Mr. Matthew O'Neill reports

ITAFOS ANNOUNCES RESTRICTED SHARE UNIT AND DEFERRED SHARE UNIT GRANTS

Itafos Inc. has granted, in the aggregate, 477,535 restricted share units and 32,738 deferred share units to directors and officers of the company. The RSUs and DSUs granted to directors are scheduled to vest on a one-third per annum basis over a three-year period.

The RSUs granted to officers are based on a combination of time and performance with 50 per cent of the RSUs vesting one-third on the anniversary of the grant date over a period of three years and 50 per cent of the RSUs vesting on the third anniversary of the grant date subject to achievement of certain key performance indicators as established by the company's board of directors.

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.

Each vested DSU entitles the holder to receive a cash payment equal to the fair market value of one share of the company's common stock, payable when the holder ceases to serve with the company. All grants of DSUs are subject to the company's deferred share unit plan. The grants are intended to encourage holders to work toward and participate in the growth and development of the company and to promote greater alignment of interests between such persons and shareholders of the company.

About Itafos Inc.

The company is a phosphate and specialty fertilizer company with businesses and projects spanning three continents:

• Conda -- a vertically integrated phosphate fertilizer business located in Idaho, United States, with production capacity as follows:
  • Approximately 550,000 tonnes per year of MAP, MAP with micronutrients, superphosphoric acid and merchant-grade phosphoric acid; and
  • Approximately 27,000 t per year of hydrofluorosilicic acid;
• Arraias -- a vertically integrated phosphate fertilizer business located in Tocantins, Brazil, with the following production targets (following the proposed restart of the beneficiation circuit):
  • Approximately 275,000 t per year of SSP, PAPR and DAPR:
    • Approximately 170,000 t per year of SSP, 60,000 t per year of PAPR and 45,000 t per year of DAPR;
  • Approximately 40,000 t per year of excess sulphuric acid (220,000-tonne-per-year gross sulphuric acid production capacity);
• Farim -- a high-grade phosphate mine project located in Farim, Guinea-Bissau; and
• Santana -- a vertically integrated high-grade phosphate mine and fertilizer plant project located in Para, Brazil.

The company is a Delaware corporation with operations in the United States, Brazil and Guinea Bissau. The company's shares trade on the TSX Venture Exchange under the ticker IFOS. The company's shares also trade in the United States on the OTCQX Best Market under the ticker symbol ITFS. The company's principal shareholder is CLF, which is an affiliate of global private investment firm Castlelake LP.