The Mosaic Company Reports Second Quarter Fiscal 2013 Net Earnings Of $629 Million, Or $1.47 Per Share

  The Mosaic Company Reports Second Quarter Fiscal 2013 Net Earnings Of $629
                         Million, Or $1.47 Per Share

PR Newswire

PLYMOUTH, Minn., Jan. 4, 2013

PLYMOUTH, Minn., Jan. 4, 2013 /PRNewswire/ -- The Mosaic Company (NYSE: MOS)
reported second quarter fiscal 2013 net earnings of $629 million, compared to
$624 million a year ago. Earnings per diluted share were $1.47 in the quarter
compared to $1.40 last year. The current year quarter included a $179 million,
or $0.42 per share, benefit from a decrease in the amount of unrecognized tax
benefits reported on the balance sheet. Operating earnings during the quarter
were $560 million, down from $797 million a year ago. The year-over-year
decline in operating earnings was primarily driven by lower phosphate volumes
and margins. Mosaic's net sales in the second quarter of fiscal 2013 were $2.5
billion, down from $3.0 billion last year, driven by lower phosphate and
potash volumes and lower phosphate prices.

"Farmers around the world are enjoying outstanding economics, with high
commodity prices and relatively low costs for crop nutrients and other
inputs," said Jim Prokopanko, President and Chief Executive Officer of Mosaic.
"Over the long term, economic and demographic trends are extremely promising
for Mosaic.

"In North and South America, we have been experiencing strong demand and sales
underpinned by excellent application seasons. International shipments,
however, were impacted by prolonged contract negotiations in India and China.
With the settled China contract driving improved sentiment, we believe strong
agricultural fundamentals will lead to strengthening crop nutrient markets.
Mosaic has the assets, global reach and financial strength to meet global
demand and to fulfill our vision of being the world's leading crop nutrition
company."

Mosaic's gross margin for the second quarter of fiscal 2013 was $676 million,
or 27 percent of net sales, compared to $881 million, or 29 percent of net
sales, a year ago. Second quarter operating earnings were $560 million, a
decrease of 30 percent compared to $797 million a year ago. The decreases in
gross margin and operating earnings were primarily driven by lower phosphate
volumes and prices, partially offset by lower raw material costs. Cash flow
provided by operating activities in the second quarter of fiscal 2013 was $322
million compared to $518 million in the prior year. Capital expenditures
totaled $394 million in the quarter. Mosaic's total cash and cash equivalents
were $3.4 billion and long-term debt was $1.0 billion as of November 30, 2012.

Quarterly Business Highlights

  oPotash expansion projects continue to be on time and on budget with
    expenditures of $145 million in the quarter.

       oThe Esterhazy K2 expansion, estimated at 700,000 tonnes annual
         capacity, is complete.
       oThe construction of Belle Plaine Phase 1, estimated at 600,000 tonnes
         annual capacity, is complete, with mine field ramp-up occurring over
         the next two years.
       oThe surface construction for Colonsay Phase 1 expansion, estimated at
         500,000 tonnes annual capacity, is complete, with underground
         development occurring over the next 18 months.
       oThe Company has begun to sink the new shaft at Esterhazy K3.

  oMosaic phosphate rock production in Florida increased 44 percent to 3.9
    million tonnes in the quarter compared to the prior year quarter. Mosaic
    ramped up production at South Fort Meade to full capacity, increased
    phosphate rock inventory and began shipping rock from Florida to its
    facilities in Louisiana late in the second fiscal quarter, which will
    reduce the need to use purchased rock for Louisiana production.
  oMicroEssentials^® share of North American phosphate sales year-to-date
    fiscal 2013 reached 10.6 percent.
  oMosaic's recordable injury frequency rate improved 13 percent over the
    prior year quarter, continuing to build upon the improvements made last
    year.
  oThe Company has begun preliminary engineering and design work as part of
    an on-going feasibility study for a potential ammonia plant in the state
    of Louisiana. The final decision is expected in the middle of calendar
    2013.
  oIn December 2012, the Company announced that it will be changing its
    fiscal year end to December 31, beginning in 2013.

