CF Industries : Q1 2020 Earnings Presentation

2017 Third Quarter

2020 First Quarter

Financial Results

Financial Results

November 1, 2017

May 6, 2020

NYSE: CF

NYSE: CF

1

Safe harbor statement

All statements in this communication by CF Industries Holdings, Inc. (together with its subsidiaries, the "Company"), other than those relating to historical facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will" or "would" and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These statements may include, but are not limited to, statements about strategic plans and statements about future financial and operating results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, the impact of the novel coronavirus disease 2019 (COVID-19) pandemic, including measures taken by governmental authorities to slow the spread of the virus, on our business and operations; the cyclical nature of the Company's business and the impact of global supply and demand on

the Company's selling prices; the global commodity nature of the Company's fertilizer products, the conditions in the international market for

nitrogen products, and the intense global competition from other fertilizer producers; conditions in the United States, Europe and other agricultural areas; the volatility of natural gas prices in North America and Europe; difficulties in securing the supply and delivery of raw materials, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of transportation services and equipment; the significant risks and hazards involved in producing and handling the Company's products against which the Company may not be fully insured; the Company's ability to manage its indebtedness and any additional indebtedness that may be incurred; the Company's ability to maintain compliance with covenants under its revolving credit agreement and the agreements governing its indebtedness; downgrades of the Company's credit ratings; risks associated with cyber security; weather conditions; risks associated with changes in tax laws and disagreements with taxing authorities; the

Company's reliance on a limited number of key facilities; potential liabilities and expenditures related to environmental, health and safety laws and

regulations and permitting requirements; future regulatory restrictions and requirements related to greenhouse gas emissions; risks associated with expansions of the Company's business, including unanticipated adverse consequences and the significant resources that could be required; the seasonality of the fertilizer business; the impact of changing market conditions on the Company's forward sales programs; risks involving derivatives and the effectiveness of the Company's risk measurement and hedging activities; risks associated with the operation or management of the strategic venture with CHS Inc. (the "CHS Strategic Venture"), risks and uncertainties relating to the market prices of the fertilizer products that are the subject of the supply agreement with CHS Inc. over the life of the supply agreement and the risk that any challenges related to the CHS Strategic Venture will harm the Company's other business relationships; risks associated with the Company's Point Lisas Nitrogen Limited joint venture; acts of terrorism and regulations to combat terrorism; risks associated with international operations; and deterioration of global market and economic conditions. More detailed information about factors that may affect the Company's performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF Industries Holdings, Inc.'s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.'s most recent annual and quarterly reports on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the Company's website. Forward-looking statements are given only as of the date of this presentation and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

2

Note regarding non-GAAP financial measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, adjusted EBITDA, free cash flow, free cash flow to adjusted EBITDA conversion, and free cash flow yield, which are non-GAAP financial measures, provide additional meaningful information regarding the Company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, adjusted EBITDA, free cash flow, and free cash flow yield included in this presentation may not be comparable to similarly titled measures of other companies. Reconciliations of EBITDA, adjusted EBITDA, free cash flow, and free cash flow yield to the most directly comparable GAAP measures are provided in the tables accompanying this presentation.

EBITDA is defined as net earnings attributable to common stockholders plus interest expense - net, income taxes, and depreciation and amortization. Other adjustments include the elimination of loan fee amortization that is included in both interest and amortization, and the portion of depreciation that is included in noncontrolling interest. The Company has presented EBITDA because management uses the measure to track performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry.

Adjusted EBITDA is defined as EBITDA adjusted with the selected items included in EBITDA as summarized in the tables accompanying this presentation. The Company has presented adjusted EBITDA because management uses adjusted EBITDA, and believes it is useful to investors, as a supplemental financial measure in the comparison of year-over-year performance.

