Yara International ASA

Annual General

Meeting

10 May 2016

Safe operations is our first priority

2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Mar-16

TRI1

2

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

2) OFD and Galvani included in statistics from January 2016

Yara’s products, solutions and knowledge create value for

customers, shareholders and society

3

3Q2015 1Q2015

“The N-sensor together with the

N-tester ensures that the fertilizer is

applied exactly where it is needed”

“We need to make sure that our

product is the best they can get,

and to be certain of this, we need a

supplier like Yara that we can trust

throughout the entire value chain”

“Yara’s fertilizer increases

my yield by 20-30% and

improves the quality of my

products, my customers

have created a separate

quality category for my

product”

Knowledge grows: Lime success in Mexico

4

Agronomist and citrus

specialist Alejandro Huesca

Santos

2011:

Part-implementation of Yara

recommendations

Yield: 37 tonnes per hectare

65% of crop at export quality

Today:

Adopted full Yara Crop

Solution for citrus

Fertilizer:

- YaraLiva calcium nitrate

- YaraMila NPK

Yield: 45 tonnes per hectare

98% of crop at export quality

Picture: Santa Margarita

farm, municipality of Martinez

de la Torre, Mexico.

2005:

Fertilizer: ammonium sulfate

Yield: 24 tonnes per hectare

Integrated business model creates value through scale, flexibility

and value chain presence

5

6

Strong earnings despite supply-driven market

11.5 9.8

15.9

36.3

8.8

20.7

34.9 35.3

25.0

30.7 31.5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Earnings per share1

1 Excluding special items and currency

EBITDA development 2015

7

4,2082,641

5,189

2,577 2,032 21,361

16,407

2014 Volume

786

Other Currency Energy cost 2015 Special

items

Price/margin

NOK millions

Highlights 1Q 2016

8

533

702

954

5,055

4,794

1,186

2,051

Volume EBITDA

1Q15

Currency Energy

cost

Price/margin Special

items

Other

3

EBITDA

1Q16

NOK millions

Strong results in a challenging market

Global fertilizer deliveries 5% lower,

Brazil deliveries 15% higher

Negative price effects offset by lower

energy prices and currency effects

Improved production reliability

Strong Industrial result

9

0

1,000

2,000

3,000

4,000

5,000

6,000

Kilotons

Urea Nitrates NPK CN UAN SSP - based fertilizer

2014 2011 2012 2013 2015

Production impacted by maintenance stops and

unplanned outages

0

500

1,000

1,500

2,000

2,500

Kilotons

2015

* Including share of equity-accounted investees

Finished fertilizer & industrial products1 Ammonia1

2014 2011 2012 2013

Lower commodity nitrogen prices, but stable nitrate

and lower European gas cost

10

0

100

200

300

400

500

600

700

1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16

USD/t

Nitrogen upgrading margins1 (monthly publication prices)

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

Yara EU gas cost *20

Nitrate

premium

above urea Value above

ammonia

Value

above gas

0

20

40

60

80

100

120

140

160

1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16

European nitrate premium2 (quarterly Yara realized) USD/t

2) Yara European realized nitrate prices compared with urea

publication prices with one month time lag. All numbers in USD

per ton of CAN equivalents. 1) All prices in urea equivalents

Further growth in Brazil

11

Volume

(MM tons)

0

1

2

3

4

5

6

7

8

9

10

19 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Acquisition

Acquisition

Divestment

Acquisition

Acquisition 60%

99

Strong base, with further improvement potential

12

Strong base:

