Strong position in an attractive market. Annual General Meeting, Oslo 10 May 2007 President and CEO Thorleif Enger

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1 Strong position in an attractive market Annual General Meeting, Oslo 10 May 2007 President and CEO Thorleif Enger

2 2 Who we are and what we do We are a chemical company with fertilizer application as our biggest market Nitric Acid Fertilizer Energy Ammonia Urea Industrial We convert energy and nitrogen from the air into useful products for farmers and industrial customers

3 3 Yara share with 59%* return p.a. since IPO Index ( = 100) Shareholders as of 2 May ,2 % 300 Yara 8,8 % Other 36,2 % 250 US Norwegian state 200 UK Oslo Stock Exchange 15,7 % Norway 50 25,1 % * As of 9 May 2007

4 4 Net income after minority interest NOK millions 1,600 1,400 1,200 1, ,403 1,041 1, Accumulated NOK mill USD mill 3,198 4,188 1,

5 Strong balance sheet to achieve growth objectives Net interest-bearing debt-to-equity ratio at end of first quarter Q Q Q Q Q Q Q Q Q Q Q Q Q 2007

6 Strong earnings significantly above cost of capital CROGI = (EBITDA tax) / Gross Investment 6 Percent Cash Return On Gross Investment 14.1% 14.4% 14.1% 10.6% 9.4% 9.2% Average = 12%

7 7 Yara earnings volatility below fertilizer peers EBITDA volatility* Average = Air Products Syngenta DuPont K+S Yara Kemira BASF Dow Chemical PCS Agrium *Standard deviation divided by average EBITDA (excl. special items)

8 Operational improvements and safety go hand in hand 8 LTI-rate for employees and contractors Shell (05) Yara (06) BASF* (06) PCS* (05) Kemira Growhow* (05) Hydro* (05) Total (05) EFMA snitt (06) EFMA ekskl. Yara (06) EIGA* (05) CEFIC (2004) * Only employees

9 9 Yara s production productivity a key to attract JV partners Indexed production cost: 100 = European EFMA average exclusive Yara Ammonia cost position Nitrate cost position NPK cost position Index Index Index Average cost Yara s European plants European average (excl. Yara) Source: EFMA

10 Global optimization a robust and adaptable business model 2006 fertilizer and nitrogen chemicals volumes in million tonnes Product source* Yara production Europe Yara production outside Europe Purchased from JV companies Global optimization Sourcing Allocation Logistics 21.6 Business units & Front offices Marketing and Sales Fertilizer Europe 9.9 Latin America 3.4 Asia 2.2 North America Change from last year -2% +21% +7% -20% Purchased from third parties * Including bulk blends 3.8 Africa 1.7 Industrial products 2.4-1% +9%

11 Yara is a leading player in an attractive industry 11 Fertilizer and agricultural commodities are attractive parts of the chemical industry Strong grain market fundamentals via high prices and low inventories Increased demand for biofuels underpins nitrogen demand Healthy supply-demand balance for nitrogen Economic growth and environmental regulations drive industrial applications

12 12 Strong increase in grain production needed to avoid further inventory drop* Million tonnes 2,100 2,050 2,000 1,950 1,900 1,850 1,800 1,750 1,700 Consumption 108 mill tonnes (5.5%) Production E 35% 30% 25% 20% 15% 10% 5% 0% 115 days inventory 57 days inventory E *Assuming 1.5% annual consumption growth Source: USDA, update January 2007

13 13 Higher demand for meat requires more feed grain Significant potential for increasing meat consumption in emerging countries Feed grain multipliers for meat production World EU Poultry 2X North America Latin America Pork 4X Asia Africa Beef 7X Kg/capita/year Kilograms of grain to produce 1kg of meat Source: FAO

14 Biofuel production is expected to show strong growth, driven by the US 14 Billion gallons 8 US ethanol production In the US, 19% of corn crop is used for ethanol production this year % 28% EU target* is 5.75% for This could require more than 10% of EU agricultural area Energy efficiency for ethanol US: 1.2x 1.4x fossil fuel input Brazil: 8x fossil fuel input E 2007E * Transport fuel as biofuel Source: Data and chart used with permission of North America Risk Management Services Inc., CERA, IEA

15 Agricultural commodity prices strong 15 Corn Wheat Soybeans Rice Source: Chicago Board of Trade, 7 May 2007; July contracts

16 Grain prices have improved farm profitability Average US farmer net returns 16 Net return $ per acre CORN 324 Net return $ per acre SOYBEANS % % e e Source: USDA estimates

17 17 Strong sales growth to NOx embatement Sales volume (kt) Power plants - main growth Legislation in place Europe : France new market for 2007 North America Clear skies initiative 2008/2010 Automotive - new growth area Legislation in place for Europe/North America Europe 3.5 million tonnes AdBlue (ACEA) North America legislation in place for 2009/2010 Truck manufacturers pursuing new markets (Asia, South America) Cement and Incineration Maritime market Norway pursuing Gothenburg protocol targets for 2010 China recent reports on first installation

