Mosaic : Commentary ()

The Mosaic Company

Analyst Presentation: Chapter 3

Act Responsibly

Grow and Strengthen Our Product Portfolio

Date: December 10, 2020

Forward Looking Statements & Non-GAAP Financial Measures

This 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 proposed or pending future transactions or strategic plans and other

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

River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic's operations are adversely impacting nearby farms, business operations or properties; 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 Mosaic's processes for managing its strategic priorities;

not limited to: the economic impact and operating impacts of the coronavirus (Covid-19) pandemic, the potential drop in oil demand/production and its impact on the availability and price of sulfur, political and economic instability in Brazil or changes in government policy in Brazil, such as higher costs associated with the new mining rules or the implementation of new freight tables; 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; the effect of future product innovations or development of new technologies on demand for our

products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations and those of joint ventures in

which Mosaic participates, including the performance of the Wa'ad Al Shamal Phosphate Company (also known as MWSPC), the timely development and commencement of operations of production facilities in the Kingdom of Saudi Arabia, and the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our long term natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of

natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic's decisions to exit

business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi

adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential

hurricanes, excess heat, cold, snow, 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, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic's available

cash and liquidity, and increased leverage, due to its use of cash and/or available debt

capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic's Esterhazy, Saskatchewan, potash mine or other potash shaft mines; other

accidents and disruptions involving Mosaic's operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile

chemicals; and risks associated with cyber security, including reputational loss; 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 includes the discussion of forward looking EBITDA which is a non-GAAP financial measure. We are not providing quantitative reconciliation of forward looking EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period.

2

Mosaic's Strategic Priorities

North America

Transformation

Uncover and pursue new opportunities to improve the profitability and competitiveness of our Potash and Phosphates businesses

South America

Growth Engine

Leverage Mosaic's in-countrycapabilities to drive additional growth and profitability

Grow and Strengthen

Our Product Portfolio

Pursue diverse opportunities that make us stronger and that yield mutual benefits for Mosaic and our customers

Drive Functional

Collaboration and Efficiency

Rethink and re-engineer outdated and inefficient processes, and continue to look for new ways to improve

Optimize Operating Assets

and Capital Management

Continually assess, prioritize and allocate capital across the business and make decision that strengthen our balance sheet

Act Responsibly

Be a good corporate citizen and contribute to the vitality of the people and the communities around us

Drive Functional

Collaboration and Efficiency

September 18, 2020

North America

Transformation

November 9, 2020	South America
Growth Engine

Act Responsibly

Today

Grow and Strengthen

Our Product Portfolio

March 11, 2021	Optimize Operating Assets
	and Capital Management

4

Countervailing Duty Petition Preliminary Ruling:

Morocco/Russia Subsidies Established

Country	Exporter/Producer	Subsidy Rates
	OCP S.A.	23.46%
Morocco
All Other Producers/Exporters	23.46%
	Industrial Group Phosphorite LLC	72.50%
Russia	Joint Stock Company Apatit	20.94%
	All Other Producers/Exporters	32.92%

Event	CVD Investigation(s)
Petition(s) Filed	June 26, 2020
DOC Initiation Date	July 16, 2020
ITC Preliminary Determination	August 10, 2020
DOC Preliminary Determination	November 23, 2020
DOC Final Determination	February 8, 2021
ITC Final Determination	March 25, 2021
Issuance of Order [1]	April 1, 2021

Source: U.S. Department of Commerce

5

Countervailing Duty Petition Impact on Flows:

Morocco/Russia Shift Tonnes; Global Prices Rise

U.S. Phosphate Imports	$ per tonne	Global DAP/MAP Benchmark Prices
	Published Spot Prices
	500	DAP fob NOLA	DAP c&f India
U.S. Jan-Oct imports:
	MAP fob NOLA	MAP c&f Brazil
-738,000tonnes(-28%)y-o-y	450
• Morocco: -859kt(-48%)	400
• Russia: -189kt(-39%)
• Saudi: -1kt(-1%)	350

