Exhibit 99(b)
 (IMAGE) 
 The Next Stage of Growth2010 Summary Accountability Report




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Now available
 Financial Review Annual Report
  Now available
 Summary Accountability Report
  
 Spring 2011
 Online Sustainability Report
  Summer 2011
 Overview of PotashCorp and Its Markets
  Visit PotashCorp.com




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(IMAGE)
 Inside2
    
    Our company4
    
    Performance and outlook6
    
    Message to stakeholders8
    
    Create superior shareholder value14
    
    Be the supplier of choice18
    
    Build strong relationships with our communities22
    
    Attract and retain top talent26
    
    Achieve no harm to people/environment31
    
    Board of Directors32
    
    Senior management33
    
    Company information and disclosure




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OUR COMPANYPotashCorp is the worlds largest fertilizer
company by capacity, producing the three primary crop
nutrients  potash, phosphate and nitrogen. Our namesake
 and the main focus of our business  is potash, which
has been the major driver of our results. As the worlds
leading producer, we are responsible for one-fifth of
global potash capacity*. In addition, we hold strategic
investments in other potash-related businesses in South
America, the Middle East and Asia.
With top-tier resources and plans to expand our potash
operations, we believe we have an unparalleled ability to
respond to the rising needs of our customers and play a
key role in meeting the worlds growing food
requirements.
 
 Potash Facilities
1 Cory SK
2 Patience Lake SK
3 Allan SK
4 Lanigan SK
5 Rocanville SK
6 Sussex NB
Phosphate Facilities
Mining/Processing:
1 Aurora NC
2 White Springs FL
Upgrading:
3 Weeping Water NE
4 Joplin MO
5 Marseilles IL
6 Cincinnati OH
7 Geismar LA
Nitrogen Facilities
1 Geismar LA
2 Lima OH
3 Augusta GA
4 Trinidad
Investments
1 SQM, Chile (32%)
2 ICL, Israel (14%)
3 APC, Jordan (28%)
4 Sinofert, China (22%)*  
Based on nameplate capacity, which may exceed
operational capability (estimated annual achievable production level) 2




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20%
    
    5%
    
    2%PotashCorp percentage
    
    PotashCorp percentage
    
    PotashCorp percentageof world potash capacity*
    
    of world phosphate capacity
    
    of world nitrogen capacity(#1 in the world)
    
    (#3 in the world)
    
    (#3 in the world)
  (IMAGE)
    
    (IMAGE)
    
    (IMAGE)How Produced:
    
    How Produced:
    
    How Produced:Mined from evaporated sea deposits
    
    Mined from ancient sea fossils
    
    Synthesized from air using steam and
natural gas or coalHow Used:
    
    How Used:
    
    How Used:Fertilizer:
    
    Fertilizer:
    
    Fertilizer:Improves root strength and disease
resistance, enhances taste, color and
texture of food
    
    Aids in photosynthesis, speeds
crop maturity
    
    Builds proteins and enzymes, speeds
plant growthFeed:
    
    Feed:
    
    Feed:Aids in animal growth and milk
production
    
    Assists in muscle repair and skeletal
development
    
    Essential to RNA, DNA and cell
maturationIndustrial:
    

    Industrial:
    

    Industrial:Used in food products, soaps, water
softeners, de-icers and drilling muds
    
    Used in soft drinks, food additives and
metal treatments
    
    Used in plastics, resins and adhesives
  *
    
    Based on nameplate capacity, which may exceed
operational capability (estimated annual achievable production level)
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2010
 
 Learn more: PotashCorp2010AR.com/factors
 
 Select Crop Economics
Significant increase in crop revenues
Change(2010)-US$/acre
Palm Oil (Malaysia)
Cotton (US)
Corn (US)
Rice (China) -CropRevenue |ncrease
Wheat (US) B Fertilizer Cost Increase
Soybean (Brazil)
0 100 200 300 400 500 600 700
Source: IPNI, USDA, Fertecon, Doane, SAFRAS, Malaysian Palm Oil Board, Brilliant Pioneer Consultants 2011
   Learn more: PotashCorp2010AR.com/outlook
 
 World Fertilizer Consumption Growth
Expect strong growth in potash fertilizer demand
Growth Rate (2011F)  Percent Potash
Phosphate
Nitrogen
0 1 2 3 4 5 6 7 8 4




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$1.8b
    
    $319m
    
    $510m2010 potash gross margin
    
    2010 phosphate gross margin
    
    2010 nitrogen gross margin(2nd highest on record)
    
