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Letter to Shareholders

Doyle and Howe

February 19, 2010

Dear Shareholder:

You are cordially invited to attend the 2010 Annual and Special Meeting of Shareholders which will take place on May 6, 2010 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 us with an opportunity to discuss matters of general interest to PotashCorp's shareholders and we look forward to your attendance in person or by proxy at the meeting.

The attached Notice of Annual and Special Meeting and Management Proxy Circular contains details of the business to be conducted at the meeting and provides information with respect to PotashCorp's executive compensation and our governance practices and 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 6, 2010.


Board Chair
President and
Chief Executive Officer
© PotashCorp