Free cash flow is defined as net cash provided by operating activities, as stated in the consolidated statements of cash flows, reduced by capital expenditures and distributions to noncontrolling interest. Free cash flow to adjusted EBITDA conversion is defined as free cash flow divided by adjusted EBITDA. Free cash flow yield is defined as free cash flow divided by market value of equity (market cap). The Company has presented free cash flow, free cash flow to adjusted EBITDA conversion, and free cash flow yield because management uses these measures and believes they are useful to investors, as indications of the strength of the Company and its ability to generate cash and to evaluate the Company's cash generation ability relative to its industry competitors. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures.

3

CF response to spread of COVID-19 successful to date

Leadership planning and policies

• Implemented new company-wide corporate travel restrictions to both CDC and non-CDC recognized countries
• Non-essentialemployee work from home program implemented March 2020; only essential employees have entered corporate and operational locations to complete critical job duties

Manufacturing and

distribution

Sales and supply

chain

• Essential employees shift schedule changes to reduce exposure risk
• Increased cleaning and sanitation schedules
• Temperature screening of employees and contractors; limited visitor access
• Procured and distributed face coverings to all site employees
• Established strict social distancing practices through control room plexiglass partitions, arranged seating/standing enforcing 6' distance, reduced shared paperwork (e.g. truck drivers, vendors) and personnel in control rooms
• Constant contact with transportation partners to understand their preparations and contingency plans for the pandemic and to share CF policy changes and site procedures
• Engaged customers to offer flexible solutions to ensure their nitrogen requirements are met

4

CF response to spread of COVID-19 successful to date

Communications and

engagement

Employee well-being

• Virtual town hall meetings for the entire enterprise; provided updates on the business and an opportunity for employees to ask questions
• Surveyed employees to understand perceptions of communications on COVID-19 and how they are handling workplace transitions
• Pay while working remotely: full pay continues for employees working remotely
• Pay while quarantined: any employee who is asked to self-quarantine related to COVID-19 will still be paid their scheduled hours
• COVID-19diagnosis, testing and treatment costs: covered 100% for in- network providers
• Employee Assistance Program (North America employees): provide up to 5 free counseling sessions to help with emotional, financial, legal, family and work-life issues

• CF manufacturing sites have been donating excess personal protective equipment (PPE) to local organizations

Giving• Supporting CF's mission to help feed the world through $350,000 in donations to Feeding America, a hunger relief organization, and to 10 local food banks near their manufacturing complexes and headquarters office

5

Outstanding production, sales and safety track record

TTM Ammonia Production

Nameplate capacity, 10.53 million short tons

10,000

7,500

5,000

2,500

0

Short tons

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

TTM Total Product Sales

20,000					Short	tons
15,000
10,000
5,000
0
4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20

Total Recordable Incident Rate

5.0			Total injuries per 200,000 work hours
4.0							BLS Fertilizer Manufacturing
3.0
2.0
1.0								CF Industries
0.0
2011	2012	2013	2014	2015	2016	2017	2018	2019	1Q2020

6

First quarter 2020 results

Financial Overview

• First quarter net earnings of $68 million, or $0.31 per diluted share; EBITDA(1) of $314 million and adjusted EBITDA(1) of $318 million
• Trailing twelve month net cash from operating activities of $1,491 million, free cash flow(2) of $912 million
• CF repurchased ~2.6 million shares for $100 million during Q1 2020; since share repurchase authorization in February 2019, CF has repurchased ~10.2 million shares for $437 million

Commercial Environment

Safe and

Efficient

Operations

• Average selling prices for Q1 2020 were lower than Q1 2019 across all segments due to increased global supply availability as lower global energy costs drove higher global operating rates
• Lower selling prices were mostly offset by higher sales volumes across all segments for Q1 2020 compared to Q1 2019
• Cost of sales for Q1 2020 was slightly lower than Q1 2019 due to lower realized natural gas costs and lower maintenance costs, offset by the impact of higher sales volumes
• In Q1 2020 the average cost of natural gas reflected in CF's cost of sales was $2.61 per MMBtu compared to $3.68 per MMBtu in Q1 2019
• As of March 31, 2020, the 12-month rolling average recordable incident rate was 0.34 incidents per 200,000 work hours, the lowest level recorded by CF
• Gross ammonia production for Q1 2020 was approximately 2.7 million tons, which is the second highest quarterly volume in Company history

