INVESTOR PRESENTATIONJUNE 2019

2

DISCLAIMER

THIS PRESENTATION IS FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE AND MAY NOT BEREPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THIS PRESENTATION IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLYIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN.

This Presentation has been prepared by JSC Acron (“Company”). Information contained in this document is not an offer, or an invitation to make offers, sell,purchase, exchange or transfer any securities of the Company in Russia, and does not constitute an advertisement of the securities and must not be passed on tothird parties or otherwise be made publicly available.

This information is being provided to you solely for your information on the basis that you will keep confidential any information contained herein or otherwisemade available. This information may not be reproduced, retransmitted, further distributed to any other person (excluding an investment professional’s advisers) orpublished, in whole or in part, for any purpose. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of itsshareholders, directors, officers, employees, agents or advisers or any other person as to, nor may any reliance be placed upon, the accuracy, completeness orfairness of the information or opinions contained in this presentation. By accepting this Presentation you acknowledge that you will be solely responsible for yourown assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your ownview of the potential future performance of the Company’s business. This publication constitutes neither an offer to sell nor an invitation to buy securities, nor doesit constitute an inducement to engage in investment activity. To the extent this presentation contains forward-looking statements, including, without limitation,statements containing the words “projected”, “planned”, “expected” and similar expressions (including the negative of such expressions, these statements involveknown and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company, orindustry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Giventhese uncertainties, no undue reliance should be placed on such forward-looking statements should be placed. Neither the Company nor any of its shareholders,directors, officers, employees, agents or advisers nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this documentor its contents or otherwise arising in connection therewith. These forward-looking statements speak only as of the date of this document and the Company and itsshareholders, directors, officers, employees, agents or advisers disclaim any obligation to update any such forward-looking statements in this document to reflectfuture events or developments.

The distribution of this document in the Russian Federation and in overseas jurisdictions may be restricted by law, and persons into whose possession this documentcomes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of anysuch jurisdiction. In particular, this document should not be distributed, published or reproduced in whole or in part in or into the United States (in particular to anyUS Person (as defined in regulation S promulgated under the US Securities Act), Canada, Japan or Australia or to any residents, corporations, citizens or nationals ofany such jurisdictions or in any other country where such distribution may lead to a breach of any law or regulatory requirement. Distribution of this document inthe United States in the absence of such an applicable exemption may constitute a violation of United States securities law.

The information contained in this document is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. TheCompany’s shares will have not been nor will they be registered under the US Securities Act of 1933, as amended (the “Securities Act”), or with any securitiesregulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to US persons (asdefined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of theSecurities Act and applicable state securities laws.

3

RECENT DEVELOPMENTS

• In March and May 2019, Acron Group launched two new nitric acid units, 135 ktpa each.

• On 11 March 2019, Acron’s EGM approved distribution of dividends in the amount of RUB 130 per share. Therecord date for persons entitled to dividends is 22 March 2019.

• On 30 May 2019, Acron’s AGM approved distribution of dividends in the amount of RUB 135 per share. Therecord date for persons entitled to dividends is 11 June 2019.

• In May 2019, Acron Group extended for two years the 5-year syndicated structured pre-export finance facility ofup to USD 750 mn, which was originally signed with a group of banks in May 2017. The grace period wasprolonged from two to four years.

• Acron Group released its 1Q 2019 IFRS results. EBITDA was up 13% YoY to USD 158 mn, while EBITDA margin was35%. Net debt/ EBITDA was 1.7 as of the quarter-end.

• Acron Group executed a special investment contract for the Talitsky potash mine and signed with a number ofbanks a preliminary term sheet for the project financing.

4

SPECIAL SITUATION

How does a weaker rouble impact the company’s financials?

