Court Lifts Injunction on Silvinit Shareholder General Meeting Decisions and Merger Agreement

13.04.2011

OJSC Uralkali ("Uralkali") announces that, as a result of the court hearing held on 13 April 2011 by the 17thArbitration Court of Appeal, the court upheld the appeal of Uralkali and Silvinit on

the injunction imposed by the Perm Territory Arbitration Court on 25 February 2011. The injunction related to the claim filed on 24 February 2011 by OJSC Acron, Licona (International) Limited, ROF (Cyprus) Limited and Medvezhonok Holdings Limited against OJSC Silvinit ("Silvinit") and Uralkali and sought to invalidate decisions approved by the Extraordinary General Shareholders Meeting ("EGM") of Silvinit on 4 February 2011, and the merger agreement entered into between Uralkali and Silvinit.

The court decision, therefore, lifts the measure prohibiting the Russian Federal Service for Financial Markets from registering the Uralkali share issuance and the report on the results of share issuance – to be placed as a result of conversion of Silvinit shares into Uralkali shares – upon completion of the merger in accordance with the merger agreement.

Previously, as a result of the court hearing held on 18 March 2011 by the Perm Territory Arbitration Court, the court lifted the injunction prohibiting Silvinit from implementing the decision on the reorganization of Silvinit in the form of the merger with Uralkali, approved by Silvinit shareholders, as well as the injunction prohibiting the implementation of the merger agreement and the registration of termination of Silvinit through entries into the unified state register of legal entities upon completion of the merger.

Vladislav Baumgertner, Uralkali CEO:

We welcome the decision of the Arbitration Court of Appeal. Lifting the injunction as well as the recent approval by the Russian Antimonopoly Service of the proposed combination of Uralkali and Silvinit will allow us to complete the merger, pursuant to the previously announced timetable and in accordance with the terms announced and subsequently supported by the overwhelming majority shareholders of both companies.

For investor inquiries

Anna Batarina, CFA
Director for Investor Relations
Tel.: +7 (495) 730 2371
anna.batarina@msc.uralkali.com

For media inquiries

Alexey Sotskov
Director for Media Relations
Tel.: +7 (495) 730 2371
alexey.sotskov@msc.uralkali.com

Brian Cattell/ James Devas
Maitland Communications
Tel.: +44 (20) 7379 5151
bcattell@maitland.co.uk

This announcement is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase, exchange or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. This announcement does not constitute a prospectus or a prospectus equivalent document.

Notice to U.S. investors

The proposed business combination involves securities of a non-US company. It is important for U.S. securities holders to be aware that this announcement is subject to disclosure and regulations in England that are different from those in the United States. In addition, U.S. securities holders should be aware that this announcement has been prepared in accordance with English format and style, which differs from the U.S. format and style. In particular the financial information of Uralkali and Silvinit included herein has been prepared in accordance with International Financial Reporting Standards, and thus may not be comparable to financial information of U.S. companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.

It may be difficult for U.S. securities holders to enforce their rights and any claim they may have arising under the U.S. federal securities laws, since Uralkali is located in the Russian Federation, and some or all of its officers and directors may be residents of countries other than the United States. U.S. securities holders may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of the U.S. securities laws. It may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court’s judgment.

Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the "Securities Act"), or pursuant to an exemption from such registration. The Uralkali Shares to be issued in connection with the Proposed Combination are not, and will not be, registered under the Securities Act or under the securities laws of any jurisdiction of the United States and will be issued to Silvinit Shareholders in the United States in reliance on the exemption from registration provided by Rule 802 under the Securities Act and in reliance on available exemptions from any state law registration requirements. The securities of Uralkali and Silvinit have not been, and will not be, registered under the Securities Act or under the securities laws of any jurisdiction of the United States.

No profit forecast

Nothing in this announcement is intended to be, or is to be construed as, a profit forecast or to be interpreted to mean that earnings per Uralkali Share, Uralkali GDR, or Silvinit Share for the current or future financial years, or those of either Uralkali or Silvinit, will necessarily match or exceed the historically published earnings per Uralkali Share, Uralkali GDR or Silvinit Share.

Forward looking statements

This announcement, including any information included or incorporated by reference, may contain “forward-looking statements” concerning Uralkali and Silvinit. Generally, the words “will”, “may”, “should”, “could”, “would”, “can”, “continue”, “opportunity”, “believes”, “expects”, “intends”, “anticipates”, “estimates” or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Uralkali and Silvinit operations and potential synergies resulting from the Proposed Combination; and (iii) the effects of government regulation on the businesses of Uralkali and Silvinit. Many of these risks and uncertainties relate to factors that are beyond the companies’ abilities to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Each of Uralkali and Silvinit assumes no obligation in respect of, and does not intend to update, these forward-looking statements.

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