1. See appendix for reconciliation of EBITDA and adjusted EBITDA
2. Represents cash provided by operating activities (cash from operations) less capital expenditures less distributions to noncontrolling interest; see appendix for reconciliation of free cash flow

7

Financial results - first quarter 2020

In millions, except percentages, per MMBtu and EPS		Q1 2020				Q1 2019
Net sales	$	971		$		1,001
Gross margin		204				220
- As percentage of net sales		21.0%				22.0%
Net earnings attributable to common stockholders(1)	$	68		$		90
Net earnings per diluted share		0.31				0.40
EBITDA(2)		314				301
Adjusted EBITDA(2)		318				305
Diluted weighted-average common shares outstanding		216.6				224.6
Natural gas (per MMBtu):
Natural gas costs in cost of sales(3)	$	2.42		$		3.70
Realized derivatives loss (gain)(4)		0.19				(0.02)
Cost of natural gas in cost of sales		2.61				3.68
Unrealized net mark-to-market (gain) loss on natural gas derivatives		(12)				2

1. Depreciation and amortization was $211 million for the three months ended March 31, 2020, and $188 million for the three months ended March 31, 2019
2. See appendix for reconciliation of EBITDA and adjusted EBITDA
3. Includes the cost of natural gas and related transportation that is included in cost of sales during the period under the first-in,first-out inventory cost method
4. Includes realized gains and losses on natural gas derivatives settled during the period. Excludes unrealized mark-to-market gains and losses on natural gas derivatives

8

CF continues to generate significant free cash flow

LTM 1Q20LTM 4Q19

Cash from	CF	Yara	Mosaic	Nutrien	OCI
operations	$1,491	$1,845	$1,461	$3,654	$338
(USD in millions)
Market Cap(1)	$5,619	$8,776	$4,161	$20,180	$2,425

(USD in millions)

Free cash flow compared to peers(2)

USD in millions

2,000

			FCF to Adjusted		1,608
1,600			EBITDA
			Conversion(3)
1,200
912			42.0%
800			711
400		56.2%	32.2%
			239
-				21.1%		2
					0.3%
(400)
		CF	Yara	Mosaic	Nutrien	OCI

1. Market capitalization is calculated as shares outstanding as of the end of each respective period multiplied by the closing share price of each company on May 4, 2020; see appendix for the calculation of market capitalization
2. Represents cash provided by operating activities (cash from operations) less capital expenditures less distributions to noncontrolling interests less principal amount of lease payments classified as financing activities under IFRS; see appendix for reconciliation of free cash flow
3. Represents LTM free cash flow divided by LTM adjusted EBITDA (or EBITDA excluding special items); see appendix for the calculation of free cash flow and for reconciliation of CF LTM (1Q20) adjusted EBITDA

9

CF offers investors industry best free cash flow yield

						FCF Yield(1)						EV / Adj. EBITDA(2)(3)
					LTM 1Q20		LTM 4Q19				LTM 1Q20		LTM 4Q19
16%		16.2%					10						8.7
14%									8				7.7	8.1
12%
10%									6		5.7	5.5
8%					8.1%		8.0%
6%						5.7%			4
4%
									2
2%
								0.1%
0%									0
		CF	YAR	MOS	NTR	OCI		CF	YAR	MOS	NTR	OCI

1. Represents LTM free cash flow divided by market value of equity (market cap) as of May 4, 2020, LTM free cash flow for CF Industries, Yara International, Mosaic, and Nutrien is the 12-month period ending March 31, 2020 and OCI N.V. is the 12-month period ending December 31, 2019; see appendix for reconciliation of free cash flow and calculation of market capitalization
2. Enterprise value (EV) is calculated as the sum of market cap and net debt; see appendix for calculation of EV
3. Represents LTM adjusted EBITDA (or EBITDA excluding special items) as reported by CF Industries, Yara International, Mosaic, Nutrien and OCI N.V.; see appendix for reconciliation of CF LTM (1Q20) adjusted EBITDA