FX29%

Rouble71%

Total cash costs structure,2018

Russia18%

Export82%

0

5

10

15

20

25

50 55 60 65 70 75 80

USD

mn

per

RU

B 1

of

rate

USD/RUB

EBITDA gain in 2019if exchange rate depreciates for RUB 1

Revenue structure,2018

Note: company estimates

5

CONTENTS

• 5Acron at a glance

• 8Market overview

• 12Company overview

• 20Development programme

• 26Financial standing

• 30Appendices

6

USD mn 2016 2017 2018

Revenue 1,333 1,617 1,723

EBITDA 445 511 591

margin 33% 32% 34%

Net profit 381 244 212

LFCF 89 91 221

0

1

2

3

4

5

6

7

8

Other Complex Nitrogen

• Leading low-cost producer of NPK and nitrogenfertilisers

• In Top 3 NPK producers in Europe and in Top 10 globally

• Vertical integration in nitrogen and phosphates Potash project underway

• Developed logistics and distributionSales to >60 countries

• Listed on MOEX and LSE

• 11,000 employees

COMPANY PROFILE

ACRON GROUP

FINANCIAL RESULTS

COMMERCIAL OUTPUT

USD mn 14/06/19MCap 2,862Free-float 11%Net debt* 1,044Stake in ATT 213Assets* 3,050

NPK complex fertiliser

K

PN

OUR KEY PRODUCT

* As of 31 March 2019

mn t

7

• Sustainable increase in demand for mineral fertilisers (page 9)

• Efficient management with a proven track record of successful projects (page 21)

• 5-year average EBITDA margin of 35% (page 27)

• Cost control based on nitrogen and phosphate vertical integration and capped gas prices in Russia (page 18)

• Output growth at a 5-year CAGR of 7.4% (page 21)

• Further output growth due to smart investment programme (page 22)

GROWING BUSINESS

• 5-year average dividend yield of 8.7% (page 29)

• ~ $200 mn paid yearly as dividends in 2016 - 2018 (page 29)

DIVIDENDS

INVESTMENT CASE

8

CONTENTS

• 5Acron at a glance

• 8Market overview

• 12Company overview

• 20Development programme

• 26Financial standing

• 30Appendices

9

The bio-fuel industry keeps growing.

As a result, demand for crops as a feedstock strengthens.

Living standards in developing countries keep improving, leading to increase in meat consumption.

As a result, demand for feed crops is going up.

The world population keeps growing.

As a consequence, demand for agricultural products increases.

Mineral fertiliser consumption expands every year.

0

50

100

150

200

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

22

mn t* N (CAGR 2017-2022: 1.1%)P (CAGR 2017-2022: 1.3%)K (CAGR 2017-2022: 1.9%)

CAGR (2017-22): 1.3%

* in terms of nutrientSource: IFA, June 2018

Agricultural production expands while the area of farming lands stays relatively stable.

Farmers have to take additional measures to get higher yields.

0

500

1000

1500

2000

0

800

1600

2400

3200

2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027

mn hamn t

Wheat Coarse grains Rice Agricultural land* (rhs)

