#1. Fertiglobe An ADNOC and OCI Company Fertiglobe Q3 2022 Investor Presentation November 2022#2Disclaimer The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to change. No obligation is undertaken to update this presentation or to correct any inaccuracies, and the distribution of this presentation shall not be deemed to be any form of commitment on the part of Fertiglobe to proceed with any transaction or arrangement referred to herein. This presentation has not been approved by any competent regulatory authority. 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None of OCI, ADNOC, Fertiglobe, and/or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person(s) accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this presentation (or whether any information has been omitted from this presentation) or any other information relating to Fertiglobe or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. If this presentation contains "forward looking" statements, beliefs or opinions, including statements with respect to the business, financial condition, results of operations, liquidity, prospects, growth, strategy and plans of Fertiglobe, and the industry in which Fertiglobe operates. These forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Fertiglobe's control and all of which are based on the Company's current beliefs and expectations about future events. Forward looking statements are sometimes identified by the use of forward looking terminology such as "believes", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts and involve predictions. Forward looking statements may and often do differ materially from actual results. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs or current expectations of the directors or Fertiglobe with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Fertiglobe's business, concerning, amongst other things, the results of operations, financial condition, prospects, growth and strategies of Fertiglobe and the industry in which it operates. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Fertiglobe. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. The forward-looking statements contained in this presentation speak only as of the date of this presentation. OCI, ADNOC, Fertiglobe, the Joint Global Coordinators and the Joint Bookrunners and/or their respective affiliates, expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Fertiglobe An ADNOC and OCI Company 2#3Table of Contents Fertiglobe An ADNOC and OCI Company Highlights Q3 and 9M 2022 Market Outlook Appendix Financial Performance 3#4Fertiglobe (2) 2019 IFA industry estimates An ADNOC and OCI Company 0.0 2014 2015 0.5 2016 2017 2018 2019 Safety First: Commitment to Zero Injuries 12-month rolling recordable incident rate to 30 September 2022 0.25 incidents per 200,000 manhours 1.5 1.0 Total TRIR (Total Recordable Injury Rate)(1) Industry average: 1.24 Target Zero Injuries at All Facilities ■ Achieve leadership in safety and occupational standards across the operations Fostering a culture of zero injuries at all production sites Improving health and safety monitoring, prevention, and reporting across plants Fertiglobe has consistently achieved some of the lowest TRIR numbers in the industry 2020 Industry Average TRIR Fertiglobe TRIR 2021 Q1 2022 Q2 2022 Q3 2022 Fertiglobe is committed to providing a safe and healthy workplace for all employees and stakeholders by implementing the highest international safety standards to avoid any potential risks to people, communities, assets or the environment Source: Company Information, IFA Notes: (1) Includes both employees and contractors. Per 200,000 hours worked HSE Certifications ■ OHSAS 18001 Occupational Health and Safety Management Systems ■ RC 14001 Responsible Care Management Systems ■ Assets are also REACH certified International Organization or Standardization ISO 9001:2015 International Organization for Standardization ISO 14001:2015 Organization ISO International for Standardization 45001 Organization for Standardization ISO 50001:2018 4#5Fertiglobe at a Glance Leading Nitrogen Fertilizer Exporter Globally and Unique Ammonia Platform(2) OCI 5 أدنوك ADX 50.0% ADNOC 36.2% 13.8% Fertiglobe An ADNOC and OCI Company Headquartered in Abu Dhabi 4 World-class Strategically Located Production Facilities Global In-House Distribution Capabilities, including 1,000kt Storage Capacity 6.7mt Sellable Volume Capacity (1) - 5.1mt Urea Production Capacity 4.4mt Gross Ammonia Production Capacity 0.5mt DEF Production Capacity (3) 50% of Assets Younger than 10 years Early Mover in Clean Ammonia Logistics allowing for Excellent Freight and Transport Advantaged, Duty- free Delivery to East and West Feedstock Advantaged $4.9/mmbtu LTM (Sep-22) Avg. Gas Price(4) Revenue $1,318m (Q3 2022) $3,974m (9M 2022) Adj. EBITDA (5) $606m (Q3 2022) $2,001m (9M 2022) Fertiglobe An ADNOC and OCI Company Source: Company Information, CRU Notes: (1) Capacity data as of year end 2021 (2) Based on 2021 ammonia and urea combined export production capacity in mtpa (3) Maximum downstream capacities cannot be achieved at the same time. DEF production capacity not included in the 6.7mt sellable volume capacity (4) Realized weighted average gas price in LTM (June 2022) based on respective gas price arrangements in Abu Dhabi, Algeria and Egypt. Gas price arrangements include cost escalation factors and in Egypt increments above certain product price levels (5) EBITDA excluding foreign exchange and income from equity accounted investees, adjusted to exclude additional items and costs that management considers not reflective of core operations 5#6Fertiglobe is a Strategic Partnership With Strong Shareholder Support Partnership Geared Towards Growth and Value Creation, Supported by Shareholders with a Strong Track Record OCI NV OCI #3 global producer of nitrogen products(2) #1 & #2 methanol producer