    (3rd highest on record)
    
    (3rd highest on record)
 
 2010: Transition to the Next Stage of Growth
Higher sales volumes  primarily in potash  and an improved pricing environment for all three nutrients helped generate earnings of $1.98 per share in 2010. These earnings marked the second-highest total in our history, trailing only 2008, a year which capped a half-decade of record performance prior to the economic downturn. 
 *
    
    Adjusted for three-for-one stock split effective February 2011**
    
    As of January 27, 2011 5




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(IMAGE)
 MESSAGE TO OUR STAKEHOLDERS  William J. Doyle, President & CEO
  Why Accountability Matters
     
 William J. Doyle
  6




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GOALS
 
    
    Create superior long-term shareholder value
    
    Be the supplier of choice to the markets we serve
    
    Build strong relationships with and improve the socioeconomic
well-being of our communities
    
    Attract and retain talented, motivated and productive
employees who are committed to our long-term goals
    
    Achieve no harm to people and no damage to the environment
 
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(IMAGE)
 GOAL  Create superior long-term
shareholder value
 2010 Performance
 TARGET
Exceed total shareholder return (TSR) performance for our
sector* and
the DAXglobal Agribusiness IndexACHIEVED l
Our TSR of 43 percent exceeded the 40 percent return of
our sector*
and the 20.6 percent of the DAXglobal Agribusiness Index
    
    Improved global
demand for
fertilizer
contributed to
substantial
earnings growth
across all nutrient
segments in 2010.
As agricultural
fundamentals
improved and
expectations for
potash demand rose,
PotashCorp  the
worlds largest
producer of potash,
with the greatest
ability to grow in
operational
capability over the
next five years 
benefited from
increasing
shareholder
recognition of the
companys earnings
potential.TARGET
Exceed cash flow return (CFR) on investment for our
sector*NOT ACHIEVED ○
CFR was slightly below that of our sector*
    
    We continue to
execute a Potash
First strategy as
we believe it has
the potential to
create superior
long-term
shareholder value. Our
CFR  increased in 2010,
reflecting the
significant rebound
in global
fertilizer markets
and our ongoing
investments in
potash expansion
projects and
offshore potash
investments.TARGET
Remain in the top quartile of governance practices as
measured by
predetermined external reviewsACHIEVED l
We ranked in the top quartile in all predetermined reviews
    
    Our governance
practices grow from
our core values. By
listening to and
being accountable
to our
shareholders, we
build trust and
support, which
enhances our
ability to execute
our
strategies.
 
 *
    
    Sector: Weighted average (based on market capitalization) for Agrium, APC, CF Industries,
ICL, Intrepid, K+S, Mosaic, SQM, Uralkali and Yara for most
recent four fiscal quarters available. PotashCorp uses cash flow and cash flow return as supplemental measures to evaluate the performance
of our assets in terms of the cash flow they have generated. Calculated on the total cost basis of
the companys assets rather than on the depreciated value, these measures reflect cash returned on
the total investment outlay. We believe these measures are one of the best predictors of the
ability to create long-term shareholder value. As such, management believes this information to be
useful to investors.
 Keyword:
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2nd
    
    $2.6b
    
    43%Highest earnings per share (2010)
    
    Gross margin (2010)
    
    Total shareholder return (2010)
 Why this goal matters
    Our approach to meeting this goal
 
    
    Enhance our competitive strengths by investing in the people and resources needed to meet
our organizational goals
    
    Devise and execute strategies that generate future earnings growth and reduce volatility in
earnings across all business segments
    
    Leverage our world-class assets and experience to deliver superior returns for shareholders
through the strategic use of capital
    
    Develop and implement governance practices that minimize risk, maximize management performance
and ensure we operate with integrity and transparency
 
   On shareholder value and
thinking long-term
 Q
    
    How is shareholder value connected to other
company goals?
 Our goal is to create superior value for our shareholders, but we can only achieve
and protect that if we also create value for our other stakeholders.Everything we do is integrated. We cant maximize shareholder value if we dont invest in our
employees development and their safety. If we dont reward them properly, theyre not likely to be
engaged in their work or motivated to make the company the best it can be. Its the same with
customers and communities. The more we support our customers success, the more theyll grow and
contribute to our bottom line. This also applies to our communities. If we dont earn their trust
and support by being accountable, we cant expect to have success.
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(IMAGE)
 is built on long-term resources and strategies
  Q
    
