#1August Market Update Mosaic#2Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may 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 not limited to: political and economic instability and changes in government policies in Brazil and other countries in which we have operations; 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 economic impact and operating impacts of the coronavirus (Covid-19) pandemic, 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 future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our 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 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; 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 potash 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. MOSAIC CONFIDENTIAL Mosaic#3Constructive Crop Prices 2018=100 400 350 300 250 200 150 100 Indexed Daily Close of Front Month Contract -Soy - - Wheat Corn 50 Jan-20 Jul-20 Jan-21 Jul-21 Commodity Corn Soybean Wheat (HRW) Palm Oil MOSAIC CONFIDENTIAL Current Price $5.21/bu $14.87/bu $8.56/bu MYR 3,872/t Jan-22 Jul-22 Jan-23 Jul-23 YTD -23% -2% -4% -7% Source: CME, MDEX, NYMEX; Data through July 28, 2023 Palm Oil Y-O-Y -15% -8% -4% -4% vs Avg 2021 -5% +4% +30% -13% 2018=100 400 350 300 250 200 150 100 Indexed Daily Close of Front Month Contract -Coffee Commodity Coffee Rice Sugar Cotton Rice полоскани 50 Jan-20 Jul-20 Jan-21 Jul-21 Current Price $1.58/lb $15.63/cwt $23.92/cwt $85.06/cwt - Sugar Jan-22 YTD -6% -13% +19% +2% ....... Jul-22 Y-O-Y -23% -8% +35% -17% Cotton jimiva Jan-23 Jul-23 vs Avg 2021 -6% +17% +34% -9% Mosaic 3#4Very Low Global Stocks Limited yield growth in recent years has pressured the stocks-to-use metric, which is unlikely to recover in single season MMT 500 450 400 350 300 250 200 00 Source: USDA July 2023 MOSAIC CONFIDENTIAL 02 04 06 08 Grain and Oilseed Stocks World Less China Stocks 10 12 Percent of Use 14 16 INT 18 20 22F Percent 20% 19% 18% 17% 16% 15% 14% Mosaic 4#5Geopolitical Unrest Threatens Grain Supply Recent collapse of the Black Sea Grain initiative and intensified political unrest continue to put Ukrainian exports at risk Black Sea Grain Initiative Shipments Mil Tonnes Ukraine Corn and Wheat Exports Barley 4% Sunflower oil 5% Sunflower meal 6% MOSAIC CONFIDENTIAL Wheat 27% Other 7% 32.9MMT* since July 2022 Corn 51% Source: UN Black Sea Grain Initiative Joint Coordination Centre, HDX * China (24%), Spain (18%) and Turkey (10%) accounted for 52% of total shipments. 60 50 40 30 20 10 0 21 Source: USDA 29 2019/20 17 24 2020/21 Corn 19 27 17 Wheat 28 2021/22 2022/23E 11 20 2023/24F Mosaic LO 5#6Record-Setting China Ag Imports Mil Tonnes 100 80 60 40 20 0 Mil Tonnes 3.0 2.0 1.0 0.0 Year-to-date China imports of many ag commodities are at record highs Soybean Imports (cumulative) Wheat Imports (cumulative) 14% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 5-yr ge -2023 Source: China Customs MOSAIC CONFIDENTIAL Beef Imports (cumulative) y-o-y change 6% y-o-y change Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 15-yr Range 2022 -2023 Mil Tonnes 12 9 6 3 0 Mil Tonnes 6.0 4.0 2.0 0.0 62% Jan Feb Mar Apr May Jun 5-yr Range Palm Oil Imports (cumulative) 189% Jan Feb Mar Apr May Jun 5-yr Range y-o-y change Jul Aug Sep Oct Nov Dec 2022 -2023 y-o-y change Jul Aug Sep Oct Nov Dec 2022 -2023 Mosaic#7Attractive Grower Economics Attractive fertilizer prices, combined with elevated ag commodity prices, imply fertilizer affordability metrics that have historically been conducive to demand 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 M₁ 15 