CAGR (2017-27)cereals: 1.1%

agricultural land: 0.18%

* arable land and land under permanent cropsSource: OECD-FAO, July 2018

40

80

120

160

200

20

07

20

09

20

11

20

13

20

15

20

17

20

19

20

21

20

23

20

25

20

27

Biodiesel Ethanol

CAGR (2017-27): 0.8%

bn l

Source: OECD-FAO, July 2018

MINERAL FERTILISER MARKET DRIVERS

0

2

4

6

8

10

19

85

19

90

19

95

20

00

20

05

20

10

20

15

20

20

20

25

20

30

20

35

20

40

20

45

20

50

Now: 7.6 bn

CAGR (2015-25): 1.0%

bn

Source: United Nations Population Division, 2017

30

31

32

33

34

35

36

20

07

20

09

20

11

20

13

20

15

20

17

20

19

20

21

20

23

20

25

20

27

CAGR (2017-27): 0.30%

kg per capita

Source: OECD-FAO, July 2018

10

SUPPLY / DEMAND BALANCE

Source: IFA Medium-Term Outlook on Fertilizer Supply in 2018-2022, June 2018

IFA: Baseline Scenario

• Reduction of surplus in nitrogen segment

• Static balance in phosphate segment

IFA: Upside Scenario

• Reduction of surpluses in nitrogen and phosphate segments

• Static balance in potash segment

2022

11

0

100

200

300

400

500

600

700

2011 2012 2013 2014 2015 2016 2017 2018 2019

USD

/t

Urea, FOB Baltic Sea AN, FOB Baltic NPK, FOB FSU UAN, FOB Black Sea Ammonia, FOB Yuzhnyy

GLOBAL PRICES

Source: Fertecon, FMB

USD/t, FOB BALTIC/BLACK SEA 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Ammonia 519 544 479 499 390 237 267 288 253

Urea 416 400 327 311 267 194 218 251 244

AN 313 306 287 282 223 166 193 188 188

UAN 308 288 256 243 198 139 145 179 159

NPK 16-16-16 452 451 384 354 355 292 265 300 309

12

CONTENTS

• 5Acron at a glance

• 8Market overview

• 12Company overview

• 20Development programme

• 26Financial standing

• 30Appendices

13

GLOBAL FOOTPRINT & VERTICAL INTEGRATION

DISTRIBUTION

Beijing Yong Sheng Feng AMPC, Ltd. Distribution network in China

AgronovaDistribution network in RussiaStorage capacity: 189 kt

Acron USA Inc.

Acron Switzerland AG

LOGISTICS

Acron-Trans railway operator

Approx. 1,700 railcars and tanks

Two AS DBT port terminal facilitiesCapacity: Ammonia – 1.5 mtpa

UAN – 1.85 mtpaBulk cargo – 2.5 mtpa

Andrex port terminal facilityCapacity: 500 ktpa

PRODUCTION

Acron

2018 commercial output: 5.2 mn t

Dorogobuzh

2018 commercial output: 2.0 mn t

1

2

6

7

8

9

10

11

12

12

91

3

67

10

2

8

4

11

5

VPC (potash subsoil licence)Reserves under JORC: 60 mn t KCl

NWPC, Oleniy Ruchey mine2018 output: 1.2 mn t of apatite concentrate

North Atlantic Potash Inc. (potash mineral leases in Saskatchewan, Canada)Recoverable resources (inferred): 418 mn t KCl

3

4

5

MINING

Countries to which the Group supplies its products

Global traders

Acron France SAS13

13

Acron Brasil Ltda.14

14

15

Acron Argentina SRL15

14

PRODUCTION FACILITIES

ACRON DOROGOBUZH OLENIY RUCHEY MINE, NWPC

CHEMICAL PRODUCTION MINING

Main production capacity, ktpa

Ammonia: 2,100 Urea: 1,300

Ammonium nitrate*: 1,500 Formalin: 240

UAN: 1,500 Methanol: 110

NPK: 1,600 UFR: 290

Main production capacity, ktpa

Ammonia: 600

Ammonium nitrate: 1,250

NPK: 750

Production capacity, ktpa

Apatite concentrate: 1,200min 39% P2O5

Reserves B+C1:250.1 mn t of ore (40.9 mn t P2O5)

Prospects:

Gradual production ramp up to 2.0 mtpa (page 24)

* Incl. liquid solution used for UAN production Prospects:

Modernization and implementation of new projects (page 23)

Prospects:

Modernization and implementation of new projects (page 23)

Acron Group is 100% self-sufficient in ammonia and phosphate rock

Excess is sold in the market

15

NPK + Bulk Blends: 42%

Ammonium nitrate*: 18%

UAN: 15%

Urea*: 8%

Ammonia: 7%

UFR: 3%Apatite concentrate: 2%

Other: 5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2014 2015 2016 2017 2018 2019

NPK premiumto the basket**

Average: 20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2014 2015 2016 2017 2018 2019

