EXTRACT | NOURISH | FLOURISH

February 20181 Cautionary Note Regarding Forward Looking Statements

All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” and are based on the reasonable expectations, estimates and projections of Potash Corp. (the “Company”) and the Company’s managers as of the date of this presentation. The words “plans,” “expects,” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur” or “be achieved” and similar expressions identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding mineral resource estimates, bankable feasibility study projections, strategic transactions and financing sources, the growth of the phosphate market, expected industry demands, the Company’s business strategy, projected capital and operating expenditures, currency fluctuations, government regulation and environmental regulation. Forward- looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions of the Company set forth herein. Known and unknown factors could cause the actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the supply and demand for potash, changes in competitive pressures, including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the Company’s investments, changes in currency and exchange rates, unexpected geological or environmental conditions, changes in and the effects of, government legislation, applicable regulations, taxation, controls and regulations and political or economic developments in jurisdictions in which the Company carries on its business or expects to do business, success in retaining or recruiting officers and directors for the future success of the Company’s business, officers and directors allocating their time to other ventures; success in obtaining any required additional financing to make target acquisition or develop an acquired business; employee relations, community relations and risks associated with obtaining any necessary licenses or permits. Many of these uncertainties and contingencies can affect the company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. These factors are not intended to represent a complete list of the factors that could affect the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law or regulation. The reader is cautioned not to place undue reliance on forward-looking statements.

This presentation includes a summary of a bankable feasibility study (“BFS”). The BFS was authored by Stanislaw Kotowski, Darrell Hladun and Ralf John Dickson of WorleyParsons, who are independent qualified persons within the meaning of NI 43-101 of the Canadian Securities Administrators. There is no certainty that the BFS results will be realized.

David Gower, an Officer of the Company and a qualified person under NI 43-101, has reviewed the scientific and technical information herein. 2 Table of Contents

1. Investment Opportunity 4

2. Project Highlights 7

3. Bankable Feasibility Study Highlights 12

4. Management Team / Investors 21

A. Appendix 26

3 Compelling Investment Opportunity Four key components make Brazil Potash a one of a kind asset

− Brazil is the world’s largest exporter of agricultural products − World’s second largest and highest growth rate market for potash but imports 94% of its needs 14,000 to 20,000km from mines − Project located only 8km from major river flowing to farm region

Brazil Location

− Lowest all-in delivered cost to Brazil − Potash is an essential − Cost to mine, process and nutrient to grow food with Robust Essential no substitute deliver equivalent to importers Economics Product delivery costs alone − Highest value mainstream − IRR of 20% fertilizer

Massive Scale

− Controls basin 2/3 the size of Saskatchewan and 2x Russian Ural potash basin − Proven and probable reserves support 34 year mine life based on drilling only 10% of the land permitted 4 Investment Proposition Compelling investment in a near shovel ready project that provides attractive long term cash generating capability with global scale and impact

Globally Significant Attractive Returns to Investors Near Shovel Ready Project . Brazil currently supplies 40% of . Within 4-5 years, will produce global seaborne aggregate trade, . Brazil Potash is the largest 2.4Mtpa from one of the three this project will initially supply greenfield potash project in the largest potash basins in ~25% of Brazil’s potash needs world and is near shovel ready existence − Project will effectively supply . De-risked and ready for . Generates substantial positive 10% of global seaborne development having completed: EBITDA even at today’s low agricultural trade . potash prices Feasibility Study (BFS) . Socioeconomic impact of project . Environmental Impact . Control of massive potash basin results in GHG reductions of Assessment (EIA) provides substantial upside to 508tpy CO2eq, equivalent to . 59km of drilling investors through future 100,000 fewer cars on the road . Land surface rights purchased production rate increases . Preliminary social and . environmental license Multiple indications of interest already for debt component of . Over US$180M invested to date project capital needs ensures developing project financing

5 Food Security is Currently a Major Investment Theme

Recent M&A Activity in the Agriculture / Fertilizer Sector

. In Dec 2016, Mosaic paid US$2.5B to acquire the majority of Vale’s fertilizer business

. In Sept 2016, PotashCorp and Agrium US$36 billion merger announced

. In April 2016, China Moly paid US$1.5 billion for Anglo American’s Brazilian phosphate & niobium assets − Transaction multiple of 8.1x EBITDA

. In February 2016, ChemChina paid US$43 billion for Syngenta

. Bayer EUR 70 billion acquisition of Monsanto ongoing

. Citic Agri Fund completes $1.1 billion acquisition of some of Dow Chemical Co.’s Brazil agriculture assets

