August Market Update

China 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

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