Yara invests in CCS in Sluiskil and signs binding CO2 transport and storage agreement with Northern Lights - the world's first cross-border CCS-agreement in operation

Oslo, 20 November 2023: Yara International, a leading global ammonia player, and
Northern Lights, a CO2 transport and storage supplier, sign a binding commercial
agreement, enabling the first cross-border transportation and storage of CO2.
Yara aims to reduce its annual CO2-emissions by 800,000 tons from the ammonia
production at Yara Sluiskil. The CO2 will be liquefied and shipped by Northern
Lights from the Netherlands to permanent storage on the Norwegian continental
shelf, 2.6 kilometres under the seabed.

- This is a milestone for decarbonizing hard-to-abate industry in Europe and for
Yara it's an important step towards decarbonizing our ammonia production,
product lines and the food value chain at large, says Svein Tore Holsether, CEO
of Yara International.

- We are very pleased that Yara has selected Northern Lights as CO2 transport
and storage provider. This commercial agreement gives us the opportunity to
further utilise the capacity at our storage site below the North Sea. It
confirms the commercial potential for CCS and demonstrates that the market for
transport and storage of CO2 is evolving rapidly, says Børre Jacobsen, Managing
Director of Northern Lights.

Cutting 12 million tons of CO2 over the next 15 years

Cutting 800,000 tons CO2 in Yara Sluiskil corresponds to 0.5% of the total
annual emissions (2022) in the Netherlands. Over the next 15-years Yara will
remove approximately 12 million tons of CO2 from its production in Sluiskil.

- Yara Sluiskil is showing the way forward for European industry by taking
another step on the decarbonization journey. Since 1990 Yara Sluiskil has cut
3.4 million tons of CO2 equivalents per year from its ammonia and fertilizer
production, whilst at the same time almost doubling its production. Now we
continue by reducing one of the biggest emission points in the Netherlands, says
Michael Schlaug, VP Yara Netherlands.

Decarbonized future for food-production and shipping

- Clean ammonia can decarbonize hard-to-abate sectors like shipping, chemical
production, and power production. It will enable the hydrogen economy, and the
time to start using clean ammonia and hydrogen to decarbonize Europe is now,
says Magnus Ankarstrand, President of Yara Clean Ammonia.

This project forms part of Yara's ongoing strategic transition to decarbonize
and future-proof its core production assets as Yara Sluiskil is one of the
world's largest ammonia and mineral fertilizer plants. In addition to this
project, Yara is evaluating potential large-scale blue ammonia production
projects with CCS in the US. Coupling these investments with its leading global
ammonia position, Yara can profitably decarbonize its premium product operations
in Europe while also diversifying its energy position. To allocate capital to
this transition, Yara is considering a number of options including a minority
divestment of YCA, asset divestments and other available funding sources.

CCS is key to decarbonize hard-to-abate industries in Europe

The world is closing in on 2030 and action is required to meet the objectives of
the Paris Agreement. UN Secretary General Guterres stated in an address to the
UN General Assembly on 20th September 2023: "We can - and we must turn up the
tempo". On 27th October 2022 in Oslo, EU Commissioner Simson expressed her
conviction "that CCUS has incredible potential in our race to reach climate
neutrality". CCS provides a decarbonization solution to reduce climate
emissions. The agreement between Yara and Northern Lights will kickstart the
commercial market for CCS in Europe.

CCS is a cost-efficient decarbonization solution that is compatible with
existing European production infrastructure, especially in the case of ammonia
and fertilizer production. We need to use all technologies at our disposal to
address the climate emergency. European industries are eagerly awaiting the EU's
CCUS strategy, to be announced early next year. To realize the full potential of
this decarbonization route, CCS projects need to be supported by a dedicated
regulatory environment for CO2 transport and storage infrastructure.

- To succeed with the green transition, we need strong partnerships and support
from governments and the EU. CCS is an important part of the solution. Together
we can significantly reduce GHG emissions and take us further step closer to
transform industry and reduce emissions, says Holsether, CEO Yara International.

- Norway has the potential to provide Europe with significant CO2 storage, which
will help the EU to reach their climate targets. It is a safe and efficient way
to handle emissions and this agreement demonstrate that, says Børre Jacobsen,
Managing Director of Northern Lights.

