Yara’s second-quarter net income after non-controlling interests was NOK 2,916 million, compared with NOK 2,285 million a year earlier. Excluding net foreign exchange gain/(loss) and special items, the result was NOK 2,637 million, compared with NOK 2,142 million in second quarter 2014. The corresponding earnings per share were NOK 9.58 compared with NOK 7.74 a year earlier. “Yara reports strong second-quarter results with higher deliveries and improved margins, reflecting continued lower natural gas cost in Europe and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara. “Sales of our premium products continue to grow in Latin America and Asia, reflecting both the acquisition of OFD and continued organic growth“ said Torgeir Kvidal.

1. Yara International ASA
Second quarter results
2015
21 July 2015

2. 1
IR – 21 July 2015
 Strong result driven by increased deliveries
 Continued benefit from lower gas prices and stronger US dollar
 Positive start to the new fertilizer season in Europe
 Continued growth for premium fertilizer products in Latin America and Asia
 Industrial deliveries up 9% driven by AdBlue and process chemicals in Europe
Summary second quarter

3. 2
IR – 21 July 2015
10.54
9.82
9.25
7.67 8.04
6.69
5.66
0.23
6.40
8.26
6.18
6.74
2.65
10.59
8.32
10.80
9.00
7.21
8.52
7.97
5.62
2.65
7.03
7.74 7.62
8.17
10.51
9.58
Earnings per share*
*Average number of shares for 2Q 2015: 275.3 million (2Q 2014: 276.5 million).
NOK 37.31 20.67 27.59 13.24
Annual
2012 2013 2014
EPS excluding currency and
special items
2015

4. 3
IR – 21 July 2015
 Tighter domestic market in China triggers urea price rebound
 Western Europe nitrogen fertilizer industry deliveries down 5% on second
quarter last year; lower by 2% for the season
 Brazil fertilizer industry deliveries down 14% on a year earlier; 10% lower
year to date
 Phosphate fertilizer prices similar to last year, stronger upgrading margins
from rock
 Strong demand for value-added fertilizer products
Market development

5. 4
IR – 21 July 2015
Normal deliveries in Europe and USA
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10/11 11/12 12/13 13/14 14/15
Domestic production Net imports
-2%
USAWest Europe
Million tons N Million tons N
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
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
10/11 11/12 12/13 13/14 14/15
Domestic production Net imports
+5%

6. 5
IR – 21 July 2015
64.7
10.8
54.0
50.6
15.5
66.1
0
10
20
30
40
50
60
70
Production
Export
Domestic
Domestic
Export
Production
Million tons
Source: BOABC, CFMW
Tighter Chinese domestic urea balance
Jul-May 13/14 Jul-May 14/15
-6%
200
220
240
260
280
300
320
340
360
380
Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD/t
Urea price China (inland proxy price) Urea fob Black Sea
Urea price rebound
Urea price rebound on tighter Chinese
domestic balance

7. 6
IR – 21 July 2015
Brazil: Lower deliveries of commodity products
but increased value-added sales
Brazil 1H fertilizer industry deliveries
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1H 2011 1H 2012 1H 2013 1H 2014 1H 2015
Thousands
Brazil industry
deliveries
Yara Brazil deliveries
-16%
-10%
Kilotons Kilotons
Source: ANDA, Yara
Yara Brazil value-added product 1H deliveries
0
50
100
150
200
250
300
350
400
450
1H07 1H08 1H09 1H10 1H11 1H12 1H13 1H14 1H15
YaraMila (Compound NPK) YaraBela (CAN) YaraLiva (CN)

8. 7
IR – 21 July 2015
360
96
110
52
136
374
103
121
49
138
403
123
200
37
142
Asia Brazil Latin
America excl.
Brazil
Africa North
America
Long-term growth in YaraMila and YaraLiva
deliveries outside Europe
Kilotons
YaraMila and YaraLiva deliveries Outside Europe YaraMila and YaraLiva deliveries
Kilotons
2Q152Q142Q13
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2Q11 2Q12 2Q13 2Q14 2Q15
Outside Europe Europe
CAGR
9%

