Real Client Managed Portfolio Presented on October 18 th, 2011 By: Ran Mu Frank Damian Jionghan Dai Joseph Kim Han Yang

RCMP’s Mosaic Holdings 2 12/18/2009 – Bought 200 Shares at $55.00 for total price of $11, /17/2011 – Closing Price at $54.49 Unrealized Loss of -$82.00 (-1.00%)

Overview of Presentation 3 Industry Analysis Mosaic Company Overview of Business Business Risks Recent Developments Competitor Analysis History of Holdings Multiples Analysis DCF Model Recommendation

Agricultural Chemical Industry  Simple products  Capital intensive  Highly concentrated  Strategy Big company: economies of scale Small company: special chemicals for local markets 4 Sources: First Research

Products Fertilizers Herbicides Insecticides 5 Nitrogen Potash Phosphate Sources: PotashCorp

Industry & Macro Factors 6 Fertilizers Crops Chemical raw materials Population

Industry Factors—Raw Materials 7 Fertilizers Chemical raw materials Crops Population  Sulfur  Ammonia Sources: Bloomberg

Industry Factors—Crops Price 8 Fertilizers Crops Chemical raw materials Population  Oil Seeds  Grain Average annual growth rate: 1.97% Average annual growth rate: 5.31% Sources: Bloomberg

Macroeconomic Factors—Population 9 Fertilizers Crops Chemical raw materials Population Average annual growth rate: 1.60% Sources: Bloomberg

Overview of Mosaic’s Business 10 Source: Form 10-K, Mosaic Co., FY 2011, Pg 1 Two Primary Segments PotashPhosphate

Overview of Mosaic’s Business - Phosphate Mining Majority of mines in Florida Generally own their mines  35% stake in Miski Mayo mine in Peru for $385 million  Right to mine and purchase phosphate rock Production Crop nutrients produced with sulfur and ammonia DAP – Diammonium phosphate MAP – Monoammonium phosphate Value Added product Microessentials – patented process = superior, more versatile product Animal Feed – Biofos and Multifos Sales Market products to crop nutrient manufacturers, distributers and retailers Phoschem: Association of phosphate exporters Market and sell to international buyers Largest Buyers: Brazil, India and Australia Markets 71% of Mosaic’s exported Phosphate 11 Source: Form 10-K, Mosaic Co., FY 2011, Pg 1-10

Overview of Mosaic’s Business – Potash Mining Mining mainly in Canadian province Saskatchewan Roughly 73% of land is leased Leases are ‘generally renewable’ and last roughly 21 years 2 additional mines in Michigan and New Mexico  Roughly 99% of land is leased Production Process Potash and produce MOP MOP = Muriates of Potassium Agricultural and Industrial Functions Sales Sold to distributers, retail chains, cooperatives and government Domestic supply sold through own sales force Cantopex: Export association of Canadian potash producers Supply about 37.1% of total Cantopex volume Largest Buyers: China, India, Japan and Latin America 12 Source: Form 10-K, Mosaic Co., FY 2011, Pg 1-10

Facility Annual operational capacity ProductionReserves Estimated Closing Year Future mining Reserves Four Corners Ona245.5 South Fort Meade Desoto148 Hookers Prairie Wingate Total Overview of Mosaic’s Business – Mines & Reserves 13 Potash Mines Facility Annual operational capacity ProductionReservesEstimated close year /31/2011 Belle Plaine Colonsay Esterhazy Carlsbad Hersey Total Phosphate Mines

Economies of Scale & Global Presence 14 Source: Mosaic Investment Fact Sheet, Mosaic Co., October 2011, p. 2 Largest integrated phosphate producer in the world Production (Fiscal 2011) 57% N. American 13% Global International sales offices and distribution centers Presence in Brazil, China and India Largest buyers with growing demand Potash Phosphate Third largest producer of Potash globally Production (Fiscal 2011) 38% N. American 12% Global Source: Form 10-K, Mosaic Co., FY 2011, Pg 1 Vertical Integration :

Business Risk Court injunction at South Fort Meade Mine in Florida Lawsuit by non-governmental organizations challenging Mosaic’s right to mine wetlands Mosaic can no longer operate and mine phosphate at this location Currently challenging court’s decision The permanent closure will negatively affect Mosaic’s cost of goods sold Will have to keep buying additional phosphate from third parties 15 ‘Tolling agreement’ dispute with Potash Corporation of Saskatchewan (2009-Present) Under agreement, Mosaic had obligation to supply a portion of potash mined at cost to Potash Corp. Approximately 1 million tonnes of potash per year Original contract to end by December 31, 2011, unless obligations not satisfied Mosaic claims that they have satisfied their obligations to Potash Corp as of May 2011 Potash Corp. filed lawsuit in Canada, claiming that Mosaic still has duty to supply potash Trial begins January 2012 Until trial, Mosaic is still obligated to supply Potash Corp. with potash Outcome????

