Business UpdateQ3 and 9M 2018

Adama Agricultural Solutions Ltd., one of the world's leading crop protection companies, and Hubei Sanonda Co.,

Ltd. have combined, creating the only integrated, publicly traded Global-China crop protection company.

The Combined Company is to be renamed

Legal notice

2

This presentation is for marketing and information purposes only. By this presentation, Hubei Sanonda Co., Ltd. (the

“Company” or “ListCo”) and Adama Agricultural Solutions Ltd (“Adama Solutions”) (together, “ADAMA” or “the Combined

Company”) does not intend to give, and the presentation does not constitute, professional or business advice or an offer

or recommendation to perform any transaction in the Combined Company’s securities. The accuracy, completeness

and/or adequacy of the content of this presentation, as well as any estimation and/or assessment included in this

presentation, if at all, is not warranted or guaranteed and the Combined Company disclaims any intention and/or

obligation to comply with such content. The Combined Company may make improvements and/or changes in the

features or content presented herein at any time. The Combined Company shall not be liable for any loss, claim, liability

or damage of any kind resulting from your reliance on, or reference to, any detail, fact or opinion presented herein.

This presentation contains proprietary information of the Combined Company and may not be reproduced, copied,

disclosed or utilized in any way, in whole or in part, without the prior written consent of the Combined Company.

The Combined Company’s assessments may not materialize, inter alia, due to factors out of the Combined Company's

control, including the risk factors listed in the Combined Company’s annual report, changes in the industry or potential

operations of the Combined Company's competitors.

All information included in this presentation relates only to the date which it refers to, and the Combined Company does

not undertake to update such information afterwards.

ADAMA delivers record sales in third quarter and first nine monthsin spite of Europe drought drag

9M 2018

(ex. ‘17 EU

hedge)

% Change9M 20179M 2018% ChangeQ3 2017Q3 2018Adjusted, ($ million)

2,957+8.0%2,7022,918+3.4%844872Sales

1,011+1.1%962972-6.5%298279Gross Profit

34.2%35.6%33.3%35.4%32.0%As % of Sales

399-8.1%391359-19.9%10887Operating Income (EBIT)

13.5%14.5%12.3%12.9%10.0%As % of Sales

242-20.2%255203-16.3%5546Net Income

8.2%9.4%7.0%6.5%5.3%As % of Sales

558-5.1%546518-13.5%161140EBITDA

18.9%20.2%17.8%19.1%16.0%As % of Sales

0.10880.08300.02350.0188Earnings per Share – USD

0.74290.53670.15700.1281– RMB

3

All income statement items contained in this release are presented on a combined, adjusted basis, reflecting the performance of the Combined Company. For a detailed description and analysis of the

differences between the adjusted income statement items and the items as reported in the financial statements, see “Analysis of Gaps between Adjusted Income Statement and Income Statement in

Financial Statements” in the appendix to the Q3 2018 results press release.

Revenue growth in constant currencies in the third quarter was 10.7%, and 9.2% in the nine-month period.

Earnings per share are the same for basic and diluted. The number of shares used to calculate earnings per share in Q3 2017 is 2,341.9 million shares, reflecting the issuance of shares as part of the

combination transaction in 2017. The number of shares used to calculate earnings per share in Q3 2018 is 2,446.6 million shares, including also the issuance of shares in the subsequent private placement

equity offering.

Continued volume growth driven by demand for differentiated products and market share gains

in all key regions, despite the most severe drought in Europe in the last 40 years

Extreme drought in Europe resulted in missing tens of millions of high-end

sales and gross profit in Q3

Sales

Price increases and expense control moderate impact of Europe drought

on profit

Q3 2018

4

298 279

Gross Profit EBITDA

Sales ($mm)

844

872

Gross Profit ($mm)

and Margin (%)

Net Income ($mm)

and Margin (%)

Net Income

55 46

161 140

EBITDA ($mm) and Margin (%)

Record sales +3.4%

35.4% 32.0%

19.1% 16.0%

5.3%

Volumes +4%

6.5%

Q3 2018

Q3 2017

Prices +6%

Only $21m below record Only $9m below recordOnly $19m below record

Sales ex-Europe +10.0%

Sales

Strong growth of improved mix at higher prices9M 2018

5

962 972

Gross Profit EBITDA

Sales ($mm)

2,702 2,918

Gross Profit ($mm)

and Margin (%)

