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April 9-10, 2015 Click to edit Master title style Thisdocumentcontainsforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Suchstatementsinclude,butarenotlimitedto,statementsabouttheWa’adAlShamalPhosphateCompany(alsoknownastheMa’adenjointventure),theacquisitionandassumptionofcertainrelatedliabilitiesoftheFloridaphosphateassetsofCFIndustries,Inc.(“CF”)andMosaic’sammoniasupplyagreementswithCF;repurchasesofstock;otherproposedorpendingfuturetransactionsorstrategicplansandotherstatementsaboutfuturefinancialandoperatingresults.SuchstatementsarebaseduponthecurrentbeliefsandexpectationsofTheMosaicCompany’smanagementandaresubjecttosignificantrisksanduncertainties.TheserisksanduncertaintiesincludebutarenotlimitedtorisksanduncertaintiesarisingfromtheabilityoftheMa’adenjointventuretoobtainadditionalplannedfundinginacceptableamountsanduponacceptableterms,thefuturesuccessofcurrentplansfortheMa’adenjointventureandanyfuturechangesinthoseplans;difficultieswithrealizationofthebenefitsofthetransactionswithCF,includingriskthatthecostorcapitalsavingsfromthetransactionsmaynotbefullyrealizedormaytakelongertorealizethanexpected,orthepriceofnaturalgasorammoniachangestoalevelatwhichthenaturalgasbasedpricingunderoneofthelongtermammoniasupplyagreementswithCFbecomesdisadvantageoustoMosaic;customerdefaults;theeffectsofMosaic’sdecisionstoexitbusinessoperationsorlocations;thepredictabilityandvolatilityof,andcustomerexpectationsabout,agriculture,fertilizer,rawmaterial,energyandtransportationmarketsthataresubjecttocompetitiveandotherpressuresandeconomicandcreditmarketconditions;thelevelofinventoriesinthedistributionchannelsforcropnutrients;changesinforeigncurrencyandexchangerates;internationaltraderisksandotherrisksassociatedwithMosaic’sinternationaloperationsandthoseofjointventuresinwhichMosaicparticipates,includingtheriskthatprotestsagainstnaturalresourcecompaniesinPeruextendtoorimpacttheMiskiMayomine;changesingovernmentpolicy;changesinenvironmentalandothergovernmentalregulation,includinggreenhousegasregulation,implementationonumericwaterqualitystandardsforthedischargeofnutrientsintoFloridawaterwaysoreffortstoreducetheflowofexcessnutrientsintotheMississippiRiverbasin,theGulfofMexicoorelsewhere;furtherdevelopmentsinjudicialoradministrativeproceedings,orcomplaintsthatMosaioperationsareadverselyimpactingnearbyfarms,businessoperationsorproperties;difficultiesordelaysinreceiving,increasedcostsoforchallengestonecessarygovernmentalpermitsorapprovalsorincreasedfinancialassurancerequirements;resolutionofglobaltaxauditactivity;theeffectivenessofMosaic’sprocessesformanagingitsstrategicpriorities;adverseweatherconditionsaffectingoperationsinCentralFlorida,theMississippibasin,theGulfCoastoftheUnitedStatesorCanada,andincludingpotentialhurricanes,excessheat,cold,snow,rainfallordrought;actualcostsovariousitemsdifferingfrommanagement’scurrentestimates,including,amongothers,assetretirement,environmentalremediation,reclamationorotherenvironmentalregulation,Canadianresourcestaxesandroyalties,theliabilitiesMosaicassumedintheFloridaphosphateassetsacquisition,orthecostsoftheMa’adenjointventure,itsexistingorfuturefundingandMosaic’scommitmentsinsupportofsuchfunding;reductionofMosaic’savailablecashandliquidity,andincreasedleverage,duetoitsuseofcashand/oravailabledebtcapacitytofundsharerepurchases,financialassurancerequirementsandstrategicinvestments;brineinflowsatMosaic’sEsterhazy,Saskatchewan,potashmineorotherpotashshaftmines;otheraccidentsanddisruptionsinvolvingMosaic’soperations,includingpotentialminefires,floods,explosions,seismiceventsorreleasesofhazardousorvolatilechemicals;andrisksassociatedwithcybersecurity,includingreputationalloss,aswellasotherrisksanduncertaintiesreportedfromtimetotimeinTheMosaicCompany’sreportsfiledwiththeSecuritiesandExchangeCommission.Actualresultsmaydifferfromthosesetforthintheforward-lookingstatements. Click