OCP FIRST HALF 2014 EARNINGS CONFERENCE CALL

PRESENTATION

SEPTEMBER 15TH 2014

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 OCPs

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; OCPs 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 OCPs operating

systems, structures or equipment; the effectiveness of OCPs processes for managing its strategic priorities; and OCPs 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 OCPs financial statements which are produced in Moroccan Dirhams (the local currency). 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

June 2014 June 2013 December

2013

Period End 8.2091 8.5393 8.1516

Average 8.2414 8.4623 8.1861

MAJOR HIGHLIGHTS OF FIRST HALF 2014

Executed effectively on all key elements of OCPs growth strategy

Progressively recovered from adverse weather conditions in Q1

Maintained cost leadership; initial benefits from start up of slurry pipeline

Continued to build scale through organic and external initiatives

Utilized industrial flexibility and commercial agility to optimize revenue capture

3

Continued execution of Capex plan on time and within budget

Phosphate, key element for life.

Realized record high fertiliser sales volumes

POSITIONED FOR LONG TERM GROWTH

A unique strategy

CAPACITY LEADERSHIPCAPACITY LEADERSHIP

1

COST LEADERSHIPCOST LEADERSHIP

2

INDUSTRIAL & COMMERCIAL FLEXIBILITY

INDUSTRIAL & COMMERCIAL FLEXIBILITY

3

4

STRONG FUNDAMENTALS BUT 11TH HOUR PURCHASING

BEHAVIOR DRIVES PRICE VOLATILITY

5

DAP Price Evolution

340

390

440

490

540

590FOB Tampa

FOB Morocco

CFR India

DAP Price Evolution

Source: CRU, OCP

$/T

Generalized deferral purchasing behavior

leading to buyers rush, worsened afterwards by supply difficulties caused

by Atlantic swell

Slower offtakes due to end of Spring season and

purchasing deferral in following seasons

End of Northern Hemisphere season and

late start of Indian season

Commercial agility and industrial flexibility allowing OCP to capture pricing upsides

OCP BUILDING SCALE AND STRENGTHENING MARKET

POSITION

North America:

PCS Agreement

South America:

Partnership with Heringer

Africa:

Stronger market penetration

Expanding OCPs distribution channels for fertilizer products in North America

Cooperate with PCS on ammonia sourcing from North America and the Caribbean

Equity stake of approximately 10% in Heringer Fertilizantes, a major Brazilian fertilizer producer

Strategic partnership to better serve customers in the region and improve OCP positioning

Distribution consolidation context in the region Heringer accounts for ~17% market shares in the distribution in Brazil,

operating in 21 blending units for a total capacity of 6.2 million tons

Key growth market Development of product portfolio tailored to the region Support the development of local distributors

6

1 2011 054

696

1 513

2 001

2 306 2 220 2 149

18

4380 334

2007 2008 2009 2010 2011 2012 2013 2014

RECORD HIGH FERTILISER EXPORTS IN H1 2014

New products

1,2011,054

696

1,531

2,001

2,3492,300

2,483

DAP/MAP/TSP

7

H1 Sales volume to Africa

(kt product)

2013 2014

315

164

H1 Fertilisers export volumes (kt product)

FINANCIAL RESULTS OVERVIEW

Cash flow related to operating activities amounted to US$ 612 million

Investment program initiated by OCP in 2008 continued at a steady pace with US$ 1.1 billion spent in H1 2014

First half EBITDA amounted to US$ 563 million

8

Key component of global food security

Accounts are presented in IFRS

First half revenue amounted to US$ 2.4 billion

First global bond offering, raising US$bn 1.25 of 10-year notes and US$600 million of 30-year notes

256 223

101

984

429458

613739

2,437

H1 2014

1,085

2,350

Others

-33

Others

Fertilisers

Acid

Rock

FertilisersAcid

-29

Rock

-126

H1 2013

Rock : lower rock sales mainly due to change of consolidation scope1

In US$m

Rock; 26%

Acid18%

Fertilisers46%

Others10%

REVENUE BREAKDOWN

9

Fertilisers : higher fertilisers revenues thanksto increased sales volumes and change ofconsolidation scope1 despite negative priceeffect

