#117- NACCO OCI OCI N.V. Investor Presentation October 2019#2OCI Disclaimer This presentation ("Presentation") has been prepared by OCI N.V. (the "Company"). By accessing and reading the Presentation you agree to be bound by the following limitations: This Presentation does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. This Presentation may not be distributed to the press or to any other persons, and may not be redistributed or passed on, directly or indirectly, to any person, or published, in whole or in part, by any medium or for any purpose. 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No liability to any person is accepted by the Company, including in relation to the distribution of the Presentation in any jurisdiction. 2#3OCI Agenda 1 Key Highlights 2 Company Overview 3 Summary of Key Financials 4 Appendix 3#4OCI Leading Global Producer and Distributor of Nitrogen Products and Methanol % of Jun-19 Nitrogen Products 77% OCI LTM Revenue¹ Products Ammonia, urea, CAN, UAN, DEF and melamine # of Plants Market position Key trends Raw materials Customers Source: Company information 1 As of June 30th, 2019. 6 Methanol 23% Methanol 3 3rd largest global producer of nitrogen fertilizers ■2nd largest CAN producer in Europe ■Largest global melamine producer ■ Largest seaborne nitrogen export platform globally Fast-growing presence in DEF Strong demand and increasing prices ■ Tightening supply for all products ■ Natural gas costs expected to remain competitive in Europe and US ■ Premium products growing fast ■5th largest global methanol producer Largest global bio-methanol producer ■Largest producer in Europe ■2nd largest US producer ■ Methanol prices improved recently, as spot prices have fallen below the global cost curve and MTO utilization stabilized with positive production margins ■ Underlying long-term fundamentals of market remain strong Natural gas Farmers, diesel vehicle owners, industrial chemicals producers Natural gas MTO, MTBE, fuel producers, industrial chemicals Monetizing natural gas through a broad range of essential products producers 4#5OCI Build and Transition Phases Complete | Run-Rate Starts During Q4-2019 OCI Debut ratings OCI Current ratings Issuer rating Ba2 / BB-/BB Platform build-up Bond rating B1/BB-/BB- 2008 - 2017 Transition to run- rate 2018 - 2019 Ba2 / BB/BB Ba3 / BB/BB Run-rate 2020 OCI +$5bn Capex Program Completed 3 greenfield expansion projects, including the construction of IFCO, Sorfert, and Natgasoline Upgrade and debottlenecking at OCI Nitrogen ■ Refurbishment of BioMCN Acquisition, refurbishment and debottlenecking of OCI Beaumont Deleveraging Build and transition phases complete ■ Run-rate starts Q4 2019 with full year benefit expected in 2020 Deleveraging expected despite market volatility Target 2.0x net leverage through the cycle 5#6OCI Key Highlights | OCI at a Glance What Differentiates OCI Performance Drivers 2018 - 2020 Global leader in nitrogen and methanol with excellent diversification - product & geographical Volume ramp up underway post end of capex program Further double-digit volume ramp-up across both nitrogen Expect to achieve full run-rate during Q4 2019; 2020 first full year IFCO achieving 110%+ utilization rates post debottlenecking Natgasoline ramping up BioMCN M2 ramped up August 2019 OCIB debottlenecking >10% capacity increase achieved July 2019 Substantial reduction in execution risk Growth capex program completed Substantial cash generation and demonstrated deleveraging ✓ IFCO ramped up and continues to push production levels up Sorfert reaching utilization rates in excess of 90% following 2 major turnarounds during Q1 and Q3 2019 JV with ADNOC (Fertiglobe) adds to consolidated platform Natgasoline ramping up to full production Favourable position on the cost curve with state of the art asset base Highly strategic locations allow for enhanced netback pricing globally Supported by strong industry trends and market dynamics Benign gas pricing environment in both US and Europe Upside from pricing