BMO Farm to Market May 2016

EuroChem Group AG Ver3cally integrated business with a growing global presence ! 

3 Nitrogen plants (2 in Russia, 1 in Belgium) - 3.0 MMT(1) of ammonia and 8.9 MMT of total N fer3lizer product capacity.

! 

3 Phosphate plants (2 in Russia and 1 in Lithuania) - 2.5 MMT of MAP/DAP – and JV in China. 5.1 MMT of total P fer3lizer & feed product capacity

! 

Total annual fer8lizer/feed capacity of 14.0 MMT, including c.2 MMT of specialty products

! 

Ver8cal integra8on: own raw materials, port terminals, rail stock, construc3on/ repair works, Europe/CIS distribu3on capacity

! 

Natural gas operator (Russia) - 1.1bn m3 of annual capacity (c.25% of EuroChem’s annual consump3on)

! 

Iron ore as a co-product of apa3te mining: up to 5.6 MMT of iron ore (Fe content 63.5%)

! 

Logis8cs assets include transshipment capacity of c.8.8 MMT in Russia and c. 3.5 MMT in the EU, ~ 6,400 own rail stock/depot

! 

Sales : global plaform anchored on EuroChem Agro and CIS presence

! 

Projects o 

o 

Potash projects

1 Severneft-Urengoy 2

Kovdorskiy GOK

3

EuroChem Fertilizers

Logis8cs

26 EuroChem-VolgaKaliy

11 Ust-Luga

27 EuroChem Usolskiy

12 Tuapse 13 Murmansk 14 Sillamae

2

1

13

14 11 6 18 23 15

Apa8te (Russia) - P2O5-rich (37%-38%) and low-MER(2) content (0.057) apa3te ore (2.5 MMT per year) covers c.75% of own produc3on needs for all phosphate plants and Antwerp, addi3onal volumes from Kazakhstan project

! 

! 

Raw materials

22

16

25

27

7 8

4 5 26 12 9

26

3

20 24 10

19

21

17

Potash (K) : 2 greenfield projects in Russia with targeted capacity of over 8.3 MMT of KCl per year. First ore 2017/18. Ammonia – 1MMT facility in close proximity to Phosphorit (Russia/Bal3c Sea), startup 2018

Total employees: >23,400 EBITDA ($b) 1.35

Revenues ($b) 1.51

1.58

5.56

5.09

4.54

Produc8on

Sales & distribu8on

4 Novomoskovskiy Azot

15 Switzerland

19 Mexico

23 France

5 Nevinnomysskiy Azot

16 USA

20 Turkey

24 China

6 EuroChem Antwerpen

17 Brazil

21 Singapore

25 Italy

7 Lifosa

18 Germany

22 Spain

26 Greece

8 Phosphorit 9 BMU

2013

2014

2015

(1)MMT : million metric tonnes; (2)MER : minor element ra7o.

2013

2014

2015

10 EuroChem Migao

2

EuroChem Group AG The most ambi3ous growth story in the fer3lizer sector • 

! 

Less than 20 months away from star3ng 2 potash mines in Russia (>10% of global capacity ager ramp up)

! 

Ager adding Potash and comple3ng EuroChem Northwest ammonia project, should become the 3rd largest global fer3lizer company in the world

! 

Sizeable mining franchise: assets in Russia and Kazakhstan !  Phos rock reserves: >3.7 bn tonnes (17-38% P2O5) !  Phosphate rock produc3on: 2.5 MMTpa !  Iron ore produc3on: 5.6 MMTpa

2018: start of 1 MMTpa ammonia plant

2017: start of potash produc8on, ramping-up to over 8 MMTpa Today

Currently: a top 10 global fer3lizer company in the world by primary nutrient capacity

3

EuroChem Group AG Strategy N

Cost leadership through ver8cal integra8on

P

•  Target self-sufficiency (ammonia, phosphate rock, potash) •  Further cost efficiency through ver3cal integra3on in logis3cs