    What is the biggest risk you see to building
long-term shareholder value?
 One of the risks relates to the time period in which a company is trying to generate value.
Taking shortcuts to create value for the current quarter at the expense of the returns of that
year, or five years down the road, diminishes the long-term value of your company.We have to remind ourselves sometimes that operating our business is like a marathon, not a sprint.
If we dont achieve immediate results but set the company up to deliver greater value over time,
then that is the right approach.Our strategies are based on a long-term game plan. That means we know what to do when running
uphill, as in 2009. We also know how to execute when we hit a stretch that lets us build some
momentum. We believe thats where we are right now and we know what we need to do to maximize
performance and stay on track for the future.
 2010 Key DevelopmentsAchieved second-highest total company earnings per share and gross marginSpent $1.4 billion on potash expansion and debottlenecking projectsReinvested $2 billion in our company through a share repurchase programIncreased our ownership interest in Israel Chemicals Ltd. to 14 percent by purchasing $420 million
in common sharesReceived four awards from the Canadian Institute of Chartered Accountants for excellence in
fnancial, sustainability and electronic disclosure
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(IMAGE)
 The value of listening

Recognizing that listening is one of the most effective ways to build strong relationships
and improve performance, PotashCorp launched an online survey in 2010 to elicit feedback on its
executive compensation practices. The survey was accompanied by online videos featuring the
Board Chair and the Compensation Committee Chair discussing the companys
compensation philosophy and approach.

As part of an ongoing effort to give shareholders a voice, PotashCorp also provides them with a
binding vote on performance options and an advisory vote on executive compensation.
View survey results:PotashCorp2010AR.com/survey
 Q
    
    How do your core values impact shareholder value?
 By living our core values, we help build trust and credibility for PotashCorp. Our reputation
is one of our most important assets, and every action we take must uphold and reaffirm that
reputation.Integrity is a cornerstone of our company. Holding ourselves to the highest standard of business
conduct means that we do what we say well do.Its also important to be as transparent as we can. We want to be clear about the outcomes were
trying to generate and the risks associated with our business. We have to help investors appreciate
that conditions in our industry are dynamic, and try to make sure they wont be surprised. That
requires true transparency.You can extend this thinking to all our core values  protecting our people and the environment,
sharing what we learn, listening to stakeholders, striving for continuous improvement. In the end,
its about building trust. I believe stakeholders will support you in good times and difficult ones
if you have a solid plan, behave consistently and communicate openly. Thats what weve experienced
in the past, and thats how we build value for the company.
 Q
    
    What is the most important thing shareholders
should know about PotashCorp?
 They should know that demand for our products is expected to grow  and so is our company.
Our goal is to create superior long-term shareholder value, and we believe we have the resources
and strategies to make that happen.How confident are we in our plans? Were investing more than CDN $7 billion to roughly double our
potash operational capability between 2005 and 2015. We know well see some fluctuations in our
business because demand doesnt grow in a straight line. But when you look at the worlds
population and economic trends, we think there is a lot of upside.Potash demand is expected to grow and we have a unique ability to meet that demand. We started our
expansions nearly a decade ago. Our competitors will need to invest billions and spend years
building new capacity to keep pace. We believe we have a big head start and a clear advantage for
years to come.That doesnt mean we can take our eye off the ball. We need to execute our strategies, especially
when demand fluctuates. But we like our position, and we intend to deliver for our shareholders and
other stakeholders.Full interview:PotashCorp2010AR.com/Brownlee
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Need + Advantages  +
  
 
   
 65-69 23%
mmt
52 20%
mmt Keyword:Our Business
  *
    
    Based on nameplate capacity, which may exceed
operational capability (estimated annual achievable production level)
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Strategy
 =
 Leverage
  Prices
  Volumes
  Cost savings
  Investments
 
 mmt
11.2
mmt Building Long-Term Value
 
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(IMAGE)
 GOAL  Be the supplier of choice to the markets we serve
 2010 Performance
  TARGET
  ACHIEVED l
 
 Performance vs Competitors
 
 Performance vs Competitors
Fertilizer
Product Quality 6986
Customer Service 6
Feed
Product Quality7793
Customer Service
Industrial Nitrogen
Product Quality8593
Customer Service
Purified Phosphate
Product Quality8593
Customer Service
Competitors BPotashCorp Keyword:Customers
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#1
    
    750
    
    
    17.1 mmtCustomer ranking for PotashCorps
    
    New railcars added to companys
    
    Expected potash operational capabilityperformance vs peers (2010)
    
    potash fleet (2010)
    
