Annex 5

to the Shareholder’s Resolution for

EuroChem Trading USA Corp. as of 20.04.2017

Approved by the Shareholder’s Resolution for

EuroChem Trading USA Corp. as of 20.04.2017

INSIDER INFORMATION AND TRADING POLICY

EuroChem Trading USA Corp.

Zug, 2017

TABLEOFCONTENTS

I.INTRODUCTION...... 4

1.DEFINITIONS...... 5

2.PURPOSE...... 6

3.APPLICABILITY...... 6

II.COMPLIANCE...... 6

4.GENERALPRINCIPLES...... 6

5.PREVENTIVE MEASURESAGAINSTTHE UNLAWFULUSEOF INSIDERINFORMATION...... 6

6.INSIDERRESPONSIBILITIES...... 7

7.SPECIALPROCEDURESFORTRANSACTIONS...... 7

8.BLACKOUTPERIODS...... 8

9.NON-COMPLIANCE...... 8

10.COMPLIANCEREPORTING...... 8

11.TRAINING...... 9

III.POLICYGOVERNANCE...... 9

12.POLICYREVIEW...... 9

13.IMPLEMENTATIONOF THEPOLICY...... 9

ANNEX1APPROVALREQUESTFORAONE-TIMESECURITIESTRANSACTION...... 10

ANNEX2FORMOFCOMPLIANCECERTIFICATE...... 11

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I.INTRODUCTION

TheEuropeanUnion(the“EU”),Switzerland,theUnitedStatesofAmerica(the“US”),theRussianFederationandanumberofothercountriesadoptedlawsandregulationsprohibitingthedisclosureand/ortheuseofInsiderInformation(asdefinedbelow)insecuritiestradingforpersonalorthirdparties’gainoravoidanceofloss,asacriminaloffenceand/oranadministrativelawsmisdemeanour.

EuroChem Trading USA Corp.(the“Company”) conductsits businessensuring itsEmployees(asdefined below)actinthebestinterestoftheCompany,avoidinganyactivitywhichmayinterferewiththeir dutiesorresponsibilitiestotheCompany.TheEmployeesoughttosafeguardtheCompany’slegitimateinterests,properlyperformingtheirprofessional,contractualorstatutorydutiesorresponsibilities.

This InsiderInformationandTrading Policy(the“Policy”)is an integral partof the Company’sCodeof ConductbeingaclearexpansionofSection5oftheCode.ThePolicydefinesindetailsthecoreprinciplesandruleswhichshallberespectedbyallEmployeesoftheCompany inordertopreventunlawfuluseofInsiderInformation.

ThePolicyhasbeendrawnupinlinewiththerequirementssetoutinthelaws of the Federal Republic of Germany andotherapplicableInsiderInformationandTradingLaws(asdefinedbelow).

ThePolicyalsooutlinestheproceduresbywhichInsidersmayconducttransactionswithsecurities,therightsandresponsibilitiesofthepersonsgoverningtheuseofInsiderInformation,restrictionsorprohibitionsandprotectivemeasurestobeconsistentlyfollowedbyeachEmployeeof the Company.

ThescopeandcontentofthisPolicycouldbesubjecttofurtherchanges.ThisPolicycontains generalanalysisofapplicablenormsorlaws,andspecificadviceorclarificationsmayberequiredinconnectiontoanyparticulartransaction.CertaindealingsortransactionsdescribedinthisPolicywouldbepermissibleonlyuponconsultationwithandsignoffbythe Group LegalandComplianceOfficer.

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1.DEFINITIONS

1.1“BlackoutPeriod”meansaperiodoftimeduringwhich InsidertransactionswiththeCompany’sSecuritiesshallnotbeconducted.

1.2“Employee”,“Employees”meanstheofficers,directors,managersandallotheremployeesoftheCompany.

1.3“Insider”meansanypersonhavingaccesstoInsiderInformation of the Company.Insiderscanbedividedintothefollowinggroups:

(1)allEmployeesoremployeesofOtherIssuershavingaccesstoInsiderInformationduetohis/herprofessionalduties(primaryInsider);

(2)personswhoreceivetargetedinformationfromaprimaryInsider(e.g.newsagencies)orpersonswhoobtaininformationthroughthecommissionofacrimeormisdemeanor(secondaryInsider);

(3)personswhoaccidentallyreceiveInsiderInformation(accidentalInsider);

(4)allotherpersonswithaccesstoInsiderInformationperformingtheirprofessionalobligationstotheCompanyundercivilcontract.

