35. Events subsequent to the reporting date

See note 24 for significant events which took place after 31 December 2011.

In February 2012 the shareholders of two of the Group’s subsidiaries, OJSC “Ammophos” and JSC “Cherepovetsky Azot” passed a resolution to merge intoone legal entity. In accordance with the Russian law, those minority shareholders who voted against the merger or withheld from voting, obtain the right to put their shares to the respective entities. It is expected that the legal structuring will be completed in July 2012.

In April 2012 the Board of Directors proposed payment of dividends of RUB 32.5 per ordinary share. The total amount of dividend proposed is RUB 4,046 million.

Notes to the Consolidated Financial Statements

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