Mr. Matthew O'Neill reports

ITAFOS ANNOUNCES RESTRICTED SHARE UNIT GRANTS

Itafos Inc. has granted, in the aggregate, 773,037 restricted share units to directors and officers of the company. The RSUs are scheduled to vest on a one-third per year basis over a three-year period. Certain grants are also subject to the fulfilment of additional performance conditions. Each vested RSU entitles the holder to receive one share of the company's common stock or a cash payment equal to the equivalent of one share of the company's common stock on the date of vesting. All grants of RSUs are subject to the company's restricted share unit plan. The grants were made as part of the company's annual compensation process, and are intended to appropriately reward past and continuing contributions and to incentivize contributions to the company's success in the future.

About Itafos Inc.

The company is a phosphate and specialty fertilizer company. The company's businesses and projects are as follows:

• Conda: a vertically integrated phosphate fertilizer business located in Idaho, United States, with the following production capacity:
  • Approximately 550,000 tonnes per year of MAP, MAP with micronutrients, superphosphoric acid, merchant-grade phosphoric acid and ammonium polyphosphate;
  • Approximately 27,000 tonnes per year of hydrofluorosilicic acid;
• Arraias: a vertically integrated phosphate fertilizer business located in Tocantins, Brazil, with the following production capacity:
  • Approximately 500,000 tonnes per year of single superphosphate and SSP with micronutrients;
  • Approximately 40,000 tonnes per year of excess sulphuric acid (220,000 tonnes per year gross sulphuric acid production capacity);
• Farim: a high-grade phosphate mine project located in Farim, Guinea-Bissau;
• Santana: a vertically integrated high-grade phosphate mine and fertilizer plant project located in Para, Brazil.

The company is a Delaware corporation headquartered in Houston, Tex. The company's shares trade on the TSX Venture Exchange under the ticker IFOS. The company's principal shareholder is CL Fertilizers Holding LLC. CLF is an affiliate of global private investment firm Castlelake LP.