>500bcm in reserves

Natural gas

•  Enhances cost posi3on and reduces risk / vola3lity of earnings

Growth through potash

Kazakhstan Apa3te project & Kovdor (Phos Rock) expansion

Condensate

1MMTpa project

Ammonia (NH3)

K Potash reserves and resources in excess of 10bn tonnes

Iron ore

Phosphoric acid

•  Build leading low-cost potash business

Value-added product range •  Minimize commodity, maximize specialty agrochemicals: emphasis on de-commodi3za3on of product porfolio by growing specialty fer3lizer grades and industrial products

3 Nitrogen fer8lizer plants c.8.9 MMT of nitrogen fer3lizer capacity

3 Phosphates fer8lizer plants c.5.1 MMT of phosphates fer3lizer capacity

2 potash projects underway in Russia with a combined targeted capacity of over 8.3 MMT MOP

•  Expand industrial porfolio (melamine, LDAN, Adblue) Ust Luga op7on

Port facili3es: 8.8 MMT (Russia) 3.5 MMT (EU) c.6,400 rail cars

Proximity to Customers •  Proximity to customers in key home markets via distribu3on allows EuroChem to sell at a premium and exploit seasonality paierns •  Brings valuable market knowledge from direct end-user contact

Sales to more than 6,000 customers worldwide (>100 countries) supported by own distribu3on in over 15 countries covering US, LatAm, Europe and Asia Ongoing /poten3al investment projects

Q4-2015 acquisi7on of Bentrei – 1MMTpa fer;lizer distribu;on in the US

By/co- products

4

$0

Gas price Conversion cost Transporta3on FCA-FOB

Mar-2016

Feb-2016

Jan-2016

Dec-2015

Nov-2015

Oct-2015

Sep-2015

Aug-2015

Jul-2015

$150

Jun-2015

May-2015

Apr-2015

Mar-2015

Feb-2015

Jan-2015

Dec-2014

Nov-2014

Oct-2014

Sep-2014

Aug-2014

Jul-2014

Jun-2014

May-2014

Apr-2014

Mar-2014

Feb-2014

Jan-2014

Nitrogen Sustainable profitability Nevinnomysskiy urea cost (FOB Black Sea), US$/tonne

$400

$350

$300

$250 $201

$200

Devalua3on of RUB vs.US$

$100

$50

FOB Price BS

5

Phosphates

Low cost integrated dap/map produc3on with iron ore contribu3on Lifosa DAP costs (FOB Bal8c), US$/tonne, with iron ore credit

$600



$500

$400

$357

$300

$200

PhosRock

Apa3te

Ammonia

Sulphur

Conversion cost

Transporta3on FCA-FOB

Mar-16

Feb-16

Jan-16

Dec-15

Nov-15

Oct-15

Sep-15

Aug-15

Jul-15

Jun-15

May-15

Apr-15

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

Feb-14

$0

Jan-14

$100

DAP FOB Price Bal3c sea

6

EuroChem Group AG Global market presence Group sales (KMT) North America

•  #1 in Russia/CIS

1,686 1,430 1,568 1,418

864

Europe

Russia 5,405

4,958 4,898 4,460 3,392

4,513

5,449 4,824 4,052

1,253

•  #2 in Europe, anchored by Europe EuroChem Antwerpen / Agro (acquired 2012)

2011 2012 2013 2014 2015

2011 2012 2013 2014 2015

2011 2012 2013 2014 2015

1,801 1,024 1,207 924 1,027

2011 2012 2013 2014 2015

•  Growing presence in North America supported with acquisi3on of Bentrei (2015)

•  Diversified presence in other markets

•  Entering transforma3onal stage with potash

CIS (ex RUS)