with all prices below mid-cycle averages Demonstrated commitment to financial discipline and deleveraging Significant capital structure simplification achieved Will continue to prioritize FCF towards deleveraging Re-affirming commitment to 2x net leverage target through the cycle 6#7Capacity Ramp-up Driving Volume Growth 2008 2017 Site locations 1 5 Capacity: 1.3mtpa Capacity: 11.6 mtpa Capacity split by geography Capacity split by product Key Drivers of OCI Growth ■ 2018: Natgasoline starts production, ramping up in 2019, and run-rate expected in 2020 Europe North Africa ■ 2019: 29% 38% North Africa 100% US 33% Q4 2019 9 Capacity: 16.1 mtpa UAE Europe 24% 13% OCI Beaumont debottlenecking (>10% increase in capacity); North Africa Start-up BioMCN M2 (0.5 28% mt) in Q3; US 35% Start ADNOC JV in Q4 2019; Methanol Melamine 11% Urea 2% 27% DEF IFCO reaching higher Maximum Proven Capacity (MPC) in Q3 2019 and significant growth in DEF (almost 1mt extra capacity); Turnaround of both. ammonia lines at Sorfert Methanol 18% Melamine 1% UREA 34% 8% in Q1 and Q3 2019 which DEF UREA CAN will well-position for 6% 100% 12% UAN 20% Net higher utilization rates in 2020 CAN UAN 16% 10% Net Ammonia 20% ■ 2020: expected to be first full year post growth capex and inclusion of Fertil Ammonia 15% Continued volume growth in Q4 2019 reflecting new capacities, addition of Fertil and a maturing & stable platform Source: Company information. OCI Note: Natgasoline proportionate capacity, all other capacities at 100% 7#8OCI ...Leading to Meaningful FCF and Deleveraging Ramp-up in Volumes to Drive Trajectory of Deleveraging EBITDA Expansion Driven by Volume Growth... Volumes (mtpa) Adj. EBITDA ($m) 937.5 466.5 634.3 9.4 7.4 6.1 5.9 x 4.8 4.6 9.1 x (78)% 7.0 x 4.4 x 3.4 x 2.0 x L 2016 2017 2018 H1 2018 H1 2019 2015 2016 2017 2018 Jun-19 Pro Target Forma Leverage 1,131 ...Paired with Decreasing CAPEX requirements... 736 Expected on-going maintenance capex level $180 - 240m from 2019² 293 180-240 147 108 2015 2016 2017 2018 1H 2019 Run-Rate ☐ ☐ Significant step-up of operational cash flows expected from higher volumes as a result of ramp-up to full run rate Low maintenance capex of $180 - 240m per year Following completion of major $5bn+ capex program No remaining material growth capex going forward Significant synergies expected from Fertiglobe ($60-75m) Potential tailwind from higher selling prices 1 Calculated by adding the LTM Adjusted EBITDA for the Company with the pro forma Adjusted EBITDA presented for FERTIL 2 Including Fertiglobe. 8#9Iowa Fertilizer Company | Continues to Push Maximum Capacity Higher IFCO Reaches Record Utilization Rates ■ IFCO reaches record utilization levels following 4-week debottlenecking in Q3 2019, and at better gas efficiency: Consistent performance during 2019 YTD ◉ Record of 117% of nameplate capacity reached in September 2019 despite warm weather (which generally limits production) IFCO is expected to continue to benefit from increasing MPC in 2020 DEF volumes also continue to ramp up: IFCO Reaches Record Utilization Rates Ammonia (Production kst) 300 250 81% 200 77% 150 100 50 110% 120% 109% 107% 104% 103% 98% 97% 100% 80% 60% 40% 0 20% Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Production (KST) Capacity Efficiency % OCI Higher margin product with less seasonality than fertilizers; market growth in the US >15% IFCO on target to double DEF sales volumes in 2019 (from c.260kt in 2018), further strong growth expected in 2020 towards 1 mtpa capacity Diesel Exhaust Fluid Volumes Set to Double (Production kst) 180 160 140 120 100 80 60 40 20 0 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Production (KST) Capacity Efficiency % 80% 60% 40% 20% 0% 9800 9#10OCI N.V. - ADNOC Partnership (Fertiglobe) | Strengthening Competitive Position First-of-its kind Export Platform OCI N.V. and ADNOC have created Fertiglobe: o Combining ADNOC's fertilizer business into OCI's Middle East and North Africa (MENA) nitrogen fertilizer platform o OCI and ADNOC own a 