The Mosaic Company BMO Global Farm to Market Conference

Solid Agricultural Fundamentals Slow down in yield growth in recent years has pushed our stocks-to-use ratio metric below 15%, a 25-year low and unlikely to recover in a single season. Mil Tonnes 500 475 450 425 400 375 350 325 300 275 250 225 200 00 Source: USDA April 2023 02 04 06 Grain and Oilseed Stocks World Less China 08 Stocks 10 12 14 16 Percent of Use 18 20 Percent 22F 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% Mosaic 3

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