AN premium/discountto Urea by nutrient

Average: 12%

-10%

-5%

0%

5%

10%

15%

20%

25%

2014 2015 2016 2017 2018 2019

UAN premium/discountto Urea by nutrient

Average: 4%

Note: 2018 revenue breakdown* Including agricultural and industrial products** Calculated via urea, DAP and potash

FOCUS ON PREMIUM PRODUCTS

• Acron Group focuses on high valueadded products

• With a broad product portfolio the Group meets the market requirements

16

PRODUCTION CHART

AN*

Complex mineral fertilisersNitrogen mineral fertilisers

1,8Urea**

NPK 2.4 mn t

UAN 1.5 mn t

PhosphatesP

PotashK

AmmoniaN

1.2 mn t

2.7 mn t

RAW MATERIALS AND SEMI-FINISHED GOODS

OWN PRODUCTION

VALUE-ADDED PRODUCTS

INDEPENDENT SUPPLIERS

+0.8 mn t

+1 mn t Own capacity under construction

2.8 mn t

1.3 mn t

GROWTH OF VALUE ADDED

2018 sales: 1.5 mn t

2018 sales: 0.4 mn t

2018 sales: 1.2 mn t

2018 sales: 2.2 mn t

PotashKdeveloping

+2.6 mn t

0.6 mn t

* Agricultural and industrial products and liquid solution used for UAN production** Agricultural and industrial products

17

DIVERSIFIED SALES MARKETS

Strategic market for the Group.Major sales: AN, NPK, industrial products.

Important market for Russian fertiliser producers due to geographical location

USA is a large market for UAN and other nitrogen fertilisers.

Large buyer of AN and NPK

Growing market for nitrogen and complex fertilisers

China: 7%

Largest NPK market

Thailand: 5%

One of the most developedmarkets in the region

Other: 7%

Traditional market for main fertilisers and ammonia with stable demand and sales structure

SALES TO

67COUNTRIES

Europe: 19%

Asia: 19%

Latin America: 21%

USA and Canada: 13%

Africa: 4%

Russia – 18%

Note: 2018 revenue breakdown

Brazil: 14%

Other: 7%

CIS: 6%

Acron Group• #1 AN exporter to Brazil (47% of AN imports)• #1 UAN exporter to USA (33% of UAN imports)• #2 NPK exporter to Brazil (31% of NPK imports)• #2 NPK exporter to China (23% of NPK imports)• #2 NPK supplier to Russia (20% of NPK sales)

18

Staff costs12%

Potash12%

D&A17%

Fuel and energy

14%

Natural gas29%

Repairs and maintanance

6%

Other11%

COGS BREAKDOWN

COST SIDE

Note: Based on FY 2018 IFRS statements

Source: Bloomberg, Yara, company data

The growth of Russian natural monopoly rouble tariffs (gas, electricity

transmission, etc.) will be limited by the inflation rate,

according to the Russian authorities’ proposals

VERTICAL INTEGRATION IN NITROGEN AND PHOSPHATES,

AND CAPPED GAS PRICES IN RUSSIA

HELP ACRON GROUP KEEP COSTS UNDER CONTROL

2.4

3.8

4.8

5.7

Current price

2.3

0

2

4

6

8

10

12

2011 2012 2013 2014 2015 2016 2017 2018 2019

GAS PRICES, $/MMBTU

USA (Henry Hub, spot) Europe (Zeebrugge Hub, spot) Yara World

Yara Europe Acron, incl. delivery

19

OUR STRENGTHS

• Focus on premium products

•Diversified product range

NITROGEN & COMPLEX FERTILISERS

•Complete nitrogen and phosphate vertical integration VERTICAL INTEGRATION

•Gas prices in Russia are below world prices. With their further growth limited by the inflation rate, the Company will keep its status of a low-cost producer.LOW-COST PRODUCER

•Acron (Veliky Novgorod plant) is just 200 km from the nearest Baltic port

•Own port terminal facilities on the Baltic SeaBEST LOGISTICS IN RUSSIA

• Sales to over 60 countries. Leading positions in key sales markets: Russia, Brazil,USA, China, and Thailand.

