Growth in Brazil due to industry recovery and Fertibras acquisition. Improved margins as fertilizer prices increase and energy costs decline

1Q 2007 Yara International quarterly report 2007 Strong financial results Increased sales in Europe as season picks up Growth in Brazil due to industry recovery and Fertibras acquisition Improved margins as fertilizer prices increase and energy costs decline Global fertilizer markets are strong, with higher prices and increased imports into most key regions. 1Q 2007 Earnings per share NOK 3.67 EBITDA (NOK millions) Earnings per share (NOK) Debt/equity ratio 1,492 1,682 1,947 1,351 1,787 2.77 3.42 4.68 3.01 3.67 0.31 0.34 0.27 0.33 0.34 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 1

First quarter 2007 Financial highlights Millions, except per share information and CROGI 1Q 2007 1Q 2006 Revenue and other income NOK 13,494 11,736 Operating income NOK 1,063 758 Share net income non-consolidated investees NOK 321 327 EBITDA NOK 1,787 1,492 EBITDA excl. special items NOK 1,818 1,543 Net income after minority interest NOK 1,085 853 Earnings per share 1) NOK 3.67 2.77 Earnings per share excl. net foreign exchange gains/losses NOK 3.52 2.57 Average number of shares outstanding (millions) 295.7 307.8 CROGI (12-month rolling average) 14.4 % 13.5 % 1) Yara currently has no share-based compensation programs that result in a dilutive effect on earnings per share. Key statistics 1Q 2007 1Q 2006 Sales Fertilizer kt 5,257 4,441 Industrial products kt 757 684 Total kt 6,014 5,125 Production 1) Ammonia kt 1,408 1,300 Finished fertilizer and industrial products, excl. bulk blends kt 3,396 3,399 Total kt 4,804 4,699 1) Including share of Tringen, Qafco, Rossosh and Burrup. Yara s first-quarter net income after minority interest was NOK 1,085 million (NOK 3.67 per share), compared with NOK 853 million (NOK 2.77 per share) last year. Excluding net foreign exchange gains/losses, the result was approximately 1,040 million (NOK 3.52 per share), compared with NOK 792 million (NOK 2.57 per share) in first quarter 2006. First-quarter operating income was NOK 1,063 million, compared with NOK 758 million last year. EBITDA was NOK 1,787 million, compared with NOK 1,492 million in the first quarter last year. We delivered strong results in the first quarter, with fertilizer sales volumes up 18 % from last year. Most of the increase was in Europe, picking up from a slow first half of the season, and in Brazil following the recovery of the Brazilian agro-industry and our Fertibras acquisition, said Thorleif Enger, President and Chief Executive Officer of Yara. Fertilizer margins improved as prices increased and gas costs declined. Increased fertilizer prices reflect a tight market with increased imports into major markets, said Thorleif Enger. Special items reduced the result by NOK 0.07 per share. (See page 13 for details of non-recurring items and contract derivative effects.) 2

Fertilizer and energy market prices Average prices 1Q 2007 1Q 2006 Urea prilled (fob Black Sea) USD/tonne 295 221 Ammonia (fob Black Sea) USD/tonne 281 264 CAN (cif Germany) EUR/tonne 173 163 CAN (cif Germany) USD/tonne 227 196 Oil Brent blend spot USD/bbl 58 62 Low-sulphur fuel oil (LSFO) USD/tonne 243 304 US gas (Henry Hub) USD/MMBtu 7.2 7.7 European gas (Zeebrugge) USD/MMBtu 4.4 11.2 Fertilizer market conditions The global urea market tightened further during first quarter 2007, as import demand increased in most key regions, despite higher prices. Prices increased through the quarter, and even though India did not buy much, their heavy buying earlier in the season led to deficits in other regions that had to be filled this quarter. North American and European imports picked up following slow deliveries in the first half of the fertilizer season. Brazilian imports increased due to higher grain and oilseeds prices. A price correction was seen towards the end of the quarter, as Chinese exports increased and Indian import demand remained low. The ammonia market did not show the same strength as markets for upgraded products, as price increases were limited due to increased supply from Russia and other key exporting regions. On the supply side, production continued to increase strongly in China, and one new plant started up in Egypt. Compared with first quarter 2006, new plants in Saudi Arabia and Egypt that came on stream in mid-2006, also added to supply. Further delays were reported for the new plants in Iran. Regional market developments First-quarter total industry nitrogen fertilizer sales in Western Europe were up an estimated 12 % compared with last year. Season to date, total industry fertilizer sales were down 2 %. Imported volumes were up 4 %, and hence gained market share. A large proportion of the imported urea was purchased in advance of the strong price increase. The first-quarter nitrate price premium over urea was much lower than last year, improving the competitiveness of nitrates considerably. North American nitrogen deliveries were up an estimated 5 % during the two first months of the quarter, due to stronger domestic production. At the end of February, deliveries this season were estimated 3 % behind last season. US imports picked up in the quarter, when compared to earlier this season, but did not exceed first quarter last year. The first quarter is between seasons for Indian import demand, and import activity was low. Nitrogen consumption continued to grow strongly, and urea deliveries for the fertilizer year that ended March 2007 exceeded the previous year by an estimated 11 %. China s first-quarter urea export was higher than last year, triggered by increased urea prices. During January and February, exports increased by less than 100 kt, but March exports was expected to be significantly higher than the 40 kt exported last year. Increasing grain and soybean prices have boosted urea imports to Brazil. Through February, 513 kt was imported, 81 % more than same period last year. Industrial market developments Continued growth in the global economy has further improved demand conditions for technical ammonium nitrate sales. Industrial activity in Scandinavia has remained high, with strong demand for industrial gases. Increased focus on environment stewardship has boosted demand for environmental products. New trucks on the European market now use SCR (Selective Catalytic Reduction) technology for the reduction of NO X emissions, increasing demand for Yara s abatement products. 3

