Yara International ASA reported strong fourth quarter 2014 results driven by higher margins. Margins benefited from lower European gas prices and a stronger US dollar. Volume and margin growth continued in Brazil and further growth was seen in Latin America following acquisitions. A proposed dividend of NOK 13 per share was 47% of net income.

1. IR - 11 Feb 2015
1
11 February 2015
Yara International ASA
Fourth quarter results 2014

2. IR - 11 Feb 2015
2
 Strong result driven by higher margins
 Margins benefit from lower European gas prices and stronger US dollar
 Continued volume and margin growth in Brazil
 Further growth in Latin America with OFD and Galvani acquisitions
 Proposed dividend NOK 13 per share, 47% of net income
Summary fourth quarter

3. IR - 11 Feb 2015
3
10.02
7.73
12.42 11.84
10.54
9.82
9.25
7.67
8.04
6.69
5.66
0.23
6.40
8.26
6.18
6.74
Earnings per share*
*Average number of shares for 4Q 2014: 275.8 million (4Q 2013: 277.2 million).
NOK 41.99 37.31 20.67 27.59
Annual
2011 2012 2013
EPS excluding currency and
special items
2014

4. IR - 11 Feb 2015
4
Strong returns through the cycle
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
1) Cash Return on Gross Investment= (EBITDA-tax)/Gross accumulated investments
2) Net interest bearing debt / book value of equity end of period
CROGI1 (12 months rolling average)

5. IR - 11 Feb 2015
5
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
DividendsShare buy backs Target range 40-45%
Share of net income

6. IR - 11 Feb 2015
6
 Continued strong fertilizer demand
 Stable urea prices; continued curtailments in China, Ukraine and Egypt
 Western Europe nitrogen fertilizer industry deliveries 3% lower; season-to-
date slightly ahead
 Higher phosphate prices and upgrading margins than last year
 Strong demand for value-added fertilizer products
 Industrial: continued demand growth for environmental solutions but
weaker TAN market
Market development

7. IR - 11 Feb 2015
7
Price incentives needed to keep up with
consumption growth
Source: USDA
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
20001990198019701960
mill. tonnes
+2.1%
2010
Production Consumption
280
260
240
220
200
180
160
140
120
100
80
60
40
201520102005200019951990
+5.9%
FAO price index (2002-2004=100)Grain consumption and production
Source: FAO
‘14

8. IR - 11 Feb 2015
8
Production curtailments in Ukraine and Egypt
impact Black sea urea price
Source: IFA
910
-49%
2014
1,871
961
2013
3,663
2,194
1,469
UkraineEgypt
Jan–Sep urea exports, kt
-20
0
20
40
60
80
100
120
140
160
0
50
100
150
200
250
300
350
Premium
(USD/t)
Jan-
15
Oct-
14
Jul-
14
Apr-
14
Jan-
14
Oct-
13
Jul-
13
Price
(USD/t)
Black Sea vs ChinaFOB ChinaFOB Black Sea
Urea price

9. IR - 11 Feb 2015
9
Brazil - the fastest growing fertilizer market
Sources: FAO, Conab/ Market Intelligence Brazil, ANDA
Soybean
Corn 1st
Wheat
Yield evolution ( tons / hectare)
90’s 00’s 10’s
Brazil fertilizer industry deliveries
8.2
10.8
16.4
20.2
24.5
32.2
0
5
10
15
20
25
30
35
1990 1995 2000 2005 2010
CAGR (1990-2014)
5,9%
mill. tonnes
2014
Further 40% upside in fertilizer consumption if US
fertilizer standards are applied on current land area
3.02.52.2
5.0
3.52.5
3.62.82.4
Best practice
3.0
10.0
7.2

10. IR - 11 Feb 2015
10
Growth in Latin-America strengthens Yara’s
competitive edge
• Scale in logistics
• Scale in raw material sourcing
• Cash crop market - untapped potential for Yara’s
differentiated products and crop nutrition programs
Brazil also complements Yara’s fertilizer season exposure
enhancing the flexibility in our business model
• Operational excellence
PotentialFurther potential