6 Project Highlights

7 Brazil is an Established Agricultural Powerhouse with Further Growth Potential BUT Imports ~94% of its Potash Need

• Brazil is the world’s largest net exporter Availability of Arable Land of agricultural products 400 • Agribusiness currently represents ~24% 3.8x Growth Potential of Brazil’s GDP and has significant 303 growth potential with GAGR estimated at 300 269 2 219 4.4% 81 • Brazil is the second highest consumer of 200 224 170 87 138 potash globally at 8.9Mtpa (16% of global 119 2

Hectares (million) Hectares 42 production) with CAGR of 3.5% 100 16 83 188 170 132 36 79 96 103 24 47 Brazil’s production of food products 0 24 Brazil USA Russia India China EU AustraliaThailand % of Global Crop Production(1) Exports(1) Land in use Available land Exports Source: United Nations (UN) World Population Prospects KCL Consumption by Country (Kt 2014)2 Orange Juice 77% 15,400 9,737 8,874 Sugar 45%

5,161

Soybeans 39% 3,591

Poultry 34% 958 817 776 767

Coffee 29%

Meat 22%

(1) Source: United States Department of Agriculture (2) Source: Agroconsult 2016, Integer 2016 8 Substantial and Sustainable Logistics Cost Advantage Also Results in GHG Emission Reductions

• Imported potash primarily from Canada and Russia travels 14,000 to 20,000 kilometers by rail, boat and then truck to reach Brazilian fertilizer blenders • By being located in Brazil only 8km from major river system, logistics cost savings of ~US$80 / tonne and GHG emission reduction of ~508kt/yr CO2eq relative to Canadian and Russian producers • Expected increase in global oil prices from OPEC cuts will increase shipping costs and potash prices

Primary Global Potash Routes

Secondary KCl Market 1Mtpa+

Freight at Origin US$45 / tonne

Sea Freight US$57 / tonne(a)

Inland Freight US$31 / tonne(b) Inland Freight US$ 53 / tonne(c)

Canpotex US$133 / tonne BPC US$53 / tonne

∆ US$80 / tonne Primary KCl Market 8Mtpa+

Source: Agroconsult (2016) (a) Sea Freight & Insurance US$26 / tonne + Demurrage US$7 / tonne + AFRMM IS9 / tonne + Port & Handling Expenses US$15 / tonne (b) Freight Costs US$31 / tonne from Paranagua Port to Rondonópolis (c) River Barge US$15 / tonne + River Port Expenses US$5 / tonne + Freight Costs US$ 33 / tonne from Miritituba to Rondonópolis 9 Water Access Routes to Brazil’s Primary Markets Key

• Product transportation by water is (a) Belém the lowest cost means Santaré Eclusa São Luiz - Rail tends to be >2.5x m Itacoatiara Tucuruí US$54/t(a) Porto Carajás - Trucking typically >10x Velho US$51/t(a) US$62/t(a)

Cachoeira Palmas Rasteira • Strategic location close to Cerrado US$77/t(a) (b) and Matopiba US$80/t(a) Peixe

N. Xavantina (a - Largest soybean producing areas, Barra do US$104/t ) major consumers of potash Cuiabá Garça Brasília - Nearly 50% of total agricultural production in Brazil

• Matopiba experiencing significant Main Fertilizer Ports agriculture expansion with large and Fertilizer Bulk Blender undeveloped rural properties Railways • Potential to achieve agricultural Waterways yields similar to Cerrado Roadways Matopiba Region(b)

(a) Freight prices in US$ / tonne according to Agroconsult – KCl pricing report (September, 2014) (b) Matopiba refers to the first two letters of the four states comprising the new frontier for grains in Brazil (Southern Maranhão (MA), Tocantins (TO), Southern Piauí (PI), and Western Bahia (BA)) 10 Private Company with no Debt

Share Capital: Shares Outstanding, Basic 123 million Warrants, Options & DSUs 43 million Shares Outstanding, Fully-Diluted 166 million

BPC compares very favourably to peer development projects

Market Cap(1) US$1.8B US$460M Location United Kingdom Brazil

Development stage BFS March 2016 BFS April 2016

Reserves 280MT 248MT

Grade 20% KCl eq. 28% KCl

Depth 1,500m 685-863m

(1) Sirius Minerals and Highfield Resources market capitalization as of June 1, 2017; Brazil Potash market capitalization based on last raise at $3.75/share 11 Bankable Feasibility Study

