PotashCorp.com

December 5, 2012

Q4 2012 Market Analysis Report

This presentation contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to: foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, and effective tax rates. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to: 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; costs and availability of transportation and distribution for our raw materials and products, including railcars and ocean freight; changes in competitive pressures, including pricing pressures; adverse or uncertain economic conditions and changes in credit and financial markets; the results of sales contract negotiations with major markets; economic and political uncertainty around the world, including the European sovereign debt crisis; timing and impact of capital expenditures; risks associated with natural gas and other hedging activities; changes in capital markets and corresponding effects on the company’s investments; unexpected or adverse weather conditions; changes in currency and exchange rates; unexpected geological or environmental conditions, including water inflows; imprecision in reserve estimates; adverse developments in new and pending legal proceedings or government investigations; acquisitions we may undertake; strikes or other forms of work stoppage or slowdowns; changes in, and the effects of, government policies and regulations; security risks related to our information technology systems; and earnings, exchange rates and the decisions of taxing authorities, all of which could affect our effective tax rates. Additional risks and uncertainties can be found in our Form 10-K for the fiscal year ended December 31, 2011 under the captions “Forward-Looking Statements” and “Item 1A – Risk Factors” and in our other filings with the US Securities and Exchange Commission and the Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this presentation and the company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Forward-looking Statements

• World Agriculture and Fertilizer Market Update

• Latin America Agriculture Market Review

• Latin America Fertilizer Market Overview

Presentation Overview

Agriculture and Fertilizer Market Update

Source: USDA

Million Tonnes

Consumption Change 2012 vs 2011

Million Tonnes

Production Change 2012 vs 2011

Widespread Production Issues Have Impacted Consumption

World Grain Supply/Demand

Source: USDA

Percent

Inventories Are Tight in Major Producing and Consuming Regions

World Grain Stocks-to-Use Situation

2012 Stocks-to-Use Compared to 25-Year Average

2012F Stocks (million tonnes)

Source: Bloomberg

Price Index (10-Year Average = 100)Price Index (10-Year Average = 100)

Prices Remain Well Above Historical Levels

World Crop Prices

Source: DTN, Bloomberg, USDA, PotashCorp

US$/Acre

2013 Return Over Variable Costs Scenarios

Price Index (January 2011 = 100)

US Corn and Retail Fertilizer Prices

Affordability of Fertilizer Remains Extremely Strong

US Corn Economics

Corn Price Scenarios - $/bushel

Source: Fertecon

Million Tonnes - YTD

Ammonia Supply Has Been Constrained in Major Exporting Regions

Ammonia Exports by Major Region

Source: USDOC

Thousand Short Tons

Urea

Thousands Short Tons

Ammonia

Ammonia Imports Decline; Urea Imports Jump

US Nitrogen Imports

Source: Fertecon, Brilliant Pioneer Consultants

Thousand Tonnes

Surge in Chinese Exports Has Impacted the Global Market

China Urea Exports

Source: TFI

Thousand Short Tons

Inventory

Thousand Short Tons

Production

Production Issues Have Resulted in a Relatively Tight Market

US DAP/MAP Production and Inventory

Source: TFI

Thousand Short Tons

Sales Up 5 Percent in 2012 to Meet Strong Consumption

US DAP/MAP Producer Domestic Shipments

Source: Fertecon, CRU, Industry Publications, PotashCorp

Million Tonnes KCl

Inventory Destocking and Lower Indian Imports Affect Demand in 2012

World Potash Demand

Source: IPNI

Thousand Tonnes KCl

Sales Up 30 Percent in Second Half 2012 to Meet Strong Fall Consumption

NA Potash Producer Domestic Shipments

Source: Fertecon, CRU, Industry Publications, PotashCorp

Million Tonnes KCl

Expect Strong Rebound in Demand in 2013

World Potash Shipments

India China Latin America

Other Asia

North America

Other

Latin America Agriculture Market Review

Source: FAO, USDA

Percentage of Regional ProductionPercentage of World Production

Large Producer and Exporter of Major Livestock Products

Latin America Animal Protein Profile

Source: FAO, USDA

Percentage of Regional ProductionPercentage of World Crop Production

Leading Producer and Exporter of Major Crops

Latin America Crop Production Profile

Source: USDA

World Trade Share

Latin America Corn Exports

Million Tonnes

Latin America Soybean Exports

Rising Demand for Food Shows Latin American Potential

Latin America Soybean and Corn Export Profile

Million TonnesWorld Trade Share

Based on crop year data. For example, 2012F refers to the 2012/13 crop year.

Source: Macquarie Research, USDA

Brazil’s freight costs from US$ 80 to US$ 160 per tonne to move soybeans from the Mato Grosso to the southern ports.