Source: Capital IQ May 4, 2020

10

Capital Management

Philosophy remains

unchanged

Capital allocation

highlights

Capital structure & fixed charges

• Return to investment grade and consistently return excess cash to shareholders in a timely fashion through dividends and share repurchases
• Pursue growth within our strategic fairway, where returns exceed the risk- adjusted cost of capital
• The Company repurchased approximately 2.6 million shares for $100 million during the first quarter of 2020
• Since the share repurchase authorization was announced in February 2019, the Company has repurchased approximately 10.2 million shares for $437 million
• Lowered fixed charges to provide greater long-term flexibility
• Cash interest expense ~$190 million annually
• Target liquidity: > $1 billion
• Dividend of $1.20 per share annually
• 2020 capex expected to be approximately $350-400 million; this is lower than the previous estimate of $400-450 million due to certain activities likely to be deferred as a result of the COVID-19 pandemic

11

Capacity growth coupled with share repurchases continue to drive nitrogen participation per share

CF Industries' Nitrogen Volumes and Shares Outstanding as of Quarter-end

2009 - Q1 2020 Nitrogen per share CAGR: 13.3%

Annual Nitrogen Equivalent Tons per 1,000 Shares Outstanding

Million Shares Outstanding (6)

45												400
40									37	38	39	350
35							35	35
											300
						30
30
				27							250
25				24
			19									200
20		18
17
											150
15
11												100
10
5												50
0												0
2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	Q1 2020

Production Capacity	2.6	6.0(1)	6.0	6.1	6.6(2)	6.6		7.0(3)	8.1(4)	8.1	8.2(5)	8.2	8.2
(M nutrient tons)
All N production numbers based on year-end figures per 10-K filings				(4)	Beginning in 2016	excludes nitrogen equivalent of 1.1 million tons of urea and 0.58 million tons of UAN under CHS supply
(1)	Beginning in 2010	includes capacity from Terra Industries acquisition					agreement and includes expansion project capacity at Donaldsonville and Port Neal
(2)	Beginning in 2013	includes incremental 34% of Medicine Hat production to reflect CF acquisition of Viterra's interests	(5)	Beginning in 2018	includes incremental 15% of Verdigris production to reflect CF's acquisition of publicly traded TNH units
(3)	Beginning in 2015	includes incremental 50% interest in CF Fertilisers UK acquired from Yara International		(6)	Share count based on end of year or quarter common shares outstanding. Share count prior to 2015 based on 5-for-1
									split-adjusted shares

12

Market Outlook

COVID-19 impact

Global production

Outlook

• Announced outages include nitrogen facilities in India and France
• New nitrogen capacity under construction may experience labor and equipment issues that delay project completion and commissioning
• Nitrogen demand for industrial applications, such as explosives and emission abatement, has been negatively affected by the pandemic
• Uncertainty regarding factors that influence farmers' planting decisions in
  2021 due to decreased ethanol and feed demand, exports, and governmental policy response to these factors
• India executed its first 2020 urea tender in late March and issued its second in late April; 2020 urea tender volumes may be less than 2019 due to less favorable growing conditions and new domestic capacity
• Demand for urea in Brazil expected to be higher in 2020 than 2019, as domestic urea production projected to remain shut down
• North American nitrogen production expected to remain at the low-end of the global cost curve for the foreseeable future due to access to low-cost North American natural gas
• CF projects Chinese anthracite coal-based nitrogen complexes will remain the global marginal urea producer and thus set the global price
• CF believes near-term global nitrogen demand is positive, driven by an increase in nitrogen-consuming planted corn and coarse grains in 2020
• CF anticipates 92-94 million US planted corn acres in 2020, supported by favorable planting conditions, farm-level income support, and the strongest April movement of ammonia for spring fertilizer application since April 2015

13

CF production cost remains advantaged due to energy cost differentials

Global Energy Price 2016-2020F

USD/MMBtu
16	Henry Hub Natural Gas		TTF Natural Gas
14	Chinese Anthacite Coal - Lump		Brent Crude Oil
12
10
8
6
4
2
0
2016	2017	2018	2019	2020