9. 8
IR – 21 July 2015
 Products designed for foliar
application, seed treatment,
fertigation and fertilizer coating
 Produced in Yara’s Pocklington site
in UK
 Total 2014 contribution of USD 64
million
 Annual capacity of ~ 32 million units
 Planned capacity expansion in
Sumaré, Brazil of 12 million units
YaraVita - global brand name for Yara’s range of
micronutrients
0
5
10
15
20
25
30
2010/2011 2011/2012 2012/2013
CAGR
11%
2013/2014 2014/2015
Million units

10. 9
IR – 21 July 2015
Earnings before interest, tax, depreciation and
amortization (EBITDA)
4,310
4,966
4,103 3,591
4,184
4,039
3,318
1,858
3,591
4,227
3,964
4,625
4,794
5,179
3,935
5,196
4,186
3,541
4,149
4,103
3,223
2,363
3,830
4,185
4,002 4,528
5,742
5,055
2012 20142013 2015
NOK
millions
16,970 13,399 16,407 9,973
Annual
EBITDA excluding special
itemsNOK millions

11. 10
IR – 21 July 2015
EBITDA development
429
294
516
Volume & mixEBITDA
2Q14
4,227
5,179
EBITDA
2Q15
Special
items
83
Currency
1,251
OtherPrice/margin
NOK millions
of which
OFD+Galvani
+477 million
of which EU
energy
+588 million
of which
OFD+Galvani
-279 million

12. 11
IR – 21 July 2015
Improved earnings in Downstream and Upstream
1,525
1,572
365 335
2,498
3,133
1,502
1,605
365 335
2,479
2,976
Downstream Industrial Upstream
EBITDA excluding special items
2Q14 2Q15
EBITDA1
(NOK millions)
1) 2Q 2015 result reflects new segment structure as described in note 3 of the financial report.

13. 12
IR – 21 July 2015
Lower natural gas cost in Europe
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
USD/
MMBtu
TTF (1-month lag) Yara Europe
(660)
(891)
(726)
(1,314)
(588)
(50)
(350)
(1,400)
(1,200)
(1,000)
(800)
(600)
(400)
(200)
0
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
NOK
millions
July 2015 estimate*
Source: Yara, World Bank, Argus/ICIS Heren
*Dotted lines denote forward prices as of 13 July 2015
Yara European gas & oil cost
Actual
Change in European energy cost

14. 13
IR – 21 July 2015
Stable European nitrate premium
0
100
200
300
400
500
600
700
2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15
USD/t
Nitrogen upgrading margins1
(monthly publication prices)
Urea Black sea CFR proxy CAN (46% N)
NH3 CFR (46% N) Urea Egypt CFR proxy
Value
above gas
Value above
ammonia
Nitrate
premium
above urea
Yara EU gas cost *20
0
20
40
60
80
100
120
140
160
180
2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15
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

15. 14
IR – 21 July 2015
Stable commodity phosphate margins and solid
NPK compound premiums
0
100
200
300
400
500
600
700
2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15
USD/t
NPK premium over blend1
0
100
200
300
400
500
600
2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15
USD/t
Phosphate upgrading margins
DAP, fob USG
Rock, fob NA *1.4
Value above
raw material
NH3, fob Black Sea *0.22
DAP, CIF inland Germany
MOP, CIF inland Germany
Urea, CIF inland Germany
Weighted average global
premium above blend cost
1) Export NPK plants, average grade 19-10-13, net of
transport and handling cost.
Nitrate premium, CIF inland Germany

16. 15
IR – 21 July 2015
Net interest-bearing debt development
10,471
Net debt
Jun 15
Other
142
FX gain
342
Yara dividend
3,396
Investments
net
1,765
Net operating
capital change
186
Dividends
from equity-
accounted
investees
11
Cash earnings*
3,651
Net debt
Mar 15
8,985
* Operating income plus depreciation and amortization, minus tax paid, net gain/loss on disposals, net interest expense and bank charges
NOK millions