58% and 42% stake, respectively o Fertiglobe has >$1.7 billion of annual revenues based on 2018 pro forma figures² OCI will fully consolidate the combined business o Innovative approach to growth by asset contribution achieves overnight scale, without any capital outlay o Transaction closed Sep 30th 2019 A new global Nitrogen Fertilizer leader: o World's largest nitrogen fertilizer seaborne export- focused platform o Leading MENA producer with 1.53 mtpa of sellable ammonia and 5.0³ mtpa of urea Urea and Ammonia Global Seaborne Export League Table¹ Sellable Ammonia and Urea Export League Table (mtpa) Fertiglobe An ADNOC and OCI Company Player #2 Player #3 Player #4 Player #5 OCI ΜΕΝΑ Player #7 Player #8 Player #9 Player #10 2.5 Player #11 2.5 Player #12 2.3 3.2 3.6 3.5 4.4 4.9 5.4 6.0 6.3 6.5 o Combined platform benefits from greater geographic diversity and market access أدنوك ADNOC 2.1 o Sellable capacity represents approximately 10% of 2018 combined ammonia and urea global seaborne exports ADNOC Fertilizers Player #14 1.9 Expected to create significant value through the unlocking of commercial and technical synergies ($60-75m)4 Player #15 1.7 OCI Source: Company estimates, public filings, CRU, Fertecon, Integer. 1 Estimates based on published capacity data and historical exports. 2 Pro forma for Fertil. 3 Annual production capacity 4 We expect that the synergies will be predominantly generated through commercial synergies, such as high product and technology overlap, with the ability to leverage scale for cost synergies. The Group and its management believe that the synergies have been calculated on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of management's knowledge and opinion, the expected synergies that may be capable of being realized in connection with the establishment and operation of FERTIL. However, because this information is highly subjective, it should not be relied on as necessarily indicative of actual or future results. 10#11Favourable Positions on the Global Cost Curve for Fertilizers... Urea global export cost curve (2019) IFCO well-positioned on the cost curve² 300 Total ocean/rail freight¹ cfr urea costs, 2019 basis ($/t) Urea ($/short ton) 250 Cost to FOB/FOT ExW cost Fertiglobe 160 200 150 100 50- 0 T 02 46 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 Million tons 80 60 40 20 ༄ ༔ ཎྜ ཎྜ ྂ ་ྒུ ཀྵུ ° 140 120 100 Russia Trinidad Donaldsonville, LA OCI IOWA FERTILIZER Ex-works production cost Freight to Midwest OCI Competitive energy efficiency of European ammonia plants³ (GJ/mt NH3 LHV) 1st Quartile 2nd I Quartile 3rd Quartile¦ Quartile I 39-49 36-38 I 33-35 31 32 OCI OCI NITROGEN NITROGEN Source: Integer, Company information, peer public filings, broker estimates, IFA, Argus 1 Weighted average of top three global export destinations 2 Charts reflect ex-works and do not include transport benefit to customer or benefit of Midwest premium Key Cost Items Location is key as freight increases cost: OCI benefits from well-positioned locations across its platform with proximity to end users Fertiglobe has significant competitive advantage as result of long-term fixed gas supply agreements Strategic locations with access to key ports on the Mediterranean, Red Sea and Arabian Gulf As a new greenfield facility, IFCO has lower energy costs than average for US plants and is positioned in the lowest quartile of global cost curves - High netbacks supported by IFCo's strategic location in the US MidWest OCI Nitrogen is in top quartile plant on a gas to ammonia conversion efficiency perspective compared to European peers as a result of significant investment by OCI 3 Based on IFA report published in March 2016 for operating years 2013-2014. OCI Nitrogen's two ammonia lines are represented 11#12OCI ...and Also Strong Position on the Methanol Global Cost Curve Methanol global cost curve - Sep-2019 MeOH delivered cash cost to coastal China main ports (net available capacity)¹ Low cost position attributable to advantageous access to feedstock and