Date:

Analyst Presentation: Chapter 3 Act Responsibly Grow and Strengthen Our Product Portfolio

December 10, 2020

The Mosaic Company

Forward Looking Statements & Non-GAAP Financial Measures

This release contains forward-look ing statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Such statements include, but are not limited to,

statements about proposed or pending future transactions or strategic plans and other

statements about future financial and operating results. Such statements are based upon

the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are

not limited to: the economic impact and operating impacts of the coronavirus (Covid-19)

pandemic, the potential drop in oil demand/production and its impact on the availability

and price of sulfur, political and economic instability in Brazil or changes in government

policy in Brazil, such as higher costs associated with the new mining rules or the

implementation of new f reight tables; the predictability and volatility of, and customer

expectations about, agriculture, fertilizer, raw material, energy and transportation markets

that are subject to competitive and other pressures and economic and credit market

conditions; the level of inventories in the distribution channels for crop nutrients; the effect

of future product innovations or development of new technologies on demand for our

products; changes in foreign currency and exchange rates; international trade risks and

other risks associated with Mosaic’s international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa’ad Al Shamal Phosphate Company (also known as MWSPC), the timely development and commencement of

operations of production facilities in the Kingdom of Saudi Arabia, and the future success

of current plans for MWSPC and any future changes in those plans; difficulties with

realization of the benefits of our long term natural gas based pricing ammonia supply

agreement with CF Industries, Inc., including the risk that the cost savings initially

anticipated from the agreement may not be fully realized over its term or that the price of

natural gas or ammonia during the term are at levels at which the pricing is

disadvantageous to Mosaic; customer defaults; the effects of Mosaic ’s decisions to exit business operations or locations; changes in government policy; changes in environmental

and other governmental regulation, including expansion of the types and extent of water

resources regulated under federal law, carbon taxes or other greenhouse gas regulation,

implementation of numeric water quality standards for the discharge of nutrients into

Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi

River basin, the Gulf of Mexico or elsewhere; further developments in judicial or

administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in

receiving, increased costs of or challenges to necessary governmental permits or

approvals or increased financial assurance requirements; resolution of global tax audit

activity; the effectiveness of Mosaic ’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River

basin, the Gulf Coast of the United States, Canada or Brazil, and including potential

hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items

differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian

resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt

capacity to fund financial assurance requirements and strategic investments; brine inflows

at Mosaic’s Esterhazy, Saskatchewan, potash mine or other potash shaft mines; other accidents and disruptions involving Mosaic ’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile

chemicals; and risks associated with cyber security, including reputational loss; as well as

other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ f rom those

set forth in the forward-look ing statements.

This presentation includes the discussion of forward look ing EBITDA which is a non-GAAP

financial measure. We are not providing quantitative reconciliation of forward look ing

EBITDA because we are unable to predict with reasonable certainty our notable items

without unreasonable effort. Historically, our notable items have included, but are not

limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives,

acquisition-related fees, discrete tax items, contingencies and certain other gains or

losses. These items are uncertain, depend on various factors, and could have a material

impact on U.S. GAAP reported results for the guidance period.

2

Mosaic’s Strategic Priorities

North America Transformation

Uncover and pursue new opportunities to improve the profitability and competitiveness of our Potash and Phosphates businesses

Drive Functional Collaboration and Efficiency

Rethink and re-engineer outdated and inefficient processes, and continue to look for new ways to improve

South America Growth Engine

Leverage Mosaic's in-country capabilities to drive additional growth and profitability

Grow and Strengthen Our Product Portfolio

Pursue diverse opportunities that make us stronger and that yield mutual benefits for Mosaic and our customers

Act Responsibly

Be a good corporate citizen and contribute to the vitality of the people and the communities around us

Optimize Operating Assets and Capital Management

Continually assess, prioritize and allocate capital across the business and make decision that strengthen our balance sheet

4

North America Transformation

Drive Functional Collaboration and Efficiency

South America Growth Engine

Grow and Strengthen Our Product Portfolio

Act Responsibly

Optimize Operating Assets and Capital Management

September 18, 2020

Today

November 9, 2020

March 11, 2021

Countervailing Duty Petition Preliminary Ruling: Morocco/Russia Subsidies Established