Variance analysis first quarter NOK millions USD 1) millions EBITDA 2007 1,787 287 EBITDA 2006 1,492 224 Variance EBITDA in NOK 295 Conversion (NOK vs. USD) 101 Variance EBITDA 396 64 Volume & mix 295 47 Price/Margin 339 55 Energy arbitrage (38) (6) Energy cost in Europe 23 4 Oil & gas products 23 4 Electricity - - Currency effect on net fixed cost 2) (39) (6) Special items 18 3 Non-recurring items 1 - Contract derivatives 17 3 Other (202) (32) Total variance explained 396 64 1) Based on average NOK/USD rate for the quarter 2007: 6.22 (2006: 6.67). 2) Net fixed cost is derived from fixed cost in NOK and euro less NOK and euro related margins. Yara delivered strong first-quarter results as the European fertilizer market recovered, global urea prices strengthened and energy costs were slightly down. Fertilizer sales volumes increased by 18 % compared with last year. European fertilizer sales picked up and recovered much of the shortfall from earlier in the season. Despite increased imports, Yara maintained its market position in Western Europe. In Brazil, sales more than doubled both as a result of underlying market growth and the Fertibras acquisition. Industrial sales also saw a solid growth, especially for technical ammonium nitrate and environmental products. Higher prices, primarily for urea, but also for nitrates and NPK, had a positive impact on the first-quarter result. Fertilizer pricing effects exceeded NOK 400 million, but were partly offset by higher raw material costs. Non-consolidated investees also benefited from the higher urea and ammonia prices and delivered solid results. Oil and gas costs in Europe were slightly down, primarily due to lower LSFO prices, while electricity costs were in line with last year. Yara took a first-quarter charge of NOK 24 million for redundancy and other restructuring costs in connection with the integration of Fertibras. Yara non-recurring effects last year were NOK 25 million. Qafco units 1-3 is in a tax position from 1 January 2007. As the results from non-consolidated investees are included in EBITDA on a net income basis, the Qafco tax effect was reflected in the Other variance. Increased freight cost following last year s ammonia fleet divestment added to the negative variance. In addition fixed costs were up, mainly reflecting additional re-insurance costs and costs relating to sharebased compensation and annual performance bonus. Financial items first quarter NOK millions 1Q 2007 1Q 2006 Interest income from customers 47 50 Interest income, other 27 22 Dividends and net gain/(loss) on securities 1 0 Interest income and other financial income 76 71 Interest expense (100) (87) Return on pension plan assets 81 66 Interest expense re. pension liabilities (86) (78) Foreign exchange gain/(loss) 64 89 Other (16) (10) Interest expense and foreign exchange gain/(loss) (57) (21) Net financial income/(expense) 19 50 First-quarter net financial income was NOK 19 million, compared with NOK 50 million last year. The decrease mainly reflects lower net foreign exchange gain, as the US dollar depreciated against the euro, the Norwegian krone and Yara s main emerging market currencies. Yara continued to keep a US dollar debt in the range of USD 450-650 million to hedge future earnings. As Yara s gross debt level was more than NOK 1.5 billion higher than first quarter last year, interest expense was up NOK 13 million from last year. Tax First-quarter provisions for current and deferred taxes were NOK 316 million, representing approximately 23 % of income before tax. The tax rate is 2 % lower than for first quarter 2006 (25 %). A significant part of the variance is explained by less tax on Qafco net earnings due to local taxation of Qafco units 1-3 from 1 January 2007. The net effect for Yara is a 15 % tax on earnings from Qafco. The EBITDA impact (non-consolidated net income from Qafco) is approximately 23 %, but part of the Qatar tax will be offset against taxation of Qafco dividends.

Cash flow First-quarter net cash from operating activities was NOK 269 million (for definition see consolidated statements of cash flow page 18). Strong earnings and dividend payments from non-consolidated investees of NOK 328 million, of which Qafco and Tringen represented NOK 220 million and NOK 90 million respectively, were the main contributors. Qafco has declared a further NOK 300 million dividend payable in second quarter. At the end of first quarter 2007, net operating capital was NOK 9,946 million, an increase of NOK 1,320 million from 31 December 2006. The increase was mainly driven by the positive sales development in Europe, up 24 % from fourth quarter, and higher product prices. Net operating capital turnover improved from the end of 2006. Net cash used in investing activities during first quarter 2007 was NOK 589 million, reflecting the purchase of the remaining shares in Fertibras, in addition to minor market and production investments. Net cash used in investing activities was NOK 92 million in first quarter 2006. Net interest-bearing debt NOK millions 1Q 2007 Net interest-bearing debt at beginning of period (5,350) Cash earnings 1) 1,183 Dividends received from non-consolidated investees 328 Net operating capital (1,320) Investment Fertibras (530) Other investments (net) (59) Yara dividend and share buy-backs - Foreign exchange gain/(loss) 64 Other 190 Net interest-bearing debt at end of period (5,493) 1) Operating income plus depreciation and amortization, minus tax paid, net gain on disposals, net interest expense and bank charges. As a supplement to the formal consolidated statements of cash flow (page 18), this table highlights the key factors behind the development in net interest-bearing debt. Net interest-bearing debt increased by NOK 143 million during the quarter, ending at NOK 5,493 million. The increase reflects higher net operating capital and the purchase of Fertibras shares. The debt/equity ratio at the end of first quarter 2007, calculated as net interest-bearing debt divided by shareholders equity plus minority interest, was 0.34 compared with 0.33 at the end of 2006.