12 High Quality Feasibility Study Completed by Worley Parsons

• Autazes mineral resource estimate Based on 36,800 meters of drilling in 41 holes • Sylvinite horizon ranges in depth from 685m to 863m gently dipping southeast at 1-2° • Deposit open to the north and south - Autazes area is <10% of the permitted land package

AUTAZES DEPOSIT Total / Average Resources Category Tonnes (Mt) Grade KCl (Mt) Port: Barge Loading Facility

Measured 151 31.2% 47 Mine: Underground 8.5 Mtpa ROM Plant: Production 2.4 Mtpa Granular Potash Indicated 284 30.9% 88 Mine: Underground 8.5 Mtpa ROM

Inferred 196 29.3% 57 Plant: Production 2.4 Mtpa Granular Potash

Mineral Reserves Tonnes (Mt) Grade KCl (Mt) • Brazil’s Ministry of Energy confirmed supply of Proven 87 28.7% 25 electricity and 230kV connection point 165km from site Probable 161 27.9% 45

13 Feasibility Study Reinforces Compelling Economics

Potash (KCl) Production: 2.4 Mtpa

Initial Capital Investment to achieve full production: US$1.9 billion (Pre-tax) US$2.1 billion (After-tax) US$778 / tonne (Capital intensity)

OPEX – FOB Port Average Over Mine Life: US$80 / tonne KCl (Freight On Board = includes mining, processing & barge loading)

Estimated Mine Life: 34 years

Ramp-up Period to Reach Full Production: 3 years

1. Feasibility study completed April 2016 by WorleyParsons with independent marketing study by Agroconsult. See full 14 disclaimer on page 2. Robust Economics: Potash Prices Expected to Revert to 5 Year Average as Supply-Demand Dynamics Improve

KCL Monthly Prices (US$/t), FOB Vancouver

600 AGROCONSULT'S FORECAST

500

Historic 5-year Price $386/T 400

300 Uralkali & Belaruskali breakup Expected price is below 200 1. Currency devaluation (India and Brazil) 2010-15's average 2. Rural Credit delay in Brazil 3. Brazil economic and political crisis --> instability 100 4. High stocks from 2014 5. Decrease in commodities prices All this lead to lower demand in 2015 0 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22

KCL Prices (US$/t) – FOB Vancouver Forecast to 2020: Average KCL Price (2010-2015) • 11% increase in cultivated land (from 90.3 to 100.8M ha) • 24% increase in crop production (from 1,055 to 1,308Mt) • Higher agriculture commodity price levels in part due to favourable exchange rates • Increased Rural Farm Credit payments for 2016

Source: Agroconsult (October 2016) 15 By Far the Lowest Delivered Cost to Brazil

• Brazil Potash average operating cost at full run-rate production estimated to be ~US$80 / tonne FOB Autazes Port

• Imported potash is typically sold CFR Brazil ports and a further ~US$31 / tonne is spent on inland freight

Global Potash COGS

Run Rate Average Operating Costs Unit US$M / year US$ / tonne FOB Mining 57 25 Surface Facilities 112 48 Transportation 9 4 Price Floor (~70% of producers losing money) G&A 7.5 3 Total $185 $80

Source: Clarksons Platou Securities Inc. 16 Bankable Feasibility Study

• Initial capital estimated to achieve full production is US$1.9 billion(1) - Total mine capital: US$646 million, of which shaft sinking, hoist and leased underground equipment 30% down payment are largest components - Total plant direct capital: US$834 million, of which physical plants, dryers and crystallizers are the largest components - Indirect and owners cost total US$282M and there is a contingency of US$178 million • Sustaining capital over 34 year life of project: US$843 million - Includes US$165 million mine closure fund

Global Expansion Costs – Greenfield Projects (USD) / (USD) / iCapex Production Capacity Production

Source: Street research and company disclosure (1) All figures include contingency and are on a pre-tax and escalation basis 17 High Level Project Development Timeline

Brazil Potash Amazon Basin Project 2014 2015 2016 2017 2018 FUTURE

Resource Exploration & Development Drilling to complete 43-101 resource reports   Permitting EIA-RIMA for industrial project(a)  Equator Principles Compliant Environmental Permitting LP  LI LO Various Applications & Permits

Engineering Preliminary economic assessment (PEA)  Bankable feasibility study (BFS/FEED)  Basic engineering