1.4“InsiderInformation”meansmaterial,non-publicinformationthatareasonableinvestorwouldlikelyconsiderimportantindecidingwhetherornottopurchaseorsellthesecurity;

1.5“InsiderInformationandTradingLaws”meansanylaws,regulationsandrulesofthejurisdictionofbusinessoperationoftheCompanyregulatinguseofInsiderInformationandInsiderTrading.

1.6“InsiderTrading”meansanyactionbywhichInsidersuseInsiderInformationinordertoobtainafinancialadvantageforthemselvesorforanotherpersonbyengagingintransactionswithSecuritiesordisclosingthe InsiderInformation to athirdparty, violating hisconfidentialityobligationsorobtainingsuchinformationwithoutanylawfulbasis.

1.7“Legal and ComplianceOfficer”meansanEmployeeoftheCompanycommittedtoensuringthatthecompliancepolicies(includingthePolicy)areconsistentlycompliedwiththroughouttheCompany.Thenameandpositionofthe Legal andComplianceOfficerwillbecommunicatedtoEmployeesonaregularbasis.

1.8“MarketManipulation”meansoneofthefollowingactions:

a)knowinglydisseminationofinformationgivingfalseormisleadingsignalsregardingtheofferordemandforormarketpriceofSecuritiesorinformationwhichcouldmisleadSecuritiesmarketparticipants;

b)engagementintransactionswhich givefalseormisleadingsignalsastotheofferordemandfororpriceof Securities.

c)executionofanyotheractionswhichresultinchangestotheprice,demand,supplyorvolumeofSecuritiestradesfromalevel,ormaintainingthematalevelthatsignificantlydiffersfromthelevelthatwouldhavebeenachieved withoutsaidactions.

1.9“OtherIssuers”meanstheCompany’scurrent,former,orpotentialcounterpartiesoranyothercompanywhichmightbeinvolvedinaconfidentialtransactionwiththe Company,existingconfidentialinformationabouttheoperationsofwhichbecameknowntoanInsider.

1.10“Securities”meansanystock,othersecuritiesorcorrespondingbookentrysecuritiesoftheCompany,aswellasofanycompanywhichmightbeinvolvedinaconfidentialtransactionwiththe Company,oroptionsonanyoftheaforementionedsecurities

1.11“Relative”meansanindividualwhoiscloselyconnectedtoanEmployeebybloodoraffinity,toinclude,for the avoidanceofdoubt, a spouse,anylinealdescendant orascendant(parents and children,grandparentsandgrandchildren),anybrothersorsisters,includingwithoutlimitationanyindividualwhoiscloselyconnectedtoeitherofthem byvirtueofmarriage,adoption orin-lawrelation.

1.12“Training”meansregulartraining(possibly donebytheCompany’sin-houselawyersorspecialistsofaninternationallyrecognizedlawfirmorconsultancywithconsiderableexperience)ofallEmployeesontheapplicabilityofthePolicy.

2.PURPOSE

2.1ThisPolicyensurescompliancewithInsiderInformationand TradingLawsinthecourseoftheactivityoftheCompany,and,inparticular,thatInsidersdonotmisuseInsiderInformation,donotengageinMarketManipulationordonotengageincertainSecuritiestransactions.

2.2ThePolicyestablishestheminimum Company’s expectationsofriskmanagementandcompliancewithInsiderInformationandTradingLawsandsetsouttheapproachoftheCompany towards:

  • guidanceonhowtocomplywithapplicablelaws,standards,andrequirements;
  • principlesandmeasuresastohowtomitigatetherisk associatedwithor arisingfromanypotentialbreachofInsiderInformationandTradingLawsinthejurisdictionofbusinessoperationsoftheCompany;
  • consequencesoffailingtocomply with the applicable Insider Information and Trading Law;
  • regular reporting on violation (or risks of such violation) of the applicable Insider Information and Trading Law;
  • regular Training of Employees with regard to this Policy and applicable Insider Information and Trading Law.