La8n America

Asia Pacific

Africa 459

1,567 1,723 1,418 1,382 1,041

290 289

2011 2012 2013 2014 2015

2011 2012 2013 2014 2015

386 354

5,028

3,449 3,726

3,749 3,570

2011 2012 2013 2014 2015

From 2018, added focus on Brazilian market with world’s lowest cost potash

7

Q1 2016 PERFORMANCE

EuroChem Antwerpen

Q1 2016 Markets and Group Performance Key figures Revenues (US$bn), Gross margin (%)

EBITDA (US$bn), EBITDA margin (%) 1.00 0.90

47%

37% 37% 36%

40%

38%

40% 40%

43% 42%

Q1-16 revenue split by currency(2)

34%

1.43

1.24

1.35 1.41 1.34

€: 29% 1.26 1.19 1.15 1.24 1.14 1.12 1.05

₽: 16% other 6%

0.70

26%

31%

29%

28%

31% 28%

24%

0.60 0.50

39%

37%

34%

0.80

41% 41%

$: 49% 1.53

37%

21% 0.41

21%

0.40 0.26

0.30

0.42

0.41

0.40

0.32

0.28

0.46

0.36

0.44 0.38

0.36

0.32

0.20 0.10 0.00

Revenues ($b)

Gross margin (%)

EBITDA ($b)

Geography of sales (% of total)

Key ra8os 3M-15

Net debt1 / EBITDA

1.57x

6M-15 1.56x

9M-15 1.59x

12M-15 1.97x

3M-16 2.06x

7% 5% 12% 14%

Funds from opera3ons / Gross debt1 EBITDA / interest coverage Return on capital employed

38% 8.34x 29%

36% 8.01x 27%

35% 9.17x 31%

32% 9.03x 44%

30% 8.59x

21%

39%

9% 15% 9% 20%

10% 12% 8%

7% 6% 10% 21%

22% 19%

16%

20%

27%

26%

35%

8% 6% 10% 12% 20%

42%

3% 12% 14% 18%

15%

6% 6% 8%

6% 6% 10%

7%

13%

9%

11%

13%

19%

14%

16%

8%

13%

18%

21%

32%

33%

21%

44%

5% 15%

13% 6%

20%

19%

32%

30%

48%

7% 6%

7% 4%

13%

20%

10%

10%

20%

16%

41%

41%

25%

Europe (1) Defined as per bank covenants.

EBITDA margin (%)

Russia

Asia Pacific

North America

La3n America

CIS

(2)In terms of economic substance, the Group views its sales as predominantly denominated in US dollars even where nominally this may not be the case.

Africa

9

Q1 2016 Markets and Group Performance Capital expenditure Large-scale projects contemplated over the next 6-7 years:

Group CAPEX (US$m)

Potash (>8 MMT KCl) K 2013: $1,002m 326

270

388

2015 : $969m

2014: $1,108m 18

340

282

439

46

271

212

446

40

Nitrogen plants (>2 MMT NH3) N 355 321 248 231

Integrated phosphates/specialty (Kazakhstan - DCP/SOP/NPK) P

5

126

37

225 8 104

88

298

Q1-13

Q2-13

255

70

107

212

99

140

72

7 66

78

65

76

71

Q3-13

Q4-13

Q1-14

Q2-14

128

Q3-14 Phosphates

116

215

63

38

Q4-14

57

28

39

Q1-15

Q2-15

Potash

126

Q3-15

17 96

54

66

42 94

21

154 96

77

307

110

113

Nitrogen

Excludes temporarily unallocated capex

11

147

177

113 56

311

25

34

57

63

24

15

78

87

Q4-15

Q1-16

Other

10

KEY PROJECTS

Nitrogen

Targe3ng self-sufficiency : EuroChem Northwest ammonia plant Loca8on August 2015: Start of construc3on of EuroChem Northwest, a 1 MMT pa ammonia plant located in Kingisepp, Russia. Expected comple8on : Q4 2018 Financed via non-recourse EUR 557 million 13.5-year project finance facility benefi8ng from insurance cover provided by the Italian Export Credit Agency SACE for the project’s poli8cal and commercial risks.

