Yara International ASA 3Q17 results roadshow

Torgeir Kvidal, CFO

Nina Kleiv, Investor Relations

IR – October 2017

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan'16

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan'17

Feb Mar Apr May Jun Jul Aug Sep

TRI (Total recordable injuries 12-month rolling)1

Safe operations is our first priority

2

1) TRI: Total recordable injuries, lost time (absence from work), restricted work and medical treatment cases per one million work hours.

IR – October 2017

Summary third quarter

3

Strong production performance

Improvement program ahead of schedule

Results reflect lower commodity fertilizer margins

IR – October 2017

Earnings per share*

4

6.40

8.26

6.18 6.74

2.65

10.59

14.56

1.58

10.22

11.23

3.00

-1.22

6.19

2.56 2.60

7.03 7.74 7.62

8.17

10.51

9.58

7.41

3.97

9.12

6.29

3.43

1.58

4.95

2.90 3.21

NOK 27.59 29.38 23.25 11.35

Annual 2014 2015 2016 YTD 2017

*Average number of shares for 3Q 2017: 273.2 million (3Q 2016: 273.2 million).

EPS excluding currency and

special items

IR – October 2017

Higher finished fertilizer and ammonia production

5

0

500

1,000

1,500

2,000

2,500

Kilotons

2017 2016 2014 2015

Ammonia1

+7%

1) Including share of equity-accounted investees

0

1,000

2,000

3,000

4,000

5,000

6,000

Kilotons

Urea Nitrates NPK CN UAN SSP - based fertilizer

2016 2014 2015 2017

Finished fertilizer & industrial products1

+8%

IR – October 2017

Yara Improvement Program ahead of schedule

Program still progressing according

to plan, with benefits ahead of target

Yara Productivity System continues

to be rolled out. Production reliability

strong compared to same period last

year

Procurement Excellence progressing

into Wave 2 and delivering ahead of

plan

A total of USD 97 million one-off cash improvement realized,

primarily working capital release

Accumulated one-off program costs: opex USD 47 million and

capex USD 147 million

500

150210

1209064

2020

target

2017

target

Status as

of 3Q17

Status as

of 2Q17

Status as

of 1Q17

Status as

of 4Q16

Program progress Financial benefits

Annualized EBITDA improvement, USD million, vs. 2015

baseline, at 2015 prices

Today Start:

2016

End:

2020

2017 2018 2019 2020

6

IR – October 2017

Uusikaupunki

Sluiskil

Yara Productivity System in practice

262292 3321

+14%

Total production at site, thousand tonnes

1 Includes 58kt production volume related to expansions (not counted in overall benefits realization); Producing more high-N NPK grades in 2017 compared to 2016 and 2015

Base production (excluding effect of

planned maintenance stops)

1,505 +2%

1,444 1,476

Belle Plaine 535439490

3Q17 3Q16 3Q15

+9%

7

IR – October 2017

EBITDA: Higher energy cost and weaker US dollar more than

offset the impact of higher deliveries

8

379

357

2,386

3,004214

439

EBITDA 3Q17 Other

144

Special

items

Currency

translation

Energy costs Price/Margin

36

Volume EBITDA 3Q16

NOK millions

IR – October 2017

(704)

(251)

543 382

212 310

130

187

169

161 100

(800)

(600)

(400)

(200)

0

200

400

600

800

1,000

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

NOK millions

EU/US estimate* EU/US actual

Higher natural gas cost expected for the next two quarters

9

2.0

3.0

4.0

5.0

6.0

7.0

8.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

USD/ MMBtu

TTF (1-month lag) Yara Europe

Yara European natural gas cost Change in global natural gas cost

Source: Yara, World Bank, Argus/ICIS Heren *Dotted lines denote forward prices as of 10 October 2017 Pilbara actual Pilbara estimate

410

IR – October 2017

0

100

200

300

400

500

600

3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

USD/t

Nitrogen upgrading margins1 (monthly publication prices)