Detailed engineering

Construction Acquire Land at Port, Plant & Destination Ports

Project finance, construction & start-up

(a) Environmental impact report (“RIMA”) and environmental impact assessment (“EIA”)

18 Management Team / Investors

19 Skilled Management Team with Mine Construction, Operations and Potash Sales Experience

• The primarily Brazilian team maintains strong relationships with all levels of government, suppliers and future customers which is a key ingredient to our success

• Co-Chairman David Argyle is Brazil based and contributes his over 25 years of fertilizer mine operations and sales experience including restart of the Christmas Island phosphate project and management of a Chinese fertilizer company

• CEO Matt Simpson has a well rounded background of designing plus constructing mines while working for Hatch and later operating a large RioTinto owned mine with 650 reports and US$300M/yr budget

• Vice President Potash Sales Marcos Pedrini has extensive hands on experience selling and arranging delivery of potash in Brazil based on his over 35 years of experience primarily with Vale where he retired as General Manager Agriculture Sales

• Project Director Guilherme Jacome joins from Vale where he was General Manager Projects responsible for engineering and construction of several Brazil based projects including expansion of Vale’s Brazil based potash mine

20 Extensive Brazil & LATAM Experience

Parent company Forbes & Manhattan has built & operated mines in Brazil since 2002 • Belo Horizonte office has over 100 full-time staff in country covering all areas from mine permitting to operations with the majority dedicated to our flagship project Brazil Potash • Technical team – geologists, engineers, mine operators, environmental specialists • Support team – accounting, lawyers, permit specialists • Currently supporting the development of four projects including: Brazil Potash, Belo Sun, Irati and Aguia • Extensive relationships at all levels of Brazil Government and in local mining community • Highly capable team with prior experience at global mining giants like Vale, Rio Tinto, Falconbridge and Xstrata

Brazil Potash Belo Sun Irati Energy Aguia Resources Sulliden Gold Corp. Desert Sun Mining Rio Alto & Sulliden Merger USD 460 million Mkt Cap – CAD 460 million Mkt Cap – CAD 95 million Mkt Cap – CAD 45 million Sold for USD 750 million $464M on closing

F&M acquired Sulliden in Oil shale company with projects Acquired a controlling position Advanced stage development Gold mine being developed in March 2009 and resolved long- located in Phosphate mine being in Desert Sun in 2002. potash project in Brazil with Para State. Feasibility study standing disputes regarding South Brazil. developed in Rio Grande do Sul Developed Jacobina mine to Feasibility Study and completed and current mineral title. with PEA recently completed near production and sold 4 Preliminary License resource of 7.6 moz 671 mmbbls of best estimate Current resource of 3.4moz Au years later for $750m resource and PEA completed (Ag co prod)

Ongoing Ongoing Ongoing Ongoing Sold 2014 Sold 2006

21 Strong Stakeholder Support

Government & Community “Welcome to the Land of Milk & Potash” • Government keen to reduce Brazil’s dependence on imported potash & improve living standards • Significant tax breaks in State of Amazonas to encourage development • Local communities highly engaged & supportive as evidenced by Autazes welcome sign

Brazil & International Shareholders

Tier 1 Suppliers Engineering, Environment & Marketing Key Equipment Suppliers

22 Compelling Investment Opportunity

Brazil is the world’s second largest and highest growth market for potash but imports 94% of its 1 needs

Being in Brazil beside a major river provides ~$80/T logistics cost advantage & 2 508kT/yr GHG emissions savings

3 Lowest all in delivered cost to Brazil

4 Resource potential rivals world’s largest deposits

High quality management team with extensive Brazil experience backed by highly supportive 5 shareholders

23 Appendix

24 Community Support Achieved Through Sustainable Development, a Key Priority of Brazil Potash 94% of Brazil’s Potash is imported from mines 14,000 to 19,500 kilometers away. In country supply of 25% of Brazil’s needs yields 508 kton/yr of CO2eq (1) Minimal surface footprint by emissions reduction! returning majority of salt Environment waste back underground

Hydroelectric powerline for Waste Energy project provides base load to management management take thousands of people off diesel generated electricity

Brazil Potash Sustainable Development Minimizing water consumption by recycling and preciptation catchment Local Developing local suppliers and development Water skilled manpower reduces & rainforest management deforestation by poor citizens protection Better access to fertilizer improves yields from existing farm land reducing Community Quarterly community meetings to deforestation discuss impacts, maximize benefits and Improving local schools, water construction legacy quality, roads and health care

