FULL YEAR AND FOURTH QUARTER 2018 EARNINGS CONFERENCE CALL PRESENTATION

MARCH 25TH, 2019

CONFIDENTIAL AND PROPRIETARYAny use of this material without OCP’s specific permission is strictly prohibited

SAFE HARBOR STATEMENT

This presentation has been prepared by OCP S.A. (“OCP”) strictly for discussion purposes, and contains certain statements that are, or may be

deemed to be, “forward-looking statements” within the meaning of the safe harbor provisions set forth in the U.S. Private Securities Litigation

Reform Act of 1995. Such statements include, but are not limited to, liabilities, strategic, industrial, commercial plans and expected future

financial and operating results such as revenue growth and earnings. They are based on the current beliefs, expectations and assumptions of

OCP’s management as of the date on which they are made in connection with past and/or future financial results, and are subject to significant

uncertainties and risks, which OCP shall not be held liable for. These risks and uncertainties include, but are not limited to, risks and uncertainties

arising from the future success of current and strategic plans and future financial and operating results and reserves; changes in such plans and

results; any difficulty that OCP may experience with the realization of benefits and anticipated levels of capital expenditures for the second half of

year 2019 and beyond; the current and future volatility in the credit markets and future market conditions; OCP’s strategy in connection with

customer retention, growth, product development and market position; industry trends; volatility in commodity prices; changes in foreign

currency, interest and exchange rates; international trade risks; changes in government policy and developments in judicial or administrative

proceedings in jurisdictions which OCP is subject to; changes in environmental and other governmental regulation, including regulatory

investigations and proceedings; any natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of

OCP’s operating systems, structures or equipment; the effectiveness of OCP’s processes for managing its strategic priorities; and OCP’s belief that

it has sufficient cash and liquidity and/or available debt capacity to fund future financial operations and strategic business investments. Actual

results may differ from those set forth in the forward-looking statements contained in this presentation, and OCP undertakes no obligation to

publicly update any of its forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new

information, future developments or otherwise.

This presentation includes OCP’s financial statements which are produced in Moroccan Dirhams (the local currency) and presented in IFRS. For

ease of presentation, financial information included in this presentation is translated into U.S. Dollars, and these translated figures have not been

audited. For the purpose of such translated figures, OCP used the following exchange rate table, which sets forth the year average and year-end

Dirham/U.S. Dollar exchange rates for the following periods:

2

USD/MAD

2018 : KEY TAKEAWAYS

Efficiencies increasing cost competitiveness

Industry leading margins

Significant growth amid production discipline

Investment grade leverage ratio

Moved ahead with strategic initiatives to drive future growth

Significant growth amid production discipline

3

DELIVERING ON OUR INVESTMENT PROGRAM SUPPORTED GROWTH

ACROSS THE VALUE CHAIN

1,4 1,3 1,3 1,3 1,1 0,9 1,11,5 1,7 1,8 1,8 1,8 1,6 1,5 1,7 1,9

2,4 2,42,8

3,7

7,4

3,2

5,3

6,57,0

5,75,4

4,84,1

5,35,9

1991 19941988 1995 20021989 1990 1993 20051992 1996 20071997 1998 1999 2000 2001 2003 2004 2006 20092008 2010 2011 20132012 2014 2015 2016 2017 2018

OCP’S REVENUES (US$ BN)

PORT EXTENTION

200730 MT

201850 MT

MT MT eq DAP

200726 MT

201838 MT

TRANSPORTATIONROCK FERTILIZER

Doubling Khouribga’scapacity

Tripling capacity

30

44

2007 2018

+14 MT

4,0

12,0

8,0

2007 2018

X3

ENABLING OPTIMIZATION AND CUSTOMIZATION THROUGH A

COMPETITIVE AND FLEXIBLE PRODUCTION SYSTEM

5

THE NEXT PHASE PROACTIVELY ADDRESSES GROWING DEMAND FOR

CUSTOMIZED PRODUCTS…

FERTILIZER CAPACITY EXPANSION: +12 TO 13MT THROUGH 2030

ROCK CAPACITY EXPANSION: +22 MT THROUGH 2030

4

158

3

4

0,75

203020182007 NorthernAxis

0,25

JVOCP-

Fertinagro

JVOCP-

Fertinagro

2021 Central Axis

1

Southern Axis

International development

(Africa, India)