Phosphates
Phosphates Results         2Q FY13 Actual            2Q FY13 Revised Guidance
Average DAP selling price  $544                      $535 to $550
Sales volume               3.0 million tonnes        2.9 to 3.1 million tonnes
Processed phosphate        86% of operational        80%+ of operational
production                 capacity                  capacity

"The global phosphate market appears to be in balance, with steady demand and
reported U.S. producer inventories at historic averages," Prokopanko said.
"Domestically, we've seen very strong shipments for fall application.
Additionally, low Mississippi River levels are presenting logistical
difficulties and consequently creating a sense of urgency to ensure product
availability for the spring. Internationally, customers continue to delay
purchases to avoid price risk. Given the current high grain and oilseed
prices, we forecast 2013 will be another record year for phosphates with
global shipments increasing another 2-3 percent to 63 to 65 million tonnes."

Net sales in the Phosphates segment were $1.8 billion for the second quarter,
down 19 percent compared to last year, driven by lower sales volumes and
prices of finished product. Sales volumes were impacted by lower shipments to
the export market, offset by near record domestic shipments. Gross margin was
$318 million, or 18 percent of net sales, compared to $476 million, or 22
percent, for the same period a year ago. The year over year decline in gross
margin rate was primarily driven by lower finished phosphate prices and sales
volumes, marginally offset by lower raw material costs. Sequentially, the flat
gross margin rate reflects the impact of higher fixed cost absorption and
higher selling prices, offset by higher ammonia costs. Operating earnings were
$245 million, down 43 percent compared to $432 million last year. Last year's
quarter included a $20 million benefit from insurance proceeds related to
Mosaic's Faustina plant.

The second quarter average DAP selling price, FOB plant, was $544 per tonne,
compared to $611 a year ago. Phosphates segment total sales volumes were 3.0
million tonnes, compared to 3.2 million tonnes a year ago, primarily driven by
lower export sales, partially offset by an increase in domestic sales.

Phosphate rock production in Florida was 3.9 million metric tonnes in the
quarter compared to 2.7 million tonnes last year, reflecting the increased
production at the South Fort Meade mine. Mosaic has built up rock inventory
and has begun shipping Florida rock to use in the Louisiana production
facilities, which is expected to result in lower consumed rock costs beginning
in the fourth quarter of fiscal 2013. Mosaic's North American finished
phosphate production was 2.1 million tonnes, or 86 percent of operational
capacity, flat with last year.

Potash
Potash Results           2Q FY13 Actual             2Q FY13 Revised Guidance
Average MOP selling      $443                       $435 to $450
price
Sales volume             1.5 million tonnes         1.3 to 1.4 million tonnes
Potash production        76% of operational         70+% of operational
                         capacity                   capacity

"In the quarter, we saw divergent dynamics in different regions. In North
America, we experienced a strong fall season that lasted longer than expected.
International shipments, on the other hand, were impacted by the lack of
contracts in India and China, an issue that's now behind us in China. As a
result of the strength in North America, sales exceeded our forecast, and our
operating rate in the quarter reflected both higher production of blend grade
and curtailments of standard grade products," said Prokopanko.

Net sales in the Potash segment totaled $780 million for the second quarter,
down seven percent compared to $839 million a year ago, driven by lower export
volumes and lower domestic and international MOP prices, partially offset by
higher domestic volumes. Gross margin was $355.4 million, or 46 percent of net
sales, compared to $394 million, or 47 percent of net sales, a year ago. Gross
margin excluding Canadian Resource Taxes and Royalties, a measure comparable
to certain peer reporting, was 56 percent in the second quarter compared to 55
percent a year ago. Operating earnings were $316 million, down 12 percent
compared to $358 million in the prior year.

The second quarter average MOP selling price, FOB plant, was $443 per tonne,
up slightly from a year ago, as generally lower crop nutrient prices were
offset by a higher proportion of granular domestic shipments and higher
pricing for industrial products. The Potash segment's total sales volumes for
the second quarter were 1.5 million tonnes, compared to 1.8 million tonnes a
year ago.

Potash production was 1.8 million tonnes, or 76 percent of operational
capacity, roughly flat with last year. During the quarter we focused on
maximizing production of blend grade product to meet strong North and South
American demand.

Other

Selling, general and administrative expenses were $103 million for the second
quarter, a two percent increase from $101 million a year ago.

