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LOGO



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Potash Corporation of Saskatchewan Inc.  LOGO February 20, 2014 Dear
Shareholder: The Board and management are pleased to invite you to join us at the Companys twenty-fifth annual general meeting, which will be held
at 10:30 a.m. (Central Standard Time) on May 15, 2014 in the Grand Salon of TCU Place, 35  22nd Street East, Saskatoon, Saskatchewan, Canada. The Annual and Special Meeting is your opportunity to hear first-hand about our performance and plans for the future and also to consider and vote on a number of important matters. We hope that you can join us in
person. We will also webcast the meeting on our website at www.potashcorp.com. The accompanying Management Proxy Circular describes the business to be
conducted at the meeting and provides information on PotashCorps approach to executive compensation and governance practices. We value your views and encourage you to read the Management Proxy Circular in advance of the meeting. At the meeting
members of management and our Board of Directors will be present and you will have the opportunity to meet with them and ask questions. Your
participation in voting at the Meeting is important to us. You can vote by attending in person, or alternatively by telephone, via the Internet or by completing and returning the enclosed proxy or voting information form. Please refer to the
General Voting Information and Voting Instructions sections of the accompanying Management Proxy Circular for further information. The Board and management look forward to your participation at the meeting and we thank you for your continued support.  Sincerely,LOGO

LOGOD. J. HOWE Board Chair

W. J. DOYLE President and
Chief Executive Officer Suite 500, 122  1st Avenue South, Saskatoon, Saskatchewan Canada S7K 7G3




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LOGO Notice of Annual and Special Meeting of Shareholders NOTICE IS HEREBY GIVEN that the Annual and Special Meeting (such meeting and any adjournments and postponements thereof referred to as the Meeting) of
shareholders of Potash Corporation of Saskatchewan Inc. (PotashCorp or the Corporation), a corporation organized under the laws of Canada, will be held on: May 15, 2014 10:30 a.m.
(Central Standard Time) Grand Salon, TCU Place 35  22ndStreet East Saskatoon, Saskatchewan, Canada for the following
purposes:  1.
to receive the consolidated financial statements of the Corporation for the fiscal year ended December 31, 2013 and the report of the auditors thereon;  2.
to elect the Board of Directors for 2014;  3.
to appoint auditors for 2014;  4.
to consider and, if deemed appropriate, adopt, with or without variation, a resolution (the full text of which is reproduced in Appendix B to the accompanying Management
Proxy Circular) authorizing the Corporation to implement a new performance option plan, which is attached as Appendix C to the accompanying Management Proxy Circular;  5.
to consider and approve, on an advisory basis, a resolution accepting the Corporations approach to executive compensation; and  6.
to transact such other business as may properly come before the Meeting or any adjournments or postponements thereof. This Notice of Annual and Special Meeting of Shareholders and Management Proxy Circular are available on the Corporations website (www.potashcorp.com). Shareholders who are unable to attend the Meeting are encouraged to complete, sign and return the enclosed proxy form. To be valid, proxies must be
received by our transfer agent, CST Trust Company, at its Toronto office no later than 10:30 a.m. (Central Standard Time) on May 14, 2014, or if the Meeting is adjourned or postponed, at least 24 hours (excluding weekends and holidays)
before the Meeting resumes. DATED at Saskatoon, Saskatchewan this 20thday of February, 2014. BY ORDER OF THE BOARD OF DIRECTORS LOGO JOSEPH A. PODWIKA Secretary POTASH CORPORATION OF SASKATCHEWAN INC. SUITE 500, 122  1st AVENUE SOUTH, SASKATOON, SK CANADA S7K 7G3




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14MANAGEMENT PROXY CIRCULAR Whats Inside  General InformationGeneral Voting Information


1Voting Instructions


3Business of the Meeting


5Board of Directors


6Appointment of Auditors and Report of Audit Committee


24Corporate Governance


28Compensation


34Adoption of 2014 Performance Option Plan


72Ownership of Shares


76Directors and Officers Liability Insurance


762015 Shareholder Proposals


77Directors Approval


77AppendicesAppendix A  Disclosure of Corporate Governance Practices


A-1Appendix B  Resolution of Shareholders  2014 Performance Option Plan


B-1Appendix C  2014 Performance Option Plan


C-1Appendix D  Board of Directors Charter


D-1Appendix E  Audit Committee Charter


E-1Appendix F  Compensation Committee Responsibilities and Procedures


F-1Appendix G  Additional Survey Participants


G-1


General Information Management of the Corporation provides this Management Proxy Circular to solicit proxies for the Annual and Special Meeting on May 15, 2014 (such meeting and any adjournments and postponements thereof the
Meeting). Common Shares Outstanding As at February 20, 2014, 852,517,231 common shares in the capital of the Corporation (the Shares) were outstanding. The Shares trade under the symbol POT on the Toronto Stock Exchange
(TSX) and the New York Stock Exchange (NYSE). Record Date and Entitlement to Vote Each shareholder of record at the close of business on March 17, 2014 (the Record Date) is entitled to vote at the Meeting the Shares registered in
his or her name on that date. Each Share carries the right to one vote on each matter voted on at the Meeting. Holders of 10% or More
Shares To the knowledge of the Corporations directors and officers, no person or company owns or exercises control or direction over more than 10%
of the outstanding Shares. Additional Information Financial information relating to the Corporation is contained in its comparative financial statements and Managements Discussion and Analysis of Financial Condition and Results of Operations
(MD&A) for the fiscal year ended December 31, 2013. Additional information relating to the Corporation that is not contained in
this Management Proxy Circular, including the Corporations financial information as well as its most recent Form 10-K together with any document incorporated by reference therein, is available on SEDAR at www.sedar.com or EDGAR at
www.sec.gov. Copies may be obtained, free of charge, upon request from the Corporate Secretary, Potash Corporation of Saskatchewan Inc., Suite 500, 122  1st Avenue South, Saskatoon, Saskatchewan, Canada, S7K 7G3. Currency Unless otherwise specified,
all dollar amounts are expressed in United States dollars. Date of Information Except as otherwise stated, the information contained in this Management Proxy Circular is given as of February 20, 2014.






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General Voting Information



Proxy Solicitation Management of the Corporation is soliciting proxies of all Registered and Beneficial (Non-Registered) Shareholders (Beneficial Shareholders) primarily by mail and electronic means, supplemented
by telephone or other contact by employees of the Corporation (who will receive no additional compensation), and all such costs will be borne by the Corporation. The services of CST Phoenix Advisors (the Proxy Solicitation Agent), have
been retained by the Corporation for the solicitation of proxies in Canada and in the United States and are estimated to cost $25,000. This Management
Proxy Circular and related proxy materials are being sent to both Registered and Beneficial Shareholders. The Corporation does not send proxy-related materials directly to Beneficial Shareholders and is not relying on the notice-and-access
provisions of securities laws for delivery to either Registered or Beneficial Shareholders. The Corporation will deliver proxy-related materials to nominees, custodians and fiduciaries, and they will be asked to promptly forward them to Beneficial
Shareholders. If you are a Beneficial Shareholder, your nominee should send you a voting instruction form or proxy form along with this Management Proxy Circular. The Corporation has elected to pay for the delivery of our proxy-related materials to
objecting Beneficial Shareholders. If you have any questions about the information contained in this Management Proxy Circular or require assistance in
voting your Shares, please contact the Proxy Solicitation Agent toll-free in North America at 1-800-835-0437 or by email at inquiries@phoenixadvisorscst.com. Voting If you hold Shares as of the Record Date you may vote on four items:  (1)
the election of nominees to the Corporations Board of Directors (the Board);  (2)
the appointment of auditors;  (3)
a resolution authorizing the Corporation to implement a new performance option plan (the 2014 Performance Option Plan); and  (4)
an advisory vote on the Corporations approach to executive compensation. The Board and management recommend that you vote FORitems (1), (2), (3) and (4). All matters to be
considered at the Meeting will each be determined by a majority of votes cast at the Meeting by proxy or in person. In the event of equal votes, the Meeting chair is entitled to a second or casting vote.


Quorum Quorum for any meeting of shareholders is one or more persons present and holding or representing by proxy not less than 5% of the total number of outstanding
Shares. Proxy Voting The persons named
in the proxy form must vote or withhold from voting your Shares in accordance with your instructions on the proxy form. Signing the proxy form gives authority to Mr. Dallas J. Howe, Mr. William J. Doyle, Mr. Wayne
R. Brownlee or Mr. Joseph A. Podwika, each of whom is either a director or officer of the Corporation, to vote your Shares at the Meeting in accordance with your voting instructions. In the absence of such instructions, however, your Shares will be voted as follows:  (1)
FOR the election to the Board, each of the nominees listed on the proxy form;  (2)
FOR the appointment of Deloitte LLP as auditors of the Corporation until the close of the next annual meeting;  (3)
FOR the resolution authorizing the Corporation to implement the 2014 Performance Option Plan;  (4)
FOR the advisory resolution accepting the Corporations approach to executive compensation; and  (5)
FOR managements proposals generally. A proxy must be
in writing and must be executed by you or by an attorney duly authorized in writing, or, if the shareholder is a corporation or other legal entity, by an officer or attorney duly authorized. A proxy may also be completed over the telephone or over
the Internet. To be valid your proxy must be received by our transfer agent, CST Trust Company, at its Toronto office no later than 10:30 a.m. (CST) on May 14, 2014. Please see Voting Instructions on page 3 for further
information. Amendments and Other Matters The persons named in the proxy form have discretionary authority with respect to amendments or variations to matters identified in the Notice of the Meeting and with respect to other matters that properly come
before the Meeting. As of the date of this Management Proxy Circular, our management knows of no such amendment, variation or other matter expected to
come before the Meeting. If any other matters properly come before the Meeting, the persons named in the proxy form will vote on them in accordance with their best judgment.






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Transfer Agent

You can contact CST Trust Company, the Corporations transfer agent as follows:

By Telephone:

1-800-387-0825 (toll-free within Canada and the United States)

or

1-416-682-3860 (from any country other than Canada and the United States)

By Fax:

1-514-985-8843 (all countries)

By Mail:

P.O. Box 700

Station B

Montreal,
Quebec, Canada H3B 3K3

Through the Internet:

www.canstockta.com



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Voting
Instructions



REGISTERED SHAREHOLDER VOTING You are a Registered Shareholder if your Shares are held in your name and you have a share certificate. The enclosed proxy form indicates whether you are a Registered Shareholder. Voting Options  LOGO

In person at the meeting; orLOGO

By proxy:LOGO

By Telephone or Fax; orLOGO

By Mail; orLOGO

On the Internet. See below for details on each option. Voting in Person If you wish to vote in person at the Meeting, do not complete or return the proxy
form. Please register with the transfer agent when you arrive at the Meeting. Voting by Proxy Registered Shareholders have four options to vote by proxy:  (a)
By Telephone (only available to Registered Shareholders resident in Canada or the United States): Call 1-888-489-5760 from a touch-tone phone and follow the instructions. You will need the control number located on the enclosed proxy form. You do not need to return your proxy form.  (b)
By Fax: Complete, date and sign the enclosed proxy form and return
it by fax to 1-866-781-3111 (toll-free within Canada and the United States) or 1-416-368-2502 (from any country other than Canada or the United States).  (c)
By Mail Complete, date and sign the enclosed proxy form and return
it in the envelope provided.  (d)
On the Internet Go to www.cstvotemyproxy.com and follow the
instructions on screen. You will need the control number located on the enclosed proxy form. You do not need to return your proxy form. At any time, CST
Trust Company may cease to provide telephone and Internet voting, in which case Registered Shareholders can elect to vote by mail or by fax, as described above. The persons already named in the enclosed proxy are either directors or officers of the Corporation. Please see General Voting


Information  Proxy Voting on page 1. You have the right to appoint some other person of your choice, who need not be a shareholder, to attend and act on your behalf at the
Meeting. If you wish to do so, please strike out those four printed names appearing on the proxy form, and insert the name of your chosen proxyholder in the space provided on the proxy form. If you decide to vote by telephone or on the Internet, you cannot appoint a person to vote your Shares other than our directors or officers whose printed names
appear on the proxy form. It is important to ensure that any other person you appoint is attending the Meeting and is aware that his or
her appointment has been made to vote your Shares. Deadlines for Voting  (a)
Attending the Meeting  If you are planning to attend the Meeting and wish to vote your Shares in person at the Meeting, your vote will be taken and counted at
the Meeting.  (b)
Using the Proxy Form  If you are voting using the proxy form, your proxy form should be received at the Toronto office of CST Trust Company by mail or
fax no later than 10:30 a.m. (CST) on Wednesday, May 14, 2014, or, if the Meeting is adjourned or postponed, at least 24 hours (excluding weekends and holidays) before the Meeting resumes.  (c)
Telephone or Internet  If you are voting your proxy by telephone or on the Internet, your vote should be received by CST Trust Company no later than
10:30 a.m. (CST) on Wednesday, May 14, 2014. Revoking Your Proxy As a Registered Shareholder who has voted by proxy, you may revoke it by timely voting again in any manner (telephone, fax, mail or Internet), or by depositing an
instrument in writing (which includes another proxy form with a later date) executed by you or by your attorney authorized in writing with our Corporate Secretary at Suite 500, 122  1st Avenue South, Saskatoon, Saskatchewan, Canada,
S7K 7G3, at any time up to and including the last business day preceding the date of the Meeting (or any adjournment or postponement, if the Meeting is adjourned or postponed), or by depositing it with the Chairman of the Meeting before the Meeting
starts or any adjournment or postponement continues. A Registered Shareholder may also revoke a proxy in any other manner permitted by law. In addition, participation in person in a vote by ballot at the Meeting will automatically revoke any proxy
previously given by you in respect of business covered by that vote.






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BENEFICIAL SHAREHOLDER VOTING You are a Beneficial Shareholder if your Shares are held in a nominees name such as a bank, trust company, securities broker or other nominee.Typically, the proxy form or voting instruction form sent or to be
sent by your nominee indicates whether you are a Beneficial Shareholder. Voting Options  LOGO

In person at the meeting; orLOGO

By voting instructions. See below for details on each option. Voting in Person If you wish to vote in person at the Meeting, insert your own name in the space
provided on the request for voting instructions or proxy form to appoint yourself as proxyholder and follow the instructions of your nominee. Beneficial
Shareholders who instruct their nominee to appoint themselves as proxyholders should, at the Meeting, present themselves to a representative of the transfer agent at the table identified as Beneficial Shareholders. Do not otherwise
complete the form sent to you as your vote will be taken and counted at the Meeting. Voting Instructions Your nominee is required to seek voting instructions from you in advance of the Meeting. Accordingly, you will receive, or will have already received, a request for
voting instructions or a proxy form for the number of Shares held by you. Each nominee has its own procedures, which you should carefully follow to
ensure that your Shares are voted at the Meeting. These procedures generally allow voting in person or by proxy


(telephone, fax, mail or on the Internet). Beneficial Shareholders should contact their nominee for instructions in this regard. Whether or not you attend the Meeting, you can appoint someone else to attend and vote as your proxyholder. To do this, please follow the procedures of your nominee carefully. The persons already named in the proxy
form are either directors or officers of the Corporation. Please see General Voting Information  Proxy Voting on page 1. It is
important to ensure that any other person you appoint is either attending the Meeting in person or returning a proxy reflecting your instructions and is aware that his or her appointment has been made to vote your Shares. Deadline for Voting  (a)
Attending the Meeting  If you are planning to attend the Meeting and wish to vote your Shares in person at the Meeting, your vote will be taken and counted at
the Meeting.  (b)
Voting Instructions  Every nominee has its own procedures which you should carefully follow to ensure that your Shares are voted at the Meeting. If voting by voting instructions, your nominee must receive your voting instructions in sufficient time for your nominee to act on it. For
your vote to count, it must be received by CST Trust Company at its Toronto office no later than 10:30 a.m. (CST) on May 14, 2014, or, if the Meeting is adjourned or postponed, at least 24 hours (excluding weekends and holidays) before the
Meeting resumes. Revoking Voting Instructions To revoke your voting instructions, follow the procedures provided by your nominee.






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Business of the Meeting



Financial Statements The Consolidated Financial Statements for the fiscal year ended December 31, 2013 are included in the Corporations Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed
with the U.S. Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities. Nominees
for Election to the Board of Directors The 13 nominees proposed for election as directors of the Corporation are listed on page 6. All nominees
have established their eligibility and willingness to serve as directors. Directors will hold office until the next annual meeting of shareholders of the Corporation or until their successors are elected or appointed. Unless otherwise instructed, the persons designated in the form of proxy intend to vote for the election of the nominees listed on page 6. If, for any reason,
at the time of the Meeting any of the nominees are unable to serve, it is intended that the persons designated in the form of proxy will vote in their discretion for a substitute nominee or nominees. Appointment of Auditors At the Meeting,
shareholders will be asked to vote to reappoint the firm of Deloitte LLP, the present auditors of the Corporation, as auditors of the Corporation to hold office until the next annual meeting of shareholders of the Corporation. Unless otherwise instructed, the persons designated in the form of proxy intend to vote to reappoint Deloitte LLP as auditors of the Corporation. Adoption of the 2014 Performance Option Plan At the Meeting, shareholders will be asked to consider and, if deemed appropriate, adopt, with or without variation, a resolution (the full text of which is reproduced as Appendix B to this Management Proxy
Circular) authorizing the Corporation to implement the 2014 Performance Option Plan, which is attached as Appendix C to this Management Proxy Circular. Unless otherwise instructed, the persons designated in the form of proxy intend to vote for the resolution to approve the 2014 Performance Option Plan.


Advisory Vote on Executive Compensation The Board has spent considerable time and effort defining and implementing its executive compensation program and believes that its program achieves the goal of maximizing long-term shareholder value while
attracting, motivating and retaining world-class talent. At the 2013 Annual Meeting, PotashCorps approach to executive compensation was approved by 97.47% of the Shares voted on the advisory say on pay resolution. For further information regarding the Corporations approach to executive compensation and its shareholder outreach program, please see the Corporate
Governance and Compensation sections of this Management Proxy Circular beginning on pages 28 and 34, respectively. As this is an
advisory vote, the results will not be binding upon the Board. However, the Board will take the results of the advisory vote into account, as appropriate, when considering future executive compensation policies, procedures and decisions and in
determining whether there is a need to significantly increase their engagement with shareholders on executive compensation related matters. In the event that a significant number of shareholders oppose the resolution, the Board will consult with
shareholders to understand their concerns and will review the Corporations approach to executive compensation in the context of these concerns. The Board proposes that you indicate your support for the Corporations approach to executive compensation disclosed in this Management Proxy Circular by
voting in favor of the following advisory resolution: RESOLVED, on an advisory basis and not to diminish the role and responsibilities of the
Board of Directors, that the shareholders accept the approach to executive compensation disclosed in the Corporations Management Proxy Circular delivered in advance of the 2014 Annual and Special Meeting of Shareholders. Unless otherwise instructed, the persons designated in the form of proxy intend to vote for the advisory resolution.






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Board of Directors



Nominees The 13 directors being nominated for election in 2014 are:  Christopher M. Burley

Alice D. LabergeDonald G. Chynoweth

Consuelo E. Madere*William J. Doyle

Keith G. MartellJohn W. Estey

Jeffrey J. McCaigGerald W. Grandey

Mary MogfordC. Steven Hoffman

Elena Viyella de PalizaDallas J. Howe  *
New director nominee The Corporate Governance and
Nominating (CG&N) Committee is of the view that these director nominees represent an appropriate mix of expertise and qualities required for the Board. See pages 8 through 13 for information on each director nominees
professional experience, background and qualifications and page 30 for information regarding the diverse skill set of the Board. Independent Board The Board has determined that all director nominees, except for Mr. Doyle and
Ms. Viyella de Paliza, are independent. See pages 15 and 16 for more details. Meeting Attendance Directors attended 99.56% of Board and committee meetings in 2013. See pages 17 and 18 for details. Retirement and Succession Pursuant to the PotashCorp Governance Principles, directors should not
generally stand for re-election after reaching the age of seventy years.


Details regarding the Corporations retirement policy and its on-going Board nomination processes, succession
planning and renewal are set out on page 14 under Retirement Policy and page 29 under Corporate Governance  Nomination Processes, Succession Planning and Board Renewal. Director Compensation We establish director
compensation after considering the advice of independent consultants, with a view to establishing compensation at the median of the Comparative Compensation Information (as defined under Compensation  Compensation Discussion and
Analysis beginning on page 39). See pages 19 through 23 for more details. Total fees and retainers earned by all Board members in 2013 were
$3,405,806. At-Risk Investment In accordance with our share ownership requirements, by the time a director has served on the Board for five years, he or she must own Shares and/or Deferred Share Units (DSUs) with a value at
least five times the annual retainer paid to directors. One-half of this ownership threshold is required to be achieved within
21/2years. All director nominees are currently in compliance with the applicable ownership requirements of
the Corporation. See pages 22 and 23 for details.






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Nominees for Election to the Board of Directors The articles of the Corporation provide that the Board shall consist of a minimum of six directors and a maximum of twenty directors, with the actual
number to be determined from time to time by the Board. The Board has determined that, at the present time, the appropriate number of directors is 13. Proxies solicited, unless otherwise specified, will be voted for the following proposed nominees (or for substitute nominees in the event of contingencies not known
at present) who will, subject to the bylaws of the Corporation and applicable corporate law, hold office until the next annual meeting of shareholders or until their successors are elected or appointed in accordance with the bylaws of the
Corporation or applicable corporate law. Majority Voting Policy  LOGO

In an uncontested election, any director nominee who fails to receive votes in favor of his or her election representing a majority of the shares
voted and withheld for the election of the directorwill tender his or her resignation for consideration by the CG&N Committee. Except in extenuating circumstances, it is expected that the CG&N Committee will recommend to
the Board that the resignation be accepted and effective within a period of ninety days and that the action taken by the Board be publicly disclosed. To the extent possible, the CG&N Committee and Board members who act on the resignation
shall be directors who have themselves received a majority of votes cast.


The following biographies, and information set forth on pages 8 through 14, highlight the specific experience,
attributes and qualifications of each nominee for director that led to the Boards conclusion that the person should serve as a director of the Corporation. Specifically, the following table states their names and ages, all other positions and
offices they have held with the Corporation, their present principal occupation or employment, their business experience over the last five years (including, where applicable, current and past directorships of public companies over the last five
years), the period during which they have served as directors, their principal areas of expertise and their independence status. Also disclosed below is each nominees current security holdings and their value of at-risk holdings as at
February 20, 2014, the percentage of votes voted in favor of their election at last years meeting and their overall Board and committee meeting attendance in 2013. For further detailed information on director independence, attendance, at-risk holdings and compensation, please see the tables and narratives following this table.






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|     |  |                                               |                                                                                          |                                                                                           |                                           |                                                                                                                                                                                                                                                                                                                                                                                               |  | 
|---- |  | --------------------------------------------- | ---------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ----------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                               |                                                                                          | Christopher M. Burley Age: 52 Calgary, Alberta, Canada
Director since 2009 Independent(1) |                                           | Mr. Burley is a Corporate Director and former Managing Director and Vice Chairman, Energy of Merrill Lynch Canada Inc., an investment banking firm. A graduate of the
Institute of Corporate Directors Education Program, he has 23 years of experience in the investment banking industry. He is a member of the board of directors of Parallel Energy Trust and the United Way of Calgary.
|     |  | Principal Areas of Expertise/Experience:      |                                                                                          | Board Committee Membership:                                                              
|     |  | Finance
Investment Banking
Governance         |                                                                                          | Audit
CG&N                                                                               
|     |  | 2013 Board & Committee Meeting Attendance(2):
|     |  |                                               | Board: 9/9
Audit: 7/7 Corporate
Governance & Nominating: 4/4                             |                                                                                           | Total Board & Committee Attendance: 100% 
|     |  |                                               | Other Public Board Memberships  Present & Past Five Years:                             
|     |  |                                               | Present Boards: Parallel Energy Trust                                                    |                                                                                           | Past Boards:
n/a                         
|     |  |                                               | Ownership and Value of At-Risk Holdings(3):                                             
|     |  |                                               | As at February 20, 2014 Share Ownership: 30,000 DSU Ownership: 7,084
Stock Options: None |                                                                                           | Value of At-Risk Holdings: $1,247,163    
|     |  |                                               | Ownership Guideline Compliance:Yes                                                       |                                                                                           | 2013 Annual Meeting Votes in Favor:99.44%



|     |  |  |                                                                                               |                                                                                         |                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  | 
|---- |  |  | --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | ---------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |  |                                                                                               | Donald G. Chynoweth Age: 53 Calgary, Alberta, Canada
Director since 2012 Independent(1) |                                                                  | Mr. Chynoweth is Senior Vice President of SNC Lavalin O&M, one of the worlds leading engineering and construction groups. He is a graduate of the University of
Saskatchewan, with more than 30 years of management experience in business, politics, investment and business development. He is a graduate of the Institute of Corporate Directors Education Program and is a member of the board of directors of
AltaLink, L.P., a subsidiary of SNC Lavalin Inc.
|     |  |  | Principal Areas
of Expertise/Experience: Global/International Commerce Security Public Policy |                                                                                         | Board
Committee Membership: Audit Safety, Health and Environment
|     |  |  | 2013 Board & Committee Meeting Attendance(2):                                                
|     |  |  | Board: 9/9
Audit: 7/7 Safety, Health
and Environment: 4/4                                     |                                                                                         | Total Board & Committee Attendance: 100%                        
|     |  |  | Other Public Board Memberships  Present & Past Five
Years:                                  
|     |  |  | Present Boards: AltaLink, L.P.                                                                |                                                                                         | Past Boards:
n/a                                                
|     |  |  | Ownership and Value of At-Risk Holdings(3):                                                  
|     |  |  | As at February 20, 2014
Share Ownership: 7,000 DSU
Ownership: 4,427 Stock Options: None       |                                                                                         | Value of At-Risk Holdings:
$384,290                             
|     |  |  | Ownership Guideline Compliance:Yes                                                            |                                                                                         | 2013 Annual Meeting Votes in Favor:99.33%                       



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|     |  |                                                                                                                                                           |                                                                                              |                                                                                                 |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  | 
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                                                                                           |                                                                                              | William J. Doyle Age: 63 Saskatoon, Saskatchewan,
Canada Director since 1989 Non-Independent(1) |                                           | Mr. Doyle is President and Chief Executive Officer of the Corporation (CEO). He joined PotashCorp as President of PCS Sales in 1987, after a career with
International Minerals and Chemical Corporation. He is Chairman of Canpotex Limited, The Fertilizer Institute and International Plant Nutrition Institute, and previously served as the President of the International Fertilizer Industry Association.
He is also a member of the Canadian Council of Chief Executives and the C.D. Howe Institute. Mr. Doyle is a graduate of Georgetown University in Washington, DC and is vice chair of its Board of Directors as well as a director of the
Executives Club of Chicago and the Big Shoulders Fund.
|     |  | Principal Areas
of Expertise/Experience: Fertilizer/Mining/Chemical Industry
Global Agriculture/International Commerce Global Senior Executive Management |                                                                                              | Board
Committee Membership: None                                                               
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                                                                            
|     |  |                                                                                                                                                           | Board: 9/9                                                                                   |                                                                                                 | Total Board & Committee Attendance: 100% 
|     |  |                                                                                                                                                           | Other Public Board Memberships  Present & Past Five
Years:                                 
|     |  |                                                                                                                                                           | Present Boards:
n/a                                                                          |                                                                                                 | Past Boards: n/a                         
|     |  |                                                                                                                                                           | Ownership and Value of At-Risk Holdings(3):                                                 
|     |  |                                                                                                                                                           | As at February 20, 2014
Share Ownership: 2,929,421
DSU Ownership: 0 Stock
Options: 5,889,250 |                                                                                                 | Value of At-Risk Holdings: $98,516,429   
|     |  |                                                                                                                                                           | Ownership Guideline Compliance:Yes                                                           |                                                                                                 | 2013 Annual Meeting Votes in Favor:99.30%



|     |  |                                                                                                                              |                                                                                          |                                                                                  |                                           |                                                                                                                                                                                                                                                                                                                                                                                     |  | 
|---- |  | ---------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                                                              |                                                                                          | John W. Estey Age: 63 Glenview, Illinois, USA
Director since 2003 Independent(1) |                                           | Mr. Estey is Executive Chairman of S&C Electric Company, a global provider of equipment and services for electric power systems. He is a member of the Board of Governors
of the National Electrical Manufacturers Association, a director of the Executives Club of Chicago and Southwire Company and Chair of the Board of Trustees of the Adler Planetarium & Astronomy Museum.
|     |  | Principal Areas
of Expertise/Experience: Global/International Commerce Business Management Compensation
Safety/Environmental |                                                                                          | Board
Committee Membership: Compensation (chair) CG&N                           
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                                               
|     |  |                                                                                                                              | Board: 9/9
Compensation: 5/5 Corporate
Governance & Nominating: 4/4                      |                                                                                  | Total Board & Committee Attendance: 100% 
|     |  |                                                                                                                              | Other Public Board Memberships  Present & Past Five
Years:                             
|     |  |                                                                                                                              | Present Boards:
n/a                                                                      |                                                                                  | Past Boards: n/a                         
|     |  |                                                                                                                              | Ownership and Value of At-Risk Holdings(3):                                             
|     |  |                                                                                                                              | As at February 20, 2014
Share Ownership: 3,000 DSU
Ownership: 79,118 Stock Options: None |                                                                                  | Value of At-Risk Holdings: $2,761,647    
|     |  |                                                                                                                              | Ownership Guideline Compliance:Yes                                                       |                                                                                  | 2013 Annual Meeting Votes in Favor:99.25%



|  |  |                                          
|- |  | -----------------------------------------
|9 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|     |  |                                                                                                                           |                                                                                                  |                                                                                              |                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | 
|---- |  | ------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | 
|LOGO |  |                                                                                                                           |                                                                                                  | Gerald W. Grandey Age: 67 Saskatoon, Saskatchewan,
Canada Director since 2011
Independent(1) |                                                                             | Mr. Grandey was formerly Chief Executive Officer of Cameco Corporation, a Saskatoon-based uranium provider. He is a director of Canadian Oil Sands Limited, Rare Element Resources
Ltd. and Sandspring Resources Ltd. Mr. Grandey is Chairman Emeritus on the board of directors of the World Nuclear Association. He also serves on the Deans Advisory Council of the University of Saskatchewans Edwards School of Business,
the Board of Governors of the Colorado School of Mines Foundation and the board of directors of the Institute of Corporate Directors. Mr. Grandey is a former director of Centerra Gold Inc., Bruce Power and Inmet Mining
Corporation.
|     |  | Principal Areas
of Expertise/Experience: Mining Industry Global/International Commerce Global Senior Executive Management |                                                                                                  | Board
Committee Membership: Compensation Safety, Health and Environment                     
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                                            
|     |  |                                                                                                                           | Board: 9/9
Compensation: 5/5 Safety,
Health and Environment: 4/4                                 |                                                                                              | Total Board & Committee Attendance: 100%                                   
|     |  |                                                                                                                           | Other Public Board Memberships  Present & Past Five
Years:                                     
|     |  |                                                                                                                           | Present Boards:
Canadian Oil Sands Limited
Sandspring Resources Ltd.
Rare Element Resources Ltd. |                                                                                              | Past Boards: Cameco Corporation Centerra Gold Inc.
Inmet Mining Corporation
|     |  |                                                                                                                           | Ownership and Value of At-Risk Holdings(3):                                                     
|     |  |                                                                                                                           | As at February 20, 2014
Share Ownership: 5,500 DSU
Ownership: 11,785 Stock Options: None         |                                                                                              | Value of At-Risk Holdings: $581,312                                        
|     |  |                                                                                                                           | Ownership Guideline Compliance:Yes                                                               |                                                                                              | 2013 Annual Meeting Votes in Favor:99.44%                                  