3-4

12

15

24-25

2018-2021: ~+3MT 2021-2030: ~+9 to 10MT

30

66

14

11

20302024-252007 2018

4

2022

7

2026-30

6

…STRENGHTENING THE UPSTREAM AND DEVELOPING THE FARMER-

CENTRIC DOWNSTREAM

7

Cost-competitive capacity expansion

Farmer-centric fertilizer solutions

Innovation, Science & Digital as key enablers

Local production units

Integrated platforms

Customized Fertilizers

Specialty Fertilizers

Services

R&D, Innovation Digital

NorthernAxis

Center Axis

Southern Axis

AnalyticsTalents & Skills

8

Market Overview

Nutrient values (base 100 in Jan 2013)

Sources: CRU, P-value is equivalent to the Commercial Gross Margin (CGM) = DAP Fob Morocco prices minus Raw material costs (Sulfur and Ammonia).

9

Phosphate resilience vs. other nutrients

STRONG PHOSPHATE FUNDAMENTALS

60

70

80

90

100

110

120

Jan-1

5

Apr-

15

Jul-

15

Oct-

15

Jan-1

6

Apr-

16

Jul-

16

Oct-

16

Jan-1

7

Apr-

17

Jul-

17

Oct-

17

Jan-1

8

Apr-

18

Jul-

18

Oct-

18

Jan-1

9

DAP affordability index

Lower affordability in 2018 - But still affordable

100

111117

85 85

99

20

40

60

80

100

120

2013 2014 2015 2016 2017 2018

P-value Urea Potash

DAP affordability Index (base 100 in Jan 2015)

Sources: CRU, DAP affordability is a ratio between DAP average FOB prices (Tampa, North Africa, Saudi and Baltic) and the crop prices index (weighted average crop prices).

Av. 2018 ~70Av. 2017

~61

Less a

fford

ab

leM

ore a

fford

ab

le

10

REFLECTED IN PHOSPHATE FERTILIZERS SUPPLY /DEMAND Evolu

tion

of

DA

P &

Su

lfu

rp

ric

e(in

US

$/

ton

)

Fertilizers market characterized by rising prices:

Supply increased but less than expected

Overall demand was driven by Asia and the US, offsetting the decline in Europe and Africa

Higher production costs were mainly driven by rising sulfur prices

Sources: CRU, OCP Analysis

Price DAP/MAP OCP

($/T)

Realized 2017 Realized 2018

349 417

Market conditions in 2018

60

110

160

210

260

310

360

280

300

320

340

360

380

400

420

440

460

480

DAP FOB Tampa ($/T FOB) Annual Avge. For DAP Sulfur Prices

11

SULFUR PRICES WERE PARTICULARLY VOLATILE IN 2018

Sources: CRU, OCP Analysis

Evolution of Sulfur and Ammonia prices in 2017-2018

In US$/ton

Sulfur

0

50

100

150

200

250

300

350

30

45

60

75

90

105

120

135

150

165

180

195

210

jan-17 april-18april-17 jul-17 oct-17 jan-18 jul-18 oct-18 jan-2019

2017 2018

AmmoniaSimilar trend as in

2017

Price run-up due to the delay of new Sulfur capacities

and low availability of Russian supplies

Sulfur FOB Middle East Ammonia FOB Baltic

Sources: GTIS, OCP12

MAP/DAP/TSP/NPK imports (MT)

P-fertilizers in Sub-Saharan (MT)

P-fertilisers imports (MT)

DAP/MAP/TSP importsin MT

(10%)

DAP imports in MT

GROWING DEMAND IN 2018 FROM INDIA AND THE US MORE THAN

OFFSET LOWER IMPORTS FROM AFRICA AND EUROPE

7.3 7.3

2017 2018

+1%

3.83.1

2017 2018

3.82.9

2017 2018

2.13.2

2017 2018

-17%

-25%

+47%

4.16.2

2017 2018

+51%

(MT product)

Sources: Estimates OCP, Companies websites, GTIS, CRU

13

DAP/MAP/NPS Phosphate Fertilizers trade Incremental Changes FY 2018

0.8

1.5

ON THE SUPPLY SIDE, IMPACT OF ADDITIONAL CAPACITIES WAS OFFSET

BY CLOSURES

0.9

0.2

Plant City closure

0.3

1.5

Ma’aden Total Additional Exports

OthersOCP Chinese exports

Lower than the expected demand

14

THANKS TO ITS INDUSTRIAL FLEXIBILITY AND COMMERCIAL AGILITY,

OCP HAS OPTIMIZED ITS ACHIEVEMENTS IN 2018

Industr

ialFle

xib

ility

(Export

Acid

/fert

iliz

ers

in 2

018)