• Others: +312kt (+177%)

300

Source: Argus; Green Markets

250

Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20

	India Imports		Brazil Imports
	India Jan-Oct DAP imports:	Brazil Jan-Oct phosphate
	+490,000tonnes (+10%) y-o-y	imports: +632,000tonnes
	•	Morocco: +1,007kt (+928%)	(+10%) y-o-y
	•	Russia: +246kt (+259%)	•	Morocco: +712kt (+39%)
	• Saudi: -229kt(-11%)	•	Russia: +453kt (+70%)
	• China: -578kt(-28%)	• U.S.: -213kt(-13%)
	•	Other: +45kt (+7%)	• Other: -321kt(-15%)
Source: Genscape, China Customs, Orion, IHS Markit, Mosaic		6

Act Responsibly

We've Come a Long Way

Quantifiable targets

General commitments

representing broad

to "stewardship"

ESG topics

2012

2020

2009

2015

2018

First sustainability

First quantified

Alignment to UN

disclosure - GRI

water, energy,

sustainable development

framework

GHG targets

goals (SDGs)

MOSAIC CONFIDENTIAL	8

Each Target Impacts Multiple Focus Areas and Contributes to Companywide Performance

MOSAIC CONFIDENTIAL	9

ESG in Action: People

A healthy and diverse workforce

is critical to Mosaic's success.

Leading safety performance

Continued focus on risk reduction

Addressing three pillars of wellness

Efforts centered on financial, physical and psychological wellness

Building capacity

Training on issues related to psychological health and safety

MOSAIC CONFIDENTIAL	10

ESG in Action: Environment

Since 2012,

we have reduced companywideGHG emissions by 12% - and we are redoublingour commitment to 2025.

GHG Emissions Intensity	Site-level accountability
	Site targets and frontline engagement

Data governance

Rigorous third-party assurance of data

Project exploration

Engaging across industries to explore opportunities for improvement

Promising outlook

Cogeneration optimization, fuel substitution, equipment upgrades, use of renewables

MOSAIC CONFIDENTIAL	11

ESG in Action: Society

Validated 4R acre programs currently in agricultural regions in 11 states and provinces

4R Nutrient Stewardship

Empowering farmers to reduce the impact of crop nutrients on the environment

Science-based	2020	2025
+5M	25M
framework
to maximize crop
yields and minimize	Acres under	Acres under
environmental impact
management	management
Right Source	Mosaic is supporting all programs financially and/or
Right Rate	is a representative on governing body

Right Time	Study: +5 million tonnes of phosphorous avoided
in Lake Erie as a result of 4R practice adoption
Right Place

MOSAIC CONFIDENTIAL	12

ESG in Action: Company

Strong governance and accountability underpin an effective sustainability practice

Board Oversight

EHSS Committee of Board of Director

Management and Employee Compensation Link

EHS Risk Reduction Program

Cross-industry Engagement

Engage in dialogue, advance our thinking and drive progress

Reporting Leadership

Annual disclosure of impacts and opportunities.

13 ESG Performance Targets

Define our path forward on significant issues in four focus areas

Three New Commitment Statements

Reinforce our positionon material topics

Deforestation

Our presence and actions to combat deforestation in Brazil

Water Stewardship

Mosaic's role in preserving society's resource

Climate Change

Our efforts to mitigate and adapt to threats of climate change

MOSAIC CONFIDENTIAL	13

ESG in Action: Company | Esterhazy K3 Expansion

Creating Economic and Sustainability Value

	Potash ($ in mm)	2021	2022	2023
	K3 Brine management	$50	$100	$100
	EBITDA* impact
	Colonsay idling	$100 ​	$100 ​	$100 ​
	EBITDA* impact​
	Growth Capital	$190	$80	$55
	Spending - K3