Energy Cost per tonne of Ammonia(1) 2016-2020F

USD/tonne
400
350
300
250
200
150
100
50
2016	2017	2018	2019	2020

North American production advantage per tonne(2) of ammonia

	2016	2017	2018	2019	2020F
TTF	$ 79	$ 105	$ 175	$ 86	$ 29

1. North American production assumed to be 37.2 MMBtu per tonne of ammonia for feedstock and fuel, European production assumed at 37.8 MMBtu per tonne for feedstock and fuel, Chinese production assumed to be 1.2 tonnes of coal and 1300 KWH for feedstock and power
2. Advantage per tonne based on annualized settled prices through April 2020 and forward curve/projections May to December 2020 based on forward curve and projections as of April 23, 2020
3. Forecast Chinese anthracite coal prices based on WoodMac thermal coal price forecast

Note: dotted lines represent forward price curves

Source: ICE, Bloomberg, SX Coal, WoodMac

Anthracite(3)

$ 133

$ 157

$ 200

$ 198

$ 183

North American production advantage per tonne(2) of urea

	2016	2017	2018	2019	2020F
TTF	$	56	$	74	$ 122	$ 60	$ 21
Anthracite(3)	$	81	$	93	$ 117	$ 118	$ 110

14

Appendix

15

Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA

In millions		Q1 2020		Q1 2019	LTM Q1 2020
Net earnings	$	91		$	118		$	619
Less: Net earnings attributable to noncontrolling interest		(23)		(28)		(148)
Net earnings attributable to common stockholders		68			90			471
Interest expense - net		43			56			204
Income tax provision (benefit)		13			(8)		147
Depreciation and amortization		211			188			898
Less other adjustments:
Depreciation and amortization in noncontrolling interest		(20)		(23)		(79)
Loan fee amortization(1)		(1)		(2)		(8)
EBITDA	$	314		$	301		$	1,633
Unrealized net mark-to-market (gain) loss on natural gas derivatives
	(12)		2			-
Loss on foreign currency transactions, including intercompany loans		18			2			15
Property insurance proceeds(2)		(2)		-		(17)
Gain on sale of Pine Bend facility		-		-		(45)
PLNL withholding tax charge(3)		-		-		16
Loss on debt extinguishment		-		-		21
Total adjustments
	4			4			(10)
Adjusted EBITDA
$	318		$	305		$	1,623

1. Loan fee amortization is included in both interest expense-net and depreciation and amortization
2. Represents proceeds related to a property insurance claim at one of our nitrogen complexes
3. Represents a charge in the three months ended September 30, 2019 on the books of Point Lisas Nitrogen Limited (PLNL), the Company's Trinidad joint venture, for a tax withholding matter; amount reflects our 50 percent equity interest in PLNL

16

Non-GAAP: reconciliation of LTM cash from operations to free cash flow and free cash flow yield

In millions, except percentages, share price,		CF		Yara		Mosaic		Nutrien		OCI
and ratios
Cash provided by operating activities(1)	$	1,491	$	1,845		$	1,461	$	3,654		$	338
Capital expenditures		(391)		(1,018)			(1,222)			(1,801)			(300)
Noncontrolling interests		(188)		(1)			-		-			(6)
Principal amount of lease payments(2)		-		(115)			-		(245)			(30)
Free cash flow(3)
$	912	$	711		$	239	$	1,608		$	2
Free cash flow yield(4)		16.2%		8.1%			5.7%		8.0%			0.1%
Free cash flow to adjusted EBITDA conversion(5)		56.2%		32.2%			21.1%		42.0%			0.3%
Shares outstanding(6)		213.8		269.7			379.0		569.1			210.3
5/4/2020 Share price - US dollars(7)		26.28		32.54			10.98		35.46			11.53
Market Cap	$	5,619	$	8,776		$	4,161	$	20,180		$	2,425
Short-term and long-term debt		4,458		3,665			5,580		14,042			4,662
Cash and cash equivalents		753		349			1,069		3,182			601
Net Debt(8)
$	3,705	$	3,316		$	4,511	$	10,860		$	4,061
Enterprise Value (EV) (market cap + net debt)		9,324		12,092			8,672		31,040			6,486
Adjusted EBITDA(9)		1,623		2,205			1,131		3,829			748
EV / Adjusted EBITDA		5.7		5.5			7.7		8.1			8.7

