June % change last 12-month high month low

1 12 May 2018 amis market monitor Chart and tables description Ammonia and Urea: Overview of nitrogen-based fertilizer prices in the US Gulf, Western Europe and Black Sea. Prices are weekly prices averaged by month . Potash and Phosphate: Overview of phosphate and potassium-based fertilizer prices in the US Gulf, Baltic and Vancouver. Prices are weekly prices averaged by month . Ammonia Average and Urea Average: Monthly average prices from Ammonia s US Gulf NOLA, Middle East, Black Sea and Western Europe were averaged to obtain Ammonia Average prices; monthly average prices from Urea s US Gulf NOLA, US GUlf Prill, Middle East Prill, Black Sea Prill and Mediterranean were averaged to obtain Urea Average prices. Natural Gas: Henry Hub Natural Gas Spot Price from ICE up to December 2017 and from Bloomberg (BGAP) from January 2018 onwards. Prices are intraday prices averaged by month . Natural gas is used as major input to produce nitrogen-based : Diammonium Phosphate.

2 IiFer t i l i z e r ou t l o o k Ammonia prices fell due to excess supply in the global marketcombined with lower demand stemming from abnormally coldsprings in the Northern Hemisphere and consequent delayedsowing of the summer harvest. Plants in several areas are operatingclose to capacity, and several new plants opened in the US, theRussian Federation, and Saudi Arabia, further contributing to globaloversupply. Urea prices declined slightly due to excess production, particularlyin the US and Iran where production stood at double theconsumption level. In addition, demand fell due to the cold weatherin the Northern Hemisphere and delayed sowing of maize in Brazil. DAP m/m prices increased less than in previous months due todelayed deliveries from Morocco as a result of severe weather andheavy swells at the coast. Potash prices remained unchanged due to relatively stable globaldemand and supply over the past month .

3 Natural gas prices increased slightly m/m due to irregular weatherpatterns in the US, which resulted in excess average April std. dev % change last month % change last year 12-month high12- month low Ammonia-US Gulf NOLA - Ammonia-Western Europe Urea-US Gulf + Urea-Black Sea - + DAP-US Gulf + + DAP-Baltic - + + Potash-Baltic - + Potash-Vancouver - + Ammonia Urea + Natural Gas* + All prices shown are in US dollars. *Natural Gas is a new Henry Hub Index (BGAP), replacing the one used before, which has been : Own elaboration based on Bloomberg