5 Source: U.S. Department of Commerce

Country Exporter/Producer Subsidy Rates

Morocco OCP S.A. 23.46%

All Other Producers/Exporters 23.46%

Russia

Industrial Group Phosphorite LLC 72.50%

Joint Stock Company Apatit 20.94%

All Other Producers/Exporters 32.92%

Event CVD Investigation(s)

Petition(s) Filed June 26, 2020

DOC Initiation Date July 16, 2020

ITC Preliminary Determination August 10, 2020

DOC Preliminary Determination November 23, 2020

DOC Final Determination February 8, 2021

ITC Final Determination March 25, 2021

Issuance of Order [1] April 1, 2021

Countervailing Duty Petition Impact on Flows: Morocco/Russia Shift Tonnes; Global Prices Rise

6

Brazil Jan-Oct phosphate imports: +632,000 tonnes (+10%) y-o-y

• Morocco: +712kt (+39%) • Russia: +453kt (+70%) • U.S.: -213kt (-13%) • Other: -321kt (-15%)

Source: Genscape, China Customs, Orion, IHS Mark it, Mosaic

India Jan-Oct DAP imports: +490,000 tonnes (+10%) y-o-y

• Morocco: +1,007kt (+928%) • Russia: +246kt (+259%) • Saudi: -229kt (-11%) • China: -578kt (-28%) • Other: +45kt (+7%)

U.S. Jan-Oct imports: -738,000 tonnes (-28%) y-o-y

• Morocco: -859kt (-48%) • Russia: -189kt (-39%) • Saudi: -1kt (-1%) • Others: +312kt (+177%)

U.S. Phosphate Imports

India Imports Brazil Imports

250

300

350

400

450

500

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

$ per tonne Global DAP/MAP Benchmark Prices Published Spot Prices

DAP fob NOLA DAP c&f India

MAP fob NOLA MAP c&f Brazil

Source: Argus; Green Markets

Presenter:

Date:

Act Responsibly

MOSAIC CONFIDENTIAL

We’ve Come a Long Way

8

General commitments to “stewardship”

First quantified water, energy, GHG targets

2009 First sustainability disclosure – GRI framework

Quantifiable targets representing broad

ESG topics

2020

2015

2012

Alignment to UN sustainable development goals (SDGs)

2018

MOSAIC CONFIDENTIAL

Each Target Impacts Multiple Focus Areas and Contributes to Companywide Performance

9

MOSAIC CONFIDENTIAL

ESG in Action: People

10

A healthy and diverse workforce is critical to Mosaic’s success.

Leading safety performance Continued focus on risk reduction

Building capacity Training on issues related to psychological health and safety

Addressing three pillars of wellness Efforts centered on financial, physical and psychological wellness

MOSAIC CONFIDENTIAL

ESG in Action: Environment

11

Since 2012, we have reduced companywide GHG emissions by 12% — and we are redoubling our commitment to 2025.

Site-level accountability Site targets and frontline engagement

Promising outlook Cogeneration optimization, fuel substitution, equipment upgrades,

use of renewables

Project exploration Engaging across industries to explore opportunities for improvement

Data governance Rigorous third-party assurance of data

GHG Emissions Intensity 2015 - 2025

MOSAIC CONFIDENTIAL

ESG in Action: Society

12

Science-based framework

to maximize crop

yields and minimize environmental impact

Right Source

Right Rate

Right Time

Right Place

4R Nutrient Stewardship Empowering farmers to reduce the impact of crop nutrients on the environment

Mosaic is supporting all programs financially and/or is a representative on governing body

Study: +5 million tonnes of phosphorous avoided in Lake Erie as a result of 4R practice adoption

2020

+5M Acres under management

2025

25M Acres under management

Validated 4R acre programs currently in agricultural regions in 11 states and provinces

MOSAIC CONFIDENTIAL

ESG in Action: Company

13

Deforestation Our presence and actions to combat deforestation in Brazil

Water Stewardship Mosaic’s role in preserving society’s resource

Climate Change Our efforts to mitigate and adapt to threats of climate change

Three New Commitment Statements

Reinforce our position on material topics

Board Oversight EHSS Committee of Board of Director

Reporting Leadership Annual disclosure of impacts and opportunities.