Downstream 1Q 2007 1Q 2006 Financial highlights Revenue and other income NOK millions 9,843 8,390 Operating income NOK millions 527 336 EBITDA NOK millions 724 518 EBITDA excl. special items NOK millions 748 518 CROGI (12-month rolling average) 10.7 % 10.0 % Net operating capital turnover 1) 4.6 4.3 Sales by region Fertilizer Europe kt 2,868 2,594 Fertilizer outside Europe kt 2,389 1,847 Total kt 5,257 4,441 Sales by product group Nitrate kt 1,274 1,035 NPK kt 1,938 1,604 CN kt 253 200 Urea kt 990 988 UAN kt 310 256 Other products kt 494 357 Total kt 5,257 4,441 1) Total external operating revenues last 12 months divided by average net external operating capital for the same period. Variance analysis first quarter Strong earnings and sales volume Significant recovery in Europe Market up 45 % in Brazil NOK millions USD 1) millions USD/ tonne 2) EBITDA 2007 724 116 22 EBITDA 2006 518 78 15 Variance EBITDA in NOK 206 Conversion (NOK vs. USD) 35 Variance EBITDA 240 39 7 Fertibras integration on track Volume & mix 115 18 4 Margin 184 30 6 Margin excl. ammonia effect 204 33 6 Ammonia effect on margin (20) (3) (1) Special items (24) (4) (1) Other (34) (5) (1) Total variance explained 240 39 7 1) Based on average NOK/USD rate for the quarter 2007: 6.22 (2006: 6.67). 2) Divided by 2007 fertilizer sales volume. 6

Downstream delivered a strong first-quarter result as both margins and deliveries improved significantly. Yara delivered almost 5.3 million tonnes in first quarter, up 18 % on same quarter last year. After a slow start to the season in Europe, deliveries accelerated in first quarter, recovering much of the decline from the first half of the season. Yara deliveries increased 11 %, driven by higher sales in the UK. A large portion of the growth came from nitrates and NPK produced in Downstream. The warm weather and strong urea, phosphate and grain prices were the main drivers. Brazil generated 40 % of the growth in deliveries, split evenly between underlying market growth and the Fertibras acquisition. The Brazilian market was up an estimated 45 % from first quarter 2006, driven by a strong market for corn and sugar cane for ethanol production. The positive development in Southeast Asia continued into the first quarter, as Yara gained market share in urea and NPK. The substantial margin increase mainly reflected higher nitrate and NPK prices, but the first quarter result also included holding gains from natural product positions as especially urea and phosphate prices increased significantly through the quarter. The process to merge Fertibras into Yara Brazil is proceeding as planned. A charge of NOK 24 million was taken in the quarter, to cover all redundancy and other restructuring costs related to the merging of activities. At the end of March, Yara acquired a market position in Ghana to strengthen its presence and move some of its crop exposure in West Africa towards more cocoa and other cash crops. The strong growth also contributed positively to net operating capital turnover, up from 4.4 at the end of 2006, to 4.6 at the end of March (measured on a 12-month rolling basis). 7

Industrial 1Q 2007 1Q 2006 Financial highlights Revenue and other income NOK millions 1,834 1,456 Operating income NOK millions 125 120 EBITDA NOK millions 174 166 EBITDA excl. special items NOK millions 181 175 CROGI (12-month rolling average) 14.9 % 14.0 % Sales by product group Environmental products kt 194 171 Industrial N-chemicals kt 563 513 Total kt 757 684 Variance analysis first quarter Continued strong results Solid volume growth for TAN and environmental applications Scandinavian gas activities with sales growth NOK millions USD 1) millions EBITDA 2007 174 28 EBITDA 2006 166 25 Variance EBITDA in NOK 8 Conversion (NOK vs. USD) 11 Variance EBITDA 19 3 Volume & mix 55 9 Industrial gases 23 4 Industrial N-chemicals 32 5 Margin (8) (1) Margin excl ammonia effect (9) (1) Ammonia effect on margin 1 - Special items 2 - Non-recurring items - - Contract derivatives 2 - Other (29) (5) Total variance explained 19 3 1) Based on average NOK/USD rate for the quarter 2007: 6.22 (2006: 6.67).

Industrial delivered a strong first-quarter result and solid growth compared with last year. Sales of technical ammonium nitrate saw growth of more than 20 % during the period as sales in Latin America, Africa and in the Arab Gulf increased. Margins were positively affected by contractual price revisions. N-chemical sales developed positively mainly driven by increased sales of ammonia to the European chemical industry. However, production problems have negatively impacted margins. Environmental products showed continued growth with a sales increase of 13 % at improved margins compared with last year. NO X abating applications to the automotive industry and to thermal power stations were the main drivers behind the growth together with sulphide abating applications in the US and in Europe. Sales of liquid CO 2 to European end users continued to grow. Contractual price revisions combined with a relative tight supply balance have positively affected the margins. The Scandinavian gas business had a positive development in sales of cylinder gases to end users, leading to improved results. Contract derivatives represent effects on industrial urea and ammonia sales contracts with price links to LSFO. Urea prices increased relative to LSFO during the quarter, resulting in a NOK 7 million loss on contract derivatives. Fixed costs increased compared with same period last year following higher commercial activities in industrial gases and environmental chemicals. Last year included gains of approximately NOK 20 million from the divestment of Formates.

