A significant potash development in an established mining jurisdiction

Forward Looking Statements

Certain statements in this presentation may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this presentation, such statements use such words as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate" and other similar terminology. These statements reflect the Corporation's current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed in the final prospectus filed on December 6, 2010. Although the forward-looking statements contained in this presentation are based upon what management of the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, neither the Corporation nor the Underwriters assume any obligation to update or revise them to reflect new events or circumstances.

strategy to build a

2 million
tonnes per year potash facility
phased construction plan lower capex than a conventional mine

Investment highlights
Strong potash industry fundamentals Attractive jurisdiction with existing infrastructure Significant potash resource Attractive project profile
Carnallite resource amenable to solution mining Key project milestone: completed NI 43-101 compliant scoping study Lower capex than a conventional mine Staged construction approach expected to mitigate construction and financing risk

Experienced management team and board Opportunity for resource expansion and sale of magnesium

Significant Growth Expected in Potash Demand

Demand for Potash
KCl(mmt)
80 70 60 50 40 30 20 10 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Drivers Increasing world population Changing diet profile in developing world Decreasing arable land Increasing use of biofuels
Forecast

: 2 .8 % AGR C

Source: British Sulphur

An Established Potash Mining Jurisdiction

N
SASKATCHEWAN

PCS Cory Agrium Vanscoy

Saskatoon PCS Patience Lake

SASKATCHEWAN

PCS Mosaic Allan Colonsay

Town of Wynyard PCS Lanigan

Karnalyte Resources

KP 360

25

50

75

100 km

Highways

Railways

Ca na (T Ye ra llo dian ns w Pa he ci Ca ad fic na H Ra da wy Potash Belt CR 837 ilw Hw ay y)

Largest potash producing region in the world Existing infrastructure includes rail, roads, power and water

Significant Mineral Resource

Resources Category KCl Grade Range % KCl Resource mmt

Indicated Inferred Drill Hole Summary Schematics

13%17% 13%19%

56.2 186.3

Source: Preliminary Assessment, Wynyard Carnallite Project, Subsurface Mineral Permit KP 360, Saskatchewan, Canada, August 26, 2010; available at www.sedar.com Note: All technical information herein has been derived from the Preliminary Assessment. For a list of the QPs who prepared or supervised the preparation of the technical information, please see the Preliminary Assessment.

Carnallite Resource Amenable to Solution Mining

Solution Mining Conventional Mining

Water soluble ore amenable to solution mining Allows for lower capex & shorter construction timeline than conventional mining Low environmental impact than conventional mining

Extraction

Injection Ore Skips

Brine Tank Shaft

Mining Machines

Conveyor

Extraction Summary: Heated brine (salt and water solution) is injected into the mine and salt from the walls Deposit Features: Deeper deposits / irregular shaped Mine Depth: Up to ~3,000 metres Typical Mining Method: Salt dissolution and brine pumping (solution is brought to the surface to be processed)

Extraction Summary: Miners travel down the shaft to the mining level to break up and retrieve the ore Deposit Features: Shallow to deep Mine Depth: Up to ~1,000 metres Typical Mining Method: 1) room and pillar; 2) drill and blast

Key Project Milestones Achieved

NI 43-101 compliant Preliminary Assessment complete
Drilling complete 3D seismic complete

Conceptual mine plan and plant design complete

Designed by Foster Wheeler

Attractive Capex for New Potash Solution Mine

Estimated Capex (US$/tonne)
Mining Methodology Conventional Solution

$1,750 $1,480

$911 $744

$991

$1,059

Karnalyte Potash One (Wynyard Carnallite (Legacy Project) Project)

Western Potash (Milestone Project)

MagIndustries (Kouilou Project)

BHP Billiton (Jansen Project) *

Agrium (Triton Project)

Capacity (mmt/yr)

2.0

2.9

2.5

1.2

8.0

2.0 9

Source: Company Filings as at November 1,2010

* The Conference Board of Canada (October 2010)

Summary Cost Estimates

Cost Estimates for 2 million and 500,000 mt/y Operation (C$ million) C$ million Brine Processing Plant Brine Field Costs Brine Disposal and Process Water Indirect Costs External Infrastructure Other TOTAL CAPEX Estimated Operating Expenditures (per annum) Estimated Operating Expenditures (per tonne) 2 million mt/y operation (1) $632.7 258.6 38.4 165.4 104.5 307.8 $1,507.4 $294.3 $147.1 500,000 mt/y operation $174.1 73.1 11.0 54.9 39.9 55.6 $408.9 $76.9 $153.7

