Phosphate Outlook

Tim MizunoManager, Market Research

PotashCorp

PotashCorp.com

November 2015

Phosphate

TFI Fertilizer

Outlook

This presentation contains “forward-looking statements" (within the meaning of the US Private Securities Litigation Reform Act of 1995) or

“forward-looking information”(within the meaning of appropriate Canadian securities legislation) that relate to future events or our future

performance. These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not

historical fact. These statements often contain words such as “should,” “could,” “expect,” “may,”“anticipate,” “believe,” “intend,” “estimates,”

“plans” and similar expressions. These statements are based on certain factors and assumptions as set forth in this document, including

with respect to: foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, and

effective tax rates. While we consider these factors and assumptions to be reasonable based on information currently available, they may

prove to be incorrect. Forward-looking statements are subject to risks and uncertainties that are difficult to predict. The results or events set

forth in forward-looking statements may differ materially from actual results or events. Several factors could cause actual results or events

to differ materially from those expressed in forward-looking statements including, but not limited to, the following: variations from our

assumptions with respect to foreign exchange rates, expected growth, results of operations, performance, business prospects and

opportunities, and effective tax rates; fluctuations in supply and demand in the fertilizer, sulfur, transportation and petrochemical markets;

changes in competitive pressures, including pricing pressures; costs and availability of transportation and distribution for our raw materials

and products, including railcars and ocean freight; risks and uncertainties related to operating and workforce changes made in response to

our industry and the markets we serve, including mine and inventory shutdowns; risks and uncertainties related to our international

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return on, and the risks associated with, our investments and capital expenditures; changes in, and the effects of, government policies and

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effective tax rates. These risks and uncertainties are discussed in more detail under the headings “Risk Factors” and “Management’s

Discussion and Analysis of Results and Operations and Financial Condition” in our Annual Report on Form 10-K for the fiscal year ended

December 31, 2014 and in other documents and reports subsequently filed by us with the US Securities and Exchange Commission and

the Canadian provincial securities commissions. Forward-looking statements are given only as of the date hereof and we disclaim any

obligation to update or revise any forward-looking statements in this release, whether as a result of new information, future events or

otherwise, except as required by law.

Forward-looking Statements

1. Macroeconomic factors affecting agriculture and fertilizer markets

2. Global phosphate demand and trade remain at healthy levels

3. Expect a relatively balanced market over the medium term

Executive Summary

Source: IMF, Bloomberg

2015 vs. 3-Yr Avg. (% Change)

Crop Price Change

2015 vs. 3-Yr Avg. (% Change)

FX Change

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

2015F vs. 3-Yr Avg. (% Change)

Regional GDP Growth Rate

Change in Economic Conditions Create Near-term Headwinds

Economic Factors

-90%

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

0

20

40

60

80

100

120

140

160

180

200

0

400

800

1,200

1,600

2,000

2,400

2,800

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015F

Nitrogen Phosphate Potash Crop Production

2015F refers to the 2015/16 crop year. Stacked bars represent fertilizer consumption by nutrient.

World fertilizer consumption CAGR of approximately 2.0%.

Million Tonnes (Crop Production)

Steady Growth in Crop Production a Key Driver of Fertilizer Demand

World Crop Production and Fertilizer Consumption

Source: USDA, CRU, Fertecon

Million Tonnes (Fertilizer Use)

0

50

100

150

200

250

300

350

400

450 Crop Price Index* Fertilizer Price Index**

* Based on corn, soybean and wheat prices (weighted by global consumption).