CAN (46% N) NH3 CFR (46% N) Urea Egypt CFR proxy

Yara EU gas cost *20

Higher European nitrate premiums

10

Nitrate

premium

above urea

Value above

ammonia

Value

above gas

0

10

20

30

40

50

60

70

80

90

3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

European nitrate premium2 (quarterly Yara realized) USD/t

2) Yara European realized nitrate prices (excl. sulphur grades)

compared with urea publication prices (Egypt CFR proxy) with

1 month time lag. All numbers in USD per tonne of CAN equivalents. 1) All prices in urea equivalents

Source: Fertilizer Market Publications

IR – October 2017

Weighted average global

premium above blend cost

0

100

200

300

400

500

600

700

3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

USD/t NPK premium over blend1

Value above

raw material

0

100

200

300

400

500

600

3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

USD/t Phosphate upgrading margins

DAP, fob USG

Solid commodity phosphate margins and compound NPK premiums

1) Export NPK plants, average grade 19-10-13, net of

transport and handling cost.

Rock, fob North Africa *1.4

NH3, fob Black Sea *0.22

DAP, CIF inland Germany

MOP, CIF inland Germany

Urea, CIF inland Germany

Nitrate premium, CIF inland Germany

Source: Fertilizer Market Publications

11

IR – October 2017

Strong urea oversupply outside China……

Source: CRU, September 2017. Numbers include both additions and closures of capacity.

CRU year-over-year production change

0.9

2018

3.8

2019

2.1

7.2

2017 2020

3.1

4.7

2015

1.6 2.0

2021

2.1

2022 2016 2014

Capacity additions, excl. China

(mill. tonnes urea)

Egypt 0.6

Indonesia 0.5

Saudi Arabia 0.5

Malaysia 0.3

Bangladesh 0.1

Vietnam 0.1

Romania -0.8

USA 3.0

Nigeria 0.7

Iran 1.4

India 0.7

Egypt 0.3

Uzbekistan 0.1

USA 1.6

India 0.9

Bolivia 0.5

Azerbaijan 0.5

Turkmenistan 0.3

Indonesia 0.1

Kuwait -1.2

Iran 0.6

Russia 0.4

Turkmenistan 0.9

Indonesia 0.4

Azerbaijan 0.2

Iran 0.5

India 0.7

Egypt 0.3

Uzbekistan 0.3

Tajikistan 0.2

~3 Mt = 10 year historical trend

consumption growth Algeria 0.8

Nigeria 0.7

Russia 0.7

USA 1.2

Malaysia 0.9

Bangladesh 0.5

India 0.4

Bolivia 0.2

Indonesia -0.1

Bangladesh -0,5

Romania -0.9

Indonesia -0,7

Bangladesh -0,1

Russia 0.2

Nigeria 0.6 Iran 0.5

Iran 0.5

Nigeria 0.6

Brunei 0.6

Tajikistan 0.2

Russia 0.1

12

IR – October 2017

….but higher domestic price and lower exports from China are

offsetting oversupply elsewhere

170

190

210

230

250

270

290

310

330

350

370

390

USD/t

Urea fob Black Sea Urea prilled fob China

Urea granular fob Egypt Urea inland proxy China

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

Chinese exports Increasing urea pricing Kilotons

Source: BOABC, CFMW

13

IR – October 2017

China domestic pricing and utilization

14

Source: CFMW

China anthracite and urea prices (RMB/mt) Urea plant utilization rate (%)

IR – October 2017

9.9 9.7

11.8 12.1

Import catch-up need in India

15

20.8 19.7 20.1 20.0 20.7

21.5 22.0 22.3 23.0 22.7 23.7

24.4

22.6 23.5

25.5 26.9 26.4

27.3

29.4 29.6

31.5

29.7

32.5

30.2

+1.5%

2017 2016 2016

+2.7%

2005

Production Sales

Million

tonnes

+ 3%

- 2%

Season-to-date (Apr – Aug) Calendar year

Million

tonnes

IR – October 2017

2020 2019

1.1

0.4

0.7

2018

4.3

3.0

1.3

2017

11.4

10.1

1.3

2016

7.9

7.3

0.6

Committed expansions + M&A

Improvement program

2020

1,100

600

500

2019

850

400

450

2018

600

300

300

2017

250

100

150

2016

104

40

2020

16

6

10

2019

12

3

9

2018

7

1

6

2017

3

3

2016

1

1

1 Currency assumptions for 2017 onwards: USD/NOK 7.90, EUR/NOK: 9.32 , USD/BRL: 3.15 2.Excluding maintenance capex on existing assets – see page 21. Yara’s share of capex. Fully consolidated entities presented at 100% basis 3 Measured at 2015 conditions. Main average market prices: Ammonia fob Yuzhny 390 USD/t, Urea fob Yuzhny 275 USD/t, DAP fob Morocco 495 USD/t