    (2015)
 Why this goal matters
   Our approach to meeting this goal
 
    
    Build our potash operational capability and invest in our transportation and distribution systems
to meet long-term growth in global demand
    
    Listen to customers to understand their concerns and better serve their needs
    
    Establish standards for customer service and product quality that set us apart from our
competitors
    
    Adapt to changing market conditions and customer needs
 
 Stephen Dowdle
 President, PCS Sales
 On partnerships with customers
 Q
    
    In a commodity-related business, how do you become the supplier of choice?We have to always think creatively about how we bring value to customers and how we can enhance
their success. We must bring together their goal of profitability and our goal of being the
supplier they choose. That means a lot of planning and communication throughout our organization
and with our customers.More than that, its really about being able to meet their needs both today and in the future.
Reliability of supply, product quality and customer service are what buyers demand and what we, as
a company, focus on most.
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(IMAGE)
 The Next Stage of Growth means we are investing in ways to better serve our customers
 Q
    
    How do you ensure you are staying aligned with customer needs?The most direct way is by listening to our customers  what concerns they have, what kind of
demand they anticipate today and down the road, and so on. Then we focus on trying to do the right
things by them.Each year, an independent party conducts a survey to gather feedback for us, and we study it for
insights into how we can add value. One of the things customers talk about is the quality of our
market information  its widely recognized in the industry as being among the best. We make that
information accessible on our website and our customers tell us they value that a lot.We also encourage our sales people to attend meetings our customers have with farmers. When youre
speaking to a group of people, you want to be relevant to whats going on in the marketplace, so
these opportunities make sure everyone in our organization stays up-to-date. More than that,
they give us a chance to hear from people on the front lines about what they need, and that
helps ensure alignment.Q
    
    Given that Canpotex handles offshore marketing, can you be a supplier of choice to those markets?Our customers turn to Canpotex because they see us, and other members of this marketing
organization, investing in potash capacity that will be very important to meet growing demand in
the future.When customers see Canpotex putting dollars into improving potash delivery  building special
railcars to handle potash, improving port infrastructure in Vancouver and Portland  they want to
buy from this marketing agency.Canpotex is one of the very few organizations with the ability to grow with demand. It operates
like we do  with a focus on customer service. We share the same values about being aligned with
customers.Full interview:PotashCorp2010AR.com/Dowdle
 2010 Key DevelopmentsCompleted
construction on first phase of
 potash expansion  at Cory  and made
substantial progress on projects at Allan, New Brunswick
and Rocanville
    
    Scored higher than competitors on customer surveys
related to customer service, product quality and reliability
of supplyContinued to advance capital plans for new investment in
transportation and distribution infrastructure
    
    Purchased 750 railcars for our  domestic potash fleet to improve cycle time and increase
delivery speed
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Keeping the train moving
   
 New
PotashCorp  railcars at Lanigan loading product  that may travel halfway around the world.
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(IMAGE)
 GOAL  Build strong relationships with and improve the
socioeconomic well-being of our communities
 2010 Performance
 TARGET
Achieve 4 (performing well) out of 5 on community leaders surveys
NOT ACHIEVED ○
We scored 4 or better on all surveys with the exception of Saskatoon
    
    We ask communities to assess our social and environmental responsibility, along with the degree of
positive impact we have on the community. Our 2010 scores involved Rocanville (4.2), Marseilles
(4.5), Geismar (4.3), Trinidad (4.1) and Saskatoon (3.9).
A low score (2.5) for a new question on Aboriginal relations contributed to the lowered performance
in our Saskatoon survey. We are focused on improving our relationship with this community and will
use the valuable feedback to improve our efforts.TARGET
Achieve a 10 percent increase in employee participation in the matching gift program and a 10
percent increase in matching gift donations from 2009 levelsPARTIALLY ACHIEVED ◐
Employee participation and matching gift donations exceeded 2009
levels by 9 percent and 14
percent, respectively
    
    Employees contributed more to our matching gift program in 2010 than in the previous two years.
Our dollar-for-dollar company match, in addition to our
employees generous donations, contributed a total of $2.4
million to those charitable programs that mattered most to our people.TARGET
Invest up to 1 percent of after-tax earnings (on a five-year rolling average) in communities and
other philanthropic programsACHIEVED ●
Our annual philanthropic donations were 1.3 percent of the five-year average of after-tax earnings
    
    Our community investments were $17.4 million in 2010. We continued to commit both money and time to
important causes and organizations in the communities
in which we operate.
For 2011, we have stepped up our commitment and raised this target to a pre-tax basis.
 Keyword:Communities
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$17.4m
    
