Fertiglobe Financial Overview

US 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

View entire presentation