Improvement program:

+ 350 MUSD cost improvement

+150 MUSD volume improvement:

-> 0.4 mill. tonnes ammonia

-> 0.7 mill. tonnes fertilizer

Committed expansions + M&A:

+ 1.2 mill. tonnes ammonia

+ 3.5 mill. tonnes fertilizer

Major improvement and growth investments in 2017;

main earnings improvement from 2018 onwards1

EBITDA improvement3 (MUSD)

Earnings improvement3 (NOK per share)

Improvement and growth capex2 (BNOK)

16

IR – 18 July 2017

Additional information

IR – October 2017

Integrated business model creates value through scale, flexibility

and value chain presence

18

IR – October 2017

We sold 34.1 million tonnes of products and solutions globally in

2016

Industrial products & solutions

Fertilizers

Sales figures mill. tonnes

%= total sales

NorthAmerica

12.1%

3.1

1.0

Brazil28.2%

0.4

9.2

Europe41.4%

4.7

9.4

Africa 4.4%

1.2 0.3

*Ammonia trade not included

LatinAmericaex. Brazil

7.3%

2.2

0.3

Asia6.6%

0.2

2.1

19

IR – October 2017

Differentiated product portfolio represents a key source of

competitive edge

21%

34%

26%

19% Standard products

(Urea, UAN,

Ammonia)

Differentiated products

(CAN, AN)

Specialty

(CN, Compound NPK,

Fertigation)

NPK blends

Fertilizer product portfolio (2016/17 season volume)

20

IR – October 2017

14.1% 14.4%

14.1%

16.1%

22.8%

8.5%

17.4%

20.9%

17.3%

12.6% 13.3% 14.0%

9.5 %

0

20

40

60

80

100

120

140

160

0

0

0

0

0

0

2004 '06 '08 '10 '12 '14 16

Ex special items Yara avg. gross investment, 12M rolling

Strong growth and profitability through the cycle

1) Share price appreciation (end 2016) plus dividend payments

Average cash return on gross investment (CROGI)

well above the Yara CROGI target of 10% Average annual shareholder return of 23%1

10% target

0

50

100

150

200

250

300

350

400

NOK/share

16 15 14 13 12 11 10 09 08 07 06 05 IPO

2004

Share price 19 Oct 2017

Average annual share price

Book equity

Accumulated cash dividend payments

21

IR – October 2017

Yara has expected commodity nitrogen oversupply, and has

focused its growth pipeline on premium & industrial products

Uusikaupunki NPK (3Q 2016)

Porsgrunn/Glomfjord CN/NPK (4Q 2017)

Sluiskil urea+S (4Q 2017)

Rio Grande NPK/NPK blends (2H 2020)

Expand premium products

sales and supply

Freeport ammonia JV (1Q 2018)

Babrala urea acquisition (4Q 2017)

Expand commodity scale

based on attractive full-cost

growth opportunities

Act on attractive

opportunities to grow

industrial sales and supply

Galvani / Salitre

(mining: 1Q18, chemical 1H19)

Structurally secure P and K

supply

Pilbara – TAN (1H 2017)

Köping – TAN (2Q 2018)

250

TAN

500

1,200

Ammonia Urea

400 Nordic

250 160

1,000

500 Rio Gr.

NPK CN Urea+S NPK Blends

Pipeline tonnes by product (kt)1 Growth focused on premium & industrial

Medium Low High Exposure to commodity nitrogen prices:

1 Including Yara’s share of volume in non-consolidated investees. Fully consolidated entities presented at 100% basis

1,000

SSP/NP

22

IR – October 2017

Growth and capex pipeline

23

2019

7.5

5.8

0.4 1.3

2018

10.9

6.3

3.0

1.6

2017

16.5

5.3

6.3

3.5

1.5

2016

14.2

5.3

6.9

0.4 1.5

Maintenance

Committed growth

M&A

Cost&capacity improvements 2) NOK bn

Capex plan1

1) Yara’s share of capex. Fully consolidated entities presented at 100% basis.

