OREANDA-NEWS. November 23, 2012. Uralkali (LSE: URKA; “the Company”), one of the world’s largest potash producers, announces that on 13 November 2012 the Company’s Board of Directors approved a buyback programme in respect of ordinary shares of Uralkali, with a nominal value of RUB 0.5 per share (“Shares”), and Global Depositary Receipts (“GDRs”) representing Shares (each GDR representing 5 Shares) (the “Programme”). The aggregate amount of the Programme will not exceed USD 1.636 billion that may be invested in the purchases of Shares and GDRs throughout a period between 13 November 2012 and 13 November 2013. This decision reflects the Company’s belief that the Programme will help to create shareholder value over the long term whilst maintaining a robust capital structure in line with the Company’s medium term goal of keeping net debt to a range of 1.0x – 2.0x LTM EBITDA.

Purchases of Shares and GDRs pursuant to the Programme will be conducted by brokers, VTB Capital or Sberbank CIB and\or their affiliates, to be engaged by ENTERPRO SERVICES LTD, an indirect wholly owned subsidiary of Uralkali. The brokers will carry out purchases of Shares on the over-the-counter market in Russia and GDRs on the London Stock Exchange and on the over-the-counter market outside the United States, at prevailing market prices at the time of purchases. It is the Company’s intention to seek subsequent cancellation of Shares and GDRs acquired in the Programme, provided that necessary corporate approvals and respective corporate actions are in place.

The Programme reflects the Company’s balanced approach to investing in organic growth and returning excess capital to shareholders. As a result of the Company’s buyback programme effected between 6 October 2011 and 6 October 2012, 65,064,932 Shares and 11,152,214 GDRs totaling in aggregate approximately to USD 863.3 million were purchased and subsequently cancelled.

Uralkali (www.uralkali.com) is one of the world’s largest potash producers with a market share of about 20%. The Company’s assets consist of 5 mines and 7 ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Territory, Russia). Uralkali employs ca. 12,500 people (in the main production unit). Uralkali’s shares and GDRs are traded on the RTS-MICEX and LSE, respectively.