|     |  |                                                                                                                                            |                                                                                          |                                                                                          |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | 
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ----------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                                                                            |                                                                                          | C. Steven Hoffman Age: 65 Lincolnshire, Illinois, USA
Director since 2008 Independent(1) |                                           | Mr. Hoffman is a former senior executive of IMC Global Inc. With over 23 years of global fertilizer sales and marketing management experience, he retired as Senior Vice
President and President, Sales and Marketing of IMC Global upon completion of the IMC Global and Cargill Fertilizer merger, which created the Mosaic Company. He is a former Chairman and President of the Phosphate Chemicals Export Association, Inc.
and a former Chairman of Canpotex Limited.
|     |  | Principal Areas
of Expertise/Experience: Fertilizer/Mining/Chemical Industry
Global Agriculture/International Commerce Business Management |                                                                                          | Board
Committee Membership: Safety, Health and Environment (chair)
Compensation         
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                                                             
|     |  |                                                                                                                                            | Board: 9/9
Safety, Health and Environment: 4/4 Compensation: 5/5                         |                                                                                          | Total Board & Committee Attendance: 100% 
|     |  |                                                                                                                                            | Other Public Board Memberships  Present & Past Five
Years:                             
|     |  |                                                                                                                                            | Present Boards:
n/a                                                                      |                                                                                          | Past Boards: n/a                         
|     |  |                                                                                                                                            | Ownership and Value of At-Risk Holdings(3):                                             
|     |  |                                                                                                                                            | As at February 20, 2014
Share Ownership: 6,600 DSU
Ownership: 26,004 Stock Options: None |                                                                                          | Value of At-Risk Holdings: $1,096,495    
|     |  |                                                                                                                                            | Ownership Guideline Compliance:Yes                                                       |                                                                                          | 2013 Annual Meeting Votes in Favor:99.43%



|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 10



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##### Table of Contents

|     |  |                                                                                       |                                                                                             |                                                                                    |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  | 
|---- |  | ------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------- | ----------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                       |                                                                                             | Dallas J. Howe Age: 69 Calgary, Alberta, Canada
Director since 1991 Independent(1) |                                           | Mr. Howe is owner and Chief Executive Officer of DSTC Ltd., a technology investment company. He is a director of Advanced Data Systems Ltd., the C.D. Howe Institute and the
Global Food Security Institute at the University of Saskatchewan and a Fellow of the Institute of Corporate Directors. A director when PotashCorp was a Crown corporation from 1982 to 1989, he joined the Corporations Board in 1991 and was
elected Chair in 2003. He previously served as a director of Viterra Inc.
|     |  | Principal Areas
of Expertise/Experience: Agriculture e-Commerce/Technology Governance |                                                                                             | Board
Committee Membership: Board Chair CG&N                                      
|     |  | 2013 Board & Committee Meeting Attendance(2):                                        
|     |  |                                                                                       | Board: 9/9
Corporate Governance & Nominating: 4/4                                           |                                                                                    | Total Board & Committee Attendance: 100% 
|     |  |                                                                                       | Other Public Board Memberships  Present & Past Five
Years:                                
|     |  |                                                                                       | Present Boards:
n/a                                                                         |                                                                                    | Past Boards: Viterra Inc.                
|     |  |                                                                                       | Ownership and Value of At-Risk Holdings(3):                                                
|     |  |                                                                                       | As at February 20, 2014
Share Ownership: 327,645 DSU
Ownership: 117,306 Stock Options: None |                                                                                    | Value of At-Risk Holdings:
$14,963,715   
|     |  |                                                                                       | Ownership Guideline Compliance:Yes                                                          |                                                                                    | 2013 Annual Meeting Votes in Favor:96.40%



|     |  |                                                                                   |                                                                                           |                                                                                                 |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | 
|---- |  | --------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | ----------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                   |                                                                                           | Alice D. Laberge Age: 57 Vancouver, British Columbia,
Canada Director since 2003
Independent(1) |                                           | Ms. Laberge is a Corporate Director and the former President, Chief Executive Officer and Chief Financial Officer of Fincentric Corporation, a global provider of software
solutions to financial institutions. She was previously Senior Vice President and Chief Financial Officer of MacMillan Bloedel Limited. She is a director of the Royal Bank of Canada, Russel Metals Inc., Delta Hotels Limited and Silverbirch
Management Ltd. and has served as a director of Catalyst Paper Corporation and St. Pauls Hospital Foundation in Vancouver. She is also a member of the Board of Governors of the University of British Columbia.
|     |  | Principal Areas
of Expertise/Experience: e-Commerce/Technology Finance Accounting |                                                                                           | Board
Committee Membership: Audit (chair) CG&N                                                 
|     |  | 2013 Board & Committee Meeting Attendance(2):                                    
|     |  |                                                                                   | Board: 9/9
Audit: 7/7 Corporate
Governance & Nominating: 4/4                              |                                                                                                 | Total Board & Committee Attendance: 100% 
|     |  |                                                                                   | Other Public Board Memberships  Present & Past Five
Years:                              
|     |  |                                                                                   | Present Boards:
Royal Bank of Canada Russel
Metals Inc.                                   |                                                                                                 | Past Boards: n/a                         
|     |  |                                                                                   | Ownership and Value of At-Risk Holdings(3):                                              
|     |  |                                                                                   | As at February 20, 2014
Share Ownership: 17,000 DSU
Ownership: 59,526 Stock Options: None |                                                                                                 | Value of At-Risk Holdings: $2,573,578    
|     |  |                                                                                   | Ownership Guideline Compliance:Yes                                                        |                                                                                                 | 2013 Annual Meeting Votes in Favor:99.34%



|   |  |                                          
|-- |  | -----------------------------------------
|11 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|     |  |                                                                                                                              |                                                                                 |                                                                |                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | 
|---- |  | ---------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                                                              |                                                                                 | Consuelo E. Madere Age: 53 Destin, Florida, USA
Independent(1) |                                        | Ms. Madere is a former executive officer of Monsanto Company, a leading global provider of agricultural products. Ms. Madere has over 30 years of domestic and global experience,
spanning manufacturing, strategy, technology, business development, profit & loss responsibility and general management, and she retired from Monsanto Company as Vice President, Global Vegetables and Asia Commercial. Ms. Madere serves on
the Strategic Planning Committee of the Hispanic Association on Corporate Responsibility and the Deans Advisory Council of the Louisiana State University Honors College. Ms. Madere received her Masters of Business Administration from the
University of Iowa, and her Bachelor of Science degree in Chemical Engineering from Louisiana State University. She has also been certified by the National Association of Corporate Directors as a Governance Fellow, and in 2013 attended the Stanford
Directors College.
|     |  | Principal Areas
of Expertise/Experience: Global Agriculture Global/International Commerce Global Senior Executive Management |                                                                                 | Board
Committee Membership: n/a                               
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                                               
|     |  |                                                                                                                              | n/a                                                                             |                                                                |                                       
|     |  |                                                                                                                              | Other Public Board Memberships  Present & Past Five
Years:                    
|     |  |                                                                                                                              | Present Boards:
n/a                                                             |                                                                | Past Boards: n/a                      
|     |  |                                                                                                                              | Ownership and Value of At-Risk Holdings(3):                                    
|     |  |                                                                                                                              | As at February 20, 2014
Share Ownership: 0 DSU
Ownership: 0 Stock Options: None |                                                                | Value of At-Risk Holdings: $0         
|     |  |                                                                                                                              | Ownership Guideline Compliance:Yes                                              |                                                                | 2013 Annual Meeting Votes in Favor:n/a



|     |  |                                                                                               |                                                                                          |                                                                                             |                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 
|---- |  | --------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                               |                                                                                          | Keith G. Martell Age: 51 Saskatoon, Saskatchewan,
Canada Director since 2007
Independent(1) |                                                                  | Mr. Martell is Chairman and Chief Executive Officer of First Nations Bank of Canada, a Canadian chartered bank primarily focused on providing financial services to the
Aboriginal marketplace in Canada. He is a chartered accountant, formerly with KPMG LLP. He is a director of the Canadian Chamber of Commerce and serves on the Deans Advisory Council of the University of Saskatchewans Edwards School of
Business. He is a former director of the Public Sector Pension Investment Board of Canada, The North West Company Inc. and the Saskatoon Friendship Inn, and a former trustee of the North West Company Fund. He is also a trustee of Primrose Lake
Trust.
|     |  | Principal Areas
of Expertise/Experience: Finance/Accounting First Nations Business Management |                                                                                          | Board
Committee Membership: Audit Compensation                                             
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                
|     |  |                                                                                               | Board: 9/9
Audit: 7/7 Compensation:
5/5                                                  |                                                                                             | Total Board & Committee Attendance: 100%                        
|     |  |                                                                                               | Other Public Board Memberships  Present & Past Five
Years:                             
|     |  |                                                                                               | Present Boards:
n/a                                                                      |                                                                                             | Past Boards: The North West Company Inc. North West Company Fund
|     |  |                                                                                               | Ownership and Value of At-Risk Holdings(3):                                             
|     |  |                                                                                               | As at February 20, 2014
Share Ownership: 3,800 DSU
Ownership: 21,672 Stock Options: None |                                                                                             | Value of At-Risk Holdings: $856,655                             
|     |  |                                                                                               | Ownership Guideline Compliance:Yes                                                       |                                                                                             | 2013 Annual Meeting Votes in Favor:99.30%                       



|                                          |  |   
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|PotashCorp 2014 Management Proxy Circular |  | 12



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##### Table of Contents

|     |  |                                                                                            |                                                                                             |                                                                                       |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | 
|---- |  | ------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | ----------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                            |                                                                                             | Jeffrey J. McCaig Age: 62 Calgary, Alberta, Canada
Director since 2001 Independent(1) |                                           | Mr. McCaig is Chairman and Chief Executive Officer of the Trimac Group of Companies, a North American provider of bulk trucking and third-party logistics services. Prior to
that, he practiced law, specializing in corporate financing and securities. He is Chairman and director of Bantrel Co., an engineering, procurement and construction company, a director of Orbus Pharma Inc.(4)and a director and co-owner of the Calgary Flames Hockey Club. Mr. McCaig is a former
director of The Standard Life Assurance Company of Canada.
|     |  | Principal Areas
of Expertise/Experience: Transportation Industry Legal Business Management |                                                                                             | Board
Committee Membership: Compensation Safety, Health and Environment              
|     |  | 2013 Board & Committee Meeting Attendance(2):                                             
|     |  |                                                                                            | Board: 9/9
Compensation: 5/5 Safety,
Health and Environment: 4/4                            |                                                                                       | Total Board & Committee Attendance: 100% 
|     |  |                                                                                            | Other Public Board Memberships  Present & Past Five
Years:                                
|     |  |                                                                                            | Present Boards:
Trimac Transportation Ltd.
Orbus Pharma Inc.                                |                                                                                       | Past Boards: Trimac Income Fund          
|     |  |                                                                                            | Ownership and Value of At-Risk Holdings(3):                                                
|     |  |                                                                                            | As at February 20, 2014
Share Ownership: 252,000 DSU
Ownership: 105,598 Stock Options: None |                                                                                       | Value of At-Risk Holdings:
$12,026,049   
|     |  |                                                                                            | Ownership Guideline Compliance:Yes                                                          |                                                                                       | 2013 Annual Meeting Votes in Favor:98.92%



|     |  |                                                                           |                                                                                           |                                                                                    |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | 
|---- |  | ------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                           |                                                                                           | Mary Mogford Age: 69 Newcastle, Ontario, Canada
Director since 2001 Independent(1) |                                           | Ms. Mogford is a Corporate Director and a former Ontario Deputy Minister of Finance and Deputy Minister of Natural Resources. She is currently a director of Nordion Inc. and
an honorary member of the boards of the Hospital For Sick Children and Trent University. She is a Fellow of the Institute of Corporate Directors and an accredited director under the ICD/Rotman School of Business Directors Education Program.
She has also previously served as a director of Falconbridge, Sears Canada and nine other public companies.
|     |  | Principal Areas of Expertise/Experience: Finance Public Policy Governance |                                                                                           | Board
Committee Membership: CG&N (chair) Compensation                             
|     |  | 2013 Board & Committee Meeting Attendance(2):                            
|     |  |                                                                           | Board: 9/9
Corporate Governance & Nominating: 4/4 Compensation: 5/5                       |                                                                                    | Total Board & Committee Attendance: 100% 
|     |  |                                                                           | Other Public Board Memberships  Present & Past Five
Years:                              
|     |  |                                                                           | Present Boards:
Nordion Inc.                                                              |                                                                                    | Past Boards: n/a                         
|     |  |                                                                           | Ownership and Value of At-Risk Holdings(3):                                              
|     |  |                                                                           | As at February 20, 2014
Share Ownership: 67,193 DSU
Ownership: 87,883 Stock Options: None |                                                                                    | Value of At-Risk Holdings: $5,215,214    
|     |  |                                                                           | Ownership Guideline Compliance:Yes                                                        |                                                                                    | 2013 Annual Meeting Votes in Favor:99.32%



|   |  |                                          
|-- |  | -----------------------------------------
|13 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|     |  |                                                                                                                        |                                                                                           |                                                                                           |                                           |                                                                                                                                                                                                                                                                                                                                                         |  | 
|---- |  | ---------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|LOGO |  |                                                                                                                        |                                                                                           | Elena Viyella de Paliza Age: 59 Dominican Republic
Director since 2003 Non-Independent(1) |                                           | Ms. Viyella de Paliza is President of Inter-Quimica, S.A., a chemicals importer and distributor, Monte Rio Power Corp. and Jaraba Import, S.A., a subsidiary of Monte Rio
Power Corp. She is a member of the board of the Inter-American Dialogue, EDUCA (Action for Education) and Universidad APEC. She was formerly the President of Indescorp, S.A.
|     |  | Principal Areas
of Expertise/Experience: Fertilizer Industry Finance/Business Management Global/International Commerce |                                                                                           | Board
Committee Membership: Safety, Health and Environment                               
|     |  | 2013 Board & Committee Meeting Attendance(2):                                                                         
|     |  |                                                                                                                        | Board: 9/9
Safety, Health and Environment: 4/4                                            |                                                                                           | Total Board & Committee Attendance: 100% 
|     |  |                                                                                                                        | Other Public Board Memberships  Present & Past Five
Years:                              
|     |  |                                                                                                                        | Present Boards:
n/a                                                                       |                                                                                           | Past Boards: n/a                         
|     |  |                                                                                                                        | Ownership and Value of At-Risk Holdings(3):                                              
|     |  |                                                                                                                        | As at February 20, 2014
Share Ownership: 57,000 DSU
Ownership: 47,486 Stock Options: None |                                                                                           | Value of At-Risk Holdings:
$3,513,888    
|     |  |                                                                                                                        | Ownership Guideline Compliance:Yes                                                        |                                                                                           | 2013 Annual Meeting Votes in Favor:90.38%



|(1) | See Director Independence and Other Relationships on page 15 and Director Independence on pages 15 and 16.
|--- | --------------------------------------------------------------------------------------------------------------



|(2) | See Board Meetings and Attendance of Directors on pages 17 and 18 for additional detail.
|--- | ------------------------------------------------------------------------------------------



|(3) | See At-Risk Investment and Year Over Year Changes on pages 22 and 23 for additional detail.
|--- | -----------------------------------------------------------------------------------------------



|(4) | Mr. McCaig is a director of Orbus Pharma Inc. (Orbus). On or about May 17, 2010, Orbus commenced proposal proceedings pursuant to the provisions of
theBankruptcy and Insolvency Act(Canada) by filing a notice of intention to make a proposal. A proposal was submitted and approved by the
creditors of Orbus on September 28, 2010 and approved by the court on October 18, 2010. The proposal was implemented in accordance with the terms and conditions approved by the creditors of Orbus and the court. During 2010, securities
regulators for the Provinces of Alberta, British Columbia, Manitoba, Ontario and Quebec issued cease trading orders in relation to the securities of Orbus for the failure by Orbus to timely file financial statements as well as related continuous
disclosure documents. Such cease trade orders continue to be in effect.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Board Tenure LOGO As at February 20, 2014, the Corporations average Board tenure is 10.8 years. Following the Meeting, should all
director nominees be elected, the average Board tenure will be 10.0 years.


Retirement Policy Pursuant to the PotashCorp Governance Principles, directors should not generally stand for re-election after reaching the age of seventy years. Ms. Mogford will be seventy as of the Meeting date; however, the Board has determined that it is appropriate for Ms. Mogford to serve for up to an additional year to accommodate the Boards
succession planning. Pursuant to the PotashCorp Governance Principles, the full text of which is available on the Corporations website,
www.potashcorp.com, the CEO must also resign from the Board immediately upon retirement or otherwise resigning as CEO. Also, the PotashCorp Governance Principles state that a director should offer to resign in the event of a change in principal job
responsibilities or in the event of any other significant change in his or her circumstances, including one where continued service on the Board might bring the Corporation into disrepute. For greater certainty, a determination by the Board that a
director is no longer independent shall be considered a significant change in such directors circumstances. The CG&N Committee will consider the change in circumstance and recommend to the Board whether the resignation should be accepted.






|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 14



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##### Table of Contents

Director Independence and Other Relationships



|                                                       |  |                                |  |                     |  |             |  |            
|------------------------------------------------------ |  | ------------------------------ |  | ------------------- |  | ----------- |  | -----------
|                                                       |  | Committees
(Number of Members)
|                                                       |  | Audit(1) (5)                   |  | Compensation(1)
(6) |  | CG&N(1) (5) |  | SH&E(2) (6)
|Management Director  Not Independent                  |  |                                |  |                     |  |             |  |            
|William J. Doyle                                       |  |                                |  |                     |  |             |  |            
|Outside Director  Not Independent                     |  |                                |  |                     |  |             |  |            
|Elena Viyella de Paliza (family business relationship) |  |                                |  |                     |  |             |  | Ö          
|Outside Director  Independent                         |  |                                |  |                     |  |             |  |            
|Christopher M. Burley                                  |  | Ö                              |  |                     |  | Ö           |  |            
|Donald G. Chynoweth                                    |  | Ö                              |  |                     |  |             |  | Ö          
|Daniel Clauw(3)                                        |  | Ö                              |  |                     |  |             |  | Ö          
|John W. Estey                                          |  |                                |  | Chair               |  | Ö           |  |            
|Gerald W. Grandey                                      |  |                                |  | Ö                   |  |             |  | Ö          
|C. Steven Hoffman                                      |  |                                |  | Ö                   |  |             |  | Chair      
|Dallas J. Howe (Board Chair)                           |  |                                |  |                     |  | Ö           |  |            
|Alice D. Laberge(4)                                    |  | Chair                          |  |                     |  | Ö           |  |            
|Keith G. Martell(4)                                    |  | Ö                              |  | Ö                   |  |             |  |            
|Jeffrey J. McCaig                                      |  |                                |  | Ö                   |  |             |  | Ö          
|Mary Mogford                                           |  |                                |  | Ö                   |  | Chair       |  |            



|(1) | All members are independent. All Audit Committee and Compensation Committee members are independent under additional regulatory requirements applicable to them. The
CG&N Committee Charter, the Compensation Committee Charter and the Audit Committee Charter each require that each member of the respective committee be independent.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | A majority of the Safety, Health and Environment (SH&E) Committee members are independent.
|--- | --------------------------------------------------------------------------------------------



|(3) | Mr. Clauw resigned from the Board effective February 4, 2014.
|--- | -------------------------------------------------------------



|(4) | Audit Committee financial expert under the rules of the SEC.
|--- | ------------------------------------------------------------



Director Independence The Board has determined that all of the directors of the Corporation, and proposed nominees, with the exception of Mr. Doyle and Ms. Paliza, are independent within the meaning of the PotashCorp
Governance Principles, National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101), applicable rules of the SEC and the NYSE rules. Mr. Clauw, who resigned from the Board effective February 4,
2014, was also determined to be independent.  LOGO For a director to be considered independent, the Board must determine that the director does not have any material relationship
with the Corporation, either directly or indirectly (e.g., as a partner, shareholder or officer of an organization that has a relationship with the Corporation). Pursuant to the PotashCorp Governance Principles and the PotashCorp Core Values
and Code of Conduct, directors and executive officers of the Corporation inform the Board as to their relationships with the Corporation and provide other pertinent information pursuant to questionnaires that they complete, sign and certify on an
annual basis. The Board reviews such relationships under applicable director independence standards and in connection with the related person transaction disclosure requirements of Item 404(a) of Regulation S-K under the Securities
Exchange Act of 1934 (the Exchange Act). As permitted by the NYSE rules, the Board has adopted categorical standards (the
Categorical Standards) to assist it in making determinations of director independence. These standards are set out in the PotashCorp Governance Principles and are outlined in


Schedule A to Appendix A of this Management Proxy Circular under Independence Standards. Mr. Doyle is the CEO and is therefore not independent. Mr. Doyle is also a director of Canpotex Limited. The Corporation had sales of approximately
$1,253 million to Canpotex Limited in 2013. Two of Ms. Palizas brothers are executive officers of Fertilizantes Santo Domingo, C. por A
(Fersan), a fertilizer bulk blender and distributor of agrichemicals based in the Dominican Republic, which is a customer of the Corporation. In 2013, receipts and payments in the amount of approximately USD 32 million were
transacted between the Corporation and Fersan, which exceeded 2% of Fersans gross revenues in 2013. The transactions between the Corporation and Fersan in 2012 and 2011 also exceeded 2% of Fersans gross revenues in such years. Although a
former employee of Fersan, Ms. Paliza has no direct or indirect interest in transactions between the Corporation and Fersan, and all such transactions are completed on normal trade terms. Even though she does not meet the aforementioned
independence standards, Ms. Paliza provides a valuable contribution to the Board through her industry knowledge and experience and international business perspective. Her presence on the Board has not played any role in the Corporations
decision to transact business with Fersan. The Corporation has made this decision on the basis of the best interests of the Corporation. In determining
the independence of its other directors, the Board evaluated business and other relationships that each director had with the Corporation. In doing so, it determined as immaterial (i) any relationships falling below the thresholds set forth in
paragraph (c) of our Categorical Standards and not otherwise required to be disclosed pursuant to Item 404(a) of Regulation S-K






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##### Table of Contents

under the Exchange Act, including certain relationships of Mr. Chynoweth, Mr. Estey and Mr. McCaig; (ii) any relationships falling below the transaction thresholds or
otherwise falling outside the scope of paragraph (d) of our Categorical Standards, including certain relationships of Mr. Howe, Mr. Estey and Mr. Martell; and (iii) any business relationship between the Corporation and an
entity as to which the director in question has no relationship other than as a director thereof, including certain directorships of Ms. Laberge. Board Interlocks In addition to the independence requirements, the Corporation has established an
additional requirement that there shall be no more than two board interlocks at any given time. A board interlock occurs when two of the corporations directors also serve together on the board of another for-profit company. As of the date of
this Management Proxy Circular, there are no board interlocks among the Board members.


Limitations on Other Board Service The PotashCorp Governance Principles also contain limitations on the number of other directorships that directors and the CEO of the Corporation may hold. Directors who are employed as CEOs, or in other senior
executive positions on a full-time basis, should not serve on more than two boards of public companies in addition to the Corporations Board. Other directors should not serve on more than three boards of public companies in addition to the
Corporations Board. The CEO of the Corporation should not serve on the board of more than two other public companies and should not serve on the board of any other company where the CEO of that other company serves on the Corporations
Board. In all cases, prior to accepting an appointment to the board of any company, the CEO of the Corporation must review and discuss the appointment with the Board Chair of the Corporation and obtain Board approval.






Board, Committee &
Director Assessment

Pursuant to the PotashCorp Governance Principles, the Board has adopted a six-part effectiveness evaluation program for the Board,
each Committee and each individual director, which is outlined in Appendix A under Other Board Committees  Board Assessments and summarized in the following table.



|                          |  |                              |  |                                                                                                                                                                                                                                                                                                                                                                            |  |                                                                                                                                                                                                                                                                                                                                                                                  
|------------------------- |  | ---------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Review(Frequency)         |  | By                           |  | Action                                                                                                                                                                                                                                                                                                                                                                     |  | Outcome1                                                                                                                                                                                                                                                                                                                                                                         
|Full Board
(Annual)       |  | All Members ofthe Board      |  |    Board members complete a detailed questionnaire which:
(a) provides for quantitative ratings in key areas and (b) seeks subjective comment in each of those areas. 
   Responses are reviewed by the Chair of the CG&N Committee.

   The Board also reviews and considers any proposed changes to the Board Charter.                                                |  |    A summary report is prepared by the Chair of the CG&N
Committee and provided to the Board Chair, the CG&N Committee and the CEO.     The summary report is reported to the full Board by the CG&N Committee Chair. 
   Matters requiring follow-up are identified and action plans are developed and monitored on a go-forward basis by the
CG&N Committee.                
|Full Board
(Periodically) |  | Management                   |  |    Members of senior management who regularly interact with
the Board and/or its Committees are surveyed to solicit their input and perspective on the operation of the Board and how the Board might improve its effectiveness. 
   Survey includes a questionnaire and one-on-one interviews between the management respondents and the Chair of the
CG&N Committee.   |  |    Results are reported by the Chair of the CG&N
Committee to the full Board.                                                                                                                                                                                                                                                                                                   
|Board Chair
(Annual)      |  | All Members ofthe Board      |  |    Board members assess and comment on the Board
Chairs discharge of his duties. The CEO provides specific input from his perspective, as CEO, regarding the Board Chairs effectiveness. 
   Individual responses are received by the Chair of the CG&N Committee.                                                                                                     |  |    A summary report is prepared by the Chair of the CG&N
Committee and provided to the Board Chair and the full Board.                                                                                                                                                                                                                                                          
|Board
Committees (Annual) |  | All Members ofeach Committee |  |    Members of each Committee complete a detailed
questionnaire to evaluate how well their respective Committee is operating and to make suggestions for improvement. 
   The Chair of the CG&N Committee receives responses and reviews them with the appropriate
Committee Chair.     
The Board reviews and considers any proposed changes to the Committee Charters. |  |    A summary report is prepared and provided to the Board
Chair, the Chair of the CG&N Committee, the appropriate Committee and the CEO. The summary report for each Committee is then reported to the full Board by the appropriate Committee Chair.

   The Committee Chair is expected to follow-up on any matters raised in the assessment and take action, as
appropriate.



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|PotashCorp 2014 Management Proxy Circular |  | 16



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|                              |  |                            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|----------------------------- |  | -------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Review(Frequency)             |  | By                         |  | Action                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | Outcome1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Committee Chair
(Annual)      |  | All MembersofeachCommittee |  |    Members of each Committee assess and comment on their
respective Committee Chairs discharge of his or her duties.     Responses are received by the Chair of the CG&N Committee and the Committee Chair under review.                                                                                                                                                                                                                         |  |    A summary report is provided to the appropriate Committee
and to the full Board.     
The Board reviews and considers any proposed changes to the Committee Chair position descriptions.                                                                                                                                                                                                                                                                                                                      
|Individual
Directors (Annual) |  | Each Director              |  |    Each director formally meets with the Board Chair (and if
desired, the Chair of the CG&N Committee) to engage in a full and frank discussion of any and all issues either wishes to raise, with a focus on maximizing each directors contribution to the Board and his or her respective
Committees.     
Each director is expected to be prepared to discuss how the directors, individually and collectively, can operate more effectively. |  |    The Board Chair employs a checklist, discussing both
short- and long-term goals, and establishes action items for each director to enhance his or her personal contributions to the Board and to overall Board effectiveness. 
   The Board Chair shares peer feedback with each director as appropriate and reviews progress and action
taken.     
The Board Chair discusses the results of the individual evaluations with the Chair of the CG&N Committee and reports summary findings to the full Board.



|1 | Attribution of comments to specific individuals is generally only made if authorized by the individual.
|- | -------------------------------------------------------------------------------------------------------

Board Meetings and Attendance of Directors

Under
the Corporations Board of Directors Charter, attached as Appendix D to this Management Proxy Circular, the Boards principal duties include overseeing and approving the Corporations business strategy and strategic planning process
as well as approving policies, procedures and systems for implementing strategy and managing risk. The Board normally schedules eight meetings a year, including a meeting where risk management is reviewed and a meeting where corporate strategy is
reviewed. Special meetings of the Board are convened as appropriate.

The following items represent the significant activities and priorities for the
Board in 2013:



| |  | Overseeing and approving the Corporations business strategy and strategic planning process, including a two-day meeting focused on the topic. The Board has
adopted a strategic planning process and approves, on an annual basis, a strategic plan which takes into account, among other things, the opportunities and risks of the business. In doing so, it has the responsibility to ensure congruence between
shareholder expectations, company plans and management performance.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Significant dedication to a review and assessment of the Corporations succession planning process. The Board held meetings with the CEO and others to
discuss succession plans for the positions of CEO and other senior executive officers. The Board regularly interacts with the senior management team and periodically attends company events to build relationships with the people who represent the
Corporations future.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Overseeing the Corporations rigorous risk management process, including a two-day meeting focused on the topic.
|- |  | ----------------------------------------------------------------------------------------------------------------



| |  | Visiting company facilities, including a meeting at the Corporations New Brunswick facility.
|- |  | ---------------------------------------------------------------------------------------------



| |  | Obtaining ongoing director education as highlighted on page 32.
|- |  | ---------------------------------------------------------------

The following table provides a summary of attendance at Board and Committee meetings held during fiscal 2013.



|                                                       |  |                    |   | 
|------------------------------------------------------ |  | ------------------ | - | 
|Type of Meeting Held                                   |  | Number of Meetings |  
|Board of Directors                                     |  |                    | 9 | 
|Audit Committee (AUD)                                |  |                    | 7 | 
|Compensation Committee (COMP)                        |  |                    | 5 | 
|Corporate Governance and Nominating Committee (CG&N) |  |                    | 4 | 
|Safety, Health and Environment Committee (SHE)       |  |                    | 4 | 



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|17 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|                        |  |                         |  |  |                             |  |  |                                        |  |  |      |  |  |            |  |     
|----------------------- |  | ----------------------- |  |  | --------------------------- |  |  | -------------------------------------- |  |  | ---- |  |  | ---------- |  | ----
|Director                |  | Board meetings attended |  |  | Committee meetings attended |  |  | Total Board/Committeemeetings attended
|Christopher M. Burley   |  | 9 of 9                  |  |  | 100%                        |  |  | 7 of 7 AUD                             |  |  | 100% |  |  | 20 of 20   |  | 100%
|                        |  |                         |  |  |                             |  |  | 4 of 4 CG&N                            |  |  | 100% |  |  |            |  |     
|Donald G. Chynoweth     |  | 9 of 9                  |  |  | 100%                        |  |  | 7 of 7 AUD                             |  |  | 100% |  |  | 20 of 20   |  | 100%
|                        |  |                         |  |  |                             |  |  | 4 of 4 SHE                             |  |  |      |  |  |            |  |     
|Daniel Clauw(1)         |  | 8 of 9                  |  |  | 89%                         |  |  | 7 of 7 AUD                             |  |  | 100% |  |  | 19 of 20   |  | 95% 
|                        |  |                         |  |  |                             |  |  | 4 of 4 SHE                             |  |  | 100% |  |  |            |  |     
|William J. Doyle(2)     |  | 9 of 9                  |  |  | 100%                        |  |  |                                        |  |  |      |  |  | 9 of 9     |  | 100%
|John W. Estey           |  | 9 of 9                  |  |  | 100%                        |  |  | 4 of 4 CG&N                            |  |  | 100% |  |  | 18 of 18   |  | 100%
|                        |  |                         |  |  |                             |  |  | 5 of 5 COMP (Chair)                    |  |  | 100% |  |  |            |  |     
|Gerald W. Grandey       |  | 9 of 9                  |  |  | 100%                        |  |  | 5 of 5 COMP                            |  |  | 100% |  |  | 18 of 18   |  | 100%
|                        |  |                         |  |  |                             |  |  | 4 of 4 SHE                             |  |  | 100% |  |  |            |  |     
|C. Steven Hoffman       |  | 9 of 9                  |  |  | 100%                        |  |  | 5 of 5 COMP                            |  |  | 100% |  |  | 18 of 18   |  | 100%
|                        |  |                         |  |  |                             |  |  | 4 of 4 SHE (Chair)                     |  |  | 100% |  |  |            |  |     
|Dallas J. Howe(2)       |  | 9 of 9                  |  |  | 100%                        |  |  | 4 of 4 CG&N                            |  |  | 100% |  |  | 13 of 13   |  | 100%
|Alice D. Laberge        |  | 9 of 9                  |  |  | 100%                        |  |  | 7 of 7 AUD (Chair)                     |  |  | 100% |  |  | 20 of 20   |  | 100%
|                        |  |                         |  |  |                             |  |  | 4 of 4 CG&N                            |  |  | 100% |  |  |            |  |     
|Keith G. Martell        |  | 9 of 9                  |  |  | 100%                        |  |  | 7 of 7 AUD                             |  |  | 100% |  |  | 21 of 21   |  | 100%
|                        |  |                         |  |  |                             |  |  | 5 of 5 COMP                            |  |  | 100% |  |  |            |  |     
|Jeffrey J. McCaig       |  | 9 of 9                  |  |  | 100%                        |  |  | 5 of 5 COMP                            |  |  | 100% |  |  | 18 of 18   |  | 100%
|                        |  |                         |  |  |                             |  |  | 4 of 4 SHE                             |  |  | 100% |  |  |            |  |     
|Mary Mogford            |  | 9 of 9                  |  |  | 100%                        |  |  | 4 of 4 CG&N (Chair)                    |  |  | 100% |  |  | 18 of 18   |  | 100%
|                        |  |                         |  |  |                             |  |  | 5 of 5 COMP                            |  |  | 100% |  |  |            |  |     
|Elena Viyella de Paliza |  | 9 of 9                  |  |  | 100%                        |  |  | 4 of 4 SHE                             |  |  | 100% |  |  | 13 of 13   |  | 100%
|Aggregate Attendance    |  | 116 of 117              |  |  | 99%                         |  |  | 35 of 35 AUD                           |  |  | 100% |  |  | 225 of 226 |  | 99% 
|                        |  |                         |  |  |                             |  |  | 20 of 20 CG&N                          |  |  | 100% |  |  |            |  |     
|                        |  |                         |  |  |                             |  |  | 30 of 30 COMP                          |  |  | 100% |  |  |            |  |     
|                        |  |                         |  |  |                             |  |  | 24 of 24 SHE                           |  |  | 100% |  |  |            |  |     



|(1) | Mr. Clauw resigned from the Board effective February 4, 2014.
|--- | -------------------------------------------------------------



|(2) | In addition to the committees of which he is a member, Mr. Howe, as Board Chair, regularly attends other committee meetings as well. Mr. Howe attended all but
one of the committee meetings held in 2013. At the invitation of applicable committees, Mr. Doyle attended all or a portion of many of the committee meetings held in 2013, including all of the Compensation and CG&N committee meetings. In an
effort to provide directors with a more complete understanding of the issues facing the Corporation and in line with the Corporations core values, directors are encouraged to attend committee meetings of which they are not a member.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Pursuant to the PotashCorp Governance Principles, the Board has adopted a policy of meeting in executive session, without management
present, at each meeting of the Board. In practice, two such sessions occur at each meeting of the Board; one prior to the business of the meeting and one at the conclusion of the meeting. The Board has also adopted a policy of meeting in executive
session, with only independent directors present, at each meeting of the Board. The presiding director at these executive sessions is Dallas J. Howe, the Board Chair, or, in his absence, a director selected by majority vote of those directors
present. Sessions are of no fixed duration and participating directors are encouraged to raise and discuss any issues of concern. Each Committee of the Board also meets in executive session, without management present, at each meeting of the
respective Committee. Directors are expected to attend each Annual Meeting of Shareholders of the Corporation. Each director nominee was present at the Corporations 2013 Annual Meeting of Shareholders.