in EU & US, respectively(2) A leading bio-methanol producer 50%(1) 36%(1) Abu Dhabi National Oil Company 5 Remaining OCI NV nitrogen business is predominantly nitrates focused with in- land assets in US and Europe Synergistic relationship with Fertiglobe through sharing of global market intelligence Numerous initiatives and strategic partnerships to capture the energy transition potential Orascom Construction (spun off in 2015) has repeat renewable power project partnerships in MENA Holds 4 seats at Fertiglobe's Board of Directors, including: • Nassef Sawiris (Executive Chair of OCI), Ahmed El-Hoshy (CEO of OCI), Hassan Badrawi (CFO of OCI), and Philippe Ryckaert (Group Vice President of Business Development & Investments of OCI) • • أدنوك ADNOC Leading integrated O&G company, entrusted to manage the world's 7th largest proven O&G reserves • Fully integrated energy company across the entire value chain Key export partner of crude oil & refined products to high-growth Asian markets Industry leader for carbon capture with plans to reach 5mtpa of CO2 capture by 2030 Focus on downstream value creation and 2030 vision Strategy to become a global leader in clean hydrogen Holds 4 seats at Fertiglobe's Board of Directors, including: H.E. Dr. Sultan Al Jaber (Group CEO and Managing Director of ADNOC) and Khaled Salmeen (Executive Director of Downstream Industry, Marketing and Trading at ADNOC), and Mohamed Alaryani (Senior VP of Strategic Investments at ADNOC) Complimentary business to both OCI and ADNOC ecosystems, distinctively positioned to capture value Source: Company Information, public filings / capacity data, International Trade Administration Note: (1) OCI NV owns 50% and 1 share and consolidates Fertiglobe in its consolidated financial statements. Free Float following the IPO in Oct-21 is -13.8% Fertiglobe (2) As of 2021 An ADNOC and OCI Company 6#7Q3 2022 Results Highlights • • Q3 2022 revenues increased 52% YoY to $1,318 million and adjusted EBITDA +64% YoY to $606 million, driven by higher selling prices. Adjusted net profit was $292 million in Q3 2022, +84% YoY. Fertiglobe generated free cash flow (FCF) of $189 million in Q3 2022, a 237% increase as compared to the same period last year, and $1,499 million in 9M 2022 versus $535 million in 9M 2021. Net cash position of $644 million as of 30 Sep 2022 is supportive of growth opportunities and attractive dividend pay-out Favourable farm economics and low global grain stocks, combined with high gas prices in Europe, provide support for nitrogen selling prices to remain above historical averages Our attractive dividend outlook is further backed by Fertiglobe's competitive position on the global cost curve and free cash flow conversion capacity. Management guides for H2 2022 dividends at a minimum of $700 million, payable in April 2023, implying total dividends of at least $1.45 billion for 2022, including the $750 million H1 2022 dividend paid in October 2022. Fertiglobe's low leverage positions the company favorably to selectively pursue value accretive growth opportunities, capitalizing on the emerging demand for low-carbon ammonia as a solution to decarbonize industries that make up around 90% of current global greenhouse gas emissions. Fertiglobe An ADNOC and OCI Company#8Key Fertiglobe Investment Highlights 1 Leading nitrogen fertilizer exporter globally and unique ammonia platform 2 3 Strategically located asset base and global distribution capabilities driving structurally higher realized prices High quality asset base at attractive cost curve position underpinned by long-term feedstock contracts Fertiglobe An ADNOC and OCI Company 4 Fertiglobe An ADNOC and OCI Company 6 Structural shift into a demand-driven pricing environment provides a positive industry outlook, with significant incremental ammonia demand in the medium-term from new clean energy applications 5 Multi-pronged growth strategy including unique position to capitalize on energy transition towards clean hydrogen, where low-carbon ammonia is one of the preferred carriers Attractive dividend capacity supported by strong FCF generation and robust capital structure across commodity cycles 8#9Fertiglobe An ADNOC and OCI Company Table of Contents B Highlights Q3 and 9M 2022 Market Outlook Appendix Financial Performance 9#10Q3 2022 Results Summary Summary Fertiglobe An ADNOC and OCI Company Key Financials1 and KPIs Q3 2022 Q3 2021 % A 9M 2022 9M 2021 % A 1,317.9 866.7 52% 3,974.0 2,126.7 87% 583.9 338.7 72% 1,919.5 780.7 146% 44.3% 39.1% 48.3% 36.7% 606.3 370.7 64% 2,000.9 902.9 122% Adjusted EBITDA margin EBITDA 46.0% 42.8% 50.3% 42.5% 609.3 377.1 62% 1,998.9 910.4 120% EBITDA margin 46.2% 43.5% 50.3% 42.8% Adjusted net profit attributable to shareholders² 291.5 158.2 84% 1,090.7 360.3 203% Reported net profit attributable to shareholders 291.6 137.7 112% 1,077.6 336.2 221% Earnings growth in Q3 2022 is driven by higher selling prices across our product portfolio. Own-produced volumes down 2% in Q3 '22 vs. Q3 '21 4% higher own-produced ammonia sales volumes 4% lower own-produced urea sales volumes Third party traded volumes sold +11% YoY in Q3 '22 vs. Q3 '21 $ million unless otherwise stated Revenue Gross Profit Gross profit margin Adjusted EBITDA² Earnings/(loss) per share ($) Basic earnings per share Summary of Q3 2022 performance • Q3 2022 revenues increased 52% YoY to $1,318 million and adjusted EBITDA +64% YoY to $606 million. Adjusted net profit was $292 million in Q3 2022, an increase of 84% compared to $158 million in Q3 2021. FCF before growth capex was $189 million in Q3 2022 compared to $56 million in Q3 2021. • Total cash capital expenditures including growth capex were $24 million in Q3 2022, compared to $21 million in Q3 2021. • Net cash position of $644 million as of 30 September 2022 compared to net debt of $487 million in Dec-21. 