•Distribution networks in Russia and China. Trading companies in Europe, USA and Latin America.

DIVERSIFIED SALES MARKETS

•Output growth in the coming years due to smart investment programmeGROWING BUSINESS

20

CONTENTS

• 5Acron at a glance

• 8Market overview

• 12Company overview

• 20Development programme

• 26Financial standing

• 30Appendices

21

5.3 5.4 5.7

6.5

7.3 7.5

3

4

5

6

7

8

2013 2014 2015 2016 2017 2018

mn t

1000

671

World average Acron Group

$/т

- 33% 1000731

World average Acron Group

$/т

- 45%

OUR RECORD OF SUCCESS

UREA UNITS2008-2012, 2017-2018Construction of two new urea units and upgrade of the existing facilities with total capacity increase of 830 ktpa

UAN PRODUCTION2006-2008, 2013-2014, 2017-2018Construction of a new UAN unit with further capacity expansion to 1.5 mtpa

BCT AND DBT SEAPORT TERMINALS2006-2009, 2011-2016Construction and expansion of transshipment capacity

OLENIY RUCHEY MINE2010-2014Construction of an open pit with a capacityof 1.2 mtpa of apatite concentrate

AMMONIA-42012-2016, 2017Construction of a new ammonia unit with further capacity expansion to 800 ktpa

RARE EARTH ELEMENTS2010-2016Construction of a REE production unit with a capacity of 200 tpa of oxides

COMMERCIAL OUTPUT

CAPEX PER TONNE OF NEW CAPACITY

Ammonia Apatite concentrate

Source: Integer Research, company data

EFFECTIVE INVESTMENTS ENSURE BUSINESS GROWTH

Note: Excluding Hongri Acron, sold in 2016

22

DEVELOPMENT STRATEGY

1 200

2 700

1 050

1 300

2 750

2 300

250

200

50

2 000

800

330

520

100

600

250

140

0 1 000 2 000 3 000 4 000

MOP

Apatite

Ammonia

Urea

UAN

CAN

AN*

NPK

2017 Now 2025F

ktpa

MAIN CAPACITY

* Incl. liquid solution used for UAN production

COMMERCIAL OUTPUT

DEVELOPMENT STRATEGY FOR 2017 – 2025

• A number of highly effective projects at Acron and Dorogobuzh

• The projects can be combined, which offers flexibility in terms of implementation timeline and Capex per year

EXPECTED RESULTS

• Higher capacity and output

• Higher margin due to processing excess ammonia and apatite concentrate

0

2

4

6

8

10

12

2017 2026П

mn t

Acron Dorogobuzh

NWPC (for sale) VPC (for sale)

+ 40%

7.3

10.2

23

PROJECTS AT ACRON AND DOROGOBUZH

15-20%weighted average IRR

Projects with relatively small Capexand short payback period

Main projectsTimeline,

yearsOutput increase,

ktpaCapex,

USD mnStatus

Site: Acron

Increase of Urea-5 unit capacity 2018 +50 4 Completed

Construction of Urea-6 unit 2017-2018 +200 30 Completed

Construction of 3 nitric acid units andincrease of AN and NPK units capacity

2017-2019AN: +250NPK: +70

60 Underway

Increase of Ammonia-4 unit capacity 2017-2020 +70 28 Underway

Construction of urea granulation unit 2018-2019 Granulation: +700 35 Underway

Construction of CN unit 2019-2020 +100 15 Underway

Increase of Urea-6 unit capacity 2019-2020 +520 81 Underway

Increase of Ammonia-3 unit capacity 2023-2025 +130 75 -

Increase of NPK unit capacity 2024-2025 +70 35 -

Site: Dorogobuzh

Increase of ammonia unit capacity 2017-2019 +130 75 Underway

Construction of nitric acid unit and CAN unit 2019-2021CAN: +600AN: -470

70 Underway

Total 2017-2025 ~500

Note: It was decided to postpone the construction of NPK/DAP/MAP production facility until the completion of the Talitsky mine project.