• Integrated business model

• Strong unified brand

• Dedicated and motivated

employees

• Unrivalled knowledge base

• Strong commercial acumen

• Complete product portfolio

• Global production and sales

footprint

Improvement opportunities: • Safety

• Production regularity

• Employee alignment

• Operational cost

• Organizational set-up

and productivity

• Positioning

Organizational adjustments shift emphasis towards operations

13

Production Supply Chain Crop Nutrition Industrial Brazil Partner

Operations

• Manufacturing

sites

• Mining

• Procurement and

sourcing

• Ammonia trade

• European logistics

• IT

• Fertilizer sales and

marketing

• Industrial products

sales and marketing

• Large strategic

JVs

• Brazil operations

Petter Østbø Tove Andersen Terje Knutsen Yves Bonte Alvin Rosvoll Lair Hanzen

CEO

Svein Tore Holsether

CFO

Torgeir Kvidal

CLO

Trygve Faksvaag

*Kristine Ryssdal to replace Trygve Faksvaag as General Counsel, on 18 May

CEO priorities going forward

14

Positioning Operations Profitable growth

• Sharpen focus on growth in

core business areas and

geographies

• Pursue transformational

profitable growth opportunities

• Build organizational growth

capability and capacity

• Continue building culture where

all accidents are preventable

• Establish corporate

improvement program and

targets

• Improve and standardize core

processes

• Promote mineral fertilizer role in

solving global food challenges

• Improve positioning towards key

stakeholders

• Take leading roles in key global

forums

Yara generates robust earnings

• Production

– Global ammonia production footprint

– Global scale and flexibility to optimize raw material and product flows

– Phosphate rock mining for NPK and SSP

• Crop Nutrition

– Stable and gradual growth in value-add premiums

– Increased presence in Latin America

• Industrial

– 20% of Yara’s own-produced volumes with lower volatility in earnings

15

... generate robust CROGI1 over time Yara’s assets and product mix …

1) Cash return on gross investments

14.1% 14.4%

14.1%

16.1%

22.8%

8.5%

17.4%

20.9%

17.3%

12.6% 13.3%

14.0%

0

20

40

60

80

100

120

140

0%

5%

10%

15%

20%

25%

2004 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 2015

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

BNOK

Strong growth pipeline

16

1) Yara’s share of capex

8.7

0.4

6.0

14.4

2015

2.4

2016

1.3

4.1

5.6

17.9

6.3

2017

11.0

0.8 1.3

7.7

5.6

2018

4.2

3.3

0.9

M&A

Cost&capacity improvements

Maintenance

Committed growth

NOK bn

Capex plan1

2) Finished fertilizer and industrial products, excl. bulk blends. Including Yara share of production in

JVs. 2015 numbers excl. Growhow UK (~300 kt)

3) Committed projects only. TAN Pilbara: 160 kt, Porsgrunn: 250kt, Glomfjord: 185kt, Uusikapunki:

250kt, Köping: 90kt, Sluiskil: net 160kt, Galvani (Salitre - 60% of ~ 2 mill.tons)

4) Excl. Growhow UK (~200 kt). Including 100% ownership in Pilbara NH3 plant

5) Rio Grande expansion ads 0.5 million tons SSP and 1 million ton blends by 2020

0.8

2.3

Production

end 2018

22.1

Committed

growth3

Regularity

improvement

Production

20152

18.9

Production growth 2015 - end 20185

0.7

8.3

7.2

Production

end 2018

BASF JV

0.5

Regularity

improvement

Production

20154

Finished fertilizer Ammonia

Mill.tons

57%

51%

6%

2014

53%

47%

6%

2013

64%

48%

16%

2012

47%

2015P

35%

12%

2011

23%

17%

6%

2010

19%

18%

1%

2009

41%

34%

6%

2008

21%

16%

5%

2007

26%

19%

7%

2006

48%

18%

30%

2005

48%

23%

25%

2004

32%

25%

7%

Proposed dividend NOK 15 per share

Dividends Share buy-backs

Dividend and buy-backs1 NOK per share

Target range 40-45%

2.3 2.4 2.54.0 4.5 4.5

5.5

13.0

10.0

13.0

15.0

1.5

1.1

1.9

7.0

0.8

0.81.4

2015P

5.3

2008

4.5

2007

5.4

2006

4.0

2012

14.1

2011

7.4

0.4

2010

5.5

2009

15.5

0.5

2014

13.8

2013

11.9

2005

2.8

0.4

2004

2.3

Dividends Share buy-backs

Share of net income

1) Number of shares based on the number of shares receiving dividend

17