17. 16
IR – 21 July 2015
 Improved incentives for fertilizer application as grain prices have increased
on supply concerns
 Key crop producing regions continue to benefit from stronger US dollar
 Positive start to the new fertilizer season in Europe; healthy Yara nitrate
order book for third quarter
 Brazil pick-up expected in second half
 Chinese urea production costs and currency remain key for global nitrogen
commodity prices
 Closing of GrowHow UK sale on 31 July
Prospects

18. Additional information

19. 18
IR – 21 July 2015
Yara 2Q fertilizer sales by market and product
2,183
2,492
954
537
329
2,203
2,462
1,031
683
515
Europe Latin America North America Asia Africa
2Q14 2Q15
1,114
1,360
1,119
1,331
870
407 295
1,141
986
1,240
1,473
1,290
438 327
NPK compounds NPK blends Nitrate Urea Other products UAN CN
Kilotons

20. 19
IR – 21 July 2015
0
200
400
600
800
1,000
1,200
1,400
1,600
2Q11 2Q12 2Q13 2Q14 2Q15
YaraMila and YaraBela deliveries
Kilotons
-
200
400
600
800
1,000
1,200
1,400
1,600
2Q11 2Q12 2Q13 2Q14 2Q15
Yara-produced nitrate deliveries
Kilotons
Yara-produced compound NPK deliveries
Overseas Europe Overseas Europe

21. 20
IR – 21 July 2015
2Q YaraBela volume phasing
Source: International publications, Yara
17%
37%
46%
28%
31%
42%
29%
26%
45%
40%
30% 30%
27%
24%
49%
0%
10%
20%
30%
40%
50%
60%
2Q 20152Q 2013 2Q 2014
Yara-produced YaraBela deliveries in 2Q
2Q 20122Q 2011

22. 21
IR – 21 July 2015
Continued Industrial volume growth
914
885
864852849
816
866
819
844
792
540
482
511
438456
382
432
364
333346
380
361
339
367364358
328
1Q154Q143Q142Q141Q144Q133Q13
374
2Q13
368
1Q13
343
2Q15
OtherEnvironmental productsIndustrial N-chemicals
Kilotons

23. 22
IR – 21 July 2015
0
50
100
150
200
250
300
350
400
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
Europe North America Rest Of World
AdBlue deliveries
Kilotons

24. 23
IR – 21 July 2015
0
1,000
2,000
3,000
4,000
5,000
6,000
Kilotons
Urea Nitrates NPK CN UAN SSP - based fertilizer
20142011 2012 2013 2015
Yara production volume*
0
500
1,000
1,500
2,000
2,500
Kilotons
2015
* Including share of equity-accounted investees
Finished fertilizer and industrial products Ammonia
20142011 2012 2013

25. 24
IR – 21 July 2015
0.49
0.20
0.07
-0.04
0.05
0.13
0.38
0.22
0.08
0.01
0.06
0.15
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
Debt/equity ratio
Net interest-bearing debt / equity ratio (end of period)

26. 25
IR – 21 July 2015
-
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

27. 26
IR – 21 July 2015
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
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, Yara estimate for June
European producers’ nitrate stocks

28. 27
IR – 21 July 2015
4.0
4.4
4.0
2.8
3.7
5.2
4.6
3.9 3.8
2.9 2.72.7 2.8 3.0
4.8
5.7
8.2 8.0
8.0 8.1
6.9
6.1
6.5
6.0 5.7 5.5 5.74.7
6.6
9.2 9.4
10.5
9.8
7.6
7.0
8.1
6.8 6.8 7.0
6.6
7.6
10.7
11.0 11.4 11.3
9.2
7.5
8.5
7.6
7.5 7.2 7.4
2009 2010 2011 2012 2013 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
US gas price (Henry Hub) Yara Global TTF day ahead (Zeebrugge 2009-2012) Yara Europe
Energy cost
USD per MMBtu
Source: Yara, World Bank, Platts/Argus/ICIS Heren
Yearly averages 2009 – 2013, quarterly averages for 2014-15 with forward prices* for 3Q15 and 4Q15.
*Dotted lines denote forward prices as of 13 July 2015

