Letter to Shareholders
February 20, 2009
Dear Shareholder:
On behalf of the Board of Directors, management and employees, we invite you to the 2009 Annual and Special Meeting of Shareholders which will take place on May 7, 2009 at 10:30 a.m. (local time) in the Grand Salon of TCU Place, 35 — 22nd Street East, Saskatoon, Saskatchewan, Canada. The Annual and Special Meeting provides you, the shareholder, with an opportunity to meet, listen to and ask questions of the people who are responsible for the performance of the Corporation.
The Notice of Annual and Special Meeting and the accompanying Management Proxy Circular describes the business to be conducted at the meeting, provides information on executive compensation and explains the Corporation's governance and governance principles.
Please take the time to review this circular and provide your vote on the business items of the meeting. Your vote and participation are very important.
If you are unable to attend the meeting in person, you can vote by telephone, via the Internet or by completing and returning the enclosed proxy. Please refer to the "Questions and Answers on Voting and Proxies" section of the accompanying Management Proxy Circular for further information.
We will also webcast the meeting at www.potashcorp.com. We encourage you to visit our website at any time before the meeting as it provides useful information about our company.
We look forward to seeing you on May 7, 2009.
Sincerely,
|  |
| D. J. HOWE Board Chair |
W. J. DOYLE President and Chief Executive Officer |