EX-99 2 dex99.htm PRESENTATION BEING MADE BY THE MOSAIC COMPANY ON NOVEMBER 4, 2008 Presentation being made by The Mosaic Company on November 4, 2008
Mosaic’s Role:
More Essential Than Ever
Mosaic’s Role:
More Essential Than Ever
Larry Stranghoener
Executive Vice President and CFO
November 4, 2008
Exhibit 99

1
Good morning everyone.
Thank you all for attending and I’d like to express my gratitude to Per Haagensen at
Fondsfinans for this opportunity to meet with you and share our accomplishments of the
past couple years and our viewpoints about our future.

2
Safe Harbor Statement
Certain
statements
contained
herein
constitute
“forward-looking
statements”
as
that
term
is
defined
under
the
Private
Securities
Litigation
Reform
Act
of
1995.
Although
we
believe
the
assumptions
made
in
connection
with
the
forward-looking
statements
are
reasonable,
they
do
involve
known
and
unknown
risks,
uncertainties
and
other
factors
that
may
cause
the
actual
results,
performance
or
achievements
of
The
Mosaic
Company,
or
industry
results
generally,
to
be
materially
different
from
those
contemplated
or
projected,
forecasted,
estimated
or
budgeted
(whether
express
or
implied)
by
such
statements.
These
risks
and
uncertainties
include
but
are
not
limited
to
the
predictability
of
fertilizer,
raw
material
and
energy
markets
subject
to
competitive
market
pressures;
changes
in
foreign
currency
and
exchange
rates;
international
trade
risks
including,
but
not
limited
to,
changes
in
policy
by
foreign
governments;
changes
in
environmental
and
other
governmental
regulation;
adverse
weather
conditions
affecting
operations
in
central
Florida
or
the
Gulf
Coast
of
the
United
States,
including
potential
hurricanes
or
excess
rainfall;
actual
costs
of
closure
of
the
South
Pierce,
Green
Bay
and
Fort
Green
facilities
differing
from
management’s
current
estimates;
accidents
involving
Mosaic’s
operations,
including
brine
inflows
at
its
Esterhazy,
Saskatchewan
potash
mine
as
well
as
potential
mine
fires,
floods,
explosions
or
releases
of
hazardous
or
volatile
chemicals,
as
well
as
other
risks
and
uncertainties
reported
from
time
to
time
in
The
Mosaic
Company’s
reports
filed
with
the
Securities
and
Exchange
Commission.
Actual
results
may
differ
from
those
set
forth
in
the
forward-looking
statements.
This
presentation
may
not
be
distributed,
reproduced,
or
used
without
the
express
written
consent
of
The
Mosaic
Company.

2
Before I proceed, I need to remind you that our presentation contains forward-looking
statements. 
The remarks I make are based on information and understandings we believe to be accurate as
of today’s date –
November 4th, 2008.
Actual results are likely to differ from those set forth in the forward-looking statements.

3
Mosaic: Who We Are
Mission:
We
help
the
world
grow
the
food
it
needs.
Global
producer
of
crop
nutrients
#1
Phosphate
producer
in
the
world
#3
Potash
producer
in
the
world
Vertically
integrated 
Mining,
production,
distribution
Financial
highlights
for
last
12
months
ending
August
31,
2008
Revenue
of
$12.1
billion
and
net
income
of
$3.0
billion

3
Unquestionably
we
are
facing
historic
events
in
both
the
financial
and
commodity
markets,
with
much
yet
to
be
sorted
out.
That
said,
we
are
staying
focused
and
true
to
our
mission
of
helping
to
feed
the
world.  
We
believe
we
are
well
positioned
financially,
strategically
and
operationally
to
serve
our
customers
worldwide
and
execute
on
the
strong,
long-term
fundamentals
of
the
agricultural
sector.
Let
me
first
share
some
background
about
The
Mosaic
Company. 
We
are
the
largest
producer
of
phosphate
and
potash
in
the
world.
In
fiscal
2008,
we
produced
more
than
17
million
metric
tonnes
of
finished
phosphate
and
potash
products
for
our
crop
nutrient,
animal
feed
and
industrial
customers
around
the
globe.
No
other
private
or
state-owned
company
came
close
to
that
total. 
Our
phosphate
business
is
fully
integrated
from
our
mines
to
our
concentrate
plants.
The
competitive
advantage
of
owning
our
rock
supply
in
Central
Florida
makes
us
stand
apart
from
some
competitors.   
Our
potash
position
is
just
as
strong
and
we
are
expanding
our
existing
mine
capacity
to
meet
growing
demand.  
We
are
a
vertically
integrated
enterprise.
Our
operations
encompass
not
only
mining
and
production,
but
also
a
global
distribution
network
that
enables
us
to
reach
every
major
agricultural
region
in
the
world.
We
have
produced
great
financial
results
over
the
past
12
months
and
expect
continued
success
in
future
years
–
as
it’s
a
great
time
to
be
in
agriculture. 

