PotashCorp.com

Q1 2016 Conference CallApril 28, 2016

Forward-looking Statements

Slide #2

Performance

First-Quarter 2016 Highlights

• Earnings of $0.09 per share1; including:

- Notable non-cash charges in phosphate of $0.03 per share

- New Brunswick severance charges of $0.03 per share

• Market value of investments approximately $4 billion, or $5 per PotashCorp share2

• Expect global potash shipments of 59-61 million tonnes

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

Source: PotashCorp

Slide #4

Lower Prices Primary Contributor to Weaker Gross Margin

Quarterly Gross Margin Comparison

Q1 2015

Potash Nitrogen Phosphate Q1 2016

0

150

300

450

600

750$667

$234-$340

-$74 -$19

Gross Margin - US$ Millions

Source: PotashCorp

Slide #5

Outlook

Jan-1

5

Feb-1

5

Mar-1

5

Apr-15

May-1

5

Jun-1

5Ju

l-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-1

5

Jan-1

6

Feb-1

6

Mar-16

Apr-16

50

75

100

125 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 (January 2015 Average = 100)

Crop and Fertilizer Price IndexFertilizer Represents Even Greater Value for Farmers

Source: Bloomberg, Fertilizer Week

Decline in fertilizer prices relative to

crop prices presents opportunity for

farmers

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

E20

16F

0

10

20

30

40

50

60

70 Shipments Shipment Range ConsumptionMillion Tonnes KCl

World Potash Consumption and Shipments

Source: Fertecon, CRU, IFA, Industry Publications, PotashCorp

Potash Consumption Growth; CAGR of ~2.75 Percent (2000-2016F)

China India Other Asia

Latin America

North America

0

2

4

6

8

10

12

14

16

18

2015E 2016F*

Crop Economics and Agronomic Need Expected to Support Strong Demand

Potash Market Outlook

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

Slide #9

Highlights (2016F)Potash Shipments (million tonnes)

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

Guidance

2016 Guidance*

Second Quarter

• Earnings per share: $0.15-$0.25

Full Year

• Earnings per share: $0.60-$0.80

• Potash sales volumes: 8.3-8.8 million tonnes

• Potash gross margin: $0.5-$0.7B

• Nitrogen and phosphate gross margin: $0.6-$0.8B

• Capital expenditures1: $0.7-$0.8B

*Guidance as at April 28, 20161Does not include capitalized interest

Source: PotashCorp

Slide #11

2016 Guidance*

Full Year

• Effective tax rate: 25-27 percent

• Provincial mining and other taxes1: 24-27 percent of total potash gross margin

• Selling and administrative expenses: $235-$245M

• Finance costs: $210-$220M

• Income from offshore equity investments2: $120-$140M

• Annual FX Assumption: CDN$1.34 per US$

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

* Guidance as at April 28, 20161 As a percentage of potash gross margin, excluding New Brunswick severance costs2 Represents share of earnings in equity-accounted investees and dividend income from available-for-sale investments

Source: PotashCorp

Slide #12

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