0.035 0.017 106% 0.130 0.040 225% Diluted earnings per share 0.035 0.017 106% 0.130 0.040 225% Adjusted earnings per share 0.035 0.019 84% 0.131 0.043 205% Earnings/(loss) per share (AED) Basic earnings per share 0.129 0.062 106% 0.477 0.147 225% Diluted earnings per share 0.129 0.062 106% 0.477 0.147 225% Adjusted earnings per share 0.129 0.070 84% 0.481 0.158 205% Free cash flow 189.3 56.1 237% 1,498.8 535.0 180% Capital expenditure 23.5 20.5 15% 47.5 34.1 39% Of which: Maintenance Capital Expenditure 18.4 16.0 15% 38.2 28.9 32% 30-Jun-22 31 Dec 21 % A Total Assets Gross Interest-Bearing Debt Net Debt/(cash) 5,979.0 5,168.5 16% 1,139.1 1,385.7 (18%) (643.7) 486.6 n/m Q3 2022 Q3 2021 % A 9M 2022 9M 2021 % A Sales volumes ('000 metric tons) Fertiglobe Product Sold Third Party Traded Total Product Volumes 1) Unaudited 1,364 336 1,700 1,396 (2%) 4,158 4,338 (4%) 302 11% 848 824 3% 1,698 0% 5,006 5,163 (3%) 2) Fertiglobe uses Alternative Performance Measures ('APM') to provide a better understanding of the underlying developments of the performance of the business. The APMs are not defined in IFRS and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. A detailed reconciliation between APM and the most directly comparable IFRS measure can be found in this report 3) Free cash flow is an APM that is calculated as cash from operations less maintenance capital expenditures less distributions to non-controlling interests plus dividends from equity accounted investees, and before growth capital expenditures. 10#11Q3 2022 Results Own-Produced Sales Volumes (Mt) Key Product Benchmark Prices, $/t 1.40 0.31 1.36 Urea Egypt Ammonia Middle East 0.32 +60% +54% Revenue ($m) ୮ +52% 1,318 1.09 1.04 923 867 775 484 599 Q3 2021 Fertiglobe - Ammonia Q3 2022 Fertiglobe Urea Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Adjusted EBITDA ($ million) and Adjusted EBITDA margin (%) 1 +64% 55% 53% 52% 770 46% 43% 44% 42% 648 625 606 36% 33% 31% 29% 26% 371 301 231 145 129 111 94 104 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Adj. EBITDA Margin Q1 21 Adjusted EBITDA Q2 21 Q3 21 -Adjusted EBITDA Margin Q4 21 Q1 22 Q2 22 Q3 22 Fertiglobe An ADNOC and OCI Company Note: (1) EBITDA excluding foreign exchange and income from equity accounted investees, adjusted to exclude additional items and costs that management considers not reflective of core operations 11#12FCF Fertiglobe An ADNOC and OCI Company Strong Revenue Profile Translating Into Robust EBITDA and Cash Flow Generation Through Low Capex EBITDA Margin and FCF Conversion Advantages Result in Ample Dividend Capacity Revenue Favourable geographical positioning and centralized commercial strategy leveraging on unique distribution platform allow for higher realized prices ~$1.3bn Q3 2022 Revenue Costs Feedstock advantage with long term gas contracts, strong conversion rates and lean overhead cost structure translate into an attractive EBITDA Margin Leverage consistent with investment grade rating profile due to conservative capital structure drives lower interest expense Solid FCF generation and capital structure across commodity cycles support attractive dividend payout and superior dividend yields ~$582m Q3 2022 Adj. EBITDA (1) - Capex Young asset base with integrated technological platform requires low maintenance capex Source: Company Information Note: (1) EBITDA excluding foreign exchange and income from equity accounted investees, adjusted to exclude additional items and costs that management considers not reflective of core operations (2) Compared to management guidance of at least $700m ~46% Q3 2022 Adj. EBITDA Margin (1) ≥$700m(2) H2 2022 Dividend (to be paid in April 2023) 12#13Table of Contents Fertiglobe An ADNOC and OCI Company Highlights Q3 and 9M 2022 Market Outlook Appendix Financial Performance 13#14Nitrogen Outlook Supported by Attractive Supply-Demand Dynamics Supporting Strong Pricing Outlook For H2 2022 and Beyond as We Recover From a 5-year Downturn Bull Market Drivers Support Demand Driven Environment CROP PRICES DRIVING HEALTHY FARM ECONOMICS AND NITROGEN DEMAND Corn Futures >$5/bushel and Wheat Futures >$7/bushel supportive of affordability Grain stocks to use ratios at decade lows, requiring at least until 2024 to replenish Prior cycle (last 5-6 years) 30% corn stocks-to-use ratio $3.7/bushel average corn price 2015-2019 Next cycle (starting in 2022)(2) 26% corn stocks-to-use ratio $6.5/bushel corn futures 2022 - 2024 ㄓ Fertiglobe GAS AND COAL PRICES RESET AT HIGH LEVELS Feedstock pricing has support to remain well above historical averages given tight supply fundamentals and limited Russian gas flows which cannot be made up with incremental LNG volumes given capacity and logistics bottlenecks $5/MMBtu TTF (Dutch natural gas hub) $35/MMBtu TTF to end 2024(1) TIGHTENING NITROGEN MARKET BALANCES New urea capacity is limited, faces delays and accelerating Chinese closures Structurally tighter merchant ammonia market with limited net capacity additions 23mt new urea capacity vs. 17mt demand growth over 2015 2019 11mt new urea capacity vs. 16mt demand growth over 2022 2026 ENVIRONMENTAL FOCUS DRIVES SHIFT FROM GREY TO GREEN Stricter mandates around environment regulations are barriers to enter this industry Global push to move towards H₂ economy adds incremental low-carbon ammonia demand Wave of "grey" greenfield capacity additions in US, Europe, MENA Limited new grey ammonia capacity from established producers and significant new ESG driven ammonia demand by 2025 Source: Company Information, CRU, Industry Reports, Hydrogen Council Note: (1) Average TTF from Nov-22 to Dec-24 An ADNOC and OCI Company (2) Expected figures 14#15Attractive Nitrogen Dynamics with Demand Expected to Exceed Capacity Additions Ex-China urea capacity additions slow relative to 2015-19 Mt 22.9 Merchant ammonia market structurally tightening Global ammonia net capacity additions and demand growth, ex-China ex-urea, Mt 17.3 