2) Includes Yara Improvement program Capex and other improvements

3) Rio Grande expansion also adds 1 million tonnes NPK blends by 2020

4) Finished fertilizer and industrial products, excl. bulk blends

5) Including Yara share of production in non-consolidated investees

6) Adjustment to normalized / 2016 turnaround level 7) Committed projects only. TAN Pilbara: 160 kt, Porsgrunn: 235kt, Glomfjord: 105kt, Uusikapunki: 250kt,

Köping: 90kt, Sluiskil: net 160kt, Galvani (Salitre ~ 0.8 mill.tonnes, reaching 1.1 mill.tonnes in 2022), Rio

Grande: 500kt

8) Including 100% ownership in Pilbara NH3 plant

Production growth 2015 - 20203

Finished products4 Ammonia

Mill.tons

0.70.7

1.2

2.3

1.6

0.3

Est. 2020

23.8

Other

growth7

Babrala Regularity T/R6 20155

19.2

17.3

0.4

1.2

0.3

1.1

Est. 2020

9.0

Freeport

& Babrala

Pilbara8 Regularity T/R6

0.2

20155

7.0

5.8

0.2

Yara-operated

Yara share of Qafco & Lifeco

GrowHow UK (divested mid-2015) Porsgrunn 1.2 0.7 -

Köping 0.4 0.5 0.1

Sluiskil 0.7 0.7 0,0

BASF JV 1.6 0.9 0.5

Rio Grande 0.1 1.2 0.7 0.4

Salitre 0.8 2.0 1.6

Other projects 2.1 0.3 0.1

Total 6.9 6.3 3.0 0.4

Committed growth (NOK bn):

IR – October 2017

300

2017

100

104 300

600

250

2018

450

150

2016

850

600

1,100

2019

500

2020

400

40

2016

1

1

2020

12

3

9

2019

3

1

6

7

2018 2017

3

10

6

16

Improvement and growth investments; earnings and sensitivities1

EBITDA improvement2 (MUSD)

Earnings improvement2 (NOK per share)

0.7 0.7

1.4

Ammonia Urea DAP

Growth: Impact3 of +100 USD/t price change (NOK/share)

1 Currencies for all amounts from 2017: USD/NOK 7.90, EUR/NOK: 9.32, USD/BRL: 3.15

2 Measured at 2015 conditions. Main average market prices: Ammonia fob Yuzhny 390 USD/t, Urea fob

Yuzhny 275 USD/t, DAP fob Morocco 495 USD/t. 3 Improvement: 2020 numbers. Growth: At full capacity (2019 for urea and ammonia, 2020 for DAP). 4 Phosphate-driven price change, equivalent to 138 USD/t phosphate rock (72 bpl)

Improvement program: Impact3 of +100 USD/t price change

(NOK/share)

0.4

0.7

Ammonia Urea

4

24

IR – October 2017

Yara Improvement Program targets sustained improvement of

minimum $500MM EBITDA, plus cash benefits

Fixed cost

Variable unit cost

Consumption factor

Production volume

500

~25%

~30%

~15%

~30% ~450

~300

~150

641

USD$MM, vs. 2015 baseline and 2015 prices

Sustained

EBITDA

improvement

Sustained capex

improvement

One-off working

capital release (~125MM total) ~15 ~15 ~15 ~40 ~40

One-off cost

One-off capex

EBITDA impact (~80MM total) ~10 ~10 ~20 ~30 ~10

(~500M total)

2020 2019 2018

~170

2017

~170

2016

~70 ~90

Sustained capex improvement: Target under development

1 Effects calculated on 2015 prices. If actual prices in 2016 are applied, the total is $25M; Only confirmed 2016 benefits included 25