11. IR - 11 Feb 2015
11
Brazil performing well; significant Bunge
synergies realized
NOK million
334
1,076
52
0
100
200
300
400
500
600
700
800
900
1,000
1,100 8
7
6
5
4
3
2
1
0
2014
7.9
2013
5.2
2012
3.3
Yara Brazil performance
mill. tonnes
DeliveriesEBITDA
Realized synergies
Realized 2014
55
30%
20%
50%
Business case
2014
44
45%
10%
45%
Fixed costsLogisticsSourcing
USD million

12. IR - 11 Feb 2015
12
Increased end-user interaction in Brazil
45%
Cooperatives25%
Agroindustry20%
10% Retailer
GROWERS
Knowledge
Crop focus
Product portfolio
Application competence

13. IR - 11 Feb 2015
13
Angico
(Irecé)
L.E.M.
Lagamar
Paulínia
Angico
L.E.M.
Paulínia
Santa
Quiteria1
Salitre
AS-IS
Fertilizer plants
Phosphate mines
Galvani expansions further improve scale
and cost position
End-products
(mainly SSP)
Phoshate rock
Lagamar
1.0
L.E.M.
Paulinia0.5Angico Paulinia
2.0
Santa Q.
2.2
L.E.M.
Salitre
Santa Q.
End-products
(mainly SSP)
Phosphate rock
Angico
Salitre
Future operations (~2018)
mtmt
• Salitre project and Angico expansion will triple phosphate rock production and reduce opex
level signficantly
• Salitre project investment decision during H2 2015 with start-up ~2 years later
• Yara’s share of indicated capex for the projects ~USD 550 mill.
Self-sufficiency
on phosphate
rock
Phosphate rock
surplus

14. IR - 11 Feb 2015
14
p-rock, sulphur
Yara value chain presence in Brazil
Yara’s presence
~1 mt Premium products
~2mt bulk straights
N, P, K for blends
Raw material/end-product
production outside Brazil
Rio Grande port
Domestic raw
material
production
Rock upgrade,
SSP production
Blending and
bagging
Sales &
marketing
~5 mt blends
~2 mt bagged straights
Third party
~0.4mt
Galvani1:
~0.8mt SSP
~50%
~20%
<1%
Share of
contribution
~0.5mt p-rock ~1mt SSP ~10%2
1) On 100%-basis. 2) Adjusted for Yara’s 60%-ownership
~3mt
~20%

15. IR - 11 Feb 2015
15
Yara serves rest of Latin America with an
extensive product range and geographical reach
0.2
1.0
2.4
Combined
1.4
Other
0.3
Costa
Rica
0.1
ArgentinaPeru
0.3
Mexico
0.5
Colombia
1.0
2014, mill. tonnes
YaraOFD
0.3
0.3
0.2
0.3
Combined
2.4
0.7
0.4
0.4
1.0
OFD
1.4
0.4
0.1
0.2
0.7
Yara
1.0
NPKBlends NitratesOther
Volume per geography Volume per product group
2014, mill. tonnes

16. IR - 11 Feb 2015
16
Earnings before interest, tax, depreciation and
amortization (EBITDA)
4,281
3,455
5,444
4,982
4,310
4,966
4,103
3,591
4,184 4,039
3,318
1,858
3,591
4,227
3,964
4,625
2011 20132012 2014
NOK
millions
18,163 16,970 13,399 16,407
Annual
EBITDA excluding special
itemsNOK millions

17. IR - 11 Feb 2015
17
EBITDA development
246
1 347
726
491 339600
4,625
EBITDA
4Q14
CurrencyOtherSpecial
items
Gas & oil
costs in
Europe
Volume & mix Price/marginEBITDA
4Q13
1,858
NOK millions

