PotashCorp.com

Q4 2015 Conference CallJanuary 28, 2016

Forward-looking Statements

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Performance

Fourth-Quarter and 2015 Highlights

• Earnings of $0.24 per share1; full-year total of $1.52 per share

• Annual cash provided by operating activities of $2.3 billion

• Indefinite suspension of Picadilly, New Brunswick potash operation in January 2016

• Market value of investments approximately $3.5 billion, or $4 per PotashCorp share2

• Quarterly dividend reduced by 34 percent to $0.25 per share

1 All references to per-share amounts pertain to diluted net income per share2 As of market close on January 27, 2016

Source: PotashCorp

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Lower Potash Earnings and Weaker Nitrogen Prices Had the Biggest Impact

Quarterly Gross Margin Comparison

Q4 2014

Potash Nitrogen Phosphate Q4 2015

0

150

300

450

600

750

900

$746

$386-$262

-$92 -$6

Gross Margin - US$ Millions

Potash• Lower volumes and realizations in both North America

and offshore due to challenging market conditions

• Higher per-tonne costs due to Penobsquis closure and maintenance shutdowns deferred from Q3

Nitrogen• Weaker realizations primarily driven by lower energy

prices and increased supply in key producing regions

• Lower natural gas prices improved costs

Phosphate• Lower DAP and MAP prices offset by higher liquid

fertilizer prices

• Sales volumes and costs per-tonne relatively in line

Source: PotashCorp

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Lower Nitrogen Prices and North American Potash Volumes

2015 Full-Year Gross Margin Comparison

2014 Potash Nitrogen Phosphate 20150

500

1,000

1,500

2,000

2,500

3,000$2,647

$2,269-$113

-$304

+$39

Gross Margin - US$ Millions

Potash• Lower volumes and weaker realizations due to

challenging market conditions

• Positive impact of a weaker Canadian dollar primarily offset by increased shutdown weeks

Nitrogen• Weaker realizations primarily driven by lower energy

prices and increased supply in key producing regions

• Improved costs primarily due to lower natural gas prices

Phosphate• Higher realizations for liquid fertilizers offset weaker

DAP/MAP prices

• Lower sales volumes primarily due to the absence of the Suwannee River chemical plant

Source: PotashCorp

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China India Other Asia

Latin America

North America

0

2

4

6

8

10

12

14

16

18

2015E 2016F*

Demand Expected to Remain at Historically High Levels

Potash Market Outlook

Source: CRU, Katana India, Potafertz, PotashCorp, TFI

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Highlights (2016F)

China: 13.5 – 14.5mmt • Elevated inventories to begin the year expected to reduce shipments

India: 4.2 – 4.7mmt• Expect modest demand growth with a normalized monsoon

Other Asia: 8.5 – 8.8mmt • Supportive crop economics and agronomic need expected to support

demand

Latin America: 10.8 – 11.3mmt• Favorable crop economics to keep demand at elevated levels despite

credit availability and currency headwinds

North America: 9.2 – 9.7mmt• Low dealer inventories and large nutrient requirements anticipated

to support an increase in shipments

Potash Shipments (million tonnes)

* As at January 28, 2016; represents midpoint of guidance range

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Outlook

2016 Guidance*

Full Year

• Earnings per share: $0.90-$1.20

• Potash sales volumes: 8.3-9.1 million tonnes

• Potash gross margin: $0.8-$1.1B

• Nitrogen and phosphate gross margin: $0.7-$0.9B

• Capital expenditures**: $0.8-$0.9B

Source: PotashCorp

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* Guidance as at January 28, 2016** Does not include capitalized interest

2016 Guidance*

Full Year

• Effective tax rate: 25-27 percent

• Provincial mining and other taxes**: 22-24 percent of total potash gross margin

• Selling and administrative expenses: $240-$250M

• Finance costs: $210-$220M

• Income from offshore equity investments***: $120-$140M

• Annual FX Assumption: CDN$1.38 per US$

• Annual EPS sensitivity to FX: US$ strengthens vs. CDN$ by $0.02 = +$0.01 to EPS

* Guidance as at January 28, 2016 ** As a percentage of potash gross margin*** Represents share of earnings in equity-accounted investees and dividend income from available-for-sale investments

Source: PotashCorp

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