Excellent strategic loca3on within the territory of EuroChem’s Phosphorit phosphate facility in close proximity to the Bal3c Sea (45km to Sillamae and 50km to Ust Luga)

Key features:

Global ammonia efficiency curve

"  Developed industrial infrastructure

New ammonia plant to be among most compe33ve in the world

"  Proximity to port, excellent logis3cs "  In-house experience in large-scale projects and with +1MMTpa ammonia facili3es "  Top-notch EPC contractor (Tecnimont)

NAK-3 NEV-1B

NEV-1A

NAK-4

S3rol G-1

NAK-2

"  Excellent project economics "  Strong sponsor support "  Only surface construc3on, limited risks "  Well-known technology

Yara Sluiskil E

"  Project benefits from strong community and Government support Source: Integer

12

Phosphates Kazakhstan: closing the phosrock gap, future Central Asian plaform EuroChem has acquired licenses to develop three sec8ons of the KokDjon phosphate deposit and has an op8on to acquire licenses for the Geres deposit.



13

Potash Projects Favorable posi3oning Usolskiy Potash Project

K

Planned Capacity Phase I (greenfield)

Murmansk M

Kovdor

Sillamae

Ust-Luga P Kingisepp

P Kedaynyay Antwerp N

1,400

Total

3,700

Perm

N Novomoskovsk Volgograd

Belorechensk Tuapse



Phase II (brownfield)

K

Moscow

Nevinnomyssk

1) Under construc7on

2,300

N P

K

VolgaKaliy Project

K

Planned Capacity Phase I (greenfield)

2,300

Phase II (brownfield)

2,300

Total

4,600

14

Potash Projects VolgaKaliy (Gremyachinskoe deposit, Volgograd region, Russia) In addi3on to an average KCl content of 39.5% and modern mining opera3ons, a distance of approximately 500km to our Tuapse port facili3es will provide us with unmatched cost advantages Main work in progress

Project status

EXPECTED COMPLETION

SURFACE

Completed

Dirt work Permanent canteen Gathering pond for storm water

2Q-16

SHAFTS

MINE

KCl storage

Shag freezing

Beneficia8on Crushing

Administra3ve building Ore storage Workshops

3Q-16

Offices

Skip 2

Skip 2 sinking

4Q-16

Skip1 Cage shal

Ven3la3on

Capacity (KCL, MMT) 4.6 2.3

2.3

2.3

2.3

Phase 1

Phase 2

DEPTH IN METERS

End Q1-2016

Not to scale, for illustra7ve purposes only

15

Potash Projects VolgaKaliy visuals

16

Potash Projects Usolskiy Potash (Verkhnekamskoe deposit, Perm region, Russia) Located in the Perm region near Russia’s tradi3onal potash produc3on sites, the Verkhnekamskoe potash deposit is one of the largest in the world. Within this deposit, Usolskiy Potash has secured rights to over 2.3 billion tonnes of reserves with an average KCI content of 30.8% and an ac3ve mine life of 35+ years.

Project status

Loading

Ore/KCl storage

Crushing

Beneficia8on

Main work in progress EXPECTED COMPLETION

SURFACE

2Q-16

3Q-16

Offices

MINE

Skip 1 Dirt work

completed

SHAFTS Shag sinking Back grou3ng

Skip shag sinking completed in August 2014

Cage shal

Gathering pond storm water

Ore storage Admin building Workshops

Cage shag sinking completed in October 2013

Capacity (KCL, MMT) 3.7

Ven3la3on

2.3

1.4

2.3

2.3

Phase 1

Phase 2

Not to scale, for illustra7ve purposes only

17

Potash Projects Usolskiy Potash visuals

18

Thank you

Please visit www.eurochemgroup.com for further details or contact our Investor Rela3ons. [email protected]

Kovdorskiy GOK