    14%
    
    
    4.2PotashCorps community
    
    Increase in employee matching
    
    Average communityinvestment (2010)
    
    gift donations (2010)
    
    survey score out of 5 (2010)
 Why this goal matters
   Our approach to meeting this goal
 
    
    Target investments in organizations and projects that bring long-term value to the community,
through corporate grants, matching gifts, in-kind donations and employee volunteer time
    
    Participate in outreach projects to educate communities on subjects ranging from fertilizer use
to environmental impact and safety
    
    Contribute to economic growth by creating jobs, purchasing locally and paying taxes
    
    Conduct surveys and participate in meetings and discussions to measure perceptions of our
performance and identify opportunities for improvement
 
 Denita Stann
    
    Garth MooreVice President, Investor

and Public Relations
    
    President, PCS Potash
 On being a good neighbor
 Q
    
    Why is it important to have good relationships with your communities?We have to remember that were here because communities grant us that right. Their support is vital
for our well-being  it enables us to move forward with
confidence on projects that will help us grow our business. Communities also provide the people and
resources we need to run our company, so we rely on them greatly. Its important to keep that
perspective in mind.
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(IMAGE)
 The Next Stage of Growth  is being built on strong relationships with business and community partners
 Q
    
    How do you approach your relationships with communities?We think companies make a conscious choice whether to be isolated from the community or a
contributor to it. Our aim is to make a positive contribution  to be a good corporate citizen.We see our company as part of a neighborhood. Being a good neighbor means both sides benefit. A
great example is the mining permit we secured in Aurora in 2009. Our company benefited by securing
a long-term mining permit  which is difficult in todays environment  in large part because the
community stepped up and said, Yes, this is a good company. Theyre true to their word. In turn,
we have been able to continue to have a positive impact on the community. We try to be genuine in
the way we contribute to create mutual benefit in our relationships with communities.Q
    
    How do you monitor and build your reputation within communities?Having a good reputation is invaluable to our company, and we work hard to ensure our behavior is
consistent with our promises. A lot of this comes back to living by our core values  doing what
we say well do, prioritizing the safety of our people and the environment, being transparent,
striving for continuous improvement, listening and sharing what we learn.One way we monitor perceptions of our performance is by surveying communities on a regular basis
for feedback, and we take it seriously. Sometimes this leads to some of our most important
initiatives. For example, our Model Farm in Trinidad grew out of feedback from a community survey.
It has become an important asset to local farmers who want to understand modern agriculture
practices, and we wouldnt have thought of the idea without input from the community.Its really important that we understand what people in our communities think and value,
particularly as we expand our operations. We work hard at helping them understand what were trying
to accomplish, and making sure that our goals and their goals are aligned.Full interview:PotashCorp2010AR.com/MooreStann
 2010 Key DevelopmentsRefined our community investment strategy to focus
 efforts on high-impact,
strategic targetsEstablished an Aboriginal engagement strategy focused on building strong relations with First
Nations and Métis communitiesDeveloped a pilot program for Aboriginal awareness training for all Saskatchewan employeesOpened the Resource Center of the Trinidad Model Farm, which provides ongoing training and support
for farmers in Trinidad and Tobago
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Food for growth
   
 A volunteer hands out nutritious meals to young people in Saskatoon.
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(IMAGE)
 GOAL  Attract and retain talented, motivated and productive
employees who are committed to our long-term goals
 2010 Performance
 TARGET
Achieve an average employee engagement score of
at least 75 percent on the annual surveyNOT ACHIEVED ○ The average employee engagement score was 73 percent
    
    While the overall engagement scores decreased
slightly, this years sample was more than double the size
 and more diverse  than in 2009. In 2010, four
of the eight sites surveyed in the two-year rotation exceeded the 75 percent engagement target.
Employees continue to give PotashCorp high marks for helping them understand how to do their jobs,
for a commitment to quality and for customer service. Although employees rated internal
communications lower compared to other survey areas, scores have improved at almost all sites since
the last time the survey was administered.TARGET
Fill at least 75 percent of senior staff openings with internal candidatesACHIEVED ●
We filled 94 percent of our senior staff openings with internal candidates
    