distribution infrastructure US$ per metric ton $600 $500 $400 $300- China Adjusted Import Prices (CFR plus duty, throughput) $200 OCI BioMCN BEAUMONT $100- natgasoline $0 0 10,000 20,000 2019E China demand China Adjusted Domestic Prices (Avg East/South China less VAT) 30,000 40,000 50,000 60,000 70,000 Source: MMSA Cumulative Available Capacity ('000 metric tons) Note: Assumes 100% capacity utilization 1 Cost curve assumes delivery costs to China Access to low cost US shale economics OCI BEAUMONT Multiple ammonia and methanol pipeline customers leading to higher netbacks Ability to transport using 3 modes: barges, trucks and deep sea vessels Access to low cost US shale economics natgasoline Easy access to the US Gulf export infrastructure Adjacent to OCI Beaumont allowing for technical synergies Access to bio-gas sourced from waste digester plants connected to the Dutch national natural gas grid BioMCN Benefits from structural decline in gas prices due to LNG glut Premium priced bio-methanol 12 12#13State-of-the-Art and Young Asset Base OCI's capacity breakdown by vintage (% of total capacity) OCI 17% 8% 7% Youngest asset base relative to global peers with 34% of production capacity under 5 years old 11% 56% 0-10 years 10-20 years 20-30 years 30-40 years >40 years ■ Invested over $5 billion since 2010 in growth and improvement capital expenditures (of which, approximately 80% on expansion projects and 20% of improvements) Age profile of our assets allows us to maintain high utilization rates with low maintenance capex requirements 13#14■ OCI Source: Bloomberg, Argus 0.0 2.0 ուցաա /$ 4.0 6.0 8.0 10.0 Structurally Low Gas Prices Enhance our Competitive Cost Position TTF Gas Prices | Historical and Forward Curve ($/mmBtu) 12.0 Henry Hub Forward Curve (NYMEX) Progression ($/MMBtu) $6.00 Q1 15 Q3 15 Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q1 21 Q3 21 Q1 22 Gas Price ($/MMBtu) $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 ($1.00) 10/2019 Today 04/2020 10/2020 04/2021 10/2021 04/2022 10/2022 04/2023 10/2023 04/2024 10/2024 04/2025 10/2025 04/2026 ми 10/2026 European TTF gas prices dropped >50% in H1 2019 compared to H1 2018 despite coal to gas switching dynamics We expect to continue to benefit from materially lower gas prices in both Europe and the United States: - A wave of investment in LNG is resulting in an increase in cheap energy (global LNG effective capacity is set to grow by over 20% from 2018 to 2021) In the US, Henry Hub decreased to very competitive prices that are significantly below the levels of last year: The forward curve suggests this will remain for the foreseeable future, which will continue to keep our US operations at the very low end of the global cost curve 04/2027 10/2027 04/2028 10/2028 04/2029 3Y Ago 5Y Ago -----ANR SW Basis (Today) 14 10/2029 04/2030 10/2030 04/2031 10/2031#15OCI ☐ 2.0 6.0 Demand trend growth ~>3 mtpa 4.0 10 year historical CAGR Structural Supply-Demand Imbalance Expected to Support Fertilizer Prices Global urea capacity additions (ex-China) below demand growth million mtpa 10.0 8.0 50% of estimated additional capacity 2020-2022 to occur in Iran, India and Nigeria ■ Improved trajectory for nitrogen prices mainly due to: О Large capacity additions of 2015 - 2018 being absorbed O Lower Chinese exports 0.0 350 2016 2017 2018 2019 2020 2021 2022 330 No further new capacity start-ups in the remainder of 2019 310 New planned capacities prone to delays due to availability of feedstock, construction delays and other factors 290 Chinese exports at low levels, but will be required in tightening market 270 China Urea Exports (mtpa) 250 13.6 13.7 YTD 2019 avg monthly exports annualized 230 210 8.9 8.3 7.0 6.9 190 5.3 4.4 44 4.7 3.4 3.6 4.0 170 2.5 1.6 1.4 150 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Company information and estimates, CRU, Fertecon, Integer, CFMW, company reports Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 ○ Demand from importing regions Summer Season Fertilizer Prices More resilient