Upstream 1Q 2007 1Q 2006 Financial highlights Revenue and other income NOK millions 5,764 5,724 Operating income NOK millions 445 307 Share net income non-consolidated investees NOK millions 280 304 EBITDA NOK millions 911 797 EBITDA excl. special items NOK millions 911 838 CROGI (12-month rolling average) 14.5 % 15.2 % Oil & gas cost (weighted average) USD/MMBtu 5.3 5.6 Production 1) Ammonia kt 1,358 1,237 Finished fertilizer kt 1,999 2,010 Total kt 3,357 3,247 1) Including share of Tringen, Qafco Rossosh and Burrup. Variance analysis first quarter Strong results driven by higher urea prices Energy costs slightly lower Ammonia production up 10 % NOK millions USD 1) millions USD/ tonne 2) EBITDA 2007 911 147 44 EBITDA 2006 797 119 36 Variance EBITDA in NOK 115 Conversion (NOK vs. USD) 55 Variance EBITDA 170 27 8 Volume & mix 35 6 2 Price/Margin 267 43 13 Energy arbitrage (38) (6) (2) Energy cost in Europe 23 4 1 Oil & gas products 23 4 1 Electricity - - - Special items 39 6 2 Non-recurring items 23 4 1 Contract derivatives 15 2 1 Other (156) (25) (8) Total variance explained 170 27 8 1) Based on average NOK/USD rate for the quarter 2007: 6.22 (2006: 6.67). 2) Divided by 2007 ammonia and finished fertilizer production. 10

Upstream delivered a strong first-quarter result as global urea prices increased strongly, while oil and gas costs were slightly down. Realized urea prices for European plants were significantly higher than last year, and nitrate and NPK prices were also up. European plants also saw higher ammonia prices, but this effect was offset by somewhat lower prices for plants producing for the US market. Net income from non-consolidated investees was slightly down from last year, with Qafco units 1-3 in a tax position from 1 January 2007. The underlying improvement primarily reflects stronger international urea prices and sales from the Burrup plant in Australia, which opened in April 2006. Oil and gas costs were slightly down primarily due to lower LSFO prices. Yara s average oil and gas cost was down USD 0.3 per MMBtu, reflecting lower European costs and increased production outside Europe. Despite higher freight rates following last year s ammonia fleet divestment, ammonia trade results improved, partly due to higher traded volumes. Yara re-opened its Le Havre facility in March, and ammonia production was boosted further by volumes from the Burrup plant. Energy arbitrage effects were NOK 38 million lower than last year. The valuation of Yara s oil-linked natural gas contracts was negatively affected as European forward prices for natural gas declined more than forward prices for oil-linked products. There were no contract derivative effects in the first quarter but the variance reflects negative effects last year. Other items primarily reflect Qafco units 1-3 tax effects, higher freight rates following the ammonia fleet divestment and increased central cost allocations. 11

Other and eliminations Other and eliminations consists mainly of Yara headquarters costs and cross-segment eliminations. Profits on sales from Upstream to Downstream and Industrial are not recognized in the consolidated Yara income statement before the goods are sold to external customers. These internal profits are eliminated in the Other and Eliminations segment. First-quarter EBITDA was a negative NOK 23 million, compared with a positive NOK 11 million last year (see page 23). The negative variance primarily reflected additional re-insurance costs and increased share-based compensation costs. Outlook High grain prices point to an increase in planted acreage and fertilizer application rates in the current fertilizer season. The US Department of Agriculture forecasts a 15 % US acreage increase this season for corn, a nitrogen-intensive crop. The acreage increase for corn is expected to come largely at the expense of soybeans, a less nitrogenintensive crop. Some grain prices have softened recently due to expectations of an increased harvest, resulting from higher acreage and improved yields. However, grain prices are still at historical high levels and substantially improved farm profitability should support fertilizer demand. Season-to-date market deliveries in Europe are still somewhat behind last year, but most of the shortfall from earlier in the season has been recovered during the quarter. Healthy deliveries are expected in the second quarter, and lower inventories should support prices in the final phase of the European season. Last year India started to purchase significant urea volumes by the end of the first quarter, but so far this year no major buying has taken place. The fundamentals are in place for continued growth in Indian imports over the next years, but commercial tactics and governmental considerations may create some short-term price volatility. Chinese urea exports have remained high during the first quarter due to high international prices, even with a 30 % export tax. The continued growth in Chinese production could limit price increases in demand-driven periods. 2007 urea capacity additions in the Middle East will be somewhat lower than previously estimated, due to further project delays in Iran. The Brazilian agriculture continues its recovery, fuelled by strong grain and soybean prices. Yara s positive exposure to Brazil is increasing as rationalization and upgrading efforts continue. Yara s expected second-quarter energy costs in Europe are in line with the previous estimate of NOK 200 million lower cost than last year. Based on the current forward market for oil products (April 10th), Yara s energy costs for third quarter 2007 are expected to be approximately NOK 50 million lower than last year. The estimate for the third quarter may change considerably depending on future energy prices. The Board of Directors of Yara International ASA Oslo, 19 April 2007 12