24

OLENIY RUCHEY UNDEGROUND MINE:APATITE CONCENTRATE

• Stage 1: open pit, processing facility, roads and infrastructureCapacity: 1.2 mtpa of apatite concentrateCommissioning: December 2012

• Stage 2: underground mine, expansion of processing facilityFirst ore from the underground mine extracted in 2017Gradual production ramp up to 2.0 mtpa by 2023

PROJECT DATA

• Location: Oleniy Ruchey mine, Murmansk region• Developer: NWPC (100% subsidiary of Acron)• Reserves: 40.9 mn t P2O5*• Capex, incl. 1st & 2nd stages + infrastructure:

USD 1.1 bn, incl. over 90% already invested• Magmatic ore with low cadmium and other

impurities

* B+C1 reserves: 250.1 mn t ore (41.1 mn t P2O5) as of 31 December 2018

25

TALITSKY MINE: POTASH

CURRENT STATUS

• Special investment contract executed and a preliminary term sheet for the project financing signed

• Design of all key mine facilities completed.Approval of the State Expert Review Board obtained.

• Shaft sinking started in Q2 2018. By now, more than 50% of sinking operations has been completed.

• Mine shafts’ design data:- skip shaft: 8 meter wide and 414 meter deep,- cage shaft: 8 meter wide and 363 meter deep.

PROJECT DATA

• Developer: Verkhnekamsk Potash Company (VPC) Shareholder structure: Acron – 60.1%, a pool offinancial investors – 39.9%

• Design capacity: 2.0 mn tpa of potash,further expansion to 2.6 mn tpa

• Reserves under JORC*: 60 mn t KCl• Capex: USD 1.5 bn for 2.0 mn tpa capacity,

+ USD 0.3 bn for expansion to 2.6 mn tpa• Timeline**

- 2021: Start of ore extraction- 2025: Reaching design capacity

700 ktpaIn-house

potash consumptionfrom 2025

VERKHNEKAMSK POTASH DEPOSIT

2

1

3

1 - Acron (Talitsky): licence obtained in 2008

2 - Uralkali: 5 mines and 2 subsoil licences

3 - EuroChem (Palashersky)

* Proven and Probable, 2016** Under Detailed Development Plan for Potassium Salt Reserves at the Talitsky Area of VerhnekamskDepoist (Mining Institute of the Ural Branch of the Russian Academy of Science, 2016)

