Positive Outlook

• Low global coarse grains stocks-to-use ratios and higher energy prices in Europe and Asia have significantly tightened the global nitrogen supply and demand balance
• Stocks - to - use ratios at multi - year lows has driven the highest commodity crop prices in nearly a decade, supporting strong nitrogen demand to maximize yields globally
• Strong nitrogen demand expected in North America in 2021; global requirements driven by robust demand from India and Brazil
• The Company expects 90 - 92 million corn acres planted in the US with higher canola plantings in Canada and industrial use rising due to higher economic activity
• Widened energy differentials have steepened the global nitrogen cost curve, increasing margin opportunities for North American producers