Business and financial information The fertilizer season in Western Europe referred to in this discussion starts 1 July and ends 30 June. Yara s business is strongly linked to the US dollar, both with regard to the purchase of energy and raw materials and prices of finished products. The variance analyses are therefore developed in US dollars, as management considers this to provide a better understanding of underlying business performance. Currency effect on net fixed cost as given in the variance analysis reflects the effect of US dollar changes on net fixed cost in euro and Norwegian krone. Yara s competitive position is negatively impacted when the US dollar depreicates against the euro and Norwegian krone. Several of Yara s purchase and sales contracts for commodities are, or have embedded terms and conditions which under IFRS are, accounted for as derivatives. The derivative elements of these contracts are presented under Commodity-based derivatives gain/(loss) in the income statement. In the management discussion and analysis these effects are divided into energy arbitrage and contract derivatives. The former represents effects from Yara s major energy-related contracts and energy arbitrage activities, while the latter comprises effects related to commercial sales and purchase contracts. Special items EBITDA effect (NOK millions) 1Q 2007 1Q 2006 Brazil restructuring (24) - Downstream (24) - Contract derivatives (7) (9) Industrial (7) (9) Le Havre costs - (25) Contract derivatives - (16) Upstream - (41) Other and eliminations - - Total (31) (51) * Special items in NOK using monthly accounting exchange rates for the respective periods. Translation differences compared with variance analysis may occur. 13

Condensed consolidated interim income statement NOK millions, except share information Notes 1Q 2007 1Q 2006 2006 Revenue 13,502 11,698 46,969 Other income 32 58 1,154 Commodity based derivatives gain/(loss) 1 (40) (21) 138 Revenue and other income 3 13,494 11,736 48,261 Raw materials, energy costs and freight expenses 5 (10,313) (9,756) (38,749) Change in inventories of own production (469) 266 148 Payroll and related costs 6 (943) (812) (3,389) Depreciation and amortization 3 (323) (334) (1,373) Other operating expenses (382) (342) (1,546) Operating costs and expenses (12,430) (10,977) (44,909) Operating income 3 1,063 758 3,352 Share of net income in non-consolidated investees 321 327 1,463 Interest income and other financial income 76 71 277 Earnings before interest expense and tax (EBIT) 1,461 1,157 5,092 Foreign exchange gain/(loss) 64 89 422 Interest expense and other financial items (121) (110) (471) Income before tax and minority interest 1,403 1,135 5,043 Income tax expense (316) (278) (833) Net income 1,087 857 4,210 Minority interest (3) (4) (22) Net income after minority interest 1,085 853 4,188 Earnings per share 1) 3.67 2.77 13.86 Weighted average number of shares outstanding 2) 295,700,128 307,807,362 302,071,267 1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share. 2) Weighted average number of shares outstanding was reduced in first quarter 2006, due to the share buy-back program. 14

Condensed consolidated interim statement of recognized income and expense NOK millions 1Q 2007 1Q 2006 2006 Exchange differences on translation of foreign operations (343) (204) (137) Actuarial gain/(loss) on defined benefit pension plans - - 58 Available for sale investments - change in fair value 31-150 Cash flow hedges - - - Hedge of net investments 39 - (2) Tax on items taken directly to equity (11) - (35) Net income recognized directly to equity (284) (204) 35 Transfers: Cash flow hedges 3 2 (2) Tax on items transferred from equity (1) - 1 Net income 1 087 857 4,210 Total recognized income and expense for the period 805 654 4,244 Attributable to: Shareholders of the parent 800 651 4,216 Minority interest 5 4 28 Total 805 654 4,244 15

Condensed consolidated interim balance sheet NOK millions Notes 31.03.2007 31.03.2006 31.12.2006 Assets Non-current assets Deferred tax assets 1 1,164 1,368 1,175 Intangible assets 4 280 139 577 Property, plant and equipment 1,5 7,451 7,305 7,600 Non-consolidated investees 5,715 3,957 6,019 Other non-current assets 1,418 706 1,393 Total non-current assets 16,028 13,475 16,765 Current assets Inventories 6,395 6,534 6,689 Trade receivables 8,213 6,670 6,834 Prepaid expenses and other current assets 1 1,785 1,470 1,974 Other liquid assets - 17 - Cash and cash equivalents 624 557 1,003 Total current assets 17,017 15,249 16,499 Total assets 33,045 28,724 33,263 16

NOK millions, except for number of shares Notes 31.03.2007 31.03.2006 31.12.2006 Equity and liabilities Equity Share capital reduced for treasury stock 503 522 503 Premium paid-in capital 2,183 3,389 2,183 Total paid-in capital 2,686 3,911 2,686 Retained earnings 13,257 9,858 12,773 Total equity attributable to shareholders of the parent 15,943 13,769 15,459 Minority shareholders interest in consolidated subsidiaries 4 69 69 575 Total equity 2 16,013 13,838 16,034 Non-current liabilities Employee benefits 1 2,048 2,131 2,192 Deferred tax liabilities 1 1,296 1,055 1,238 Other long-term liabilities 296 323 292 Long-term provisions 1 327 117 318 Long-term interest bearing debt 4,573 3,896 4,732 Total non-current liabilities 8,540 7,523 8,773 Current liabilities Trade and other payables 5,965 5,269 5,915 Current tax liabilities 243 424 191 Short-term provisions 6 138 119 141 Other short-term liabilities 1 604 577 589 Bank loans and other interest-bearing short-term debt 1,498 950 1,575 Current portion of long-term debt 45 24 45 Total current liabilities 8,492 7,364 8,457 Total equity and liabilities 33,045 28,724 33,263 Total number of shares outstanding 1) 2 295,700,128 307,236,700 295,699,984 1) Number of shares outstanding was reduced in first quarter 2006, due to the share buy-back program. The Board of Directors of Yara International ASA Oslo, 19 April 2007 17