26

CONTENTS

• 5Acron at a glance

• 8Market overview

• 12Company overview

• 20Development programme

• 26Financial standing

• 30Appendices

27

EFFICIENT EXPANDING BUSINESS

REVENUE

EBITDA

$1.6 bn5-year average revenue

35%5-year average EBITDA

margin

Note: In USD mn; Revenue and EBITDA recalculated excluding Hongri Acron figures

EBITDAMARGIN

1 5791 008

1 3071 915 1 931 1 813 1 671 1 510 1 333

1 617 1 723

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

789

248 312

677 623464 507

672445 511 591

50%

25% 24%

35% 32%26%

30%

45%

33% 32% 34%

0%

10%

20%

30%

40%

50%

60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0

100

200

300

400

500

600

700

800

900

28

RUB loans and bonds

26%

EUR loans11%

USD loans63%

PORTFOLIO INVESTMENTS AND VALUABLE ASSETS

• 19.8% stake in Grupa Azoty valued at USD 213 mn*

• Potash mineral leases in Saskatchewan, Canada

DEBT POSITION

AS OF 31 MARCH 2019

• Total debt: USD 1,269 mn

• Net debt: USD 1,044 mn

• Average interest rate: 5.4%

• Net debt / EBITDA: 1.7

• Credit Ratings: Moody’s Ba3/Stable, Fitch BB-/Stable

• In May 2019, USD 750 mn PXF extended for two years

DEBT BY CURRENCY

DEBT MATURITY SCHEDULE**

* As of 14 June 2019

95

204

328

257 247

126

0

100

200

300

400

2019 2020 2021 2022 2023 Further

USD

mn

Duration: 2.7 years

** As of 30 May 2019

29

DIVIDENDS PAID IN CALENDAR YEAR

PJSC ACRON DIVIDENDS

DIVIDEND YIELD

160

91

199224 212

164

0

50

100

150

200

250

2014 2015 2016 2017 2018 2019YTD*

USD

mn

12.2%

5.3%

9.3% 9.4%

7.5%

5.7%

0%

2%

4%

6%

8%

10%

12%

14%

2014 2015 2016 2017 2018 2019YTD*

8.7%5-year average

dividend yield

~ $200 mnDividends paid

in 2016 - 2018

* Approved

30

APPENDICES

31

QUARTERLY HIGHLIGHTS

31

REVENUE ($ mn) EBITDA ($ mn)

WORLD PRICESAMMONIUM NITRATE, FOB BALTIC ($/t)

WORLD PRICESNPK 16-16-16, FOB FSU ($/t)

PRODUCTION & SALES (kt)