Financial Guidance

"Our fiscal third quarter guidance reflects the lower Canpotex potash contract
price in China and a higher proportion of international standard grade
shipments. The China contract provides both base-load volume and a positive
boost to market sentiment. Combined with strong market fundamentals, we
believe 2013 will be a record year, with 55 to 57 million tonnes of global
potash shipments, and 63 to 65 million tonnes of global phosphate shipments.
Crop nutrients have never been more affordable, and farmers around the world
continue to have strong incentives to use our products to increase crop
yields. We are well positioned to continue to help the world grow the food it
needs while generating long-term shareholder value," said Prokopanko.

Total sales volumes for the Potash segment are expected to range from 1.5 to
1.8 million tonnes for the third quarter of fiscal 2013. Mosaic's realized MOP
price, FOB plant, for the third quarter of fiscal 2013 is estimated to be in a
range of $370 to $400 per tonne, reflecting a substantially higher proportion
of standard product. The segment gross margin percentage in the third fiscal
quarter is expected to be lower than the second fiscal quarter due to lower
realized average potash prices, in part due to a higher mix of standard
product, and continued sub-optimal operating rates. The fiscal 2013 third
quarter operating rate in the Potash segment is expected to be above 70
percent of operational capacity.

Brine management expenses are expected to be in the range of $245-275 million
for the full fiscal year 2013, reflecting the run-rate we have experienced in
the first half of fiscal 2013.

Total sales volumes for the Phosphates segment are expected to range from 2.5
to 2.8 million tonnes for the third quarter of fiscal 2013. Mosaic's realized
DAP price, FOB plant, for the third quarter of fiscal 2013 is estimated to
range from $485 to $515 per tonne. The segment gross margin in the third
fiscal quarter is expected to be about flat with the second fiscal quarter.
The Company's operating rate at its North American phosphate operations is
expected to exceed 80 percent of operational capacity during the third quarter
of fiscal 2013.

Previously reported annual guidance for fiscal 2013:

1.The Company continues to advance its brownfield potash expansion plans at
    its three Saskatchewan, Canada mine sites and to fund projects that
    improve efficiencies. Total capital spending is expected to range from
    $1.5 to $1.8 billion.
2.SG&A expenses are estimated to range from $420 to $445 million.
3.Canadian resource taxes and royalties are expected to range from $320 to
    $380 million. Canadian resource taxes and royalties are included as a
    component of cost of goods sold for Potash.
4.Mosaic estimates an effective income tax rate in the mid 20-percent range
    for the second half of 2013.

The Mosaic Company is one of the world's leading producers and marketers of
concentrated phosphate and potash crop nutrients. Mosaic is a single source
provider of phosphate and potash fertilizers and feed ingredients for the
global agriculture industry. More information on the Company is available at
www.mosaicco.com.

Mosaic will conduct a conference call on Friday, January 4, 2013 at 9:00 a.m.
EST to discuss second quarter earnings results as well as global markets and
trends. Presentation slides and a simultaneous audio webcast of the conference
call may be accessed through Mosaic's website at www.mosaicco.com/investors.
This webcast will be available up to one year from the time of the earnings
call.

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about future financial and operating
results. Such statements are based upon the current beliefs and expectations
of The Mosaic Company's management and are subject to significant risks and
uncertainties. These risks and uncertainties include but are not limited to
the predictability and volatility of, and customer expectations about,
agriculture, fertilizer, raw material, energy and transportation markets that
are subject to competitive and other pressures and economic and credit market
conditions; the level of inventories in the distribution channels for crop
nutrients; changes in foreign currency and exchange rates; international trade
risks; changes in government policy; changes in environmental and other
governmental regulation, including greenhouse gas regulation, implementation
of the U.S. Environmental Protection Agency's numeric water quality standards
for the discharge of nutrients into Florida waterways or possible efforts to
reduce the flow of excess nutrients into the Mississippi River basin or the
Gulf of Mexico; further developments in judicial or administrative
proceedings, or complaints that Mosaic's operations are affecting nearby
property uses; difficulties or delays in receiving, increased costs of or
challenges to necessary governmental permits or approvals or increased
financial assurance requirements; resolution of global tax audit activity; the
effectiveness of the Company's processes for managing its strategic
priorities; adverse weather conditions affecting operations in Central Florida
or the Mississippi River basin or the Gulf Coast of the United States, and
including potential hurricanes, excess rainfall or drought; actual costs of
various items differing from management's current estimates, including, among
others, asset retirement, environmental remediation, reclamation or other
environmental regulation, or Canadian resources taxes and royalties; accidents
and other disruptions involving Mosaic's operations, including brine inflows
at its Esterhazy, Saskatchewan potash mine and other potential mine fires,
floods, explosions, seismic events 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.