US Infrastructure AdvantageBrazil’s Infrastructure Burden

New Land Requires Development and Marketing Infrastructure Investments

Brazil and US Infrastructure Profile

Rail

Road

Road

Rail

Water

Water

US freight costs range from US$ 30 to US$ 40 per tonne to move soybeans from the Midwest to Gulf ports.

Source: El Tejar, ANDA, Google Maps

Significant Investments Expected to Improve Competitiveness

Mato Grosso Infrastructure Developments

Source: USDA, CONAB, Macquarie Research

US$/bushel

FOB Soybean Cost Curve

US$/bushel

FOB Corn Cost Curve

Brazil Is a High-Cost Corn and Soybean Producer Due to Infrastructure Burden

Corn and Soybean Cost Curves

Source: USDA, Rabobank

Crop Production Activity Occurs During Most of The Year

South American Crop Calendar

- Planting - Pollination - Maturing - Harvest

ArgentinaWheatEarly CornLater Corn1st Soybeans2nd Soybeans

BrazilNorth East CornCentre-South Safra CornCentre-South Safrinha CornSoybeans

Mar Apr May Jun JulSep Oct Nov Dec Jan Feb

Source: USDA

Corn Growing RegionsWheat Growing Regions

Crops Are Primarily Produced in the Northern/Central Provinces

Soybean Growing Regions

Crop Producing Regions – Argentina

Source: USDA

Corn Producing RegionsSugar Producing Regions

Crops Are Produced Across Many States Under a Wide Range of Conditions

Soybean Producing Regions

Crop Producing Regions – Brazil

Source: USDA

Million Tonnes

The Second Crop Is No Longer Safrinha “Small Harvest”

Brazil Corn Production

Source: PIRA, FO Litcht, USDA, PRX,

Million Tonnes

Cane Used In Ethanol and SugarCorn vs Cane Debate

Rising Demand for Fuel and Food Expected to Support Cane Production

Brazil’s Sugar Cane Industry

Characteristic  Brazil  US

Feedstock Sugar Cane Corn

Total ethanol fuel production 5,573 13,900

Total area used for ethanol crop (2006) 3.6 (1% of Arable) 10 (3.7% of Arable)

Productivity per hectare 6,800-8,000 3,800-4,000

Energy balance 8.3 to 10.2 1.3 to 1.6

Estimated GHG emissions reduction 86-90% 10-30%

EPA's estimated 2022 GHG reduction for RFS2. 61% 21%

CARB's full life-cycle carbon intensity 73.4 105.1

Estimated payback time for GHG emissions 17 years 93 years

Total flex-fuel vehicles produced/sold 16.3 million 10 million

Ethanol fueling stations in the country 35,017 (100%) 2,326 (1%)

Ethanol's share in the gasoline market 50% 10%

Cost of production (USD/gallon) 1.75 2.48

Latin American Fertilizer Market Overview

Source: IFA, Fertecon

Fertilizer Consumption by RegionFertilizer Consumption by Crop

Corn, Soybeans and Sugar Account for Majority of Fertilizer Consumption

Latin America Fertilizer Consumption

Other

Mexico

Argentina

Brazil

Corn

Soybeans

Fruits & Vegetables

Sugar Crops

Wheat

Cotton

All Other Crops

Colombia

Chile

Source: Fertecon

Million Nutrient Tonnes

Strong Consumption Growth in Most Countries

Latin America Fertilizer Consumption

Million Nutrient Tonnes

Brazil Fertilizer Consumption Other Latin America Fertilizer Consumption

Source: Fertecon, PotashCorp

Million Tonnes K2O

Potash

Million Tonnes P2O5

Phosphate

Million Tonnes N

Nitrogen

Potash Consumption Met Primarily by Imports

Latin America Fertilizer Consumption Profile

Source: Fertecon, Potafertz, PotashCorp

2011 Imports – 3 million tonnes

Million Tonnes Product

Brazil Urea Consumption Brazil Urea Import Profile, 2011

FSU Is the Major Supplier to Brazil

Brazil Nitrogen Market Profile

Russia

Egypt

Oman

QatarOther

UkraineArgentina

Source: CRU, Fertecon, PotashCorp

Million Tonnes P2O5

Brazil Phosphate Fertilizer Consumption

Rising Domestic Production and Demand

Brazil Phosphate Operations

Rising Domestic Production and Demand

Brazil Phosphate Market Profile

Source: CRU, ANDA, PotashCorp

Brazil’s Potash Consumption by StatePotash Imports by Port, 2011

Consumption Is Concentrated in Cerrado Area

Brazil Potash Market Profile

Source: Fertecon, PotashCorp

Million Tonnes KCl

Expect Significant Growth in Potash Demand

Latin America Potash Demand Growth Potential

Source: ANDA

Cumulative - Million TonnesMonthly - Million Tonnes

Total Fertilizer Deliveries Remain Robust in 2012

Brazil Fertilizer Deliveries to End Consumers

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