OCP FULL YEAR AND FOURTH QUARTER 2017 EARNINGS

CONFERENCE CALL PRESENTATION

MARCH 22ND 2018

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 2014 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:

USD/MAD

2

3

LEADERSHIP des CAPACITÉS

LEADERSHIP des COÛTS

OCP STRATEGIC PILLARS

Costleadership

Capacity leadership

1 2

3

Industrial flexibilityCommercial agility

4

x2

OVER THE LAST DECADE, OCP HAS STRENGTHENED ITS

LEADERSHIP THROUGH ITS INVESTMENT PLAN...

MT

200726 MT

201838 MT

TRANSPORTROCK CAPACITY FERTILIZER CAPACITY

MT

2018

30

+47%

44

2007

OCP has successfully delivered Phase 1 of its CAPEX program…

…strengthening its export market shares in all segments

Rock

Phosphoric Acid

Fertilizers

2007 2017(1)

45% 37%

46% 46%

11% 22%

Source: IFA(1) Data for 2017 cover the first 9 months only

4

X 3

2018

12

2007

5

Caption

North America: +8.5%Europe: +1.9%

Africa: +8.2%Latin America: +2.6%

South Asia & Middle East:

+3.2%

Evolution of OCP fertilizer market share between 2007 and 2017 per region [in%]

World: +3.8%

Note: Market share calculated using IFA 9M data for 2017. It includes DAP, MAP, TSP.Regional import growth computed using CRU data.

2007

11%

2017

22%

2007 2017

53%

7%

31%20%

2007 2017

20172007

2%3%

15%25%

2007 2017

62%

2017

7%

2007

year

XX%OCP fertilizermarket share

Capacity closures

2007-2017

~-2,2 Mt P2O5

Capacity closures

2007-2017

~-1,2 Mt P2O5

…LEADING TO A STRONGER PRESENCE IN THE

FERTILIZER SEGMENT ACROSS MAJOR REGIONS

Regional fertilizer importgrowth 2007-17 (CAGR) +XX%

6

OCP’S STRATEGY TO UNLOCK AFRICAN DEMAND

IS MATERIALIZING

Strong demand growth in several African countries… …captured by OCP

336

7885

8699

101

183

399

504

Benin

20

17

3 646

Oth

ers

Guin

ea

Togo

Ghana

Kenya

Mozam

biq

ue

Nig

eria

20

15

2 447

Eth

iop

ia

Imports in thousand MT product OCP Sales in thousand MT product

2017

x6

2013

X5.6

50

20162007

1 652

2 503

X1.5

296

NPS NPKTSPDAP MAP

7

ETHIOPIA: FERTILIZER CUSTOMIZATION BENEFITS THE

FARMERS THROUGH HIGHER YIELDS AND LOWER PRICES

Development of customized fertilizers (NPS & NPS+) that increased yield up to 37% at lower price

DAP

NPS (OCP)

EthioSIS, a detailed soil fertility map defining the nutrient needs of Ethiopian soils and crops

Development of customized fertilizers for Ethiopian soils and crops

8

Enhanced and continued cost competiveness

Anticipated demand growth/Increased share in growing markets including Africa

Consolidated OCP’s leadership in the industry

Focus on innovation and product customization

Positioned to capture 50% of the incremental long term demand growth though continued investment

Key highlights

KEY TAKEAWAYS

1MARKET OVERVIEW & PERFORMANCE

9

2017: A STABLE MARKET ENVIRONNENT

Phosphate industry remained cyclically weakin 2017

300

350

400

450

500

550

600

2013 2014 2015 2016 2017

Global yearly DAP price evolution ($/T)

Source: CRU1: Yuzhny for Ammonia and Middle east for Sulfur

Actual 2016 Actual 2017

OCP DAP/MAP Price ($/T)

346 349

While feedstock prices were high

85

107

Sulfur Ammonia

234

265

Annual average FOB Price index1 ($/T)