18. IR - 11 Feb 2015
18
Improved Downstream and Upstream earnings
718
1,211
306 235
1,002
3,434
Downstream Industrial Upstream
EBITDA excluding special items
4Q13 4Q14
EBITDA
(NOK millions)

19. IR - 11 Feb 2015
19
0
100
200
300
400
500
600
700
4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14
USD/t
Nitrogen upgrading margins1
(monthly publication prices)
Urea CFR CAN (46% N) NH3 CFR (46% N)
Value
above gas
Value above
ammonia
Nitrate
premium
above urea
Yara EU gas cost *20
Improved European margins;
stable nitrate premium
0
20
40
60
80
100
120
140
160
180
4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14
European nitrate premium2
(quarterly Yara realized)
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

20. IR - 11 Feb 2015
20
0
100
200
300
400
500
600
700
4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14
USD/t
Phosphate upgrading margins
DAP, fob USG
Rock, fob NA *1.4
Value above
raw material
0
100
200
300
400
500
600
700
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
USD/t
NPK premium over blend1
NH3, fob Black Sea *0.22
DAP, fob Morocco
MOP, cfr NWE
Urea, fob Black sea
Higher commodity phosphate margins and
solid NPK premiums
Weighted average global
premium above blend cost
1) Export NPK plants, average grade 19-10-13, net of
transport and handling cost.
Nitrate premium

21. IR - 11 Feb 2015
21
(36)
(660)
(891)
(726)
(1,300)
(700)
(1,400)
(1,200)
(1,000)
(800)
(600)
(400)
(200)
0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
NOK
millions
February 2015 estimate*
Lower natural gas cost in Europe
Source: Yara, World Bank, Platts
*Dotted lines denote forward prices as of 3 February 2015
Yara European gas & oil cost
Actual for quarter
Change in European energy cost
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
USD/
MMBtu
Zeebrugge (1-month lag) Yara Europe

22. IR - 11 Feb 2015
22
Net interest-bearing debt development
3,957
1,907
2,909
1,595
2,584
1,561
4,963
OFDNet
operating
capital
change
Dividends
from equity-
accounted
investees
297
Cash
earnings*
Ned debt
Sep 14
Other Net debt
Dec 14
FX loss
351
Share buy
backs &
redemption
193
Investments
net
Galvani
11,808
* Operating income plus depreciation and amortization, minus tax paid, net gain/loss on disposals, net interest expense and bank charges
NOK millions

23. IR - 11 Feb 2015
23
Urea + USD 10/t
... of which pure urea
… of which UAN
Compound NPK premium + USD 10/t
Hub gas Europe + USD 0.1/MMbtu
Parameter
EBITDA
(MUSD)
1
2
3
4
Operating income
(MUSD)
EPS
(USD)
CAN price + USD 10/t
… of which pure nitrates
… of which NPK
7
33
39
38
58
96
51
-16
51
7
44
62
102
40
54
-18
0.13
0.15
0.02
0.11
0.17
0.28
0.16
-0.05
Price sensitivities linked to capacities
Ammonia + USD 10/t5
Phosphate rock + USD 10/t6
9
15 15 0.04
0.037

24. IR - 11 Feb 2015
24
 Revenues and raw material costs are both USD-driven
 Fixed cost base in EUR (~40%), NOK (~20%), BRL (~15%) and USD/other (~25%)
Yara benefits from a stronger USD
Impact of 10% appreciation vs. NOK1
3.0
3.0
-
-
-0.3
-0.5
-0.4USD
Combined -1.2
BRL
EUR -0.5
2.6
1.8
-0.3
4.2
-0.8
-1.7
6.7
Translation impact
on gross profit
(NOK bn)
Fixed costs
(NOK bn)
EBITDA
(NOK bn)
EPS
(NOK)3
13.4
-0.6
-0.8
14.722%
4%
7%
% appreciation
in FX vs NOK
Impact on EPS
(NOK)
“Run-rate” vs. 2014-average2
Note: Currency gain/loss on USD debt reported in P&L statement will vary
NOK vs. FX
1) Compared with 2014 average FX-rates. Assumed long-term effects (approx. one year +)
2) Run-rate=market as of 3 Feb 2015.
3) 25% tax rate
EBIT
(NOK bn)
2.5
-0.3
-0.8
1.4
6.30 7.69
8.38 8.69
2.67 2.85
2014
avg.
3 Feb
2015

