MbAC starting up in Arraias - Tocantins - Brazil

ITAFOS OPERATIONS UPDATE The Company continues to ramp-up operations and expects to achieve commercial production in Q2 2014. While the global phosphate price environment started to show some strength during the last quarter of 2013, MBAC's revenue and average selling price were impacted by the seasonality of Brazil's planting season and higher than customary inventory levels. Q4 is typically a slow period for fertilizer companies in Brazil operating in this industry. Di-ammonium Phosphate ('DAP') prices (fob Morocco) have increased by approximately 20% since bottoming in November 2013. Triple Super Phosphate ('TSP') prices have also seen a strong increase (approximately 32%) since hitting five-year lows in late 2013. The rising prices are expected to have similar impact on SSP prices in Brazil as 2013 Brazilian fertilizer inventories are depleting. The Company believes that SSP prices should fully benefit from the rising global prices as the fertilizing season progresses. Average selling prices for SSP in 2014 are expected to be consistent with the 2013 average selling price. We anticipate that the cost of production for SSP will be consistent with guidance previously disclosed by the Company.