The Mosaic Company. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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The Mosaic Company Investor Presentation Third Calendar Quarter, 213 1 Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform

1 The Mosaic Company Investor Presentation Third Calendar Quarter, Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Such statements Safe include, Harbor but are not limited to, Statement statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company s management and are subject to significant risks and uncertainties. These risks and uncertainties include but are not limited to the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; changes in foreign currency and exchange rates; international trade risks; changes in government policy; changes in environmental and other governmental regulation, including greenhouse gas regulation, implementation of the numeric water quality standards for the discharge of nutrients into Florida waterways or possible efforts to reduce the flow of excess nutrients into the Mississippi River basin or the Gulf of Mexico; further developments in judicial or administrative proceedings, or complaints that Mosaic s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of the Company s processes for managing its strategic priorities; the ability of the Northern Promise joint venture among Mosaic, Ma aden and SABIC to obtain project financing in acceptable amounts and upon acceptable terms, the future success of current plans for the joint venture and any future changes in those plans; adverse weather conditions affecting operations in Central Florida or the Mississippi River basin or the Gulf Coast of the United States, and including potential hurricanes, excess rainfall or drought; actual costs of various items differing from management s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, or Canadian resources taxes and royalties; brine inflows at Mosaic s Esterhazy, Saskatchewan, potash mine or other potash shaft mines; other accidents and disruptions involving Mosaic s operations, including potential mine fires, floods, explosions, seismic events or releases of hazardous or volatile chemicals, as well as other risks and uncertainties reported from time to time in The Mosaic Company s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. 2 1

2 Investment Highlights Well positioned to benefit from projected positive long term fundamentals Largest combined phosphate and potash player in the world High quality assets Scale Geographically diverse Leading position in premium products Strong financial track record Robust operating cash flows Clearly outlined capital priorities Experienced management team focused on execution and operational excellence 3 The ABCs of the Food Story Mil Tonnes 3,5 Source: USDA and Mosaic 3, World Grain and Oilseed Use 2,5 2, 1,5 1, Actual for U.S. Ethanol Actual Forecast for U.S. Ethanol Forecast 4 2

Mosaic s Role in Feeding the World Population Growth World population is expected reach 9+ billion people

crop yields Long-Term Sustainability Optimum use of crop nutrients is essential to growing the food the

Phosphate & Potash Agriculture Attractive sector Crop Nutrition Best business within agriculture Phosphate

3 Mosaic s Role in Feeding the World Population Growth World population is expected reach 9+ billion people by 25* Need to Improve Yield Limited arable land Crop nutrients directly account for 4 to 6 percent of crop yields Long-Term Sustainability Optimum use of crop nutrients is essential to growing the food the world needs today and tomorrow * Source: IHS Global Insight 5 Focused on Phosphate & Potash Focused on Phosphate & Potash Agriculture Attractive sector Crop Nutrition Best business within agriculture Phosphate & Potash Most compelling nutrients Mosaic is in great position to be the world s leading crop nutrition company 6 3

4 Top 4 Global Potash Producer World Muriate of Potash Shipments Million tonnes KCL Potash: The Regulator Obtained through underground or solution mining 8 percent of reserves in Canada and Russia Over a century of reserves 1.7 million tonnes of operational capacity One of the largest potash producers in the world F 13F China North Am Brazil India Indo/Malay Other Potash expansions: ~$3 billion in capital, 3 million tonnes On time, on scope, on budget Delaying future 2 million tonne projects Estimated long-term growth ~ 2.5 to 3.5 percent per year Source: Fertecon and Mosaic 7 The Leading Global Phosphate Producer World Processed Phosphate Shipments Million tonnes DAP/MAP/TSP Phosphate: The Energizer Sedimentary and igneous formations Large economically viable reserves: North Africa, Western China, Central Florida and Russia Largest producer of concentrated phosphate crop nutrients accounting for 12 percent of global output Over 35 years of rock reserves F 13F China India North Am Brazil Europe/FSU Other Estimated long-term growth ~ 2.5 to 3. percent per year Low cost manufacturer Premium products Global distribution facilities JV in Peru and announced Saudi Arabia JV Source: Fertecon and Mosaic 8 4

A Global Presence Mines and Chemical plants in stable geopolitical regions Ship product to approximately 4 countries Member of Canpotex and PhosChem export associations Global

intelligence to improve decision making Source: Mosaic 9 MicroEssentials Growth MicroEssentials Share of High Analysis Phosphate Sales (Fiscal Year) North America Brazil 12% 1% 8% 6% 4%

5 A Global Presence Mines and Chemical plants in stable geopolitical regions Ship product to approximately 4 countries Member of Canpotex and PhosChem export associations Global distribution capabilities with local presence provides additional flexibility to maximize cash flow generation: Balance seasonal demand to improve operating efficiency Market intelligence to improve decision making Source: Mosaic 9 MicroEssentials Growth MicroEssentials Share of High Analysis Phosphate Sales (Fiscal Year) North America Brazil 12% 1% 8% 6% 4% 2% North America MES Market Share (FY) >1% 9.3% 6.9% 5.5% 3.3% 1.7% 7% 6% 5% 4% 3% 2% 1% Brazil MES Market Share (FY) 5.% 4.% 1.7%.7%.7% >6% % % Source: Mosaic 1 5