5.7 1.6 10.7 Capacity additions Demand growth 16.4 4 2015-2019 2020-2021 2022-2026(1) Demand Others USA Russia Iran Nigeria India 3 2 1 Significant gap between demand growth and new ammonia supply expected without accounting for blue/green incremental demand 0 -1 Market deficit does not take into account higher demand given European shutdowns and reduction in Russian exports -2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ✓ Demand growth expected to exceed supply growth, new supply subject to delays and utilization rates expected to be slow to ramp up, limiting the impact on the traded market ✓ Significant reversal in market dynamics from over-supply in the last down cycle (2015-2019) of 5.6 million Mt to a deficit of c.6 million Mt from 2022 - 2026 ✓ 11 million Mt new capacity additions 2022 - 2026 includes 3.6 million Mt of capacity in Russia at risk of delays and 4 million Mt of capacity that has commissioned in 2022 ✓ Increased focus on the environment is a barrier to enter this industry, limiting "grey" capacity additions in the US, EU, China and elsewhere ✓ Good visibility on supply additions given 4-6 years lead time to build a greenfield plant Fertiglobe Source: CRU, Company Information Note: (1) Based on trend demand growth of 1.8% for the period from 2023 to 2026. An ADNOC and OCI Company ✓ Structural tightening in ammonia with limited net capacity additions more than offset by higher demand growth, resulting in a supply deficit of 5 million Mt from 2023-2026 compared to a net surplus of 7.5 million Mt in 2015-2019, providing a strong market backdrop for forward ammonia pricing above high marginal cost floors ✓ Downside risks being monitored given the volatile macro economic environment and high energy complex's impact on industrial production and ammonia demand, but this should be partially offset by lower supply from Russia and Europe ✓ Further upside for ammonia from the expected incremental demand for clean ammonia in new applications across a range of sectors including marine fuel and power, and as a hydrogen carrier 15#16R22° 80 70 60 50 40 30 20 10 Jan-16 May-16 Sep-16 Jan-17 Henry Hub May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Ukraine Higher Costs for Marginal Producers Supportive of Nitrogen Prices Global Feedstock Prices 2017-2023F, $/MMBtu Cash Costs per ton of Ammonia 2017-2023F, $/t TTF futures are ~$38MMBtu for 2023 and 3,000 c. $30/MMBtu in 2024/25 2,500 2,000 1,500 1,000 500 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Chinese anthracite coal price Asia LNG Jan-22 May-22 Sep-22 Jan-23 May-23 0 Jan-16 May-16 Sep-16 Jan-17 United States Marginal costs have escalated on high end of cost curve and not expected to correct to 2016-2020 levels " Surge in gas prices has been driven by limited Russian gas flows, lower than average storage levels in Europe and higher global demand for gas resulting in highly volatile gas markets TTF futures point towards gas prices of c.$38/MMBtu for 2023 and $27/MMBtu in 2024/2025, compared to $5/MMBtu in 2015 - 2019 Gas prices expected to remain volatile, and pricing is expected to remain well above historical averages given Russian gas into Europe, reduced US LNG short-term exports and tight coal and power markets ✓ 2023 expected to have higher feedstock prices than 2022 on average factoring in no Russian gas for full year, LNG import and export logistics and capacity bottlenecks and need to price above Asia. This doesn't factor (1) potential colder-than-average weather, (2) lower LNG imports if Asia has a cold spike / Chinese economy rebounds (3) extended Freeport outage ✓ Some downside risk from weather and EU government intervention to cap pricing in the short-term, but this will incentivize power consumption and hence demand which combined with low storage levels expected to keep EU gas prices elevated to end 2023/24 winter ✓ Europe is the marginal nitrogen producer 19 Mt of European ammonia capacity, 10 Mt of urea and 34 Mt of nitrates capacity at risk of being permanently shut if pricing remains below costs for a sustained period Higher marginal costs have steepened the global cost curves and provide support for nitrogen pricing into 2023 and beyond Source: Bloomberg, CCTD, CRU, OCI, Gas futures as of 02 November 2022. (1) Cash costs includes feedstock costs, and variable costs such as labour, SG&A, power. It does not include debt servicing or maintenance capex. (2) Average North American Fertiglobe production assumed to be 37.2 MMBtu per ton of ammonia for feedstock; Average European production assumed at 37.8 MMBtu per ton of ammonia for feedstock; Average Ukrainian production assumed at 38 MMBtu per ton of ammonia for feedstock; An ADNOC and OCI Company Chinese production assumed to be 1.12 tons of coal for feedstock. May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Europe 16 Jan-20 Ukraine May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Chinese marginal costs Sep-22 Jan-23 May-23#17Table of Contents Fertiglobe An ADNOC and OCI Company Highlights Q3 and 9M 2022 Market Outlook Appendix Financial Performance 17#18Appendix Q3 2022 Results Fertiglobe An ADNOC and OCI Company#1930 September 2022 Net Debt H2 2022 Dividend Guided at a Minimum of $700 million $ million Cash and bank balances Loans and borrowings - current Loans and borrowings - non-current Total borrowings Net debt (cash) Net debt / LTM Adj. EBITDA Key Highlights 30-Sep-22 31-Dec-21 1,782.8 899.1 63.9 59.6 1,075.2 1,326.1 1,139.1 1,385.7 (643.7) 486.6 (0.2x) 0.3x In October 2021, Fertiglobe closed a $1.1 billion bridge facility to right-size its capital structure. As a result, Fertiglobe ended Q3 2021 with pro forma net debt of c.