Disclaimer

The information on mineral resources presented in this Report has been produced in accordance with the Subsoil Law, the Orders of the Ministry of Natural Resources and Environment of the Russian Federation No. 40 “On the Adoption of a Classification System for Mineral Reserves” dated 7 March 1997 and No. 278 “On the Adoption of a Classification System for Reserves and Inferred Resources in Deposits of Solid Minerals” dated 11 December 2011 and the Decree of the Ministry of Natural Resources and Environment of the Russian Federation No. 37-r “On the Adoption of Methodological Guidelines for the Application of the Classification System for Reserves and Inferred Resources in Deposits of Solid Minerals” dated 5 June 2007.

The information in this Report relating to mineral resources as at 1 January 2012 is based on information compiled by the Geology Service Department of Apatit and authorised by Mr. Sergey Glubokiy, Chief Geologist of Apatit.