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|PotashCorp 2014 Management Proxy Circular |  | 18



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##### Table of Contents

Director Compensation 2013 Director Compensation Package We establish director compensation after considering the advice of
independent consultants Towers Watson, with a view to establishing compensation at the median of the Comparator Group (see Compensation  Compensation Discussion and Analysis  Compensation Principles on page 40). Only
non-employee directors (the outside directors) are compensated for service on the Board. The following table displays the compensation structure for 2013 for all outside directors.  Item or Service

Fee(1)Board Chair retainer

$
400,000
(1)Director retainer

$
200,000
(1)Committee Chair retainersAudit Committee

$
20,000Compensation Committee

$
20,000CG&N Committee

$
15,000SH&E Committee

$
15,000Non-Chair Committee member retainer

$
5,000Travel fee (per day)

$
500Per diem for Committee meeting

$
1,500
(2)  (1)
Reflects annual retainer effective July 1, 2013, when the annual retainer for outside directors was increased by $15,000 from $185,000 and the annual retainer for the
Board Chair was increased by $30,000 from $370,000, after considering the recommendations of Towers Watson.  (2)
Each outside director who was a member of a Board Committee, other than the Board Chair, received a per diem fee of $1,500 for committee meetings he or she attended,
provided such meetings were not held the same day as a Board meeting. As described below, each outside director can defer, in the form of
DSUs, up to 100% of the annual retainer payable to him or her in respect of serving as a director, which would otherwise be payable in cash. Due to the economic challenges faced in 2013, including the operating changes and workforce reductions we
announced in December 2013, the Board determined not to grant any increase in director compensation for 2014. Stock-Based Compensation Effective November 20, 2001, we adopted the Deferred Share Unit Plan (the DSU Plan), which allows outside directors to defer, in
the form of DSUs, up to 100% of the annual retainer payable to him or her in respect of serving as a director that would otherwise be payable in cash. Each DSU has an initial value equal to the market value of a Share at the time of deferral. The
DSU Plan is intended to enhance our ability to attract and retain highly qualified individuals to serve as directors and to promote a greater alignment of interests between such directors and our shareholders. The DSU Plan also provides for
discretionary grants of DSUs, which the Board discontinued on January 24, 2007 in connection with an increase to the annual retainer.


Each DSU is credited to the account of an individual director and is fully vested at the time of grant, but is
distributed only when the outside director has ceased to be a member of the Board, provided that the director is neither our employee nor an employee of any of our subsidiaries. In accordance with elections made pursuant to the terms of the DSU
Plan, the director will receive, within a specified period following retirement, a cash payment equal to his or her DSUs multiplied by the applicable Share price at the date of valuation (reduced by the amount of applicable withholding taxes). While
the Compensation Committee, with Board approval, has the discretion to distribute Shares in lieu of cash, the Compensation Committee and Board have determined that all distributions pursuant to the DSU Plan will be made in cash. DSUs earn dividends
in the form of additional DSUs at the same rate as dividends are paid on Shares. The number of DSUs credited to the directors account with respect
to director retainer fees that the director elects to allocate to the DSU Plan is determined as of the last trading day of each calendar quarter and is equal to the quotient obtained by dividing (a) the aggregate amount of retainer fees
allocated to the DSU Plan for the relevant calendar quarter by (b) the market value of a Share on such last trading day (determined on the basis of the closing price on the TSX for participants resident in Canada and on the basis of the closing
price on the NYSE for all other participants). In 2013, the following outside directors elected to receive all or a portion of 2013 director retainer
fees in the form of DSUs: Mr. Burley, Mr. Chynoweth, Mr. Estey, Mr. Grandey, Mr. Hoffman, Ms. Laberge, Mr. Martell and Mr. McCaig. The outside directors were not granted any stock options in 2013 and have not been granted any stock options since the Boards decision in 2003 to discontinue stock option grants to outside directors. Share Ownership Requirements The Board believes
that the economic interests of directors should be aligned with those of shareholders. By the time a director has served on the Board for five years, he or she must own Shares and/or DSUs with a value equal to at least five times the annual retainer
paid to directors with at least one-half of such ownership requirement to be satisfied by the time a director has served on the Board for two and one-half years. The Board may make exceptions to these standards in particular circumstances. If a directors Share ownership falls below the minimum guidelines due to a decline in the Share price, such director will have three years to
restore compliance. For purposes of determining compliance during this three-year period, the directors Shares will be valued at the higher of cost or market value. As of February 20, 2014, all of our directors were in compliance with the applicable requirements described above.






|   |  |                                          
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|19 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

Other Benefits Directors participate in our Group Life Insurance coverage (Cdn$50,000), Accidental Death and Dismemberment coverage (Cdn$100,000), Business Travel Accidental
coverage (Cdn$1,000,000) and Supplemental Business Travel Medical coverage (Cdn$1,000,000). The amounts set forth in parenthesis with respect to each benefit indicates the per calendar year coverage for each director.


The following table sets forth the compensation earned by our outside directors during fiscal 2013 as prescribed in
accordance with Item 402(k) of Regulation S-K. The table in footnote (2) below sets forth further details, including the amount of each outside directors 2013 annual retainer and committee meeting and other fees received in the form
of cash and DSUs.






2013
Non-Employee Director Compensation(1)

(see explanatory notes)



|                        |  |                                  |         |  |                           |  |         |                     |  |  |                                         |  |  |                                                                    |   |  |                             |  |   |           |  |  |     |  |  |  |         | 
|----------------------- |  | -------------------------------- | ------- |  | ------------------------- |  | ------- | ------------------- |  |  | --------------------------------------- |  |  | ------------------------------------------------------------------ | - |  | --------------------------- |  | - | --------- |  |  | --- |  |  |  | ------- | 
|Name                    |  | Fees Earnedor Paid inCash ($)(2) |         |  | Stock Awards
($)(2)(3)(4) |  |         | OptionAwards
($)(5) |  |  | Non-EquityIncentive PlanCompensation($) |  |  | Change inPension Valueand NonqualifiedDeferredCompensationEarnings |   |  | All OtherCompensation($)(6) |  |   | Total
($) | 
|Christopher M. Burley   |  |                                  | 165,875 |  |                           |  | 57,466  |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 223,480 | 
|Donald G. Chynoweth     |  |                                  | 115,750 |  |                           |  | 104,158 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 220,047 | 
|Daniel Clauw(7)         |  |                                  | 222,000 |  |                           |  |        |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 453 |  |  |  | 222,453 | 
|John W. Estey           |  |                                  | 117,250 |  |                           |  | 197,620 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 453 |  |  |  | 315,323 | 
|Gerald W. Grandey       |  |                                  | 8,500   |  |                           |  | 211,559 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 220,198 | 
|C. Steven Hoffman       |  |                                  | 9,500   |  |                           |  | 238,117 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 453 |  |  |  | 248,070 | 
|Dallas J. Howe          |  |                                  | 385,000 |  |                           |  | 129,692 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 514,831 | 
|Alice D. Laberge        |  |                                  | 155,875 |  |                           |  | 140,447 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 296,461 | 
|Keith G. Martell        |  |                                  | 164,375 |  |                           |  | 73,594  |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 238,108 | 
|Jeffrey J. McCaig       |  |                                  | 9,500   |  |                           |  | 315,275 |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 324,914 | 
|Mary Mogford            |  |                                  | 222,000 |  |                           |  | 97,162  |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 139 |  |  |  | 319,301 | 
|Elena Viyella de Paliza |  |                                  | 207,500 |  |                           |  | 54,667  |                     |  |  |                                        |  |  |                                                                    |  |  |                             |  |  |           |  |  | 453 |  |  |  | 262,620 | 



|(1) | Those amounts that were paid in Canadian dollars have been converted to United States dollars using the average exchange rate for the month prior to the date of payment.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Stock Award amounts set forth above include the amount of annual retainer deferred into DSUs plus dividend amounts on DSUs. The following table sets forth each outside
directors annual retainer, meeting and other fees for fiscal year 2013 that were earned or paid in the form of cash or deferred in the form of DSUs.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Remuneration of Directors

For the Fiscal Year Ended December 31, 2013



|                        |  |                 |           |  |                                    |  |           |                      |  |  |                                           |  |  |  |           |  |  |  |       | 
|----------------------- |  | --------------- | --------- |  | ---------------------------------- |  | --------- | -------------------- |  |  | ----------------------------------------- |  |  |  | --------- |  |  |  | ----- | 
|                        |  | Annual Retainer |           |  | Committee Meetingand Other Fees($) |  |           | TotalRemuneration($) |  |  | Percentage of TotalRemuneration inDSUs(%) | 
|Name                    |  | Cash
($)        |           |  | DSUs
($)                           |  |           |                      | 
|Christopher M. Burley   |  |                 | 151,875   |  |                                    |  | 50,625    |                      |  |  | 14,000                                    |  |  |  | 216,500   |  |  |  | 23.38 | 
|Donald G. Chynoweth     |  |                 | 101,250   |  |                                    |  | 101,250   |                      |  |  | 14,500                                    |  |  |  | 217,000   |  |  |  | 46.66 | 
|Daniel Clauw            |  |                 | 202,500   |  |                                    |  |          |                      |  |  | 19,500                                    |  |  |  | 222,000   |  |  |  |      | 
|John W. Estey           |  |                 | 108,750   |  |                                    |  | 108,750   |                      |  |  | 8,500                                     |  |  |  | 226,000   |  |  |  | 48.12 | 
|Gerald W. Grandey       |  |                 |          |  |                                    |  | 202,500   |                      |  |  | 8,500                                     |  |  |  | 211,000   |  |  |  | 95.97 | 
|C. Steven Hoffman       |  |                 |          |  |                                    |  | 212,500   |                      |  |  | 9,800                                     |  |  |  | 222,000   |  |  |  | 95.72 | 
|Dallas J. Howe          |  |                 | 385,000   |  |                                    |  |          |                      |  |  |                                          |  |  |  | 385,000   |  |  |  |      | 
|Alice D. Laberge        |  |                 | 141,375   |  |                                    |  | 76,125    |                      |  |  | 14,500                                    |  |  |  | 232,000   |  |  |  | 32.81 | 
|Keith G. Martell        |  |                 | 151,875   |  |                                    |  | 50,625    |                      |  |  | 12,500                                    |  |  |  | 215,000   |  |  |  | 23.55 | 
|Jeffrey J. McCaig       |  |                 |          |  |                                    |  | 202,500   |                      |  |  | 9,500                                     |  |  |  | 212,000   |  |  |  | 95.52 | 
|Mary Mogford            |  |                 | 212,500   |  |                                    |  |          |                      |  |  | 9,500                                     |  |  |  | 222,000   |  |  |  |      | 
|Elena Viyella de Paliza |  |                 | 197,500   |  |                                    |  |          |                      |  |  | 10,000                                    |  |  |  | 207,500   |  |  |  |      | 
|Total                   |  |                 | 1,652,625 |  |                                    |  | 1,004,875 |                      |  |  | 130,500                                   |  |  |  | 2,788,000 |  |  |  | 36.04 | 



|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 20



---

##### Table of Contents

|(3) | Reports the grant date fair value, as calculated in accordance with Financial Accounting Standards Codification Topic 718 (FASB ASC Topic 718), for DSUs
received in 2013 pursuant to the DSU Plan.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | The grant date fair value of each grant of DSUs received by each outside director in 2013 was as follows:
| | ---------------------------------------------------------------------------------------------------------



Name

February 7,2013(Dividend)

March 31,
2013(Deferred Fees)

May 2,2013(Dividend)

June 30,
2013(Deferred Fees)

August 2,2013(Dividend)

September 30,2013(Deferred Fees)

November 5,2013(Dividend)

December 31,2013(Deferred Fees)Christopher M. Burley

$1,151

$12,188

$1,572

$12,188

$1,968

$13,125

$2,149

$13,125(27.35 units)

(308.44 units)

(37.63 units)

(309.82 units)

(68.09 units)

(424.15 units)

(65.49 units)

(393.23 units)Donald G. Chynoweth

$306

$24,375

$564

$24,375

$871

$26,250

$1,167

$26,250(7.26 units)

(616.89 units)

(13.51 units)

(619.64 units)

(30.14 units)

(848.30 units)

(35.58 units)

(786.45 units)Daniel Clauw





























John W. Estey

$15,247

$26,250

$20,618

$26,250

$26,187

$28,125

$26,818

$28,125(362.25 units)

(668.79 units)

(493.62 units)

(688.43 units)

(905.80 units)

(899.14 units)

(817.38 units)

(853.31 units)Gerald W. Grandey

$1,212

$48,750

$1,905

$48,750

$2,665

$52,500

$3,277

$52,500(28.80 units)

(1,233.78 units)

(45.60 units)

(1,239.29 units)

(92.19 units)

(1,696.59 units)

(99.86 units)

(1,572.90 units)C. Steven Hoffman

$3,971

$51,250

$5,686

$51,250

$7,626

$55,000

$8,334

$55,000(94.34 units)

(1,305.73 units)

(136.14 units)

(1,344.09 units)

(263.79 units)

(1,758.31 units)

(254.01 units)

(1,668.69 units)Dallas J. Howe

$24,040



$31,057



$36,909



$37,686

(571.15 units)



(743.52 units)



(1,276.68 units)



(1,148.62 units)

Alice D. Laberge

$11,747

$18,375

$15,303

$18,375

$18,338

$19,688

$18,933

$19,688(279.08 units)

(465.04 units)

(366.36 units)

(467.12 units)

(634.31 units)

(636.22 units)

(577.04 units)

(589.84 units)Keith G. Martell

$4,141

$12,188

$5,434

$12,188

$6,558

$13,125

$6,835

$13,125(98.38 units)

(308.44 units)

(130.09 units)

(309.82 units)

(226.85 units)

(424.15 units)

(208.33 units)

(393.23 units)Jeffrey J. McCaig

$20,437

$48,750

$26,741

$48,750

$32,182

$52,500

$33,415

$52,500(485.56 units)

(1,233.78 units)

(640.21 units)

(1,239.29 units)

(1,113.18 units)

(1,696.59 units)

(1,018.45 units)

(1,572.90 units)Mary Mogford

$18,010



$23,267



$27,651



$28,234

(427.89 units)



(557.02 units)



(956.46 units)



(860.52 units)

Elena Viyella de Paliza

$9,536



$12,778



$16,079



$16,274

(226.55 units)



(305.90 units)



(556.17 units)



(496.00 units)






|(4) | As of December 31, 2013, the total number of DSUs held by each outside director was as follows: Mr. Burley, 7,023.69; Mr. Chynoweth,
4,388.80; Mr. Clauw, 0; Mr. Estey, 78,294.65; Mr. Grandey, 11,683.79; Mr. Hoffman, 25,733.87; Mr. Howe, 116,293.59;
Ms. Laberge, 59,012.33; Mr. Martell, 21,485.82; Mr. McCaig, 104,687.14; Ms. Mogford, 87,124.48 and Ms. Viyella de Paliza,
46,992.22.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(5) | As of December 31, 2013, none of the outside directors held outstanding options.
|--- | --------------------------------------------------------------------------------



|(6) | Reports the cost of tax gross-ups for taxable benefits and life insurance premiums paid for the benefit of each director.
|--- | -------------------------------------------------------------------------------------------------------------------------



|(7) | Mr. Clauw resigned from the Board effective February 4, 2014.
|--- | -------------------------------------------------------------



|   |  |                                          
|-- |  | -----------------------------------------
|21 |  | PotashCorp 2014 Management Proxy Circular



---

##### Table of Contents

At-Risk Investment and Year Over Year Changes

The following table provides ownership information as at February 20, 2014 and February 19, 2013, respectively.



|                        |  |               |      |  |      |        |                  |  |           |            |  |  |                          |  |  |                                                  |           |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |           | 
|----------------------- |  | ------------- | ---- |  | ---- | ------ | ---------------- |  | --------- | ---------- |  |  | ------------------------ |  |  | ------------------------------------------------ | --------- |  | ----------------------------------------------------------------- |  | ----------- | ---------------------------------- |  |  | ------------------------------------------ |  |  | --------------------------------------------- | -------------------------------- | --- |  |  | ---- |  |  |  | --------- | 
|                        |  | DirectorSince |      |  | Year |        | CommonShares
(#) |  |           | DSUs(#)(1) |  |  | CommonShares andDSUs
(#) |  |  | Total At-RiskValue ofCommonShares
andDSUs ($)(2) |           |  | Value
ofCommonShares/DSUsNeeded to Meet2014OwnershipGuideline ($) |  |             | OwnershipGuidelineCompliance(3)(4) |  |  | Equity atRiskMultiple of2013AnnualRetainer |  |  | SharesDeemed
tobe BeneficiallyOwned
(#)(5)(6) |                                 
|Christopher M. Burley   |  |               | 2009 |  |      | 2014   |                  |  | 30,000    |            |  |  | 7,084                    |  |  |                                                  | 37,084    |  |                                                                   |  | 1,247,163   |                                    |  |  | 1,050,000                                  |  |  |                                               | YES                              |     |  |  | 5.9  |  |  |  | 30,000    | 
|                        |  |               |      |  |      | 2013   |                  |  | 30,000    |            |  |  | 5,416                    |  |  |                                                  | 35,416    |  |                                                                   |  | 1,470,153   |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 30,000    | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +1,668                   |  |  |                                                  | +1,668    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Donald G. Chynoweth     |  |               | 2012 |  |      | 2014   |                  |  | 7,000     |            |  |  | 4,427                    |  |  |                                                  | 11,427    |  |                                                                   |  | 384,290     |                                    |  |  | 1,050,000                                  |  |  |                                               | YES                              |     |  |  | 1.8  |  |  |  | 7,000     | 
|                        |  |               |      |  |      | 2013   |                  |  |          |            |  |  | 1,438                    |  |  |                                                  | 1,438     |  |                                                                   |  | 59,703      |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|                        |  |               |      |  |      | Change |                  |  | +7,000    |            |  |  | +2,989                   |  |  |                                                  | +9,989    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | +7,000    | 
|William J. Doyle(7)     |  |               | 1989 |  |      | 2014   |                  |  | 2,929,421 |            |  |  |                         |  |  |                                                  | 2,929,421 |  |                                                                   |  | 98,516,429  |                                    |  |  | n/a                                        |  |  |                                               | n/a                              |     |  |  | n/a  |  |  |  | 8,307,871 | 
|                        |  |               |      |  |      | 2013   |                  |  | 2,267,936 |            |  |  |                         |  |  |                                                  | 2,267,936 |  |                                                                   |  | 94,142,017  |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 8,658,994 | 
|                        |  |               |      |  |      | Change |                  |  | +661,486  |            |  |  | n/a                      |  |  |                                                  | +661,486  |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | -351,123  | 
|John W. Estey           |  |               | 2003 |  |      | 2014   |                  |  | 3,000     |            |  |  | 79,118                   |  |  |                                                  | 82,118    |  |                                                                   |  | 2,761,647   |                                    |  |  | 1,125,000                                  |  |  |                                               | YES                              |     |  |  | 12.3 |  |  |  | 3,000     | 
|                        |  |               |      |  |      | 2013   |                  |  | 3,000     |            |  |  | 72,968                   |  |  |                                                  | 75,968    |  |                                                                   |  | 3,153,439   |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 3,000     | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +6,150                   |  |  |                                                  | +6,150    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Gerald W. Grandey       |  |               | 2011 |  |      | 2014   |                  |  | 5,500     |            |  |  | 11,785                   |  |  |                                                  | 17,285    |  |                                                                   |  | 581,312     |                                    |  |  | 1,050,000                                  |  |  |                                               | YES                              |     |  |  | 2.8  |  |  |  | 5,500     | 
|                        |  |               |      |  |      | 2013   |                  |  | 2,500     |            |  |  | 5,703                    |  |  |                                                  | 8,203     |  |                                                                   |  | 340,530     |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 2,500     | 
|                        |  |               |      |  |      | Change |                  |  | +3,000    |            |  |  | +6,082                   |  |  |                                                  | +9,082    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | +3,000    | 
|C. Steven Hoffman       |  |               | 2008 |  |      | 2014   |                  |  | 6,600     |            |  |  | 26,004                   |  |  |                                                  | 32,604    |  |                                                                   |  | 1,096,495   |                                    |  |  | 1,100,000                                  |  |  |                                               | YES                              |     |  |  | 5.0  |  |  |  | 6,600     | 
|                        |  |               |      |  |      | 2013   |                  |  | 6,600     |            |  |  | 19,003                   |  |  |                                                  | 25,603    |  |                                                                   |  | 1,062,785   |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 6,600     | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +7,001                   |  |  |                                                  | +7,001    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Dallas J. Howe          |  |               | 1991 |  |      | 2014   |                  |  | 327,645   |            |  |  | 117,306                  |  |  |                                                  | 444,951   |  |                                                                   |  | 14,963,715  |                                    |  |  | 2,000,000                                  |  |  |                                               | YES                              |     |  |  | 37.4 |  |  |  | 327,645   | 
|                        |  |               |      |  |      | 2013   |                  |  | 327,645   |            |  |  | 113,124                  |  |  |                                                  | 440,769   |  |                                                                   |  | 18,296,353  |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 327,645   | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +4,182                   |  |  |                                                  | +4,182    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Alice D. Laberge        |  |               | 2003 |  |      | 2014   |                  |  | 17,000    |            |  |  | 59,526                   |  |  |                                                  | 76,526    |  |                                                                   |  | 2,573,578   |                                    |  |  | 1,125,000                                  |  |  |                                               | YES                              |     |  |  | 11.4 |  |  |  | 17,000    | 
|                        |  |               |      |  |      | 2013   |                  |  | 17,000    |            |  |  | 55,276                   |  |  |                                                  | 72,276    |  |                                                                   |  | 3,000,193   |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 17,000    | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +4,250                   |  |  |                                                  | +4,250    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Consuelo E. Madere      |  |               |      |  |      | 2014   |                  |  |          |            |  |  | n/a                      |  |  |                                                  |          |  |                                                                   |  |            |                                    |  |  | 1,000,000                                  |  |  |                                               | YES                              |     |  |  |     |  |  |  |          | 
|                        |  |               |      |  |      | 2013   |                  |  | n/a       |            |  |  | n/a                      |  |  |                                                  | n/a       |  |                                                                   |  | n/a         |                                    |  |  |                                            |  |  |                                               | (to be satisfied byMay 15, 2019) |     |  |  | n/a  | 
|                        |  |               |      |  |      | Change |                  |  | n/a       |            |  |  | n/a                      |  |  |                                                  | n/a       |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  | n/a | 
|Keith G. Martell        |  |               | 2007 |  |      | 2014   |                  |  | 3,800     |            |  |  | 21,672                   |  |  |                                                  | 25,472    |  |                                                                   |  | 856,655     |                                    |  |  | 1,050,000                                  |  |  |                                               | YES                              |     |  |  | 4.1  |  |  |  | 3,800     | 
|                        |  |               |      |  |      | 2013   |                  |  | 2,800     |            |  |  | 19,484                   |  |  |                                                  | 22,284    |  |                                                                   |  | 925,046     |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 2,800     | 
|                        |  |               |      |  |      | Change |                  |  | +1,000    |            |  |  | +2,188                   |  |  |                                                  | +3,188    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | +1,000    | 
|Jeffrey J. McCaig(8)    |  |               | 2001 |  |      | 2014   |                  |  | 252,000   |            |  |  | 105,598                  |  |  |                                                  | 357,598   |  |                                                                   |  | 12,026,049  |                                    |  |  | 1,050,000                                  |  |  |                                               | YES                              |     |  |  | 57.3 |  |  |  | 252,000   | 
|                        |  |               |      |  |      | 2013   |                  |  | 252,000   |            |  |  | 96,172                   |  |  |                                                  | 348,172   |  |                                                                   |  | 14,452,650  |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 252,000   | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +9,426                   |  |  |                                                  | +9,426    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Mary Mogford            |  |               | 2001 |  |      | 2014   |                  |  | 67,193    |            |  |  | 87,883                   |  |  |                                                  | 155,076   |  |                                                                   |  | 5,215,214   |                                    |  |  | 1,100,000                                  |  |  |                                               | YES                              |     |  |  | 23.7 |  |  |  | 67,193    | 
|                        |  |               |      |  |      | 2013   |                  |  | 67,173    |            |  |  | 84,750                   |  |  |                                                  | 151,923   |  |                                                                   |  | 6,306,343   |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 67,173    | 
|                        |  |               |      |  |      | Change |                  |  | +20       |            |  |  | +3,133                   |  |  |                                                  | +3,153    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | +20       | 
|Elena Viyella de Paliza |  |               | 2003 |  |      | 2014   |                  |  | 57,000    |            |  |  | 47,486                   |  |  |                                                  | 104,486   |  |                                                                   |  | 3,513,888   |                                    |  |  | 1,025,000                                  |  |  |                                               | YES                              |     |  |  | 17.1 |  |  |  | 57,000    | 
|                        |  |               |      |  |      | 2013   |                  |  | 57,000    |            |  |  | 45,634                   |  |  |                                                  | 102,634   |  |                                                                   |  | 4,260,343   |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 57,000    | 
|                        |  |               |      |  |      | Change |                  |  |          |            |  |  | +1,852                   |  |  |                                                  | +1,852    |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  |          | 
|Total                   |  |               |      |  |      | 2014   |                  |  | 3,706,159 |            |  |  | 567,889                  |  |  |                                                  | 4,274,048 |  |                                                                   |  | 143,736,435 |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 9,084,609 | 
|                        |  |               |      |  |      | 2013   |                  |  | 3,033,653 |            |  |  | 518,968                  |  |  |                                                  | 3,552,621 |  |                                                                   |  | 147,469,555 |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | 9,424,712 | 
|                        |  |               |      |  |      | Change |                  |  | +672,506  |            |  |  | +48,921                  |  |  |                                                  | +721,427  |  |                                                                   |  |             |                                    |  |  |                                            |  |  |                                               |                                  |     |  |  |      |  |  |  | -340,103  | 



|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 22



---

##### Table of Contents

|(1) | DSUs do not carry any voting rights. The number of DSUs held by each director has been rounded down to the nearest whole number.
|--- | --------------------------------------------------------------------------------------------------------------------------------



|(2) | Based on the closing price per Share on the NYSE of $41.51 on February 19, 2013 and $33.63 on February 20, 2014.
|--- | ----------------------------------------------------------------------------------------------------------------



|(3) | By the time a director has served on the Board for 5 years, he or she must own Shares and/or DSUs with a value at least five times the annual
retainer paid to directors. One-half of this ownership threshold is required to be achieved within
21/2 years. If a directors Share ownership falls below the minimum requirements due to a decline
in the Share price, such director will have three years to restore compliance. For purposes of determining compliance during the three-year period, the directors Shares will be valued at the higher of cost or market value.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | Mr. Chynoweth has until May 17, 2017 to satisfy his ownership requirement, Mr. Grandey has until September 9, 2016 and, assuming she is elected,
Ms. Madere will have until May 15, 2019. Mr. Martell and Mr. Hoffman had achieved the requisite ownership requirement within 5 years of joining the Board; however, due to a decline in the Share price after February 19, 2013 they are
currently below the minimum requirement and, as such, have three years to restore compliance. For purposes of determining compliance during this three-year period, their Shares will be valued at the higher of cost or market value.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(5) | For 2014, the number of Shares indicated above as deemed to be beneficially owned by the nominated directors includes Shares purchasable by such directors within
60 days of February 20, 2014 through the exercise of options granted by the Corporation, as follows: Mr. Doyle 5,378,450 Shares. No stock options have been granted to the Corporations non-employee directors since November
2002 and none are outstanding.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | For 2013, the number of Shares indicated above as deemed to be beneficially owned by the nominated directors included Shares purchasable by such directors within
60 days of February 19, 2013 through the exercise of options granted by the Corporation, as follows: Mr. Doyle 6,391,058 Shares. No stock options have been granted to the Corporations non-employee directors since November
2002 and none are outstanding.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(6) | No Shares beneficially owned by any of the directors are pledged as security.
|--- | -----------------------------------------------------------------------------



|(7) | Includes 59,694 Shares held in the William & Kathy Doyle Foundation; 864,675 Shares held in the WJ Doyle Revocable Trust; 692,184 Shares held in
the Doyle Family LLC (Mr. Doyle controls these Shares and has a beneficial interest in a majority of the interests of the LLC; however, the remaining interests of the LLC are beneficially owned by members of Mr. Doyles immediate family);
82,877 Shares held in the Doyle Family Stock Trust II; 42,439 Shares held in the DFG Trust; 100,000 Shares held in the DFG Trust III; 646,842 Shares held in Doyle Investments LLC (Mr. Doyle controls these Shares; however the majority of
the interests of the LLC are beneficially owned by members of Mr. Doyles immediate family); 191,018 Shares held in the DFP Trust, 195,878 Shares held in the DFP Trust II and 53,814 Shares held in the DFST IV Trust.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(8) | Includes 97,046 Shares held in The Jeffrey & Marilyn McCaig Family Foundation.
|--- | ------------------------------------------------------------------------------



|   |  |                                          
|-- |  | -----------------------------------------
|23 |  | PotashCorp 2014 Management Proxy Circular



---

##### Table of Contents

Appointment of Auditors and Report of Audit Committee

PotashCorp strongly values the importance of accurate and transparent financial disclosure and effective internal controls over financial reporting. To that
end, PotashCorp is continually working to maintain sound accounting practices, internal controls and risk management practices. PotashCorps standing Audit Committee actively assists the Board in fulfilling its oversight responsibilities to
ensure (i) the integrity of PotashCorps financial statements, (ii) PotashCorps compliance with legal and regulatory requirements, (iii) the qualification and independence of PotashCorps independent auditors and
(iv) the effective performance of PotashCorps independent auditors. Under the Audit Committee Charter adopted by the Board, the Audit Committee has responsibility for the oversight of PotashCorps financial reporting and audit
processes and related internal controls on behalf of the Board.

