Business Update

Q4 and FY 2015March 2016

Legal notice

2

This presentation is for marketing and information purposes only. By this presentation, ADAMA Agricultural Solutions Ltd.

(the “Company”) does not intend to give, and the presentation does not constitute, professional or business advice or an

offer or recommendation to perform any transaction in the Company’s securities. The accuracy, completeness and/or

adequacy of the content of this presentation, as well as any estimation and/or assessment included in this presentation, if

at all, is not warranted or guaranteed and the Company disclaims any intention and/or obligation to comply with such

content. The Company may make improvements and/or changes in the features or content presented herein at any time.

The Company shall not be liable for any loss, claim, liability or damage of any kind resulting from your reliance on, or

reference to, any detail, fact or opinion presented herein.

This presentation contains proprietary information of the Company and may not be reproduced, copied, disclosed or

utilized in any way, in whole or in part, without the prior written consent of the Company.

The Company’s assessments may not materialize, inter alia, due to factors out of the Company's control, including the

risk factors listed in the Company’s annual report, changes in the industry or potential operations of the Company's

competitors.

All information included in this presentation relates only to the date which it refers to, and the Company does not

undertake to update such information afterwards.

2015 Financial Review

Strong finish sees Adama deliver market leading performance in a challenging year

Sales of $650 million in Q4 and $3,064 million in 2015:

‒ Growth of 12.6% in Q4 and 7.4% in the full year, at constant exchange rates (CER)

‒ US dollar sales declined by 3.6% in Q4, and by 4.9% in the full year, due to strength of the dollar

Volumes +7% in Q4 and +5.3% in the full year, with volume growth across all regions

Marked improvement in all Q4 profit and profitability metrics, despite tough market conditions, driving

resilient margin performance in the full year:

‒ Gross margin +2.6 percentage points in Q4, stable in the full year

‒ Operating income tripled in Q4, with EBIT margin +3.2 percentage points; Full year EBIT margin +0.2pp

‒ EBITDA in the quarter increased by $23m, or 44.5%, with EBITDA margin +3.9 percentage points

‒ EBITDA in the full year of $474m, with EBITDA margin increasing from 14.9% to 15.5%

Continued evolution of the portfolio, launching differentiated, higher-margin products across all regions

Launch of direct sales in China, with Adama becoming the sole Chinese commercial platform for

formulated products of several CNAC companies

Significant improvement in both profits and profitability in Q4

capping a strong year

4

Financial highlights

%Change

USD

% Change

CERFY 2014FY 2015

%Change

USD

% Change

CERQ4 2014Q4 2015Adjusted, ($ million)

-4.9+7.43,2213,064-3.6+12.6674650Sales

-5.41,025970+5.8185195Gross Profit

31.8%31.6%27.4%30.0%As % of Sales

-6.4712667-5.4174165Operating Expenses

-3.3313303+193.01130Operating Income (EBIT)

9.7%9.9%1.5%4.7%As % of Sales

-17.9151124+37.7-33-20Net Income

4.7%4.1%-4.8%-3.1%As % of Sales

-1.2480474+44.55376EBITDA

14.9%15.5%7.8%11.7%As % of Sales

5

Note:

CER: Change in Constant Exchange Rate terms, estimated

Net income and EBITDA have been adjusted for certain one-time expenses

Adama has consistently delivered above-industry growth

Source: PhillipsMcDougall6

Off-patent Industry Leader

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Crop Protection Market Adama

Sales 1998 – 2015, Indexed (1998 = 100), log scale

FX Effect:

Sales growth

excluding FX:

7.4%

3,221 -395

68170 3,064

FY15 Sales bridge analysis

FY14 FX Price

Variance

Quantity

VarianceFY15

7

+5.3%+2.1%-12.3%

FY15 Gross profit bridge analysis

8

1,025 -311

6878

109 970

FY 2014 FY 2015FX Quantity

Variance

Price

Variance

Cost

Variance

31.8% 31.6%

480

68

78

113 -8 -257

474

FY15 EBITDA bridge analysis

FY14 FY15

9

14.9% 15.5%

Price

Variance

Cost

Variance

Quantity

Variance

FXOperating

Expenses

Inventory reduction

Tight focus on operating cost control, inventory and receivables management

10

1,241

1,185

Dec 2014 Dec 2015

Operating expense

reduction

Inventory ($mm)

-$57m

712 667

300

350

400

450

500

550

600

650

700

750

FY'14 FY'15

-$45m; down 0.3pp

Operating Expenses ($mm and % of Sales)

Receivables reduction

932

890

Dec 2014 Dec 2015

Receivables ($mm)

-$42m

FY 2015

FY 2014

22.1%21.8%

Solid leverage profile

11

($m) 2015 2014

Bonds 1,157 1,005

Bank debt 397 481

Bond hedge 30 109

Total balance sheet debt 1,584 1,595

Less: cash & equivalents (400) (416)

Net debt 1,184 1,178

Net debt / EBITDA (for bank covenants) 2.5x 2.5x

Securitization 192 155

Net debt (incl. securitization) 1,376 1,333

Net debt / EBITDA 2.9x 2.8x

EBITDA 474 480

Bond principal maturity schedule

12

Notes:

Bank debt is assumed to be consistently refinanced upon maturity.

Maturity amounts shown above are excluding estimated interest payments.

For more detail, see Notes 11, 14, 15 and 29 to the 2015 Financial Statements.