Condensed consolidated interim statement of cash flow NOK millions Notes 1Q 2007 1Q 2006 2006 Operating activities Operating income 3 1,063 758 3,352 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and amortization 3 323 334 1,373 Tax paid (182) (151) (720) Dividend from non-consolidated investees 328 567 1,019 Change in net operating capital 1) (1,320) (241) 349 Other 56 (186) (1,519) Net cash from operating activities 269 1,080 3,854 Investing activities Purchases of property, plant and equipment 3 (286) (230) (1,870) Purchases of other long-term investments 3,4 (538) (3) (1,615) Net sales/(purchases) of short-term investments - (2) - Proceeds from sales of property, plant and equipment 31 8 183 Proceeds from sales of other long-term investments 203 135 1,543 Net cash used in investing activities (589) (92) (1,759) Financing activities Loan proceeds/(repayments), net (76) (1,440) (340) Purchase of treasury shares 2 - (101) (809) Redeemed shares Norwegian State 2 - - (444) Dividend 2 - - (722) Net cash transfers (to)/from minority interest (1) (1) (3) Net cash used in financing activities (77) (1,542) (2,317) Foreign currency effects on cash flows 18 4 118 Net increase (decrease) in cash and cash equivalents (379) (550) (105) Cash and cash equivalents at beginning of period 1,003 1,108 1,108 Cash and cash equivalents at end of period 624 557 1,003 Bank deposits not available for the use of other group companies 16 69 122 1) Operating capital consists of trade receivable, inventories and trade payable. 18

Notes to the condensed consolidated interim financial statements General and accounting policies Yara (the Group) consists of Yara International ASA (the Company) and its subsidiaries. Yara International ASA is a limited company incorporated in Norway. The condensed consolidated interim financial statements consist of the Group and the Group s interests in non-consolidated investees and joint ventures. The consolidated financial statements of the Group as at and for the year ended 31 December 2006 are available upon request from the Company s registered office at Bygdøy allè 2, Oslo, Norway or at www.yara.com. These condensed consolidated interim financial statements have been prepared in accordance with rules and regulations of Oslo Stock Exchange and International Financial Reporting Standard (IFRS) IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual consolidated financial statements, and should be read in conjunction with consolidated financial statements of the Group as at and for the year ended 31 December 2006. These condensed consolidated interim financial statements are unaudited. As a result of rounding differences, numbers or percentages may not add up to the total. The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2006. Note 1 Judgements, estimates and assumptions The preparation of condensed consolidated interim financial statements in accordance with IFRS and applying the chosen accounting policies requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the period ended 31 December 2006. 19

Note 2 Consolidated shareholders equity Related to the current share buy-back program approved in 2006, Yara has not purchased any shares in the market in the first quarter 2007. Ordinary shares Own shares 1) Balance at 31 December 2005 314,737,356 (6,500,800) Redeemed shares Norwegian State 2) (4,257,712) - Shares cancelled 2) (7,500,200) 7,500,200 Treasury shares - (8,278,860) Balance at 31 December 2006 302,979,444 (7,279,460) Treasury shares 3) - 144 Balance at 31 March 2007 302,979,444 (7,279,316) 1) Including employee trust. 2) As approved by extraordinary General Meeting 16 October 2006. 3) Adjustment of shares held by employee trust. Reconciliation of equity NOK millions Share capital 1) Premium paid-in capital Hedging, fair value, translation and actuarial reserves 2) Other retained earnings 2) Total retained earnings Attributable to shareholders of the parent Minority interests Total equity Balance at 31 December 2005 524 3,389 (329) 9,634 9,306 13,219 77 13,296 Net income - - - 4,188 4,188 4,188 22 4,210 Net income recognized directly to equity - - 29-29 29 6 35 Cash flow hedges - - (1) - (1) (1) - (1) Total recognized income and expense - - 28 4,188 4,216 4,216 28 4,244 Companies purchased/sold - - - - - - 486 486 Treasury shares (1) - - (26) (26) (27) - (27) Redeemed treasury shares 3) (13) (769) - - - (782) - (782) Redeemed shares Norwegian State 3) (7) (437) - - - (444) - (444) Dividend s distributed - - - (722) (722) (722) (16) (738) Balance 31 December 2006 503 2,183 (301) 13,073 12,773 15,459 575 16,034 Net income - - - 1,085 1,085 1,085 3 1,087 Net income recognized directly to equity - - (286) - (286) (286) 3 (284) Cash flow hedges - - 2-2 2-2 Total recognized income and expense - - (284) 1,085 800 800 5 805 Companies purchased/sold 4) - - - (316) (316) (316) (498) (814) Dividend s distributed - - - - - - (12) (12) Balance 31 March 2007 503 2,183 (585) 13,842 13,257 15,943 69 16,013 1) Par value 1.70. 3) As approved by extraordinary General Meeting 16 October 2006. 2) Included in retained earnings. 4) Related to Fertibras, see note 4. 20

Reconciliation equity year-to-date 2006 NOK millions Share capital 1) Premium paid-in capital Hedging, fair value, translation and actuarial reserves 2) Other retained earnings 2) Total retained earnings Attributable to shareholders of the parent Minority interests Total equity Balance at 31 December 2005 524 3,389 (329) 9,634 9,305 13,219 77 13,296 Net income - - - 853 853 853 4 857 Net income recognized directly to equity - - (204) - (204) (204) - (204) Cash flow hedges - - 1-1 1-1 Recognized income and expense - - (203) 853 651 651 4 654 Other items recorded directly to equity - - - - - - 1 1 Treasury shares (2) - - (99) (99) (101) - (101) Dividends distributed - - - - - - (13) (13) Balance at 31 March 2006 522 3,389 (531) 10,388 9,858 13,769 69 13,838 1) Par value 1.70. 2) Included in retained earnings. 21