Letter from and Report of the Audit Committee

To Our Fellow Shareholders:



|                  |  |           |  |              |  |           
|----------------- |  | --------- |  | ------------ |  | ----------
|LOGO              |  | LOGO      |  | LOGO         |  | LOGO      
|A. Laberge, Chair |  | C. Burley |  | D. Chynoweth |  | K. Martell



During 2013, we met seven times. At these meetings, we met with senior members of PotashCorps financial
management team. Additionally, we had multiple private sessions with various members of the executive team, including PotashCorps Chief Financial Officer, Vice President Internal Audit, General Counsel and their designees. At these meetings,
we had candid discussions regarding PotashCorps financial disclosures, financial and risk management and other legal, accounting, auditing and internal control matters. Deloitte LLP, PotashCorps independent auditor, reports directly to us, and we have the sole authority to appoint, oversee, evaluate and discharge the independent auditors and to approve fees paid for their
services. At our meetings, we candidly discuss PotashCorps financial reporting with Deloitte LLP, often without management present. We review with Deloitte LLP the results of its audits as well as its review of PotashCorps internal
control over financial reporting and the overall quality of PotashCorps financial reporting. We believe that these candid discussions with those involved in the companys financial reporting assist us in overseeing the functioning of
PotashCorps financial reporting.


In 2013, PotashCorp was honored by three Awards of Excellence from the Chartered Professional Accountants of Canada
in the categories of Financial Reporting, Corporate Reporting in Mining and Electronic Disclosure. Audit Committee Charter At least annually, we review PotashCorps Disclosure Controls and Procedures, our Committee Charter and the PotashCorp Core Values and Code of Conduct. This
review gives us an opportunity to analyze our responsibilities under these documents and to ensure that the documents comply with current regulatory requirements. Both the Audit Committee Charter and the PotashCorp Core Values and Code of Conduct
are available on PotashCorps website, www.potashcorp.com. The Audit Committee Charter is also attached as Appendix E to this Management Proxy Circular.






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Report of Audit Committee In overseeing the audit process, we received the independent auditors written disclosures and a letter dated February 20, 2014, as required by the applicable requirements of the Public Company Accounting
Oversight Board (the PCAOB), describing all relationships between the auditors and PotashCorp that might bear on the auditors independence and the auditors judgment that they are, in fact, independent. We discussed with the
independent auditors their independence and their written disclosures. We also reviewed the organizational structure, procedure and practices that support the objectivity of the internal audit department and reviewed the Internal Audit Department
Charter. We reviewed with both the independent and the internal auditors their audit plans and scope, as well as the identification of audit risks. We
also discussed, with and without management present, the results of the independent auditor examination required by applicable standards and the results of the internal audit examinations, including the matters required to be
discussed by Auditing Standard No. 16, Communications with Audit Committees, issued by the PCAOB, as amended from time to time. In our
meetings with financial management, internal audit and the independent auditors, we reviewed the unaudited interim financial statements and interim earnings releases and approved the unaudited interim financial statements for the applicable quarter.
We also reviewed and approved the quarterly Managements Discussion and Analysis. We reviewed and discussed with management and the independent auditors, the Managements Discussion and Analysis and the audited financial statements of
PotashCorp as at and for the fiscal year ended December 31, 2013, including the quality and acceptability of PotashCorps financial reporting practices and the completeness and clarity of the related financial disclosures. Management is
responsible for the preparation of PotashCorps financial statements and the independent auditors are responsible for auditing those financial statements. We reviewed the processes involved in evaluating PotashCorps internal control environment, and we also oversaw and monitored the 2013 compliance process related to the certification and attestation
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the Sarbanes-Oxley Act). Based on review and discussions with management
and the independent auditors discussed above, we recommended to the Board that the audited consolidated financial statements and Managements Discussion and Analysis be included in PotashCorps Annual Report on Form 10-K for the
fiscal year ended December 31, 2013, for filing with the SEC and Canadian securities regulatory authorities. The Audit Committee also recommended the reappointment of the independent auditors.


Risk Management  PotashCorp faces many risks including financial, regulatory, operational, compliance, accounting and reputational risks. The Board oversees the risk management process to ensure
the program is appropriate and regularly reviewed and evaluated.While management is responsible for the day-to-day management of risk, the Boards responsibilities

LOGOinclude approving adequate policies, procedures and systems to implement PotashCorps strategy and manage risk. The Board satisfies this duty through its committees, each of
which focuses primarily on risks related to its area of oversight. For additional information regarding risk management, see Global Risk Perspective beginning on page 24 of our 2013 Annual Integrated Report. In particular, the Audit Committee monitors PotashCorps risk management process quarterly, focusing primarily on financial and
regulatory compliance risk. We also have oversight responsibility for PotashCorps compliance with legal and regulatory requirements. We receive regular reports of PotashCorps ethics and compliance activities, including a review of
managements compliance risk assessment and the efforts undertaken to mitigate ethics and compliance risks during the year, an overview of the corporate ethics and compliance training program and quantitative and qualitative accounts of
compliance matters that have been reported to PotashCorp. In addition to ensuring that there are mechanisms for the anonymous submission of ethics and compliance reports generally, we have established specific procedures for:  

the receipt, retention and treatment of complaints received by PotashCorp regarding accounting, internal accounting controls or auditing matters; and  

the confidential, anonymous submission by employees of PotashCorp of concerns regarding questionable accounting or auditing matters. In 2013, we received presentations in the areas of enterprise asset management, pension funding and investment performance and
developments in auditor regulation. For additional information regarding the Corporations risk management activities, see Global Risk Perspective in our 2013 Annual Integrated Report. Conclusion We are proud of PotashCorps
financial reporting processes and procedures and continue to work hard to accurately disclose financial information and maintain effective internal controls on financial reporting. By the Audit Committee: Alice D. Laberge (Chair) Christopher M. Burley Donald G. Chynoweth Keith G. Martell






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Audit Committee Membership The Board has determined that the following directors, each of whom served as members of the Audit Committee during the year ended December 31, 2013, are or were independent according to the Boards
independence standards as set out in the PotashCorp Governance Principles (which is available on PotashCorps website, www.potashcorp.com), National Instrument 52-110 Audit Committees (NI 52-110), applicable rules of the
SEC and the NYSE rules. See also Board of Directors  Director Independence and Other Relationships and Board of Directors  Director Independence on pages 15 and 16, respectively. Mr. Clauw resigned
from the Board effective February 4, 2014. Alice D. Laberge (Chair) Christopher M. Burley Donald G. Chynoweth Daniel Clauw Keith G. Martell The Board has determined that Mr. Burley, Ms. Laberge and Mr. Martell each qualify as an audit committee financial expert under SEC rules, and all members of the Audit Committee have the
requisite accounting and/or related financial management expertise required under NYSE rules. In addition, the Board has determined that each member of the Audit Committee is financially literate within the meaning of and required by NI
52-110. Education and Experience of Audit Committee Members The following is a brief description of the qualifications, education and experience for each current member of the Audit Committee that are relevant to the performance of his or her responsibilities as a member of
the Audit Committee.  LOGO Ms. Laberge has acquired significant financial experience and exposure to accounting and financial issues as a Corporate
Director, the former President, Chief Executive Officer and Chief Financial Officer of Fincentric Corporation, Chief Financial Officer of MacMillan Bloedel Limited and a director and audit committee member of various public companies. In her
positions with previous companies, she was actively involved in assessing the performance of the companies auditors. Ms. Laberge completed her Masters of Business Administration at the University of British Columbia. As a Corporate Director and former Managing Director and Vice Chairman, Energy of Merrill Lynch Canada Inc., and with 23 years experience in the
investment banking industry, Mr. Burley has


gained significant experience relevant to the performance of his responsibilities as an Audit Committee member and as an audit committee member of Parallel Energy Trust. Mr. Burley is also
the former Managing Director and Chief Financial Officer of Smith Barney Canada Inc., where his duties included direct supervisory experience of accounting personnel and responsibility for the firms Canadian regulatory filings and compliance.
Mr. Burley completed his Masters of Business Administration at the University of Western Ontario. Mr. Chynoweth has gained financial
experience through his 26 years in operational management, including a significant understanding of audit review processes. Mr. Chynoweth is Senior Vice President of SNC Lavalin O&M and sits on the board of AltaLink, L.P.
Mr. Chynoweth received a Bachelor of Commerce degree from the University of Saskatchewan and has completed the Directors Education Program with the Institute of Corporate Directors. Mr. Martell has acquired significant financial experience as Chairman and Chief Executive Officer of First Nations Bank of Canada, as a former director of the Public Sector Pension Investment Board of Canada
(where he was the Chair of the Audit Committee), and The North West Company Inc. and as a past trustee of The North West Company Fund. Mr. Martell is a chartered accountant and practiced for ten years with KPMG LLP. He received his Bachelor of
Commerce degree from the University of Saskatchewan. Appointment of Our Auditors Appointment of Auditors The Board, on
recommendation from the Audit Committee, recommends the re-appointment of Deloitte LLP as auditors. Deloitte LLP (or its predecessors) have been PotashCorps auditors since PotashCorps initial public offering in 1989. Deloitte LLP, as the
independent auditors, report directly to the Audit Committee. The Audit Committee oversees the work and reviews the performance of the independent auditors and makes recommendations to the Board regarding the appointment or discharge of the
independent auditors. Proxies solicited hereby will be voted to reappoint the firm of Deloitte LLP, the present auditors, as PotashCorps auditors
until the next annual meeting of shareholders, unless the shareholder signing such proxy specifies otherwise. A representative of Deloitte LLP is
expected to attend the Meeting. At that time, the representative will have the opportunity to make a statement if he or she desires and will be available to respond to appropriate questions.






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Pre-Approval Policy for External Auditor Services Subject to applicable law, the Audit Committee is directly responsible for the compensation and oversight of the work of the independent auditors. The Audit
Committee has adopted procedures for the pre-approval of engagements for services of its external auditors.  LOGO The Audit Committees policy requires pre-approval of all audit and non-audit services provided by the external auditor. The
policy identifies three categories of external auditor services and the pre-approval procedures applicable to each category, as follows:  (1)
Audit and audit-related services  these are identified in the annual Audit Service Plan presented by the external auditor and require annual approval. The Audit
Committee monitors the audit services engagement at least quarterly.  (2)
Pre-approved list of non-audit services  non-audit services which are reasonably likely to occur have been identified and receive general pre-approval of the Audit
Committee, and as such do not require specific pre-approvals. The term of any general pre-approval is 12 months from approval unless otherwise specified. The Audit Committee annually reviews and pre-approves the services on this list.  (3)
Other proposed services  all proposed services not categorized above are brought forward on a case-by-case basis and specifically pre-approved by the Chair of the
Audit Committee, to whom pre-approval authority has been delegated. Auditors Fees For the years ended December 31, 2013 and December 31, 2012, Deloitte LLP received the following fees:  Year Ended December 31,2013


2012Audit Fees

$
2,823,166


$
3,124,769Audit-Related Fees


255,018



289,574Tax Fees


167,066



256,039All Other Fees


290,080






Audit Fees Deloitte LLP billed PotashCorp $2,823,166 and $3,124,769 for 2013 and 2012, respectively, for the following audit services (i) audit of the annual consolidated
financial statements of PotashCorp for the fiscal years ended December 31, 2013 and 2012; (ii) review of the interim financial statements of PotashCorp included in quarterly reports on Form 10-Q for the periods ended March 31,
June 30 and September 30, 2013 and 2012; (iii) audits of individual statutory financial statements; (iv) the provision of consent letters; and (v) the provision of comfort letters. Audit-Related Fees Deloitte LLP billed PotashCorp $255,018
and $289,574 for 2013 and 2012, respectively, for the following services (i) accounting consultations regarding financial accounting and reporting standards; (ii) employee benefit plan audits; and (iii) verification letters issued for
certain of the Companys environmental liabilities. Tax Fees Deloitte LLP billed PotashCorp $167,066 and $256,039 for 2013 and 2012, respectively, for the following services (i) tax compliance; (ii) tax planning; and (iii) tax advice, including minimizing tax
exposure or liability. Other Fees Deloitte LLP
billed PotashCorp $290,080 and $NIL for 2013 and 2012, respectively, for services related to the preliminary evaluation of software applications. All
fees paid to the independent auditors for 2013 were approved in accordance with the pre-approval policy.






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Corporate Governance

PotashCorp, its Board and its management are committed to the highest standards of corporate governance and transparency. The Corporation has a standing Corporate Governance and Nominating Committee. The
CG&N Committee Charter is available on the Corporations website at www.potashcorp.com.

The Board, through the CG&N Committee,
continually evaluates and enhances the Corporations corporate governance practices by monitoring Canadian and U.S. regulatory developments and the transparency of public company disclosure.

PotashCorps corporate governance practices placed second out of 232 companies in The Globe and Mails 2013 Board Games.

Letter from and Report of the Corporate Governance & Nominating Committee

To Our Fellow Shareholders:



|                  |  |           |  |          |  |         |  |           
|----------------- |  | --------- |  | -------- |  | ------- |  | ----------
|LOGO              |  | LOGO      |  | LOGO     |  | LOGO    |  | LOGO      
|M. Mogford, Chair |  | C. Burley |  | J. Estey |  | D. Howe |  | A. Laberge



We are pleased to report that PotashCorp continues to be recognized by external third parties for leadership in
corporate governance and shareholder engagement. We are proud of the Corporations achievements to date, some of which are outlined below; however, we continue to strive to be at the forefront of best governance practices. While monitoring
external trends and commentary, we continuously review matters and are guided by doing the right thing for our company and shareholders. Our governance practices, the role of the CG&N Committee and some of our current areas of focus are
described in more detail below. Statement of Corporate Governance Practices In Canada, we comply with corporate governance rules of the Canadian securities regulatory authorities in all of the provinces and disclose our corporate governance practices in accordance with NI 58-101 in
reference to the benchmarks set out in National Policy 58-201 Corporate Governance Guidelines. In the United States, we comply with the
provisions of the Sarbanes-Oxley Act, the rules adopted by the SEC, including rules adopted pursuant to the Sarbanes-Oxley Act as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), as well as the
governance rules of the NYSE, in each case as applicable to a foreign private issuer. There are no significant differences between the Corporations corporate governance practices and those required of U.S. domestic issuers under the NYSE
rules.


A core responsibility of the CG&N Committee is to oversee the Corporations compliance with these regulatory
requirements. Details of the Corporations corporate governance practices are described in Appendix A to this Management Proxy Circular. Furthermore, in accordance with the requirements of NI 58-101, the text of the Corporations Board of Directors Charter is attached as Appendix D to this
Management Proxy Circular. To assist with compliance and the achievement of best corporate governance practices, the Board has adopted the PotashCorp
Governance Principles and PotashCorp Core Values and Code of Conduct which can be found together with other governance related documents, on the Corporations website, www.potashcorp.com, and are available in print to any shareholder who
requests a copy. The Board exercises its duties directly and through its Committees. The Board has four standing committees: the Audit Committee, the
CG&N Committee, the Compensation Committee and the Safety, Health and Environment Committee. The report of the Compensation Committee is contained in the section Compensation, beginning on page 34 and the report of the Audit
Committee can be found in the section Appointment of Auditors and Report of Audit Committee, beginning on page 24 of this Management Proxy Circular. The Safety, Health and Environment Committee is responsible for the review and






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recommendation of policies, management systems and performance objectives for the safety, health and environmental matters that affect the Corporation. The Safety, Health and Environment
Committee Charter and the 2013 Annual Integrated Report, which outline the Corporations activities and achievements in the areas of safety, health and the environment, are both available on our website at www.potashcorp.com. Role of the CG&N Committee and Governance Procedures As
part of PotashCorps commitment to establishing best corporate governance practices, the CG&N Committee actively assists the Board throughout the year by, among other things: (i) continually evaluating and enhancing the
Corporations corporate governance practices; (ii) overseeing the Corporations compliance with regulatory requirements; (iii) facilitating the director nomination process, including the recruitment and recommendation of director
candidates; (iv) managing the annual review of Board and Committee performance; (v) implementing a comprehensive program of director orientation and on-going education; and (vi) pursuing an innovative outreach strategy for shareholder
and stakeholder engagement. During 2013, our Committee met four times. In connection with the CG&N Committees responsibility for developing
and implementing best Board governance practices and in overseeing compliance with current and emerging governance requirements and trends, the Chair of the CG&N Committee works closely with the Corporate Secretary, the Associate General Counsel
and the Vice President of Investor and Public Relations to ensure the CG&N Committee stays aware of developments and trends in best governance practices in North America and internationally. A checklist of regulatory requirements applicable to
the Corporation is also maintained and reviewed on a frequent basis. 2013 Governance Activities  LOGO

For the fourth consecutive year, PotashCorps advisory say on pay (Say on Pay) vote was overwhelminglysupported by our shareholders with the approval of over 97% of those shareholders present at last years annual meeting in person or by proxy. PotashCorp continued to review
its shareholder outreach practices with a view to enhancing opportunities for constructive dialogue and engagement with shareholders. During 2013, the CG&N Committee continued to review the Board needs matrix and director succession plan, including
preparations for the expected retirement of certain directors over the next few years. Additionally, at each meeting of the CG&N Committee during the course of 2013, the Corporate Secretary


and Associate General Counsel made presentations to the Committee regarding certain governance topics of relevance, including board diversity and diversity in senior management. In addition to
its usual annual review of takeover preparedness, the Board participated in a simulation regarding shareholder activism. Lastly, the Committee continued its twice yearly process for continuing review of the Corporations Pledge to
Saskatchewan, which was introduced in 2010. External Recognition Recent recognition from external third parties includes:  

The Globe and Mail  2ndplace in the 2013 Board Games (a review of corporate governance practices in Canada).  

CICA  Award of Excellence for Financial Reporting and Corporate Reporting in Mining (2013, 2012 and 2011) and in the category of Electronic Disclosure. Nomination Processes, Succession Planning and Board Renewal A core responsibility of the CG&N Committee is to identify prospective Board members, consistent with Board-approved criteria, and to recommend such individuals to the Board for nomination for election to the
Board at each annual meeting of shareholders or to fill vacancies on the Board and address related matters. For the CG&N Committee to recommend
an individual for Board membership, candidates are assessed on their individual qualifications, diversity, experience and expertise and must exhibit the highest degree of integrity, professionalism, values and independent judgment. The CG&N
Committee and the Board do not adhere to any quotas in determining Board membership, however, the Boards formal Processes for Director Succession and Recruitment expressly encourages the promotion of diversity. As a result, while the emphasis
on filling board vacancies is on finding the best qualified candidates given the needs and circumstances of the Board, a nominees diversity of gender, race, nationality or other attributes may be considered favorably in his or
her assessment.  The CG&N Committee believes that the Board should be comprised of directors with a broad

LOGOrange of experience and expertise and utilizes a skills matrix to identify those areas which are necessary for the Board to carry out its mandate effectively. The following table
reflects the diverse skill set of the Board and identifies the specific experience and expertise brought by each individual director.






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LOGO



On an ongoing basis, the CG&N Committee asks incumbent directors and senior management to suggest individuals to
be considered as prospective Board nominees. The CG&N Committee identifies the mix of expertise and qualities required for the Board. The Chair of the CG&N Committee, in consultation with the CG&N Committee, the Board Chair and the CEO,
maintain an evergreen list of potential candidates and their biographical information. When it becomes apparent that a vacancy on the Board will arise, either from mandatory or elective retirement or otherwise, the CG&N Committee reviews the
list of potential candidates against the skill set of incumbent Board members and the range of experience and expertise necessary for the Board. In completing this analysis, the CG&N Committee utilizes the above skills matrix. Those who have the
requisite qualifications and meet the Corporations standards are ranked by the CG&N Committee in order of preference and are contacted to determine their interest in serving on the Board. The CG&N Committee may also engage the services
of a search firm to assist in the identification of director candidates.


Prior to joining the Board, new directors are informed of the degree of energy and commitment the Corporation expects
of its directors. In accordance with section 137 of the Canada Business Corporations Act(the CBCA), shareholders holding in the
aggregate not less than 5% of the Corporations outstanding Shares may submit a formal proposal for individuals to be nominated for election as directors. Shareholders wishing to make such a formal proposal should refer to the relevant
provisions of the CBCA for a description of the procedures to be followed. For additional information regarding shareholder proposal, see 2015 Shareholder Proposals on page 77. Shareholders who do not meet the threshold criteria for making, or otherwise choose not to make, a formal proposal may at any time suggest
nominees for election to the Board. Names of and supporting information regarding such nominees should be submitted to: Corporate Secretary, Potash Corporation of Saskatchewan Inc., Suite 500, 122  1stAvenue South, Saskatoon, Saskatchewan, Canada, S7K 7G3.






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In an uncontested election, any director nominee who fails to receive votes in favor of his or her election
representing a majority of the shares voted and withheld for the election of the director shall tender his or her resignation for consideration by the CG&N Committee. Except in extenuating circumstances, it is expected that the CG&N
Committee will recommend to the Board that the resignation be accepted and become effective within 90 days and that the action taken by the Board be publicly disclosed. To the extent possible, the CG&N Committee and Board members who act on
the resignation shall be directors who have themselves received a majority of votes cast. 2014 Nomination Activities For this years Meeting Consuelo E. Madere has been nominated for election as a director. The nomination of Ms. Madere is consistent with the CG&N
Committees mandate of developing a diverse, talented, experienced and high-functioning Board. Board, Committee and Individual Director
Assessments The CG&N Committee oversees with the Board Chair and management the review of the performance of the Board, its Committees and
individual directors. This assessment process is described in greater detail in the table on pages 16 and 17 and in Appendix A under Other Board Committees  Board Assessments.


Director Orientation and Continuing Education The Board has adopted a New Director Orientation Policy. The orientation program is tailored to the skills, experience, education, knowledge and needs of each new director and consists of a combination of written
materials, one-on-one meetings with senior management, site visits and other briefings and training as appropriate. The New Director Orientation Policy is described in greater detail in Appendix A under Orientation and Continuing Education
 Orientation. The Board also recognizes the importance of continuing education for directors. This process is described in greater detail in
Appendix A under Orientation and Continuing Education  Orientation.






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2013 Director Education Activities

During 2013, the Board, its Committees and individual directors participated in presentations and received educational information and/or materials on a variety of matters and topics, including those set out in the
table below.



Topic

Presented/Hosted By

Attended By2013January 10

Reputations at Risk, The Role of the Board

Institute of Corporate Directors (ICD) Toronto Chapter

Gerald GrandeyJanuary 29

Aboriginal Initiatives Update

Management

All DirectorsFebruary 7

Boardroom Financial Essentials

ICD Calgary

Donald ChynowethFebruary 21

Boards Role in Talent Management

ICD Webinar

Mary MogfordFebruary 26

Enhancing Audit Committee Effectiveness; Role of the Audit Committee

ICD Webinar

Gerald GrandeyMarch 21

Leading Through Adversity

Edwards School of Business

Gerald Grandey (speaker)April 9

Trends in Corporate Board Governance and Director Compensation in Canada: A Review of 2012

Patrick OCallaghan and Korn/Ferry

Mary Mogford (panel participant)April 9

Improving the Board Composition Planning and Director Selection Process



Mary Mogford (panel member)April 26

Why Corporations Fail

Berle Corporate Governance Colloquium

Mary MogfordMay 6

ICD.D Written and Oral Examinations

ICD Calgary

Donald ChynowethMay 14

Aboriginal Cultural and Historical Overview Orientation Session

Management

C. Steven HoffmanMay 22

ICD National Conference Shareholder Activism: Short vs. Long-Termism

ICD

Donald Chynoweth Gerald Grandey Mary Mogford Dallas Howe Chris BurleyJune 17

Enterprise Risk Oversight

ICD Calgary

Donald ChynowethJuly 23

M&A Update and Activism Simulation

Management, Stikeman Elliott & Joele Frank Associates

All DirectorsSeptember

CEO Transition

Deloitte LLP

Dallas HoweSeptember 11

New Brunswick Plant Tour

Management

All DirectorsSeptember 18

Avoiding Catastrophic Risk

ICD Calgary

Donald ChynowethSeptember 19-20

Global Business Issues (International Trade with Russia and China, Board Governance Issues)

Global Business Forum

Donald Chynoweth


Topic

Presented/Hosted By

Attended ByOctober

Investment Canada Act

CD Howe

Dallas HoweOctober 22

Shareholder Activism and Shareholder Communication

ICD Calgary

Donald ChynowethOctober 30

Discussion of Executive Compensation Trends

US governance experts from the John L. Weinberg Centre for Corporate Governance

Mary Mogford Educational reading materials on matters of significance to the Corporation and the industries in which we operate are periodically
included in the materials provided to directors in advance of meetings. Directors are also canvassed for suggestions on educational presentations and reports, and may request that presentations be made by management or external advisors on issues of
particular interest. Information and updates on industry matters, relevant global and country specific developments and broad economic trends are provided to directors on a daily basis through media updates. Shareholder Outreach  Reaching out to stakeholders and listening to their opinions is a core

LOGOvalue of PotashCorp. The Board values and is continually seeking new opportunities to engage in constructive dialogue with shareholders and other stakeholders on a wide range of
topics including compensation, sustainability, safety, health and the environment and other important governance matters. The Corporation carries out its shareholder outreach program through a variety of vehicles. In addition, we utilize our website as
part of our shareholder outreach program, including the live streaming of our 2013 Annual Meeting of Shareholders. The website also includes the annual investor survey. We also continued our program of investor conferences and meetings. Listening
carefully to the views of our shareholders and others is crucial in understanding our investors concerns and sentiment. In addition to the foregoing, investors are provided the opportunity to contact our Investor Relations department by
letter, e-mail or phone on a continuing basis.






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In 2013, PotashCorp continued to use Twitter to engage with a broader group of stakeholders on topics including news
and updates on financial reporting and general corporate information, recruitment and career opportunities at PotashCorp and local Saskatchewan project and community investment news. As part of its long-established process for engagement beyond the Meeting, the Board invites shareholders and stakeholders to communicate with its members, including the Board Chair or non-management directors
specifically, by directing communications by email to directors@potashcorp.com or by mail to: PotashCorp Board of Directors c/o Corporate Secretary Suite 500,
122-1stAvenue South Saskatoon, Saskatchewan Canada S7K 7G3 Matters relating to the Corporations accounting, internal accounting controls or auditing matters are referred to the Audit Committee. Other matters are referred to the Board Chair. Additionally, to
facilitate communications between the Corporations shareholders and the Board, it is a PotashCorp policy that both directors standing for re-election and new director nominees are expected to attend the Meeting. In 2013, all such directors and
nominees were in attendance.


Independence Each of the five directors who currently comprise the CG&N Committee is independent according to the Boards independence standards as set out in the
PotashCorp Governance Principles (which is available on the Corporations website), NI 58-101 and applicable SEC and NYSE rules. See also Board of Directors  Director Independence and Other Relationships and Board of
Directors  Director Independence on pages 15 and 16. Conclusion PotashCorp is dedicated to the pursuit of the best governance practices and ensuring optimal board membership and performance through our nomination and Board renewal processes. We also remain committed to ongoing
director education and to constructive and innovative engagement with our shareholders and stakeholders. By the CG&N Committee: Mary Mogford (Chair) Christopher M. Burley John W. Estey Dallas J. Howe Alice D. Laberge






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Compensation

Executive compensation continues to be a focal point for investors and an important responsibility of PotashCorp. Our overarching goal in setting executive compensation is to link our executive pay with our
performance. Even as disclosure obligations have become more comprehensive, PotashCorp believes that transparent and concise disclosure of all facets of our executive compensation program greatly benefits our shareholders and our compensation
program as a whole. In order to make our compensation disclosure understandable, we focus on the highlights of our program in the following Letter from and Report of the Compensation Committee. A more detailed discussion is contained in
the Compensation Discussion and Analysis (CD&A) disclosure that follows the letter and begins on page 39. We encourage you to read this letter and the CD&A, and we welcome your feedback on our compensation program and
disclosure.

Letter from and Report of the Compensation Committee

To Our Fellow Shareholders:



|                |  |            |  |            |  |            |  |           |  |           
|--------------- |  | ---------- |  | ---------- |  | ---------- |  | --------- |  | ----------
|LOGO            |  | LOGO       |  | LOGO       |  | LOGO       |  | LOGO      |  | LOGO      
|J. Estey, Chair |  | G. Grandey |  | S. Hoffman |  | K. Martell |  | J. McCaig |  | M. Mogford



Our Responsibilities The primary purpose of the Compensation Committee, referred to as the Committee throughout this Compensation section, is to carry out the Boards overall responsibility for executive
compensation. Together, we are committed to getting compensation right, both for our shareholders and for PotashCorps long-term success. We employ an independent compensation consultant, Towers Watson, that provides the Committee with input on
the philosophy and competitiveness of the design of certain elements of our compensation program. Towers Watson does not provide services to management without the prior approval of the Committee Chair. Under the Committees Charter, we are
responsible for all compensation issues relating to our directors and executive officers, we provide oversight of the management development and succession planning process and we have a broad role in overseeing PotashCorps human capital,
including compensation and benefits. For a discussion of the responsibilities and procedures of the Committee, the approval process for the compensation of our CEO and other Named Executive Officers (as defined below) and the Committees 2013
Annual Work Plan, which summarizes the actions taken and matters reviewed by the Committee during 2013, see Appendix F to this Management Proxy Circular. The Committee is, at present, composed of six directors: John W. Estey (Chair), Gerald W. Grandey, C. Steven Hoffman, Keith G. Martell, Jeffrey J. McCaig and Mary
Mogford, each of whom the


Board determined has the knowledge and experience to effectively perform his or her responsibilities. The members of the Committee have expertise in, among other areas, general business
management and finance, and four of the members are current or former principal executive officers. The Committee held five meetings in 2013 and met in executive session without management present at each of these meetings. The Committee has reviewed and discussed the CD&A with management and, based on this review and discussion, recommends that the CD&A be included in this
Management Proxy Circular and in our annual report on Form 10-K for the year ended December 31, 2013. In addition, the Committee believes that our executive compensation practices are aligned with the Canadian Coalition for Good Governance
Principles of Executive Compensation. Our Executive Compensation Philosophy We believe our executive compensation plan is simple and clear, so as to be easily communicated to and understood by participants, shareholders and other interested parties. Our executive compensation plan is designed to:  

motivate our executives actions to be aligned with the long-term interests of our shareholders and other stakeholders;






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

create an ownership mentality in our management team;  

provide an appropriate level of value sharing between our shareholders and executives; and  

incent and reward performance in line with our corporate goals and shareholder experience. Our executive compensation plan components have different time horizons, as do our corporate goals, and components are complementary, not overlapping in metrics or
objectives. The majority of pay is at-risk based on individual and company performance with the at-risk portions designed to pay in proportion to
performance. No reward will be given for performance short of the threshold. Our executive compensation plan is designed to be competitive with other
executive employment opportunities and is regularly monitored for competitiveness. Total direct cash compensation is targeted at the median of comparable companies, with above-median compensation tied to above-median performance and below-median
compensation tied to below-median performance. We believe our executive compensation plan is affordable and reasonable for PotashCorp to provide, with
metrics, targets and


maximum payouts that are designed for affordability and reasonableness in absolute terms and relative to the plans of the Comparator Group. We test the outcomes of our compensation packages to measure their reasonableness and our success in aligning pay with performance. The tests apply to all elements
of compensation including pensions and perquisites. Our executive compensation program will not encourage executives to take unapproved or inappropriate
risks or engage in other improper behavior. Our Executive Compensation Package There are six primary components of our executive compensation package. Our compensation design begins with base salary, which is typically set at the median of our Comparative Compensation Information, as defined
in the CD&A. In order to align pay with performance, the majority of our executives pay is at-risk. For example, in 2013, our CEOs at-risk pay was targeted at 86% and our NEO at-risk pay was targeted at 75%. The following table
contains a brief summary of the components of our executive compensation package and how they meet the above criteria.






|                     |                                     |                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-------------------- | ----------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Category             |                                     | Component                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Design                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Base Salaries        |                                     |                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  
  The only fixed component of total direct compensation  
  Typically set annually and at the median of Comparative Compensation Information                                                                                                                                                                                                                                                                                                                                                                
|At-Risk Compensation |                                     | Short-Term Incentive Plan (STIP) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  
  Annual cash bonus  one-year performance period  
  Payout is based on achieving a Board-established cash flow return metric and achievement of certain safety, environmental and operational targets
   No payout for achieving less than 50% of the cash flow target; maximum payout is capped at two times target
regardless of cash-flow return achieved. Individual payouts are subject to adjustment (±30%) based on individual performance as well as PotashCorp performance in relation to safety
|                     | Medium-Term Incentive Plan (MTIP) |                                    |  
  Three-year performance period (the MTIP began on January 1, 2012 and will end on December 31, 2014)    One-half of payout is based on corporate total shareholder return (TSR) and the other half is based on TSR relative to the DAX Ag Index (as defined in the CD&A on
page 40)    No payout if minimum performance objectives are
not achieved; maximum payout for each component is capped at 150% of target  
  Maximum price escalation is capped at four times the starting price over the three years for the MTIP
|                     | Performance Option Plan (POP)     |                                    |  
  Option vesting is based on the amount by which our cash flow return on investment exceeds the weighted average cost of capital over a three-year performance period
   Value of options is based on Share price appreciation, if any, over the ten-year option period
   The POP is submitted to shareholders every year, with options granted following the annual meeting of
shareholders if approved by shareholders                                                                                                       
|Retirement Plans     |                                     |                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  
  Same base plan for all salaried employees
   Supplemental plans designed to deliver average benefits based on Comparative Compensation
Information                                                                                                                                                                                                                                                                                                                                                        
|Severance            |                                     |                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  
  Change-in-control payments generally require a double trigger of change-in-control and qualifying termination of employment    Only two legacy change-in-control contracts, as discussed in further detail in the CD&A, under Post-Retirement and Termination Compensation  Change-in-Control
Agreements on page 46.                                                                                                                                                                                 



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Executive Compensation Aligned With PotashCorps Goals At PotashCorp, we believe that accountability adds value. To that end, we annually set targets that reflect the interests of our shareholders and then measure our
performance and issue an Annual Integrated Report, discussing actual performance against these goals. Our compensation plans help drive achievement of our goals in the following ways: Goal 1: Create superior long-term shareholder value.  