4
Leading Global Potash Producer
Mosaic potash production
market share
14% Globally
38% North America
Five mines
Low-cost & competitive
industry position
World
capacity
approximates
73
million
tonnes
(all
potash
products)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Potash Capacity

4
Let’s
turn
to
one
of
our
core
businesses
–
potash.
Simply
put,
it’s
an
exceptional
business. 
Potash
is
produced
in
only
12
countries
in
the
world
and
agricultural
giants
such
as
China,
India
and
Brazil
are
all
import
dependent.
Today,
Mosaic
is
one
of
the
world’s
top
producers
of
potash
with
an
estimated
14%
of
global
market
share
at
our
five
mine
sites
across
North
America. 
Furthermore,
because
of
historically
low
application
rates
in
developing
countries,
potash
is
enjoying
strong
demand
in
these
countries,
where
its
nutritional
value
is
more
critical
than
ever
to
optimizing
crop
yields.  
With
these
dynamics,
it’s
not
surprising
that
the
Potash
business
is
an
exceptional
performer
for
Mosaic,
contributing
strong
margins
and
cash
flow. 

5
We See Tonnes More in Potash
-
2
4
6
8
10
12
14
16
The
projected
annual
capacity
includes
approximately
1.3
million
tonnes
(as
shaded
in
blue)
that
we
currently
produce
under
a
third
party
tolling
agreement
at
Esterhazy.
This
agreement
will
expire
within
the
next
few
years
and
this
capacity
will
revert
to
Mosaic.
Growth
from 10.4
to 15.5
million
tonnes

5
We
announced
expansions
to
our
existing
Saskatchewan
potash
mines
as
one
of
our
key
strategic
priorities
this
past
April.
Upon
completion
of
these
expansions,
we
estimate
our
total
annual
potash
capacity
will
approximate
15.5
million
metric
tonnes.
This
amount
does
not
include
the
1.3
million
metric
tonnes
that
will
revert
to
us
upon
expiration
of
a
third
party
tolling
agreement
in
the
next
couple
of
years. 
Expansion
economics
are
on
our
side.
Our
brownfield
projects
can
be
constructed
at
a
capital
cost
that
is
significantly
lower
than
a
greenfield
project.
And,
should
potash
demand
change,
the
pace
of
our
expansions
also
can
be
modified. 

6
Key Drivers for MOP Pricing
Near-Term Drivers:
China contract
India demand
Supply constraints
Brazil slowdown
Buyer sentiment
MOP Prices
Quarter Averages of Weekly Published Spot MOP c&f Brazil
100
250
400
550
700
850
1,000
1,150
Q1 07
Q2
Q3
Q4
Q1 08
Q2
Q3
Q4
Q1 09
$ tonne
Source: ICIS

6
The dramatic potash price increases of the past 12-15 months are the result of surging demand. 
Producers have struggled to keep up, and producer inventories remain at historic lows.  Upward
price
momentum
has
slowed
in
the
recent
past,
however,
and
future
price
movements
will
be
determined by several factors, including:
The timing and terms of the annual Chinese potash contracts
Brazilian demand, which is currently soft
Indian demand, which has been strong
Supply constraints, such as the duration of a competitor’s ongoing labor dispute
Changes in overall buyer sentiment, which has been colored recently by financial market turmoil.
While any of these could swing one way or the other, we think potash fundamentals generally
remain excellent, and pricing and margins will continue to be very attractive.

