PotashCorp Revises First-Quarter Earnings Guidance

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Saskatoon, Saskatchewan — Potash Corporation of Saskatchewan Inc. (PotashCorp) today stated that first-quarter earnings are estimated to be in the range of $1.30-$1.50, well above the initial guidance of $0.70-$1.00 per share¹ provided on January 28, 2010. The upward revision reflects a sharp rebound in potash demand that is expected to drive a record quarter for North American sales volumes and strong offshore shipments, as well as higher-than-expected margins in nitrogen and phosphate. Any revisions to annual guidance will be addressed in our first-quarter news release issued on April 29, 2010.

“Strong farmer returns, a depleted distributor pipeline and the agronomic need to replace soil nutrients have kick-started a potash rebound from 2009 lows,” said PotashCorp President and Chief Executive Officer Bill Doyle. “While we know that growth does not follow a straight upward line, we believe the increase in potash sales volumes this quarter represents the beginning of a return to long-term growth in demand.”

Potash Corporation of Saskatchewan Inc. is the world’s largest fertilizer enterprise by capacity producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, third largest in phosphate and nitrogen; animal nutrition, with the world’s largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and the world’s largest capacity for production of purified industrial phosphoric acid.

¹All references to per-share amounts pertain to diluted net income per share.

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