$1.1 billion, implying net debt/ adjusted EBITDA of c.1.1x (on a pro forma basis). As a result of strong earnings and cash conversion, net debt / EBITDA dropped to 0.3x as at 31-Dec-21, and Fertiglobe turned net debt free by the end of Q1 2022. Fertiglobe ended Q3 2022 with net cash of $644 million, supporting future growth opportunities and attractive dividend pay-out. Fertiglobe remains committed to its dividend policy of substantially distributing all excess free cash flows after providing for growth opportunities and maintaining its investment grade parameters. Management guides for a minimum dividend of $700 million in H2 2022 (payable in April 2023), for total dividends of at least $1.45 billion in 2022, including the H1 2022 dividend paid in October 2022. In June 2022, Fertiglobe was issued first time investment grade ratings by S&P, Moody's and Fitch (BBB-, Baa3 and BBB-, respectively), recognizing its strong free cash flow generation, conservative financial policy and robust outlook. Fertiglobe An ADNOC and OCI Company 19#20Reconciliation of Adjusted EBITDA and Adjusted Net Profit 9M 2021 Adjustment in P&L 708.3 202.1 910.4 Reconciliation of reported operating profit to adjusted EBITDA $ million Operating profit as reported Depreciation and amortization EBITDA APM adjustments for: Movement in provisions Insurance recovery Total APM adjustments Adjusted EBITDA Q3 2022 549.2 Q3 2021 311.3 60.1 65.8 9M 2022 1,814.0 184.9 609.3 377.1 1,998.9 (6.4) 5.0 (7.5) (3.0) (3.0) (3.0) (6.4) 2.0 (7.5) 606.3 370.7 2,000.9 902.9 Reconciliation of reported net profit to adjusted net profit $ million Reported net profit attributable to shareholders Adjustments for: Cost of sales Other income Q3 2022 291.6 Q3 2021 137.7 9M 2022 1,077.6 9M 2021 336.2 Adjustment in P&L Adjustments at EBITDA level Accelerated depreciation Forex loss/(gain) on USD exposure Other financial expense Non-controlling interest adjustment Tax effect of adjustments (3.0) (6.4) 2.0 (7.5) 9.2 Depreciation Finance income and expense 39.4 (5.5) 6.4 (11.8) 0.3 10.0 Finance expense Uncertain tax positions/minorities (37.6) 32.4 (6.1) 36.4 0.8 0.8 (2.2) Taxes Total APM adjustments at net profit level (0.1) 20.5 13.1 24.1 Adjusted net profit attributable to shareholders 291.5 158.2 1,090.7 360.3 Fertiglobe An ADNOC and OCI Company 20#21Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt $ million EBITDA Working capital Maintenance capital expenditure Tax paid Net interest paid Q3 2022 Q3 2021 9M 2022 9M 2021 609.3 377.1 1,998.9 910.4 (50.2) (119.0) (36.6) (123.7) (18.4) (16.0) (38.2) (28.9) (35.9) (28.8) (169.6) (63.9) (16.8) (7.9) (39.8) (26.6) Lease payments (3.7) (4.1) (10.7) (9.8) Dividends paid to non-controlling interests and withholding tax (368.3) (182.8) (435.6) (193.4) Ecremage 73.3 37.6 230.4 70.9 189.3 56.1 Free Cash Flow 1,498.8 535.0 Reconciliation to change in net debt: Growth capital expenditure Acquisition of NCI EBIC (15% share) Other non-operating items Net effect of movement in exchange rates on net debt Debt redemption cost Dividend to shareholders Advanced dividend to shareholders Other non-cash items Net Cash Flow / Decrease in Net Debt Fertiglobe An ADNOC and OCI Company (5.1) (4.5) (9.3) (5.2) (43.0) (43.0) (3.9) (6.8) (16.6) 18.7 1.3 (6.5) 1.0 (0.9) (0.8) (130.0) (340.0) (185.0) (93.6) (93.6) (0.3) (5.9) 198.7 (214.6) 1,130.3 191.8 21#22Appendix Market Outlook Fertiglobe An ADNOC and OCI Company#23Nitrogen Fertilizer Pricing Supported by Demand-Driven Environment Strong support for nitrogen prices to reset above mid-cycle levels, given low global crop inventories, strong farm economics, and higher marginal costs Urea and Ammonia Prices (Monthly Averages, 2011 - Q4 20221, $/t Demand-driven Environment 2011-15 Ammonia Avg: 503 2011-15 Urea Avg: 395 Supply-driven Environment 2016-20 Ammonia Avg: 293 2016-20 Urea Avg: 267 Demand-driven Environment Sustained by: 1,200 1,000 800 600 400 200 Grain stocks-to-use ratios at 10-year low, 1 dry weather lowering yields and supportive of crop prices, higher planted acreage and demand at least until 2024 2 3 0 4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1'21 Q2 '21 Q3'21 Q4'21 Q1'22 Q2'22 Q3 '22 Q4'22 Urea Ammonia Fertiglobe An ADNOC and OCI Company Source: CRU. Notes (1) Q4 2022 to 27 October 2022 5 EU production curtailments due to high gas prices and limited availability of feedstock so far this season combined with low inventories supportive of pricing and higher differentials compared to the rest of the world Delayed and lower level of new capacity along with accelerating capacity closures and lower exports from China tightening nitrogen market balances. Delays in Russian capacity and geopolitics also tightening fundamentals Feedstock prices reset at high levels raising the marginal cost floors over medium-term Environmental focus limits new grey greenfield capacity and creates incremental demand for ammonia 23#24Agricultural Fundamentals Support Robust Nitrogen Demand At Least Until 2024 Crop prices supported by stocks: use ratio at 10-year lows, requiring at least until 2024 to replenish Crop price index, Jan 2006 = 100 Supportive Pressuring Tight grain stocks for corn and wheat at further risk given dry weather in the Northern Hemisphere supportive of demand to rebuild stocks Global corn STU ex. China, % 18% Global wheat STU ex. China, % 28% 350 250 Global grain and oilseed stocks: use ratio (ex-China), % Balanced 22% 15% 20% تسد 12% А 18% Ant 24% 20% W 150 2003 2004 2005 2006 2007 2008 50 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9% 16% Medium-term crop prices supported, and incentive to plant corn US Corn and wheat prices, $/bushel U.S. latest corn yield estimates down further at c.172 bu/acre, which is the lowest corn yield in the U.S. since 2019 and below long-term avg. of 175, supportive of corn pricing. Dry weather in the Northern Hemisphere and Argentina add further upside 6% 16% 00/01 07/08 14/15 21/22 00/01 07/08 14/15 21/22 US farmers incentivized to plant nitrogen-intensive corn over soybeans US CME Soybean to corn ratio Corn Wheat 3.2x 9.1 3.0x 8.8 8.3 2.8x 7.5 2.6x 6.9 