and that there is no need to create additional Board committees.