10

20172016

STRONG PHOSPHATE FUNDAMENTALS

Phosphate resilience vs. other nutrients

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

Supply & demand balance for 2016-2020

0

2

4

6

8

10

12

14

Nitrogen Phosphoric Acid Potassium

Additional Demand Additional Supply

In MT Nutrient

100

111

117

85 85

20

40

60

80

100

120

2013 2014 2015 2016 2017

P-value Urea Potash +2.0%

+1.2%

+1.8%

+1.8%

+3.2%

+1.8%

Supply p.a

Demand p.a

Nutrient values (base 100 in Jan 2013)

Expected plant closures in

North America

Source: Latest IFA Medium-Term Outlook on Fertilizer Supply, including newly announced plant idling/closures

11

MARKET ABSORBED +7 MT OF NEW FERTILIZER CAPACITIES

COMMISSIONED OVER THE LAST 3 YEARS

Capacity closure/ reduction

2014-2017 Balance

0,5

Other Capacities

1,61,1

OCP Capacity

0,4

All Excl. Africa

3,4

Africa

1,6

Supply Demand increase 2014/15- 2016/17

Delta Supply

(in Mt P2O5)

Delta Demand

(exl. China, in Mt P2O5)

Source: CRU, OCP for Africa figures

A strong demand growth over the last 3 years was not completely covered by new capacities and had to be supplied from additional Chinese exports

42% of demand growth

12

HIGH CONSUMPTION ACROSS KEY IMPORT MARKETS

Sources: GTIS, OCP, ANDA, Fertecon.

Sub-saharan Africa phosphate fertilizer imports in MT

Phosphate fertilizer deliveries in MT P2O5

Phosphate fertilizer consumption in MT P2O5

5.0 5,1

Deliveries2016 2017

6.06.3

2016 2017

3.0

3.6

Deliveries2016 2017

+20% +5%

+3%

13

Phosphates importsin MT

+35%

1.2

1.6

Deliveries2016 2017

STABLE CHINESE EXPORTS IN 2017 REFLECT

PRODUCTION DISCIPLINE

16,4

16,7

20172016

Lower y-o-y P2O5 production (in Mt P2O5)

14

2,72,0

2,7

8,0

6,86,4

10,7

2017

9,1

2016

8,8

2015

DAP-MAP ExportsJan-Dec (in Kt)

MAPDAP

Source: CFMW, GTIS

OCP EXPORT PERFORMANCE:

ROCK EXPORTS INCREASED ACROSS ALL REGIONS

+41%

7,0

11,1

AnnualSpare Capacity

2017Asia

0,7

Latin AmericaNorth America

0,6

1,3

Europe

0,67,9

2016

Rock exports regional breakdown 2017 vs. 2016 In million MT

Source: OCP

Annual capacity

of 18 million MT

15

OCP EXPORT PERFORMANCE:

PHOSPHORIC ACID CONSOLIDATED LEADERSHIP IN

SOUTH ASIA

EuropeAsian JVs

Others

Asian spot

Differentiation through Acid leadership: In Asia, OCP is the 2nd largest processed phosphate supplier

South Asia processed P2O51 imports in 2017

In million tons P2O5

OCP’s Acid exports in 2017In million tons P2O5

Total 1.9 MT P2O5

24%

35%

38%

3%

0,5

0,40,4

0,6

0,8

1,4

1,6

OthersSenegalJordanOCPChina Saudi Arabia

US

Sources: OCP, OCP INDIA OFFICE.

