BACKGROUND

• Project was conceived to ensure consistent supply of

Phosphoric Acid for FFBL DAP plant operation.

• MOU signed with OCP - June 01, 2004

• Project feasibility study concluded - September 2004

• Shareholders agreement signed - September 14, 2004

• Fauji group mobilized – January 01, 2005

• Licensors and Engineering contracts – January 14, 2005

INTRODUCTION OF OCP (Office Cherifien des Phosphates)• State owned Moroccon organization established in 1920, with Head office at

Casablanca

• Main areas of business:

– Mining and export of Phosphate rock

– Manufacturing & export of Phosphoric acid & Phosphatic fertilizers

• Annual Turnover- $ 2 Billion

• Employees arround 20000

• Production facilities at Safi and Jorf Lasfar

• Phosphate rock mining facilities at Khourigba, Youssoufia, Benguerir and

Boucraa. Total reserves are ~80 Billion MeT

• Joint ventures with India (IMACID & PPL), Belgium/Germany (EMAPHOS)

• Joint venture with Brazilian group (BUNGE) is being negotiated

PMP

PROJECT SALIENT FEATURES

• Sulphuric Acid Plant : 3410 MTPD (1,125,000 MTPY)

• Phosphoric Acid Plant : 1135 MTPD (375,000 MTPY)

• Power Plant : 32 MW

• Water Treatment : 2 Demin. Trains & 3 Polishers

• Infrastructure : Offsites and other facilities

• Total Cost : 2030 Million MAD

• Debt / Equity : 60 / 40

• Effective Date : Jan 14, 2005

• Completion time : 30 Months