to edit Master title style In this cyclical industry, the positive secular trends continue.Long-term value creation is predicated on effective capital deployment.Capital deployment near the trough of Depressed investment valuesIncreasing leverage to the upcycleFor Mosaic, and for our investors, now Investment Thesis Why Now? 4 Near-term Grain and Oilseed Stocks5 Wide range of potential outcomes for 2015 000102030405060708091011121314E15FMillion TonnesWorld Grain & Oilseed Stocks USDA Mosaic 2015/16 Range Mosaic Medium Scenarios Source: USDA and Mosaic Crop Nutrient Affordability Index More Affordable 0506070809101112131415Plant Nutrient Affordability Affordability Metric AverageSource: WeeklyPrice Publications, CME, USDA, AAPFCO, Mosaic 55.057.51.91.51.01.92014OCPMa'adenOtherChina2019MMTSource: CRU, January 2015.Global Phosphoric Acid Capacity 60%65%70%75%80%85%90%000204060810121416F18F20FOp RateSource: CRU. January 2015.Global Phosphoric Acid Supply Capacity Production Operating Rate (Million Tonnes) Improving Phosphate Outlook7 Significant production increases No deep or prolonged down-cycleMosaic estimates of 80%-85% global operating rate 50%55%60%65%70%75%80%85%90%95%100%1000002040608101214E16F18F20FOp RateMMT KClSource: Company Reports, Fertecon, CRU and MosaicGlobal Potash Capacity, Production and Operating Rate Capacity Production Op Rate Why Mosaic? 9 Click to edit Master title style 10Distribution Strength Phosphates: Scale and Strong Cost Position Top 10 Phosphate Producers in 2013Based oductMosaioductncludes CF ndustes'phosphatbusinessoductbased PACIoductOCP oductsplbetween shed phosphatoductuse vs.PACIsolas suchSource:Company eporFA,CRU,Ferecon Mosai 0.02.04.06.0OCPMosaicPotashCorpPhosAgroYuntianhuaValeGuizhou Kailin GroupGCTGuizhou Wengfu GroupEurochemMillion Nutrient Tonnes Finished Phosphate Production Phophoric Acid Sales Source: CRU and Mosaic Based oductoductbased MOP,SOP,KMS oductSource:Company eporFA,CRU,Ferecon Mosai 0.02.04.06.08.0UralkaliMosaicPotashCorpBelaruskaliK+SIsrael ChemicalQinghai Salt LakeAgriumAPCValeMillion Nutrient TonnesPotash: Scale and Improving Cost Position Large and low cost producer. K3 optionality upside. Top 10 Potash Producers in 2013 Mosaic Sask100125150175200225250275300010203040506070US$/TonneMillion Tonnes2014 MOP Industry Cost Curve fob PortSource: CRU and Mosaic Brinecosts Innovation, Beyond Products Transformed Balance Sheet:Returned $3.2B in 2014Repurchased 18% of outstanding shares since the split-offCommitted to maintaining ratingLiquidity buffer of 2.5 billionLeverage of 1.5x to 2.0x Capital Management Priorities Expect to continue to generate strong cash flow and excess cash Maintain Strong Sustain Assets & Dividend Grow Business Return 15Consistent Strategy; Consistent Execution += Pulling The Right Levers Volume x Margin = Value •Operations•Production Mix•Product Mix •Brownfield Potash •MicroEssentials® •Strategic investments: •CF Phosphates•Ma’aden•ADM 20142015F2016F2017F2018F* Assumptions in Appendix. Subject to risks and uncertainties including those stated in the Safe Harbor Statement. Ma’aden gross margin contribution excludes project debt service expense.CF Industries PhosphatesMicroEssentialsRaw Materials +56%Source: Mosaic 17 Potash: Investing for Growth 20142015F2016F2017F2018F Growth * Assumptions in Appendix. Subject to risks and uncertainties including those stated in the Safe Harbor Statement. Opportunity to Reduce Brine Spending After 2018 International Distribution: Investing in Growth 20142015F2016F2017F2018FIncremental MicroEssentials& Volume GrowthADM Distribution Tonnes * Assumptions in Appendix. Subject to risks and uncertainties including those stated in the Safe Harbor Statement. 