IR – October 2017

The improvement program is organized into concrete projects

across the company

Improve safety, customer

responsiveness, reliability, cost,

productivity and quality on our

sites as well as the ability to

assess and integrate acquired

assets

Improve working capital

management in selected

countries

Realize sustainable, incremental

savings based on advanced

category management and

collaborative procurement

Standardize processes in supply

chain and finance to improve

customer experience and

efficiency

Improve project execution and

cost position of basic IT services

while increasing customer and

business orientation

Yara Productivity

System

Working Capital

Procurement

Excellence

Support function

efficiency and

quality

IT Optimization

Better Cheaper

Faster

Improve quality, cost and

speed of construction through

standard specifications, by

challenging requirements and

focus on execution strategy

EB

ITD

A ta

rget1

C

ash

effe

cts

Improve our commercial activities in Crop

Nutrition and Industrial segments through

being more focused, efficient and effective in

developing our sales & marketing channels

Sales & Marketing

enhancement

More

for less

Added

value

1Projects contribute primarily towards EBITDA, but also contain elements of capex improvement 26

IR – October 2017

Volume and energy consumption improvement targets

243

~400

2020

~6,4001

2016

6,471

2015

5,755

697

~18,7001

~700

2020 2016

17,961

2015

17,348

Production

volume

Consumpt-

ion factor 35.4

-3%

2020 2016

36.0

2015

36.4

Ammonia production,

thousand tonnes

Finished fertilizers production,

thousand tonnes

Energy consumption,

Mmbtu (HHV2) per tonne Ammonia

(weighted average)

Ammonia production (excl. pipeline growth)

Finished fertilizers production

Adjustment to normalized / 2016 turnaround level

Pilbara acquisition effect (last 49%)

Improvement program target

Note: Volume and energy targets are not final; they

are subject to change as additional plant

assessment deep-dives are completed

1 Indicative target based on improvements to the baseline (improvement program target), and known turnarounds and expansions in 2016; 2 Higher Heating Value 27

IR – October 2017

Yara has invested for the long term in Brazil; Bunge acquisition

brought critical mass in distribution

28

Acquisition

Acquisition

Divestment

Acquisition

Acquisition 60%

Volume

(MM tons) 9.3

8.27.8

3.33.22.7

2.22.22.42.8

1.81.72.01.81.51.3

0.80.5

99 00 01 04 05 06 14 08 09 10 11 12 13 15 16 02 03 07

IR – October 2017

Yara Brazil today: unrivalled market presence and farmer-centric

strategy

> 20,000 growers using Yara solutions

> 200 Yara agronomists and 600 sales

representatives

> 55% of Yara deliveries are direct to farmer

> 55,000 interactions with growers p.a.

Unrivalled presence: 28 sites in 11 states Farmer-centric strategy drives growth

Galvani (fertilizer

production, mining

and port operation)

Yara (offices,

production, blending

and distribution of

fertilizers, port

operation)

29

IR – October 2017

Crop Value Index – a key guide to our approach What is CVI:

Crop revenue

Fertilizer costs

Low value - High volume

Limited price premiums for quality

Nutrient use efficiency is key

+1200 USD/ha = 50% yield increase

CV

I

Global area grown (ha)

High value, Low volume

Double price premium for high quality

2% yield increase= +1200 USD/ha

Optimal cost position for lower value segments

Low level of differentiation

Build positions for crop with both value and scale

Yield, quality and productivity

Take the position in cash crop – but not enough scale

Key parameters: Quality and yield

30

IR – October 2017

0

200

400

600

800

1,000

1,200

1,400

1,600

08 09 10 11 12 13 14 15 16 17

+21%

0

5,000

10,000

15,000

20,000

25,000

30,000

2013 2014 2015 2016 2017

Th

ou

san

ds

+1%

Kilotons Kilotons

0

2,000

4,000

6,000

8,000

2013 2014 2015 2016 2017

+5%

Kilotons

Yara Brazil Industry (ANDA)

Brazil season-to-date premium product deliveries Brazil season-to-date fertilizer deliveries

Brazil: focus on premium products and solutions drives growth

31

3Q

1H

1H

3Q

1H

3Q

IR – October 2017

Earnings before interest, tax, depreciation and amortization

(EBITDA)