6 Operating Cash Flow vs. Investments Capital Expenditures And Net Operating Cash Flow $ In Billions Sustaining Opportunity Expansion Cash from Operations Source: Mosaic 11 Investing for Growth The Company expects to generate appropriate risk-adjusted returns for each investment. $ in billions $1.5 $1. $.5 $ Calendar year Potash Mines Ma'aden JV Ammonia Plant* International & Supply Chain* * Not fully approved investments 12 6

Strategic Investments *See additional detail on

7 Surplus Cash & Capacity $2 billion of Excess Cash $3 billion of Debt Capacity Share Repurchases ARO Escrow Strategic Investments *See additional detail on reconciliation at back of slides 13 Our Strategic Priorities 14 7

8 213 A Year of Success! Accomplishments New safety record Potash expansions on track on budget Benefits of tolling agreement reversion Northern Promise JV (Saudi Arabia) Continued MicroEssentials momentum South Fort Meade productivity AEIS a stepping stone to new permits Strategic review completion and capital philosophy rollout Focused on: execution and delivering results 15 Strategic Priority: Shareholder Value Our TSR goal: Top 3 among 1 global crop nutrient peers Execute our strategy Return capital to shareholders Deliver strong value 16 8

9 Market Data and Outlook 17 Phosphate and Potash Outlook Over-reaction to the break-up of BPC No change to our positive long-term outlook Weaker fundamentals near term 18 9

10 Weaker Fundamentals Near Term $ MT Plant Nutrient Prices Source: Fertecon, CRU and ICIS Urea - fob Yuzhny DAP - fob Tampa MOP - c&f Brazil 19 Several Factors Exacerbate Fundamentals Weaker Supply and Demand Fundamentals Currency Headwinds BPC Announcement Seasonal Slowdown Cautious Sentiment 2 1

Demand Still a Tale of Two Hemispheres Mil Nutrient Brazil Phosphate and Potash Shipments Tonnes 1.

11 Demand Still a Tale of Two Hemispheres Mil Nutrient Brazil Phosphate and Potash Shipments Tonnes Source: ANDA, Mosaic Phosphate Potash FCST Mil Tonnes India DAP and MOP Shipments 2 Source: FAI, Mosaic 18 Fertilizer Year Ending March FCST DAP Shipments MOP Imports 21 Affordability Underpins Demand Plant Nutrient Affordability Plant Nutrient Price Index / Crop Price Index Source: Green Markets, CME, USDA, AAPFCO, Mosaic Affordability Metric Average 22 11

12 Long Term P&K Demand Forecasts MMT World Phosphate Shipments Most Likely Scenario Asia Latin America North America Other MMT KCl World Potash Shipments Most Likely Scenario Asia Latin America North America Other 23 Balanced Outlook for Global P&K Markets MMT Global Phosphate Capacity, Production and Opr Rate Most Likely Scenario Op Rate 95% 9% 85% 8% 75% 7% 65% Capacity Production Op Rate MMT KCl Global Potash Capacity, Production and Operating Rate Most Likely Scenario Op Rate 9 1% 8 9% 7 6 8% 5 7% 4 3 6% 2 5% 1 4% Capacity Production Op Rate 24 12

13 Responses to Potash Mis-Characterizations Supply and demand determine price The economic rationale for legal export associations is efficiency. Canpotex delivers large cost savings. Mosaic is cost competitive 25 Supply and Demand Determine Price $ ST fob Midwest Terminal Blend Grade Muriate of Potash Prices Source: Green Markets and ICIS fob U.S. Midwest Warehouse c&f Brazil $ MT c&f Brazil

14 Supply and Demand Determine Price 1 Tonne KCl Former Soviet Union Potash Domestic Shipments 14, 12, 1, 8, 6, 4, 2, Source: Fertecon Data File February Tonne KCl Former Soviet Union Potash Exports 18, 16, 14, 12, 1, 8, 6, 4, 2, Source: Fertecon Data File February Supply and Demand Determine Price $ ST fob Midwest Terminal Blend Grade Muriate of Potash Prices Source: Green Markets and ICIS fob U.S. Midwest Warehouse c&f Brazil $ MT c&f Brazil

Mosaic s Cost Position US$ Tonne 3 Source: CRU and Mosaic 275 25 225 2 175 15 125 1 75 Industry Cost Curve - MOP fob port 213 Our Financial Reports: Domestic freight is included in Mosaic s revenue

15 Mosaic s Cost Position US$ Tonne 3 Source: CRU and Mosaic Industry Cost Curve - MOP fob port 213 Our Financial Reports: Domestic freight is included in Mosaic s revenue and cost of goods sold. Prior to 213 tolling agreement increased reported costs per tonne. Resources Taxes are included in Mosaic s costs of goods sold Mosaic Sask Million Tonnes Brine Management Elevates Costs 29 Putting the Pieces Together Over-reaction to BPC breakup Weaker nearterm fundamentals Supply and demand determine price Long-term outlook unchanged Cost Competitive 3 15