7.0 6.9 6.8 6.2 2.4x 5.8 5.9 5.8 5.6 5.5 2.2x 5.1 5.0 4.9 2.0x 4.4 4.4 འདས་ 4.2 3.8 3.6 3.8 3.6 3.7 3.6 1.8x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F 2024F Fertiglobe Source: Company Information, CRU, Bloomberg, CME, USDA Note: (1) 2023 and 2024 grain prices based on December futures An ADNOC and OCI Company Chinese corn imports, Mt FAVORS SOYBEANS RoW USA Ukraine +62% 28 20 20 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 CORN FAVORS Jul-25 Jan-26 Jan-19 11 сл 5 2019 2020 2021 2022F 24#25US Corn US Soybeans Brazil Soybeans Brazil Corn High Farm Incomes Supportive Of Demand Farm operating margins (revenue above operating costs), USD/ha 1 Supportive farm incomes in 2022: Farm margins are attractive in grain exporting regions as input costs have been offset by higher crop prices, incentivising farmers to plant more acres across all crops. High forward grain prices is supportive of sustaining farm incomes and strong demand until at least 2024. France Cereals +99% +35% 1,600 Farm returns on corn higher than soybeans and incentive to plant more corn in the US and Brazil in the 2022/23 2 Inelastic nitrogen demand: +60% seasons 1,400 +86% 1,200 1,000 800 600 400 200 0 3 Higher crop futures reflective of tight market conditions Higher profitability: Higher farm revenues exceed higher fertilizer and operating costs Incentivised increased planted acreage of all crops and nitrogen demand to maximise yields until 2024 Farmers cannot cut nitrogen application by >10% without realising an immediate loss in yields as evidenced in the 2021/22 season with limited demand destruction in grain exporting countries US season nitrogen demand down 4% due to bad weather and EU 5% due to limited availability. Additional upside with switching to more nitrogen use in India Farmers locking in input costs: Farmers in US, Europe and Brazil are hedging their operating margins, by selling forward their new crop at high forward grain pricing. At the same time, they are buying nitrogen to lock in margins, supportive of demand and pricing Fertiglobe An ADNOC and OCI Company Source: Company information, CRU, Bloomberg, CME, USDA 25#26Lower Chinese Exports And Higher Indian Imports Supportive Of Prices - - Chinese market balances supported by: Government measures to curb exports until at least H2 2023 and prioritise domestic supply including mandatory stocking requirements. This is expected to cap 2022 exports to 2 Mt High domestic crop prices and government emphasizing food security is supportive of crop expansion and robust demand in 2022 and 2023 Permanent capacity closures due to environmental regulations and curtailments over winter-heating season contributing to lower exports in 2022 and beyond Medium-term exports expected to fall to ~3 mt given environmental policy impacts and prioritization of energy for domestic consumption Despite the commissioning of three world-scale plants in India over 2017-2021, domestic production has been relatively flat and decreased c.600 kt in 2021. Further, as evidenced in 2022, new production is partly offset by lower production from older, more inefficient plants. Capacity additions in India are subject to delays and not expected to commission in line with published government timelines, supporting imports. Chinese Exports Curtailed on Domestic Demand and Closures China urea exports, Mt 8.2 6.9 4.1 13.6 13.8 9.0 Significant declines in Chinese exports from peak levels with further declines in 2022 5.5 5.3 4.6 4.7 2.4 ~2Mt 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Indian Supply Has Declined Despite New Capacity Commissioning, and Robust Demand Supportive of Imports Supportive of Imports India imports, Mt 10.5 10.5 +24% 9.7 Short-term, India is expected to issue follow-up tenders to replenish inventories, to fulfil Rabi season requirements. Demand for Indian wheat and good monsoons, will be supportive of urea demand through the balance of 2022. 8.8 7.9 7.7 7.7 7.5 7.1 7.0 6.3 5.9 Further upside for Indian import demand in 2023 given growth in crop area and subsidies favoring urea expected to result in increased substitution from P&K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Fertiglobe An ADNOC and OCI Company Source: CRU, MMFMS, China Customs, Company Information 26#27Fertiglobe Attractively Positioned on Urea and Ammonia Cost Curves Benefit from attractively priced, long-term feedstock gas contracts and low conversion costs • Long-term attractive gas supply agreements with EGPC in Egypt, Sonatrach in Algeria, and ADNOC in Abu Dhabi supporting advantageous cost position Young asset base with high gas efficiency and high reliability, resulting in lower costs per tonne Local currency denominated costs, allowing for lower overhead costs Operations located in tax-advantaged regions, resulting in a low effective cash tax rate Freight and logistical advantage to most major markets allow Fertiglobe to capitalize on higher pricing in markets during peak demand periods Situated in the 1st - 2nd quartiles of the ammonia and urea cost curves for 2022 о In Algeria and the UAE, gas prices are fixed with annual escalation factors4 о In Egypt, gas prices are linked to the weighted-average selling price of urea and ammonia as part of a revenue sharing mechanism 2022 Fertiglobe Situated in 1st - 2nd Quartiles of Ammonia Cost Curve ($/t) 1,2,3 Y axis: Ammonia CFR delivered costs in 2022; X axis: Exports by Region, Million mt, Ammonia 2022 Fertiglobe Situated in 1st - 2nd Quartiles of Urea Cost Curve ($/t) Y axis: Urea CFR delivered costs in 2022; X axis: Exports by Region, Million mt, Urea 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile | 2nd Quartile 3rd Quartile I 4th Quartile 2,000 1,400 1,600 An ADNOC and OCI Company at 2020 prices at current prices Fertiglobe Fertiglobe An ADNOC and OCI Company 1,200 Fertiglobe An ADNOC and OCI Company An ADNOC and OCI Company at 2020 