World-class potash GHG performance

On track to achieve additional GHG reductions

MOSAIC CONFIDENTIAL	14

ESG in Action: Company | Our Cogeneration Strategy

1.5M MWh

Productionin 2019

Avoided

annual GHG

impact of >900k

tonnes CO2e

Reduced

electricity costs

by >$75M

Generated

>$4M revenue from excess quantities sent to grid

MOSAIC CONFIDENTIAL	15

Mosaic's Role in Addressing Society's Challenges

2025 ESG Performance Targets

Progress Toward Sustainable Outcomes

Zero Hunger

Sales of performance (high-yield) products

Clean Water and Sanitation

2025 freshwater intensity target

Decent Work and Economic Growth

Safety and risk reduction target

Climate Action

2025 GHG emissions intensity target

Life Below Water

Acres under 4R Certification target

Grow and Strengthen Our Product Portfolio

Mosaic's Performance Products Portfolio

Performance products improve value throughout the crop nutrition chain

Mosaic

Peformance Product Sales Tonnes

6
			5.2
5
			mm
4
	3.7		3.8
		3.4	mm
3	3.3	mm
	mm		mm
2
1

Retailers

0

2017 Actual

2018 Actual

2019 Actual

TTM

2023 Target

Farmers

18

Why Soil Health?

New Avenues for Growth

Crop Nutrient Focus		Potential Opportunities

Soil health

Growth in the soil health sector and the application of advances in biological science creates a unique opportunity for Mosaic to build upon a leadership position in balanced crop nutrition.

• Growing food demand necessitates growing productivity on each acre of farmed land
• Changing expectations of society, weather cycles and advanced technologies are driving new solutions in nutrient use efficiency
• Mosaic's performance product portfolio and logistics platform enable value creation for all participants via improved yields, ESG benefits and profitability growth

19

Target Markets

Biofertilizers			Biostimulants
Nutrient Uptake Enhancers			Stimulate Natural Processes
Nitrogen Fixing		Potassium Mobilizers				Humic Acids			Other Organic Acids
Phosphate Solubilizers		Others				Microbials			Plant & Seaweed Extracts
Biofertilizer Market			Biostimulant Market
$3.3B				$3.0B
by 2025				by 2025
50%		Growing at		40%
11 - 12%
in the Americas				in the Americas

	CAGR
Compiled from
Deliver High Margins
Market and
Markets, Dunham
and Trimmer and
other research

20

Our Approach

Make a series of small bets on the most promising technologies and intellectual property to build a soil health product portfolio.

Scan Evaluate

External inputs from:
• Farmers
• Retailers	• Market studies and
• University partners
customer surveys
• Venture capital partners	• Economic analysis
• Business transformation	• Lab, field and
• AgTech networks	production trials
Learning and	Proving the
building	promising
relationships

Pursue Launch

• Fund pipeline development and secure marketing rights in select geographies
• Determine royalty splits and geography rights

• Licensing agreements once efficacy proven through field trials

Secure value

Building Relationships to Create Opportunities

Anuvia Plant Nutrients

Sept. 2018	Sept. 2019	Aug. 2020	Sept. 2020
Explore a Plant	Finalize lease	Toll manufacturing	SusterraTM
City lease	agreement	agreement with	commercial launch
		Anuvia

• SusterraTM is a 14-24-0-10Sbio-based, phosphate fertilizer with sulfur that uses recycled organic matter to efficiently deliver nutrients for improved yields and healthier soils

Announced yesterday:

Collaboration to develop and launch nitrogen-fixing microbial products using BioConsortia's patented Advanced Microbial Selection process.

• R&D support
• Product licensing
• Americas marketing rights

Field testing to commence Spring 2021 in the U.S.

22

Benefits to Mosaic

• Diversify the portfolio while staying close to our expertise in crop nutrition
• Improve margin mix
• Grow value capture on an acre
• Optionality for new channels to market

QUESTIONS?