IR-Date: 2013-04-22

0

Yara International ASA Ordinær Generalforsamling

11 Mai 2015

1

We Deliver Sustainable Solutions For

Agriculture And The Environment

Our knowledge, products and solutions grow farmers’ and industrial customers’ businesses profitably and responsibly, while nurturing and protecting the earth’s resources, food and environment.

WHAT WE DO

2

Yara has a global impact

Employ more than

12 000 people Operate in more than

50 countries

Sell to about

150 countries Work with

15 mill. farmers

Feed

240 mill. people Produce

240 mill. tons of grains

Deliver fresh air for

50 mill. citizens

OUR PRODUCTS HELP

WE

3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015YTD

TRI LTI

Safe operations is our first priority

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

4

11.5 9.8

15.9

36.3

8.8

20.7

34.9 35.3

25.0

30.7

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Earnings per share1

Strong earnings despite supply driven market

1 Excluding special items and currency

5

EBITDA development

399

560

936

299

Other

1,499

Oil and

gas cost

in Europe

2,314

Price/margin

16,408

EBITDA 2014

Special items

Currency Volume & mix EBITDA 2013

13,399

NOK millions

6

(36)

(660)

(891)

(726)

(1,314)

(650)

(150)

(1,400)

(1,200)

(1,000)

(800)

(600)

(400)

(200)

0

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

NOK millions

April 2015 estimate*

Lower natural gas cost in Europe

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

USD/ MMBtu

TTF (1-month lag) Yara Europe

Source: Yara, World Bank, Argus/ICIS Heren

*Dotted lines denote forward prices as of 15 April 2015

Yara European gas & oil cost

Actual

Change in European energy cost

7

0

100

200

300

400

500

600

700

1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

USD/t

Continued strength for value-added fertilizers

Yara NPK premium over blend1 Yara-produced compound NPK deliveries

500

0

2,500

2,000

1,500

1,000

Overseas Europe

Kilotons -5%

+6%

2013 2014 1 Export NPK plants, average grade 19-10-13, net of transport and handling cost.

Weighted average global premium above blend cost

Nitrate premium, CIF inland Germany

Urea, CIF inland Germany

MOP, CIF inland Germany

DAP, CIF inland Germany

8

Brazil performing well; significant

Bunge synergies realized

NOK million

33452

1,076

0

100

200

300

400

500

600

700

800

900

1,000

1,100

4

3

2

1

0

8

7

6

5

2014

7.9

2013

5.2

2012

3.3

Yara Brazil performance

mill. tons

Deliveries EBITDA

Realized synergies

45%

10%

45%

Realized 2014

55

30%

20%

50%

Business case 2014

44

Fixed costs Sourcing

Logistics

USD million

9

0

50

100

150

200

250

300

350

400

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

Europe North America ROW

AdBlue deliveries continue to grow

Kilotons

10

0.49

0.20

0.07

-0.04

0.05

0.13

0.38

0.22

0.08

0.01

0.06

0.32

0.12

0.06 0.06

0.08

0.27

0.12

0.02 0.06

0.17

2010 2011 2012 2013 2014 2015

Strong balance sheet

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

11

0

50

100

150

200

250

300

350

400

450

01/01/2008 01/01/2016 01/01/2004 01/01/2012

OSEBX Indexed Yara

Significant shareholder value creation

NOK per share

Value creative strategy execution

14.1 % 14.4 % 14.1 %

16.1 %

22.8 %

8.5 %

17.4 %

20.9 %

17.3 %

12.6 % 13.3 %

2004 05 06 07 08 09 10 11 12 13 14

Ex special items Long-term target

Cash return on gross investments

12

Value-added expansions in the Nordics to meet

increasing demand outside Europe

Finland Norway

• 250 kt NPK expansion In Uusikaupunki, Finland

• Strong NPK demand growth outside Europe presents solid business case

• Project to install new granulator adds ~250 kt annual capacity

• Investment EUR 50 mill.

• Completion end 2015

• 250 kt NPK and Calcium Nitrate (CN) expansion in Porsgrunn

- Enables further 185 kt NPK and CN in Glomfjord and Uusikaupunki through optimization

• Strong Downstream demand for additional value-added fertilizer volumes

• Investment NOK 2,250 mill.

• Completion during 2017

Sweden

• Nitric acid upgrade and expansion in Køping

• Strong long-term fundamentals for mining and civil explosives industries

• Investment SEK 1,747 mill.

• Completion 2H 2017

13

NOK bn

0.9

1.0

M&A4

20.7

Production 2017 Committed

growth3

Production

20142

18.8

Capex plan Production growth 2014-2017

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

3) Committed projects only. TAN Pilbara: 160 kt (net 90kt),

Porsgrunn: 250kt, Glomfjord: 185kt, Uusikapunki: 250kt,

Köping: 90kt

4) Full-year impact vs. 2014 of Galvani (60% of ~1 mill.-

tonnes) and OFD: ~400kt higher than 2014

Significant committed investment plans

mt

2017

8.7

5.3

3.4

2016

11.7

5.3

6.4

2015

11.5

6.2

5.3

12.6

7.4

5.2

2014

2015 Maintenance (average 2014 FX)

Growth & M&A

Normalized maintenance capex

14

35%

12%

2011

23%

17%

6%

2010

19%

18%

1%

2009

41%

2014

53%

47%

6%

2013

64%

48%

16%

2012

47%

18%

30%

2005

48%

23%

25%

2004

32%

25%

7%

34%

6%

2008

21%

16%

5%

2007

26%

19%

7%

2006

48%

Proposed dividend NOK 13 per share

Dividends Share buy backs Target range 40-45%

Share of net income

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