Annual Reporting 2009

During 2009, Yara reinforced its corporate governance. An improved risk management system was developed and a compliance unit established. Procedures for monitoring risk exposure and assessing risk levels were implemented. The new Yara Ethics Program strengthened the focus on ethical conduct and responsible business practices.

Yara continued to pursue its strategy of profitable and sustainable growth, following up with new initiatives, expanding its production capacity and market reach. Yara is prepared to seize new opportunities following an extraordinary year with unsatisfactory financial performance.

During 2009, Yara delivered strong earnings in its Industrial segment, but weak financial results in the Downstream and Upstream segments. Downstream further restructured and streamlined its operations. Industrial pursued its leading position in nitrogen applications. Upstream followed up on strategic growth initiatives, increasing capacity.

During 2009, Yara saw its share price increase after considerable decline the previous year. The highest closing price during the year was NOK 271.30 and the lowest was NOK 138.25, with the closing price at year’s end representing an increase of 77 percent from the 2008 year-end close. Market value as of Dec. 31, 2009, was NOK 76.16 billion.

During 2009, Yara reinforced its corporate citizenship. Extensive stakeholder engagement continued, highlighting the link between climate change and food security. A compliance unit was established and an ethics program was developed. The company’s carbon footprint was further reduced.