BREAKING NEW GROUNDANNUAL REPORT 2013

LETTER TO SHAREHOLDERS

Dear Shareholders,

Over the 30 years of my career in agriculture, the visibility and appreciation for Mosaic‘s mission has increased dramatically. Agriculture is entering a new green revolution, emerging as one of the global economy’s most critical business sectors, and for good reason. The world’s farmers and the organizations that support them face the challenge of securing the world’s food supply, producing enough food to satisfy the needs of a global population that is steadily growing in size — and pros-perity — year after year. It starts with our mission.

Food security is a defining issue of our time. Global efforts to address this issue, including better seed genetics, crop-protection technology,. Irrigation and agronomic practices carry tremendous potential — and proper crop nutrition is essential to maximize the benefits of these advancements. To generate the new levels of abun-dance required to feed the world, we must ensure that every cultivated acre of land is properly fertilized. As the largest combined producer of potash and phosphate, Mosaic is a crucial part of solving the global food security question.

A YEAR OF RESOUNDING SUCCESS

Mosaic’s performance in fiscal 2011 clearly demonstrated a company-wide commitment to success. As the overall market recovery was taking hold, we entered the year with ambitious goals and high expectations — and completed the year with great integrity and a resounding sense of accom-plishment. This past year we were awarded the Minnesota Business Ethics Award, recognizing Mosaic for the principled and ethical culture we’ve built.

Continued investment in expanding potash production capacity is fundamen-tal to our future. In fiscal 2011 alone, we invested an additional $600 million in these projects. This multi-year effort will expand Mosaic’s annual proven peaking production capacity from over 10 million tonnes today to more than 16 million tonnes by 2021, including the reversion of tolling agreement capacity. During the year, we made considerable progress on expansions at our Belle Plaine, Colonsay and Esterhazy potash production facilities.

In Mosaic’s Phosphates business, fiscal 2011 was marked by a relentless focus on operational excellence, important strategic achievements, and record earnings and margins. We have enhanced operating margins through disciplined operational improvements in spite of significantly lowered produc-tion at one of our Florida mines. Phosphates is a stronger business — both structurally and operationally — than it was a few years ago, and financial results support this. During the year, we closed on the sale of an investment in Fosfertil and our operations in Cubatão, Brazil. The sale of these inter-ests and assets helped us fund another strategic initiative — acquiring an additional source of phosphate rock through an investment in the Miski Mayo mine in Peru. Investment in this mine bolsters Mosaic’s position as the lead-ing integrated phosphate producer in the world. Rock shipments from this world-class phosphate mine have already begun, and the mine offers signifi-cant expansion potential in the years ahead.

Few developments in fiscal 2011 were as significant as the steps we took.

James T. ProkopankoPresident and Chief Executive Offi cer

FINANCIAL HIGHLIGHTSOur primary products, phosphate and potash crop nutrients, are, to a large extent, global commodities that are also avail-able from a number of domestic and international competi-tors, and are sold by negotiated contracts or by reference to published market prices The most important competitive factor for our products is delivered price. As a result, the markets for our products are highly competitive.

Business and economic conditions and governmental policies affecting the agricultural industry and customer sentiment are the most significant factors affecting worldwide demand for crop nutrients. The profitability of our businesses is heavily influenced by worldwide supply and demand for our products, which affects our sales prices and volumes. Our costs per tonne to produce our products are also heavily influenced by significant raw material costs in our Phosphates business, fixed costs associated with owning and operating our major facilities and worldwide supply and demand for our products.

World prices for the key raw material inputs for concentrated phosphate products, including ammonia, sulfur and phosphate rock, have an effect on industry-wide phosphate prices and costs. The primary feedstock for producing ammonia is natural gas, and costs for ammonia are generally highly dependent on natural gas prices as well as supply and demand. Sulfur is a world commodity that is primarily produced as co-products of oil refining, where the cost is based primarily on supply and demand for sulfur. We produce most of our requirements for phosphate rock through either wholly or partly owned mines.