than in Previous Years Jan-18 Mar-18 May-18 Egypt Granular Urea Spot, $/t Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 15#16Structural Supply-Demand Imbalance Expected to Support Fertilizer Prices Ammonia Market Tightening Expected after Difficult 2019 million mtpa 4 3 1 20+ -1 -2 2016 2017 2018 2019 2020 2021 2022 Capacity Additions Demand Growth Historical Fertilizer Price¹) Ammonia NW Europe CFR ($/Mt) Midcycle urea Midcycle ammonia CAN CIF Germany (€/Mt) Urea Granular Egypt FOB ($/Mt) Midcycle CAN 700 500 OCI 300 100 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Company information and estimates, CRU, Fertecon, Integer, company reports, International Fertilizer Association ("IFA") 1 Midcycle average prices are defined as average prices for last ten years Ammonia markets have been oversupplied since early 2019 but no further major new merchant supply expected until 2023, and demand expected to strengthen Urea and CAN prices on positive trajectory, ammonia at inflection trough, but nitrogen prices are still 25-35% below 10-year mid-cycle average 16#17New Merchant Global Methanol Supply Expected to be Below Demand Growth million mtpa 35.0 30.0 Methanol demand growth expected to outstrip supply 2018 Global Methanol Demand by Derivative (100% = 91 mt) Blue GDP Core - 43% Green = Fuel/Energy - 33% Gray MTO 24% Methanol-to- Olefins 23% Formaldehyde 26% 25.0 20.0 Demand outstrips supply MTBE 12% DME 3% Acetic Acid 8% MMA 2% Methylamines 2% Biodiesel 3% Fuel blending 13% Others 5% Methyl Chloride 3% 15.0 10.0 5.0 " 0.0 2019E IIII 2020E Firm Incremental Capacity Incremental Demand Incremental methanol demand in the medium term of ~3-4mn tons from new MTO facilities Historical Methanol Price¹) 2021E 2022E 2023E 2024E US Methanol Contract (US$ /t) Mid-Cycle Methanol (US$/t) Theoretical Incremental Capacity Utilization Rate 700 Good visibility into next 4-6 years of capacity additions given shortage of start-up activity today Demand growth expected at in mid-single digits (excl. captive MTO/MTP) driven by core derivatives (GDP growth), fuel applications, and MTO/MTP 600 500 ༼ སྤུར་བའི་རི་ཡི་ལམ་ཅད་ པ་༼ན་ཏུ་ 400 300 200 100 Prices almost $90 below mid-cycle, but recent support from spot price improvements, Oct contract prices rolled over 3rd month in a row 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 OCI Source: Company information and estimates, MMSA, Argus, IMF, IHS, company reports 1 Midcycle average prices are defined as average prices for last ten years 17#18OCI Agenda 1 Key Highlights 2 3 Company Overview Summary of Key Financials 4 Appendix 18#19A Leading Global Provider and Distributor in Nitrogen Products and Methanol Segment Nitrogen Nitrogen US Nitrogen MENA Methanol US Europe (Fertiglobe: 58% owned JV w/ ADNOC) Methanol Europe Natgasoline is not a reportable segment of OCI's as the entity is not consolidated Brand OCI OCI IOWA FERTILIZER NITROGEN EFC EBIC FERTIL OCI PARTNERS LP SORFERT (BioMCN natgasoline OCI Ammonia Ammonia Ammonia Urea UAN Products Urea Ammonia Urea Ammonia Methanol Methanol Methanol UAN DEF CAN Melamine Urea Geography Iowa, US Netherlands Algeria Egypt Egypt UAE Texas, US Netherlands Texas, US Netherlands OCI % ownership Fertiglobe Ownership 100% 100% 100% 100% 50% 51%2) Public company 100% 60%³) 100% Consolidation Production capacity (pa) 3.4mt 2.8mt 2.1mt 1.6mt 0.7mt 2.1mt 0.4mt 1.0mt 1.0mt 1.8mt 16.1mt¹ Geographically diverse production footprint in premium commanding locations 1 Natgasoline production included on a proportionate basis OCI 2 49% owned by Sonatrach 3 40% owned by various minorities, including Egyptian General Petroleum Corporation Fertilizers Industrial Chemicals 19#20Nitrogen Production Capacity and Commercial Footprint Iowa Fertilizer Company (IFCO) - Iowa, US ■ Production and sales started April 2017 Product² Ammonia (net) ktpa 195 UAN 1,757 Urea 438 DEF 1,019 N-7 JV ■ Established: May 2018 ■ 50/50 JV between OCI and Dakota Gasification Company ■ Ability to distribute 4.5 million metric tons of