prices Fertiglobe at current prices 1,000 1,200 800 600 800 400 400 200 0 0 1 2 3 4 5 6 7 8 Feedstock Costs 9 10 11 12 13 14 15 16 17 18 19 Conversion Costs 024 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 (3) FOB costs Feedstock Conversion (3) Cost to FOB Fertiglobe An ADNOC and OCI Company Profit sharing mechanism with gas suppliers ensures top quartile positioning through the cycle Source: Company Information, CRU 2022 forecast as of September 2022 Notes: (1) Realized weighted average costs in H1 2022 based on respective gas price arrangements in Abu Dhabi, Algeria and Egypt. Gas price arrangements include cost escalation factors and in Egypt increments above certain product price levels (2) Based on blended CFR cost for Fertiglobe; (3) Weighted average freight costs (cost to CFR) of top three global export destinations; (4) In Algeria, as per the price stabilization mechanism, which is subject to revision in Q4 2023, incremental profits are paid to Sonatrach, referred to as Ecremage. 27#28Significant Incremental Ammonia Demand From New Clean Energy Applications Clean Hydrogen is strongly positioned to lead the world's energy transition, and ammonia is the key enabler Clean hydrogen use in energy applications will be a major contributor to emission reduction across industries where abatement is difficult (e.g. power and shipping) Ammonia is one of the most efficient ways to transport and store clean hydrogen, as hydrogen is difficult to store and transport due to low boiling temperature (-252 C) On the back of this transition, several new applications are emerging which individually would create an end market multiple times as large as the current ammonia merchant market Incremental demand for clean ammonia is expected to tighten the conventional market further as grey capacity is decarbonized to cater to the new clean ammonia demand Blue/Green Ammonia to Make Up ~50% of Merchant Market vs Zero Today Mt Today % Annual Growth Current merchant ammonia market trades annually ~20mt of which no blue/green ammonia ~27% CAGR - 26 8 Today 2025 Blue/Green NH3 40 40 2030 2035 Source: Hydrogen Council, MMSA, CRU, IEA, Argus, Strategy Consultant, EU Commission, Fertecon An ADNOC and OCI Company Fertiglobe NH3 Ammonia sexy Nitrogen-based Fertilizers 80% <2% 县 Feedstock for Chemicals 20% 3% Processes Marine Fuels 0% High Power 0% High N₂ H₂ H₂ Carrier 0% High Cracking 28#29Appendix Fertiglobe: Strategic Positioning Fertiglobe An ADNOC and OCI Company#30Ammonia is versatile and has a diverse set of end applications Ammonia: End-Use Applications Examples ■ Ammonia is primarily utilized in fertilizers, but also supports a diverse array of industrial applications. Nitrogen (ammoniated) fertilizers need to be applied every year unlike P & K. 2021 Ammonia Demand by End Market (100% = 191 Mt) Technical 6% Other 10% NPK 1% Direct 3% AS 4% Phosphates 6% UAN 6% CAN 3% Fertiglobe An ADNOC and OCI Compangource: IEA 2019, CRU, OCI AN 8% Urea 53% >70% of ammonia downstream demand is for fertilizers Fertilizers Animal Nutrition Durable Consumer Goods Automotive Plastics & Resins Textile Healthcare Cosmetics 30 30#31Appendix About Fertiglobe Fertiglobe An ADNOC and OCI Company#324 World-Scale Assets Leveraging a Global Centralised Commercial Platform Fertiglobe An ADNOC and OCI Company (1) Total Fertiglobe Capacity (mtpa) Gross ammonia Net ammonia 4.4 Urea 5.1 1.5 DEF 0.5(3) UAE Egypt Algeria فرتيل Fertil EFC EBIC SORFERT Fertil (100%) Egyptian Fertilizer Company (100%) Egypt Basic Industries Corporation (75%) (2) Sorfert (51%) EBIC UAE Fertiglobe Distribution Distribution Business (100%) Product mtpa Product mtpa Product Urea 2.1 0.1(3) DEF Commissioned 1983 (line I) and • 2013 (line II) Fully integrated 180kt on-site Urea storage capacity Has its own jetty for loading connected to the plant Uhde Technology Provider ThyssenKrupp HALDOR TOPSDE H Stamicarbon Urea DEF 1.7 0.4(3) Commissioned 2000 (line 1) and 2006 (line II) Fully integrated Built by Orascom Construction Capable of exporting from Mediterranean and Red Sea Technology Provider Uhde Stamicarbon ThyssenKrupp Ammonia Commissioned 2009 mtpa 0.7 Minority Partners: Egyptian General Petroleum Corporation and private individuals Built by Orascom Construction Direct pipeline to EFC and 8km from Sokhna Port Technology Provider KBR • Product mtpa Urea Ammonia 1.3 0.8 Commissioned 2013 Minority Partner: Sonatrach • Fully integrated Built by Orascom Construction 8km from Arzew Port and 11km from Bethouia Port Technology Provider Stamicarbon Uhde ThyssenKrupp Distribution and Trading Own product and 3rd party urea and ammonia Urea distribution benefits from leased/owned distribution infrastructure as well as partnership agreements with key regional distributors Ammonia distribution benefits from 3 ammonia vessels currently chartered (2 long-term and 1 medium-term) Fertiglobe An ADNOC and OCI Company Source: Company Information Notes: (1) Fertiglobe is headquartered in Abu Dhabi and was established as an ADGM company in 2019 (2) Fertiglobe increased its ownership in EBIC from 60% to 75% in Aug-21, by acquiring a 15% stake from a KBR-led consortium, which includes Mitsubishi, JGC and Itochu (3) Maximum downstream capacities cannot be achieved at the same time. DEF production capacity not included in the 6.6mt sellable volume capacity (4) N-7 is a 50/50 JV between OCI and Dakota Gasification Company (DGC) and distributes Fertiglobe's volumes in North America 32#33Strategically Located Asset Base and Global Distribution Platform Diversified Production Footprint in Geographically Advantaged Positions SORFERT EFC Fertiglobe An ADNOC and OCI Company Sorfert (51%) Egyptian Fertilizer Company (100%) B فرتيل Fertil Fertil (100%) EBIC EBIC Egypt Basic Industries Corporation (75%) Unique production platform in export-focused locations with global reach Fully integrated assets located East and