Acid : lower acid revenue due to lower globalphosphoric acid prices, partially offset by anincrease in volumes

H1 2014 Revenue by Product

1 JFC V (Ex-BMP JV)s ownership changed from 50% to 100% in 2014

SALES VOLUMES ANALYSIS

Increased sales volume in Rock due to an increase in exports

Increased Acid sales volume mainly due to higher demand in South Asia

10

884

+9%

+15%

H1 2014

+9%

2,455

H1 2014

2,680

H1 2013H1 2014

1,015

H1 2013

6,488

H1 2013

5,935

Rock

Acid

Fertilisers

Sales volumes 1 - KT

Increased Fertiliser sales volume mainly due to higher demand of DAP in Europe and Oceania, and higher deliveries of NPK/NPS to Africa

1 OCP exports and home deliveries to all its affiliates.

KEY FINANCIAL FIGURES

Half year EBITDA bridge

623

8767

563

83

June 2014

12

OtherPersonnel expenses

Other consumed purchases

Ammonia

14

Sulfur

17

RevenueJune 2013

11

In US$m

In US$m H1 2014 H1 2013

Equity 6,657 5,778

Debt 4,492 2,209

Net financial debt 2,295 -259

Debt/Equity 0.67 0.38

In US$m H1 2014 H1 2013

Revenue 2,350 2,437

Gross Margin 1,516 1,623

% of net sales 65% 67%

EBITDA 563 623

% of net sales 24% 26%

EBIT 442 533

Operating profit 395 515

Financial profit - 23 26

Profit for the period 292 434

CASH FLOW HIGHLIGHTS AND LEVERAGE

12

Net financial debt / EBITDA ( based on 2013 EBITDA)

Net Financial Debt

June 2013 Dec 2013 June 2014

-259

1,298

2,295

(0.21x) 1.06x 1.89xIn US$m

605

612

810 893605

Closing cashChange

3

Cash flows related to financing activities

Cash flows related to investing activities

1,131

Cash flows related to operating activities

Opening cash

Cash flows

In US$m

CAPEX BREAKDOWN

13

Capex BreakdownIn US$m

642932

1,600

518

40

543

840

642

0

500

1 000

1 500

2 000

2 500

3 000

2011 2012 2013 H1 2014

Mining Chemicals support

149 11 1

In US$m

5%

88%

7%

Other

Industrial : Development

Industrial : Maintenance

DEVELOPMENT

ODI ( new granulation unit) (177 M$)

ODI 2 Project ( 150 M$)

ODI 3 Project ( 111 M$)

Engineering and carrying out washing plant of El Halassa (82 M$)

Adaptation of the existing plant and equipment to process pulp ( 63 M$)

ODI 4 Project ( 49 M$)

Port Jorf Lasfar project ( 39 M$)

Details for H1 2014

410

937

1 590

1 020281

552

861

141

0

500

1 000

1 500

2 000

2 500

3 000

2011 2012 2013 H1 2014

Industriel expansion capex other

OCP EXPANDING ITS CAPACITY AND LOWERING ITS

PRODUCTION COSTS

14

Quantity of Phosphate rock transported by Pipeline (Mt)

0,30,6

2,9

1H14 End July 14 2014 Total

COST LEADERSHIPCOST LEADERSHIP CAPACITY LEADERSHIPCAPACITY LEADERSHIP

Jorf Lasfar additional Phosacidcapacity

New Line E of 450 kt P2O5 successfully started on May 2014

Full capacity ramp-up achieved within 3 weeks

Ramp-up in beneficiation capacity at Khouribga mine

SUMMARY AND MARKET OUTLOOK

15

Solid performance in H1 demonstrated OCPs commercial and industrial agility and cost leadership

Additionally, OCPs H2 results should benefit from: New supply agreements in North America and Brazil New 6-month Phosacid agreement in India Increased sales to Africa

Industry forecasts of improved year-over-year pricing and demand in H2 2014

Consequently, OCPs H2 2014 revenues and EBITDA performance is expected to outpace that of H1; and 2014 revenues and EBITDA to exceed 2013 levels