3.APPLICABILITY

3.1.TheCompanyshallapplyandincorporatethePolicyinitsbusinesspractice.

3.2.AllEmployeesshallcomplywiththePolicyandconsultintheirbusinesspracticeswiththePolicy.

II.COMPLIANCE

4.GENERALPRINCIPLES

4.1.TheCompanymaintainsthisPolicyinordertomeetitsobligationsunderapplicableInsiderInformationandTradingLawsinthejurisdictionofits businessoperations.

4.2.The Companyinvestsdueeffortinensuringthat itsbusinessandtransactionsdonotinvolveabreachofthe applicableInsiderInformationandTradingLaw.

4.3.The Company and its EmployeesareregularlyinformedontheupdatesinthePolicyanddevelopmentintheapplicableInsiderInformationandTradingLaw.

4.4.The Company and/orEmployeesshallreportaboutanybreachorsuspectofpotentialbreachofthe applicableInsiderInformationandTradingLawpromptlyaftertheybecomeawareaboutanysuchbreachorpotentialbreach.

4.5.Incaseofconflictbetweentheabovementionedprinciplesandanybusiness requirements,theprinciplesassetoutbythisPolicyshallprevail.

5.PREVENTIVEMEASURESAGAINSTTHE UNLAWFULUSEOF INSIDERINFORMATION

5.1The Company shall undertake the following steps to prevent, identify, and intercept the unlawful use of Insider Information and (or) Market Manipulation:

  • oversee measures aimed at maintaining the confidentiality of Insider Information;
  • set out the obligations for compliance with the procedures for using Insider Information and liability for the violation of said procedures in internal regulatory documents, and employment and other contracts;
  • createmandatoryconditionsforInsiderstoensurethattheycomplywiththeestablishedproceduresfor using Insider Information and hold Insiders responsible for the provision of such information;
  • ensure that Employees comply with the technical security regulations applied in the Company;
  • take any other actions it may consider necessary towards ensuring that the Insider Information usage procedures are enforced and exercise control over compliance with applicable legal requirements and this Policy.

6.INSIDERRESPONSIBILITIES

6.1ExceptasprovidedinClause6.2hereto,InsidersshallnotdirectlyorindirectlytransferInsiderInformationtoanyperson.Fortheavoidanceofdoubt,InsiderInformationshallnotbetransferred,amongstothers,toEmployees,anypersonoutsidetheCompany,orRelativesoftheInsider.

6.2InsiderInformationmaybetransferredonlyinsituationsrelatedtotheInsider’sexecutionofhisorherofficialduties,subjecttocompliancewiththerequirementssetout inthisPolicyandapplicablelaws.

6.3InsidersshallnotgivethirdpartiesanyrecommendationsbasedonInsiderInformationregardinganyactionswithSecurities.

6.4Insiders shallnotparticipateinInsiderTradingorotherwiseuse InsiderInformationtoobtain anybenefitsforthemselvesoranyotherperson,norshalltheytakeanyactionswithregardstoSecurities,basedonInsiderInformation.

6.5Insidersshallensurethe confidentialityofInsiderInformationbytakingtherequisitestepsandallnecessarypreventivemeasuresintheinterestsofrestrictingaccessto InsiderInformationandprocuringthatitisnotdisclosed.

6.6Insiders shall complywith specialproceduresfor conductingtransactionswithSecurities,asprovidedforinthisPolicy.

7.SPECIAL PROCEDURESFORTRANSACTIONS

7.1Atthetimeofenteringintotheemployment(orsimilar)agreementwiththe Company,allEmployeesshallacknowledgeinwritingthattheyareawareoftherequirementnottotradeinSecurities(asdefinedabove).