32

3,591

4,227

3,964

4,625

4,794 5,179

7,884

3,504

5,055 5,489

3,004

2,015

3,216

2,992

2,386

3,830 4,185

4,002 4,528

5,742

5,055

4,614

3,508

5,050 3,958

2,968 2,474

3,335

2,873 2,728

2014 2016 2015 YTD 2017

NOK millions

EBITDA excluding special

items

NOK

millions 16,407 21,361 15,563 8,594

Annual

IR – October 2017

Lower net interest-bearing debt as cash earnings and currency

effects more than offset investments

33

2,142

229

2,900

745

Net debt

Sep 17

16,476

Other Foreign currency

translation loss

139

Investments (net) Net operating

capital change

Cash earnings* Net debt

Jun 17

16,831

* Operating income plus depreciation and amortization, minus tax paid, net gain/(loss) on disposals, net interest expense and bank charges

NOK millions

IR – October 2017

Debt/equity ratio

34

0.07

-0.04

0.05

0.13

0.11

0.18

0.08

0.01

0.06

0.15

0.13

0.22

0.06 0.06 0.08

0.06

0.14

0.22

0.02

0.06

0.17 0.16

0.17

2012 2013 2014 2015 2016 2017

Net interest-bearing debt / equity ratio (end of period)

IR – October 2017

Fertilizer deliveries

35

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Europe Outside Europe

Kilotons

2013 2010 2011 2012 2014 2015 2016 2017

IR – October 2017

Yara 3Q fertilizer deliveries by market and product

36

2,100

3,190

619 427 591 322

2,123

3,325

650 655 557 404

Europe Brazil Latin America North America Asia Africa

3Q16 3Q17

1,419 1,750

1,468

913 1,190

229 279

1,473 1,545 1,473 1,194

1,463

281 284

Nitrate Urea Other products UAN CNCompound NPK1 Blend NPK

1) Yara-produced compound NPK and third party sourced (Total NPK minus blend NPK)

Kilotons

IR – October 2017

Fertilizer deliveries by product and source

37

1,468 1,473 1,419 1,473

1,750

1,545

913

1,194

229 281

1,469

1,747

3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17

Yara-produced deliveries Joint venture & third party sourced

NPK compounds NPK blends Urea UAN Other

Kilotons

Nitrate

IR – October 2017

Strong premium product deliveries

38

1) YaraBela, YaraMila and YaraLiva deliveries

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

3Q13 3Q14 3Q15 3Q16 3Q17

305

250 236

37

85

300

517

302

128 84

268

618

398

117 78

Asia Brazil LatinAmerica excl.

Brazil

Africa NorthAmerica

Value-added fertilizer deliveries1 Value-added fertilizer deliveries1

CAGR

16%

Outside Europe Europe

3Q17 3Q16 3Q15

IR – October 2017

YaraMila (compound NPK) and YaraBela (nitrate) deliveries

39

0

200

400

600

800

1,000

1,200

1,400

1,600

3Q13 3Q14 3Q15 3Q16 3Q17

Yara-produced YaraMila deliveries

0

200

400

600

800

1000

1200

1400

1600

3Q13 3Q14 3Q15 3Q16 3Q17

Yara-produced YaraBela deliveries Kilotons

Outside Europe Europe Outside Europe Europe

Kilotons

IR – October 2017

AdBlue deliveries

40

0

100

200

300

400

500

600

1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

Kilotons

IR – October 2017

Industrial volume development

938939967

912900866847829815

892859864852849

816866

618640637663

572571538

577541540

482511

438456

382432

172135

171177152

299310328

385364333346

380361339367

2Q17 3Q17 1Q17 2Q16 1Q16 3Q16 4Q16 4Q13 4Q14 3Q14 4Q15 3Q15 2Q14 1Q14 2Q15 1Q15

Other Industrial N-chemicals Environmental products

Kilotons

1 European CO2 business divested 1 June 2016

1

41

IR – October 2017

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Urea Nitrates Compound NPK Other

Yara stocks

Kilotons

Finished fertilizer Bunge Fertilizer

included from 3Q 2013

42

IR – October 2017

Normal start to the European fertilizer season, slow in

USA like last season

43

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

3Q13 3Q14 3Q15 3Q16 3Q17

Domestic Imports

West Europe USA

Million tons N Million tons N +1%

Source: Yara estimate, TFI, US Customs.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

