Agrium Wholesale. Ron Wilkinson President, Wholesale SVP, Agrium

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1 Agrium Wholesale Ron Wilkinson President, Wholesale SVP, Agrium

2 Strong Corn Acreage in 2012 Increase in NA planted acreage in 2012 is estimated to account for 2-3% growth in NA demand for each of the three nutrients, but only contributes 0.3% to global demand growth U.S. Planted Acreage (million acres) 2012f Change from Change in NPK 2011 Demand Corn % Soybeans % Wheat % Cotton % Other % Total % 2 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: USDA, Statistics Canada, Agrium

3 Strong Corn Cash Margins 2012/13 corn, soybean and wheat cash margins are ~60-70% higher than the historical average, despite higher seed and fertilizer costs Corn Fertilizer costs: +40% +$0.23/bu to $0.78/bu Corn Seed costs: +74% +$0.28/bu to $0.66/bu USD/bushel $6 $5 $4 $3 $2 $1 $0 Cash Margin Other Cash Cost Crop Protection Cost Seed Cost Fertilizer Cost / /11 Avg 2012/13 (new crop) 3 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: USDA, Doane, CME Group, Agrium

4 North American Urea Margin Advantage North American urea margin growth has been supported by high prices and nearly 75% lower natural gas prices than the 2008 average NOLA Urea Cash Costs and Margin (USD per tonne) $800 NOLA Urea Price (USD per tonne) $700 $600 $500 $400 $300 $200 $100 $0 $381/mt $6.92/ MMBtu $554/mt $8.94/ MMBtu $300/mt $4.03/ MMBtu $344/mt $4.42/ MMBtu $472/mt $4.07/ MMBtu $561/mt $2.63/ MMBtu (Jan-April) Gas Cost Other Cash Cost Cash Margin $630/mt $2.50/ MMBtu 2012 (Current) *Gas/other cash costs based on a proxy NOLA urea plant using NYMEX 4 feedstock CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: Green Markets, Bloomberg, Agrium

5 2011 U.S. Nitrogen Offshore Imports In 2011, offshore imports accounted for over 50% of U.S. nitrogen consumption It would require new NA nitrogen facilities to displace all offshore nitrogen imports into the U.S. 14,000 2 Facilities Facilities 12,000 Thousand Product Tonnes 10,000 8,000 6,000 4, Facilities 3-4 Facilities 2,000 0 Ammonia Urea UAN/AN Total 5 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: Blue, Johnson & Associates, U.S. Dept. of Commerce, Agrium

6 Tight Global Nitrogen S/D Balance Anticipated Tight global nitrogen supply/demand balance expected through 2015, depending on global grain markets & Chinese product availability Natural gas restrictions have increased (ie. Pakistan and Trinidad) Cumulative Demand Growth (CAGR 2.7%) Million Tonnes Nitrogen F 2012 F 2013 F 2014 F 2015 F Other Iran Vietnam Egypt Algeria Pakistan Qatar Russia U.S. Restarts Source: Agrium, Fertecon, CRU CULTIVATING PERFORMANCE. DELIVERING VALUE.

7 Balanced Phosphate Market Expected Phosphate supply and demand expected to be balanced through 2013 Near term global balance will depend on timing of ramp-up of Ma aden 6 5 Cumulative Demand Growth (CAGR 3%) Million Tonnes P2O F 2012 F 2013 F 2014 F 2015 F Other North Africa China Saudi Arabia Jordan Brazil Demand Growth Source: CRU, IFA, Agrium CULTIVATING PERFORMANCE. DELIVERING VALUE.

8 Global Potash Balanced Through 2015 Global potash deliveries were supply constrained in 2011, surplus in early 2012, 2012 projected total deliveries of million tonnes Potash deliveries projected to grow to a record 59 million tonnes in 2013 All capacity expansions through to 2015 are brownfield projects by existing producers Million Tonnes K2O Cumulative Demand Growth (CAGR 4.5%) 2011 F 2012 F 2013 F 2014 F 2015 F Other FSU Canada 8 Source: Fertecon, IFA, Agrium CULTIVATING PERFORMANCE. DELIVERING VALUE.

9 U.S. Shale Gas Reserves Dwarf Conventional Reserves U.S. Shale reserves exceed 35 years of total U.S. demand 1,200 1, ,020 Tcf U.S. Conventional U.S. Unconventional 9 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: Based on remaining reserve estimates at 1 January WoodMac

10 By 2035 Shale Gas Supplies 50% of U.S. Production US Natural gas production (tcf) 30 History 2010 Projections 25 U.S. Natural gas production (tcf) 20 49% Shale gas 23% 15 26% Alaska Tight gas 21% 10 2% 9% Non-associated offshore 9% 7% Coalbed methane 5 10% 1% Associated with oil 7% 21% 7% Non-associated onshore 9% CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: U.S. EIA January 23, 2012

11 North American Nitrogen Producer s Competitive Advantage vs. International Players 11 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: Dufour Energy

12 2012 Update First Half The first half is almost behind us.. Exceptional results despite reluctance of most retailers to buy forward Early U.S. spring supported moving product to the field on a timely basis Nitrogen volumes and margins especially strong supported by low natural gas prices Phosphate and potash sales have accelerated in the second quarter After a difficult first quarter our nitrogen assets have run well Expect to end the quarter with low levels of inventory 12 CULTIVATING PERFORMANCE. DELIVERING VALUE.