    We try to fill most senior positions internally because we believe it helps motivate our people,
broadens their knowledge and provides continuity for our business. Over the past five years,
PotashCorp has filled 81 percent of senior staff openings internally.
In 2010, we worked to improve our ability to identify key and high-potential talent by enhancing
our succession planning process and by facilitating more interdisciplinary succession dialogue with
executive management.TARGET
Achieve an acceptance rate of 85 percent on all external staff-level employment offers madeACHIEVED ●
We had an acceptance rate of 86 percent for all external staff-level employment offers made
    
    This new target was achieved in 2010. While our acceptance rate is competitive, the number of
declines reflects an ongoing tight labor market, particularly in Western Canada and within the
engineering fields.
 Keyword:Employees
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15
    
    350
    
    
    94%Number of career
fairs attended across
Canada (2010)
    
    Increase in number of
PotashCorp employees
(2010)
    
    Senior staff openings
filled with internal
candidates (2010)
 Why this goal matters
    Our approach to meeting this goal
 
    
    Work proactively to understand and address future employment needs to ensure we have the quality
personnel to meet expansion requirements and retirement expectations
    
    Hire candidates who want to develop with the company
    
    Target key growth positions, looking for candidates with the skills and traits that are likely to
result in long-term, productive employment
    
    Offer competitive compensation and benefits, including incentives that align employee performance
and motivation with corporate goals
    
    Fill most management positions internally; enable employees to move among departments and
facilities to improve skills and maximize natural aptitudes and talents
    
    Survey employees to learn how we can improve our culture and employee
engagement
 
 Lee Knafelc
    
    Jane Irwinnewly appointed
    
    recently retiredVice President, Human Resources
    
    Senior Vice President,and Administration
    
    Administration
 On building a strong workforce
 Q
    
    Why is it important to attract and retain motivated employees?Our employees are vital to our success. Thats true of all businesses, but its especially
important in a natural resource company like ours, with tremendously valuable assets that must be
managed over decades by highly skilled workers. The expertise we need is hard to come by, so having
a committed, stable workforce and a strong management team which can grow together over time gives
us a huge competitive advantage.
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(IMAGE)
 The Next Stage of Growth  means more career opportunities for new and current employees
 Q
    
    How do you build a committed workforce?We begin with a clear employee value proposition and an understanding of the skills and traits we
need from the people we hire. Its really important that prospective employees know what the
company is about before they join us, so they can understand how they fit in with what were trying
to do.We also need competitive compensation and benefit programs. We have to work hard to be the employer
of choice in our communities and to attract the best talent.Once we have people on board, we have to invest in training to help them advance their skills and
grow within the company. Weve been consistent for many years at hitting our annual target of
filling 75 percent of our senior staff-level positions internally. By offering those kinds of
opportunities, we can find and retain people who are as committed to us as we are to them.Q
    
    What are some of the most important advances you made on this goal in 2010?Leadership training was one of the key areas  focused on in 2010. We have a lot of experienced
and loyal employees who have been tremendous assets. But as the baby boomers move through our
workforce, well be faced with many retirements in the coming decade.We took an important step toward training the next generation of leaders by developing company-wide
leadership core competencies. Then we started working with local universities and consultants to
develop and enhance training programs that align with those competencies.We believe that keeping our people engaged, challenged and motivated is important to building a
strong and loyal workforce. We saw evidence of that in the way our people handled themselves in the
midst of a hostile takeover attempt  in a time of great uncertainty, they retained their focus on
safety and productivity. Having people like that is extremely valuable to the company, something
that makes us proud.Full interview:PotashCorp2010AR.com/KnafelcIrwin
 2010 Key DevelopmentsDeveloped an Aboriginal engagement strategy to help build relationships with Saskatchewan First
Nations and Métis communities  an important source of future employeesProvided $365,000 in tuition reimbursements, scholarships and bursariesCreated a list of leadership core competencies, which will be used to develop programs to enhance
the skills of the companys next generation of leadersHired 16 past summer students/interns for permanent positions
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Building bridges with First Nations and Métis communities
   
 Leanne Bellegarde discusses details with consultants Winston McLean (left) and John Lagimodiere, who are designing our Aboriginal awareness training program.
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(IMAGE)
 GOAL  Achieve no harm to people and no damage to the environment
 2010 Performance
 Safety
 TARGET
Reduce total site* severity injury rate** by 35 percent from 2008
levels by the end of 2012
    
    We achieved record performance in reducing the number of injuries, particularly
serious injuries, by focusing on improved data analysis and reduction
of exposure to situations in which injuries might occur.ACHIEVED ●
On track. We have achieved a 62 percent reduction from 2008
through 2010TARGET
Achieve zero life-altering injuries at our sitesACHIEVED ●