Note 3 Operating segment information The operating segments presented Downstream, Industrial and Upstream are the key components of Yara s business. These are evaluated on a regular basis by Yara s senior management on the basis of financial and operational information prepared specifically for each segment for the purpose of assessing performance and allocating resources. The information disclosed is on the same basis as presented internally and used for follow-up of Yara s development by Yara Management. NOK millions 1Q 2007 1Q 2006 2006 External revenue and other income Downstream 9,519 8,074 33,135 Industrial 1,825 1,451 6,070 Upstream 2,125 2,171 8,875 Other and eliminations 24 39 180 Total 13,494 11,736 48,261 Internal revenue and other income Downstream 323 316 1,154 Industrial 9 5 48 Upstream 3,639 3,553 13,248 Other and eliminations (3,971) (3,874) (14,450) Total - - - Revenue and other income Downstream 9,843 8,390 34,289 Industrial 1,834 1,456 6,118 Upstream 5,764 5,724 22,124 Other and eliminations (3,948) (3,834) (14,270) Total 13,494 11,736 48,261 22

NOK millions 1Q 2007 1Q 2006 2006 Depreciation and amortization Downstream (96) (107) (485) Industrial (48) (46) (189) Upstream (177) (178) (687) Other and eliminations (3) (3) (12) Total (323) (334) (1,373) Operating income Downstream 527 336 1,107 Industrial 125 120 537 Upstream 445 307 1,552 Other and eliminations (34) (5) 156 Total 1,063 758 3,352 EBITDA Downstream 724 518 1,960 Industrial 174 166 736 Upstream 911 797 3,563 Other and eliminations (23) 11 212 Total 1,787 1,492 6,472 Investments Downstream (179) 80 2,659 Industrial 91 52 333 Upstream 112 96 1,358 Other and eliminations - 5 93 Total 24 233 4,443 23

Note 4 Acquisitions and disposals Acquisitions In January, Yara acquired the remaining minority interest of 51.91 % of the non-voting shares in Fertibras for NOK 530 million. The difference between the cost of the additional interest in Fertibras and the minority s interest s share of the assets and liabilities reflected in the consolidated balance sheet at the date of acquisition of the minority interest is reflected partly as an adjustment to goodwill (measured using IFRS 3 principles) and partly as an equity transaction. Due to the significant increase in the value of Fertibras investment in Fosfertil up to the date of acquisition of the minority interest this has resulted in reduced goodwill of NOK 286 million and an amount recognized in equity of NOK 316 million. The allocation of the purchase price in connection with the acquisition of the controlling interest has been determined provisionally. Note 5 Property, plant and equipment In January 2007, Yara agreed a new gas contract for the LeHavre plant in France. In March, Yara re-started the production of ammonia at the plant. Note 6 Provisions As part of the restructuring of business in Brazil subsequent to the acquisition of Fertibras a provision of NOK 24 million has been recognized in the first quarter 2007. 24

Use of NON-GAAP measures In the discussion of operating results, Yara refers to certain non-gaap financial measures including EBITDA and CROGI. Yara s management makes regular use of these measures to evaluate the performance, both in absolute terms and comparatively from period to period. These measures are viewed by management as providing a better understanding - both for management and for investors - of the underlying operating results of the business segments for the period. Yara manages long-term debt and taxes on a group basis. Therefore, net income is discussed only for the Group as a whole. Yara s management model reflects management s focus on cash flow-based performance indicators. EBITDA, which Yara defines as income/ (loss) before tax, interest expense, foreign exchange gains/losses, depreciation, amortization and writedowns, is an approximation of cash flow from operating activities before tax and net operating capital changes. EBITDA is a measure that in addition to operating income, also includes interest income, other financial income, and results from non-consolidated investees. It excludes depreciation, writedowns and amortization, as well as amortization of excess values in non-consolidated investees. Yara s definition of EBITDA may differ from that of other companies. EBITDA should not be considered as an alternative to operating income and income before tax as an indicator of the company s operations in accordance with IFRSs. Nor is EBITDA an alternative to cash flow from operating activities in accordance with IFRSs. Yara management use CROGI (Cash Return On Gross Investment) to measure performance. CROGI is defined as gross cash flow, divided by average gross investment and is calculated on a 12-month rolling basis. Gross cash flow is defined as EBITDA less total tax expense, excluding tax on net foreign exchange gains/ losses. Gross Investment is defined as total assets (exclusive of deferred tax assets, cash, cash equivalents and other liquid assets) plus accumulated depreciation and amortization, less all short-term interest-free liabilities, except deferred tax liabilities. In order to track underlying business developments from period to period, Yara s management also uses a variance analysis methodology, developed within the Company ( Variance Analysis ), that involves the extraction of financial information from the accounting system, as well as statistical and other data from internal management information systems. Management considers the estimates produced by the Variance Analysis, and the identification of trends based on such analysis, sufficiently precise to provide useful data to monitor our business. However, these estimates should be understood to be less than an exact quantification of the changes and trends indicated by such analysis. 25