7
World’s Top Phosphate Producer
World’s
largest
capacity
of
phosphate
fertilizer
Mosaic
phosphate
production
market
share
15% Globally
59% North America
World scale & efficient
operations
World
capacity
approximates
71
million
tonnes
(DAP/MAP/TSP)
0.0
2.0
4.0
6.0
8.0
10.0
Phosphate
Fertilizer
Capacity

7
Mosaic’s
other
core
business
is
phosphates.
This
business
possesses
its
own
attractive
attributes
due
to
its
sheer
size
and
the
benefits
of
vertical
integration
–
our
owned
rock
reserves
-
granulation
capacity
–
and
a
world
wide
supply
chain
and
distribution
network.
Our
rock
reserves
provide
us
with
a
significant
competitive
advantage
over
non-integrated
producers.
These
producers,
who
supply
nearly
a
third
of
world
demand,
must
purchase
rock
or
phosphoric
acid
to
manufacture
their
finished
phosphate
products.
As
a
result,
their
input
costs
are
significantly
higher
than
those
of
Mosaic.  
We
produce
about
15%
of
the
world’s
phosphate
fertilizer
and
account
for
more
than
half
of
North
American
phosphate
fertilizer
production.
The
size
and
scale
of
our
business
produces
significant
cost
efficiencies. 

8
Key Drivers for DAP Pricing
Near-Term Drivers:
Pipeline inventory
China exports
India demand
Brazil slowdown
Raw materials
Buyer sentiment
DAP Prices
Quarter Averages of Weekly Published Spot DAP fob Tampa
200
400
600
800
1,000
1,200
Q1 07
Q2
Q3
Q4
Q1 08
Q2
Q3
Q4
Q1 09
$ tonne
Source: Fertecon

8
DAP
prices
have
trailed
off
from
historically
high
levels
after
sharp
run-up
earlier
this
year.
These
price
movements
were
due
to
the
combination
of
several
demand-pull
and
cost-push
factors.  
DAP
selling
prices
have
come
under
pressure
of
late
due
to
higher
pipeline
inventory
levels
and
the
sharp
decline
in
raw
material
costs.
The
inventory
build-up
will
cause
our
second
fiscal
quarter
phosphate
volumes
to
decline
500,000
to
1,000,0000
tonnes
versus
last
year’s
shipments
of
2.3
million
tonnes,
as
previously
disclosed. 
The
outlook
for
DAP
selling
prices
hinges
on
several
factors
including
the
timely
drawdown
of
pipeline
inventory
following
the
fall
harvest,
raw
material
costs
trends,
China
export
trends
and
demand
trends
in
India
–
which
have
been
generally
strong
–
and
in
Brazil
–
which
have
been
weak.
And,
as
with
potash,
buyer
sentiment
will
also
play
a
role,
with
much
focus
on
overall
grain
prices. 

9
Attractive Phosphate Market Margins
DAP Market Margin
Quarter Averages Calculated from Weekly Published Spot Prices
for a Central Florida Plant
0
100
200
300
400
500
600
700
800
Q1 07
Q2
Q3
Q4
Q1 08
Q2
Q3
Q4
Q1 09
$ ton
Source: Green Markets, Fertecon, Mosaic

9
It
is
important
to
note
that
price
tells
only
half
the
story
in
phosphates.
Equally
important
are
raw
material
costs,
primarily
sulfur
and
ammonia,
and
phosphate
rock.
Costs
for
sulfur,
ammonia
and
rock
had
escalated
dramatically
over
the
past
year
as
demand
for
these
materials
surged
and
natural
gas
prices
increased.
The
combination
of
these
high
raw
material
costs
and
overall
demand
for
phosphates
drove
up
phosphate
selling
prices.
As
prices
increased
at
a
faster
pace
than
costs,
the
so-called
market
margin
–
the
difference
between
the
DAP
price
and
raw
material
costs
–
climbed,
as
shown
on
this
chart.  
Recently,
the
cost
for
rock,
sulfur
and
ammonia
have
declined.
In
turn
this
will
likely
reduce
phosphate
selling
prices.
Note,
however,
that
we
can
produce
excellent
margins
even
if
the
price
of
DAP
declines.
The
one
caveat
is
that
phosphate
margins for the second quarter ending November 30,
2008 will
be
pressured
by
the
high sulfur
and
ammonia
costs
inventoried
in
product
we
are
currently
shipping.
Beyond
this
quarter
we
expect to capture
the
benefit
of
substantially
lower
costs.  