7.2Insidersdeterminedinpoint(1)ofClause1.3.ofthisPolicyshallcomplywiththefollowingproceduresforconductingtransactionswithSecurities:

  • IftheInsider intendstoconductatransactionwithSecuritiesissuedbytheCompany, heorshemustpromptlyreceivepriorapprovaltodo sofromthe Legal and ComplianceOfficer,i.e.,no laterthan2(two)businessdayspriortotheproposedtransactionexecutiondate;
  • Arequestfortheapprovalofa one-time transaction with Securities issued by the Company or Other Issuers (the “Request") submitted to the Legal and Compliance Officer by any means of communication (including via fax or email), must contain informationabouttheamountandnatureoftheproposedtransaction.ThestandardRequestform isincludedin Annex1tothisPolicy;
  • The Legal and Compliance Officer must review the terms of the proposed transaction within a maximum of 24 hours upon receipt of the writtenRequest,andissuearesponseinlinewiththerequirementssetoutinthisPolicyandapplicablelaw(the“Response”),anddelivertheResponsetotheInsiderwhosenttheRequest;
  • IftheResponseisnegative, the Legal and Compliance Officer, in addition to issuing the appropriate Response, must also indicate thereasonforthenegativeresponseandcitetheappropriaterequirementsetoutinthisPolicyand/orapplicablelaw,withtheexceptionduringBlackoutPeriodsasestablishedinthisPolicy;
  • Within2(two)businessdays from execution of the transaction with Securities issued by the Company or Other Issuers, Insiders must report a transaction to the Legal and Compliance Officer by any means of communicationavailable.

8.BLACKOUTPERIODS

8.1Asregularpublicationofannualandsemi-annualreports,quarterlyresultsconstituteinformationthat,ifdisclosed,couldhaveamaterialimpactonthemarketvalueof theCompany-issuedSecurities,thisPolicyprovidesBlackoutPeriods.DuringBlackoutPeriodsInsidersareprohibitedfromconductinganytransactionswithSecurities,andareobligedtodoeverythingpossibletopreventtheexecutionofsaidtransactionsbyRelativesofInsiders.

8.2TheBlackoutPeriodswillbefixedannually based on the regular publication dates, and the Insiders concerned will be informed thereof in advance by the Legal and Compliance Officer.

8.3In addition, the Legal and Compliance Officer maydeclareanyotherperiodasBlackoutPeriod,ifthedisclosureofinformationaboutspecificeventcouldhaveamaterialimpactonthevalueofSecuritiesorhebelievesthatavailabilityofInsiderInformationwithintheCompanywouldmaketransactionsbyInsidersinappropriate.

9.NON-COMPLIANCE

9.1Employeesshallimmediatelycontactthe Legal and ComplianceOfficerbyanypossiblewrittenmeansofcommunicationincase:

  • theysuspectapotentialbreachoftheEmployee’sobligationsunderthePolicyorthe applicableInsiderInformationandTradingLaw;
  • theyhavebreachedorarefoundinapositionbreachingthePolicyorthe applicableInsiderInformationandTradingLaw.

9.2UponbecomingawareaboutanyviolationorbreachorsuspectedpotentialbreachasreportedbyanEmployeepursuanttoClause 9.1 above, the Legal and Compliance Officer shallimmediatelyreportthereoftotheCompany’smanagement.

9.3IncaseanyEmployeeknowinglyorintentionallybreachesortakesanyactionleadingtobreachthe applicableInsiderInformationandTradingLaw,themanagementofthe Company,afterconsultationwith the Legal and Compliance Officer,shallimmediatelyterminatetheemploymentofsuchEmployeeaccordingtotheapplicablelabororcorporaterules,andwillbeentitledtocontacttherelevantsupervisorygovernmentalauthorityifnecessary.

Additionally,violationoftheapplicableInsiderInformationandTradingLawmayconstituteoffenseagainstcriminallawandthesuspectedoffendermaybesubjecttocriminalsanctions(finesand/orimprisonment)underthe applicablelegislation.

9.4IncaseanyEmployeeknowinglyorintentionallyfailstocomplywiththeprovisionsofthisPolicy,themanagementoftheCompany,uponconsultationwith the Legal and Compliance Officer, shallhavearight,at its solediscretion (i) toterminatetheemploymentofsuch Employeeor(ii) toimposeonsuchEmployeeanydisciplinaryliabilitymeasures,totheextentpermittedbyapplicablelabororcorporatelawsorregulations.

9.5ThisPolicyshallbebroughttotheattentionofallEmployees.AnynewEmployeesshallbeinformedonthePolicyatthetimeofenteringintotheemployment(orsimilar)agreementwiththeCompany.Bysigningtheemployment(orsimilar)agreement(oramendmentsthereof)Employeesconfirmthattheyhaveread,understoodandundertaketocomplywiththePolicy.