20142015F2016F2017F2018F Meaningful Cash Flow After Dividends * Assumptions in Appendix. Subject to risks and uncertainties including those stated in the Safe Harbor Statement. Smart Capital Deployment Investment for Growth AppendixAppendix Phosphates: Ma’aden JV contribution embedded in gross margin, actual reporting is as an equity investment under U.S. GAAP.ADM business includes an incremental, 2 million tonnes of blended product plus synergies. Raw material savings result of increased NHmanufacturing from de-bottlenecking vs. 2014 average purchased NHcost, lower costs from sulfur melting flexibility, and CF Industries ammonia off-take of 725k tonnes, which assumes difference between 2014 pricing and CF contract pMicroEssentialssales volume growth assumes 3.4 million tonnes in 2018 minus 2014 volumes multiplied by 2014 margin premium over DAP, not including incremental selling, general and administrative expenses.Selling prices and raw material costs (other than those noted above) are considered flat to 2014.Capacity increase based on 1.8 million tonnes from CF Industries phosphate acquisition. Growing volumes assumes 10.5 million tonnes of sales, based on 11.9 million tonnes of total capacity, in 2018.Assumptions for Canadian Resource Taxes and Royalties are based on expectations as of February 11, 2015. Some cost savings occurred in calendar 2013 and 2014. Additionally, assumes some of the corporate savings are embedded in costs of goods sold. Cost savings shown is net of 3% inflation.Dividends per share are assumed to increase by $0.10 per share in 2015 and then $0.05 per share thereafter.Dividends are calculated using projected 2015 shares outstanding of 364.2 million which assumes no additional share repurchases above current Board authorization.Cash flow per share assumes a hypothetical repurchase of 2.5m shares in each quarter from 2015 to 2018. assuming CY2014 Cash Flowfrom Operations ReconciliationAdjusted Cash flow from operations (Non-GAAP)$1,726Changes in working capital300Loss on write-downof Carlsbad125Unrealized loss on derivatives35Change in value of share repurchase agreement60Amortizationof acquired inventory49Special equity incentive15(Gain)on assets sold and to be sold(16)Cash flow from operations (GAAP)$2,294Appendix: Non-GAAP Reconciliation Tabular Representation of Data From Analyst Day FlowfromOperations$1,726(a)Capex($906)($1,204)($1,415)($1,129)($1,034)Dividends($383)($401)($420)($440)($461)FCFDividends$437(a) adjusted, reconciled on prior page Global Phosphate Shipment Forecasts DAP/MAP/TSP2013R2014E2015FCommentsChina21.521.621.822.121.822.1Large but flat shipments in 2014. Forecast for 2015 unchanged. Moderate growth expected this year due in part to positive changes to agricultural commodity support policies.India8.07.69.09.48.39.02014 estimate lowered due to weak import economics, a shift to NP/NPKs, and inventory depletion. 