We had no life-altering injuries at our sites in 2010
    
    To meet our goal and core value of no harm to people, we continue
to focus on effective safety leadership at all levels in the organization.
This has been instrumental in developing a culture of caring and strong
personal safety ethics.EnvironmentTARGET
Reduce company-wide greenhouse gas (GHG) emissions per tonne
of product by 10 percent by the end of 2012, compared to 2007
ACHIEVED ●
On track. We have plans in place to install GHG controls at one
of the
nitric acid plants in 2011 to meet our target in 2012
    
    Our target to reduce greenhouse gas emissions by 10 percent is voluntary and not
required by regulations. We will continue to review all proposed legislation to ensure compliance and monitor our
operations for opportunities to reduce emissions.TARGET
Reduce total reportable incidents (releases, permit excursions and
spills) by 30 percent from our 2009 levels
NOT ACHIEVED ○
We achieved a 9 percent reduction from 2009 levels
    
    We had 20 reportable incidents in 2010. Although this was our
lowest annual total since we have been reporting these data, we
achieved only a 9 percent reduction from 2009 levels.
 
 *
    
    Total site includes PotashCorp employees, contract employees and all others on site.**
    
    Severity injury rate is the total of lost-time injuries and modified work injuries for every
200,000 hours worked. Keyword:Safety/Environment
 26




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0.15
    
    50%
    
    9%Record-low total site
    
    Decline in total site
    
    Reduction in reportablelost-time injury rate (2010)
    
    severity injury rate (2010)
    
    environmental incidents (2010)
 Why this goal matters
   Our approach to meeting this goal
 
    
    Foster a culture of caring in which safety awareness and environmental responsibility are
ingrained in employees minds and habits
    
    Work proactively using peer-based observations to reduce at-risk behaviors and identify hazards,
while measuring the frequency and severity of workplace injuries to ensure accountability
    
    Closely monitor the environmental impact of our operations, making improvements to equipment and
processes to reduce our footprint
    
    Align executive and employee compensation with corporate goals by embedding safety and
environmental performance metrics prominently in bonus programs
 
 David Delaney
    
    John HuntExecutive Vice President 
and Chief Operating Officer
    
    outgoing Vice President, Safety, 
Health and Environment
 On creating a caring culture
 Q Whats different about PotashCorps approach to protecting people and the environment?
   27




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Trinidad reaches 9-million-hour milestone
   
 Laverne Jeremy, an Electrical and Instrumentation Engineer at our Trinidad nitrogen facility, by one of its huge ammonia storage tanks.
 28




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(IMAGE)
 The Next Stage of Growth
  Q Where did the culture of caring start?
    Q How would you assess your progress in this goal in 2010?
    Full interview:PotashCorp2010AR.com/DelaneyHunt
 2010 Key DevelopmentsAchieved record-low incidence in key injury metrics: recordable releases, lost-time and
severity injury ratesReached significant safety milestones at Allan, Aurora, Cincinnati, Geismar, Lima, Marseilles,
Patience Lake and TrinidadReceived an American Institute of Architects Distinguished Building Award for our Gold
LEED-certified Marseilles Administration Building 29




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##### 



New sulfuric acid plant adds production, reduces emissions
   
 John
Jordan, an operator at our Aurora facility, makes regular rounds
checking the equipment.
 30




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##### 



Board of Directors
 
 Standing (L to R)
    
    
    
    Seated (L to R)Jeffrey J. McCaigB,D
    
    Dallas J. Howe (Chair)A
    
    Elena Viyella de PalizaCCalgary AB
    
    Calgary AB
    
    Dominican RepublicChairman and CEO
    
    Owner and CEO of DSTC Ltd.
    
    President of Inter-Quimica, S.A.,of Trimac Group of Companies
    
    
    
    Monte Rio Power Corp andAlice D. LabergeA,D
    
    Indescorp, S.A.Christopher M. BurleyA,D
    
    Vancouver BCCalgary AB
    
    Corporate Director and former President
    
    John W. EsteyB,CCorporate Director and former Managing
    
    and CEO of Fincentric Corporation
    
    Glenview ILDirector and Vice Chairman, Energy
    
    
    
    President and CEOof Merrill Lynch Canada Inc.
    
    C. Steven HoffmanC,D
    
    of S&C Electric CompanyLincolnshire ILE. Robert Stromberg, QCC
    
    Former senior executive
    
    Keith G. MartellB,DJackfish Lake SK
    
    of IMC Global Inc.
    