10.COMPLIANCEREPORTING

10.1TheCompanyshallappointaqualifiedindividualwithinitsorganization(the“Legal and Compliance Officer” as designated above)tosuperviseanyactivityinrelationtocompliancewiththePolicy.

10.2The Legal and ComplianceOfficershallexerciseeffectivecontrolovertheactionsofInsiders,approvingorrefusingthetransactionwhenneeded,andpreventingtheunlawfuluseofInsiderInformationasstipulatedinthisPolicy.

10.3The Legal and ComplianceOfficeroftheCompanyshallissuethecompliancecertificate(the“ComplianceCertificate”)substantiallyintheformattachedtothisPolicyinAnnex2tobeaddressedtotheCompany’s management bodies, verifyingthecomplianceofthe CompanyanditsEmployeeswiththePolicyandabsenceofanybreach.

10.4ShouldnorequestbedeliveredwithrespecttotheComplianceCertificates,theyshallbeprovidedonaregularbasis,butatleastonceper year.

11.TRAINING

11.1TheCompanyshallprovideTrainingandeducationsessionsontheapplicabilityofthePolicytoallEmployeesonaregularbasis,butatleastonceinatwelve-monthperiod.

11.2The Legal and Compliance Officer shalldeterminethecontentoftheTraining.

11.3The Legal and Compliance Officer shallensurethattherelevantEmployeescompletetheTraining,inaccordancewithClause11.1hereto.

III.POLICYGOVERNANCE

12.POLICYREVIEW

12.1ThisPolicyshallbereviewed by the Legal and Compliance Officer on a regular basis, but at least semi-annually in order to ensure that the Policy is up to date and is in line with all the changes in the Company’s operations and external factors impactingtheCompany’soperations,oraftertheamendmentof theapplicableInsiderInformationandTradingLaw.

12.2Theproposedamendmentsmaybeprovided to the Legal and Compliance OfficerfromtheCompany.

13.IMPLEMENTATIONOFTHEPOLICY

13.1. The Legal and Compliance Officershall be responsible forimplementationandincorporatingofthisPolicyintotheemployeetrainingprogramandrelevantHRpoliciesandstandards.

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ANNEX1APPROVALREQUESTFORAONE-TIMESECURITIESTRANSACTION

Important:PleasedeliverthisrequestdirectlytotheLegal and ComplianceOfficerinperson,byemailorbyfaxto(+…..*[ _])no laterthan2businessdayspriortotheproposedtransactiondate.

FullName
Position
Division
ContactInformation
Telephone / Fax / e-mail
Transactioninformation

IssuersecuritiesName

TaxIdentificationNumber

1

Proposedtransactiondate

Type(purchase/sale)

1

Typeofsecurities(common/prefshares/DR/other)Quantityofsecurities

I,,herebyconfirmthat(i)IdonotpossessanyInsiderInformation(asdefinedintheInsiderInformationandTradingPolicy)and(ii)tothebestofmyknowledge,theproposedtransactiondescribedabovedoesnotcomeintoviolationofanyoftheprovisionsofthe applicableInsiderInformationand TradingLaw(asdefinedintheInsiderInformationandTradingPolicy).IconfirmmyunderstandingthatifIengageininsidertrading,Icanbeheldaccountableviatheimpositionofsanctionsbythecompanyandfacecivil,administrative,and/orcriminalliability.

Signature:Date:

RESOLUTION

ThissecuritiestransactionisAPPROVED/NOTAPPROVED

By the LegalandComplianceOfficer

Signature:Date:

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ANNEX2FORMOFCOMPLIANCECERTIFICATE

(Nameoftheaddressee’sunit)

Attn.:

(Theaddressee’sposition)

ComplianceCertificate

Name:
Company:
Unit:
Position:
Dateofviolation(ifany):
Whichcountry’sinsiderinformationandtradinglawswasbreached:
Detaileddescriptionoftheoccurrenceofthebreachofinsiderinformationandtradinglaws:
Recommendations(comments):
(TheDrafter’sPosition) / (Personalsignature) /
(Nameandinitials)
.__.20

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