13 ESG Performance Targets Define our path forward on significant issues in four focus areas

Cross-industry Engagement Engage in dialogue, advance our thinking and drive progress

Management and Employee Compensation Link EHS Risk Reduction Program

Strong governance and accountability underpin an effective sustainability practice

MOSAIC CONFIDENTIAL

ESG in Action: Company | Esterhazy K3 Expansion

14

Creating Economic and Sustainability Value

Potash ($ in mm) 2021 2022 2023

K3 Brine management EBITDA* impact

$50 $100 $100

Colonsay idling EBITDA* impact $100 $100 $100

Growth Capital Spending - K3

$190 $80 $55

World-class potash GHG performance On track to achieve additional GHG reductions

MOSAIC CONFIDENTIAL

ESG in Action: Company | Our Cogeneration Strategy

15

1.5M MWh Production in 2019

Avoided annual GHG

impact of >900k

tonnes CO2e

Reduced electricity costs

by >$75M

Generated >$4M revenue from

excess quantities

sent to grid

Mosaic’s Role in Addressing Society’s Challenges

2025 ESG Performance Targets Progress Toward Sustainable Outcomes

Zero Hunger Sales of performance (high-yield) products

Clean Water and Sanitation 2025 freshwater intensity target

Decent Work and Economic Growth Safety and risk reduction target

Climate Action 2025 GHG emissions intensity target

Life Below Water Acres under 4R Certification target

Presenter:

Date:

Grow and Strengthen Our Product Portfolio

Mosaic’s Performance Products Portfolio

18

Mosaic

Retailers

Farmers

0

1

2

3

4

5

6

2017 Actual 2018 Actual 2019 Actual TTM 2023 Target

Peformance Product Sales Tonnes

5.2 mm

3.4 mm

3.8 mm

3.7 mm 3.3

mm

Performance products improve value throughout

the crop nutrition chain

Why Soil Health?

19

Soil health

• Growing food demand necessitates growing productivity on each acre of farmed land • Changing expectations of society, weather cycles and advanced technologies are driving

new solutions in nutrient use efficiency • Mosaic’s performance product portfolio and logistics platform enable value creation

for all participants via improved yields, ESG benefits and profitability growth

Growth in the soil health sector and the application of advances in biological science creates a unique opportunity for Mosaic to build upon a leadership position in balanced crop nutrition.

New Avenues for Growth

Crop Nutrient Focus Potential Opportunities

Target Markets

Biostimulants

Other Organic Acids Humic Acids

Stimulate Natural Processes

Microbials Plant & Seaweed Extracts

Biofertilizers

Nitrogen Fixing Potassium Mobilizers

Nutrient Uptake Enhancers

Phosphate Solubilizers Others

Biofertilizer Market

$3.3B by 2025

50% in the Americas

Biostimulant Market

$3.0B by 2025

Growing at

11 - 12% CAGR

40% in the Americas

Compiled from

Market and

Markets, Dunham

and Trimmer and

other research

20

Deliver High Margins

Our Approach

Make a series of small bets on the most promising technologies and intellectual property to build a soil health product portfolio.

External inputs from:

• Farmers • Retailers • University partners • Venture capital partners

• Business transformation • AgTech networks

Scan

• Market studies and customer surveys

• Economic analysis • Lab, field and

production trials

Evaluate Pursue Launch

• Fund pipeline development and secure marketing rights in select geographies

• Determine royalty splits and geography rights

• Licensing agreements once efficacy proven through field trials

Learning and building

relationships

Proving the promising

Secure value

22

Building Relationships to Create Opportunities

Anuvia Plant Nutrients

• SusterraTM is a 14-24-0-10S bio-based, phosphate fertilizer with sulfur that uses

recycled organic matter to

efficiently deliver nutrients for

improved yields and healthier

soils

Explore a Plant City lease

Sept. 2018 Sept. 2019 Aug. 2020 Sept. 2020

Finalize lease agreement

Toll manufacturing agreement with

Anuvia

SusterraTM commercial launch

Announced yesterday: Collaboration to develop and launch nitrogen-fixing microbial products

using BioConsortia’s patented Advanced Microbial Selection process. • R&D support • Product licensing • Americas marketing rights Field testing to commence Spring 2021 in the U.S.

Benefits to Mosaic

• Diversify the portfolio while staying close to our expertise in crop nutrition • Improve margin mix

• Grow value capture on an acre

• Optionality for new channels to market

QUESTIONS?