 The Mosaic Company Earnings Conference Call – 4th Quarter Fiscal 2012 July 17th, 2012 Jim Prokopanko, President and Chief Executive Officer Larry Stranghoener, Executive Vice President and Chief Financial Officer Laura Gagnon, Vice President Investor Relations Exhibit 99.2 |
 This presentation 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 lakes and streams or possible efforts to reduce the flow of excess nutrients into the Gulf of Mexico; further developments in judicial or administrative proceedings; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals; or increased financial assurance requirements; the effectiveness of the Company’s processes for managing its strategic priorities; 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 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. Safe Harbor Statement Slide 2 |
 Mosaic had an excellent year, despite macro challenges Records set in FY 12 Highest Revenue Highest Operating Cash Flow ROIC (1) of 15% >65% shareholder payout ratio *FY11 includes $569 million gain from sale of Fosfertil MACRO CHALLENGES MOSAIC RESULTS European uncertainty Distributor de-stocking Indian government subsidy change 1. Non-GAAP, reconciliation on slide 24 Slide 3 DIVIDEND INCREASE 400% increase in targeted dividend since February $1.00 per share $6.8 $9.9 $11.1 $1.3 $2.7 $2.6 2010 2011 2012 Net Sales and Operating Earnings $ in billions $0.8 $2.5 $1.9 2010 2011 2012 Net Income and Operating Cash Flow $ in billions |
 A Year of Progress All-time best safety performance Operational efficiencies Expansion on plan Premium products Operational processes South Fort Meade resolution Potash Tolling agreement resolution Formation offering completed Debt restructure Share repurchase Dividend increase Slide 4 Operational Excellence Innovation Issue Resolution Capital Strength |
 Financial Results Review |
 Performance Reflects Grower Demand Slide 6 Consolidated Q4 FY12 Q4 FY12 vs. Q4 FY11 Q4 FY12 vs. Q3 FY12 Revenue $2.8 billion (1)% 29% Gross Profit $834 million (16)% 60% Operating Cash Flow $1.2 billion 28% 208% |
 Earnings Slide 7 Reported Earnings ($ in million except per share) Q4 FY12 Earnings Before Taxes $689 Net Earnings $507 Earnings per share (diluted) $1.19 Impact of Notable Items $(0.06) |
 Potash Segment Highlights Slide 8 In millions, except MOP price Q4 FY12 Q3 FY12 Q4 FY11 Net sales $1,037 $553 $982 Gross Margin $514 $270 $516 Percent of net sales 50% 49% 53% Operating earnings $464 $234 $469 Sales volumes 2.0 1.1 2.2 Production volume 1.9 1.8 2.2 Production operating rate 85% 79% 95% Avg MOP selling price $455 $453 $404 Fourth quarter highlights: Volumes and prices reflect long North American spring season offset by limited dealer restocking o Sales volumes negatively impacted by Canadian rail strike – approximately 100,000 tonnes (timing issue) Operating rates increased later in the quarter to prepare for normal summer maintenance o Mosaic inventory levels are primarily standard grades, while blend grades remains limited • Gross margins were impacted by increased brine management expenses, mark-to-market on derivatives and higher depreciation |
 Phosphates Segment Highlights Slide 9 In millions, except DAP price Q4 FY12 Q3 FY12 Q4 FY11 Net sales $1,789 $1,652 $1,882 Gross Margin $322 $259 $479 Percent of net sales 18% 16% 25% Operating earnings $224 $190 $370 Sales volumes 2.9 2.6 2.8 NA production volume (a) 2.1 2.0 2.1 Finished product operating rate 86% 81% 86% Avg DAP selling price $494 $536 $574 (a) Includes crop nutrient dry concentrates and animal feed ingredients Fourth quarter highlights: Average realized price declined, with upward trends during the quarter Very strong volumes, with shipments to South and Central America replacing Indian sales North America sales included summer fill volumes Margins exceeded guidance due to intra-quarter demand-driven price increases Operating earnings includes an asset retirement obligation adjustment of $21 million |
 Category Guidance – Fiscal 2013 Potash Q1 Sales volume 1.8 – 2.2 million tonnes Q1 MOP selling price $415 – $440 per tonne Q1 Operating rate above 70 percent Phosphates Q1 Sales volume 2.5 – 2.8 million tonnes Q1 DAP selling price $510 - $535 per tonne Q1 Operating rate above 75 percent Capital Expenditures $1.5 - $1.8 billion Canadian Resource Taxes and Royalties $320 – $380 million SG&A $420 – $445 million Effective Tax Rate Upper 20 percent range Financial Guidance Summary Slide 10 |
 Disciplined Capital Allocation 1. Expansion Capital 2. Potential Investments 3. Return to shareholders CAPITAL MANAGEMENT Maximize shareholder value through our capital policy We are confident in our ability to generate significant cash for investment in our business and shareholder distributions. Slide 11 Share repurchases allowed by end of FY13 0.3 0.4 0.8 0.9 1.3 1.6 0.7 2.5 1.2 1.4 2.4 2.7 07 08 09 10 11 12 OPERATING CASH FLOW AND CAPEX $ IN BILLIONS |
 Fiscal FY13 Outlook |