Source: Fertecon, FMB, CBR, company data

140124

151

176158

0

50

100

150

200

1Q2018

2Q2018

3Q2018

4Q2018

1Q2019

186

166

213

186 182

100

150

200

250

1Q 2018

2Q 2018

3Q 2018

4Q 2018

1Q 2019

284 291308 316 312

100

150

200

250

300

350

1Q 2018

2Q 2018

3Q 2018

4Q 2018

1Q 2019

56.9

61.8

65.566.5 66.1

50

55

60

65

70

1Q2018

2Q2018

3Q2018

4Q2018

1Q2019

USD/RUB DYNAMICS

423410

434457 446

250

300

350

400

450

500

1Q2018

2Q2018

3Q2018

4Q2018

1Q2019

1900

18491879

1887 19361856

1809 17831865

1802

1 300

1 500

1 700

1 900

2 100

1Q2018

2Q2018

3Q2018

4Q2018

1Q2019

Production Sales

32

FINANCIAL HIGHLIGHTS

RUB mn USD mn

3M 2019 3M 2018 3M 2019 3M 2018

Revenue 29,504 24,050 446 423

EBITDA 10,456 7,958 158 140

EBITDA margin 35% 33% 35% 33%

Net profit 8,774 4,146 133 73

Net profit margin 30% 17% 30% 17%

Net operating cash flow 7,345 4,590 111 81

Capex 4,340 2,613 66 46

Leveraged free cash flow 3,005 1,977 45 35

31/03/19 31/12/18 31/03/19 31/12/18

Assets 197,448 186 784 3,050 2,689

Net debt 67,614 74 025 1,044 1,066

Net debt/ EBITDA 1.7 2.0 1.7 1.8

33

FINANCIAL HIGHLIGHTS

RUB mn USD mn

2018 2017 2018 2017

Revenue 108,062 94,342 1,723 1,617

EBITDA 37,053 29,817 591 511

EBITDA margin 34% 32% 34% 32%

Net profit 13,318 14,260 212 244

Net profit margin 12% 15% 12% 15%

Net operating cash flow 28,406 16,634 453 285

Capex 14,542 11,299 232 194

Leveraged free cash flow 13,864 5,335 221 91

31/12/18 31/12/17 31/12/18 31/12/17

Assets 186,784 186,894 2,689 3,245

Net debt 74,025 60,221 1,066 1,045

Net debt/ EBITDA 2.0 2.0 1.8 2.0

34

HISTORY OF COMPANY

BUILDINGPRODUCTION

CAPACITY

• 1967: Launch of the first production facility –methanol unit

• 1982: Start of NPK production

• Focus on domestic sales

PRIVATISATION AND INDUSTRY

CONSOLIDATION

• 1991-1995: JSC Acron privatisation and JSC Dorogobuzhconsolidation

• Launch of export sales

• Development of distribution and logistics network

VERTICALINTEGRATION

• 2006-2008: Acquisition of phosphate and potash licences

• 2007-2008: Listing on MOEX and LSE

• 2009-2012: Construction & commissioning of phosphate mine

• 2014-2016: Construction & commissioning of ammonia unit

LEVERAGINGEXISTING CAPACITY

• 2017: Adoption of new development strategy

• Construction of new processing facilities

• Construction of potash mine

1961-1992

1992-2005

2005-2017

2017-2025

35

GROUP STRUCTURE

Acron Dorogobuzh96.7%

NWPC(phosphate

rock producer)

VPC(potash licence)

North AtlanticPotash Inc.

(permits for explorationof potash deposits)

Mining Logistics

Acron-Trans(railway operator)

AS DBT(2 port terminal

facilities)

Andrex(port terminal

facility)

Distribution & Marketing

Agronova(Russian

distribution network)

Acron Switzerland AG,Acron USA Inc.,

Acron France SAS,Acron Brasil Ltda,

Acron Argentina SRL (global traders)

Beijing Yong ShengFeng AMPC

(Chinese distribution network)

100%

60.1%

100% 100%

100%

100%

100%

100%

Portfolio investments

Grupa Azoty (Poland)(fertiliser producer)

19.8%

Note: Direct holding and through 100% owned subsidiary companiesData are indicated as percentage of the registered capital as of 31 March 2019

Balttrans

100%

ACRON SHAREHOLDING STRUCTURE

23.3%

62.3%

3.2%

10.9%0.3%

Acronagroservice

Redbrick Investments S.a.r.l.

Quasi-treasury shares

Others (in Russia)

GDR programmeFree Float

36

CORPORATE GOVERNANCE OVERVIEWBOARD OF DIRECTORS

• Seven members, including three INEDs

• The Board is responsible for determining the company’s strategy, development priorities, internal control and risk management system, protection of shareholders’ interests and observance of their rights.

• Directors’ and officers’ liability is insured by a pool of international insurers rated BBB-or higher.

BOARD COMMITTEES

• Audit Committee consists of three INEDs

• Nomination and Remuneration Committeeconsists of three INEDs

• Strategic Planning and CorporateGovernance Committee consists of threemembers

MANAGEMENT BOARD

• Six members, who are responsible for the key areas of Acron’s business which ensures efficient decision-making.

• The Board members have up to 40 years of chemical industry experience.

• Responsible for the implementation of the company’s strategy, operational and financial results as guided by the Board of Directors.

CORPORATE GOVERNANCE CODE

• Adopted in 2008

• Determines the company‘s corporate governance structure and sets out the system of key rules and principles of business management and responsibilities of the Company’s Managers and Directors.

CODE OF BUSINESS CONDUCT

• Adopted in 2011

• Outlines the company’s general standards of conduct consistent with the Company’s ethical values and principles as well as anticorruption policy.

DIVIDEND POLICY

• New dividend policy adopted in 2012 pursuant to which the company pays out a 30% minimum of IFRS net profit in dividends twice a year.

• A very attractive dividend yield for the investors.

Acron Group adheres to the best international corporate governance practices in strict compliance with law and international standards

37

CONTACTS

For more information, please contact our Investor Relations Department:

Mr. Ilya POPOV,Head of Investor RelationsTel.: +7 (495) 745 77 45 ext. 5252E-mail: ipopov@acron.ru

Mr. Sergey SMIRNOV,Senior Analyst, Investor RelationsTel.: +7 (495) 745 77 45 ext. 5184E-mail: smirnov@acron.ru

JSC Acronwww.acron.ruWorld Trade Centre,12, Krasnopresnenskaya Naberezhnaya,Moscow 123610, RussiaTel.: +7 (495) 745 77 45