IMC OPERATIONS UPDATE

IMC S.A. agricultural enterprises in Ukraine have started a spring sowing campaign. It is planned to sow about 70 thousand hectares in Chernihiv, Sumy and Poltava regions of Ukraine with sunflower and corn. The company is provided with all necessary agricultural machinery and inputs (seeds, fertilizers, plant protection products, fuel) for the projected sown areas. Prior to that, the company carried out work on fertilizing and protecting winter wheat sown in the fall of 2021 on an area of 18 thousand hectares. Currently, winter wheat is in good condition. In general, taking into account winter wheat, it is planned to sow about 70% of the company's land bank. Demining work is needed in the remaining areas, as there were active hostilities in March 2022. The spring sowing campaign is scheduled to end in late May.
As a result of active hostilities around Chernihiv city in February-March 2022, the company's grain elevator was partially damaged. Damage is not critical. It is planned to complete the repair work in the coming weeks. Due to the Russian Federation's blockade of Ukraine's seaports in the Black Sea, grain exports through them are currently impossible. As a result, the company's export activities have been suspended since the beginning of the war. However, the company together with its customers (international grain traders) and with the support of the Government of Ukraine is trying to develop alternative logistics chains for grain exports through seaports of other neighboring countries.