At-risk incentive compensation plans include short-, medium- and long-term cycles and are based on TSR, share appreciation or a related measure. Goal 2: Be the supplier of choice to the markets we serve.  

The STIP is based on Board-approved annual goals for sales, productivity, profitability and safety. The only way to achieve target or higher STIP payments is to
meet those goals, which, in turn, require meeting the needs of customers throughout the year. Goal 3: Build strong relationships
with and improve the socioeconomic well-being of our communities.  

PotashCorp has a policy of investing 1% of consolidated income before income taxes (on a five-year rolling average) in the communities in which we work and other
philanthropic programs. We actively encourage all employees, particularly executives, to participate in philanthropic programs in our communities, and we offer significant gift-matching opportunities for our employees. To make this investment in our
communities, it is important to sustain earnings on a consistent basis. Goal 4: Attract and retain talented, motivated and
productive employees who are committed to our long-term goals.  

Target compensation for executives is competitive with the industry average. Executives are motivated to achieve strong results through opportunities to earn
above target compensation based on company and individual performance. We believe the long-term performance of PotashCorp has been strong and the compensation plans have appropriately rewarded that performance.  

Employees are also motivated to be promoted into roles where they are eligible for larger compensation targets. Goal 5: Achieve no harm to people and no damage to the environment.  

At our plant locations, one-half of the annual STIP payout depends on performance in relation to local metrics, a significant portion of which relates to safety
and environmental performance. At corporate offices, five percent of the annual STIP payout depends on PotashCorps overall safety


performance. As a result, employees are strongly motivated to achieve the local safety and environmental goals to earn target or higher STIP payments. Safety performance is also a key metric in
our STIP awards made to all employees, including our Named Executive Officers. Managing Risk Risk management begins with an active Board and management team engaged in analyzing the many risks PotashCorp faces and working with PotashCorp leaders to manage
those risks. Compensation programs can help mitigate risk-taking, but risks cannot be managed solely by remote control through these programs. We believe that, among other factors, the following elements of our compensation programs, which are
described in greater detail in the CD&A, help to discourage inappropriate risk-taking:  

a balanced mix of six main compensation components: base salary, short-term incentives, performance units issued under the MTIP, performance stock options issued
as long-term incentives under the POP, retirement benefits and severance benefits;  

a significant percentage of compensation made in the form of medium- and long-term awards, which have thresholds that must be achieved before any award may vest;  

PotashCorp goals that reflect a balanced mix of quantitative and qualitative performance measures, including safety metrics, to avoid excessive weight on any
single performance measure;  

caps on the compensation payments, even in the case of extraordinary performance;  

detrimental activity clawback provisions in the MTIP and POP;  

the PotashCorp Policy on Recoupment of Unearned Compensation;  

rigorous Share ownership requirements;  

the annual review and vote by our shareholders to approve our POP;  

a prohibition on executive officers, directors and certain other PotashCorp employees entering into hedging transactions involving our Shares (including stock
options and other stock awards);  

a prohibition on executive officers and directors pledging our Shares; and  

periodic evaluation and testing by the Committee of variable compensation plan metrics. See Compensation Discussion and Analysis  Elements of Executive Compensation: Overview beginning on page 40. In December 2013, Towers Watson analyzed our programs from a risk management perspective and concluded that our plans were






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not reasonably likely to have a material adverse effect on PotashCorp. As part of its risk assessment, Towers Watson considered the elements discussed above, such as our Policy on Recoupment of
Unearned Compensation, our Share ownership requirements and the significant percentage of compensation provided in the form of medium- and long-term awards, all of which align incentives with appropriate risk-taking. The Committee agreed with the
conclusions of Towers Watson and determined that PotashCorps compensation programs do not create risks that are reasonably likely to have a material adverse effect on PotashCorp. For additional information regarding risk management, see
Global Risk Perspective beginning on page 24 of our 2013 Annual Integrated Report. Ownership Mentality Our executive compensation programs are designed to align the interests of our management with those of our shareholders. Each executive has a Share
ownership minimum (excluding unexercised options under the POP and performance units under the MTIP) that needs to be maintained, and all executives currently satisfy the applicable minimum ownership requirements. In addition, the MTIP and POP pay
awards based on Share price performance over extended periods and, upon retirement, awards under the POP continue to vest in accordance with their original vesting schedule. As a result, our executives retain an economic interest in our ongoing
performance for up to three years following retirement. Value Sharing Between Shareholders and Executives As can be seen from the design of our plans, one of our key principles is that our executive compensation plan should provide an appropriate level of value sharing
between our shareholders and executives, with payouts to executives in proportion to our shareholders return. In addition, it is important that compensation be affordable to PotashCorp. To measure affordability, Towers Watson measures the
Realizable Pay (as described below under Test the Outcomes) earned by our five most-highly compensated officers as a percentage of PotashCorps net income. This percentage over the three years ended December 31, 2012 was the
lowest among our Comparator Group at just 0.4%. Test the Outcomes Pay-for-performance starts with plan design. Even though the individual components of our pay programs are designed to align pay with performance, we believe that it is important to regularly measure how successful
we have been in achieving this objective. For this purpose, PotashCorps performance is measured as the composite of TSR growth, earnings per Share
growth and cash flow per Share growth over the prior three years. PotashCorps performance is compared to that of the Comparator Group to determine
a performance percentile rank. The pay used


in the analysis is the pay realized or realizable (Realizable Pay) over that same three-year period, with Realizable Pay being the sum of salary, actual STIP payouts, actual MTIP
payouts over that three-year period and the most recent year-end in-the-money value of equity-based awards granted during that three-year period. Realizable Pay is compared to that of the Comparator Group, measured on the same basis, to determine a
Realizable Pay percentile rank. The composite company percentile rank is then compared to the Realizable Pay percentile rank to determine correlation.
Our objective is to have the result fall within an alignment zone that is no more than one standard deviation away from complete alignment of Realizable Pay and PotashCorps performance. Although PotashCorps absolute TSR declined during the three-year period ended December 31, 2012, the performance was superior to that of the Comparator Group. This decrease, coupled with an executive
compensation program that is more heavily weighted towards stock options (which are more sensitive to stock price volatility) than that of the other members of the Comparator Group, resulted in the decrease in the Realizable Pay percentile for our
Named Executive Officers over the three-year period ended 2012. The results of the Realizable Pay analysis conducted by Towers Watson are shown as
follows:  LOGO CEO Performance and Pay One of our important annual responsibilities is the assessment of Mr. Doyles performance and setting his compensation. In January 2013, based on assessment of his work in 2012, we awarded Mr. Doyle
a 3.0% base salary increase to $1,256,600, and a bonus of $800,000, 65.6% relative to target. The detailed assessment of Mr. Doyles performance in 2013 relative to his goals is set forth in the CD&A beginning on page 50. Based on that
assessment and due to the economic challenges faced in 2013, including the operating changes and workforce reductions we announced in December 2013, the Committee recommended, and the






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independent members of the Board approved, no increase for 2014 in Mr. Doyles current base salary of $1,256,600 and awarded Mr. Doyle a short-term incentive bonus for 2013 of
$800,000, 63.7% relative to target and unchanged from 2012, despite a higher adjusted cash flow return ratio (ACFR), as defined in the STIP, and better safety performance in 2013. Highlights of Recent Compensation Plan Updates Recently, in addition to the prohibition on hedging
already in effect with respect to our executive officers, directors and certain other PotashCorp employees, we added a policy prohibiting executive officers and directors from pledging our Shares. Shareholder Engagement Listening to our
shareholders is one of our core values. In fact, shareholder input was sought and used in the design of the POP. From the outset of the POP in 2005, we have given shareholders an annual binding vote on this plan, which is one of the most significant
components of our pay package. The binding vote is done on an annual basis and, at the end of each year, any Shares underlying ungranted options are no longer available for issuance. The POP has received considerable shareholder support every year
under this annual binding vote. Since 2010, building on our status as one of the first companies in North America to adopt an advisory Say on
Pay vote, we have implemented some new features on our website as part of our shareholder outreach program, including the live streaming of our 2013 Annual Meeting of Shareholders and a shareholder survey that helps users understand the key
elements of our executive compensation program as well as provide feedback on its effectiveness. In 2013, our Say on Pay resolution received overwhelming shareholder support with over 97% affirmative votes. The Committee greatly values
and carefully considers shareholder feedback on our executive compensation programs. In this regard, the Board and Committee value the feedback from the
Say on Pay vote. After considering the results of the 2013 vote, the Board and Committee worked to continue the design and implementation of compensation programs that promote the creation of shareholder value and further our executive
compensation philosophy in a challenging economic environment. Succession Planning One major responsibility of the Committee is to oversee PotashCorps management succession planning. Twice each year, we review our progress, examine any gaps
in succession plans and discuss ways to improve succession planning. Once each year, we meet with our CEO to discuss succession plans for our CEO and other senior executive officers. We have paid particular attention in recent years to our
executives who will be reaching retirement age in the near future. In addition, the Board regularly interacts with PotashCorps senior management team. Also, each year the


Board has social events at which we are able to meet a large number of PotashCorps management employees and build relationships with the people who represent the future of PotashCorp. As a
result of this active succession planning process, in 2013, approximately 79% of senior staff openings were filled by qualified internal candidates who were trained and developed for the promotions they received. Directors After considering the recommendations of
Towers Watson, the Board increased the annual retainer for 2013 by $15,000 to $200,000 for outside directors and by $30,000 to $400,000 for the Board Chair. This increase took effect in July 2013 and places the total compensation for outside
directors at the median of the Comparative Compensation Information. Much like our executive officers, directors must attain specific Share ownership levels, which result in each of our directors holding a significant at-risk investment. For
additional information on director compensation, see Board of Directors  Director Compensation beginning on page 19. Independence The Board has determined that each of
the directors who served as a member of the Committee during the year ended December 31, 2013 was independent according to the Boards independence standards as set out in the PotashCorp Governance Principles (which are available on our
website, www.potashcorp.com), NI 58-101, the applicable rules of the SEC and the NYSE corporate governance rules. In addition, as required by Rule 10C-1 of the Exchange Act and adopted by the NYSE in 2013, the Board has determined, based on an
evaluation of all relevant factors, that none of the members of the Committee has a relationship to PotashCorp that interferes with that directors ability to be independent from PotashCorp management in connection with his or her duties as a
member of the Committee. Such factors include any compensation paid by PotashCorp to the director (including any consulting, advisory or other compensatory fee paid by PotashCorp to such director) and affiliations of the director with PotashCorp,
its subsidiaries or an affiliate of any of its subsidiaries. For additional information regarding director independence, see Board of Directors  Director Independence and Other Relationships and Board of Directors 
Director Independence on pages 15 and 16, respectively, of this Management Proxy Circular. Compensation Committee Interlocks and Insider Participation During 2013, none of the members of the Committee served, or has at any time served, as an officer or employee of PotashCorp or any of its subsidiaries. In addition, none of our executive officers has served as a
member of a board of directors or a compensation committee, or other committee serving an equivalent function, of any other entity, one of whose executive officers served as a






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member of the Board or the Committee. Accordingly, the Committee members have no interlocking relationships required to be disclosed under SEC rules and regulations. Furthermore, no two directors serve together on both the PotashCorp Board and any other for-profit company board or any committee thereof. Conclusion We are committed to PotashCorps
success and believe that our executive compensation philosophy and package supports our business strategies and promotes superior shareholder value. Through our program, we have been able to attract, retain and motivate successful executive
officers. We hope that this summary of our philosophy and approach to executive compensation has helped you see why we believe our program is right for our shareholders and for PotashCorps long-term success. We encourage you to read the
CD&A, which follows this letter, for additional details on our executive compensation. As always, we invite you to provide any input you may have regarding our executive compensation philosophy and package through our shareholder outreach
program discussed above. By the Compensation Committee: John W. Estey (Chair) Gerald W. Grandey C. Steven Hoffman Keith G.
Martell Jeffrey J. McCaig Mary Mogford February 20, 2014


Compensation Discussion and Analysis This CD&A discusses the structure, policies, principles and elements of our executive compensation program, as well as the process related to and individuals involved in our executive compensation decisions. A
table of contents for the CD&A is set forth below:  Section

Page No.Compensation Structure and Policies


39Compensation Principles


40Elements of Executive Compensation: Overview


40Salary


42Incentive Plan Compensation


42Short-Term Incentive Plan


43Medium-Term Incentive Plan


44Long-Term Incentives (Performance Option Plan)


45Post-Retirement and Termination Compensation


46Retirement Benefits


46General Severance Benefits


46Change-in-Control Agreements


46Policy on Recoupment of Unearned Compensation


47Compensation Consultants and Comparator Group


47Executive Share Ownership Requirements


48Chief Executive Officer Compensation


49 Compensation Structure and Policies We design executive compensation policies, as described below, to attract, motivate and retain qualified executives. Our Named Executive Officers are
those individuals who served as our CEO and Chief Financial Officer, as well as those other individuals included in the Summary Compensation Table and the related compensation tables beginning on page 58. Detailed information about the compensation
awarded to our Named Executive Officers in 2011, 2012 and 2013 can be found in such tables. We believe that the most effective compensation program is
one that is competitive within the marketplace, rewards the achievement of specific annual, long-term and strategic goals set by PotashCorp and aligns the interests of executives with shareholders by rewarding performance above established goals
designed to increase shareholder value. To accomplish these goals, most of our executive compensation is variable and fluctuates based on individual and corporate performance. To align variable compensation with shareholder interests, we link the
amount of variable compensation to TSR and internal performance measures historically linked with TSR. In addition, we have adopted the PotashCorp Policy on Recoupment of Unearned Compensation, pursuant to which, in the event of certain acts of
misconduct by an executive officer, the Board can require reimbursement by that executive officer of his or her incentive compensation, as described below under Policy on Recoupment of Unearned Compensation on page 47. Furthermore, both
the MTIP and






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the POP contain detrimental activity clawback provisions, described in greater detail on pages 44 through 46 under Incentive Plan Compensation  Medium-Term Incentive
Plan and Incentive Plan Compensation  Long-Term Incentives (Performance Option Plan), respectively. See the discussion under
Managing Risk in the immediately preceding Letter from and Report of the Compensation Committee for a summary of the analysis of the risks associated with our compensation policies generally. Compensation Principles  

To emphasize performance-based compensation, for each position studied, we maintain total cash compensation levels (salary and annual short-term incentive
targets) that do not materially differ from the median (50thpercentile) of
the relevant group of comparable companies.  

We determine competitive and median levels of compensation with the assistance of Towers Watson, which prepares analyses of external competitive compensation.
Such analyses typically consist of (1) a group of publicly traded U.S. and Canadian companies with similar industry characteristics, revenues and market capitalization (the Comparator Group) and/or (2) additional executive
compensation surveys of U.S.-based companies with similar industry and revenue size (the Additional Surveys). We refer to the Comparator Group and the Additional Surveys collectively as the Comparative Compensation
Information. See the discussion under Compensation Consultants and Comparator Group beginning on page 47.  

We target compensation at the median of comparable companies and provide the opportunity to achieve compensation above the median through medium- and long-term
incentive plans (performance units and stock options), with above-median compensation tied to above-median performance and below-median compensation tied to below-median performance. We design these plans, including our performance-based option
plans, with measures (such as TSR and internal performance measures historically linked with TSR) that require PotashCorps performance to be above the median, relative to peer companies from the DAXglobal Agribusiness Index (the DAX Ag
Index), to deliver total compensation above the median. Since 2009, we have used the DAX Ag Index as a benchmark for determining relative performance. We believe the companies that make up the DAX Ag Index, which includes many of our direct
competitors, provide a good source for measuring the performance of the agribusiness sector and the global nature of our business.




We establish the overall value of retirement and healthcare benefits at approximately the median of comparable companies. Elements of Executive Compensation: Overview Our executive compensation consists of six main elements: base salary; short-term incentives; performance units issued under the MTIP, which measures a performance period of three years; performance stock options
issued as long-term incentives under the POP; retirement benefits and severance benefits. We combine these elements, particularly base salary and the short-, medium- and long-term incentives, to provide a total compensation package designed to attract highly qualified individuals and provide strong incentives to align efforts and motivate executives to deliver
company performance that creates sustained shareholder value. The total value of each compensation package is weighted towards the variable incentive components. In particular, medium- and long-term incentive targets comprised about 60% and
short-term incentive targets comprised about 15% of total potential compensation value in 2013. The total value of our CEOs compensation package is weighted even more heavily towards medium- and long-term incentive compensation. The following charts set forth the relative weight of 2013 compensation attributable to base salary, short-term incentive targets and medium- and long-term
incentive targets for our CEO and our Named Executive Officers.  LOGO  LOGO






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More detail on each element and its purpose within the total executive compensation program is described in the
following table and below in this report.



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      |  |                                                                                                                       |  |                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------ |  | --------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------
|Current Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | Form                                 |  | Eligibility                                                                                                           |  | Performance Period                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Base salary
  
  For executive officers, we typically set base salary targets at the median of the Comparative Compensation Information, adjusted to reflect individual performance and internal pay equity.                                                                                                                                                                                                                                                                                  |  | Cash                                 |  | All salaried employees                                                                                                |  | Annual                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Short-term
incentives   
  We base STIP awards on achievement of predetermined financial targets and other goals for corporate and/or operating group performance, which include safety performance.                                                                                                                                                                                                                                                                                          |  | Cash                                 |  | All executives and most salaried staff and union and non-union hourly employees                                       |  | 1 year                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Medium-term
incentives   
  Units are issued using a formula based on a price equal to the average closing Share price for the last thirty trading days immediately preceding the beginning of the three-year MTIP performance period.
  
  Each award under the MTIP generally vests and is paid out at the end of the three-year performance period. One-half of the units vest based on our TSR, and one-half of the units vest based on our TSR relative to the TSR of the DAX Ag
Index. |  | Cash-Settled Performance Share Units |  | All executives and senior management (approximately 80individuals as of December 31, 2013)                            |  | 3 years                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Long-term
incentives   
  Options granted under our POP vest based on the amount by which our cash flow return on investment exceeds the weighted average cost of capital during the three-year performance period.
  
  The value of options is based on Share price appreciation, if any, over the 10-year option period.                                                                                                                                                                  |  | Performance Options                  |  | All executives, senior management and other selected managers (approximately 289 individuals as of December 31, 2013) |  | 3 year vesting
10 year option term                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Post-Retirement and
Termination Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Form                                 |  | Eligibility                                                                                                           |  | Measurement
Period                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Retirement benefits

Canadian Pension Plan
  
  Benefits are based on the participants required contributions (up to 5.5% of earnings) and equivalent matching contributions by PotashCorp.                                                                                                                                                                                                                                                                                                  |  | Cash                                 |  | All Canadian salaried staff and certain union and non-union hourly employees                                          |  | Pensionable service period                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|Canadian Supplemental Plan
  
  Benefits are based on 1.5% of the average of the participants three highest consecutive years earnings multiplied by years of pensionable service, minus the benefit payable due to employer contributions under the Canadian
Pension Plan. Certain senior executives benefits and all benefits for accrued service prior to January 1, 2011 are calculated differently.                                                                                   |  | Cash                                 |  | Selected senior executives (35 individuals as of December 31, 2013)                                                   |  | Pensionable service period to a maximum of 35 years
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                      | 
|U.S. Pension Plan 
   Benefits are based on 1.5% of the participants final average compensation, which is calculated using the
highest paid 60 consecutive months of service out of the last 120 months, multiplied by years of service accrued after December 31, 1998. A participant with service accrued prior to January 1, 1999 under previous plans will have a portion
of his or her benefit calculated pursuant to such plans.                                                       |  | Cash                                 |  | All U.S. salaried and non-union hourly employees                                                                      |  | Pensionable service period to a maximum of 35 years



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|                                                                                                                                                                                                                                                                                                             |  |                                    |  |                                                                      |  |                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------
|                                                                                                                                                                                                                                                                                                             |  |                                    | 
|Post-Retirement and
Termination Compensation                                                                                                                                                                                                                                                                 |  | Form                               |  | Eligibility                                                          |  | Measurement
Period                                 
|                                                                                                                                                                                                                                                                                                             |  |                                    | 
|U.S. Supplemental Plan
  
  Benefits are intended to provide participants with the same aggregate benefits they would have received under the U.S. Pension Plan had there been no legal limitations on those benefits. Separate limits on includable compensation apply to
benefits earned under this plan. |  | Cash                               |  | Eligible U.S. salaried and non-union hourly employees                |  | Pensionable service period to a maximum of 35 years
|                                                                                                                                                                                                                                                                                                             |  |                                    | 
|Severance benefits
 General severance benefits
  
  Two weeks of salary for each complete year of service, subject to a minimum of four weeks and a maximum of 52 weeks, are generally awarded in connection with termination without cause.                                                                |  | Cash                               |  | All salaried employees                                               |  | Upon qualifying termination of employment          
|                                                                                                                                                                                                                                                                                                             |  |                                    | 
|Change-in-control severance
benefits   
  Under two legacy change-in-control contracts, benefits are awarded in connection with involuntary termination within two years of a change-in-control.                                                                                                            |  | Cash, Insurance and Other Benefits |  | Selected senior executives (two individuals as of December 31, 2013) |  | Upon qualifying termination of employment          



In addition to the above elements of compensation, certain U.S. employees participate in our 401(k) plans (the
401(k) Plans), and certain Canadian employees participate in our savings plan (the Savings Plan). Pursuant to the 401(k) Plans and the Savings Plan, we make company contributions for the benefit of participants. For
information about the amount of company contributions made for the benefit of Named Executive Officers pursuant to such plans, see Executive Compensation  Summary Compensation Table beginning on page 58. We do not have
non-qualified deferred compensation plans or arrangements pursuant to which our Named Executive Officers may elect to defer current compensation. Where appropriate, we design our compensation arrangements to provide relief from Section 162(m)
of the Internal Revenue Code. Salary Purpose:    A necessary component of compensation to retain qualified employees. We have established a system of tiered salary levels for senior executives (vice president and above). We assign senior executive positions to an appropriate salary tier that reflects the positions internal
value to PotashCorp and equitable considerations based on comparisons to salaries for relevant positions in the Comparative Compensation Information. Within the assigned salary tier, the Committee typically establishes salary guidelines at levels
that approximate the median (the 50th percentile) of the Comparative Compensation Information. Individual executive salaries for executives that report directly to our CEO are recommended by our CEO and subject to approval by our CEO and the
Committee. Our CEOs salary is subject to approval by the Committee and the Board. Our executives, including our Named Executive Officers, are generally eligible for only one salary increase per year.


Due to the economic challenges faced in 2013, including the operating changes and workforce reductions that we
announced in December 2013, our Named Executive Officers received no increase to their base salaries for 2014. Incentive Plan Compensation We design our incentive plans with performance periods of varying durations in order to provide incentives based on corporate
performance goals over varied time horizons. We provide executives with annual incentives through the STIP, three-year incentives through the MTIP and ten-year incentives through the POP. For short-term incentives, under the STIP, we annually set corporate and operating group financial and operating goals. The MTIP incorporates absolute and relative TSR targets over a three-year period. The
performance periods under the MTIP do not overlap. As a result, awards, if earned, are generally paid out once every three years, at the end of the three-year period. Under the POP, our long-term incentive program, we grant performance stock
options, which we refer to as performance options because the plan includes a performance target required for vesting of the options in addition to the inherent requirement of stock appreciation for the vested options to have value. Vesting is
determined at the end of a three-year period based upon a target for cash flow return on investment compared to the weighted average cost of capital. The option term is generally ten years from the date of grant. As a general matter, our executive officers are also prohibited from entering into hedging transactions involving our Shares (including stock options and other
stock awards), pledging our Shares and otherwise shorting our Shares. We believe that, in the aggregate, the range of performance periods in our incentive plans creates a strong alignment between the interests of our executive officers and
shareholders.






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The Committee analyzes our incentive plans based on actual and potential performance scenarios to ensure that the
value of the incentive awards granted to our Named Executive Officers is appropriately linked to our performance. For a summary of how our incentive plans are designed to align with performance, see the table on page 35 in the preceding Letter
from and Report of the Compensation Committee. In 2013, at the request of the Committee, Towers Watson conducted a study of the relationship of
our Named Executive Officers pay to PotashCorps performance. For purposes of the study, pay included base salary, the payout value or, if not yet paid, the 2012 year-end value of incentive awards granted during the measurement period and
the aggregate annual change in the value of stock options during the measurement period. PotashCorps performance was measured based on TSR growth, growth in earnings per Share and growth in cash flow per Share during the measurement period.
The study concluded that, during the three years ended each of December 31, 2010 and December 31, 2011, the pay of our Named Executive Officers was aligned with PotashCorps performance relative to the Comparative Compensation
Information. While PotashCorps absolute TSR performance during the three-year period ended December 31, 2012 was superior to that of the Comparative Compensation Information, its absolute TSR performance decreased over the same period.
This decrease, coupled with an executive compensation program that is more heavily weighted towards options (which are more sensitive to stock price volatility) than that of the other members of the Comparator Group, resulted in the decrease in
Realizable Pay for our Named Executive Officers over the three-year period ended December 31, 2012. With the exception of the three-year period
ended December 31, 2012, we believe the results of the Towers Watson studies conducted each year since 2007 demonstrate an alignment between our Named Executive Officers compensation and PotashCorps performance. Short-Term Incentive Plan Purpose:    To develop strong corporate management by providing annual financial incentives to achieve corporate success; to attract,
retain, motivate and reward productive employees who support corporate and operational goals. Our STIP provides for incentive awards based on an
individuals performance and responsibilities and PotashCorps financial and operational results. The plan provides incentives to individuals during a near-term performance period, which we set at one year, and focuses on successful
fulfillment of short-term corporate and operational goals. We assign participants an incentive award target, expressed as a percentage of salary. We
typically establish targets at the median


of the Comparative Compensation Information. A portion of this target for all employees is based on our safety performance. Achievement of the target is determined by our Adjusted Cash Flow
Return (ACFR). We believe that cash flow is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. The use of cash flow return as a performance measure under our STIP
further supports the alignment between our Named Executive Officers compensation and PotashCorps performance.  Threshold


Target


MaximumAdjusted Cash Flow Return Ratio


0.50



1.00



1.50Payout as a % of Target


50%



100%



200% Linear interpolation between Threshold to Target and Target to Maximum; no payout below 50% ACFR For senior executives, including our Named Executive Officers, unadjusted incentive awards can range from 0% to 200% of salary, depending upon an executives
responsibilities, our safety performance and actual cash flow return above the minimum threshold return as compared to the target return. Because the value of the awards under the STIP is capped at a specified percentage of participants
salaries, the Committee can more readily stress-test executive officer compensation and analyze the effect of significant upturns or downturns in PotashCorps performance. Individual incentive awards are also subject to adjustment (±30%)
based on the executives individual performance, as well as PotashCorps performance in relation to safety, provided that total adjusted awards approximate total awards at the mid-point. Under the terms of the plan, if our cash flow return
is less than 50% of the target set by the Board for that year, we generally make no payments in respect of the cash flow component of the award. The safety component of the award accounts for 5% of the total award for corporate employees, including
the Named Executive Officers. We generally set cash flow return targets that are challenging to achieve. In 2011, our cash flow return was above target,
resulting in payouts at 128.74% of target. In 2012, our cash flow return was below target, resulting in ACFR at 81.92% of target. In 2013, our cash flow
return was below target, resulting in ACFR at 82.36% of target. Additionally, our safety performance component for the Named Executive Officers had a target total site recordable injury rate of 1.25. We achieved a total site recordable injury rate
of 1.09, a new PotashCorp record and 18% lower than 2012, and there were no life-altering injuries in 2013. Payouts for the safety performance component were at 200% of target. With these results, 2013 STIP payouts for each Named Executive Officer
were budgeted at 88.24% overall. However, due to the economic challenges faced in 2013, including the operating changes and workforce reductions that we announced in






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December 2013, the bonus payments for Named Executive Officers were maintained at the same level as 2012, despite a higher ACFR and better safety performance in 2013. For information regarding
each Named Executive Officers 2011, 2012 and 2013 STIP awards, see Executive Compensation  Summary Compensation Table beginning on page 58. The following table sets forth our performance under the STIP for each of the last three years:  2013

2012


2011Cash Flow Return Target

18.85%


24.06%



23.23%Actual Cash Flow Return(1)

15.53%


19.71%



26.56%Adjusted Cash Flow Return    Ratio(2)

0.8236


0.8192



1.1437  (1)
For a description of how cash flow return is calculated under the STIP, see Executive Compensation  Summary Compensation Table  Non-Equity Incentive Plan
Compensation beginning on page 60.  (2)
Due to rounding, dividing actual cash flow return by the cash flow return target may not result in the exact ACFR ratio. The STIP includes a change-in-control provision whereby STIP participants receive a lump sum payment for the pro rata portion of the year that elapsed through the
date of a change-in-control, at the greater of target or actual performance through the end of the month in which the change-in-control occurs. Medium-Term Incentive Plan Purpose:    To align the interests of our executive officers and shareholders; to reward executive officers and key employees for
superior performance over a three-year performance period and for their continued contributions to our success. Our MTIP aligns the interests of our
executives and key employees with those of our shareholders by linking the vesting of awards to TSR over a three-year performance period. The current MTIP performance period began January 1, 2012 and ends December 31, 2014. TSR measures
the capital appreciation in our Shares, including dividends paid during the performance period, and thereby simulates the actual investment performance of our Shares. Under the MTIP, we award participants a number of units based on the participants salary at the later of the beginning of the performance period or the date of initial participation in the plan (multiplied by
a factor of up to three to reflect the number of years such participant would participate in the plan), a target award percentage and the average Share price over the thirty trading days immediately preceding the performance period. One-half of the MTIP units vest based on increases in our TSR. The remaining one-half of the units vest based on the extent to which our TSR matches or exceeds the
TSR of the DAX Ag Index. MTIP participants generally are required to continue in a qualifying position throughout the performance period as a condition
to


vesting. However, if a participants employment terminates before the end of the performance period due to the participants retirement, disability or death, or we terminate a
participants employment without just cause, the participant is entitled to a cash payment in settlement of a pro rata number of units, with vesting based on the achievement of performance objectives as of the date of termination. A participant
who resigns or whose employment is terminated for just cause forfeits all rights to any units granted under the plan. In addition, under the terms of the MTIP, no dividends accrue or are otherwise payable to holders of units. However, dividends are
taken into account in determining the final Share price under the MTIP at the time of settlement of the MTIP awards. We settle vested units in cash
based on the average Share price over the last thirty trading days of the applicable performance period. The price used to determine the cash payout may not exceed a predetermined percentage of the market value of a Share as of the beginning of the
performance period. Because the value of the units granted under the MTIP are capped (400%), the Committee can readily stress-test executive officer compensation and analyze the effect of significant upturns or downturns in PotashCorps
performance. Depending on the achievement of the performance objectives, 0% to 150% of the units granted under the MTIP will vest. Achievement of the
target performance objectives  a TSR of 50% and a TSR that is 130% of the DAX Ag Index  will entitle a participant to 100% of the units awarded under the MTIP. Between 100% and 150% of the units will vest if actual performance exceeds
target performance. The maximum 150% of the units would vest based on a TSR of 75% or more and a TSR that was 145% of the DAX Ag Index performance. No units would vest if the minimum performance objectives  a TSR of 5% and a TSR that matches
the DAX Ag Index performance  are not achieved. Results between these thresholds are mathematically interpolated. Under the MTIP, the price used
to determine the cash payout cannot exceed 400% of the initial Share price for purposes of the MTIP, which was $41.49 per Share. Awards made under the
MTIP contain a detrimental activity clawback provision. The detrimental activity clawback provision permits the Committee to withhold any amounts otherwise payable to the participant or to require the participant to repay certain amounts to
PotashCorp in the event that the participant has engaged in a detrimental activity (including competitive activities, solicitation of our employees or disclosure of our confidential information). MTIP participants are entitled to receive a lump sum payment for the pro rata portion of the performance period that elapsed through the date of a
change-in-control, at the greater of target or actual performance through the date of the change-in-control.