29. 28
IR – 21 July 2015
Currency exposure affecting Profit & Loss
At the beginning of the third quarter 2015
1. The US dollar debt generating Profit & Loss exposure was USD 1,500
million
• Kept as hedge of future earnings and to finance inventories in emerging markets
• Around 60% 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 Profit & Loss exposure from internal currency positions vs.
NOK
• Payables mainly CAD (450 million)
• Receivables mainly EUR (150 million)

30. 29
IR – 21 July 2015
0
50
100
150
200
250
300
1/2004 1/2005 1/2006 1/2007 1/2008 1/2009 1/2010 1/2011 1/2012 1/2013 1/2014 1/2015
Index
FAO price index
Cereals Price Index Cereals 5 year avg. Food Price Index Food 5 year avg.
Farm economics support fertilizer demand, even
in USD based economies
Source: FAO

31. 30
IR – 21 July 2015
Source: USDA July 2015
For 2015/16, initial estimate calls for balance
between production and consumption
1,950
2,000
2,050
2,100
2,150
2,200
2,250
2,300
2,350
2,400
2,450
2,500
2,550
07 08 09 10 11 12 13 14 15E 16F
Million tons
Consumption Production
Grain consumption and production Days of consumption in stocks
55
60
65
70
75
80
85
07 08 09 10 11 12 13 14 15E 16F
Days

32. 31
IR – 21 July 2015
-200
-100
0
100
200
300
400
500
Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
Thousand contracts
Source: US Commodity Futures Trading Commission
Non-commercials’ net long position in corn

33. 32
IR – 21 July 2015
Source: CRU urea update June 2015 (March 2015 in brackets) . Consumption data source is IFA.
Year Driving regions
Urea capacity growth relative
to nitrogen capacity
Excluding China Excluding China
2014
Algeria 23%
Iran 20%
1.1% (1.1%)
2015
Algeria 18%
Saudi Arabia 16%
2.6% (2.6%)
2016
USA 29%
Algeria 14%
3.1% (3.3%)
2017
USA 33%
Nigeria 30%
2.3% (2.3%)
2018
Nigeria 29%
Russia 20%
1.6% (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 2.0%
Projected nitrogen capacity additions outside
China

34. 33
IR – 21 July 2015
Key value drivers – quarterly averages
299
320 315
295
277
358 358 355
337
297
2Q14 3Q14 4Q14 1Q15 2Q15
Urea prilled fob Black Sea (USD/t)/Urea
granular fob Egypt (dotted line, USD/t)
354
309 310 295
273
2Q14 3Q14 4Q14 1Q15 2Q15
CAN cif Germany (USD/t)
4.6
3.9 3.8
2.9
2.7
2Q14 3Q14 4Q14 1Q15 2Q15
US gas price Henry Hub (USD/MMBtu)
7.6
7.0
8.1
7.0
6.8
2Q14 3Q14 4Q14 1Q15 2Q15
TTF day ahead (USD/MMBtu)
6.0 6.3
6.9
7.7 7.8
2Q14 3Q14 4Q14 1Q15 2Q15
NOK/USD exchange rate
485 488
572
413 393
2Q14 3Q14 4Q14 1Q15 2Q15
Ammonia fob Black Sea (USD/t)
Source: Fertilizer Market Publications, CERA, World Bank, Norges Bank

35. 34
IR – 21 July 2015
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 2015
USD/t
Urea prilled fob Black Sea/Urea granular fob Egypt
Average prices 2005 - 2015
0
200
400
600
800
1,000
1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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 2015
USD/t
CAN cif Germany
0
200
400
600
800
1,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
USD/t
Ammonia fob Black Sea