Presentation on Yara's Capital Markets Day, December 4, 2012, held by CEO Jørgen Ole Haslestad

1. Track record and strategy
Jørgen Ole Haslestad, President & CEO

2. 1
2011/12 season saw highest EBITDA so far
NOK millions CROGI
25 000 30 %
25 %
20 000
20 %
15 000
15 %
10 000
10 %
5 000
5%
0 0%
06/07 07/08 08/09 09/10 10/11 11/12
EBITDA EBITDA ex sp. Items CROGI
Capital Markets Day 2012 – 4 December

3. 2
Our Upstream system benefitted from increased
fertilizer prices
Yearly change in nitrogen prices EBITDA excluding special items,
NOK billions
73 %
13,5
47 %
43 %
7,1
24 % 5,1
4,5
15 %
10 % 2,0
7% 1,0
Downstream Industrial Upstream
-15 %
3Q11 4Q11 1Q12 2Q12
Ammonia Urea 10/11 11/12
Capital Markets Day 2012 – 4 December

4. 3
Weaker European season compensated by our
ability to export high value products
OPP nitrate and NPK volumes
kilotons
7 010 6 952
6 513
2 092 2 222
1 490
Europe Overseas
09/10 10/11 11/12
Capital Markets Day 2012 – 4 December

5. 4
Asset optimization has contributed to
earnings growth
EBITDA
(NOK Pilbara
millions) (increase)
35 000
Kemira Rossosh
Fertibras Belle Plaine
GrowHow
30 000
Yara Praxair Yara Praxair
Lifeco Fosfertil (partial)
25 000 (partial)
20 000
15 000
10 000
5 000
0
06/07 07/08 08/09 09/10 10/11 11/12
Acquisitions Divestments
Capital Markets Day 2012 – 4 December

6. 5
Strong balance sheet gives significant flexibility
Net interest-bearing debt / equity ratio (end of period)
0,75
0,63
0,57 0,56
0,49
0,38
0,32
0,27
0,20 0,22
0,12 0,12 0,08
0,07 0,06
2009 2010 2011 2012
Capital Markets Day 2012 – 4 December

7. 6
Growth ambition remains firm
Growth in OPP/JV volumes
+8.0
32.5
24.5
2010 2016
Capital Markets Day 2012 – 4 December

8. 7
We started up Qafco 5 & 6 and initiated
expansions in Porsgrunn and Belle Plaine
Capital Markets Day 2012 – 4 December

9. 8
We took control in Yara Pilbara and decided to
invest USD 350 million in the TAN plant
Capital Markets Day 2012 – 4 December

10. 9
Strategic backdrop
• Continued demand growth
• New gas situation, with lower North American prices and new
emerging gas regions
• China continuing as swing exporter
• Concern about supply additions, North America and others adding new
capacity
• Strong cash generation from all players in the next few years,
competition for assets
Capital Markets Day 2012 – 4 December

11. 10
Securing competitiveness through
differentiation
Using the strength of
Increasing innovation Creating impact
our business model
Capital Markets Day 2012 – 4 December

12. 11
Both value-added and commodity products
important to strengthen competitive edge
Million tons capacity*
12.9
6.5 Nitrates
7.5
1.3 Announced expansions
UAN 1.2
5.7 NPK
Urea** 5.0
Commodity Value add
* Including equity share of non-consolidated investees’ capacity
** Including recently implemented expansions in Qafco and Sluiskil
Capital Markets Day 2012 – 4 December

13. 12
Growth ambition remains firm
Growth in OPP/JV volumes
+8.0
32.5
28.5 ~4.0
24.5 ~4.0
2010 Committed 2016 with New supply 2016
projects2 committed projects needed to
achieve ambition
1) Excluding CO2 and industrial gases
2) Qafco V and VI, Sluiskil VII and Porsgrunn NPK, Pilbara TAN, Belle Plaine, capacity creep/smaller expansions
Capital Markets Day 2012 – 4 December

14. 13
Debottlenecking and regional M&A
most attractive
Reconfiguration/expansion at
existing sites, potential for
1
increased NPKs, nitrates and
CN
Pursue medium-size/regional
M&A, likely highest probability
2
of success in current
environment
Secure longer term partnerships
with access to low cost raw
3
materials for potential new
builds
Capital Markets Day 2012 – 4 December

15. 14
We want to create impact through our
Leadership Agenda
Drive profitable
Leading revenue growth
enterprise
in agricultural Continuous
development improvement to
fine tune operations
Industry Shaper
Performance
and positioning on
environmental
solutions
Company-wide
focus on corporate
governance
Capital Markets Day 2012 – 4 December
14

16. Conclusions and outlook

17. 16
Prospects 2013
 Strong demand amid tight global grain
situation, strong food prices and farmer
margins
 Capacity growth outside China likely to be
below consumption growth
 China likely to keep a swing role during the
second half of 2013
 US capacity growth impacts markets mainly
after 2015
Capital Markets Day 2012 – 4 December

18. 17
Premium fertilizer margins linked to farmer
profitability, also at lower urea price levels
CAN price Wheat price
USD/t USD/t
450 400
400 350
350
300
300
250
250
200
200
150
150
100
100
50 50
0 0
02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12
Adjusted urea* Nitrate premium, USD/t Wheat price
Capital Markets Day 2012 – 4 December

19. 18
Well positioned for profitable
operations and growth
 Need for sustainable improvements in
agricultural productivity is as strong as
ever
 Yara’s value-added products provide
additional productivity, and provide
sustainable premiums over and above
commodity margins
 Committed to delivering sustained
shareholder value generation, through
profitable growth and cash returns
Capital Markets Day 2012 – 4 December