Decarbonizing Maritime Transport

c.$2.7/mmBtu Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Henry Hub TTF Ukraine Chinese Anthracite Coal price OCI gas consumption per region at run-rate production Significant advantage from fixed gas price contracts Fixed price weighted avg Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 Higher costs for marginal producers supportive of prices Global Feedstock Prices 2016-2021F, $/MMBtu 14 12 10 864 20 Cash Costs per ton of Ammonia 2016-2021F, $/t 600 500 400 300 200 100 0 Marginal costs have escalated on high end of cost curve ΜΕΝΑ 51% US + EU 49% Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 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 and both OCI Nitrogen and BioMCN purchase off of liquid TTF market Note: Average North American 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 OCI feedstock; Chinese production assumed to be 1.12 tons of coal for feedstock Source: Bloomberg, CCTD, CRU, OCI May-19 Jul-19 Sep-19 Nov-19 United States W. Europe Ukraine -Chinese marginal costs ■ 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 222 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21

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