MANAGEMENT COMMENTARY FIRST HALF QUARTER 2016 KEY FIGURES

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1 OCP Reports Second Quarter and First Half 2016 Results Casablanca, Morocco, September 23, 2016 OCP S.A. ( OCP or the Company ), a global leader in the fertilizer industry, today reported results for the second quarter and first half ended June 30, MANAGEMENT COMMENTARY Despite difficult market conditions, OCP remained solidly profitable in the 2016 first half, thanks to our sustainable competitive advantages. We maintained an industry leading EBITDA margin of 27% among phosphate producers, underscoring the Company s low cost position and its commercial and operating flexibility. Additionally, OCP has been undertaking targeted investments to enhance production optimization and drive further cost efficiencies, which are effectively sustaining margins throughout this cyclical downturn. Furthermore, our investment program is increasing our structural flexibility, which enables us to tailor our product mix to changes in market conditions, said Mr. Mostafa Terrab, Chairman and Chief Executive Officer of OCP. As anticipated, we achieved a modest sequential improvement in second quarter revenues, reflecting increased fertilizer sales to high-growth markets where OCP enjoys a leading position. Demand for phosphate-based fertilizer remained positive in the period, but much of the consumption took the form of inventory draw-downs following widespread stockpiling in At the same time, the industry faced market oversupply conditions, mainly due to high levels of Chinese exports that caused prices to soften. Our profitability for the period benefited from competitive raw material sourcing and cost savings following the ramp up of our slurry pipeline. FIRST HALF QUARTER 2016 KEY FIGURES First half 2016 revenues were MAD 21,656 million (US$ 2.2 billion) compared to MAD 23,895 (US$ 2.5 billion) in the first half of EBITDA was MAD 5,916 million (US$ 606 million), down from MAD 8,634 million (US$ 890 million) for the same period last year. EBITDA margin was 27%. Adjusted operating cash flow* was MAD 4,157 million (US$ 426 million) in the first half of The investment program proceeded according to plan, with MAD 5,102 million (US$ 523 million) spent during the first half of (*) Adjusted for the transfer of OCP s internal pension fund and the regularization of tax payable related to FY2015

2 SECOND QUARTER 2016 KEY FIGURES Second quarter revenues were MAD 11,279 million (US$ 1.2 billion), compared to MAD 12,983 million (US$ 1.3 billion) in Q2 2015, and MAD 10,337 million (US$ 1.06 billion) in the 2016 first quarter. EBITDA was MAD 3,023 million (US$ 312 million), versus MAD 4,687 million (US$ 479 million) in the year-ago quarter. EBITDA margin was 27%. FIRST HALF 2016 Operating and Financial Results First half 2016 revenues of MAD 21,656 million (US$ 2.2 billion) reflected lower prices across all three product categories. In the first half of 2016, demand for phosphate based fertilizer remained healthy while supply was mainly impacted by high levels of carry-over from Imports were constrained as key consuming countries drew down large inventory positions amassed due to high levels of Chinese export in This led to a 30% decrease in market phosphate prices and resulted in lower year-over-year revenues. Gross profit decreased to MAD 14,440 million (US$ 1.5 billion), compared with MAD 16,371 million (US$ 1.7 billion) a year earlier due to lower revenues, partially mitigated by reduced raw material costs. First half 2016 EBITDA was MAD 5,916 million (US$ 606 million), compared to MAD 8,634 million (US$ 890 million) for the same period in 2015, as the impact of lower prices more than offset the benefits of reduced raw material costs. The continued ramp up of the slurry pipeline resulted in a 26% year-over-year increase in cost savings of MAD 436 million in the first half of 2016 compared with MAD 346 million for the year ago period. First half 2016 operating profit was MAD 4,212 million (US$ 432 million), compared with MAD 6,975 million (US$ 719 million) in Balance Sheet and Cash Flow Available cash (cash, cash equivalents) was MAD 10,041 million (US$ 1.02 billion) at June 30, Net financial debt was MAD 38,803 million (US$ 4.0 billion), and the Net Financial Debt/EBITDA ratio was 2.59 as of June 30, Adjusted operating cash flow was MAD 4,157 million (US$ 426 million) in the first half of Capital expenditures totaled MAD 5,102 million (US$ 523 million) for the first half of 2016.