2015 range lowered due to some of the same factors, but projected increase driven by low channel stocks, a stable rupee and expected subsidy changes.Other Asia/Oceania6.86.86.97.36.97.32014 demand camein at the low end of our forecast. Only minor rebalancingchanges made to 2015 forecast, with demand projected flat to moderately higher in most countries.Europe and FSU5.45.84.54.75.15.3Upwardrevisions made tohistorical EU demand, which carried through to 2014 and 2015, while a weaker Euro and challenging economic environment may weigh on 2015. FSU countries expected to show continued moderate growth.Brazil7.17.47.07.37.07.32014 estimate revised higher on strength of shipments through the end of the year. Forecast for 2015 unchanged. The sharp drop in the real boosts overall farm economics, but channel inventories expected to decline as well.OtherLatin America2.93.02.83.02.83.0Minor rebalancingchanges made, with shipments expectedto be flat to slightly lower in 2015.NorthAmerica8.99.08.68.98.78.9Expectations for 2015 are little changed with shipments ticking slightly lower on reductions in planted area (our 2015 corn and soybean area forecasts are 88-89 and 83-84 millionacres).Other3.63.53.83.93.63.8Middle East shipments revised down in 2014 and expected to grow modestly in 2015. Africa holds broadly flat.Total64.164.664.566.564.466.5Our 2014 point estimate of64.6 mmt sits squarely within our 64-65 mmt guidance. Downward revisions to India offset increases in Europe and Latin America. Our 2015 forecast is unchanged at 64.5-66.5 mmt, with a 65.4 mmt point estimate.Source: CRU and Mosaic.Numbers may not sum to total due to rounding. Global Potash Shipment Forecasts by (February, 2015) Muriate of PotashMillion Tonnes (KCl)2013R2014E2015FCommentsChina11.013.812.412.612.713.1Shipments surged 2.8mmt last year (+1.0 mmt production and +1.8 mmt net imports). We estimate ~1.0 mmt of the increase was inventory build. 2015 forecasts assume 4%-6% demand growth and a 0.5-0.6 mmt drawdown of channel inventories.India3.23.94.04.44.14.4India contracted for ~4.3 mmt in 2014/15 and imported 3.9 mmt in CY 2014. Farm economics remain profitableand import economics continue to work. Potential upside if meaningful policy changes made –especially urea subsidy reform.Indonesia/Malaysia4.14.64.74.94.74.9Demand growthto continue in 2015 due to still profitable palm oil economics (aided by biodiesel subsidy boost in Indonesia), low channel stocks, and continued moderate SMOP prices.Other Asia/Oceania4.24.54.54.74.54.7Demand elsewhere in Asia/Oceania beat expectations in 2014 and modest gainsexpected in most countries again this year.Europe and FSU10.410.911.011.210.811.1Upward revision in 2014 dueto stronger-than-expectedNPK output anddirect application use. Forecast for 2015 pared back slightly due to net impact of lower crop prices and weaker Euro.Brazil8.39.18.48.78.48.7Record shipments and imports in 2014 and modestinventory build. 2015 demand projected to remain at elevated levels as weaker real more than offsets lower crop prices.OtherLatin America2.42.52.52.62.52.6Flat to modest growth expected across most of the region.NorthAmerica8.710.08.78.98.78.9Shipments lastyear surged to the highest level since 2004 due to strong on-farm demand, the need to replenish low channel inventories, and ongoing concerns about rail logistics. Shipments expectedto revert to a more normal level in 2015.Other1.31.71.51.61.51.6Exceptionalgrowth in otherregions such as Africa and the Middle East in 2014 expected to moderate slightly in 2015.Total53.761.157.959.957.960.0Large 2014 upward revision mainly due to increases in China and North America to meet strong demand and refill near-empty channel stocks. Shipments in 2015 are forecast at 58-60 mmt, with a point estimate of 59.0 mmt.Source: CRU and Mosaic.Numbers may not sum to total due to rounding.