Reconciliation of operating income to EBITDA NOK millions Operating income Non-cons. investees Interest income 1) EBIT Depr. and amort. 2) EBITDA 1Q 2007 Downstream 527 40 58 625 99 724 Industrial 125-1 127 48 174 Upstream 445 280 9 735 177 911 Other and eliminations (34) 1 7 (26) 3 (23) Total 1,063 321 76 1,461 326 1,787 1Q 2006 Downstream 336 19 54 409 109 518 Industrial 120-1 121 46 166 Upstream 307 304 7 619 178 797 Other and eliminations (5) 4 10 8 3 11 Total 758 327 71 1,157 335 1,492 2006 Downstream 1,107 165 197 1,469 491 1,960 Industrial 537 5 5 547 189 736 Upstream 1,552 1,287 36 2,875 688 3,563 Other and eliminations 156 6 39 200 12 212 Total 3,352 1,463 277 5,092 1,380 6,472 1) Including selected financial items. 2) Including amortization of excess value in non-consolidated investees. 26

Reconciliation of EBITDA to income before tax and minority interest NOK millions 1Q 2007 1Q 2006 2006 EBITDA Downstream 724 518 1,960 EBITDA Industrial 174 166 736 EBITDA Upstream 911 797 3,563 EBITDA Other and eliminations (23) 11 212 EBITDA 1,787 1,492 6,472 Depreciation (323) (334) (1,373) Amortization of excess value in non-consolidated investees (3) (2) (7) Interest expense (186) (165) (712) Capitalized interest - - - Net foreign exchange gain/(loss) 64 89 422 Other financial income/expense, net 64 55 242 Income before tax and minority interest 1,403 1,135 5,044 Quarterly information NOK millions 1Q 2007 4Q 2006 3Q 2006 2Q 2006 1Q 2006 EBITDA Downstream 724 511 490 441 518 Industrial 174 153 252 165 166 Upstream 911 673 1,168 926 797 Other and eliminations (23) 14 38 149 11 Total 1,787 1,351 1,947 1,682 1,492 Quarterly results NOK millions, except per share information Revenue and other income 13,494 12,428 11,898 12,200 11,736 Operating income 1,063 521 1,149 924 758 EBITDA 1,787 1,351 1,947 1,682 1,492 Net income after minority interest 1,085 891 1,403 1,041 853 Earnings per share (NOK) 3.67 3.01 4.68 3.42 2.77 USD 1) millions, except per share information Revenue and other income 2,170 1,937 1,884 1,959 1,759 Operating income 171 82 183 148 114 EBITDA 287 212 308 270 224 Net income after minority interest 175 140 222 166 128 Earnings per share (USD) 0.59 0.47 0.74 0.54 0.42 1) USD numbers are calculated monthly based on average NOK/USD per month. 27

Yara International ASA Bygdøy Allé 2, PO Box 2464 Solli, N-0202 Oslo, Norway, T +47 24 15 70 00, F +47 24 15 70 01, www.yara.com yara international Yara International is the world s largest supplier of plant nutrients, with production and sales that cover the global market. The core business is the production and marketing of nitrogen fertilizers such as ammonia, urea and nitrates. Yara s revenue exceeded NOK 46 billion in 2006 and the company sells more than 20 million metric tonnes of fertilizer per year in more than 120 countries. 100 years of experience Yara s roots are in Norsk Hydro, founded in 1905 to start the world s first industrial production of nitrogen fertilizer. Since then Norsk Hydro has developed into a substantial, diverse industrial group, embracing activities such as oil, gas, hydropower, aluminum and petrochemicals. In 2003 Hydro s Board of Directors decided that the future development and performance of the fertilizer business, known then as Hydro Agri, would be enhanced if it became an independent listed company with access to capital markets. The new company, now called Yara, retains the Viking Ship logo, which has represented Hydro s fertilizer brands for 100 years. Following a comprehensive turnaround program completed in 2001, including substantial fixed cost reductions and a de-manning process involving approximately one third of total staff, Yara has emerged as a low-cost producer in Europe, with roughly 50 % of total sales outside Europe. Furthermore, Yara has access to low-cost gas in the Middle East, Trinidad and Australia through joint ventures with local partners. Today, the company has more than 7,000 employees of which approximately 1,150 are employed in Norway. The headquarter is in Oslo, Norway. Yara s business model In 2003, Yara organized the business into three segments: Upstream, Downstream and Industrial. Upstream contains Yara s ammonia and urea plants in Norway (Porsgrunn), Holland (Sluiskil), Germany (Brunsbüttel), France (Le Havre), Italy (Ferrara) and Trinidad and Tobago (Point Lisas). The segment also produces large quantities of complex and nitrate fertilizer products. Natural gas and other hydrocarbons are the main raw materials for these plants. Upstream sells all the fertilizer production to the Downstream segment. Downstream distributes all fertilizer products in addition to producing fertilizer for local consumption in many countries in Europe as well as in Brazil. The Downstream plants use ammonia and intermediate fertilizer products as main raw materials. Downstream also purchases and distributes substantial fertilizer volumes from joint venture companies and third party suppliers in order to supplement own produced volumes and maximize capacity utilization at own plants. The Industrial segment markets numerous industrial products mainly originating in the fertilizer production system, e.g. industrial gases and technical nitrates. The breadth of activity, coupled with geographic spread, enables Yara to manage the potentially cyclical nature of the Upstream business while the Downstream and Industrial segments can be characterized as margin businesses with more stable cash flows. yara management Chief Executive Officer Thorleif Enger Growth initiatives Daniel Clauw Finance and Strategy Sven Ombudstvedt Human Resources Anne Grethe Dalane Communication Arne Cartridge Legal Kendrick T. Wallace Upstream Tor Holba Supply and Trade Hallgeir Storvik Downstream Ed Cavazuti Industrial Terje Bakken