Plant Nutrient Affordability Ferts Price Index / Crop Price Index 16 Less Affordable Fertilizers tim More Affordable Fertilizers 17 18 19 20 21 22 Affordability Metric 23 -Average (2010-present) Source: Weekly Price Publications, CME, KLSE, USDA, AAPFCO, Mosaic Fertilizer prices as of July 27, 2023 MOSAIC CONFIDENTIAL 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 15 SE Asia MOP/CPO Price Ratio (MOP/CPO) 16 17 Less Affordable Fertilizers Amaz More Affordable Fertilizers 18 19 20 21 22 23 Mosaic 7#8Brazil Fertilizer Shipments Forecast Bag/MT 40 35 30 25 20 15 10 5 0 Soybean and corn price escalation is driving further improvement in barter ratio, providing upside to 2023 shipments Brazil Soybean Barter Ratio Brazil Fertilizer Shipments 15 Bag/MT 70 60 50 40 30 20 10 0 15 16 16 MOSAIC CONFIDENTIAL 17 17 Less Affordable Fertilizers More Affordable Fertilizers 18 19 20 21 Brazil Corn Barter Ratio Less Affordable Fertilizers More Affordable Fertilizers 18 19 20 21 Source: Fertilizer Week, CME, ANDA, Mosaic Data through July 27, 2023 22 22 23 23 Mil Tonnes 50 45 40 35 30 25 20 Actual/Estimate Forecast Range 10 11 12 13 14 15 16 17 18 19 20 21 22 23F Mosaic 8#9Phosphate and Potash Prices $/MT 1,400 1,200 1,000 800 600 400 200 Phosphate prices have rebounded, and potash prices appears to have stabilized Global DAP/MAP Benchmark Prices Published Spot Prices MOSAIC CONFIDENTIAL DAP fob NOLA -MAP fob NOLA 0 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Source: Argus, Fertecon, CRU, ICIS, Green Markets, Mosaic Data through July 27, 2023 DAP c&f India MAP c&f Brazil Jul-22 Jan-23 Jul-23 $/MT 1,400 1,200 1,000 800 600 400 200 • c&f Brazil --fob NOLA Potash Prices Published Spot Prices 0 Jan-20 Jul-20 Jan-21 Jul-21 -c&f SE Asia - delivered Cornbelt Jan-22 Jul-22 Jan-23 Jul-23 Mosaic 9#10Raw Material Costs Ammonia $/MT 1,700 1,500 1,300 1,100 900 700 500 300 100 Jan-20 MOSAIC CONFIDENTIAL -Ammonia Jul-20 Industry margins to benefit from low raw material costs Raw Material Prices c&f Tampa Source: Argus Data through July 27, 2023 Jan-21 -Sulphur Jul-21 Jan-22 Jul-22 Jan-23 Sulphur $/LT Jul-23 800 700 600 500 400 300 200 100 0 Mosaic 10#11Mil Tonnes 80 75 70 65 60 55 Global Phosphate and Potash Demand 50 A recovery of global shipments is expected in 2023 Global Phosphate Shipments DAP/MAP/NPS/TSP MOSAIC CONFIDENTIAL 71-74 Mil Tonnes 75 70 65 60 55 50 45 il 10 11 12 13 14 15 16 17 18 19 20 21 22 23F * NPS products included in this analysis are those with a combined N and P₂O5 nutrient content of 45 units or greater. Source: CRU, Mosaic 10 11 12 13 Global MOP Shipments 14 15 16 17 18 19 62-65 20 21 22 23F Mosaic#12North America Phosphate and Potash Shipments Mil Tonnes North America Phosphate Shipments 14 12 10 8 CO 6 4 2 0 Strong fill solidifies our expectation for a strong shipment rebound this year Domestic Producers Shipments Offshore Imports 10 11 12 13 14 15 16 17 18 19 20 21 22 23F Source: Genscape, TFI, USDOC, Mosaic MOSAIC CONFIDENTIAL Mil Tonnes North America MOP Shipments 14 12 10 8 6 4 2 0 Domestic Producers Shipments 10 11 12 13 14 15 16 17 Offshore Imports 18 19 20 21 22 23F Mosaic 12#13China Phosphate Exports Mil Tonnes 5.0 4.0 3.0 2.0 1.0 0.0 Q1 2021 11.4mmt MOSAIC CONFIDENTIAL China Phosphate Exports Source: China Customs, CPFIA, Mosaic Declining DAP/MAP production constrains China's exports Q2 12022-6.3mmt Q3 2023 Jan-Jun ↑ 49% or 1.2 MMT y-o-y Q4 2023=7.5mmt Mil tonnes 35 30 25 20 15 China DAP/MAP Production 2015 2016 2017 2018 2019 2020 2023 Jan-May ↓4% or 0.4 MMT y-o-y 2021 2022 2023F Mosaic 13#14Mosaic Ⓡ