10
Capitalizing on Our Global Reach
Offshore
assets
aligned
with
global
demand
Canada
4 Mines
United States
7 Mines
4 Phosphate Plants
Argentina
1 Warehouse & Blender
1 Production/Warehouse
Brazil
7 Warehouse & Blender
2 Production/Warehouse
China
2 Warehouse & Blender
2 Production/Warehouse
Thailand
1 Warehouse &
Blender
India
1 Warehouse

10
Our
North
American
based
Phosphate
and
Potash
businesses
are
bolstered
by
our
production
assets
and
distribution
network
in
prime
growth
regions,
such
as
Asia
and
Latin
America.
We
have
agronomists,
sales
teams,
and
committed
staff
with
the
operational
expertise
that
know
how
to
serve
customers
and
run
our
supply
chains
and
plants.
These
Offshore
enterprises
produce
solid
financial
results
and
give
us
a
chance
to
see
the
changes
and
trends
in
the
industry
first
hand.

11
Strategic Focus
Focus
on
Potash
and
Phosphate
Grow
Potash
Strengthen
Phosphate
Expand
Offshore
distribution
Exit
Nitrogen
business
Maintain
a
strong
balance
sheet
Deliver
value
for
shareholders

11
Our
focus
on
key
strategic
priorities
will,
we
believe,
produce
outstanding
results
for
our
shareholders.
We
plan
to
focus
on
our
core
businesses
–
potash
and
phosphates.
We
plan
to
grow
our
potash
business
through
our
previously
announced
expansions.
As
noted,
this
is
an
excellent
business
and
we
have
a
strong
foundation
to
build
upon.  
We
plan
to
grow
opportunistically
in
phosphates.
We
will
strengthen
our
phosphate
business
through
investments
that
will
result
in
added
efficiencies
and
higher
productivity
at
our
plants
and
mines.
We
are
also
seeking
additional
rock
sources
outside
of
North
America.
Offshore,
we
are
exploring
initiatives
to
enhance
our
presence
in
key
growth
regions
of
the
world,
in
alignment
with
our
production
capabilities. 
And
recently,
we
completed
the
sale
of
our
nitrogen
assets,
which
were
not
strategic
for
us,
providing
us
proceeds
to
reinvest
in
our
core
businesses.  
Our
growth
strategies
are
well
underway,
supported
by
strong
cash
flow
and
an
excellent
balance
sheet.

12
Continued
cash
flow
generation
Strong
balance
sheet
Capital
expenditures
Shareholder
distribution
policy
Cash Allocation Priorities

12
Cash
flow
has
been
very
strong,
allowing
us
to
fund
our
capital
expenditures
and
investment
needs
even
as
we
begin
returning
cash
to
shareholders
with
dividends.
We
will
consider
additional
shareholder
distributions
as
we
build
excess
cash. 
Clearly,
liquidity
is
king
right
now,
and
our
strong
focus
on
building
cash
and
a
fortress
balance
sheet
is
serving
us
well.
You
can
expect
us
to
maintain
our
disciplined
approach
to
liquidity
management
and
cash
allocation
decisions.  

Market Outlook
Market Outlook

14
Growing Global Affluence + Fuel
China:
Middle class
growth from 130
million to
690 million
by 2025
India:
Middle class
growth from 50
million in 2008
to 580 million
by 2025
USA:
Ethanol growth
to 15 billion
gallons
by 2015
The 2008 mandate for
ethanol is 9 billion gallons
Source: McKinsey