For the second quarter of fiscal 2013, the Company recorded the following
notable items:

                                                        Amount      EPS impact
Description             Segment      Line item                      (fully
                                                        (in         diluted)
                                                        millions)
Discrete tax benefit    Corporate    Benefit from tax $ 179       $ 0.42
                                     provision
Unrealized gain (loss)  Potash       Cost of goods      (2)         (0.00)
on derivatives                       sold
Foreign currency                     Foreign currency
transaction gain (loss) Consolidated transaction        (17)        (0.03)
                                     gain/(loss)
                                                      $ 160       $ 0.39

The Company recorded a discrete $179 million benefit to income taxes in the
second fiscal quarter, included in the table above. Excluding this benefit,
the Company's effective tax rate for year-to-date would have been 23.3
percent. In addition, the current quarter effective tax rate includes a
catch-up to align the year-to-date effective tax rate to the expected annual
rate for fiscal 2013. Management believes this information is useful to both
quantify the catch-up and to forecast future operating results.

($ in millions)                                       Six months ended
                                                      November 30, 2012
Provision for income taxes                            $           85
Discrete tax item                                     179
Adjusted income taxes                                 $          264
Earnings from consolidated companies before income    1,134
taxes
Effective tax rate                                    23.3%

Using the 23.3 percent normalized tax rate from above, the normalized earnings
can be calculated as follows:

(In millions except per share amounts)            Three months ended
                                                  November 30, 2012
Earnings from consolidated companies before       $           547.5
income taxes
Normalized provision for income taxes (at 23.3%   127.6
rate)
Normalized earnings from consolidated companies   419.9
Equity in net earnings of nonconsolidated         4.7
companies
Less: Net earnings attributable to noncontrolling 1.5
interests
Normalized net earnings attributable to Mosaic    $           423.1
Diluted weighted average number of shares         427.0
outstanding
Normalized diluted net earnings per share         $            0.99
attributable to Mosaic

For the second quarter of fiscal 2012, the Company reported the following
notable expense items:

                                                    Amount          EPS impact
Description            Segment    Line item
                                                    (in millions)   (fully
                                                                    diluted)
Insurance proceeds     Phosphates Other operating $ 20            $ 0.03
                                  expenses
Unrealized gain (loss) Potash     Cost of goods     (16)            (0.02)
on derivatives                    sold
Receivable write-off   Potash     Revenue           (5)             (0.01)
                                                  $ (1)           $ (0.00)



Condensed Consolidated Statements of Earnings

(in millions, except per share amounts)
The Mosaic Company                                          (unaudited)
                                      Three months ended    Six months ended
                                      November 30,          November 30,
                                      2012       2011       2012       2011
Net sales                           $ 2,536.2  $ 3,014.5  $ 5,041.3  $ 6,097.8
Cost of goods sold                    1,860.3    2,133.3    3,618.1    4,368.4
Gross margin                          675.9      881.2      1,423.2    1,729.4
Selling, general and administrative   102.8      100.6      214.5      201.7
expenses
Other operating expense (income)      13.5       (16.4)     38.9       1.1
Operating earnings                    559.6      797.0      1,169.8    1,526.6
Interest income, net                  4.4        4.1        10.3       9.2
Foreign currency transaction (loss)   (17.0)     55.1       (45.3)     49.4
gain
Other income (expense)                0.5        (0.8)      (0.5)      (0.1)
Earnings from consolidated            547.5      855.4      1,134.3    1,585.1
companies before income taxes
(Benefit from) provision for income   (78.1)     230.7      85.2       435.8
taxes
Earnings from consolidated            625.6      624.7      1,049.1    1,149.3
companies
Equity in net earnings of             4.7        0.9        11.9       2.7
nonconsolidated companies
Net earnings including                630.3      625.6      1,061.0    1,152.0
noncontrolling interests
Less: Net earnings attributable to    1.5        2.0        2.8        2.4
noncontrolling interests
Net earnings attributable to Mosaic $ 628.8    $ 623.6    $ 1,058.2  $ 1,149.6
   Basic net earnings per share     $ 1.48     $ 1.41     $ 2.49     $ 2.58
   attributable to Mosaic
   Diluted net earnings per share   $ 1.47     $ 1.40     $ 2.48     $ 2.58
   attributable to Mosaic
   Basic weighted average number of   425.7      443.4      425.6      445.0
   shares outstanding
   Diluted weighted average number    427.0      444.7      426.8      446.3
   of shares outstanding