Preliminary Economic Evaluation for 2 million and 500,000 mt/y Operation 2 million mt/y operation (1,2) Mine Production (million tonnes) Discount Rate NPV (after tax, C$ million) IRR (after tax) 47.6 11% $1,766.8 34% 500,000 mt/y operation (2) 14.8 11% $295.3 21%

Source: Preliminary Assessment 1. Based on specific multiplication factors (weighted average factor of 3.69) 2. Based on a potash price of C$460/tonne potash FOB Vancouver

10

Moving to Production
2011 Feasibility Geological Analysis Environmental Impact Plant construction 500,000 tonne commissioning
Staged project roll-out mitigates pre-construction risk Above indicative work plan assumes that plant construction and commissioning can be completed within 24 to 30 months following commencement of mine development. Mine development assumed to commence following completion of the planned feasibility study, which the company aims to complete during 2011.
11

2012

2013

2014

Proven & Committed Management Team

Robin Phinney, P.Eng.
President & CEO
30 Years Experience in Process, Design & Engineering

MANAGEMENT TEAM EXPERTISE

Ron Love, CA
VP, Finance & CFO
16 Years Experience

Process Engineering Geology Marketing Logistics Finance

Siu Ma, MBA, P.Eng.

VP, Engineering and R&D
30 Years Experience

Julius Brinkman
VP, Corporate Development
27 Years Experience

Robert Macgillivray
VP, Marketing
30 Years Experience

Henry Kerkhoven, MBA

VP, Administration
30 Years Experience

Ron Olchowski
Surface Operations Manager
30 Years Experience

Michael Robinson
Underground Operations Manager
18 Years Experience

12

Strong Corporate Governance

Bruce Townsend, Chairman*
28 years experience with Potash Corp. Former Director of Financial Analysis Nitrogen Operations with PCS

Ian Brown, CA, Director*

Chartered Accountant with over 20 years of financial and capital markets experience Current and former director of Bonavista Energy Trust, Cathedral Energy Services, PetroBakken Energy, Petrobank Energy and Resources and TSX Group

Mark Wayne, Director*

Over 20 years experience in corporate finance and related matters Current director of Alamos Gold, Antares Minerals and Tanqueray Resources

Paul Sharpe, Director

Partner with Perley-Robertson, Hill & McDougall LLP

Robin Phinney, President & CEO Ronald Love, CFO

* Independent director for the purposes of NI 58-101

13

Quality Products
Potash Granular Pellets
Low sodium content Uniform size granular pellets Moisture resistant
leads to better handling and storage

Suited for bulk blending

Industrial Grade Potash Compacted Flake

14

End Markets
Sell potash granular pellets into North American agriculture market
Product to meet market demands for purity, ease of handling and bulk blending

Industrial-grade potash

Potash compacted flake for bulk handling

Potential sale of magnesium oxide to industrial markets

50.2 million tonnes magnesium chloride indicated resource

15

Opportunity for Expansion

Quill Lakes

Town of Wynyard

ay Canadian Pacific Railw

N
16

Yellowhead Hwy (Trans Canada Hwy)

Karnalyte Resources

KP 360
0 2 4 km

KP360 Permit Area (340km2) 2007 / 2008 3D Seismic (35km2)

Mineral & Surface Owned by Karnalyte 2009 3D Seismic (71km2)

Highways Railways

Drill Holes

Mineral resource should support 28 years of production at 2mmt/yr

Relates to only 7.5% of land covered by KP360

16

Market Data
Listing Symbol Recent share price 52-week range Shares outstanding Market capitalization Toronto Stock Exchange KRN $10.75 (2/15/2011) $7.07 - $13.00 20.6 million $216.0 million (2/15/2011)

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Investment highlights
Strong potash industry fundamentals Attractive jurisdiction with existing infrastructure Significant potash resource Attractive project profile
Carnallite resource amenable to solution mining Key project milestone: completed NI 43-101 compliant scoping study Lower capex than a conventional mine Staged construction approach expected to mitigate construction and financing risk

Experienced management team and Board Opportunity for resource expansion and sale of magnesium

18

A significant potash development in an established mining jurisdiction