Mr. Tim Vedder reports

ITAFOS PROVIDES UPDATE ON ITAFOS CONDA OPERATIONS DURING COVID-19 PANDEMIC AND PLANT TURNAROUND

Itafos has provided an update regarding Itafos Conda's operations during the COVID-19 pandemic and plant turnaround plans for 2020.

Itafos Conda has been deemed an essential business as part of the fertilizer and agriculture sector and therefore has not been forced to shut down operations on account of the COVID-19 pandemic.

In response to the COVID-19 pandemic, the company has implemented risk mitigation measures at Itafos Conda to address potential impacts to its employees, contractors and operations. To date, there have been no confirmed cases of COVID-19 amongst employees and one confirmed case amongst contractors at Itafos Conda. The confirmed contractor case of COVID-19 was an isolated incident, and the contractor is quarantined off-site.

As a part of its risk mitigation measures during the COVID-19 pandemic, the company has decided to conduct a reduced-scope plant turnaround at Itafos Conda during 2020. The reduced-scope plant turnaround would primarily rely upon Itafos Conda's employees and local contractors whereas a full-scope plant turnaround would necessitate bringing to site hundreds of contractors and specialists, many of whom originate from areas of the United States that have been experiencing significant spikes in confirmed cases of COVID-19.

"Our team at Itafos Conda continues to demonstrate a safety-first approach to operational excellence. Our risk mitigation measures, including the reduced-scope plant turnaround, are intended to ensure that Itafos Conda can continue to safely deliver quality phosphate products to our customers while doing our part to minimize the spread of COVID-19," said Tim Vedder, general manager of Itafos Conda.

Itafos Conda is expecting to temporarily shut down its operations for approximately 10 days during July, 2020, to complete the reduced-scope plant turnaround. The reduced-scope plant turnaround will be focused on inspection, testing and preventative maintenance of critical equipment. Itafos Conda expects to complete the remaining scope of activities associated with a full-scope turnaround, including cleaning the phosphate rock reactor, during 2021.

About Itafos

The company is a pure play phosphate and specialty fertilizer platform with an attractive portfolio of strategic businesses and projects located in key fertilizer markets, including North America, South America and Africa.

We seek Safe Harbor.