Com

merc

ial agility

(Bre

akdow

n o

f exp. fe

rtiliz

er)

Source: OCP

Fertilizers(Mt Products)

Acid(Mt P2O5)

22%

31%

24%

18%

23%

27%

16%

0

6%

15%

19%

2018

2017

+ ~1MT + 0.5 MT

AfricaNorth Am.AsiaEurope South Am.

0,4

0,5 0,50,6

1,7

2,7

2,0

1,8

0,0

0,5

1,0

1,5

2,0

2,5

3,0

-

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

Q1 2018 Q2 2018 Q3 2018 Q4 2018

Softer prices in 1H

amidst lower costs &

high inventories

Likely recovery in 2H

Sliding Raw material

prices

Expected growth across all regions amidst lower grains stock-to-use ratios

o Continued consumption growth in India, US and Brazilo Recovery on Europe & Africa

High inventories in India & US as deferred supply from 2018 might weigh on the S/D in those particular regions

Additional Capacities from OCP, Maaden, Egypt and Turkey to be partially offset by capacities closures in Canada

China avails for exports remains a wild card

Softening Raw materialso Expected lower ammonia prices due to additional

capacities (Ramp-up in US, Russia & Indonesia)o Softening sulfur prices on the back of additional

capacities in Saudi Arabia & China and enhanced avails from Russia

Dem

an

dS

up

ply

Feed

sto

ck

15

MARKET DYNAMICS IN 2019

16

Financial Overview

REVENUES

17

EBITDA

EBIT

1,136 1,0621,194 1,7941,352

1,5411,332

1,5505,013

5,947

FY 2017 FY 2018

Q4

Q3

Q2

Q1

+19%

333 273262 588438

5112804461,313

1,819

FY 2017 FY 2018

Q4

Q3

Q2

Q1

+39% 26.2% 30.6%

In US$m

FINANCIAL SNAPSHOT

189 142122 375283

38295

327689

1,226

FY 2017 FY 2018

Q4

Q3

Q2

Q1

+78%

933

1,151

FY 2017 FY 2018

+23%

CAPITAL EXPENDITURES

26% 31%

EBITDA Margin

Revenue breakdown in 2018

Notes: 1include revenue from freight & revenue from Joint Ventures activities 18

$5.9bn

Rock 18%

Acid 18%

Fertilizers 55%

Others1

9%

ROCK

ACID

751 1,044

56 237

FY 2017 Volume Price FY 2018

+39%

2,710 3,242 5 528

FY 2017 Volume Price FY 2018

+20%

FERTILIZERS

REVENUE BREAKDOWN BY SEGMENT

1,060 1,054 14 -20

FY 2017 Volume Price FY 2018

-1%

In US$m

Note: 1include revenue from stock sold, taxes expenses, FX effects, and other charges19

1

EBITDA EVOLUTION: ~$1.8bn IN 2018 DRIVEN BY STRONG REVENUES

AND COST EFFICIENCIES

1,313

1,819

932

82

-345-48

-115

EBITDA FY

2017

Revenue Raw materials

costs

Energy & water

costs

Maintenance,

repairs &

external

expenses

Others EBITDA FY

2018

+39%

In US$m

20

Debt Profile Snapshot¹;² Debt Maturity Schedule

Source: OCP

1. As at 31 December 2018, “Other” includes current financial debts, bank overdraft and accrued interests

2. USD/MAD exchange rates of 9.5655 as of 31/12/2018

3. Other notably includes Sovereign guaranteed bank loan, Domestic bond, Finance lease liabilities

Bank

loans37%

Domestic

hybrid bond15%

Internat.

bond

39%

Other³

9%

0.6 0,6 0,50,4

0,3 0,20,1 0,1

1,3

1,0

0,6

1,0

2019 2021 2023 2025

Domestic Hybrid bond

Internat. bond

Bank Debt

Net financial Debt & leverage

LIQUIDITY SNAPSHOT & LEVERAGE

4.7

3.7

3.58x

2.02x

FY 2017 FY 2018

-22%

In US$m

THANK YOU