Stock Performance Total Return

200

7 —

$100

200

8 —

$200

200

9 —

$800

201

0 —

$400

201

1 —

$300

201

2 —

$500

DIVID

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2009 9,812.6 3,160.5 2,806.7 2,082.8 1,960.7 11,819.8 1,418.3 6,754.6 2,546.6 372.1 4.67 –

2010 10,298.0 2,766.7 2,400.9 2,350.2 2,703.2 12,676.2 1,299.8 8,515.2 1,242.6 781.1 5.27 0.2

2011 6,759.1 1,693.3 1,270.8 827.1 2,523.0 12,707.7 1,260.8 8,748.4 1,356.0 910.6 1.8 1.5

2012 9,937.8 3,121.8 2,664.2 2,514.6 3,906.4 15,786.9 809.3 11,661.9 2,426.7 1,253.2 5.6 0.2

FISCAL YEAR IN MILLIONS EXCEPT PER SHARE AMOUNTS

5.8

9.8

10.3

6.8

9.9

08

09

10

11

12

08

09

10

11

12

08

09

10

11

12

Net Sales and Operating Earnings$ in millions

Diluted Earnings Per Share$ per share

Net Cash Provided by Operating Activities$ in miliions

0.7

2.5

1.2

1.4

2.4

0.95

4.67

5.27

1.85

5.62

DIGGING DEEP TO REACH OUR GOALSOur goal is to be globally known as the best crop nutrition company. Achieving this recognition takes ambition and accountability to the stakeholders who make achieving this goal possible – our customers, our employees, our share-holders, and the global communities where we live and operate. Since Mosaic was formed, we have achieved several important milestones toward this goal. Of course, challenges and opportunities remain, and we have plans for the continual improvement required to be recognized as the best.

Being the best crop nutrient company for our customers demands that we further develop the global market footprint and production capabilities that give us the ability to meet the ever-increasing demand and the flexibility to deliver our products where and when our customers need them.

Our goal is to maintain our position as the leading global supplier of combined pot-ash and phosphate crop nutrients.

Becoming the global supplier of choice also means holding ourselves accountable for how we treat our customers. We regularly survey our customers to monitor sat-isfaction levels, gauge loyalty and identify areas of improvement. We have adopted the widely accepted loyalty metric, Net Promoter Score, or NPS®,* as our loyalty measure. Today, our NPS score ranks in the satisfactory range.

Sales and Gross Margin Percent

Sales ($ in Millions) Gross Margin Percent

Over the past 5 years, total return to Mosaic shareholders has been 371 percent compared with S&P 500 return of 18 percent.

12

5.35.8

9.810.3 6.8

9.9

16 32 27 25 31

OUR GOAL IS TO ACHIEVE A BEST EMPLOYER RANKING AND REMAIN THERE.Employee safety is the most important aspect of how we manage our day-to-day op-erations. We relentlessly pursue an injury-free workplace. We rigorously track safety measures, including recordable injury frequency rates and lost-time injuries, against both our peers and industry averages. Through ongoing safety improvement efforts, we've shown year-over-year improvements, and rank in the best quartile today for these key safety measures (including both Mosaic employees and contractors).

At Mosaic's inception, we faced the immediate and profound challenge of integrat-ing two very different companies and cultures into one new entity – a substantive risk in any merger – and leading two workforces facing uncertainty toward a common future. Based on employee engagement surveys conducted by a leading human resources consulting firm, Mosaic is currently approaching the high-performance/best employer range.

Our core values of sustainability and safety, combined with our portfolio of phosphate and potash, our financial strength and our unparalleled global reach help us to achieve our goal of being recognized as the best crop nu-trient company in the world.