** Based on urea, DAP and KCl prices (weighted by global consumption).

Price Index (2005 Average = 100)

Crop and Fertilizer Price Index

Fertilizer Remains Affordable Despite Lower Crop Prices

Source: Bloomberg

Phosphate – Near-term

Developments

-8

-6

-4

-2

0

2

4

6

8

10

Transition to Major Phosphate Exporter

China DAP/MAP Net Exports

Source: CRU, PotashCorp

Million Tonnes

Source: Katana, FAI, CRU, PotashCorp

Million Tonnes Million Tonnes P2O5

Tight Inventory and Good Demand Drive Robust Imports

India’s Phosphate Imports

Cumulative Phosphoric Acid Imports Cumulative DAP Imports

0

1

2

3

4

5

6 2014 2015F 3-Yr Average

0.0

0.5

1.0

1.5

2.0 2014 2015F 3-Yr Average

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015F 3-Yr Average

Imports Trail Previous Year Record, Inventories Tightening

Brazil Cumulative DAP/MAP Imports

Source: ANDA, CRU

Million Tonnes

Source: TFI, CRU, PotashCorp

Percentage

Percentage

Imports and Specialty Phosphates Have Gained Greater Share of Market

US Phosphate Fertilizer Consumption

2010 2015F

4%

83%

6%

6%

Liquid US DAP/MAP

Imports Specialty Phosphate

4%

75%

11%

10%

Liquid US DAP/MAP

Imports Specialty Phosphate

Source: CRU, TFI, PotashCorp

Million Tonnes

Million Tonnes

Reduction in Exports; Strong Seasonal Imports

US DAP/MAP Trade

US DAP/MAP Exports US DAP/MAP Imports

0.0

0.5

1.0

1.5

2.0

05 06 07 08 09 10 11 12 13 14 15F

1st Half 2nd Half

0

2

4

6

8

10

05 06 07 08 09 10 11 12 13 14 15F

1st Half 2nd Half

Source: CRU, PotashCorp

* Accounts for 47% of global phosphoric acid production (excludes China)

0

1

2

3

4

5

6

7

8

9

US Morocco FSU Middle East Other Africa Europe

2015F Previous 5-Yr Maximum

Million Tonnes P2O5

Plant Closures and Operational Issues Have Balanced Market

Phosphoric Acid Production Profile*

Phosphate – The

Outlook

0

10

20

30

40

50

60

70

80

Million Tonnes

0%

10%

20%

30%

40%

50%

60%

70%

80%

Percentage of Total World Reserves*

Morocco Has the Largest Rock Reserves

World Phosphate Rock Profile

Phosphate Rock Reserve Phosphate Rock Production

Source: US Geological Survey, CRU

* Reserves as defined by the US Geological Survey.

Source: CRU, Fertecon, PotashCorp

257

275

245

250

255

260

265

270

275

280

Million Tonnes*

Majority of Expected Capacity Developed in Morocco, Saudi Arabia and South America

New Global Phosphate Rock Capacity

* Based on nameplate capacity

Capacity increase

equivalent to

approximately 9.5

million mt DAP

Source: CRU, PotashCorp, Industry Filings

Million Tonnes P2O5

Share of Global Producers Are Non-Integrated Regionally Significant

World Phosphoric Acid Capacity Profile

0

5

10

15

20

25 Purchased Rock Integrated Rock

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2010 2012 2014 2016F 2018F 2020F

Morocco China Saudi Arabia Jordan Brazil Others Closures

Million Tonnes P2O5

Majority of Expected Capacity Developed in Morocco, Saudi Arabia and South America

World Phosphoric Acid Capacity Additions

Source: CRU, IFA, PotashCorp

*Estimated annual achievable production level from existing operations and projected new capacity.

50

60

70

80

90

100

0

10

20

30

40

50

60

2006 2008 2010 2012 2014 2016F 2018F 2020F

Demand Operational Capability* Operating Rate

Operating Rate – Percent Product - Million Tonnes P2O5

Expect Relatively Balanced Supply/Demand in the Medium Term

World Phosphoric Acid Supply and Demand

Source: CRU, IFA, PotashCorp

Source: CRU, PotashCorp

Million Tonnes

Expect Growth in Global Trade; India Key Market to Watch

World DAP/MAP Imports

0

5

10

15

20

25

30

2005 2010 2015F 2020F

India Brazil Other Asia Other LA US Others

Source: CRU, PotashCorp

Million Tonnes

Expect Majority of Export Growth From Morocco and Saudi Arabia

World DAP/MAP Exports

0

5

10

15

20

25

30

2005 2010 2015F 2020F

Morocco Saudi Arabia China Russia US Other

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