Each of the BRIC countries is an emerging market and of these, China, India and Russia have been amongst the fastest growing economies, with GDP compound annual average growth rates of 9.5%, 6.4% and 6.1%, respectively, since 2000. According to IFA data, the BRIC countries are expected to be among the markets with the fastest growing potash demand and, together, account for about 64% of projected growth in global potash demand by 2011. We believe that the potash demand in these countries has high growth potential because of their rising incomes leading to more protein-intensive diets, their fast growing population rates, and their need to achieve greater yields from their arable land. Uralkali believes that its strength in the BRIC countries puts us in positions benefit from their expected growth, and gives us the potential to grow faster than other producers who are less exposed to these markets.

Since the year 2000 we have achieved a production growth of 10% per year, so we have proven our ability to manage Uralkali as a growing company. We are very well placed to capture growth going forward and increase our production capacity by as much as 40% at the end of 2011 and do so more cost effectively than many of our competitors. Uralkali has a capital expenditure programme in place that we believe will allow us to increase our annual production capacity. With approximately 4,1 megatonnes of potash measured and indicated resources, we have the potash ore resources for our planned production capacity increases.