1. LTM cash provided by operating activities (cash from operations) for CF Industries, Yara International, Mosaic, and Nutrien is the 12-month period ending March 31, 2020 and for OCI N.V. is the 12-month period ending December 31, 2019
2. The accounting for leases for companies whose financial statements are prepared in accordance with International Financial
   Reporting Standards (IFRS) has changed due to the application of 'IFRS 16 Leases'. As a result, the principal amount of lease payments, which are classified as financing activities under IFRS 16, have been included in the calculation of free cash flow to allow for a comparison to prior periods, which may not have been restated, and to financial statements prepared under US GAAP
3. Represents cash provided by operating activities less capital expenditures less distributions to noncontrolling interests less principal amount of lease payments classified as financing activities under IFRS calculated from the March 31, 2020 consolidated statement of cash flows for CF Industries, Yara International, Mosaic, and Nutrien and the December 31, 2019 consolidated statement of cash flows for OCI N.V.
4. Represents LTM free cash flow at the end of each respective period divided by market value of equity (market cap) as of May 4, 2020

1. Represents LTM free cash flow divided by LTM adjusted EBITDA
2. Shares outstanding taken from the March 31, 2020 financial statements of CF Industries, Yara International, Mosaic, and Nutrien and the December 31, 2019 financial statements of OCI N.V.
3. Share prices in USD as of May 4, 2020 using historical spot exchange rates, Source Capital IQ
4. Represents short-term debt, current portion of long-term debt, and long-term debt less cash and cash equivalents from the March 31, 2020 balance sheets of CF Industries, Yara International, Mosaic, and Nutrien and the December 31, 2019 balance sheet of OCI N.V.
5. Adjusted EBITDA for CF Industries, Yara International, Mosaic, and Nutrien is the 12-month period ending March 31, 2020 and OCI N.V. is the 12-month period ending December 31, 2019

17

CF EBITDA sensitivity table

Table illustrates the resiliency of CF Industries' business model across a broad range

of industry conditions

EBITDA Sensitivity to Natural Gas and Urea Prices(1)

$ billions

CF Realized Natural Gas Cost ($/MMBtu)

		$1.75	$2.00	$2.25	$2.50	$2.75
($/ton)(2)
$200	$0.7	$0.7	$0.6	$0.5	$0.4
$225	$1.1	$1.0	$1.0	$0.9	$0.8
Price
$250	$1.5	$1.4	$1.3	$1.3	$1.2
Urea
$275	$1.9	$1.8	$1.7	$1.6	$1.6
Realized
$300	$2.2	$2.2	$2.1	$2.0	$2.0
$325	$2.6	$2.5	$2.5	$2.4	$2.3
CF
$350	$3.0	$2.9	$2.8	$2.8	$2.7
	$375	$3.4	$3.3	$3.2	$3.2	$3.1

1. Based on 2019 adjusted EBITDA of $1,610 million, sales volumes of approximately 19.5 million product tons, gas consumption of 344 million MMBtus, and nitrogen product sales price relationships. Changes in product prices and gas costs were not applied to the CHS minority interest or industrial contracts where CF Industries is naturally hedged against changes in product prices and gas costs
2. Assumes that a $25 per ton change in urea price is also applied proportionally to all nitrogen products and is equivalent to a $17.39 per ton change in UAN price, $18.48 per ton change in AN price, a $44.57 per ton change in ammonia price, and a $10.60 per ton change in the price of the Other segment

Source: CF Industries

$25/ton urea realized movement implies ~$375M change in EBITDA on an annual basis

18