    Saskatoon SKFormerly associated with the law firm
    
    
    
    Chairman and Chief Executive OfficerRobertson Stromberg Pedersen
    
    Paul J. SchoenhalsB,C
    
    of First Nations Bank of CanadaCalgary ABWilliam J. Doyle
    
    Retired President and CEO of Enform and
    
    Mary MogfordA,BSaskatoon SK
    
    Chairman of the PCS Crown Corporation
    
    Newcastle ONPresident and CEO of PotashCorp
    
    from 1987 to 1989
    
    Corporate Director and formerOntario Deputy Minister of Financeand of Natural Resources
 Committees:
(A) Corporate Governance and Nominating  (B) Compensation  (C) Safety, Health and Environment  (D) Audit
 Keyword:BoardBios
 31




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##### 



Senior Management
 (PHOTO OF WILLIAM J. DOYLE)
    
    William J. Doyle
President and
Chief Executive Officer
    
    (PHOTO OF WAYNE R. BROWNLEE)
    
    Wayne R. Brownlee
Executive Vice President 
and Chief Financial Officer(PHOTO OF G. DAVID DELANEY)
    
    G. David Delaney
Executive Vice President 
and Chief Operating Officer
    
    (PHOTO OF STEPHEN F. DOWDLE)
    
    Stephen F. Dowdle
President 
PCS Sales(PHOTO OF GARTH W. MOORE)
    
    Garth W. Moore
President 
PCS Potash
    
    (PHOTO OF BRENT E. HEIMANN)
    
    Brent E. HeimannPresident
PCS Phosphate and
PCS Nitrogen(PHOTO OF JOSEPH A. PODWIKA)
    
    Joseph A. Podwika
Senior Vice President 
General Counsel and Secretary
    
    (PHOTO OF ROBERT A. JASPAR)
    
    Robert A. Jaspar
Senior Vice President
Information Technology(PHOTO OF DENIS A. SIROIS)
    
    Denis A. Sirois
Vice President
and Corporate Controller
    
    (PHOTO OF DAPHNE J. ARNASON)
    
    Daphne J. Arnason
Vice President 
Internal Audit(PHOTO OF DENITA C. STANN)
    
    Denita C. Stann
Vice President 
Investor and Public Relations
    
    (PHOTO OF LEE M. KNAFELC)
    
    Lee M. KnafelcVice President 
Human Resources and 
Administration(PHOTO OF MARK F. FRACCHIA)
    
    Mark F. Fracchia
Vice President 
Safety, Health and Environment
    
    (PHOTO)
    
    Darryl S. Stann
Vice President 
Procurement
 Keyword:MgmtBios
 32




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##### 



Company Information and Disclosure
 Investor Inquiries
 
 Corporate Headquarters
 
 Forward-Looking Statements
  Market and Industry Data Statement
   Sources, Abbreviations and Terms
 APC
    
    Arab Potash Company Ltd. (Amman: ARPT), JordanCanpotex
    
    Canpotex Limited, CanadaDoane
    
    Doane Advisory Services, USAFertecon
    
    Fertecon Limited and Fertecon Research Centre Limited, UKICL
    
    Israel Chemicals Ltd. (Tel Aviv: ICL), IsraelIFA
    
    International Fertilizer Industry AssociationIPNI
    
    International Plant Nutrition Institute, USAMT
    
    Metric tonneMMT
    
    Million metric tonnesNYSE
    
    New York Stock Exchange, USASAFRAS
    
    Editora SAFRAS Ltda, BrazilSinofert
    
    Sinofert Holdings Limited (HKSE, 0297.HK), ChinaSQM
    
    Sociedad Quimica y Minera de Chile S.A. (Santiago Bolsa de
Comercio Exchange, NYSE: SQM), ChileUSDA
    
    US Department of Agriculture, USA
 
 2010 Monthly POT Stock Price  NYSE Composite
Sus 60  j High
fwSe 51.10 50.31 50.52 4959 5168
4Z16 42,S1 AnnA / 4"34fi54
40 -j T32341|5y 4"8
30 32.76 33.04 J/
28.63 27.95
20  ....................  ..............  ..........  ..........  ..........  ...  ..............  ..............  .............  .............  ............. 
Jan            Feb            Mar Apr May Jun            Jul            Aug            Sep            Oct            Nov            Dec
Adjusted for a three-for-one stock split in February 2011 Source: Thomson Reuters Keyword:Shareholder Info
 33




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##### 



PotashCorp2010AR.com: Shareholder Info 
 
 
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