Recent News $469 million worth of 7-5/8% senior notes due 12/2016 will be redeemed December 1 st, 2011 Will be replaced by $450 million worth of 3.75% notes maturing 11/15/2021 and $300 million worth of 4.875% notes maturing 11/15/ Introduction of Nexfos Patent for value-added feed-grade phosphate for use in animal and poultry freed First innovation in feed grade phosphate in over 40 years Increased efficiency Expected to yield more attractive margins on phosphate sales Source: Mosaic News Release, Mosaic Co., September 1 st, 2011 Source: Mosaic News Release, Mosaic Co., October 12 th, 2011 Source: Mosaic News Release, Mosaic Co., October 17 th, 2011

Recent News – The Cargill Transactions Starting May 25 th 2011, Cargill and its shareholders began a split-off of its 64% equity interest in Mosaic through the planning of several public offerings in the next 15 months Improve strategic and financial flexibility Increase liquidity of stock On September 23th 2011, Mosaic announced secondary offering of 18 million shares owned by the Margaret A. Cargill Trusts. Price of $57.65 a share Offer expected to close 09/29/2011 Over-allotment option of up to additional 2.7 million shares 17 Source: Mosaic News Release, Mosaic Co., September 23 rd, 2011

Competitor Analysis Crop nutrition companies compete primarily on the basis of delivered price Other factors Product quality Cost and availability of raw materials Customer service Plant efficiency Availability of product 18

World’s 10 Largest Fertilizer Companies 19

Competitor Analysis Foreign competitors may have cost advantages Cheaper raw materials Less stringent regulatory requirements Owned by government Main competitors Potash Corp. (POT) Agrium Inc. (AGU) CF Industries Holdings, Inc. (CF) 20

Potash Corp. (POT) World’s largest fertilizer company by capacity One-fifth of global potash capacity Potash is the core of the business hold strategic investments in other potash-related businesses in South America, the Middle East and Asia 21

Agrium Inc. (AGU) Business Growth Capacity expansion Acquisition – acquired AWB, one of Australia’s largest agricultural retailer and grain commodity companies Business operation Retail business unit Wholesale business unit Advanced Technologies business unit 22

CF Industries Holdings, Inc. (CF) Acquired Terra Industries Inc. in Apr Became the largest nitrogen producer in North America Two business segments Nitrogen – 80% Phosphate – 20% 23

Company Performance 24 Market CapitalP/EP/SP/BV MOS POT AGU CF RevenueEBITNet Income MOS10,832.82, %2, % POT7,402.03, %2, % AGU13,393.01, %1, % CF5,130.41, %1, % Date: Oct. 14, 2011

Company Performance 25 Cargill Transaction

Multiple Valuation 26

QAvg. Change in Sales Vol.14.52%-11.82%2.04%-1.49%23.30%8.39% 5.83% Change in Price10%8%94%42%-55%50%17%24% QAvg. Change in Sales Vol.19%22%8%-41%10%36% 9% Change in Price16%0%57%131%-32%2%24%28% Avg. Revenue Growth33.95%3.44%78.10%29.86%-36.15%45.74%25.82% - Growth has been generated by the change in price, not by increase in sales - Mosaic doesn’t have control on the price -> increases risk of investment - Increase in Price will be stabilized in future -> less growth opportunity - Due to the increase in demand, Stable Increase in Sales is expected Multiple Valuation - Government Risks - Owner Risks

Multiple Valuation 28

Multiple Valuation 29 MosaicPotashAgriumCF Industries Market Cap Current P/E9.33x18.5x11x10.7x Average P/E(4yrs) 20.86x20.85x15.27x15.05x Average ROE(4yrs)25.80%32.00%18.76%23.32% Profit Margin25.30%33.20%8.10%19.80% - Based on 1 st quarter’s numbers, the price increase in product will continue - Sales Volume is expected to increase by 5% - Slightly lower margin is expected due to the closed mine and increase in cost of raw materials - Owner Risk is a big discount factor for investors - Mosaic is facing 32.57% discount compared to competitors - Target PE ratio = Target Price = * 4.71 = $66.21 per share

Recommendation - HOLD DCF Valuation = $55.45 Multiples Valuation = $ % Weight attributed to each Final Estimated Share Price = $ Transfer of Ownership – Cargill Transaction Uncertainty with South Fort Meade Mine Recovery of Global Economy and Rising Commodity Prices Closely watch any developments with the following: