1. 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

2. 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

7. PMP

8. 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