1. Excluding Purified Acid Exports from China16

RECORD FERTILIZER EXPORTS, DRIVEN BY AFRICAN

DEMAND AND CUSTOMIZED PRODUCTS

Source: OCP

* including minor decrease in Asia

Fertilizer export volumes trends since 2012

In million tons

OCP’s fertilizer exports in 2017

Breakdown of the increase* in fertilizer exports for 2017 In million tons

Asia

Africa

North America

Latin America

Europe

Largest global exporter of phosphate

fertilizers

30% of exports directed to Africa

1,638%

AfricaOther

regions

50%

Americas

13%

Premium products represented 43% of exports volumes in 2017 (vs. 40% in 2016)

17

3,53,1 3,0

2,4

3,94,6

0,91,0 1,0

0,8

1,1

1,1

0,7

1,0

1,6

2,4

0,1

2017

0,2

8,1

4,34,2

2013

4,4

6,5

20162014

4,7

2012 2015

DAP, MAP (Standard products) TSP NPKs and NPS

30%

18%27%

6%

20%

Fertilizer1 volumes sold in Africa reached an all-time

high of 2.5 MT in 2017

MARKET DYNAMICS FOR THE YEAR AHEAD

Positive demand outlook

S & D should more balanced

Positive to stable outlook:

Stable crop fundamentals outlook

Strong growth potential in Brazil and Africa

Positive outlook for India supported by generalized NBS

scheme, expectations of higher subsidies and lower

inventory levels

Dem

an

d

Market more balanced than expected:

Ramp-up of announced capacities (arrival of JPH4 from OCP

and ramp-up of Ma'aden)

Partly offset by plants closures/idling in North America

Lower potential supply from China driven by the

government stockpiling program, low inventories, rising

production costs and strengthening environmental

regulations.

Su

pp

lyFeed

sto

ck

Softer prices in 2H, resulting from the arrival of new

capacities

Sulfur volatility during the year might impact DAP prices

18

1FINANCIAL PERFORMANCE

19

Revenue EBITDA

EBIT

In US$m In US$m

In US$m In US$m

Q1

+16%

Q3

Q4

Q2

FY 2017

5,005

1,136

1,194

1,352

1,324

FY 2016

4,331

1,056

1,164

1,058

1,053

294 333

312 262

334 438

363 280

FY 2016

+1%

1,303

Q2

1,313

Q3

Q4

FY 2017

Q1

243 189

175 122

223 283

205

95

846

FY 2016

688

Q4

FY 2017

Q1

Q3

Q2

-19%

FY 2017FY 2016

Capex disbursement

1 297

933

-28%

FY 2017 FINANCIAL SNAPSHOT

26%30%Margin

20

395

359

3

540

67

44

506

836

751

923

1 056

OthersFRET

-26

Fertilizers volumes

Acid price

-88

Rock price

-227

Rock volume

FY 2016

4,331

Acid volumes

+16%

Others

Fertilizers

Acid

2,177

FY 2017

5,005

2,692

Fertilizers price

Rock

FY 2017 REVENUE BREAKDOWN

FY 2016 revenue by Product

In US$m

FY 2017 Revenues by segment

54%

15%

21%

10%

Fertilizers Acid Rock Other

50%

19%

21%

9%

Fertilizers Acid Rock Other

2017

2016

21

22

FY 2017 EBITDA PERFORMANCE

5851

5131

5739

309

606

OthersPersonnal expenses

External expenses

Purchases consumed

Transport EBITDA 2017EnergyRevenueEBITDA 2016

1.303 1.313

Raw materials

In US$m

Debt Profile Snapshot¹;²Liquidity Snapshot and Debt

Maturity Schedule Net Financial Debt

US$bn US$m

Leverage

Source: OCP

1. As at 31 December 2017, “Other” includes current financial debts, bank overdraft and accrued interests

2. USD/MAD exchange rates of 9.3276 as of 31/12/2017

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

Bank

loans41%

Domestic

hybrid

bond8%

Internat.

bond43%

Other³

8%

FOCUS ON LIQUIDITY AND LEVERAGE (FY 2017)

3.5x

3 771

4 614

FY 2016 FY 2017

Reported net debt

0.6 0,5 0,50,4

0,3 0,2 0,2 0,1

0,2

1,3

1,6

0,5

2018 2020 2022 2024

Domestic Hybrid bond

Internat. bond

Domestic bond

Bank Debt

23

2.9x

Q&A

24