West of the Suez Canal Multiple interchangeable supply points with ability to deliver ammonia and urea from any of three countries Plug-and-play for low carbon ammonia with ability to add both blue and green ammonia without prohibitive greenfield capex spending with projects already underway Source: Company Information 33#34Leading Nitrogen Fertilizer and Ammonia Exporter Globally ~10% of Combined Ammonia and Urea Global Seaborne Exports Ammonia and Urea Combined Export Production Capacity(1) Significant Scale Advantages Mtpa 6.7 6.3 6.1 6.0 5.6 Fertiglobe has the largest net ammonia export production capacity in the MENA region and top 3 globally Fertiglobe A B C An ADNOC and OCI Comp Fertiglobe An ADNOC and OCI Company 4.2 3.7 3.2 E F G 2.5 2.5 Source: Annual Reports and websites, CRU and Argus capacity tables Note: (1) As of Jun-22. Ammonia and urea only, excl. nitrates. Excludes non-seaborne production sold to domestic and regional customers 1 Large scale strategically located platform with ability to direct volumes to highest netback markets 2 Global distribution with access to all key markets from advantageous freight locations 3 Strongly positioned to attract and grow third party traded volumes, further increasing distribution scale and market penetration 4 Enhanced economic returns through ability to reliably service large orders, negotiate better commercial terms and lower transportation costs 5 Leadership in merchant ammonia and advantage in expected transition to clean hydrogen economy 34#35High Quality Asset Base with 50% of Capacity Younger than 10 Years Young Asset Base Drives Output, Cost and GHG Emission Advantages Asset Base Age (1) vs. Industry Average(2) 50% 11% I 0-10 years I ■ Fertiglobe 25% 11-20 years ■Industry Young Assets allow for: EBITDA FCF GHG Emissions Higher reliability and onstream time Better gas conversion Lower maintenance capex 15% 13% 12% 10% 21-30 years • Well-maintained asset base with 50% of capacity younger than 10 years (1), resulting in low maintenance costs and high reliability, while allowing for much better environmental footprint vs. coal and older gas producing plants • By comparison, ~80% of ammonia plants globally are >20 years • Fertiglobe plants have overlapping technologies, allowing for cost-efficient and synergistic maintenance Large, dedicated in-house maintenance team with world-class experience, sharing best practices across assets Fertiglobe An ADNOC and OCI Company Source: Company Information, Phillip Townsend Associates, CRU 23% 31-40 years 41% ✓ ✓ ✓ 41+ years Technology Providers Ammonia Urea Uhde ThyssenKrupp KBR Uhde ThyssenKrupp HALDOR TOPSOE H Stamicarbon Notes: (1) Sample size of 142 worldwide operational plants as of 31 December 2020. Fertiglobe data is based on production capacity weighted by plants' age. The industry data is based on a simple average and not weighted by capacity (2) Includes ammonia plants only 35#36Fertiglobe Gas Contracts Overview Attractively Priced Fixed Gas Contracts Ensure Fertiglobe is Competitive Through the Nitrogen Cycle فرتيل (1) Fertil EFC EBIC ADNOC GASCO (2) EGPC(2) 2019 2005 2006 2008 2044 2030 - 2031 2028 Gas Supplier Contract Start Date Contract End Date Annual Contract 56.0 Volume (m mmbtu) 33.5 24.0 SORFERT Sonatrach 2013 2033 60.7 Price determined in bi-lateral agreement: Cost escalation factors above certain product benchmark price levels Price is determined by national decree, with a contractual price stabilization until November 2023 o USD 1.3/MMBtu in 2022 and increases annually by 5%. With additional profits paid to Sonatrach under Ecremage Following the expiry of the pricing stabilization mechanism, the price of natural gas will be determined in accordance with applicable regulation. Regulation provides that the sale price of natural gas will be freely negotiated with Sonatrach Contract Pricing Price determined in bi-lateral agreement: m Mechanis ($/ 。 $4 floor o $3.5 in 2022 mmbtu) 。 Escalation of +3% p.a. о Gas Supplier Participation in FG Equity 36% of FG Fertiglobe An ADNOC and OCI Company Source: Company Information Notes: (1) Different tenors refer to Line I and Line II (2) EGPC and GASCO are subsidiaries of EGAS the Egyptian national oil & gas company NA 15% of EBIC 49% of Sorfert 36#37Profit Sharing Mechanisms - Sensitivity to Product Prices Fertiglobe Has Profit Sharing Mechanisms that Provide the Egyptian and Algerian Governments with Greater Income Participation as Product Pricing Increases (1) Illustrative Impact of Product Prices on Reported EBITDA 2021A +$100/t +$200/t +$300/t @ 2021A + Sensitized Pricing +$400/t +$500/t +$600/t +$700/t 12M Avg Urea Benchmark 530 630 730 830 930 1,030 1,130 1,230 Price (FOB Egypt, in $/t) 12M Avg Ammonia Benchmark Price 555 655 755 855 955 1,055 1,155 1,255 (FOB Black Sea, in $ /t) Gas Rates (2) (in $ / mmbtu) 3.3 3.7 4.1 4.5 4.8 5.2 5.6 5.9 EBITDA Sensitivity Revenue vs. Cost Increase (in $mn) 530 1,060 1,590 2,120 2,650 3,179 (135) (275) (416) (557) (698) (839) ■Additional revenue ■Additional cost 3,709 (980) $1,551 m Reported EBITDA Impact +$395 m +$784 m +$1,173 m +$1,562 m +$1,951 m +$2,340 m +$2,729 m (2021) Fertiglobe An ADNOC and OCI Company For a $100/t increase above 2021 urea/ammonia prices, everything else equal, Fertiglobe reported EBITDA increases by ~$350-400m Source: Company Information Note: (1) Egypt: natural gas arrangements include cost escalation factors above certain product benchmark levels. Impact of higher gas pricing above $4/mmbtu is significantly outweighed by the positive impact of higher revenue realized at such product pricing levels. Algeria: the partnership agreement with Sonatrach contains an incentive payment based on product prices driven formula, which is effectively a cost, compensating the Algerian state for Sorfert's competitive gas price. (2) Does not include take-or-pay costs and fixed costs 37#38Thank you 44 .