3 SECOND QUARTER 2016 Operating and Financial Results Second quarter revenues were MAD 11,279 million (US$ 1.2 billion), compared to MAD 12,983 million (US$ 1.3 billion) in the prior-year period, but on a sequential basis, revenues increased by 8%. The same factors that impacted first half revenues are reflected in second quarter results. During this second quarter, OCP was able to achieve higher fertilizer volumes through the expansion of new product sales to high growth markets, notably Latin America. Gross profit declined to MAD 7,471 million (US$ 771 million) from MAD 8,990 million (US$ 919 million) in the second quarter of EBITDA for the quarter was impacted by lower revenues, which more than offset a reduction in sulfur costs and external expenses. As a result, second quarter EBITDA amounted to MAD 3,023 million (US$ 312 million), compared to MAD 4,687 million (US$ 479 million) in the year-ago period. On a sequential basis however, the EBITDA margin remained broadly stable at 27% in the second quarter of 2016, compared with 28% in the first quarter of Second quarter operating profit was MAD 1,763 million (US$ 183 million) from MAD 3,722 million (US$ 380 million) in the second quarter First Half 2016 Corporate Highlights The long-term investment program initiated by OCP in 2008 proceeded according to plan and the main achievements for the first half of 2016 were: The continued ramp up of the Jorf Lasfar slurry pipeline further strengthened OCP s cost structure by significantly reducing transportation and energy costs. In 1H 2016, 4.3 MT of rock were transported via the slurry pipeline, an increase of 53%compared with the 2.8 MT transported in 2015, resulting in a MAD 436 million in cost savings. The second integrated fertilizer plant at JPH came online in the first half 2016 and the third integrated fertilizer plant is well underway.

4 SUMMARY AND OUTLOOK The industry environment remains challenging, but we believe that the phosphate market is close to or at the bottom of the cycle and heading to a gradual recovery in Consumption should benefit from higher crop yields in key regions and strengthening demand is also expected in response to lower Brazilian inventories. In terms of supply, high inventory levels in China could lead to expanded exports, impacting market prices. The factors that could surprise on the upside include stronger than expected Indian and Brazilian demand, together with limited exports from China. The long-term fundamentals remain compelling, as demand for food far exceeds supply. We are confident that growing global demand will absorb expanded capacity, but we have the flexibility to adjust capital spending and modulate production to maximize value. We have a profit-driven strategy and plan to leverage our competitive advantages to emerge even stronger as market conditions improve. As such, we expect to continue to maintain margins that are significantly ahead of the industry average. noted Mr. Terrab. CONFERENCE CALL OCP senior management will host a conference call at 9 a.m. EDT and 2 p.m. London/Morocco time on September 23, 2016, to discuss the financial results. Qualified institutional buyers, bondholders, securities analysts and market makers are invited to participate in the call. Conference call details are available at OCP s Investor Relations portal on the Intralinks website. Eligible parties that have not already registered for access to the Intralinks portal may do so by contacting Mrs. Ghita Laraki, Investors Relations at g.laraki@ocpgroup.ma ABOUT OCP OCP is the largest phosphate producer in the world and a leading global fertilizer player, backed by almost a century s production history. OCP has exclusive access to the largest phosphate rock reserve base in the world. It is one of the lowest cost producers of phosphate rock in the industry and has become a leading player in production and trade volumes across the phosphate value chain. OCP employs 20,700 people and contributes to regional development through its mining and fertilizer operations, and through its sustainability program. For more information, visit:

5 FORWARD LOOKING STATEMENTS This press release has been prepared by OCP S.A. ( OCP ) 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 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 OCP s 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 2016 and beyond; the current and future volatility in the credit markets and future market conditions; OCP s 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 OCP s operating systems, structures or equipment; the effectiveness of OCP s processes for managing its strategic priorities; and OCP s 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 release, 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.

6 This press release includes financial information which, for ease of presentation, has been 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 USD/MAD exchange rates for the following periods: June 2016 June 2015 December 2015 Period End Average CONTACT Mrs. Ghita LARAKI Head of Investor Relations Phone : (+212) G.laraki@ocpgroup.ma For more information, please visit