18 18 Further delays to urea capacity Year Global urea capacity growth estimate* Driving regions World Excluding China World Ex. China % (4.5%) 3.0% (2.9%) China 61% Oman 11% % (5.3%) 3.8% (4.7%) China 46% Egypt 16% % (4.2%) 4.1% (3.0%) China 47% Iran 20% % (3.6%) 1.2% (1.8%) China 77% Egypt 9% Average urea consumption growth has been 3.6% last 10 years, 2.5% excluding China * Including announced closures only Source: Fertecon update April 2007; ( ) = Fertecon update January 2007, used in Yara s 4Q presentation Oman 29% S. Arabia 22% Egypt 30% Iran 27% Iran 38% Oman 24% Egypt 38% Oman 12% % (0.9%) Egypt 31% Qatar 16%

19 19 Growth projects will be focused on Organic growth: Yara has historically achieved 3-4% growth p.a. Step growth: Increased production in gas regions with competitive cost level Market positions in regions and segments with high growth Attractive acqusitions in mature regions

20 20 Yara s growth projects initiated the last year Growth markets: Fertibras, Brazil China BlueChemical Kribhco, India Olemeca, speciality fertilizer Mexico Phosyn, folie fertilizer Balderton, trade supply Competitive gas: Started Burrup, Australia Decided Qafco-5 Trinidad feasability study Libya JV European repositioning: TAN Køping, Sweden

21 21 Brazil has big potential to increase arable land acreage Max potential farm land (million ha) Fertilizer consumption per harvest area Brazil United States Russia EU India China Canada Argentina China France Brazil India Used Potential Source: FAO/IBGE, MB Associates, EMBRAPA Source: IFA

22 22 Yara is part of the solution Feeding the world Balanced fertilization essential for global food security High-tech tools optimize fertilizer application and crop production Enhanced crop quality and nutritional content Environmental Care Higher yields reduce land use Energy-efficient plants with low emissions New Yara technology reduces greenhouse gas emissions Yara s environmental applications improve air and water quality Bioenergy Crops Adding biomass production Energy crop productivity and conversion efficiency CO 2 emission savings

23 23 Yara greenhouse gas emissions 2005 data Mill. tonnes CO 2 -e main sources:. Ammonia plants CO 2 Nitric Acid plants N 2 O N 2 O emissions greenhouse effect is 300 times that of CO 2 per unit of weight 4 2. Reducing emissions: CO 2 energy efficiency N 2 O catalyst technology 0 CO 2 NH 3 plants 10 + JVs N 2 O Nitric acid plants 19 + JVs

24 24 New technology from Yara (nitric acid plants) Potential reduction: Yara Potential reduction: Industry Mill. tonnes CO 2 -e Mill. tonnes CO 2 -e N 2 O emissions Yara 2005 Target 2008 Further potential 0 Europe 100 plants Global potential Norway CO 2 -e 2005

25 25 Operational excellence in Yara ammonia plants Energy consumption per tonne ammonia (relative index) China s coal-fired ammonia plants use 70% more energy and emit 2.5 times more CO Yara Europe Europe ex Yara US Romania & Bulgaria Russia

26 26 Outlook 2007 Grain prices have softened recently, but continued high price levels support strong farm profitability and fertilizer demand Market rebound and strengthened position in Brazil New Middle East urea capacity delayed Growth in Chinese production could limit price increases in demanddriven periods

27 27 Yara the Industry Shaper The no.1 fertilizer company Market and product leadership Positioned for industry leadership Strong and stable financial performance Business strength from environmental sustainability Solid growth foundation

28 Additional information 28

29 Energy prices reflected in nitrogen players performance Gross return on assets*, percent Yara** 21.4 Agrium 24.3 PCS 19.6 Agrium 20.2 PCS 22.3 Air Products 17.9 Air Products 16.6 Yara 21.6 Dow 17.6 Akzo Nobel 14.9 Dow 18.8 Yara 16.6 PCS 14.1 Air Products 17.9 DuPont 16.2 Kemira GrowHow 13.9 Akzo Nobel 13.9 Akzo Nobel 15.3 K+S 13.5 DuPont 14.1 K+S 14.2 Dow 12.4 K+S 13.8 Syngenta 13.0 DuPont 12.4 Syngenta 13.3 Agrium 11.1 Syngenta 12.2 Kemira GrowHow 11.1 Mosaic*** 8.3 Mosaic*** 7.8 Mosaic*** 7.3 Kemira GrowHow * Gross return on assets defined as EBITDA (excluding non recurring items) divided by Total assets (book value) ** Yara pro forma numbers for years 2003 and 2004 *** Mosaic from June 1, 2003 to May 31, 2004, pro forma Source: Company reports

30 Post-turnaround Yara compares favorably with Norwegian peers Gross return on assets*, percent Yara Elkem Tomra Orkla Norske Skog Hydro Aluminium Aker Kværner Yara Hydro 13.6 Aluminium 12.3 Orkla Elkem Tomra Norske Skog Aker Kværner Yara Tomra Orkla Hydro Aluminium Aker Kværner Norske Skog Tomra Yara Hydro Aluminium Orkla Norske Skog Aker Kværner * Gross return on assets defined as EBITDA (excluding non recurring items) divided by Total assets (book value) ** Yara pro forma numbers for years Source: Company reports