25. IR - 11 Feb 2015
25
Price and currency assumptions for run-
rate earnings scenario
Parameter 2014 average
Current market
(3 Feb 2015)
Ammonia fob Black Sea (USD/t) 496 410
Urea prilled fob Black Sea (USD/t) 318 315
CAN CIF Germany, USD/t 329 311
Phos rock fob North Africa (USD/t) 118 120
DAP fob USG (USD/t) 473 483
Zeebrugge natural gas (USD/MMBtu) 8.1 7.1
Henry hub natural gas (USD/MMBtu) 4.4 2.8
Yara’s European energy price (USD/MMBtu) 9.1 7.6
NOK/USD 6.30 7.69
EUR/USD 1.33 1.13
BRL/USD 2.35 2.69

26. IR - 11 Feb 2015
26
Primarily lower CAN
price (USD18/t)
Increase in run-rate earnings driven by
currency and energy
5
1
8
13
2
Annual run-rate
EPS (NOK)1
45
OtherPrice
7
OFD &
Galvani
1
Energy costCurrency2014 EPS
(NOK) excl.
special items
31
NOK per share
1) Based on market prices as of 3 Feb 2015. Excludes TAN Pilbara (start-up in 2H 2015)
Primarily lower
ammonia price
(USD86/t)
Primarily lower EU gas
price (USD1.5/mmbtu)

27. IR - 11 Feb 2015
27
NOK bn
1.0
0.9
M&A4 Production 2017
20.7
Production
20142
Committed
growth3
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
CAPEX guidance
mt
0.7
2017
7.6
1.3
6.2
1.5
1.9
0.2
5.3
2016
10.4
5.3
1.3
2.2
5.2
1.3
2015
10.2
0.3
2014
12.6
4.2
1.5
1.3
Uusikapunki 0.4 - -
TAN Pilbara 0.6 - -
Köping 0.3 0.9 0.3
Porsgrunn 0.6 1.2 0.3
Total 1.9 2.1 0.7
M&A
Cost&capacity improvements
Committed growth
Ammonia vessels
2015 Maintenance (average 2014 FX)
Normalized maintenance capex
Maintenance (FX change impact)
Committed growth (NOKbn)1
1) Yara’s share of capex

28. IR - 11 Feb 2015
28
 Incentives for fertilizer application remain supportive. Continued grain
production growth required to keep up with consumption growth
 Strong US dollar improves competitiveness of European farmers and
nitrogen producers
 Strong European order book at start of first quarter
 China to remain swing producer – anthracite coal prices and RMB/USD
exchange rate are key for global nitrogen commodity prices
 Expected further gas cost reduction of NOK 1.3 billion in Europe in first
quarter and NOK 0.7 billion in second quarter 2015
Prospects

29. IR - 11 Feb 2015
29
Additional information

30. IR - 11 Feb 2015
30
0.75
0.49
0.20
0.07
-0.04
0.05
0.63
0.38
0.22
0.08
0.01
0.06
0.57
0.32
0.12
0.06 0.06
0.08
0.56
0.27
0.12
0.02
0.06
0.17
2009 2010 2011 2012 2013 2014
Debt/equity ratio
Net interest-bearing debt / equity ratio (end of period)

31. IR - 11 Feb 2015
31
5,2565,179
4,763
6,104
6,284
6,017
4,742
3,496
4,882
5,2105,216
4,791
5,129
4,759
5,474
4,914
5,296
4,970
4,834
4,239
5,437
5,253
5,0135,044
5,297
6,342
5,884
6,146
6,389
6,496
6,848
6,585
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Europe Outside Europe Total
Fertilizer deliveries
Kilotons
20102007 2008 2009 2011 2012 2013 2014