fertilizer products in N. America ■ Ammonia, Urea, UAN, and DEF OCI Nitrogen - Netherlands ■ Acquired: 2010 Product² ktpa Ammonia (net) 350 CAN UAN Melamine 1,549 730 219 OCI 1 (N7 Nitrogen Footprint Egyptian Fertilizer Co (EFC) - Egypt Acquired: 2008 Product Urea ktpa 1,648 Egypt Basic Industries Corp (EBIC) - Egypt Acquired: 2009 Product Ammonia ktpa 730 Sorfert Algerie - Algeria Fertil (Abu Dhabi) Commissioned: 2013 ■ Commissioned: 1980 (Fertil 1) & 2009 (Fertil 2) Product Urea Ammonia (net) ktpa 1,259 803 Product Urea Ktpa 2,100 Fertiglobe An ADNOC and OCI Company Perimeter of Fertiglobe JV (58% OCI / 42% ADNOC) Production footprint facilitates a global approach to our commercial strategy Capacities are maximum proven daily capacity (MPC) achievable x 365 days; 2 Maximum downstream capacities cannot be all achieved at the same time 20#21Methanol Production Capacity and Commercial Footprint OCI Beaumont (Texas, US) United States Product Methanol ktpa 1,0451 Ammonia 356 Strategically located on the Texas Gulf Coast Completion of CO2-related debottlenecking project in July 2019 which adds 125ktpa, i.e. c.13% of capacity (project cost: c.$10m) Natgasoline LLC (Texas, US) Product Methanol ktpa 1,825 " Ownership: 50%² ✓ Commercial production started in June 2018 ✓ One of the world's largest methanol plants OCI Fuels Wholly owned trading entity supplying biogas to OCI Beaumont to process into bio- methanol ✓ Securing sizeable amounts of biogas from various landfills, anaerobic digesters and waste-water treatment plants Global OCI Methanol Marketing Wholly owned subsidiary marketing OCI's 3.0Mt of methanol portfolio globally The distribution platform's global footprint and distribution allows it to optimize trade flows to enhance netback pricing Distribution offices in Houston, New York and Amsterdam, with centralized commercial decision- making Europe BioMCN (The Netherlands) Product Methanol (1) Methanol (II) ktpa 496 496 " Acquired: 2015 ✓ Connected to the national natural gas grid - itself connected to the integrated NW Europe network ✓ Easy logistical access to major European end markets via rail and sea freight from Delfzijl and road and barge from terminal in Rotterdam ✓ Winner of Dutch National Enlightenmentz Awards for an innovative green methanol production process converting carbon dioxide and hydrogen into bio- methanol BioMCN's second line M2 started production in Q3 2019 OCI 1. Includes 125ktpa added in July 2019 as a result of debottlenecking project 2. JV with Consolidated Energy Ltd ✓ 21#22Agenda 1 Key Highlights 2 OCI 3 Company Overview Summary of Key Financials 4 Appendix 22 22#23Product Sales Volumes ('000 metric tons) Q2 2019 Q2 2018 % A H1 2019 Hồ 2018 % A Own Product Ammonia 592.1 537.5 10% 959.6 1,061.5 (10%) Urea 857.1 806.5 6% 1,305.3 1,471.4 (11%) Calcium Ammonium Nitrate (CAN) 618.1 343.8 80% 726.8 566.8 28% Urea Ammonium Nitrate (UAN) 459.2 372.3 23% 699.1 714.1 (2%) Total Fertilizer 2,526.5 2,060.1 23% 3,690.8 3,813.8 (3%) Methanol¹) 396.0 307.8 29% 794.1 650.1 22% Melamine 32.9 35.4 (7%) 68.1 69.7 (2%) Diesel Exhaust Fluid (DEF) 128.9 59.5 117% 225.9 100.4 125% Total Industrial Chemicals 557.8 402.7 39% 1,088.1 820.2 33% Total Own Product Sold 3,084.3 2,462.8 25% 4,778.9 4,634.0 3% Traded Third Party Ammonia Urea 22.6 98.8 (77%) 112.4 145.5 (23%) 114.5 56.4 103% 186.2 129.0 44% UAN Methanol Ammonium Sulphate (AS) DEF 3.4 23.5 (86%) 10.2 48.0 (79%) 151.1 52.9 186% 247.6 84.5 193% 177.2 154.5 15% 379.0 322.5 18% 19.8 0.0 nm 28.6 0.0 nm Total Traded Third Party 488.6 386.1 27% 964.0 729.5 32% Total Own Product and Traded Third Party 3,572.9 2,848.9 25% 5,742.9 5,363.5 7% OCI 1 Including OCI's 50% share of Natgasoline volumes 23#24Overview Q2 2019 Results Summary Highlights Key Financials¹ and KPIs OCI • Quarterly record of 3.1 million metric tons Total nitrogen fertilizer volumes +23% Own-produced volumes sold +25% in Q2 2019 vs. Q2 2018 Revenue Q2 2019 Q2 2018 % A H1 2019 H1 2018 % A 953.5 792.7 20% 1,550.0 1,537.5 1% Record DEF volumes Gross