1,056

-62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62 -62

101

-101

30

277

119

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Bond Series B Bond Series D Bond Hedge Long-term Loans Short-term Bank Credit

Current balances

($m)

1,584

Leverage levels well within bank and securitization covenants

13

Notes:

• Net debt excludes the off-balance sheet balance on receivables financing facility (securitization)

of $155m in 2014 and $192m in 2015

($m)

Net Debt /

EBITDA

Net Debt /

Equity

Minimum

Equity

Retained

Earnings

Securitization Program 4.0x 1.25x 1,000

Bank debt 4.0x 1.25x 1,220 700

Adama as at 31-12-2015 2.5x 0.8x 1,567 1,126

2015 Business Highlights

Significant progress on all fronts

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• Further portfolio differentiation and increased direction of R&D and registration

resources towards value-added, unique and differentiated products

• Launch of innovative, proprietary products such as NIMITZ™ and BREVIS™ in

several key countries in the Americas, Australia, Europe, and Israel

• Hundreds of new registrations worldwide

• Two main manufacturing sites in Israel connected to natural gas power stations

‒ Expected to lead to improvement in environmental footprint and reduction in

energy costs

• Launch of key facilities at Neot Hovav, including the NIMITZ™ production facility

and new production lines for RIMON™

• New go-to-market approach, increasing proximity to farmers, already implemented

in several key markets

‒ Expanding to 20 more countries over the next two years

• Marketing and Product Strategy functions recently combined into a single division,

headed by Walter Costa

‒ To ensure optimal coordination of demand creation, portfolio and demand

fulfilment arms going forward

Portfolio Transformation

Marketing & Product Strategy

Operations

China Build-up and Integration

1. China Market Access

Launching our direct sales

platform in China

China’s agrochemical market:The third largest in the world, one of the fastest growing

18

Source: ARN, ex provincial distributor value

$4bn

$6bn

2011 2017

7% CAGR

3x global growth

Solid currency

Reasonable credit terms

1.

China’s agrochemical market:A vast, highly fragmented and diversified market

19

Source: CCM, Kleffmann Group

>200,000,000Farms

1,000,000Shops

22,000Distributors

Consolidation of both farms and AgChem producers

Highly complexdistribution channels

One of the biggest and fastest growing markets

1.

China’s agrochemical market:Neither the multinationals nor local players have been able

to make a market breakthrough

Source: CCPIA, GFK, ARN 2014

6%4%

3%3%

3%

4%

9%

7%

6%

55%

Syngenta

Dow

Bayer

DP

BASF

Other MNC players

Redsun

Huifeng

Noposion

Other local players

23%Multinationalplayers

77%Localplayers

1.

20

Adama China – Integrating the domestic sales of five CNAC entities

Adama becoming the exclusive salesplatform for formulated products of 5 CNAC entities

2017 OnwardsFull integration of both ADAMA platform company

and 5 CNAC entities’ sales

Continue the buildup ofAdama platform company + integrate 170 employees

Commercial collaboration with five CNAC entities

2016

1.

21

2. Launch pad for differentiated

offering

23

Launch pad for differentiated offering

Global R&D Center

in Nanjing

Part of Adama’s global R&D

A channel to introduce

advanced technologies within

and outside of China

Multi-purpose Synthesis Plant

in Huai’An

State-of-the-art multi-purpose

plant currently in planning and

design stages

Global Formulation Center

in Huai’An

State-of-the-art platform to

introduce cost-advantaged crop

protection solutions

2.

3. Competitive cost position

25

Competitive Cost Position

Adama is already:

o Increasing cost-competitive product

procurement from Sanonda and Anpon

o Obtaining new Adama registrations based

on these sources

o Selling key products such as PARAZON®

and ETHEPHON through Adama’s

commercial network in key markets,

including the US, India and Australia

3.

4. Operational optimization

Operational optimizationChina operations to increase supply chain flexibility and efficiency

27

Our China operations to optimize China

and global formulation, inventories and

logistics

Supply chain efficiency drivers:

Shorten global supply lines

Higher inventory turns and improved

customer service

Global inventory days expected to

decrease; resulting in working capital

reduction and lower funding costs

Shipping costs to decrease vs. existing

routes via Israel

27

Existing routes

Direct shipping routes

Europe

Europe

4.

Adama-Sanonda Transaction

From China ForwardBecoming the only China-Global player

Accomplishing our two key strategic objectives in one coordinated step

Integration Flotation

29

~$350m

PUBLICKOORCNAC

Unresolved matters:

Sanonda remaining with majority (69%) in public shareholders’ hands, requiring:

Separate Board of Directors and governance structure

Key activities requiring constant approvals

Continual, potentially expensive, acquisitions of further stakes, over time, to reach majority and eventually full ownership of Sanonda by the group

Relatively small Adama public float of ~$350m

South Europe BrazilAPAC Latin America

North Europe IMA North America China

Eight Clusters

ADAMA (USD)

Previously intended structure following integration and IPO

China

Sanonda

31%

69% public

~$560m

30

Huai’An

Formulation

Center

Domestic

Distribution

Selected Chinese Businesses

Nanjing

R&D Center

Our contemplated combined and publicly-traded structure

Huai’An

Formulation

Center

Domestic

Distribution

Selected Chinese Businesses

China

Nanjing

R&D Center

Sanonda

Operations

100%

PUBLICKOORCNAC

South Europe BrazilAPAC Latin America

North Europe IMA North America China

Eight Clusters

Renamed ADAMA (formerly

Sanonda)

Adama’s global management to lead the combined company

Full combined ownership of Sanonda from Day 1

Allowing accelerated commercial and operational integration

Smooth and simple alignment of business approach and management

Achieving a significant free float in both RMB and HKD, on the Shenzhen Exchange, one of the world’s largest31

Adama Agricultural Solutions Ltd.

100%