(1) Distances (rail/ocean/road): Canada (1,300km/16,000km/2,200km), Germany (500km, 11,000km, 2,200km), Russia/Belarus (1,600km/13,000km/2,200km), Israel (100km, 12,000km, 2,200km). Brazil Potash: 800km barge and 1,000km road. Source: internet searches • Total KCl imported by Canada, Russia, Belarus, Germany and Israel: 8,400,000tpy (2015). Source: Agroconsult March 2016 Marketing Study • Emission intensities used in calculations: truck: 0.110kg CO2 eq/ T KCl x km; barge: 0.010kg CO2 eq/ T KCl x km; rail: 0.015kg CO2 eq / T KCl x km; vessel: 0.005kg CO2 eq/ T km. Sources: Texam A&M University Feb 2012 and CN Rail website 25 Large Mineral Rights Holdings with Substantial Additional Discovery Potential

• Brazil Potash holds claims covering 17,650 km2 within the Amazon Potash Basin

• Four potash discoveries to date by Brazil Potash: Autazes (deposit), Itapiranga, Novo Remanso and Itacoatiara

- Adjacent to Fazendinha and Arari potash deposits owned by Petrobras where more than 1.0 billion tonnes of potash resources have been defined(a)

• Brazil Potash has invested over US$180 million to date having completed: ~59,000 meters of drilling in 65 holes, EIA, BFS, acquired land and obtained its Preliminary License

Itapiranga

Itacoatiara

Nova Remanso Autazes Deposit

0 100

Km

(a) Based on Petrobras non-NI 43-101 compliant identified resources of 1.1 billion tonnes of potash in Arari and Fazendinha deposits. Such historical estimates were made between 1979-1987. A qualified person has not done sufficient work to classify such estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves and should not be relied upon 26 Initial Mine Focused on Autazes Resource

• Autazes is Brazil Potash’s highest Project Located in Low-Intensity Farmland priority target due to the following: - Relatively shallow depths PLANT - Attractive average KCl grade of 31% - Easy year-round access to site and customers via existing highways and major river system - Only 30km from Autazes municipality which has 32,000 residents, many seeking higher skilled employment PORT • Autazes is only 120km southeast of Manaus (population 1.8 million) which is the major economic hub in Year-Round Access Prominent Waterways the region with an international airport, surplus gas and electricity - Cities are connected by paved highway and navigable river system

Amazonas and Madeira rivers

123km of paved road access World’s largest navigable from Manaus inland waterway

27 Conventional Underground Mine and Hot Leach Process

• 8.5Mtpa ROM – 3 year ramp up • Tailings back filled into underground workings • 1,500m Room & Pillar • Labour (1,180 employees) to be primarily sourced from • 17.9km x 12.5km minable resource city of Autazes located 30km from site

28 Autazes has Excellent Existing Bulk-Transport Infrastructure for Brazilian & Regional Sales

• Brazil Potash is able to ship to regional blenders located in the major farming regions of Brazil and countries within the Gulf of Mexico at the lowest cost due to a significant logistical advantage - Project located only 8 kilometers from future port site on , which connects to the Amazon River to provide year round low cost access to fertilizer blenders - Plan is to back haul potash using empty barges returning to major farms located in the Cerrado and Matopiba regions of Brazil - Opportunity exists to ship internationally using Panamax sized vessels that currently come to Itacoatiara only 60 kilometers upstream from Brazil Potash’s planned port

Maggi Itacoatiara Port ~60km upstream Typical 30 kilo-tonne barge convoy

29 Key Brazil Permits Required to Construct & Operate a Mine

• Most challenging permit milestone to obtain • Entails location, social and environmental approval of the project based on field studies and public hearings • Awarded by the Environmental Protection Agency of the State of Amazonas (IPAAM) (Obtained) • Establishes requirements to be fulfilled in the engineering design of the project including Preliminary License (LP) License environmental and social aspects

• Provides authorization to initiate construction • Obtain by: (i) fulfillment of LP conditions; (ii) approval of the mine development plan (PAE) which also

(In Progress) demonstrates project economic feasibility; (iii) and approval of the Basic Environmental Plan (PBA) Installation Installation License (LI) License

• Grant of Mining Concession by Mining and Energy Ministry - Allows company to initiate mining plus processing of potash • Requires inspection of constructed mine and plant to ensure compliance with codes

(Future) • Granted once all aspects of the approved project design are implemented in accordance with the LP

Operation and LI License (LO) License • Valid in increments of four to ten years and can be renewed as necessary until end of mine life

30 www.brazilpotash.com 31