Profit 165.4 160.3 3% 217.9 330.0 (34%) • Methanol volumes +29% driven by Natgasoline Total Sales Volumes Adjusted EBITDA2) 275.1 203.5 35% 404.4 438.6 (8%) EBITDA²) 221.6 215.2 3% 343.8 467.3 (26%) Revenues increased 20% in Q2 2019 vs. Q2 2018 Adj. net income (loss) attributable to shareholders 36.9 3.1 nm (45.3) 14.4 nm (own produced and 3rd party traded) +7% • Driven by the higher sales volumes, partly reflecting volume deferrals in first quarter for Jul and Net income (loss) attributable to shareholders 19.9 (39.5) nm (61.3) (15.0) nm Adjusted EBITDA increased 35% in Q2 2019 vs. Q2 2018 Gross Debt .. To a quarterly record, driven by the higher revenues and lower natural gas costs . Sales offset by one-off negative effects of $35m mostly from an unplanned shutdown at OCI Beaumont Net Debt Free cash flow of $151 million during Q2 2019 Net debt down $110 million during Q2 2019 30-Jun-19 31-Mar-19 % A 4,530.1 4,672.6 (3%) 4,052.6 4,162.9 (3%) Q2 2019 Q2 2018 % A H1 2019 Hồ 2018 % A Free cash flow²) 150.9 133.3 13% 135.0 247.3 (45%) Capital Expenditure 48.7 89.1 (45%) 108.4 132.0 (18%) Of which: maintenance capital expenditure 26.7 38.3 (30%) 45.3 58.4 (22%) Aug 2019 vs 2018. Total own produced volumes +8%, of which own- produced nitrogen volumes -2% and methanol volumes +69% Recent events . BioMCN's second line and expansion at OCI Beaumont successfully started production during summer, increasing OCI's proportionate methanol capacity by 27% to 2.95 mtpa OCI Beaumont downtime utilized to accelerate debottleneck of the plant, currently running >110% of its previous capacity Sales volumes ('000 metric tons)³) OCI Product 3,084.3 2,462.8 25% 4,778.9 4,634.0 3% Third Party Traded 488.6 386.1 27% 964.0 729.5 32% Total Product Volumes 3,572.9 2,848.9 25% 5,742.9 5,363.5 7% Note: Q2 Results per reported results, EBITDA includes impact of IFRS16. 1 Unaudited 2 OCI N.V. uses Alternative Performance Measures (APMs) to provide a better understanding of the underlying 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. 3 Not adjusted for OCI ownership stake in plant, except 50% OCI's share of Natgasoline volumes 24 24#25OCI M&A Prudent Financial Policy, with a Short-term Focus on Deleveraging Risk management Capital structure Focus on deleveraging towards 2.0x net leverage ■ Free cash flow will be prioritized to deleverage Continue to optimise and simplify capital structure ■ Reduce weighted average cost of debt and extend debt maturity profile Opportunistically evaluate financing opportunities This may include refinancing of other subsidiary debt at the OCI NV level Over 50% of total run-rate natural gas volumes have fixed price long term contracts ■ MENA assets benefit from 20 - 25 year contracts ■ Well-matched currency profiles of cash flows and debt provides a natural hedge ■ The Group maintains comprehensive business and insurance coverage ■ The Group continuously evaluates M&A opportunities to grow the business ■ These are evaluated based on their contributions to the overall financial profile of the Group Source: Company information 25#26OCI Agenda 1 Key Highlights 2 Company Overview 3 Summary of Key Financials 4 Appendix 26#27OCI Compelling Combination with Robust Financial Profile Pro-forma FY 2018 consolidated financials based on 2019 ADNOC Fertilizers gas prices $ million except otherwise stated OCI-ADNOC Fertilizers JV Sales Volume (millions of tons per annum)² Pro-forma Ammonia: 1.434 Urea: 5.085 Revenue Adjusted EBITDA 1,740 7401 Maintenance CAPEX 23 Net Debt 657 Leverage5 0.9x Proportionate PF Adjusted OCI N.V. pre-deal Fertilizers Europe 14% OCI pro-form Pro-forma 1 Ammonia: 2.422 Urea: 5.453 Other products: 5.458 3,848 1,1773 1404 4,079 3.5x OCI N.V. post-deal Fertilizers Europe Fertilizer MENA 38% Fertilizers US 20% 15% Fertiglobe 37% Notes Pro forma figures exclude synergies ■2018 CAPEX for both OCI MENA and ADNOC Fertilizers was low compared to an expected run- rate capex for the JV of ~$70 - $80m per annum ■ Pro forma for the transaction, OCI NV's run rate