Investor Presentaiton

Potash Prices For personal use only Prices for standard SOP products are currently trading at approx. US$540/t (NW Europe FOB) Current weakness in MOP prices has had limited impact on SOP prices Key supply and demand fundamentals support the current SOP price: Price inelasticity: SOP demand is driven by high-value crops for which the cost of fertilizer has less impact on crop profitability ➤ High marginal cost: SOP supply is reliant on secondary production (Mannheim Process) which has a high production cost and a problematic hydrochloric acid by-product US$/tonne 600 550 500 450 400 350 300 250 200 150 100 50 O Jan-12 Investor Presentation | December 2016 Potash Prices - January 2012 to April 2016 MOP Baltic FOB SOP NW Europe FOB SOP price premium Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Source: Integer Research 25 Apr-16 agrimin

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