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Long-Term Incentives (Performance Option Plan) Purpose:    To align the interests of our executive officers and shareholders; to provide incentives to executive officers and key
employees to promote long-term shareholder interests. We provide our executives with long-term incentives through our POP. Our POP awards options to
senior executives and other key employees for superior performance over a three-year performance period. Options vest based on metrics with a demonstrated relationship to total shareholder return. The options have a ten-year term from the date of
grant, providing incentives to our executives to promote long-term shareholder value and interests. The POP is submitted to shareholders every year,
with options granted following the annual meeting of shareholders if approved by shareholders. The number of options that the Board grants annually is that number of options intended to result in the appropriate total compensation for each
management level, as determined by PotashCorps performance and by reference to the Comparative Compensation Information. Shares underlying options not granted are no longer available for issuance after the end of the calendar year in which the
POP is approved by shareholders. In order to deliver a level of total compensation that is consistent with the level of corporate performance achieved,
data on compensation provided by the Comparative Compensation Information is typically analyzed on an annual basis to determine the 25th, 50th and 75th percentile compensation levels for our management positions. We link these compensation study
results and the vesting schedule to determine option grant levels that will deliver the appropriate compensation for the performance delivered. We strive to set the target value of each Named Executive Officers option grant at a level that,
including such Named Executive Officers other compensation, will deliver compensation relative to our performance as measured against the Comparative Compensation Information. On May 16, 2013, our shareholders approved the 2013 POP under which we could award, after February 19, 2013 and before January 1, 2014, options for the issuance of up to 3,000,000 Shares pursuant to
the exercise of options to eligible officers and employees. As of February 20, 2014, options to acquire 1,922,100 Shares, or approximately 0.22% of the total outstanding Shares (assuming the exercise of all such options), were issued and
outstanding under the 2013 POP. Shares underlying options not granted under the 2013 POP became ineligible for issuance after December 31, 2013.


For 2014, we are requesting shareholder approval of 3,500,000 Shares to be available for issuance pursuant to the
exercise of options granted under the provisions of the 2014 Performance Option Plan. We expect that this amount is sufficient for one annual grant to be made after the Meeting and before January 1, 2015. Under the POP, the exercise price of an option may not be less than the quoted market closing price of our Shares on the last trading day immediately preceding the
date of grant. Option vesting is determined by achieving corporate performance goals that historically have correlated with our TSR and the relative performance of our TSR to the TSR of the DAX Ag Index and is based on average annual cash flow
return on investment (CFROI) compared to weighted average cost of capital (WACC). We measure performance over a three-year period. A vesting schedule determines the percentage of options vested at the end of the three-year
period and ties the level of total compensation to our performance. No options vest if the three-year average CFROI-to-WACC comparison (CFROI-WACC) is 0% or less, and maximum vesting requires the three-year average CFROI-WACC to be 2.5%
or greater. Each option granted under our POPs has a maximum term equal to ten years from the date of grant. In connection with the development of our
first POP in 2005, the Committee worked with Aon Hewitt (formerly Hewitt Associates) to use ten-year historical data to analyze the correlation between CFROI minus our WACC and our TSR performance relative to the performance of the U.S. Basic
Materials Index (the DJUSBMI) performance. Having established a strong correlation between our CFROI-WACC and TSR performance levels relative to the performance of the DJUSBMI, the Committee and Aon Hewitt developed a schedule based upon
our CFROI-WACC levels to vest appropriate amounts of Shares at different performance levels. Consultants at Towers Watson also reviewed and confirmed this methodology. In connection with our transition to the DAX Ag Index as a peer index, Towers Watson reviewed our existing POP vesting schedule against the performance of the DAX Ag Index. In particular, Towers Watson analyzed the
historical CFROI and WACC of the companies that comprise the DAX Ag Index to determine the expected performance range of the DAX Ag Index. The results of Towers Watsons review confirmed that our POP vesting schedule is appropriate and requires
above-median performance to deliver above-median compensation. Moreover, no options vest if CFROI-WACC is negative during the applicable performance period.






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The following table sets forth the percentage of stock options granted under the 2009 POP, the 2010 POP and the 2011
POP that vested for the three-year performance periods ended December 31, 2011, December 31, 2012 and December 31, 2013, respectively.  2011POP


2010POP


2009POPCFROI-WACC to Achieve Maximum Vesting


2.50



2.50



2.50Actual CFROI-WACC(1)


11.12



12.28



9.63Actual Vesting Percentage


100%



100%



100%  (1)
Actual CFROI-WACC reflects the average of the annual CFROI-WACC for the three years during the applicable performance period. For a description of how CFROI-WACC is
calculated and for the full POP vesting schedule, see Executive Compensation  Grants of Plan-Based Awards  Option Awards beginning on page 62. During the three-year performance periods ended each of December 31, 2011, December 31, 2012 and December 31, 2013, we achieved performance sufficient to vest 100% of the stock options granted
under each of the 2009 POP, 2010 POP and 2011 POP, respectively. The 100% vesting of stock options reflected our exceptional performance relative to target during each performance period. The Committee believes that 100% vesting under our POP
requires superior performance during the applicable performance period and believes that our POP vesting schedule appropriately links vesting of stock options to our performance relative to our peers. Awards made under the POP contain a detrimental activity clawback provision. The detrimental activity clawback provision permits the Committee to withhold any
amounts otherwise payable to the participant or to require the participant to repay certain amounts to PotashCorp in the event that the participant has engaged in a detrimental activity (including competitive activities, solicitation of our
employees or disclosure of our confidential information). See Executive Compensation  Outstanding Equity Awards at Fiscal Year-End 
Outstanding Stock Options on page 64 for information on the number of outstanding stock options under each of our existing stock option plans. Post-Retirement and Termination Compensation Retirement Benefits Purpose:    To supplement the income of our employees after their retirement. We provide post-retirement benefits to employees generally, and we typically do not consider an employees past compensation in determining eligibility for
post-retirement benefits. For a description of our pension plans, see Executive Compensation  Pension Benefits beginning on page 64. For information about the amount of company contributions made for the benefit of Named Executive
Officers pursuant to our post-retirement benefit plans, see Executive Compensation  Summary Compensation


Table beginning on page 58. We do not grant extra years of credited service under our pension plans, except as discussed under Change-in-Control Agreements below and otherwise
as appropriate in exceptional circumstances. As calculated in accordance with International Financial Reporting Standards, as issued by the
International Accounting Standards Board (IFRS), for financial statement reporting purposes, the following table sets forth our total balance sheet liability under the Canadian Supplemental Plan and the U.S. Supplemental Plan for all
current and former executive officers and other covered employees as of December 31, 2013 and December 31, 2012.  December 31,
2013

December 31,2012Total Supplemental Plan Liability

$77.6 million

$77.8 million General Severance Benefits Purpose:    To provide appropriate benefits that reflect the potential difficulty in obtaining comparable employment in a short period of time; to provide for a complete separation
between the terminated employee and PotashCorp. Our current severance policy for termination without cause, which is generally applicable to
salaried employees including our Named Executive Officers, is to provide notice of impending termination, or payment of salary in lieu of notice, equivalent to two weeks for each complete year of service (subject to a minimum of four weeks and a
maximum of 52 weeks). Such policy is superseded by specific termination provisions contained in any applicable written agreement and may be subject to adjustment. Payment of severance benefits is discretionary, except as may be required by law. Change-in-Control Agreements Purpose:    Historical agreements with certain senior executives. Effective
December 30, 1994, we and, where applicable, PCS Sales (USA), Inc. (PCS Sales), entered into change-in-control agreements with certain senior executives, including Mr. Doyle and Mr. Brownlee. At that time, it was thought
that such arrangements with senior executives were appropriate. Subsequently, we have not entered into new change-in-control agreements. However, on December 31, 2010, we entered into an amendment with Mr. Doyle to remove the golden
parachute excise tax gross-up provision of his change-in-control agreement and to make certain other technical changes in order to comply with Section 409A of the Internal Revenue Code. The initial term of each 1994
change-in-control agreement was through December 31, 1997. The term of each agreement has automatically renewed for successive one-year periods since December 31, 1997 and continues to be subject to automatic renewal for successive
one-year terms until the employee reaches age 65 or unless either party gives notice of termination.






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Benefits pursuant to the change-in-control agreements require both a change-in-control and an involuntary termination
of the executives employment within two years following a change-in-control. Termination includes ceasing to be employed for any reason, including constructive dismissal, except by reason of death, disability, resignation or voluntary
retirement, or dismissal for dishonest or willful misconduct. The severance benefit entitlements upon termination of employment following a change-in-control are:  

a lump-sum payment of three times the executives current base salary and average bonus for the last three years;  

a lump-sum payment of the pro rata target bonus for the year in which the termination occurs;  

immediate vesting and cash out of a pro rata portion of the current performance periods MTIP awards;  

a credit of three additional years of service under the Canadian Supplemental Plan;  

a three-year continuation of medical, disability and group term life insurance, provided that these benefits terminate upon obtaining similar coverage from a new
employer or upon commencement of retiree benefits; and  

financial or outplacement counseling to a maximum of Cdn$10,000. Each change-in-control agreement further provides that all outstanding unvested options granted to the executive become exercisable upon the occurrence of a change-in-control. In the event no public market for the
Shares exists, we (or PCS Sales, as the case may be) will compensate the executive for the value of his options based on a Share value approved by our Shareholders upon a change-in-control, or, if no such value has been approved, the market value of
the Shares when last publicly traded. For additional information about the above change-in-control agreements, including the definitions of
change-in-control and termination of employment, see the Forms of Agreement dated December 30, 1994, filed as Exhibit 10(p) to our annual report on Form 10-K for the year ended December 31, 1995. Policy on Recoupment of Unearned Compensation The Board has approved the PotashCorp Policy on Recoupment of Unearned Compensation. Under this policy, if the Board learns of misconduct by an executive that contributed to a restatement of PotashCorps
financial statements, the Board can take action it deems necessary to remedy the misconduct. In particular, the Board can require reimbursement of incentive compensation or effect the cancellation of unvested performance option awards if
(1) the amount of the compensation was based on achievement of financial results that were subsequently restated, (2) the executive engaged in misconduct that contributed to the need for the restatement and (3) the executives
compensation would have


been a lesser amount if the financial results had been properly reported. Compensation Consultants and Comparator Group To gather information about competitive compensation practices, the Committee relies on the input and recommendations of independent compensation consultants and data provided by broad-based executive compensation
surveys. The Committee obtains the advice and recommendations of its independent compensation consultants as the Committee deems appropriate. Although this information is an important tool in the Committees processes, the decisions made by the
Committee are solely the responsibility of the Committee and reflect other factors and considerations, discussed earlier in this CD&A. In 2005, the
Committee engaged Towers Watson as executive compensation consultants. Towers Watson reports to the Chair of the Committee and provides input to the Committee on the philosophy and competitiveness of the design and award values for certain of our
executive and director compensation programs. Towers Watson also assists in the evaluation of compensation arrangements associated with certain strategic opportunities. In its role as executive compensation consultants, in 2013, Towers Watson
attended Committee meetings at which executive compensation matters were discussed. In 2013, the Committee reviewed the independence of Towers Watsons advisory role relative to the six consultant independence factors adopted by the SEC to
guide listed companies in determining the independence of their compensation consultants, legal counsel and other advisers. Following their review, the Committee concluded that Towers Watson has no conflicts of interest, and provides the Committee
with objective and independent executive compensation advisory services. In accordance with our adherence to the best practice of retaining independent executive compensation consultants, any work other than executive compensation consulting
services performed for us by Towers Watson must be approved in advance by the Chair of the Committee. The following table sets forth the fees we paid to Towers Watson in 2012 and 2013.  Year endedDecember 31, 2013


Year endedDecember 31,2012Fees attributable to executive and director compensation consulting services(1)

$
300,420


$
278,677Fees attributable to other services(2)

$
110,000


$
110,000  (1)
Includes $28,974 and $39,956 for 2013 and 2012, respectively, attributable to compensation consulting services for executives, other than the Named Executive Officers,
requested by management and approved by the Committee, including calculation of stock and option award grant date fair value amounts in accordance with FASB ASC Topic 718, Compensation  Stock Compensation.  (2)
Amounts reflect payments to an affiliate of Towers Watson in 2013 and 2012 for certain other services, including prescription drug benefit plan design and advice. These
services were discussed with, and approved by, the Committee in advance of retaining this affiliate of Towers Watson.






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The Committee uses executive compensation analyses prepared by Towers Watson and other independent compensation
consultants. Such analyses typically consist of (1) the Comparator Group, which includes a group of 19 publicly traded U.S. and Canadian companies, selected on the basis of a number of factors, including similar industry characteristics,
revenues and market capitalization, and/or (2) the Additional Surveys, which are composed of executive compensation surveys of U.S.-based companies with similar industry and revenue size gathered by three compensation consulting services. The 17 companies included in the Comparator Group in 2012 were:  Agrium Inc. Air Products and
Chemicals, Inc. Arch Coal Inc. Ashland
Inc. Barrick Gold Corporation Cameco
Corporation CF Industries Holdings, Inc.
Eastman Chemical Company Ecolab Inc.

Goldcorp Inc. Monsanto
Company The Mosaic Company Newmont Mining
Corporation Peabody Energy Corporation PPG
Industries, Inc. Praxair, Inc. Teck
Resources Limited We periodically review our Comparator Group to ensure that the companies included in the group share similar industry
characteristics, revenues and market capitalization. In 2013, we reviewed our Comparator Group and made minor changes to the list of companies used for comparison. Two companies, Celanese Corporation and Kinross Gold Corporation, were added to the
Comparator Group in 2013. These two additional companies were not included in the executive compensation analyses prepared in connection with the Committees 2013 executive compensation decisions, but were used in the preparation of the pay for
performance and director compensation analyses reviewed by the Committee at its July 2013 meeting. For 2013, the three Additional Surveys were
(1) the TWDS 2012 Survey Report on Top Management Compensation, (2) the Mercer 2013 US Executive Compensation Survey and (3) the TWDS 2013 US CDB General Industry Executive Compensation Database. For a list of the companies included
in each of the Additional Surveys, see Appendix G to this Management Proxy Circular.


Executive Share Ownership Requirements We strongly support Share ownership by our executives. In November 2004, we introduced minimum shareholding guidelines to be met by November 2009 for the
then-current executive officer group. Any individual promoted or appointed into a position subject to these guidelines has a five-year period from the date of promotion or appointment within which to meet the Share ownership requirements. The Share
ownership requirements reflect the value of Shares held and can be met through direct or beneficial ownership of Shares, including Shares held through our qualified defined contribution savings plans. Options and performance units (under the MTIP)
are not included in the definition of Share ownership for purposes of the guidelines. Each officer, including each Named Executive Officer, has a Share
ownership guideline, and compliance with these Share ownership requirements is reviewed at Committee meetings. If an officers Share ownership falls below the minimum guidelines due to a decline in the Share price, such officer will have three
years to restore compliance. For purposes of determining compliance during this three-year period, the officers Shares will be valued at the higher of cost or market value. The ownership requirements are as follows:  Title

Share Ownership GuidelineChief Executive Officer


5 times base salaryChief Financial Officer, Chief Operating Officer, Senior Vice Presidents and Division Presidents


3 times base salaryDesignated Senior Vice Presidents and Vice Presidents


1 times base salary






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As of February 20, 2014, each of our Named Executive Officers was in compliance with the applicable Share
ownership requirements. The table below sets forth, for each Named Executive Officer, the number and value of Shares held, the value of Shares required to meet the ownership requirements and the value of Shares held as a multiple of the Named
Executive Officers base salary.



|                        |  |                      |           |  |                     |   |            |                                  |  |   |                                 |  |  |  |        | 
|----------------------- |  | -------------------- | --------- |  | ------------------- | - | ---------- | -------------------------------- |  | - | ------------------------------- |  |  |  | ------ | 
|Named Executive Officer |  | Number of SharesHeld |           |  | Value of SharesHeld |   |            | Value Required toMeet Guidelines |  |   | Value Held as Multipleof Salary | 
|William J. Doyle(1)     |  |                      | 2,929,421 |  |                     | $ | 98,516,429 |                                  |  | $ | 6,283,000                       |  |  |  | 78.40x | 
|Wayne R. Brownlee       |  |                      | 712,095   |  |                     | $ | 23,947,743 |                                  |  | $ | 1,765,008                       |  |  |  | 40.70x | 
|G. David Delaney        |  |                      | 126,618   |  |                     | $ | 4,258,157  |                                  |  | $ | 1,723,413                       |  |  |  | 7.41x  | 
|Stephen F. Dowdle       |  |                      | 65,379    |  |                     | $ | 2,198,700  |                                  |  | $ | 1,306,848                       |  |  |  | 5.05x  | 
|Joseph A. Podwika(2)    |  |                      | 35,200    |  |                     | $ | 1,183,773  |                                  |  | $ | 1,304,838                       |  |  |  | 2.72x  | 



|(1) | Includes 59,694 Shares held in the William & Kathy Doyle Foundation, 864,675 Shares held in the WJ Doyle Revocable Trust, 692,184 Shares held in the Doyle Family
LLC (Mr. Doyle controls these Shares and has a beneficial interest in a majority of the interests of the LLC. The remaining interests of the LLC are beneficially owned by members of Mr. Doyles immediate family), 82,877 Shares held in the
Doyle Family Stock Trust II, 42,439 Shares held in the DFG Trust,100,000 Shares held in the DFG Trust III, 646,842 Shares held in Doyle Investments LLC (Mr. Doyle controls these Shares; however the majority of the interests of the LLC are
beneficially owned by members of Mr. Doyles immediate family), 191,018 Shares held in the DFP Trust, 195,878 Shares held in the DFP Trust II and 53,814 Shares held in the DFST IV Trust.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Mr. Podwika had achieved the requisite ownership requirement within five years of his appointment; however, due to a decline in the Share price after October, 2013,
he is currently below the minimum requirement and, as such, has three years from that date to restore compliance.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Chief Executive Officer Compensation The Committee annually reviews our CEOs salary, any awards under our STIP and MTIP and any grant of options under our option plans and makes its
recommendations to the Board. With the assistance of Towers Watson, the Committee analyzes the relationship between PotashCorps performance and our CEOs annual earnings. Our CEOs annual salary is determined primarily on the basis
of his individual performance and PotashCorps performance. While no mathematical weighting formula is used, the Committee considers all factors that it deems relevant, including our financial results, our TSR and performance relative to
similar companies within our industry, survey compensation data obtained from our compensation consultants, the duties and responsibilities of our CEO, our CEOs individual performance relative to written goals established at the beginning of
each year, current compensation levels and the effect of significant upturns or downturns in our performance. Awards pursuant to the STIP, MTIP and under the option plans are made in accordance with the plans as outlined above. If minimum targets
set under the STIP and MTIP and option plans are not met, our CEO does not receive compensation pursuant to those plans. With the assistance of Towers
Watson, the Committee also references the compensation of CEOs in the Comparative Compensation Information. The comparison of our CEOs compensation to the compensation of CEOs in the Comparative Compensation Information incorporates many
factors, including the relative sales and market capitalization of the companies, their profitability and shareholder return history, the duties of the CEO and any other extenuating or special circumstances. In general, we set our CEOs cash
compensation at the median of that range.


In January 2014, the Committee and the independent members of the Board reviewed all of the factors mentioned above,
including individual and PotashCorps performance, for the purpose of determining Mr. Doyles 2014 compensation. Mr. Doyles 2013 performance goals and achievements were considered by the Committee and the independent
members of the Board in determining his 2014 base salary and his 2013 short-term incentive bonus award. Although the Committee and the independent
members of the Board did not utilize any specific weighting in analyzing Mr. Doyles 2013 performance goals, generally, 10 performance goals were fully achieved, 3 performance goals were partially achieved and 1 performance goal was not
achieved. Due to the economic challenges faced in 2013, including the operating changes and workforce reductions that we announced in December 2013, and
based on the above-noted factors and the information set forth in the table below, including Mr. Doyles overall performance, the Committee recommended, and the independent members of the Board approved, no increase for 2014 in
Mr. Doyles current base salary of $1,256,600 and awarded Mr. Doyle a short-term incentive bonus for 2013 of $800,000, 63.7% relative to target and unchanged from 2012, despite a higher ACFR and better safety performance in 2013. More specific information on Mr. Doyles individual performance goals and achievements (and their relationship to our corporate goals) is
provided in the following table.






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##### Table of Contents

LOGO
  Achieved      


LOGO
  Partially Achieved      


LOGO
  Did Not Achieve



|                                                                                                                                                                                                                                                                                              |  |                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Maximize long-term shareholder value.                                                                                                                                                                                                                                        
|2013 Individual Performance Goal                                                                                                                                                                                                                                                              |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                              |  |                     
|1.        Continue to drive the Potash first strategy by actively staying on top of all global
opportunities while at the same time being open to strategic alternatives for our various businesses. This work should consider the industry environment for the next five years and beyond. |  | LOGO                 |  |  
   We continued to actively pursue global potash opportunities and strategic developments in all three nutrients. We kept the Board informed and engaged regarding these opportunities and developments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                              |  |                     
|2.         Meet the budget approved for 2013 including Earnings per Share of $2.97 and Cash Flow per
Share of $4.13.                                                                                                                                                                          |  | LOGO                 |  |  
   Actual 2013 Earnings per Share was $2.04.      Actual 2013 Cash Flow per Share was $3.35.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                              |  |                     
|3.         Outperform the Comparator Group and the DAX Ag Index.                                                                                                                                                                                                                              |  | LOGO                 |  |  
   In 2013, our common stock outperformed the average of the Comparator Group, but underperformed compared to the DAX Ag Index. Our annual total shareholder return of -16.1% compared to a Comparator Group average of -18.4% and a DAX Ag
Index total shareholder return of approximately 6.4%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                              |  |                     
|4.         Grow the revenue base and bottom line for PotashCorp through strategic use of
capital.                                                                                                                                                                                             |  | LOGO                 |  |  
   In 2013, we continued to progress on capital projects, with the majority of our expenditures dedicated to our potash capacity expansions. We remain on schedule to achieve our goal of completing these expansion projects by
2015.   
   The expansion and continued operation of the first phase of our regional distribution center in Hammond, Indiana  an investment that allows us to bypass US transit bottlenecks  has provided additional efficiencies in
potash distribution.      The Board approved the expansion of our Lima nitrogen facility, which we expect to grow nitrogen volumes and margins and provide the Aurora facility with ammonia on a
cost-effective basis.   
   We continued to execute on opportunities to increase our nitrogen capacity. In February 2013, our Geismar ammonia plant came online, and the debottlenecking project in Augusta is providing us with additional volumes. The Board also
approved a Trinidad energy efficiency project in 2013.      We conducted an analysis of options to improve profitability at our Geismar facility.
|                                                                                                                                                                                                                                                                                              |  |                     
|5.         Manage major capital projects to achieve on-time and on-budget completion with the planned
production ramp-up and output levels.                                                                                                                                                   |  | LOGO                 |  |  
   In 2013, we implemented new controls to improve project management. On a company-wide level, we established the Expansion Project Steering Committee, created a more open monthly internal reporting process, hired a new Expansion
Program Controller, instituted a more rigorous variation management process and engaged in engineering design reviews and project scope reviews for the purpose of improving contractor performance.
  
   We also implemented various site-specific initiatives, including refinements to our annual capital planning process, building robust five-year sustaining capital plans at each site and certain safety performance, productivity and
underground work management initiatives.                                                                                                                                                                                                                                                                                                                                                                 





|1 | We define cash flow per Share as follows: (cash flow provided by operating activities - changes in non-cash operating working capital) / weighted
average number of diluted common Shares outstanding for the year.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|                                                                                                                                                                                                                                          |  |                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Maximize long-term shareholder value.                                                                                                                                                                                    
|2013 Individual Performance Goal                                                                                                                                                                                                          |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                          |  |                     
|6.         Meet a cost reduction target of $20 million off controllable costs versus the 2013 budget
including: Potash $549 million, Phosphate $585 million, and Nitrogen $366 million (combination of non-gas fixed and variable costs). |  | LOGO                 |  |  
   We initiated several major cost control and site optimization initiatives in each nutrient that are expected to have a positive effect on future earnings, including:

1.         Operational changes and workforce reduction;

2.         Various operational excellence and capital
management/readiness initiatives in nitrogen and phosphate; and  3.         Procurement savings initiatives (including a shift in operating models from fully decentralized to center-led) to capture savings from business unit
and corporate-wide volume consolidation, vendor consolidation and goods/services standardization opportunities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                          |  |                     
|7.         Lead managements effort to make sure it does its part in the pursuit of the best
possible corporate governance for PotashCorp.                                                                                                |  | LOGO                 |  |  
   Mr. Doyle personally engaged numerous stakeholders, including shareholders, the analyst community, political leaders, community leaders, media and employees, in personal meetings and conference calls.
  
   In 2013, Mr. Doyle approved the addition of internal governance resources to proactively mitigate against business and compliance risks. This initiative included the establishment of a separate enterprise risk management group
headed by a Vice President-level executive who reports directly to the CEO. PotashCorp also added a seasoned compliance professional to aid in the administration of PotashCorps corporate compliance program and to help maintain and build a
culture of ethics and integrity, and a records management and data governance expert to lead PotashCorps efforts to ensure the security, accuracy, accessibility, consistency, completeness and cost-effectiveness of our information management
systems.   
   Our commitment to excellence in corporate governance was recognized by external evaluators. In 2013, we received high marks from external evaluators of corporate governance, finishing second among 232 companies in The Globe and
Mails corporate governance rankings. The Chartered Professional Accountants of Canada awarded PotashCorp the Award of Excellence in the categories of Financial Reporting, Corporate Reporting in Mining and Electronic
Disclosure.



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|----------------------------------------------------------------------------------------- |  | -------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Be the supplier of choice to the markets we
serve.                       
|2013 Individual Performance Goal                                                          |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                          |  |                     
|1.         Outperform competitors on quality and service as measured by customer
surveys. |  | LOGO                 |  |  
   We monitored satisfaction through our 2013 Customer Advisory Council Survey, where our sales representatives received the highest scores among our competitors in service areas such as representative product knowledge, communication,
customer service and knowledge of our customers businesses. When asked On a scale of 1 to 10 (10 being the most positive), what is your opinion of PotashCorps Fertilizer, Feed, Industrial Nitrogen Groups? our groups scored
8.4, 8.8, and 8.5 respectively.      In potash, less than 4,000 tonnes of product sold experienced complaints, with total potash sales of 8.1 million tonnes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                          |  |                     
|2.         Find new ways to make it easier for our customers to do business with
us.      |  | LOGO                 |  |  
   In 2013, we launched our new website for customers and growers, www.potashcorp-eKonomics.com. We believe the launch of our website was well received, and we have been active in ensuring our customers know how to use the tools on the
website.   
   In 2013 we continued to improve our transportation network in order to better serve our customers. With the completion of the first phase of our Hammond Regional Distribution Center, our domestic potash net rail cycle time through
the Chicago corridor during the second half of 2013 continued to improve compared to both the first half of 2013 and the comparable 2011 benchmark period. In the fourth quarter of 2013, we recorded the lowest average net cycle time of any quarter
during the previous three years, 16% better than the same period in 2011. This improvement helped offset higher first quarter 2013 cycle times related to severe winter weather in the Canadian prairies, and lowered our performance for the full year
to 5% below the comparable period of 2011.      We continue to invest time in training our employees to better serve our customers. We have reorganized our Fertilizer Sales managers and assigned two new field representatives
to provide better service. We recently incorporated our International Sales support group into Customer Service in order to provide a more consistent customer service experience to all of our customers.



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|                                                                                                                                                              |  |                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Build strong relationships with and improve the socioeconomic
well-being of our communities.                                                 
|2013 Individual Performance Goal                                                                                                                              |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                              |  |                     
|1.         Provide leadership for PotashCorp within the investment community, within our industry and
in the communities in which our people work and reside. |  | LOGO                 |  |  
   In November 2013, prior to our announced operating changes and workforce reduction, we conducted our annual investor surveys. These surveys reflect investor concerns surrounding the potash market, including new potash supply and
increased competition. On a scale of 1 to 10 (with 10 being excellent), we received an overall rating of 7.1, which included assessment of managements accessibility, responsiveness, communication, strategic capability, execution,
credibility and adaptability to enhance long-term shareholder value.      We continued our commitment to meet with our largest shareholders in their offices at least once per year and have completed 100% of these meetings for those shareholders
who wish to meet with management. In 2013, we held 435 shareholder meetings, down slightly from 2012 levels and participated in seven investor conferences. 
    In 2013, we continued to conduct Live Virtual Meetings with management to enhance outreach
with the investment community in a progressive and economical manner. The audience participating in these meetings has increased significantly, with nearly 1,500 investors viewing our three sessions in 2013.
  
   In the fall of 2013, we surveyed community leaders in five of our operating communities (Saskatoon and the surrounding area, New Brunswick, Trinidad, Geismar and Cincinnati). We asked participants to rate our company on a scale of
one to five (five being the highest) in areas related to the perception of our community involvement, business practices and economic issues. Our average score was 4.2 out of 5.0, exceeding our target of 4.0. A broader community survey of the
general public conducted in the summer of 2013 showed that 70% of Saskatchewan residents had a favorable opinion of PotashCorp. 
    Mr. Doyle continued to serve on the boards of key industry groups, including serving as Chairman of the
Nutrients for Life Foundation, and as a member of the boards of International Fertilizer Industry Association, The Fertilizer Institute, Canpotex and International Plant Nutrition Institute. In addition, Mr. Doyle delivered numerous presentations at
industry and community events.   
   Mr. Doyle is a member of the Canadian Council of Chief Executives and the C.D. Howe Institute.



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|                                                                                                                 |  |                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---------------------------------------------------------------------------------------------------------------- |  | -------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Build strong relationships with and improve the socioeconomic
well-being of our communities.    
|2013 Individual Performance Goal                                                                                 |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                 |  |                     
|2.         Meet or exceed both the letter and spirit of our commitment in fulfilling the Pledge
to Saskatchewan. |  | LOGO                 |  |  
   Under Mr. Doyles leadership, we continued to fulfill the Pledge to Saskatchewan. As part of the Pledge we achieved several key objectives: 
1.         Strong and Vital EmployerWhile market conditions
mean that employment levels will decline in 2014, we remain one of the largest private sector employers in the province with approximately 2,200 employees post-reduction.

