Uralkali Holds Annual General Meeting of Shareholders

30.06.2009

Uralkali’s annual general shareholders’ meeting took place in Berezniki (Perm Region) on June 30, 2009.

Uralkali’s CEO Vladislav Baumgertner reported the Company’s 2008 results to the shareholders. The favorable market conditions in the world potash market in the first three quarters of last year resulted in significant growth in Uralkali’s financial performance. In accordance with IFRS, the Company’s net revenue (gross revenue less freight costs, railway tariffs and transshipment costs) grew by 140%, up to 54.3 billion rubles, in 2008. Adjusted EBITDA (the Company’s operating income plus accumulated depreciation and amortization of intangible assets) was 41.3 billion rubles, which was an increase of 242% on 2007. The level of adjusted EBITDA margin grew up to 76% in 2008 as compared with 53% in 2007. The company’s net profit was 21.9 billion rubles, an increase of 172% on 2007. In September 2008, the general shareholders’ meeting agreed to pay interim dividends of 8.5 billion rubles for the first half of 2008. The Company continued carrying out its previously announced plans for expanding and upgrading production facilities throughout 2008. Uralkali’s total capital expenditures grew to 14.3 billion rubles, an increase of 127% on 2007.

In the third quarter of 2008, there was a significant downturn in the international fertilizer markets as a result of the credit crunch. The company adjusted its previous production targets due to a reduction in fertilizer demand and produced 4.8 million tonnes of muriate of potash rather than 5.4 million tonnes planned in 2008.

The shareholders’ meeting approved the annual report and the Company’s financial statements. The shareholders agreed to pay 14.5 million rubles to the Company’s Independent Directors for their performance in the Committees of the Board of Directors. It was decided not to pay remuneration to other members of the Board of Directors. The shareholders resolved not to allot the Company’s profit for 2008 remained after payment of the interim dividends for the first half of the year in the amount of 20,967 million rubles.

The shareholders approved Bat Audit as Uralkali’s auditor for Russian accounting standards for 2009 and elected the Audit Commission and the Board of Directors of the Company.

Following persons were elected to the Board of Directors of Uralkali:

Mikhail Vyacheslavovich Antonov

Vladislav Arturovich Baumgertner
Yury Valeryevich Gavrilov
Andrey Rudolfovich Konogorov
Kuzma Valeryevich Marchuk
Vladimir Eduardovich Ruga
Dmitry Evgenyevich Rybolovlev
Hans Jochum Horn
Ilya Arturovich Yuzhanov

Dmitry Rybolovlev, Chairman of the Board of Directors of Uralkali:

2008 was a difficult and complex year for our company, just like for the entire world potash market. In the first nine months of 2008 world demand for potash fertilizer grew consistently, enabling the Company to achieve good financial results and increase its shareholder income. However, the global economic downturn, which intensified last autumn, had an effect on everybody. Our production has slowed down, and we are prepared to respond to a market situation that will continue to remain unstable for some time. Under these conditions our priorities are to preserve jobs and the Company’s’ workforce capacity, reduce costs and expense optimization. We are confident that the fundamental performance of the potash industry will remain competitive and believe that the potash fertilizer market will be one of the first markets to recover from the global downturn.

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