Condensed Consolidated Balance Sheets

(in millions, except per share amounts)
The Mosaic Company                                                (unaudited)
                                                  November 30,    May 31,
                                                  2012            2012
 Assets
 Current assets:
  Cash and cash equivalents                     $ 3,420.7       $ 3,811.0
  Receivables, net                                797.5           751.6
  Inventories                                     1,518.5         1,237.6
  Deferred income taxes                           237.8           237.8
  Other current assets                            558.6           543.1
              Total current assets                6,533.1         6,581.1
 Property, plant and equipment, net of
 accumulated depreciation
  of $3,563.8 million and $3,284.2 million,       8,246.1         7,545.9
  respectively
 Investments in nonconsolidated companies         441.4           454.2
 Goodwill                                         1,889.4         1,844.4
 Deferred income taxes                            115.3           50.6
 Other assets                                     215.4           214.2
              Total assets                      $ 17,440.7      $ 16,690.4
 Liabilities and Equity
 Current liabilities:
  Short-term debt                               $ 21.2          $ 42.5
  Current maturities of long-term debt            0.7             0.5
  Accounts payable                                913.7           912.4
  Accrued liabilities                             645.8           899.9
  Deferred income taxes                           66.0            62.4
              Total current liabilities           1,647.4         1,917.7
 Long-term debt, less current maturities          1,010.6         1,010.0
 Deferred income taxes                            827.6           787.9
 Other noncurrent liabilities                     854.3           975.4
 Equity:
  Preferred stock, $0.01 par value, 15,000,000
  shares authorized, none
    issued and outstanding as of November 30,     -               -
    2012 and May 31, 2012
  Class A common stock, $0.01 par value,
  254,300,000 shares authorized, 150,059,772
  shares
    issued and 128,759,772 shares outstanding     1.3             1.3
    as of November 30, 2012 and May 31, 2012
  Class B common stock, $0.01 par value,
  87,008,602 shares authorized, none
    issued and outstanding as of November 30,     -               -
    2012 and May 31, 2012
  Common stock, $0.01 par value, 1,000,000,000
  shares authorized, 308,955,571
    shares issued and 296,917,109 shares
    outstanding as of November 30, 2012,
    308,749,067 shares issued and 296,710,605     3.0             3.0
    shares outstanding as of May 31, 2012
  Capital in excess of par value                  1,480.8         1,459.5
  Retained earnings                               10,986.2        10,141.3
  Accumulated other comprehensive income          611.1           378.0
    Total Mosaic stockholders' equity             13,082.4        11,983.1
  Noncontrolling interests                        18.4            16.3
    Total equity                                  13,100.8        11,999.4
    Total liabilities and equity                $ 17,440.7      $ 16,690.4