Our vision is to be the best crop nutrition company in the world. As a fully independent public company, we are focused on safety and sustainability, operational excellence and executing on our strategy, and we have greater flexibility than ever before to put our financial strength to work. With our diversified product portfolio, financial strength and global market presence, no company in the crop nutrient industry is better equipped to identify op-portunities and invest to capitalize on them.

Having an established physical presence around the world, an attribute that is unique among our peers, also has distinct advantages. Mosaic derives considerable strength from the superior market insights that our global operational footprint provides. In addition, our ability to monitor the market firsthand gives us an edge in assessing short- and long-term trends in sup-ply and demand to focus our strategic decision making.

OUR GOAL IS TO CONSISTENTLY BE IN THE TOP THREE OF OUR PEERS.

The value we create for our shareholders over time is central to our recogni-tion within our industry.

Our cost-curve position measures our production efficiency versus compet-itors. According to independent business analysis and consultancy group, CRU, today we rank in the first (best) quartile in Phosphates and in the third quartile in Potash.

Our goal is to continually improve our relative position on the cost curve in both our Potash and Phosphates businesses.

Total shareholder return takes into consideration annual appreciation in our stock value and dividend payments. In comparison to companies in our peer group** over the past five years, Mosaic is slightly behind the sec-tor average today. We believe that as the quality of our production assets, our execution capabilities and the value creation potential of our strategic initiatives are recognized, these strengths will be reflected in our five-year total returns.

**Peer group: AGU, APOT, CF, ICL, IPI, IPL, K+S, POT, SQM, YARA.

James T. ProkopankoPresident andChief Executive Officer

Anthony T. BrausenVice President – Financeand Chief Accounting Officer

Gary "Bo" N. DavisSenior Vice President –Phosphate Operations

Mark E. KaplanVice President – Public Affairs

Richard L. MackExecutive Vice President,General Counsel andCorporate Secretary

Richard N. McLellanSenior Vice President –Commercial

James "Joc" O'RourkeExecutive Vice President –Operations

Cindy C. ReddingSenior Vice President –Human Resources

Lawrence W. StranghoenerExecutive Vice Presidentand Chief Financial Officer

Executive Officers

Robert L. LumpkinsRetired Vice Chairman and Chief Financial Officer of Cargill, IncorporatedChairman of the Board of The Mosaic CompanyCommittee: Corporate Governance and Nominating

Phyllis E. CochranPresident of the Parts Group of Navistar, Inc.Committees: Audit; Compensation

William R. GraberRetired Senior Vice President and Chief Financial Officer of McKesson Corp.Committees: Audit (Chair); Corporate Governance and Nominating

Emery N. KoenigExecutive Vice President and Chief Risk Officer of Cargill, IncorporatedCommittee: Environmental, Health, Safety and Sustainable Development

Harold H. MacKayOf Counsel to the Law Firm of MacPherson Leslie and Tyerman LLPCommittee: Corporate Governanceand Nominating (Chair)

David B. MathisChairman of Kemper Insurance Cos.Committees: Audit; Compensation

William T. MonahanRetired Chairman of the Board, President and Chief Executive Officer of Imation Corp.Committees: Audit;Compensation (Chair)

James L. PopowichDirector of Canadian Institute of Mining, Metallurgy and PetroleumCommittees: Compensation; Environmental, Health, Safety and Sustainable Development

James T. ProkopankoPresident and Chief Executive Officer of The Mosaic Company

Sergio RialExecutive Vice President and Chief Financial Officer of Cargill, IncorporatedCommittee: Corporate Governance and Nominating

David T. SeatonChief Officer of Fluor Corp.Committees: Compensation; Environmental, Health, Safety and Sustainable Development

Steven M. SeibertSenior Vice President and Director of Policy of the Collins Center for Public PolicyCommittees: Corporate Governance and Nominating; Environmental, Health, Safety and Sustainable Development (Chair)

Board Of Directors

www.mosaicco.comThe Mosaic CompanyAtria Corporate CenterSuite E4903033 Campus DrivePlymouth, Minnesota 55441USA