13 2012 Update Second Half Looking ahead. Expect distribution system to be essentially empty on June 30 Crop prices remain well above historical highs Nitrogen prices have come off of Q2 peaks but remain very high Both phosphate and potash prices are showing strength Major potash turnaround in Q3 13 CULTIVATING PERFORMANCE. DELIVERING VALUE.

14 North America Nitrogen Growth: Brownfield Projects Redwater Urea Debottleneck Additional urea production 170 kt/yr Approximate Capital $150 million Start-up 2015 Borger Debottleneck / Brownfield Additional gross ammonia production 120 kt/yr Additional urea production 640 kt/yr Approximate Capital $500 million Start-up CULTIVATING PERFORMANCE. DELIVERING VALUE.

15 North America Nitrogen Growth: Corn Belt Greenfield World scale plant located in U.S. Corn Belt Product mix under evaluation, approximately 1.8 million product tonnes (majority to be Urea / UAN) Critical path site selection / permitting Fast track execution strategy Start-up CULTIVATING PERFORMANCE. DELIVERING VALUE.

Profertil Update Government nationalization of majority stake in YPF not expected to impact Agrium s position in Profertil Currently disputing government surcharge of

- $150-million Capacity increase of ~133 kmt of product and improved gas efficiency (50% AGU) Expected Completion Date 2H14 South America Nitrogen Production Anhydrous

16 Profertil Update Government nationalization of majority stake in YPF not expected to impact Agrium s position in Profertil Currently disputing government surcharge of $2/MMBTU for industrial users Plant reliability has significantly improved Deepwater Terminal Project On budget, on schedule for September Debottleneck Project Underway Cost - $150-million Capacity increase of ~133 kmt of product and improved gas efficiency (50% AGU) Expected Completion Date 2H14 South America Nitrogen Production Anhydrous Ammonia Storage Solution Storage Dry Storage 1.2 M mt/year urea (Agrium 50% ownership) 16 *Profertil has generated $100M of annual EBITDA for Agrium CULTIVATING PERFORMANCE. DELIVERING VALUE.

de-salination Damietta Presidential elections complete June 21 Base: 650 kmt/year urea

17 Egypt Update Plant/construction shut-down since Nov 2011 Favorable court ruling in March 2012 Interim government not acting decisively Local interest targeting de-salination Damietta Presidential elections complete June 21 Base: 650 kmt/year urea Expansion: 1.3 M mt/year urea (Agrium 26% ownership) 17 CULTIVATING PERFORMANCE. DELIVERING VALUE.

18 Phosphate Rock Update Agrium s agreement with OCP to supply phosphate rock to our Redwater phosphate facility, replacing supply from Kapuskasing mine (no impact on our Conda Idaho phosphate facility) Take-or-pay agreement commences in 2H13 and runs until 2020, with an additional 2-year extension option. Sliding scale rock pricing formula based on global DAP prices Agreement allows Agrium to continue to benefit from low cost sulphur and ammonia position and in-market, transportation advantage Agrium has also secured 3 long-term phosphate leases in Utah and is evaluating these resources to determine economic viability 18 CULTIVATING PERFORMANCE. DELIVERING VALUE.

19 OCP Phosphate Rock Agreement Under the new OCP contract, our 2011 phosphate margin advantage would have been reduced, but average margins would have remained above our peer group Contract provides some protection against lower global prices, while sharing potential price upside between parties $400 Phosphate Margin Per Tonne $300 USD per tonne $200 $100 $173 $ $0 NA Peer Avg. Agrium 2011 Actuals Agrium Estimate w/ OCP Contract Source: Agrium, Mosaic, PCS, CF company reports NA Proxy Peer Agrium Estimate w/ OCP Contract $50 DAP Price Downside Scenario NA Proxy Peer Agrium Estimate w/ OCP Contract $50 DAP Price Upside Scenario CULTIVATING PERFORMANCE. DELIVERING VALUE.

20 Potash Expansion Update Project Specifics 1 million tonnes additional annual capacity $1.5-billion investment 2014 initial production Current Status Engineering approximately 70% complete Procurement major structural steel orders released Construction civil work progressing very well 20 CULTIVATING PERFORMANCE. DELIVERING VALUE.

21 Potash Mine Development The key to capacity increase is mine development Mine development typically limits expansion capacities Vanscoy potash expansion project pre-investment 60% 50% % Development Ore 40% 30% 20% 10% 0% F 21 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: Agrium

22 Potash & Potash Capacity Utilization Agrium has consistently had a higher capacity utilization for potash and phosphates than its peer group, partly related to our strong Retail position Potash Phosphate 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % 100% 80% 60% 40% 20% 0% Agrium Average Peer group of POT, average MOS, CF 22 CULTIVATING PERFORMANCE. DELIVERING VALUE. Source: Agrium, Mosaic, PCS and CF company reports

23 Distribution Growth Focus on Central Europe. Established business in Bulgaria and Romania Significant growth potential Logistics favor building further on the Danube Grain handling / transport complements fertilizer distribution 23 CULTIVATING PERFORMANCE. DELIVERING VALUE.

24 Wholesale Positioned for Growth A successful business poised for further growth. Well-balanced product offering Competitive advantages across asset base Exceptional cash flow Numerous growth opportunities being pursued Ability to grow counter-cyclically 24 CULTIVATING PERFORMANCE. DELIVERING VALUE.

25 Questions?

Agrium: Growing Across the Value Chain. June 2010

Agrium: Growing Across the Value Chain June 2010 Forward-Looking Statements Certain statements in this presentation constitute forward-looking statements. Such forward-looking statements involve known