14
Now
let
me
shift
to
the
outlook
for
our
business.
The
fundamental
demand
driver
for
our
business
is
population
growth,
especially
the
growth
of
the
middle
class
in
developing
economies.  
Strong
economic
growth
in
a
number
of
rapidly
developing
countries
is
creating
a
large
and
increasingly
affluent
middle
class
who
demand
more
protein-rich
and
grain-intensive
diets
that
include
meat
and
dairy
products.
GDP
growth
in
key
countries
such
as
China
and
India
is
robust.
Despite
the
recent
financial
turmoil,
economies
of
both
these
countries
are
expected
to
grow
at
about
9%
and
7%
per
year,
respectively.
The
middle
class
in
China
and
India
is
projected
to
increase
by
1.1
billion
people
between
2005
and
2025.
This
will
result
in
a
systemic
change
in
grain
and
oilseed
demand
that
we
have
never
experienced
till
now.
We
are
convinced
this
will
have
a
lasting
impact
on
demand
for
grains.
The
growing
use
of
biofuels
is
also
contributing
to
increased
grain
and
oilseed
demand.
We
estimate
that
biofuels
account
for
about
5
-
6%
of
world
grain
and
oilseed
use
today.
Biofuels
are
projected
to
account
for
roughly
6
-
7%
of
world
grain
and
oilseed
use
by
2015.

15
Growing Grain & Oilseed Use
World Grain and Oilseed Use
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
70
75
80
85
90
95
00
05
Source:  USDA and Mosaic
Mil Tonnes
Actual
Actual for US Ethanol
Forecast
Forecast for U.S. Ethanol

15
Combine
the
boost
from
biofuels
with
the
growth
in
the
global
middle
class
and
you
get
growing
and
sustainable
global
demand
for
grain
and
oilseeds.
According
to
the
USDA
estimates,
global
grain
and
oilseed
demand
is
increasing
2.5
percent
per
year
–
twice
the
historical
rate.
In
fact
there
have
only
been
3
years
since
the
1970s
that
global
grain
and
oilseed
use
decreased
-
-
that
was
1974,
1988
and
1995.
In
all
three
of
these
years,
this
resulted
from
low
production
due
to
poor
weather. 
Another
point
of
reference
is
that
grain
and
oilseed
demand
increased
in
1981,
1982
and
1991
when
the
US
was
in
a
recession
and
despite
a
decrease
in
per
capita
GDP.
We
believe
this
point
is
compelling
and
indicates
that
the
world
does
not
get
less
hungry,
even
in
economic
downturns.
And,
biofuel
mandates
only
add
pressure
to
produce
still
more
grain
and
oilseeds.

16
Record Crop Needed in 2009
World Grain and Oilseed Stocks
250
300
350
400
450
500
550
600
650
99/00
00/01
01/02
02/03
03/04
04/05
05/06
06/07
07/08
08/09
09/10
L
09/10
M
09/10
H
Mil Tonnes
10%
13%
16%
19%
22%
25%
28%
31%
34%
Percent
Stocks
Percent of Use
Source: USDA and Mosaic (for 09/10 estimates)
2009/10 Scenario Assumptions
Low
Medium
High
Increase in Harvested Area (Mil HA)
6.7
6.7
6.7
Yield (Deviation from 10-Year Trend)
Largest Negative
0
Largest Positive
Demand Growth
1.0%
2.0%
3.0%

16
Farmers
have
responded
to
grain
and
oil
seed
demand
by
growing
bin-busting
crops
during
the
last
two
years.
Yet,
this
has
barely
moved
the
needle
on
the
gauge
measuring
overall
grain
and
oilseed
stocks.
You
can
see
from
the
cross
hatched
bar
that
inventories
are
projected
to
increase
this
year
but
stocks
as
a
percentage
of
use
are
forecasted
to
only
inch
up
ever
so
slightly.  
Our
analysis
indicates
that
another
bumper
crop
is
required
next
year
to
meet
the
demands
for
food
and
fuel
as
well
as
to
build
stocks
to
more
secure
levels.
That
means
farmers
will
need
to
plant
more
area
and
intensify
cropping
practices
in
order
to
increase
yields.  
The
three
bars
on
the
right
of
this
chart
illustrate
the
potential
outcomes
for
low,
medium
and
high
production-and-use
scenarios
in
2009.
Note that first,
trend-line
yields
next
year
are
not
good
enough
to
meet
projected
demand,
let
alone
build
stocks
to secure
levels.
In
fact,
under
the
medium
yield
scenario,
global
grain
and
oilseed
stocks
decline
19 million
tonnes
and
stocks
as
a
percentage
of
use
drops
to
the
lowest
percentage
since
1973/74.