3Q13 3Q14 3Q15 3Q16 3Q17

Domestic Net imports

+0%

IR – October 2017

European producers’ nitrate stocks

44

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

17/18 12/13 13/14 14/15 15/16 16/17

Source: Fertilizers Europe, Yara estimate for September

Index

June 2007 = 1

IR – October 2017

70.8

11.3

59.4

51.3

6.0

57.2

0

10

20

30

40

50

60

70

80

Pro

duction

Exp

ort

Do

mestic

Do

mestic

Exp

ort

Pro

duction

Million tons

4.5

5.0

5.5

6.0

6.5

7.0

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Million tons

Source: CFMW

16/17

Chinese urea production suffering from increased production

costs, domestic demand lower this season

Chinese urea production Domestic urea balance

Jul-May 15/16 Jul-May 16/17

-14% 14/15

15/16

45

IR – October 2017

Increased coal prices drove nitrogen prices higher

46

Coal price in China (fob Qinhuangdao 5500, RMB/mt) China anthracite and urea prices (RMB/mt)

Source: IHS, CFMW

0

100

200

300

400

500

600

700

800

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016

2015

2017

IR – October 2017

Energy cost

47

4.0 4.4

4.0

2.8

3.7 4.4

2.6 2.0 2.1

2.8 3.0 3.0 3.0 2.9 2.9 3.2

4.8

5.7

8.2 8.0 8.0

6.9

5.5

4.1 3.8 4.0 4.3

5.3 4.7 4.6

5.1 5.4 4.7

6.6

9.2 9.4

10.5

8.1

6.4

4.2 4.4 4.2

5.4 5.8 5.0 5.5

6.2 6.3

6.6

7.6

10.7 11.0 11.4

9.1

7.1

5.0 4.6 4.9 5.3

6.5

5.6 5.7

6.5 6.9

2009 2010 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

US gas price (Henry Hub) Yara Global TTF day ahead (Zeebrugge 2009-2012) Yara Europe

Yearly averages 2009 – 2015, quarterly averages for 2016-18 with forward prices* for 4Q17 and 1Q18.

*Dotted lines denote forward prices as of 10 October 2017 Source: Yara, World Bank, Argus/ICIS Heren

IR – October 2017

Reduced inventories expected for the 2017/18 season

48

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

2,600

2,650

08 09 10 11 12 13 14 15 16 17E 18F

Million tons

Consumption Production

Grain consumption and production Days of consumption in stocks

55

60

65

70

75

80

85

90

95

100

08 09 10 11 12 13 14 15 16 17E 18F

Days

Source: USDA October 2017

IR – October 2017

Non-commercials’ net long position in corn

49

-200

-100

0

100

200

300

400

500

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Thousand contracts

Source: US Commodity Futures Trading Commission

IR – October 2017

Relatively weak grain economics

50

0

50

100

150

200

250

300

1/2006 1/2007 1/2008 1/2009 1/2010 1/2011 1/2012 1/2013 1/2014 1/2015 1/2016 1/2017

Index FAO price index

Cereals Price Index Cereals 5 year avg. Food Price Index Food 5 year avg.

Source: FAO

IR – October 2017

Key value drivers – quarterly averages

51

183 206

242

190 207 193 233

265

201 234

3Q16 4Q16 1Q17 2Q17 3Q17

Urea prilled fob Black Sea (USD/t)/Urea granular fob Egypt (dotted line, USD/t)

166 184 231

198 205

3Q16 4Q16 1Q17 2Q17 3Q17

CAN cif Germany (USD/t)

2.9 3.0 3.0 3.0 2.9

3Q16 4Q16 1Q17 2Q17 3Q17

US gas price Henry Hub (USD/MMBtu)

4.2

5.4 5.8

5.0 5.5

3Q16 4Q16 1Q17 2Q17 3Q17

TTF day ahead (USD/MMBtu)

8.3 8.4

8.4 8.5

8.0

3Q16 4Q16 1Q17 2Q17 3Q17

NOK/USD exchange rate

210 190

301 282

198

3Q16 4Q16 1Q17 2Q17 3Q17

Ammonia fob Black Sea (USD/t)

Source: Fertilizer Market Publications, CERA, World Bank, Norges Bank