Supplemental Mosaic Information 31 Potash Segment Highlights In millions, except MOP price Q4 FY13 Q3 FY13 Q4 FY12 Net sales $1,31 $758 $1,37 OPERATING EARNINGS BRIDGE $ IN MILLIONS 5 Gross Margin

16 Supplemental Mosaic Information 31 Potash Segment Highlights In millions, except MOP price Q4 FY13 Q3 FY13 Q4 FY12 Net sales $1,31 $758 $1,37 OPERATING EARNINGS BRIDGE $ IN MILLIONS 5 Gross Margin $489 $38 $514 Percent of net sales 47% 41% 5% Operating earnings $445 $216 $ Sales volumes Production volume Production operating rate 95% 78% 85% Avg MOP selling price $368 $385 $ Q4 FY12 OE Sales price Sales volumes Resource taxes & royalties Other Q4 FY13 OE Fourth quarter highlights: 1. Net sales were roughly flat year over year as record potash sales volumes were offset by lower realized prices. Decline in realized prices was driven by both lower market prices for MOP, as well as higher mix of international volumes which are mostly standard grade. 2. Operating earnings decline was driven by lower realized prices, as well as higher labor and depreciation expenses, partially offset by higher volumes

17 Phosphates Segment Highlights In millions, except DAP price Q4 FY13 Q3 FY13 Q4 FY12 Net sales $1,67 $1,52 $1,789 Gross Margin $29 $266 $322 Percent of net sales 17% 18% 18% Operating earnings $198 $197 $224 Sales volumes NA production volume (a) OPERATING EARNINGS BRIDGE $ IN MILLIONS Finished product operating rate 85% 87% 86% Avg DAP selling price $483 $496 $494 Q4 FY12 OE Sales price Sales volumes Raw materials Other Q4 FY13 OE (a) Includes crop nutrient dry concentrates and animal feed ingredients Fourth quarter highlights: 1. Gross margin and operating earnings decline was driven by lower realized prices, higher ammonia costs and higher plant spending, partially offset by lower phosphate rock and sulfur costs. 33 Guidance Update: Third Quarter 213 Business Segment Category Previous Guidance Calendar Year 213 New Guidance Calendar Year 213 Potash Q3 Sales volume Q3 MOP selling price Q3 Gross margin rate Q3 Operating rate million tonnes $33 - $36 per tonne Mid to high 3 percent Below 75 percent million tonnes $33 - $34 per tonne Low to mid 3 percent Below 75 percent Phosphates Q3 Sales volume Q3 DAP selling price Q3 Gross margin rate Q3 Operating rate million tonnes $43 - $465 per tonne Flat with last quarter Mid 8 percent million tonnes $43 - $44 per tonne Mid teens Mid 8 percent Consolidated Effective Tax Rate Mid 2 percent range, excluding notable items Low 2 percent range, excluding notable items *All other quarterly guidance remains unchanged 34 17

18 Potash Expansion CUMULATIVE CAPACITY ADDITIONS MILLION TONNES Expansions on time, on budget Postpone indefinitely remaining two million tonne expansions FISCAL YEAR CONSTRUCTION IN PROGRESS REVERSION OF TOLLING AGREEMENT EXISTING AND CONSTRUCTION COMPLETE 35 Selected Non-GAAP Financial Measures and Reconciliations US$ Millions FY13 FY12 FY11 FY1 FY9 Net earnings $ 1,889 $ 1,93 $ 2,515 $ 827 $ 2,35 + Interest (income) expense, net (19) (19) Income tax expense Depreciation, depletion & amortization EBITDA $ 2,816 $ 3,13 $ 3,72 $ 1,669 $ 3,43 EBITDA 5 Year Average $ 2,948 As of May 31, 213 US$ Millions Short Term Debt $ 69 Long Term Debt 1,11 Unfunded Pension and Postretirement Obligations 139 Lease Obligations (Annual Rental Expense x 6) 533 Total Adjusted Debt * $ 1,752 * Estimated based on written description of rating agency methodology

production costs 1,19 MOP Production volumes (thousand of metric tonnes) 7,592 MOP cash production costs per tonne $ 134 *

19 Selected Non-GAAP Financial Measures and Reconciliations Potash Segment US$ Millions, except per tonne FY13 COGS $ 1,918 Unrealized gain on derivatives (13) Depreciation, depletion, and amortization 32 Resource taxes 25 Other * 36 Total MOP cash production costs 1,19 MOP Production volumes (thousand of metric tonnes) 7,592 MOP cash production costs per tonne $ 134 * Other represents freight costs, KMAG production costs, impacts of Esterhazy tolling tonnes, changes in inventory levels, and other

Phosphate Outlook. TFI Outlook Conference Marriott Marriott Waterside Hotel and Marina Tampa, FL November 20, 2013

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