32. IR - 11 Feb 2015
32
Yara 4Q fertilizer sales by market and product
2,398
2,152
773
607
215
2,267
2,667
766
477 408
Europe Latin America Asia North America Africa
4Q13 4Q14
1,133 1,210
1,389 1,429
554
247 183
1,224 1,184
1,464 1,426
851
233 203
NPK compounds NPK blends Nitrate Urea Other products UAN CN
Kilotons

33. IR - 11 Feb 2015
33
Industrial deliveries
895876867
843
896
837860
816
511
438455
382
432
374368
343
314
356342
313337346342
304
3Q142Q141Q144Q133Q132Q131Q13 4Q14
OtherEnvironmental productsIndustrial N-chemicals
Kilotons

34. IR - 11 Feb 2015
34
0%
5%
10%
15%
20%
25%
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
Europe North America ROW % of total Industrial deliveries
Air1 deliveries
Kilotons

35. IR - 11 Feb 2015
35
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
4Q10 4Q11 4Q12 4Q13 4Q14
NPK and nitrate deliveries
Kilotons
500
700
900
1,100
1,300
1,500
1,700
4Q10 4Q11 4Q12 4Q13 4Q14
Yara-produced nitrate deliveries
Kilotons
Yara-produced compound NPK deliveries

36. IR - 11 Feb 2015
36
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Kilotons
Urea Nitrates NPK CN UAN SSP - based fertilizer
20132010 2011 2012 2014
Yara production volume*
0
500
1,000
1,500
2,000
2,500
Kilotons
2014
* Including share of equity-accounted investees
Finished fertilizer and industrial products Ammonia
20132010 2011 2012

37. IR - 11 Feb 2015
37
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Kilotons
Finished fertilizer
Urea Nitrates Compound NPK Other
Yara stocks
Bunge Fertilizer
included from 3Q 2013

38. IR - 11 Feb 2015
38
4.0
4.4
4.0
2.8
3.7
5.2
4.6
3.9 3.8
2.7 2.8
4.8
5.7
8.2 8.0
8.0 8.1
6.9
6.1
6.5
5.9
5.64.7
6.6
9.2
9.4
10.6
9.7
7.6
7.0
8.2
6.8 6.7
6.6
7.6
10.7
11.0 11.4 11.3
9.2
7.5
8.5
7.7
7.1
0
2
4
6
8
10
12
2009 2010 2011 2012 2013 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
US gas price (Henry Hub) Yara Global Zeebrugge day ahead Yara Europe
Energy cost
USD per MMBtu
Source: Yara, World Bank, Platts
Yearly averages 2009 – 2010, quarterly averages for 2011-15 with forward prices* for 4Q14 and 1Q15
*Dotted lines denote forward prices as of 3 February 2015

39. IR - 11 Feb 2015
39
Net income from equity-accounted investees
-67
-143
32
137
16
-47
85
210
OtherLifecoGrowHow UKQafco
NOK millions
4Q14
4Q13
Tringen is from 2014 classified as “Joint operations” in line with IFRS 11, and is not any longer included as equity-accounted investee. 2013 has been restated accordingly.