2.         Canpotex and Profit Maximization StrategiesWe
continued to be a strong advocate and supporter of Canpotex and managed our business to ensure long-term profitability. 
3.         Strong Aboriginal WorkforceWe continued to
increase opportunities for Aboriginal workers and suppliers. In 2013, approximately 9% of new hires were voluntarily self-identified Aboriginal applicants, and 14% of these applicants were interviewed. Our Aboriginal employment outreach initiatives
in 2013 included career fairs, community presentations, trade shows and conferences. 
4.         Community InvestmentsIn 2013, our total corporate
community investment met our goal to invest 1% of consolidated income before income taxes (on a five year rolling average), resulting in contributions of approximately $31 million. Contributions to Saskatchewan represented approximately 61% (or
$19.2 million) of total contributions, exceeding the Saskatchewan-related share of our overall gross margins. 
5.         Local SpendingIn 2013, we estimate that 61% of
Saskatchewan potash production purchasing was done with suppliers resident in Saskatchewan, exceeding our goal. 
6.         Expansion ProjectsAll Saskatchewan expansion
projects  totalling over $6 billion  have been completed or are in progress.



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|                                                                                                                          |  |                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------------- |  | -------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Attract and retain talented, motivated and productive employees who
are committed to our long-term goals.
|2013 Individual Performance Goal                                                                                          |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                          |  |                     
|1.         Show measurable
success in leadership development and succession planning for our employees.                   |  | LOGO                 |  |  
   We hired a new Manager of Organizational Development, a global role based in Saskatoon. The primary focus of this role will be enhanced strategic leadership development and succession planning.
  
   We revised our 7 Leadership Core Competencies, narrowing them to 6 Leadership Core Competencies. We also drafted detailed behavioral descriptors and are currently assessing our overall strategy to enhance or develop employee
leadership skills encompassing all competency areas.      With 79% of senior staff-level positions filled with internal candidates, we exceeded our goal of 75%. Several executive-level vacancies were filled with well-qualified
employees identified through our succession planning process.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                          |  |                      |  |  
   In 2013, approximately 566 PotashCorp staff participated in formal leadership development training sessions, including the University of Saskatchewan Effective Leadership training and the University of Florida Emerging Leader
program. Additionally, there were two common programs offered to support further development of our Leadership Core Competencies: Managing Things, Leading People andSafe Leader.
  
   Our annual succession planning process for senior level staff (approximately 300 employees) was completed, and a summary of the process was reviewed by the Compensation Committee.
  
   We made continued progress towards complete alignment of safety leadership and overall leadership skills, and continued to work within the Training and Capability Building Work Stream of the 5-Year Safety Plan. Training leaders from
potash, nitrogen and phosphate sites met to align common core training for all employees. We are currently working on developing leadership skills to support a PotashCorp-wide safety standard to facilitate effective safety conversations and hazard
identification between leaders and their teams.      Strategic development is underway for a common employee engagement survey that is to be implemented globally in 2014. This work included aligning the engagement questions to
each Leadership Core Competency to ensure appropriate assessment of employee satisfaction with their leaders skill in each competency. Survey questions will also align with best practices in safety engagement and will be calibrated to an
external database.   
   We continued to work to create a better, more consistent exit assessment process to determine gaps that might be leading to voluntary employee departures.
  
   PotashCorp was recognized as an employer of choice in Canada and the US, was named by The Globe and Mail as one of Canadas Top 100 Employers, one of Canadas Top Employers for Young People, and one of Saskatchewans
Top Employers. PotashCorp was also named a Best Employer in Ohio.



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|                                                                                                                                                                                                |  |                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|CORPORATE GOAL: Achieve no harm to people and no damage to the
environment.                                                                                                                    
|2013 Individual Performance Goal                                                                                                                                                                |  | Level of
Achievement |  | Discussion of 2013 Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                |  |                     
|1.         Meet measurable safety index targets, with the emphasis on reducing serious injuries so
PotashCorp can achieve its goal of providing the safest work environment for its employees.  |  | LOGO                 |  |  
  We met our goal of achieving zero life-altering injuries at our sites.     We continue to emphasize personalization of safety at all levels in our organization. Our total recordable injury frequency rate decreased by 18% to a record low 1.06 in 2013, and
our lost time injury frequency rate in 2013 was among the lowest in our peer group, decreasing by 52% from the 2012 rate to a record low. Our employee total recordable injury frequency rate was a record low 0.91 in 2013, decreasing by 26% from the
2012 rate. The total recordable injury frequency rate for our non-nested contractors was a record low 1.19 in 2013, decreasing by 19% from the 2012 rate. 
   At the 2013 Best Practices meeting,we presented the 5-Year Safety Plan, which is our roadmap to
becoming one of the safest resource companies in the world in five years by achieving a recordable injury rate in the lowest quartile of a best-in-class peer group. During 2013, work was done on the development of standards, metrics, training and
engagement initiatives in connection with the 5-Year Safety Plan.     In March and October 2013, we held PotashCorp Safety Summits with employees and senior management from every site in attendance, as well as members of the Boards Safety, Health
and Environment Committee, and focused on personalizing safety and safety leadership. 
   Celerant Consulting completed safety improvement projects at Allan, Cory and Rocanville, including the
Rocanville expansion. Sustainability plans were implemented at all three sites.     In 2013, Corporate Safety led or participated in cross-functional safety teams to address specific exposures including: light utility vehicles, behind-the-borer conveyances, mine
power cables, dropped objects, pinch points and hydro blasting.
|                                                                                                                                                                                                |  |                     
|2.         Improve the environmental commitment and performance across PotashCorp operations to
positively impact the climate, our use of natural resources, and our environmental stewardship. |  | LOGO                 |  |  
  We improved our environmental performance, as measured by the number of reportable releases, permit excursions and spills. There were 17 reportable environmental incidents in 2013, down 11% from 2012.
  
  We did not achieve a reduction in greenhouse gas (GHG) emissions due to the restart of our Geismar ammonia plant where we produce a greater proportion of more GHG intensive products.
  
  In 2013, we commenced new environmental initiatives, including identifying opportunities for reducing solid wastes to landfills and beginning development of an environmental strategy to improve environmental stewardship and performance,
for which an initial assessment will begin in the first quarter of 2014.     We also continued to conduct quarterly reviews of environmental issues with senior management for all three nutrients.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   



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|PotashCorp 2014 Management Proxy Circular |  | 56



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##### Table of Contents

Executive Compensation

A table of contents for this Executive Compensation section is set forth below:



|                                                                        |  |         
|----------------------------------------------------------------------- |  | --------
|Section                                                                 |  | Page No.
|Summary Compensation Table                                              |  | 58      
|Salary and Bonus                                                        |  | 60      
|Stock Awards                                                            |  | 60      
|Option Awards                                                           |  | 60      
|Non-Equity Incentive Plan Compensation                                  |  | 60      
|Total Compensation                                                      |  | 61      
|Employment Agreements                                                   |  | 61      
|Grants of Plan-Based Awards                                             |  | 61      
|Option Awards                                                           |  | 62      
|Outstanding Equity Awards at Fiscal Year-End                            |  | 63      
|Outstanding Stock Options                                               |  | 64      
|Option Exercises and Stock Vested                                       |  | 64      
|Pension Benefits                                                        |  | 64      
|Pension Plans                                                           |  | 65      
|Estimated Termination Payments and Benefits                             |  | 67      
|Payments Made Upon Involuntary Termination or Termination Without Cause |  | 67      
|Payments Made Upon Termination Following a Change-in-Control            |  | 67      
|Payments Made Upon Death or Disability                                  |  | 68      
|Payments Made Upon Retirement                                           |  | 68      



|   |  |                                          
|-- |  | -----------------------------------------
|57 |  | PotashCorp 2014 Management Proxy Circular



---

##### Table of Contents

Summary Compensation Table(1)

The following table sets forth, for our 2013, 2012 and 2011 fiscal years, all compensation earned by the individuals who served as our CEO and our Chief Financial
Officer, and by each of our other three most highly compensated executive officers, for services rendered to us and our subsidiaries (the Named Executive Officers or NEOs).



|                            |  |      |      |  |            |  |           |          |  |  |                    |  |  |                    |           |  |                                            |  |           |                                                                     |  |  |                             |  |  |           |           |  |  |  |         |  |  |  |            | 
|--------------------------- |  | ---- | ---- |  | ---------- |  | --------- | -------- |  |  | ------------------ |  |  | ------------------ | --------- |  | ------------------------------------------ |  | --------- | ------------------------------------------------------------------- |  |  | --------------------------- |  |  | --------- | --------- |  |  |  | ------- |  |  |  | ---------- | 
|Name and Principal Position |  | Year |      |  | Salary
($) |  |           | Bonus($) |  |  | StockAwards(2)
($) |  |  | OptionAwards(3)($) |           |  | Non-EquityIncentive PlanCompensation(4)($) |  |           | Change
inPension andNonqualifiedDeferredCompensationEarnings(5) ($) |  |  | All OtherCompensation(6)($) |  |  | Total
($) |          
|William J. Doyle            |  |      | 2013 |  |            |  | 1,256,600 |          |  |  |                   |  |  |                    |          |  |                                            |  | 4,155,298 |                                                                     |  |  | 800,000                     |  |  |           |          |  |  |  | 159,574 |  |  |  | 6,371,472  | 
|President and Chief         |  |      | 2012 |  |            |  | 1,220,000 |          |  |  |                    |  |  |                    | 4,672,252 |  |                                            |  | 3,937,635 |                                                                     |  |  | 800,000                     |  |  |           | 128,805   |  |  |  | 216,980 |  |  |  | 10,975,672 | 
|Executive Officer           |  |      | 2011 |  |            |  | 1,182,000 |          |  |  |                   |  |  |                    |          |  |                                            |  | 3,823,456 |                                                                     |  |  | 1,240,000                   |  |  |           | 1,429,867 |  |  |  | 132,394 |  |  |  | 7,807,717  | 
|Wayne R. Brownlee           |  |      | 2013 |  |            |  | 588,336   |          |  |  |                   |  |  |                    |          |  |                                            |  | 1,107,356 |                                                                     |  |  | 331,000                     |  |  |           |          |  |  |  | 50,407  |  |  |  | 2,077,099  | 
|Executive Vice              |  |      | 2012 |  |            |  | 571,200   |          |  |  |                   |  |  |                    | 1,406,291 |  |                                            |  | 1,064,287 |                                                                     |  |  | 331,000                     |  |  |           | 937,545   |  |  |  | 50,267  |  |  |  | 4,360,590  | 
|President, Treasurer and    |  |      | 2011 |  |            |  | 544,000   |          |  |  |                   |  |  |                    |          |  |                                            |  | 1,017,595 |                                                                     |  |  | 600,000                     |  |  |           | 2,232,860 |  |  |  | 45,549  |  |  |  | 4,440,004  | 
|Chief Financial Officer     |  |      |      |  |            |  |           |          |  |  |                    |  |  |                    |           |  |                                            |  |           |                                                                     |  |  |                             |  |  |           |           |  |  |  |         |  |  |  |            | 
|G. David Delaney            |  |      | 2013 |  |            |  | 574,471   |          |  |  |                   |  |  |                    |          |  |                                            |  | 1,133,818 |                                                                     |  |  | 300,000                     |  |  |           |          |  |  |  | 26,729  |  |  |  | 2,035,018  | 
|Executive Vice              |  |      | 2012 |  |            |  | 531,918   |          |  |  |                   |  |  |                    | 1,309,593 |  |                                            |  | 1,097,915 |                                                                     |  |  | 300,000                     |  |  |           | 689,109   |  |  |  | 25,545  |  |  |  | 3,954,080  | 
|President and Chief         |  |      | 2011 |  |            |  | 506,588   |          |  |  |                   |  |  |                    |          |  |                                            |  | 1,019,746 |                                                                     |  |  | 465,000                     |  |  |           | 756,147   |  |  |  | 23,385  |  |  |  | 2,770,866  | 
|Operating Officer           |  |      |      |  |            |  |           |          |  |  |                    |  |  |                    |           |  |                                            |  |           |                                                                     |  |  |                             |  |  |           |           |  |  |  |         |  |  |  |            | 
|Stephen F. Dowdle           |  |      | 2013 |  |            |  | 435,616   |          |  |  |                   |  |  |                    |          |  |                                            |  | 544,782   |                                                                     |  |  | 193,000                     |  |  |           |          |  |  |  | 27,904  |  |  |  | 1,201,302  | 
|President, PCS Sales        |  |      | 2012 |  |            |  | 422,928   |          |  |  |                   |  |  |                    | 694,142   |  |                                            |  | 544,830   |                                                                     |  |  | 193,000                     |  |  |           | 787,329   |  |  |  | 25,645  |  |  |  | 2,667,874  | 
|                            |  |      | 2011 |  |            |  | 384,480   |          |  |  |                   |  |  |                    |          |  |                                            |  | 494,494   |                                                                     |  |  | 353,000                     |  |  |           | 846,447   |  |  |  | 36,154  |  |  |  | 2,114,575  | 
|Joseph A. Podwika           |  |      | 2013 |  |            |  | 434,946   |          |  |  |                   |  |  |                    |          |  |                                            |  | 544,782   |                                                                     |  |  | 200,000                     |  |  |           |          |  |  |  | 22,598  |  |  |  | 1,202,326  | 
|Senior Vice President,      |  |      | 2012 |  |            |  | 416,216   |          |  |  |                   |  |  |                    | 683,170   |  |                                            |  | 544,830   |                                                                     |  |  | 200,000                     |  |  |           | 486,344   |  |  |  | 21,551  |  |  |  | 2,352,111  | 
|General Counsel and         |  |      | 2011 |  |            |  | 396,396   |          |  |  |                   |  |  |                    |          |  |                                            |  | 494,494   |                                                                     |  |  | 362,000                     |  |  |           | 475,146   |  |  |  | 35,883  |  |  |  | 1,763,920  | 
|Secretary                   |  |      |      |  |            |  |           |          |  |  |                    |  |  |                    |           |  |                                            |  |           |                                                                     |  |  |                             |  |  |           |           |  |  |  |         |  |  |  |            | 



|(1) | Those amounts that were paid in Canadian dollars have been converted to United States dollars using the average exchange rate for the month prior to the date of payment.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | With respect to 2012 awards, reports the grant date fair value, as calculated in accordance with FASB ASC Topic 718, Compensation  Stock Compensation, of
performance share units granted pursuant to our MTIP in effect for the three-year performance period January 1, 2012 to December 31, 2014. See Compensation Discussion and Analysis  Incentive Plan Compensation  Medium-Term
Incentive Plan beginning on page 44 for further discussion. For purposes of the FASB ASC Topic 718 calculations, the value of the performance share units was estimated using a Monte Carlo valuation model with the following assumptions:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Year

Risk-Free Interest
Rate

Dividend Yield

Correlation Between
our Share Price and
DAX Ag Index

Volatility of Our
Share Price

Volatility of the DAX AgIndex2012

0.42%

1.18%

79.9%

42.8%

23.6%




| | Based on the maximum allowable payout value of the MTIP awards of $165.96, if maximum performance is achieved under the plan for the three-year performance period ending
December 31, 2014, the awards would have the following values: Mr. Doyle, $30,744,090; Mr. Brownlee, $9,253,598; Mr. Delaney, $8,617,307; Mr. Dowdle, $4,567,551; and Mr. Podwika, $4,495,359.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | Reports the grant date fair value, as calculated in accordance with FASB ASC Topic 718, of options granted pursuant to the 2013 POP, 2012 POP and the 2011 POP,
respectively. The amounts reported assume that all option grants vest at 100%. See Compensation Discussion and Analysis  Incentive Plan Compensation  Long-Term Incentives (Performance Option Plan) beginning on page 45. For a
discussion of the assumptions made in the valuation of the awards, see Note 23 to our consolidated financial statements for the fiscal year ended December 31, 2013, Note 23 to our consolidated financial statements for the fiscal year ended
December 31, 2012 and Note 23 to our consolidated financial statements for the fiscal year ended December 31, 2011.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | Reports amounts awarded pursuant to our STIP for 2013, 2012 and 2011 performance, which amounts were paid in 2014, 2013 and 2012, respectively. See Compensation
Discussion and Analysis Incentive Plan Compensation  Short-Term Incentive Plan beginning on page 43.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 58



---

##### Table of Contents

|(5) | For 2013, the change in the actuarial present value of each Named Executive Officers accumulated benefit under the Canadian Supplemental Plan, the U.S. Pension Plan
and the U.S. Supplemental Plan was negative. Accordingly, pursuant to SEC guidance, these amounts are reflected as $0 in the Summary Compensation Table. The table below reports the annual increase (decrease) in the actuarial present values of each
Named Executive Officers accumulated benefit under such plans for 2011, 2012 and 2013.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



William J. Doyle ($)


Wayne R. Brownlee($)


G. David Delaney ($)


Stephen F. Dowdle($)


Joseph A. Podwika($)2013



(1,566,727
)


(487,047
)










Canadian Supplemental Plan


2012



128,805



937,545











2011



1,429,867



2,232,860











2013











(82,803
)


(19,479
)


(37,358
)U.S. Pension Plan


2012











227,233



137,954



134,6352011











290,615



197,442



155,3542013











(93,977
)


(44,593
)


(47,751
)U.S. Supplemental Plan


2012











461,876



649,375



351,7102011











465,532



649,005



319,7922013



(1,566,727
)


(487,047
)


(179,780
)


(64,072
)


(85,109
)Total


2012



128,805



937,545



689,109



787,329



486,3442011



1,429,867



2,232,860



756,147



846,447



475,146




|(6) | The following table sets forth the amounts attributable to each of the compensation items included in All Other Compensation for each Named Executive Officer:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



William J. Doyle($)


Wayne R. Brownlee($)


G. David Delaney($)


Stephen F. Dowdle($)


Joseph A. Podwika($)Company Contributions to Canadian Pension Plan


2013



12,233



12,067











2012



11,706



11,850











2011



11,487



11,642











Company Contributions to Savings Plan or 401(k) Plans


2013



74,298



34,786



23,608



20,337



20,1372012



72,060



33,456



22,698
(a)


19,034
(b)


19,392
(c)2011



69,540



31,745



20,863
(a)


17,250
(b)


18,676
(c)Life Insurance Premiums Paid for the Benefit of NEO


2013



6,995



3,554



3,121



7,567



2,4612012



1,694



755



2,847



6,611



2,1592011











2,522



5,371



1,816Medical Insurance Premiums Paid on Behalf of NEO


2013



16,261















2012



15,783















2011



15,208















Long-Term Disability Insurance Premiums Paid on Behalf of NEO


2013



11,691















2012



11,691















2011



11,691















Tax Gross-ups for Taxable Benefits


2013



14,533















2012



41,056



4,206











2011



8,503



2,162











Perquisites(d)


2013



23,563















2012



62,990















2011



15,965











13,533



15,392Total


2013



159,574



50,407



26,729



27,904



22,5982012



216,980



50,267



25,545



25,645



21,5512011



132,394



45,549



23,385



36,154



35,884




| | (a) | For 2011, 2012, and 2013, contributions to the 401(k) plan of $14,700, $14,850 and $15,150, respectively, were made for Mr. Delaney. In addition, contributions of
$6,163, $7,848 and $8,458 exceeded the 401(k) plans statutory limits for each respective year and therefore, were immediately taxable and paid to Mr. Delaney in cash.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For 2011, 2012, and 2013, contributions to the 401(k) plan of $14,700, $14,850 and $15,150, respectively, were made for Mr. Dowdle. In addition, contributions of
$2,550, $4,184 and $5,187 exceeded the 401(k) plans statutory limits for each respective year and therefore, were immediately taxable and paid to Mr. Dowdle in cash.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For 2011, 2012, and 2013, contributions to the 401(k) plan of $14,700, $14,850 and $15,150, respectively, were made for Mr. Podwika. In addition, contributions of
$3,976, $4,542 and $4,987 exceeded the 401(k) plans statutory limits for each respective year and therefore, were immediately taxable and paid to Mr. Podwika in cash.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Perquisites include, for Mr. Doyle, spousal/family travel benefits (while accompanying the executive on company business) and parking. The aggregate incremental cost of
spousal/family travel benefits paid for the benefit of Mr. Doyle was $18,645 in 2013, $56,166 in 2012 and $8,149 in 2011.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|   |  |                                          
|-- |  | -----------------------------------------
|59 |  | PotashCorp 2014 Management Proxy Circular



---

##### Table of Contents

Salary and Bonus As reported in the Summary Compensation Table beginning on page 58, in 2011, 2012 and 2013, the average salary and bonus of our Named Executive Officers averaged between 27% and 41% of the total compensation of
those Named Executive Officers. Stock Awards Unless otherwise noted, amounts reported in the Stock Awards column of the Summary Compensation Table on page 58 reflect performance share units granted for the 2012-2014 performance period pursuant to
our MTIP. In 2012, Mr. Doyle received a grant of 123,500 performance share units, Mr. Brownlee received a grant of 37,172 performance share units, Mr. Delaney received a grant of 34,616 performance share units, Mr. Dowdle
received a grant of 18,348 performance share units and Mr. Podwika received a grant of 18,058 performance share units. These performance share units vest and will be settled in cash at the end of the three-year performance period (December 31,
2014) in relation to a vesting schedule whereby one-half of the units vest in accordance with corporate TSR and one-half of the units vest in accordance with corporate TSR relative to the DAX Ag Index TSR. We use the following vesting schedules to determine how many units each Named Executive Officer is entitled to receive at the end of the performance period ending
December 31, 2014.  Corporate TSR Vesting ScheduleTSR

VestingPercentage5% or less


0%25%


50%50%


100%60%


125%75% or more


150%  Index TSR Vesting ScheduleTSR as % of DAX Ag Index TSR

VestingPercentageLess than 100%


0%100%


50%130%


100%145% or more


150% For results falling between the reference points in the charts above, the level of vesting will be mathematically interpolated
between the reference points. The value at payout will be based on the number of vested units multiplied by the trailing thirty-day average common share price, but in no event may the Share price


used to determine the cash payout exceed 400% of the initial Share price for purposes of the MTIP, which was $41.49 per Share. Option Awards For a description of the applicable formulas in determining the
amounts payable under our POP, see Grants of Plan-Based Awards  Option Awards on page 62. Non-Equity
Incentive Plan Compensation Amounts reported in the Non-Equity Incentive Plan Compensation column of the
Summary Compensation Table on page 58 reflect the amounts paid pursuant to our STIP for the 2011, 2012 and 2013 performance periods. The amount of each Named Executive Officers award for 2011 is generally equal to the officers award
percentage, as determined by our adjusted annual cash flow return compared to a target cash flow return, multiplied by the officers annual salary. The amount of each Named Executive Officers award for 2012 and 2013 is generally equal to
the officers award percentage, as determined by our adjusted annual cash flow return compared to a target cash flow return and safety results compared to target safety goals, multiplied by the officers annual salary. Individual awards,
however, may be adjusted (± 30%) to recognize individual performance, provided the total of adjusted awards approximates the total awards at the mid-point. Each officers award percentage is calculated according to the below schedule,
which has been abbreviated from the full schedule included in our STIP. In the below schedule, the ACFR represents our actual annual cash flow return, as defined in the STIP, divided by the target cash flow return, as determined by the annual
corporate budget approved by our Board. As per the terms of the STIP, we generally make no payments with respect to the cash flow component of the award
if our cash flow return is less than 50% of the target set by the Board for that year.  Officers

AwardPercentageWhen ACFRis LessThan 1

AwardPercentageWhen ACFR isEqual to orGreater Than 1

MaximumAwardPercentage(ACFRGreaterThan 1.5)Tier 1: President and CEO

100% multipliedby ACFR

(200% multipliedby ACFR) minus100%


200%Tier 2: Executive Level 7 (Executive VP and COO, Executive VP, Treasurer and CFO)

70% multipliedby ACFR

(140% multipliedby ACFR) minus70%


140%Tier 3: Executive Level 6 (Senior VP, General Counsel & Secretary, Subsidiary Presidents)

55% multipliedby ACFR

(110% multipliedby ACFR) minus55%


110%






|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 60



---

##### Table of Contents

Actual cash flow return is calculated by measuring operating income (net income before deducting taxes and interest),
removing the effects of extraordinary gains or losses, incentive award accruals, non-cash items such as depreciation and cash taxes and then dividing by the asset base. For further details regarding awards under our STIP, see Compensation
Discussion and Analysis  Incentive Plan Compensation  Short-Term Incentive Plan beginning on page 43. In addition, our STIP was filed as Exhibit 10(a) to our current report on Form 8-K, filed on March 31, 2012. Total Compensation The
following table sets forth the total compensation awarded to our CEO, individually, and our Named Executive Officers, collectively, in each case as a percentage of our net income in each of 2013, 2012 and 2011. Total compensation reflects the Named
Executive Officers total compensation as disclosed in the Total column of the Summary Compensation Table on page 58. Net income is calculated in accordance with IFRS for the year ended December 31, 2013, 2012 and 2011,
respectively.


For additional information about net income, see our consolidated financial statements and the notes thereto for the fiscal years ended December 31, 2013, December 31, 2012 and
December 31, 2011, respectively.  Net Income


Total Compensationof ChiefExecutiveOfficer


% of NetIncome


AggregateTotalCompensationof NamedExecutiveOfficers


% of NetIncome2013

$
1,785million


$
6.4 million



0.4%


$
12.9 million



0.7%2012

$
2,079 million


$
11.0 million



0.5%


$
24.3 million



1.2%2011

$
3,081 million


$
7.8 million



0.3%


$
18.9 million



0.6% Employment Agreements Except for the change-in-control agreements described above in Compensation Discussion and Analysis  Post-Retirement and Termination Compensation beginning on page 46, we have not entered into
individual employment agreements with any of our executive officers. For a discussion of the terms and conditions of our executive officers compensation, see Compensation Discussion and Analysis beginning on page 39.






Grants of Plan-Based Awards

The following table provides information relating to plan-based awards granted in 2013 to the Named Executive Officers.



|                  |  |           |         |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|----------------- |  | --------- | ------- |  | ------------------------------------------------------------------- |  | ------- | ---------------------------------------------------------- |  |  | --------------------------------------------- |  |  | ------------------------------------------------ | --------- |  | --------- |  | - | ---------- |  |  | ------- |  |  |  | ------- |  |  |  | -------- |  |  |  | --------- | 
|                  |  |           |         |  | Estimated Possible Payouts
UnderNon-Equity Incentive Plan Awards(1) |  |         | Estimated Future Payouts UnderEquity Incentive Plan Awards |  |  | Exercise orBase Priceof OptionAwards(2)($/Sh) |  |  | Grant DateFair Valueof Stockand OptionAwards ($) |          
|Name              |  | GrantDate |         |  | Threshold($)                                                        |  |         | Target($)                                                  |  |  | Maximum($)                                    |  |  | Threshold(#)                                     |           |  | Target(#) |  |   | Maximum(#) |  |  |        
|William J. Doyle  |  |           |         |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|STIP              |  |           |         |  |                                                                     |  | 628,000 |                                                            |  |  | 1,256,000                                     |  |  |                                                  | 2,510,000 |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|POP               |  |           | 5/16/13 |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |  |            |  |  | 272,300 |  |  |  | 272,300 |  |  |  | 43.78    |  |  |  | 4,155,298 | 
|Wayne R. Brownlee |  |           |         |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|STIP              |  |           |         |  |                                                                     |  | 205,900 |                                                            |  |  | 411,800                                       |  |  |                                                  | 823,600   |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|POP               |  |           | 5/16/13 |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |  |            |  |  | 74,300  |  |  |  | 74,300  |  |  |  | Cdn44.67 |  |  |  | 1,107,356 | 
|G. David Delaney  |  |           |         |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|STIP              |  |           |         |  |                                                                     |  | 201,100 |                                                            |  |  | 402,100                                       |  |  |                                                  | 804,200   |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|POP               |  |           | 5/16/13 |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |  |            |  |  | 74,300  |  |  |  | 74,300  |  |  |  | 43.78    |  |  |  | 1,133,818 | 
|Stephen F. Dowdle |  |           |         |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|STIP              |  |           |         |  |                                                                     |  | 119,800 |                                                            |  |  | 239,600                                       |  |  |                                                  | 479,200   |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|POP               |  |           | 5/16/13 |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |  |            |  |  | 35,700  |  |  |  | 35,700  |  |  |  | 43.78    |  |  |  | 544,782   | 
|Joseph A. Podwika |  |           |         |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|STIP              |  |           |         |  |                                                                     |  | 119,600 |                                                            |  |  | 239,200                                       |  |  |                                                  | 478,400   |  |           |  |   |            |  |  |         |  |  |  |         |  |  |  |          |  |  |  |           | 
|POP               |  |           | 5/16/13 |  |                                                                     |  |         |                                                            |  |  |                                               |  |  |                                                  |           |  |           |  |  |            |  |  | 35,700  |  |  |  | 35,700  |  |  |  | 43.78    |  |  |  | 544,782   | 



|(1) | The amounts in the columns under Estimated Possible Payouts Under Non-Equity Incentive Plan Awards set forth the threshold, target and maximum values of the
2013 STIP awards based on respective cash flow returns of 50%, 100% and 150% of target cash flow return for 2013, subject to adjustment (+30%) based on individual performance. The actual amount of each Named Executive Officers 2013
STIP award is set forth in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table on page 58.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Pursuant to the terms of the plan, options under the 2013 POP were granted with an exercise price equal to the closing market price per Share on the NYSE for
Mr. Doyle, Mr. Delaney, Mr. Dowdle and Mr. Podwika and on the TSX for Mr. Brownlee, in each case on the trading day prior to the grant date. As is our practice, options under the 2013 POP were granted following shareholder
approval of the plan at the 2013 Annual Meeting on May 16, 2013.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|   |  |                                          
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|61 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

Option Awards Options granted during 2011 and 2012 pursuant to our 2011 and 2012 POPs, respectively, are represented by certain amounts reported in the Option Awards column of the Summary Compensation Table on page
58. Options granted during 2013 pursuant to our 2013 POP are represented by certain amounts reported in the Option Awards column of the Summary Compensation Table on page 58 and in the Estimated Future Payouts Under Equity
Incentive Plan Awards and Grant Date Fair Value of Stock and Option Awards columns of the Grants of Plan-Based Awards Table on page 61. On May 12, 2011, Mr. Doyle received a grant of 161,600 performance options,
Mr. Brownlee and Mr. Delaney each received a grant of 43,100 performance options and Mr. Dowdle and Mr. Podwika each received a grant of 20,900 performance options. On May 17, 2012, Mr. Doyle received a grant of 238,500
performance options, Mr. Brownlee and Mr. Delaney each received a grant of 66,500 performance options and Mr. Podwika and Mr. Dowdle each received a grant of 33,000 performance options. On May 16, 2013, Mr. Doyle
received a grant of 272,300 performance options, Mr. Brownlee and Mr. Delaney each received a grant of 74,300 performance options and Mr. Podwika and Mr. Dowdle each received a grant of 35,700 performance options. The options
have ten-year terms and vest based on performance incentives over the three-year performance periods ending December 31, 2013, December 31, 2014 and December 31, 2015, respectively. In accordance with the POPs, the performance incentives that will be used to determine vesting of the performance options are CFROI and WACC. CFROI is the ratio of after-tax operating cash flow to average gross investment. After-tax operating cash flow is calculated by measuring operating income (net
income before deducting income taxes and interest) and removing nonrecurring or unusual items, incentive award accruals, non-cash items such as depreciation and amortization and current income taxes. Average gross investment is calculated by
measuring the average of total assets and making adjustments for amortization and depreciation, the fair value adjustment for certain investments, fair value of derivative instrument assets, cash and cash equivalents and certain current liabilities.