17
Accelerating Nutrient Demand
World Nutrient Use
120
130
140
150
160
170
180
190
200
00
01
02
03
04
05
06
07
08
09
10
11
12
Source:  IFA May 2008
Mil Tonnes

17
All
of
these
factors
point
to
increasing
demand
for
crop
nutrients.
Prospects
continue
to
look
strong
for
crop
nutrients
given
the
need
to
plant
more
area
and
increase
crop
yields.   
Here are the
latest
statistics
published
by
the
International
Fertilizer
Association
in
May
2008. While
the projections will likely be revised downward in light of current market conditions, we believe the
long term
outlook remains positive. In the near term, various industry participants, including Mosaic,
have
announced
production
cutbacks
(as
noted
earlier)
to
control
inventory
levels.

18
Crop Prices at Respectable Levels
Crop Prices
Quarter Averages of the Daily Closing of Nearby Options
1.0
3.0
5.0
7.0
9.0
11.0
13.0
15.0
Q1
05
Q2
Q3
Q4
Q1
06
Q2
Q3
Q4
Q1
07
Q2
Q3
Q4
Q1
08
Q2
Q3
Q4
Q1
09
$ bushel
Corn
Soybean
Wheat
Source: CBOT and KCBOT

18
Our
analysis
indicates
that
the
agricultural
commodity
markets
will
have
to
price
in
this
need
for
more
area
and
higher
yields
in
2009.
Futures prices
for
2009
--
while
down
from
the
peaks
earlier
this
summer
and
hit
hard
these
past
couple
weeks--
still
remain
at
respectable
levels
with
new
crop
soybean,
wheat
and
corn
prices
trading
in the
$9,
$6
and
$4
per
bushel
range,
respectively
and,
in
fact
these
prices
have
rallied
in
recent days.
At these
prices
farm
economics
remain very attractive. 

19
Crop Nutrients Remain Essential
Continuing
grain
&
oilseed
demand
growth
Low
stock
to
use
ratios
Maximum
yields
required
Attractive
farmer
economics

19
While
market
and
economic
factors
make
crop
nutrients
a
great
investment,
the
low
grain
and
oil
seed stocks
make
crop
nutrients
essential.
Markets
are
telling
farmers
around
the
world
to
increase
crop
production
to
meet
accelerating
demand
growth.
Crop
nutrients
are
part
of
the
yield
solution. 
Agronomists
estimate
that
commercial
crop
nutrients
directly
account
for
40%
to
60%
of
crop
yields.
The
optimum
use
of
crop
nutrients
in
a
high-yield
cropping
system
is
key
to
increasing
agricultural
productivity
growth.

20
Fundamentals are Positive
Unprecedented
global
demand
for
food,
feed
and
fuel
Crop
nutrient
outlook
remains
positive
Mosaic
well
positioned
to
meet
demand

20
To
sum
up,
it’s
a
great
time
to
be
in
our
business.
We
serve
an
ever
more
important
role
to
help
meet
the
world’s
growing
demand
for
food
and
fuel.
In
closing,
I
want
to
emphasize
four
key
points.
First,
agricultural
fundamentals
remain
positive
due
to
strong
global
demand
for
food,
fuel
and
fiber. 
Second,
the
crop
nutrient
outlook
remains
positive,
despite
short-term
disruptions,
due
to
favorable
supply
and
demand
fundamentals.
Third,
Mosaic
is
well-positioned
in
this
industry
as
the
largest
P&K
company,
with
sizable,
vertically
integrated
operations
and
an
enviable
global
footprint.  
Lastly,
we
are
certainly
aware
of
the
instability
in
global
financial
markets
but
are
not
allowing
this
to
distract
us
from
our
primary
goals
of
serving
our
customers
well,
engaging
all
of
our
employees
in
the
execution
of
our
strategy,
and
generating
strong
returns
for
our
shareholders.
You
can
count
on
us
to
maintain
our
focus
and
perspective,
even
in
the
midst
of
more
challenging
circumstances. 
I
appreciate
you
listening
to
our
story
and
now
I’d
be
happy
to
take
questions.