LETTER TO EMPLOYEES

Dear Fellow PotashCorp Employee:

In 2003, we formalized PotashCorp’s Statement of Core Values and Code of Conduct, giving every employee clear guidelines related to our work environment. As expected, our people have been exemplary representatives of the company, demonstrating these values and standards of conduct in their daily actions.

This is a living document that is reviewed on a regular basis to ensure it remains current with our operating environment and the expectations of our stakeholders. We are pleased to provide you with this updated version of the document. While it remains true to the values and standards set forth in the initial version, it does contain updates in areas that reflect changes to our company or business practices.

Once again, we ask that you review this material on a regular basis and renew your commitment annually.

Please read this version of our Statement of Core Values and Code of Conduct, then sign the certificate found at the back and return it to your local Human Resources Supervisor.

It is your commitment – and actions – that will allow PotashCorp to move forward with the full support of the stakeholders in our company.

Yours truly,

William J. Doyle
President and Chief Executive Officer