Independent Auditor's Report

deloitte
ZAO Deloitte & Touche CIS
5 Lesnaya Street
Moscow, 125047
Russia
Tel: +7 (495) 787 06 00
Fax: +7 (495) 787 06 01
www.deloitte.ru

To: Shareholders and Board of Directors of Public Joint Stock Company “Uralkali”

We have audited the accompanying consolidated financial statements of Public Joint Stock Company "Uralkali" and its subsidiaries (collectively - the “Group”), which comprise the consolidated statement of financial position as of 31 December 2015, and the consolidated statements of profit or loss, other comprehensive income, changes in equity and cash flows for 2015 year and notes comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management of the Group is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Russian Federal Auditing Standards and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to express an opinion on the fair presentation of these consolidated financial statements.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2015, and its financial performance and cash flows for 2015 in accordance with International Financial Reporting Standards.

ZAO Deloitte & Touche CIS
11 April 2016
Moscow, Russian Federation

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Please see www.deloitte.ru/en/about for a detailed description of the legal structure of Deloitte CIS.

Audited entity: Public Joint Stock Company “Uralkali” State Registration Certificate No. 1128 issued on 14 October 1992 by the Berezniki Administration, Perm region Certificate of registration in the Unified State Register of Legal Entities No. 1025901702188 issued on 11 September 2002 Location: 63 Pyatiletki ul., Berezniki, 618426, the Perm region

Independent Auditor: ZAO “Deloitte & Touche CIS” Certificate of state registration № 018.482, issued by the Moscow Registration Chamber on 30.10.1992. Primary State Registration Number: 1027700425444 Certificate of registration in the Unified State Register № 77 004840299 of 13.11.2002, issued by Moscow Interdistrict Inspectorate of the Russian Ministry of Taxation № 39. Certificate of membership in “NP “Audit Chamber of Russia” (auditors’ SRO) of 20.05.2009 № 3026, ORNZ 10201017407.