For the year ended December 31, 2008 our cumulative total shareholder return was -48.9 percent on the New York Stock Exchange, compared to the cumulative total shareholder returns of -52.0 percent for the Dow Jones US Basic Materials Index (DJUSBMI) and -41 percent for our sector.

At December 31, 2008, based on First Call estimates, we carried a lower forward earnings multiple than the average of our sector (P/E of 5.6 versus 6.1, respectively), and carried a lower forward cash flow per share multiple than our sector (4.2 versus 5.5, respectively).

2008 Financial Highlights

For additional 2008 performance information see our Annual Report, or visit our Financial Data page for historical data.

2008 Financial Highlights (millions, except per share data and percentages)	Year Ended Dec. 31, 2008		Percent Change vs Year Ended Dec 31, 2007
Sales	$	9,446.5	80.5%
Gross Margin By Segment:
Potash	$	3,055.5	234.9%
Nitrogen	$	737.4	37.5%
Phosphate	$	1,114.5	157.5%
Total Gross Margin	$	4,907.4	160.9%
Net income	$	3,495.2	216.7%
Net income per diluted share	$	11.01	223.8%
Adjusted EBITDA 1	$	5,051.4	165.0%
Additions to property, plant and equipment	$	1,198.3	97.4%
Cash flow prior to working capital changes 1	$	3,780.7	147.9%
Cash provided by operating activities	$	3,013.2	78.4%

2008 Financial Position

(millions, except for percentages)	As at Dec 31, 2008	Percent Change vs Dec 31, 2007
Total assets 2	$ 10,243.8	5.4%
Total equity 2	$ 4,588.9	-23.8%
Total debt	$ 3,063.6	114.3%

1	See reconciliation and description of certain non-GAAP measures in Financial Performance Indicators from our 2008 Financial Review Annual Report
2	Excerpts from Note 1. Significant Accounting Policies, from Notes to the Condensed Consolidated Financial Statements for the Twelve Months Ended December 31, 2007