maintenance CAPEX is expected to be ~$180 -$240m per annum ■ Diversification of proportionate adjusted EBITDA before synergies remains approximately the same before and after transaction EBITDA split by segment? Fertilizers US 19% Chemicals US / Europe 28% Chemicals US / Europe 29% Note: Fertiglobe to be fully consolidated by OCI N.V. Based on new agreed ADNOC Fertilizers gas price for 2019 of $2.76 inflated at 3%, followed by 2022 base of $3.5 inflated at 3% ¹ Pro forma for FERTIL to the Group results as of December 31st, 2018, these numbers were calculated by, and are the responsibility of, the Group's management. The Group and its management believe that these have been calculated on a reasonable basis, reflecting the best estimates and judgments, and represents, to the best of management's knowledge and opinion, the true performance of FERTIL for the relevant period. However, because this information is highly subjective, it should not be relied on as necessarily indicative of actual or future results ² Own-produced and third-party traded; 3 Calculated by adding the adjusted EBITDA including lost profit from business interruption for the Company with the adjusted EBITDA presented for Fertil excluding synergies 4 Excludes growth CAPEX of $157m for FY185 Net debt/ adjusted EBITDA 6 Includes 58% of Fertiglobe pro-rata adjusted EBITDA 7 Excludes Other and Eliminations items 27#28OCI Ramp-Up of Methanol Capacity 2018 - 2019 Production Capacity million mtpa OCI Beaumont 1.4 2018 (OCI Beaumont + BioMCN M1) June 2018 Natgasoline BioMCN 0.5 3.0 0.1 0.9 Started production June 2018 Ramped-up August 2019 Started production July 2019 Natgasoline OCIB expansion BioMCN M2 Current Q4 2019 28#29Debt Maturity Profile - Pre and Post Refinancing October 2019 Weighted Average Group Debt Maturity Profile: extended 6 months from 4.7 to 5.2 years $ million 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 Reduced short term refinancing risk and extended maturity profile 2019 2020 2021 2022 OCI Note: Debt amount excludes deferred costs. Status Quo ■Now 2023 2024 2025 2026 - 2037 29#30OCI Flexible Production Capabilities to Maximize Production of Most Profitable Products Max. Proven Capacities¹ ('000 metric tons) Plant Total Total Total²) Country Ammonia (Gross) Ammonia (Net)³ Urea UAN CAN Fertilizer Melamine4 DEF Nitrogen Methanol OCI NV 914 195 438 1,757 2,390 1,019 3,409 3,409 Iowa Fertilizer Company USA OCI Nitrogen5 Netherlands 1,184 350 730 1,549 2,629 219 2,849 2,849 Egyptian Fertilizers Company Egypt 876 1,648 1,648 1,648 1,648 Egypt Basic Industries Corp. Egypt 730 730 730 730 730 Sorfert Algérie Algeria 1,606 803 1,259 2,062 2,062 2,062 Fertil UAE 1,205 2,100 2,100 OCI Beaumont USA 356 356 2,100 356 356 1,045 1,401 2,100 BioMCN Netherlands Natgasoline LLC USA Total MPC 991 991 1,825 1,825 6,871 2,434 5,445 2,487 1,549 11,916 219 1,019 13,154 3,861 17,015 -913 -913 Excluding 50% of Natgasoline Total MPC with 50% of Natgasoline 6,871 2,434 5,445 2,487 1,549 11,916 219 1,019 13,154 2,949 16,102 Notes: 1 Capacities are maximum proven capacities (MPC) per line at 365 days. OCI Beaumont's capacity addition is an estimate of 2,853 tpd x 365 and BioMCN's M2 capacity is an estimate based on 1,250 tpd x 365 days; 2 Total capacity is not adjusted for OCI's ownership stakes or downstream product mix limitations (see below), except OCI's 50% stake in Natgasoline; 3 Net ammonia is estimated sellable capacity; 4 Melamine capacity split as 164 ktpa in Geleen and 55 ktpa in China. OCI Nitrogen owns 49% of a Chinese melamine producer, and exclusive right to off-take 90%; 5 OCI Nitrogen and IFCO each cannot achieve all downstream production simultaneously (i.e.: OCI Nitrogen cannot maximize production of UAN, CAN and melamine simultaneously, and IFCO cannot maximize production of UAN, urea and DEF simultaneously) 30#31For OCI N.V. investor relations enquiries contact: Hans Zayed [email protected] T +31 (0) 6 18 25 13 67 OCI N.V. corporate website: www.oci.nl EBIC Egypt Basic Industries OCI