NILSY - Unique Assets: PhosAgro's Dividend Whets Our 'Apatite'

• Russia's PhosAgro is one of the world's leading phosphate producers, and a large producer of nitrogen fertilizers.
• The company produces phosphates from apatite, a mineral extracted from its low-cost, high-grade mines in the Kola peninsula.
• With its low toxicity, apatite provides a competitive advantage in export markets where environmental requirements are becoming more stringent, such as the European Union.
• The stock trades at an attractive valuation, though investors must of course deal with an investment in Russia.
• A generous dividend policy, whereby a minimum of 50% of net profit has to be distributed, rewards income investors.

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