Condensed Consolidated Statements of Cash Flows

(in millions, except per share amounts)
The Mosaic Company                                        (unaudited)
                                  Three months ended      Six months ended
                                  November 30,            November 30,
                                  2012       2011         2012       2011
Cash Flows from Operating
Activities:
 Net earnings including         $ 630.3    $ 625.6      $ 1,061.0  $ 1,152.0
 noncontrolling interests
 Adjustments to reconcile net
 earnings including
 noncontrolling interests
  to net cash provided by
  operating activities:
   Depreciation, depletion and    147.4      120.2        284.8      240.5
   amortization
   Deferred income taxes          (55.1)     76.8         (24.7)     129.4
   Equity in loss (earnings) of
   nonconsolidated companies,     (4.7)      0.2          4.6        0.9
   net of dividends
   Accretion expense for asset    8.3        7.0          16.4       14.1
   retirement obligations
   Share-based compensation       4.8        3.2          22.6       17.0
   expense
   Unrealized loss (gain) on      11.4       24.1         (29.9)     41.4
   derivatives
   Other                          (4.7)      (1.4)        9.4        (1.9)
 Changes in assets and
 liabilities:
   Receivables, net               (75.3)     (144.4)      (63.8)     (13.8)
   Inventories, net               (26.1)     193.0        (272.5)    57.2
   Other current and noncurrent   (85.4)     (101.1)      (12.6)     (99.6)
   assets
   Accounts payable               45.0       (114.5)      17.0       (148.7)
   Accrued liabilities            (150.3)    (115.1)      (229.4)    (245.1)
   Other noncurrent liabilities   (123.2)    (55.9)       (121.2)    (71.4)
        Net cash provided by      322.4      517.7        661.7      1,072.0
        operating activities
Cash Flows from Investing
Activities:
   Capital expenditures           (393.5)    (387.1)      (842.6)    (778.5)
   Restricted cash                (4.3)      2.6          0.6        1.1
   Other                          1.7        (0.1)        2.1        0.3
        Net cash (used in)
        provided by investing     (396.1)    (384.6)      (839.9)    (777.1)
        activities
Cash Flows from Financing
Activities:
   Payments of short-term debt    (36.4)     (46.9)       (69.9)     (72.2)
   Proceeds from issuance of      39.9       61.6         48.4       76.9
   short-term debt
   Payments of long-term debt     (0.2)      (28.4)       (0.4)      (30.2)
   Proceeds from issuance of      0.1        741.4        1.2        746.7
   long-term debt
   Proceeds from stock options    0.5        1.1          2.2        2.3
   exercised
   Repurchase of Class A common   -          (1,162.5)    -          (1,162.5)
   stock
   Cash dividends paid            (106.7)    (22.3)       (213.3)    (44.7)
   Other                          (0.8)      (4.4)        (3.6)      (5.5)
        Net cash used in          (103.6)    (460.4)      (235.4)    (489.2)
        financing activities
Effect of exchange rate changes   3.2        (83.1)       23.3       (84.5)
on cash
Net change in cash and cash       (174.1)    (410.4)      (390.3)    (278.8)
equivalents
Cash and cash equivalents -       3,594.8    4,038.0      3,811.0    3,906.4
beginning of period
Cash and cash equivalents - end $ 3,420.7  $ 3,627.6    $ 3,420.7  $ 3,627.6
of period
Supplemental Disclosure of Cash
Flow Information:
   Cash paid during the period
   for:
        Interest (net of amount $ -        $ 13.9       $ -        $ -
        capitalized)
        Income taxes (net of      103.2      185.4        185.5      335.5
        refunds)







Selected Non-GAAP Financial Measures and Reconciliations
The Mosaic Company                                                (unaudited)
 Potash Gross Margin, Excluding Resource Taxes and Royalties, Calculation
                                                         Three months ended
                                                         November 30,
                                                         2012     2011
 Sales                                                 $ 780.2  $ 838.6
 Gross margin                                            355.4    393.7
 Canadian resource taxes                                 67.0     50.3
 Canadian royalties                                      14.5     17.0
 Gross margin, excluding Canadian resource taxes and   $ 436.9  $ 461.0
 royalties (CRT)
 Gross margin percentage, excluding CRT                  56.0%    55.0%
 The Company's margins are further reduced by the impact of a third party
 tolling agreement.

The Company has presented above gross margin excluding Canadian resource taxes
and royalties ("CRT") for Potash which is a non-GAAP financial
measure.Generally, a non-GAAP financial measure is a supplemental numerical
measure of a company's performance, financial position or cash flows that
either excludes or includes amounts that are not normally excluded or included
in the most directly comparable measure calculated and presented in accordance
with U.S. generally accepted accounting principles ("GAAP"). Gross margin
excluding CRT is not a measure of financial performance under GAAP. Because
not all companies use identical calculations, investors should consider that
Mosaic's calculation may not be comparable to other similarly titled measures
presented by other companies.

Gross margin excluding CRT provides a measure that the Company believes
enhances the reader's ability to compare the Company's gross margin with that
of other companies which incur CRT expense and classify it in a manner
different than the Company in their statement of earnings. Because securities
analysts, investors, lenders and others use gross margin excluding CRT, the
Company's management believes that Mosaic's presentation of gross margin
excluding CRT for Potash affords them greater transparency in assessing
Mosaic's financial performance against competitors. Gross margin excluding
CRT, should not be considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP.

SOURCE The Mosaic Company

Website: http://www.mosaicco.com
Contact: Media, Rob Litt, +1-763-577-6187, rob.litt@mosaicco.com, or
Investors, Laura Gagnon, +1-763-577-8213, investor@mosaicco.com, both of The
Mosaic Company
 
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