 Recent commodity price jumps highlight delicate nature of global food security Slide 13 2.5 3.5 4.5 5.5 6.5 7.5 07 08 09 10 11 12 $ BU Corn Price Daily Close of Front Month Futures Contract Source: CME 6.0 8.0 10.0 12.0 14.0 16.0 07 08 09 10 11 12 $ BU Soybean Price Daily Close of Front Month Futures Contract Source: CME |
 Global stock to use below historical average Source: USDA and Mosaic Slide 14 2012/13 Grain and Oilseed Scenario Assumptions Low USDA High Harvested Area Change 1.35% 1.35% 1.35% Yield Deviation from Trend * -0.08 -0.06 -0.04 Demand Growth 1.43% 1.63% 1.83% * Largest deviation from the 12-year trend 2000-2011 in MT HA 18.4% 18.7% 17.9% 14% 19% 24% 29% 34% 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 WORLD GRAIN AND OILSEED STOCKS TO USE RATIO |
 Supply uncertainty Low inventories Phosphates: A tight market INDUSTRY DYNAMICS MOSAIC STRENGTHS Mine productivity Ammonia manufacturing Premium products Slide 15 Calendar years 0 10 20 30 40 50 60 70 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11E 12F 13F Mil Tonnes DAP/MAP/TSP WORLD PROCESSED PHOSPHATE SHIPMENTS China India Other Asia Latin America Europe/FSU North America Rest of World Sources: Fertecon and Mosaic |
 Uncertain Indian demand Growing emerging markets Muted dealer sentiment Low natural gas prices Potash: Stable Tolling agreement benefit New capacity online Solution mining INDUSTRY DYNAMICS MOSAIC STRENGTHS Slide 16 Calendar years 0 10 20 30 40 50 60 70 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11E 12F 13F Mil Tonnes KCl WORLD MURIATE OF POTASH SHIPMENTS China India Other Asia Latin America Europe/FSU North America Rest of World Sources: Fertecon and Mosaic |
 The Mosaic Company Thank you |
 Earnings Sensitivity to Key Drivers (a) Slide 18 FY12 Actual Change FY12 Margin % Actual % Impact on Segment Margin Pre-Tax Impact EPS Impact Marketing MOP Price ($/tonne) (b) $448 $50 49.1% 9.0% $299 $0.50 Potash Volume (million metric tonnes) 6.7 500 49.1% 4.8% $158 $0.26 DAP Price ($/tonne) $555 $50 18.7% 6.1% $474 $0.79 Phosphate Volume (million metric tonnes) 11.8 500 18.7% 1.2% $91 $0.15 Raw Materials Sulfur ($/lt) $223 $50 18.7% 2.2% $173 $0.29 Ammonia ($/tonne) $528 $50 18.7% 1.3% $104 $0.17 (a) These factors do not change in isolation; actual results could vary from the above estimates (b) assumes no change to KMAG pricing |
 Phosphate Raw Material Costs Slide 19 Realized costs of raw materials in COGS lag spot prices by approximately 3 months. Realized ammonia costs, in most periods shown, include a benefit of our manufacture of ammonia at Faustina. $417 $451 |
 Phosphate Raw Material Costs Slide 20 $200 $196 Realized costs of raw materials in COGS lag spot prices by approximately 3 months. Sulfur realized prices include storage, conversion and transformation costs of $10 - $15 / ton. |
 Phosphate Rock Sourcing Slide 21 $ - $25 $50 $75 $100 $125 $150 $175 $200 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY 12 ROCK MIX USED IN U.S. OPERATIONS US mined rock Purchased Miski Mayo rock Other purchased rock - |
 Canadian Resource Taxes and Royalties Slide 22 FY12 ACTUAL In millions Sales $3,302 Combined Royalty & Surcharge Rate 4.0% Royalty & Surcharge 132 Potash Segment GM before CRT 1,950 Add back Depreciation 234 Subtract Capex 1,171 Estimated Taxable Profit 1,012 Estimate Profit Tax: 15% and 20% of taxable profit @ 15% 152 @ 20% 202 Total CRT (Royalty & Surcharge + Profit Tax) @ 15% 284 @ 20% 335 Compare to actual Resource Tax & Royalties 328 |
 ROIC Reconciliation Slide 23 ($ in millions) FY2011 FY2012 FY2012 FY2012 FY2012 Actual Actual Actual Actual Actual Q4 Q1 Q2 Q3 Q4 Operating Profit 729.6 797.0 413.7 670.8 Taxes 205.1 230.7 87.0 188.6 Equity Earnings 1.8 0.9 4.2 6.4 NOPAT 526.3 567.2 330.9 488.6 NOPAT - Trailing 4 Quarters 1,913.0 May-11 Aug-11 Nov-11 Feb-12 May-12 Invested Capital: Total assets 15,786.9 16,180.8 15,802.3 15,936.7 16,690.4 Accounts payable (941.1) (903.1) (853.6) (800.5) (912.4) Accrued liabilities (843.6) (723.0) (635.1) (657.9) (899.9) Deferred income taxes - current (72.2) (70.1) (68.2) (73.7) (62.4) Deferred income taxes - noncurrent (580.1) (579.7) (589.4) (611.2) (787.9) Other noncurrent liabilities (855.1) (841.1) (785.1) (869.8) (975.4) Total Invested Capital 12,494.8 13,063.8 12,870.9 12,923.6 13,052.4 Invested Capital - 5 Quarter Average 11,290.9 11,885.2 12,381.2 12,649.9 12,881.1 ROIC (including goodwill) 14.9% We have presented ROIC, which is a non-GAAP financial measure. Generally, non-GAAP financial measures are supplemental numerical measures of a company's performance, financial position or cash flows that either exclude or include 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"). ROIC is not a measure of financial performance under GAAP. Because not all companies use identical calculations, our calculation of ROIC may not be comparable to other similarly titled measures presented by other companies. In evaluating this measure, investors should consider that our methodology in calculating such measures may differ from that used by other companies. We consider ROIC to be a meaningful indicator of how effectively a company is investing its capital and deploying its assets.” 1 |