Facts about the agreement

  * Yara Sluiskil will capture approximately 800,000 tons of CO2 from the
    process gas from its ammonia production each year
  * Yara Sluiskil will expand its CO2 liquification capacity to liquify 12
    million tons of CO2 over the next 15 years with an estimated capex of
    approximately EUR 200 million
  * Northern Lights will ship liquified carbon dioxide from Yara Sluiskil in the
    Netherlands to Øygarden in Norway
  * The liquefied CO2 will initially be stored in onshore tanks at Øygarden,
    prior to injection into an offshore saline aquifer via pipeline for
    permanent and safe storage, 2,600 meters below the seabed
  * Operations will start in 2025 and continue for 15 years

About Yara

Yara grows knowledge to responsibly feed the world and protect the planet.
Supporting our vision of a world without hunger and a planet respected, we
pursue a strategy of sustainable value growth, promoting climate-friendly crop
nutrition and zero-emission energy solutions. Yara's ambition is focused on
growing a nature positive food future that creates value for our customers,
shareholders and society at large and delivers a more sustainable food value
chain.

To achieve our ambition, we have taken the lead in developing digital farming
tools for precision farming and work closely with partners throughout the food
value chain to improve the efficiency and sustainability of food production.
Through our focus on clean ammonia production, we aim to enable the hydrogen
economy, driving a green transition of shipping, fertilizer production and other
energy intensive industries.

Founded in 1905 to solve the emerging famine in Europe, Yara has established a
unique position as the industry's only global crop nutrition company. We operate
an integrated business model with around 17,000 employees and operations in over
60 countries, with a proven track record of strong returns. In 2022, Yara
reported revenues of USD 24 billion.

www.yara.com

About Yara Clean Ammonia

Yara grows knowledge to responsibly feed the world and protect the planet. Yara
Clean Ammonia is uniquely positioned to enable the hydrogen economy in a market
expected to grow substantially over the next decades. We aim at significantly
strengthening our leading global position as the world's largest ammonia
distributor, unlocking the green and blue value chains, and driving the
development of clean ammonia globally.

Building on Yara's leading experience within global ammonia production,
logistics and trade, Yara Clean Ammonia works towards capturing growth
opportunities in low-emission fuel for shipping and power, carbon-free food pro-
duction and ammonia for industrial applications.

Yara Clean Ammonia operates the largest global ammonia network with 15 ships and
access to 18 ammonia terminals and multiple ammonia production and consumption
sites across the world, through Yara. Revenues and EBITDA for the full year
2022 were USD 4,422 million and USD 249 million respectively. Yara Clean Ammonia
is headquartered in Oslo, Norway

www.yaracleanammonia.com

About Northern Lights

Northern Lights is developing the world's first cross-border CO2 transport and
storage infrastructure. Delivering CO2 transport and storage as a service,
Northern Lights enables mitigation of industrial emissions that cannot be
avoided and accelerates the decarbonisation of European industry. Drawing on
experience from over 25 years of CO2 storage on the Norwegian Continental Shelf,
Northern Lights are at the forefront of developing CCS technologies. The company
will transport liquefied CO2 from capture sites to an onshore receiving terminal
in western Norway, before transporting it by pipeline for permanent storage in a
reservoir 2,600 metres under the seabed. CCS is a necessary climate solution to
decarbonise industry and reduce or remove industrial CO2 emissions. On schedule
to be ready to receive CO2 in 2024, Northern Lights offers safe and reliable CO2
transport and storage services to industrial emitters in Norway and across
Europe. Northern Lights JV DA is a registered, incorporated General Partnership
with Shared Liability (DA) owned by Equinor, TotalEnergies and Shell.

www.norlights.com

For media inquiries, please contact:

Yara International:
Kaia Jarlsby
Mobile: [phone]
Mail: [e-mail]

Yara Clean Ammonia:
Hilde Steinfeld
Mobile: [phone]
Mail: [e-mail]

Northern Lights:
Benedicte Staalesen
Mobile: [phone]
Mail: [e-mail]

Investor contact in Yara International:
Maria Gabrielsen
Mobile: [phone]
Mail: [e-mail]

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