Net Income ($mm)

and Margin (%)

Net Income

255

203

546

518

EBITDA ($mm) and Margin (%)

Record sales +8.0% Record GP +1.1%, up $10m

35.6% 33.3%

20.2% 17.8%

7.0%

Prices +4%

9.4%

34.2%

1,011

558

18.9%

242

8.2%

9M 2018

9M 2017

9M 2018 excl. 2017 EU hedge impact2,957

Only $28m below record Only $52m below record

Volumes +6%

Build-up of working capital to

support strong growth…

Accommodating growth momentum while containing working capital; Strong cash flow generation driving reduced leverage

6

1,700 1,751

17-ספט 18-ספט

Working Capital($mm)

…Maintaining collection

discipline, supply chain

efficiency

49.6%

46.8%

17-ספט 18-ספט

Working Capital(% of LTM Sales)

…further reducing leverage

762

435

17-ספט 18-ספט

Balance Sheet Net Debt($mm and Net Debt / EBITDA)

1.2x

0.7x

Debt reduced $327m

221

93

Operating CashFlow

Free Cash Flow

…driving strong cash flow

generation

9M Cash Flow($mm)

Adding only $51m to support more than $300m of increased

sales

Regional Update

Region

Europe

North America

Latin America

Asia Pacific

India, Middle East & Africa

Total

Q3: Global growth outside Europe of 10.0%Q3 2018 vs. Q3 2017

8

3.4%

9.7%

4.9%

20.2%

(1.0)%

(18.5)%

-5% 0% 5% 10% 15% 20% 25%

Sales change by region

USD terms

Constant currency terms

(19.2)%

(0.9)%

40.2%

8.4%

10.7%

of which, China $59mUSD: (3.8)%CER: (0.7)%

17.7%

Q3 2018

Sales ($m)

168

124

277

131

172

872

Strong branded growth; shifting technical sales

to export

Region

Europe

North America

Latin America

Asia Pacific

India, Middle East & Africa

Total

9M: Global growth outside Europe of 13.1%9M 2018 vs. 9M 2017

9

8.0%

15.4%

9.7%

18.4%

9.0%

(2.5)%

-5% 0% 5% 10% 15% 20%

Sales change by region

USD terms

Constant currency terms

(5.0)%

8.5%

30.4%

6.8%

9.2%

of which, China $231mUSD: +23.4%CER: +18.3%

18.7%

1.9% Excl. 2017 EU Hedge

9.4% Excl. 2017 EU Hedge

9M 2018

Sales ($m)

870

530

588

487

442

2,918

Regional highlights

10

• Unprecedented drought that began in

late Q2 continued throughout Q3

• Dry weather reduced disease and

insect pressure

− Mainly impacting high-end

fungicides sales

− Delaying planting of winter cereal

crops, pushing some herbicide

sales into Q4

• Resulting in lower sales of highly

profitable products, and missing tens of

millions in sales and gross profit

• Key differentiated products registered

in Q3:

− TRIVOR®: Citrus insecticide in Italy

− NIKITA®: Corn herbicide in Italy

Europe

European farmers suffering the worst drought in 4 decades

Denmark, July 2017 Denmark, July 2018

Regional highlights

11

North America

• Slight decline in quarterly sales largely due to:

− Dry weather conditions in Texas and Western

Canada

− Largely offset by increased selling prices

• Strong performance YTD

US:

− Generally stronger pricing environment continued

− Industry-wide supply shortages

− Compensating for higher procurement costs

Consumer and Professional Solutions:

− Continues to perform well

− Strong momentum in both professional pest and

industrial vegetation management

US Consumer and Professional Solutions launching new,

differentiated solutions

Acquisition of Bonide Products Inc.

12

• The Company is to enter into an agreement,

through a US affiliate, to acquire Bonide

Products Inc.