40. IR - 11 Feb 2015
40
Currency exposure affecting P&L
At the beginning of the first quarter 2015
1. The US dollar debt generating p&l exposure was USD 1,500 million
• Kept as hedge of future earnings and to finance inventories in emerging markets
• Around 50% towards BRL with the rest mainly towards other emerging market
currencies and EUR
• The debt level in emerging markets will fluctuate with fertilizer seasons
2. Additional p&l exposure from internal currency positions vs. NOK
• Payables mainly CAD (250 million)
• Receivables mainly EUR (575 million)

41. IR - 11 Feb 2015
41
Stable nitrogen deliveries so far this season
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2H10 2H11 2H12 2H13 2H14
Production Net imports
Source: Yara estimate for fertilizer deliveries to selected West European countries.
Total nitrogen deliveries based on TFI, US Trade Commission, Blue-Johnson and Yara estimates
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2H10 2H11 2H12 2H13 2H14
Production Net imports
Western EuropeUSA
+7% +2%
Million tons N Million tons N

42. IR - 11 Feb 2015
42
0.0
0.2
0.4
0.6
0.8
1.0
1.2
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Index
June 2007=1
14/15 10/11 11/12 12/13 13/14
Source: Fertilizers Europe
European producers nitrate stocks

43. IR - 11 Feb 2015
43
Source: CRU urea update December 2014 (September 2014 in brackets) . Consumption data source is IFA.
Year Driving regions
Urea capacity growth relative
to nitrogen capacity
Excluding China Excluding China
2014
Indonesia 20%
Egypt 14%
1.1% (1.5%)
2015
Algeria 18%
Saudi Arabia 16%
2.6% (2.1%)
2016
USA 30%
Algeria 14%
3.1% (2.3%)
2017
Nigeria 32%
USA 24%
2.2% (2.2%)
2018
Nigeria 52%
Russia 16%
1.3% (1.3%)
Gross annual addition 2014-2018 ~2.1%
Assumed annual closures ~0.5%
Net annual addition 2014-2018 ~1.6%
Trend consumption growth from 2002 2.1%
Projected nitrogen capacity additions outside
China

44. IR - 11 Feb 2015
44
36.1
7.0
29.1
26.7
9.4
36.1
0
5
10
15
20
25
30
35
40
Production
Export
Domestic
Domestic
Export
Production
Million tons
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Million tons
13/14
Source: BOABC, CFMW
12/13
Production stable, increased exports
Chinese urea production Domestic urea balance
Jul-Dec 13/14 Jul-Dec 14/15
-8%
14/15

45. IR - 11 Feb 2015
45
-200
-100
0
100
200
300
400
500
Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10Jan-11Jul-11Jan-12Jul-12Jan-13Jul-13Jan-14Jul-14Jan-15
Thousand contracts
Source: US Commodity Futures Trading Commission
Non-commercials’ net long position in corn

46. IR - 11 Feb 2015
46
Key value drivers – quarterly averages
314
338
299
320 315
354
414
358 358 355
4Q13 1Q14 2Q14 3Q14 4Q14
Urea prilled fob Black Sea (USD/t)/Urea
granular fob Egypt (dotted line, USD/t)
291
345 354
309 310
4Q13 1Q14 2Q14 3Q14 4Q14
CAN cif Germany (USD/t)
3.8
5.2
4.6
3.9 3.8
4Q13 1Q14 2Q14 3Q14 4Q14
US gas price Henry Hub (USD/MMBtu)
10.7
9.7
7.6
7.0
8.2
4Q13 1Q14 2Q14 3Q14 4Q14
Zeebrugge day ahead (USD/MMBtu)
6.1 6.1
6.0
6.3
6.9
4Q13 1Q14 2Q14 3Q14 4Q14
NOK/USD exchange rate
417 438
485 488
572
4Q13 1Q14 2Q14 3Q14 4Q14
Ammonia fob Black Sea (USD/t)
Source: Fertilizer Market Publications, CERA, World Bank, Norges Bank

47. IR - 11 Feb 2015
47
10-year fertilizer prices – monthly averages
Source: Average of international publications
0
200
400
600
800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
USD/t
Urea prilled fob Black Sea/Urea granular fob Egypt
Average prices 2005 - 2014
0
200
400
600
800
1,000
1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
USD/t
DAP fob US Gulf/MOP granular fob Vancouver
0
100
200
300
400
500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
USD/t
CAN cif Germany
0
200
400
600
800
1,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
USD/t
Ammonia fob Black Sea