• Bonide is a provider of pest-control solutions

for the consumer Home & Garden market

− 2017 sales of ~$70 million

• With a nationwide distribution network, Bonide

will provide enhanced access to a $1.5 billion

market

• Acquisition is expected to close by the end of

2018

− Subject to customary closing conditions

and required regulatory approvals

Regional highlights

13

• Strong performance driven by:

− Recent product launches

− Increased pricing across most countries in the region

• CRONNOS TOV® recently launched:

− Exceeding expectations both in Brazil and in Paraguay

− Strong market acceptance

− Novel three-way mixture fungicide meeting unmet needs in

soybean rust

Brazil:

• Continued strong growth:

− Robust increase in volumes and prices

− Compensating for the volatility of the Brazilian Real

Latin America

NIMITZ® Field results on specialty crops

Launch of CRONNOS® in Paraguay

High Q3 2018 BRL volatility as a result of General ElectionsAffecting both sales and non-cash tax assets

14

3.00

3.20

3.40

3.60

3.80

4.00

4.20

4.40

USD/BRL

2017 2018

Q3 2018 average: 3.958

Q3 2017 average: 3.164

Q3

14

Regional highlights

15

• Robust Q3 performance driven by increased volumes and prices

− Noteworthy performance in Thailand, Korea, and Japan, with expanded and

increasingly differentiated portfolio, favorable weather conditions

• Continued drought conditions in Australia and Indonesia

• Registrations obtained for differentiated products, including:

− RIMON® FAST: unique mixture insecticide in the Philippines

− OUTSHINE®: differentiated combination cereals herbicide in Australia

− BREVIS®: unique fruit thinner for apples in Australia

− NIMITZ®: proprietary nematicide in Vietnam

China

• Strong growth in sales of branded and formulated products (more than doubled

last year’s), despite typhoon conditions in the south of China

• Continued expansion of product portfolio and geographic reach

• New registrations obtained, including:

− AGIL®: herbicide for Potato

− GALIL®: insecticide for Citrus

− BANJO FORTE®: broad-spectrum fungicide in Pepper

Asia Pacific

Launch of Digital China Sales Platform

Trapview recognized for use in export apples in New Zealand

Regional highlights

16

• Significant volume growth and substantial price increases

− Strong demand and generally favorable weather

conditions

India

• Solid Q3 growth, supported by continued portfolio

expansion and favorable weather

• New differentiated products launched

− BARAZIDE®: mixture insecticide

− SHAMIR®: fruit fungicide

− NIMROD®: fungicide against Powdery Mildew

Africa

• Grew strongly in Q3

− Robust recovery in South Africa after breaking of the

Cape drought

− Significant growth in West Africa

Turkey

• Continued growth, despite currency volatility

India, Middle East & Africa

BARAZIDE® India Launch Event

Bridge Analysis

84432

58 -62872

Sales Q3 Bridge Analysis

18

Q3 2017 Quantity

Variance

Price

Variance

Q3 2018

+4%

FX

+6%

NOTE: FX includes currency effect on sales and hedging.

298 4

58 -32-49

279

Gross ProfitQ3 Bridge Analysis

19

Q3 2017 Q3 2018Quantity

Variance

Cost

Variance

Price

Variance

35.4% 32.0%

FX

NOTE: Quantity variance includes mix effect; FX includes currency effect on sales, costs and hedging.

161 4

58 -34

-6 -43

140

EBITDAQ3 Bridge Analysis

Q3 2017 Q3 2018

20

19.1% 16.0%

Quantity

Variance

Cost

Variance

Price

Variance

FXOperating

Expenses

NOTE: Quantity variance includes mix effect; FX includes currency effect on sales, costs and hedging.

2,702

15495 34

2,918

Sales 9M Bridge Analysis

21

9M 2017 Quantity

Variance

Price

Variance

9M 2018

+6%

FX

FX incl. negative

$39m 2017 EU

hedge impact

+4%

2,957

39

Excl. 2017 EU

hedge impact

NOTE: FX includes currency effect on sales and hedging.

+9.4%

96263

95 -95-53

972

Gross Profit9M Bridge Analysis

22

9M 2017 9M 2018Quantity

Variance

Cost

Variance

Price

Variance

35.6% 33.3%

FX

1,011 Excl. 2017 EU

hedge impact

34.7%

NOTE: Quantity variance includes mix effect; FX includes currency effect on sales, costs and hedging.

FX incl. negative

$39m 2017 EU

hedge impact

54663

95 -98

-35 -54

518

EBITDA9M Bridge Analysis

9M 2017 9M 2018

23

20.2% 17.8%

Quantity

Variance

Cost

Variance

Price

Variance

FXOperating

Expenses

FX incl. negative

$39m 2017 EU

hedge impact

558 Excl. 2017 EU

hedge impact

18.9%

NOTE: Quantity variance includes mix effect; FX includes currency effect on sales, costs and hedging.