WACC is calculated by measuring the product of (a) the market yield cost of net debt and (b) the market
value of net debt divided by the market value of net debt and equity, and adding the product of (a) the cost of equity and (b) the market value of equity divided by the market value of net debt and equity, in each case subject to certain
adjustments. For further details on awards under the POP, see our 2013 POP filed as Exhibit 10(a) to our current report on Form 8-K filed on May 17, 2013, our 2012 POP filed as Exhibit 10(a) to our current report on Form 8-K filed on
May 18, 2012 and our 2011 POP filed as Exhibit 10(a) to our current report on Form 8-K filed on May 13, 2011. We use the following vesting
schedule to determine how many options each Named Executive Officer receives at the end of the performance periods ending December 31, 2013, December 31, 2014 and December 31, 2015, respectively.  Vesting Schedule3 Year Average ofCFROI MinusWACC

Vesting PercentageLess than 0%


0%0.20%


30%1.20%


70%2.20%


90%2.50%


100% For results falling between the reference points in the chart above, the level of vesting is mathematically interpolated between the
reference points. The amount, if any, realized upon the exercise of performance options will depend on the market price of our Shares relative to the exercise price per Share of the performance option at the time of exercise. For a discussion of our
actual results for the performance period ended December 31, 2013 and the number of performance options that were vested, see Compensation Discussion and Analysis  Incentive Plan Compensation  Long-Term Incentives (Performance
Option Plan) beginning on page 45.






|                                          |  |   
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|PotashCorp 2014 Management Proxy Circular |  | 62



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##### Table of Contents

Outstanding Equity Awards at Fiscal Year-End

The following table provides information relating to exercisable and unexercisable stock options and unvested stock awards as of December 31, 2013 for the
Named Executive Officers.



|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  |                     |  |  |                      |       |  |                                                                                                |  |           |                                                                                                               |  |  |         |  |  |   |           | 
|----------------- |  | ------------------------------------------------------------- | --------- | --- | ------------------------------------------------------------ |  | - | -------------------------------------------------------------------------------------- |  |  | ------------------- |  |  | -------------------- | ----- |  | ---------------------------------------------------------------------------------------------- |  | --------- | ------------------------------------------------------------------------------------------------------------- |  |  | ------- |  |  | - | --------- | 
|                  |  | Option Awards                                                 |           |     | Stock Awards                                                 | 
|Name              |  | Number ofSecuritiesUnderlyingUnexercisedOptionsExercisable(1) |           |     | Number ofSecuritiesUnderlyingUnexercisedOptionsUnexercisable |  |   | Equity IncentivePlan Awards:Number
ofSecuritiesUnderlyingUnexercisedUnearnedOptions(2) |  |  | OptionExercisePrice |  |  | OptionExpirationDate |       |  | Equity IncentivePlan Awards:Number ofUnearnedShares, Units orOtherRights
ThatHave NotVested(3) |  |           | Equity IncentivePlan Awards:Market orPayout Value ofUnearnedShares, Units
orOtherRights ThatHave NotVested(4) | 
|William J. Doyle  |  |                                                               | 2,025,000 |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 9.80  |  |                                                                                                |  | 5/5/2015  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 1,350,000 |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 11.22 |  |                                                                                                |  | 5/4/2016  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 1,008,000 |     |                                                              |  |  |                                                                                        |  |  |                     |  |  | $                    | 20.91 |  |                                                                                                |  | 5/3/2017  |                                                                                                               |  |  | 123,500 |  |  | $ | 3,916,185 | 
|                  |  |                                                               | 263,250   |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 66.26 |  |                                                                                                |  | 5/8/2018  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 345,000   |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 32.01 |  |                                                                                                |  | 5/7/2019  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 225,600   |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 34.05 |  |                                                                                                |  | 5/6/2020  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 161,600   | (5) |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 52.31 |  |                                                                                                |  | 5/12/2021 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 238,500             |  |  | $                    | 39.46 |  |                                                                                                |  | 5/17/2022 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 272,300             |  |  | $                    | 43.78 |  |                                                                                                |  | 5/16/2023 |                                                                                                               |  |  |         |  |  |   |           | 
|Wayne R. Brownlee |  |                                                               | 585,000   |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | Cdn$                 | 12.21 |  |                                                                                                |  | 5/5/2015  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 450,000   |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | Cdn$                 | 12.42 |  |                                                                                                |  | 5/4/2016  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 270,000   |     |                                                              |  |  |                                                                                        |  |  |                     |  |  | Cdn$                 | 23.16 |  |                                                                                                |  | 5/3/2017  |                                                                                                               |  |  | 37,172  |  |  | $ | 1,178,724 | 
|                  |  |                                                               | 70,950    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | Cdn$                 | 66.57 |  |                                                                                                |  | 5/8/2018  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 93,000    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | Cdn$                 | 37.32 |  |                                                                                                |  | 5/7/2019  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 60,300    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | Cdn$                 | 35.00 |  |                                                                                                |  | 5/6/2020  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 43,100    | (5) |                                                              |  |   |                                                                                        |  |  |                     |  |  | Cdn$                 | 50.20 |  |                                                                                                |  | 5/12/2021 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 66,500              |  |  | Cdn$                 | 39.93 |  |                                                                                                |  | 5/17/2022 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 74,300              |  |  | Cdn$                 | 44.67 |  |                                                                                                |  | 5/16/2023 |                                                                                                               |  |  |         |  |  |   |           | 
|G. David Delaney  |  |                                                               | 46,000    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 11.22 |  |                                                                                                |  | 5/4/2016  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 140,400   |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 20.91 |  |                                                                                                |  | 5/3/2017  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 35,250    |     |                                                              |  |  |                                                                                        |  |  |                     |  |  | $                    | 66.26 |  |                                                                                                |  | 5/8/2018  |                                                                                                               |  |  | 34,616  |  |  | $ | 1,097,673 | 
|                  |  |                                                               | 46,500    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 32.01 |  |                                                                                                |  | 5/7/2019  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 30,000    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 34.05 |  |                                                                                                |  | 5/6/2020  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 43,100    | (5) |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 52.31 |  |                                                                                                |  | 5/12/2021 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 66,500              |  |  | $                    | 39.46 |  |                                                                                                |  | 5/17/2022 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 74,300              |  |  | $                    | 43.78 |  |                                                                                                |  | 5/16/2023 |                                                                                                               |  |  |         |  |  |   |           | 
|Stephen F. Dowdle |  |                                                               | 94,500    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 11.22 |  |                                                                                                |  | 5/4/2016  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 60,300    |     |                                                              |  |  |                                                                                        |  |  |                     |  |  | $                    | 20.91 |  |                                                                                                |  | 5/3/2017  |                                                                                                               |  |  | 18,348  |  |  | $ | 581,815   | 
|                  |  |                                                               | 16,500    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 66.26 |  |                                                                                                |  | 5/8/2018  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 20,700    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 32.01 |  |                                                                                                |  | 5/7/2019  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 13,800    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 34.05 |  |                                                                                                |  | 5/6/2020  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 20,900    | (5) |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 52.31 |  |                                                                                                |  | 5/12/2021 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 33,000              |  |  | $                    | 39.46 |  |                                                                                                |  | 5/17/2022 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 35,700              |  |  | $                    | 43.78 |  |                                                                                                |  | 5/16/2023 |                                                                                                               |  |  |         |  |  |   |           | 
|Joseph A. Podwika |  |                                                               | 48,000    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 9.80  |  |                                                                                                |  | 5/5/2015  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 94,500    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 11.22 |  |                                                                                                |  | 5/4/2016  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 60,300    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 20.91 |  |                                                                                                |  | 5/3/2017  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 35,250    |     |                                                              |  |  |                                                                                        |  |  |                     |  |  | $                    | 66.26 |  |                                                                                                |  | 5/8/2018  |                                                                                                               |  |  | 18,058  |  |  | $ | 572,619   | 
|                  |  |                                                               | 46,500    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 32.01 |  |                                                                                                |  | 5/7/2019  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 30,000    |     |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 34.05 |  |                                                                                                |  | 5/6/2020  |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               | 20,900    | (5) |                                                              |  |   |                                                                                        |  |  |                     |  |  | $                    | 52.31 |  |                                                                                                |  | 5/12/2021 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 33,000              |  |  | $                    | 39.46 |  |                                                                                                |  | 5/17/2022 |                                                                                                               |  |  |         |  |  |   |           | 
|                  |  |                                                               |           |     |                                                              |  |   |                                                                                        |  |  | 35,700              |  |  | $                    | 43.78 |  |                                                                                                |  | 5/16/2023 |                                                                                                               |  |  |         |  |  |   |           | 



|(1) | As of December 31, 2013, the aggregate before tax value of unexercised options that are currently exercisable held by each Named Executive Officer was as follows:
Mr. Doyle, $88,722,150; Mr. Brownlee, $25,941,229; Mr. Delaney, $2,736,035; Mr. Dowdle, $2,800,710 and Mr. Podwika, $3,936,900. The aggregate value of unexercised options held by Mr. Brownlee was converted to U.S.
dollars using the average Canadian exchange rate of 1.0299 for fiscal year 2013.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | The outstanding equity incentive plan awards reported in the Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options column
represent unearned options pursuant to our 2012 POP and 2013 POP. Options granted pursuant to the 2012 POP vest at the end of the performance period ending December 31, 2014 and options granted pursuant to the 2013 POP vest at the end of the
performance period ending December 31, 2015. The reported number of Shares underlying the options is based on achievement of the plans maximum performance levels.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | The outstanding equity incentive plan awards reported in Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested
column represent outstanding awards pursuant to our MTIP, which vest at the end of the performance period ending December 31, 2014. The reported number of units is based on achievement of the MTIPs threshold performance level.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | Based on the average closing price of our Shares on the NYSE for the last thirty trading days of 2013 of $31.71, in accordance with the MTIP.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------



|(5) | Reports options granted under the 2011 POP that vested at the end of the performance period ended December 31, 2013. The before tax value of such vested options held
by each Named Executive Officer, as of December 31, 2013, was $0.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|   |  |                                          
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|63 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

Outstanding Stock Options

As of February 20, 2014, options to acquire 1,922,100 Shares were issued and outstanding under the 2013 POP. In addition, options to acquire 1,459,100 Shares
were issued and outstanding under the 2012 POP, and options to acquire 1,096,400 Shares were issued and outstanding under the 2011 POP. Options to acquire 1,167,000 Shares, 1,571,925 Shares, 1,216,800 Shares, 3,334,025 Shares, 3,904,375 Shares and
4,069,110 Shares, which have vested, are issued and outstanding under the 2010 POP, 2009 POP, 2008 POP, 2007 POP, 2006 POP and 2005 POP, respectively. As of February 20, 2014, no options remained outstanding under the Stock Option Plan 
Officers and Employees, which was adopted in 1998.

See Compensation Discussion and Analysis  Incentive Plan Compensation  Long-Term
Incentives (Performance Option Plan) beginning on page 45 for a description of our 2013 POP under which we granted stock options to officers and employees in 2013.

Option Exercises and Stock Vested

The following table provides information
relating to amounts received upon the exercise of stock options by the Named Executive Officers during 2013.



|                  |  |                                            |           |  |                                  |  |            |                                        |  |  |                               |  |  |  |   | 
|----------------- |  | ------------------------------------------ | --------- |  | -------------------------------- |  | ---------- | -------------------------------------- |  |  | ----------------------------- |  |  |  | - | 
|                  |  | Option Awards                              |           |  | Stock Awards                     | 
|Name              |  | Number of Shares
Acquired
onExercise(1)(#) |           |  | Value RealizedUponExercise(2)($) |  |            | Number of SharesAcquired onVesting (#) |  |  | Value RealizedUpon Vesting($) | 
|William J. Doyle  |  |                                            | 1,012,608 |  |                                  |  | 29,585,422 |                                        |  |  |                              |  |  |  |  | 
|Wayne R. Brownlee |  |                                            | 433,980   |  |                                  |  | 11,100,691 |                                        |  |  |                              |  |  |  |  | 
|G. David Delaney  |  |                                            | 170,000   |  |                                  |  | 4,953,090  |                                        |  |  |                              |  |  |  |  | 
|Stephen F. Dowdle |  |                                            | 198,140   |  |                                  |  | 4,692,423  |                                        |  |  |                              |  |  |  |  | 
|Joseph A. Podwika |  |                                            |          |  |                                  |  |           |                                        |  |  |                              |  |  |  |  | 



|(1) | Mr. Doyle retained 636,008 Shares following the exercise of the options.
|--- | ------------------------------------------------------------------------



|(2) | On September 29, 2013 and September 30, 2013, Mr. Brownlee exercised stock options and on the same dates, respectively, donated $2,775,000 of such exercises
to The Brownlee Family Foundation Inc., a registered Canadian charity.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Pension Benefits

The following table provides information relating to the present value of the Named Executive Officers accumulated benefit under the Canadian
Supplemental Plan, the U.S. Pension Plan and the U.S. Supplemental Plan.



|                  |  |                                          |  |                                    |            |     |                                            |  |                  |                                    |  |  |    | 
|----------------- |  | ---------------------------------------- |  | ---------------------------------- | ---------- | --- | ------------------------------------------ |  | ---------------- | ---------------------------------- |  |  | -- | 
|Name              |  | Plan Name                                |  | Number of YearsCredited Service(#) |            |     | Present Value ofAccumulated Benefit(1) ($) |  |                  | Payments DuringLast Fiscal Year($) | 
|William J. Doyle  |  | Canadian Supplemental Plan               |  |                                    | 26.67      |     |                                            |  | 20,894,673       |                                    |  |  |   | 
|Wayne R. Brownlee |  | Canadian Supplemental Plan               |  |                                    | 35.00      | (2) |                                            |  | 10,513,194       |                                    |  |  |   | 
|G. David Delaney  |  | U.S. Pension Plan
U.S. Supplemental Plan |  |                                    | 30.6716.63 | (3) |                                            |  | 929,1791,340,292 |                                    |  |  |  | 
|Stephen F. Dowdle |  | U.S. Pension Plan
U.S. Supplemental Plan |  |                                    | 14.4224.50 | (4) |                                            |  | 688,6042,054,671 |                                    |  |  |  | 
|Joseph A. Podwika |  | U.S. Pension Plan
U.S. Supplemental Plan |  |                                    | 16.6716.67 |     |                                            |  | 486,488857,033   |                                    |  |  |  | 



|(1) | The present value of accumulated benefit assumes retirement at the earliest age that does not require a reduction in benefits. For the Canadian Supplemental Plan, such age
is 62. For the U.S. Pension Plan and U.S. Supplemental Plan, such age is 65 or age 62 with 20 years of service.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Mr. Brownlees years of credited service includes 11.6 years of service, from May 1977 to December 1988, with the government of Saskatchewan prior to the
privatization of PotashCorp in 1989 and 23.4 years of service, from December 1988 to the present, with PotashCorp and our predecessors. Under the Canadian Supplemental Plan, credited service is capped at 35.00 years.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | The difference in Mr. Delaneys years of credited service under the U.S. Pension Plan and the U.S. Supplemental Plan relates to the plans differing
treatment of Mr. Delaneys years of credited service under the Nitrogen Pension Plan, a predecessor to the U.S. Pension Plan. On February 20, 2014, the Board amended the U.S. Supplemental Plan to provide that the number of years of
credited service under such plan will be treated in the same manner as under the U.S. Pension Plan, effective immediately. As a result of this amendment, as of February 20, 2014, Mr. Delaneys years of credited service under the U.S.
Supplemental Plan increased to 30.83 years (including the period from December 31, 2013 to February 20, 2014) and the present value of Mr. Delaneys accumulated benefit increased by
$1,121,875 to $2,461,367.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | The difference in Mr. Dowdles years of credited service under the U.S. Pension Plan and the U.S. Supplemental Plan relates to 10.08 years of credited service
with Canpotex in accordance with the terms of Mr. Dowdles Supplemental Retirement Agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                          |  |   
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|PotashCorp 2014 Management Proxy Circular |  | 64



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##### Table of Contents

The present values of the accumulated benefits reported in the above table are generally calculated in accordance with
the assumptions used for financial reporting purposes. See Note 13 to our consolidated financial statements for the fiscal year ended December 31, 2013. The total present value of accumulated benefits in our financial statements is calculated
in accordance with IFRS. The assumptions for Mr. Doyle and Mr. Brownlee differ from the assumptions disclosed in Note 13 to our consolidated financial statements for the fiscal year ended December 31, 2013. The key assumptions used in
calculating the present value of accumulated benefits for Mr. Doyle and Mr. Brownlee are as follows:



|                |  |                                                           
|--------------- |  | ----------------------------------------------------------
|Interest Rate   |  | 4.85% per annum                                           
|Retirement Age  |  | Age 62 or current age if older                            
|Mortality Rates |  | 1994 Unisex Pensioner Mortality Table (fully generational)

The following table sets forth our accrued obligation at the beginning and end of the fiscal year ended December 31, 2013 for
each of the Named Executive Officers benefits under the Canadian Supplemental Plan, the U.S. Pension Plan and the U.S. Supplemental Plan and the accumulated value at the beginning and end of the fiscal year ended December 31, 2013 for
each of the Named Executive Officers company-provided benefits under the Savings Plan and the 401(k) Plans.



|                  |  |                                                                  |  |                                                         |                              |  |                         |  |                       |                                |  |  |                                                        |      |  |  |                             |    
|----------------- |  | ---------------------------------------------------------------- |  | ------------------------------------------------------- | ---------------------------- |  | ----------------------- |  | --------------------- | ------------------------------ |  |  | ------------------------------------------------------ | ---- |  |  | --------------------------- | ---
|Name              |  | Plan Name                                                        |  | Accrued Obligation/Accumulated Valueat Start of Year($) |                              |  | CompensatoryChanges ($) |  |                       | Non-
CompensatoryChanges(1)($) |  |  | Accrued Obligation/Accumulated Value atEnd of Year ($) |     
|William J. Doyle  |  | Canadian Pension Plan Canadian Supplemental Plan Savings Plan(2) |  |                                                         | 478,27422,461,400
1,771,640  |  |                         |  | 12,233(782,043
74,298 | )                              |  |  | 9,823(784,684
444,359                                  | )    |  |  | 500,33020,894,673
2,290,297 |    
|Wayne R. Brownlee |  | Canadian Pension Plan Canadian Supplemental Plan Savings Plan    |  |                                                         | 1,567,52210,820,847
412,047  |  |                         |  | 12,067159,823
34,786  |                                |  |  | 38,799(467,476
108,303                                 | )    |  |  | 1,618,38810,513,194
555,136 |    
|G. David Delaney  |  | U.S. Pension Plan U.S. Supplemental Plan 401(k) Plans            |  |                                                         | 1,011,9821,437,269
1,955,505 |  |                         |  | 50,29882,602
15,150   |                                |  |  | (133,101(179,579
(304,599                              | ))
) |  |  | 929,1791,340,292 1,666,056  | (3)
|Stephen F. Dowdle |  | U.S. Pension Plan U.S. Supplemental Plan 401(k) Plans            |  |                                                         | 708,0832,099,264
1,191,231   |  |                         |  | 60,685172,786
15,150  |                                |  |  | (80,164(217,379
(175,819                               | ))
) |  |  | 688,6042,054,671
1,030,562  |    
|Joseph A. Podwika |  | U.S. Pension Plan U.S. Supplemental Plan 401(k) Plans            |  |                                                         | 523,846904,784
495,118       |  |                         |  | 38,73377,814
15,150   |                                |  |  | (76,091(125,565
(6,954                                 | ))
) |  |  | 486,488857,033
503,314      |    



|(1) | Non-Compensatory changes include mandatory and voluntary employee contributions and market changes in account value. For 2013, employee contributions for each Named
Executive Officer were as follows: Mr. Doyle, $12,233; Mr. Brownlee, $12,067; Mr. Delaney, $15,300; Mr. Dowdle,
$15,300 and Mr. Podwika, $15,300.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Includes the value of Mr. Doyles 401(k) Plans account, which is attributable to his prior service as President of PCS Sales.
|--- | -----------------------------------------------------------------------------------------------------------------------------



|(3) | On February 20, 2014, the Board amended the U.S. Supplemental Plan to provide that the number of years of credited service under such plan will be treated in the same
manner as under our U.S. Pension Plan, effective immediately. As a result of this amendment, as of February 20, 2014, our accrued obligation for Mr. Delaneys benefits under the U.S. Supplemental Plan increased by $1.12
million to $2.46 million.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Pension Plans In Canada, eligible employees, including senior executives, participate in the Canadian Pension Plan and the Canadian Supplemental Plan. In the United States, eligible employees, including senior executives,
participate in the U.S. Pension Plan and the U.S. Supplemental Plan. The Canadian Pension Plan is a defined contribution plan that includes individual and company contributions. Each of the Canadian Supplemental Plan, the U.S. Pension Plan and the
U.S. Supplemental Plan is a defined benefit plan with benefits calculated based on the participants service and the plans benefit formula. In addition, U.S. employees are


eligible to participate in the 401(k) Plans and certain Canadian employees participate in the Savings Plan. We make contributions to the 401(k) Plans and the Savings Plan for the benefit of
participants in accordance with the terms of such plans. We maintain the Canadian Pension Plan, which generally requires all participating employees to
contribute 5.5% of their earnings (or such lesser amount as is deductible for Canadian income tax purposes) to the Canadian Pension Plan and PotashCorp to contribute an equal amount. When an individual retires, the full amount in the
individuals account is used to produce the pension.






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|65 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

We maintain the Canadian Supplemental Plan, which provides a supplementary pension benefit for certain of our
officers and managers. Under the basic terms of the Canadian Supplemental Plan, a pension benefit is provided in an amount equal to 1.5% of the average of the participants three highest consecutive years earnings multiplied by the
participants years of pensionable service (to a maximum of 35 years), minus any annual retirement benefit payable due to employer contributions under the Canadian Pension Plan. For the purposes of the Canadian Supplemental Plan, earnings are
defined as the participants annual base pay plus 100% of all bonuses payable for such year pursuant to the STIP (subject to a maximum of 100% of base salary for such year). The normal retirement age pursuant to the Canadian Supplemental Plan is 65, with a reduction in benefits for early retirement prior to age 62. No benefits pursuant to the Canadian Supplemental Plan are payable if
termination occurs prior to age 55. Benefits payable to certain employees who have reached the minimum age (55) for retirement pursuant to the Canadian Supplemental Plan may be secured by letters of credit provided by us or may be otherwise
secured by us, if appropriate. Depending on the employees election, benefits are generally paid in the form of a single lump sum payment equal to the actuarial present value of the annual benefits or, in certain circumstances, an annuity for
life. The benefit payable under the Canadian Supplemental Plan for each of Mr. Doyle and Mr. Brownlee is an amount equal to (1) 5% of the
average of the senior officers three highest consecutive years earnings multiplied by the senior officers years of pensionable service (to a maximum of 10 years), plus (2) 1.5% of the average of the senior officers three
highest consecutive years of earnings multiplied by the senior officers years of pensionable service in excess of 25 years to a maximum of 10 additional years, minus (3) any annual employer-provided retirement benefit payable under the
Canadian Pension Plan and certain other tax qualified plans. Prior to January 1, 1999, PCS Phosphate Company Inc. and PCS Nitrogen, Inc. maintained
separate defined benefit pension plans (respectively, the Phosphate Pension Plan and the Nitrogen Pension Plan) for their respective eligible U.S. employees, including Mr. Delaney and Mr. Podwika, in the case of PCS
Nitrogen. Effective January 1, 1999, we consolidated our pension plans for U.S. employees and the Nitrogen Pension Plan was merged with and into the Phosphate Pension Plan to form the U.S. Pension Plan.


Under the U.S. Pension Plan, participants age 65 with 5 years of service (or age 62 or older with at least 20 years
of service) receive a retirement benefit of 1.5% of the participants final average compensation (as defined below) multiplied by the participants years of service accrued after December 31, 1998 (to a maximum of 35 years) in the
form of a life annuity. Participants with service accrued prior to January 1, 1999 under previous plans, including Mr. Delaney and Mr. Podwika, will have a portion of their retirement benefit calculated under the formulas for such
plans. Employees not meeting the minimum age or years of service requirement at termination will receive a reduced benefit. Pursuant to the U.S. Pension
Plan, final average compensation is defined as compensation for the highest paid 60 consecutive months of service out of the last 120 months of service. Compensation is defined as a participants base pay plus the annually paid bonus under our
STIP (subject to a maximum of 100% of base salary for such year). The retirement benefits from the U.S. Pension Plan for Mr. Delaney, Mr. Podwika and Mr. Dowdle are subject to certain limitations on the amount of retirement benefits
that may be provided under U.S. tax qualified pension plans. The U.S. Supplemental Plan is intended to provide a participant with the same aggregate benefits that such participant would have received had there been no legal limitations on the
benefits provided by the U.S. Pension Plan. No benefits pursuant to the U.S. Supplemental Plan are payable if termination occurs prior to age 55. With
respect to services provided prior to July 1, 2009, for the purpose of calculating a participants benefit under the Canadian Supplemental Plan, the U.S. Supplemental Plan and the individual agreements, the inclusion of awards paid
pursuant to our STIP is not subject to a limit of 100% of base salary for the relevant calendar year. In addition, with respect to services provided prior to July 1, 2009, a participants benefit under the Canadian Supplemental Plan and
the individual agreements is calculated using such participants three highest years earnings rather than such participants three highest consecutive years earnings. Further, for service prior to January 1, 2011, a
participants benefit under the Canadian Supplemental Plan is calculated using a 2% accrual formula rather than the 1.5% formula. The employer provided account balance and the pre-January 1, 2011 employee account balance (plus investment
earnings) from the PCS Inc. Pension Plan offset this Canadian Supplemental Plan formula.






|                                          |  |   
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|PotashCorp 2014 Management Proxy Circular |  | 66



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##### Table of Contents

Estimated Termination Payments and Benefits

The following table sets forth estimates of the amounts payable to each of our Named Executive Officers upon the specified termination events, assuming that each
such event took place on the last business day of fiscal year 2013. The table does not include (1) benefits under plans that are generally available to salaried employees and that do not discriminate in favor of executive officers, including
the Canadian Pension Plan, the U.S. Pension Plan, the Savings Plan and the 401(k) Plans or (2) the value of outstanding equity awards that have previously vested, such as stock options, which awards are set forth in Outstanding Equity
Awards at Fiscal Year-End beginning on page 63. Previously vested equity awards would not have resulted in incremental value if the Named Executive Officer had been terminated on the last business day of fiscal year 2013. For descriptions of
the compensation plans and agreements that provide for the payments set forth in the following table, including our severance policy and our change-in-control agreements, see Compensation Discussion and Analysis  Elements of Executive
Compensation: Overview beginning on page 40.



|                                                  |  |                     |            |  |                      |  |           |                     |  |  |                      |  |  |                      |         |  |  |  |         | 
|------------------------------------------------- |  | ------------------- | ---------- |  | -------------------- |  | --------- | ------------------- |  |  | -------------------- |  |  | -------------------- | ------- |  |  |  | ------- | 
|                                                  |  | William J. Doyle($) |            |  | Wayne R. Brownlee($) |  |           | G. David Delaney($) |  |  | Stephen F. Dowdle($) |  |  | Joseph A. Podwika($) |        
|Involuntary Termination/Termination Without Cause |  |                     | 3,232,135  |  |                      |  | 847,170   |                     |  |  | 574,471              |  |  |                      | 410,389 |  |  |  | 278,758 | 
|Salary/Severance                                  |  |                     | 1,256,600  |  |                      |  | 588,336   |                     |  |  | 574,471              |  |  |                      | 410,389 |  |  |  | 278,758 | 
|MTIP(1)                                           |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Supplemental Plan(2)(3)                           |  |                     | 1,945,735  |  |                      |  | 258,834   |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Executive Healthcare Benefits                     |  |                     | 29,800     |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Termination Following Change-in-Control           |  |                     | 15,440,413 |  |                      |  | 5,534,079 |                     |  |  | 1,531,950            |  |  |                      | 917,895 |  |  |  | 778,242 | 
|Salary/Severance                                  |  |                     | 6,813,280  |  |                      |  | 3,025,476 |                     |  |  | 574,471              |  |  |                      | 410,389 |  |  |  | 278,758 | 
|MTIP(1)                                           |  |                     | 5,124,015  |  |                      |  | 1,542,266 |                     |  |  | 957,479              |  |  |                      | 507,506 |  |  |  | 499,484 | 
|Stock Options (Accelerated)                       |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Supplemental Plan(2)(3)                           |  |                     | 3,418,208  |  |                      |  | 966,337   |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Executive Healthcare Benefits                     |  |                     | 84,910     |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Death/Disability                                  |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|MTIP(1)                                           |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Supplemental
Plan(2)(3)                           |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Retirement                                        |  |                     | 1,945,735  |  |                      |  | 258,834   |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|MTIP                                              |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Stock Options (36 Month Continued Vesting)        |  |                     |           |  |                      |  |          |                     |  |  |                     |  |  |                      |        |  |  |  |        | 
|Supplemental
Plan(2)(3)                           |  |                     | 1,945,735  |  |                      |  | 258,834   |                     |  |  |                     |  |  |                      |        |  |  |  |        | 



|(1) | Amounts shown reflect lump sum pro rata payments under the MTIP assuming target-level performance through December 31, 2013. See Compensation Discussion and
Analysis  Incentive Plan Compensation  Medium-Term Incentive Plan beginning on page 44.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Supplemental Plan refers to the Canadian Supplemental Plan for Mr. Doyle and Mr. Brownlee and to the U.S. Supplemental Plan for Mr. Delaney, Mr. Dowdle
and Mr. Podwika. The Supplemental Plan benefits set forth for each Named Executive Officer reflect the incremental value of benefits for each termination event that exceeds the present value of benefits set forth in the Pension
Benefits table on page 64.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | As of December 31, 2013, Mr. Delaney (age 52) and Mr. Podwika (age 51) were ineligible to receive benefits under the U.S. Supplemental Plan. No benefits are
payable if the participant is not at least age 55 at termination.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Payments Made Upon Involuntary Termination or Termination Without Cause As quantified in the table above, upon involuntary termination or termination without cause, a Named Executive Officer is generally entitled to
receive (1) severance in an aggregate amount equal to two weeks of salary for each year of service (subject to a minimum of four weeks and a maximum of 52 weeks), (2) immediate vesting and payout of a pro rata portion of the current
performance periods STIP and MTIP awards, (3) benefits under the Canadian or U.S. Supplemental Plan, as applicable, reduced in accordance with the relevant plans early retirement provisions and (4) with respect to
Mr. Doyle, executive healthcare benefits during the severance period.


Payments Made Upon Termination Following a Change-in-Control As described in Compensation Discussion and Analysis  Post-Retirement and Termination Compensation beginning on page 46, we have entered into
change-in-control agreements with Mr. Doyle and Mr. Brownlee. As quantified in the table above, upon a termination of employment within two years of a change-in-control, these Named Executive Officers are entitled to receive
(1) severance in an aggregate amount equal to three times the executives current base salary and average bonus for the last three years, (2) immediate vesting and payout of the pro rata portion of the current performance
periods STIP (in accordance with the terms of the plan) and MTIP awards, (3) benefits under the Canadian Supplemental Plan, as supplemented by three additional years of service and as reduced in accordance with the






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|67 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

plans early retirement provisions and (4) with respect to Mr. Doyle, executive healthcare benefits for a period of three years. With respect to Mr. Doyle, the foregoing
amounts would be cut back to the so-called 280G safe-harbor amount unless Mr. Doyle would receive a net after-tax amount of all of the foregoing payments that is greater than the net after-tax amount he would receive following the
cut back. As quantified in the table above, upon termination of employment following a change-in-control, Named Executive Officers without
change-in-control agreements are generally entitled to receive (1) severance in an aggregate amount equal to two weeks of salary for each year of service (subject to a minimum of four weeks and a maximum of fifty-two weeks), (2) immediate
vesting and payout of a pro rata portion of the current performance periods STIP and MTIP awards, at the greater of target or actual performance through the relevant date and (3) benefits under the Canadian or U.S. Supplemental Plan, as
reduced in accordance with the plans early retirement provisions. Outstanding options granted under the 2011 POP, 2012 POP and 2013 POP become
exercisable if (1) a Named Executive Officer is terminated without Cause (as defined in each such POP) or resigns for Good Reason (as defined in each such POP) during the two years following a change-in-control or (2) our successor in the
change-in-control fails to continue, assume, convert or replace the options. Payments Made Upon Death or Disability As quantified in the table above, upon death or disability, a Named Executive Officer is generally entitled to receive a pro rata portion of the
current performance periods MTIP award. Generally, death or disability does not result in incremental value under the Canadian Supplemental Plan
or the U.S. Supplemental Plan. If a Named Executive Officer becomes disabled, the individual


may (1) go on long term disability, which would result in the continued accrual of Supplemental Plan benefits or (2) retire immediately, which would result in the same benefits as
retirement. Canadian Supplemental Plan death benefits are generally payable at 60% of the amount of benefits if the participant had retired on the date of death. U.S. Supplemental Plan benefits are generally payable at the greater of (1) 50% of
the amount of benefits if the participant had retired on the date of death, payable for the remainder of the spouses lifetime and (2) 100% of the amount of benefits if the participant had retired on the date of death, payable for a period
of ten years. Payments Made Upon Retirement As quantified in the table above, upon retirement, a Named Executive Officer is generally entitled to receive (1) immediate vesting and payout of a pro rata portion of the current performance periods
MTIP award, (2) the right to exercise any vested performance options, including such options that may vest after retirement, for a period of three years and (3) benefits under the Canadian or U.S. Supplemental Plan, as reduced in
accordance with the plans early retirement provisions. The following table sets forth the estimated annual or aggregate amounts that each Named
Executive Officer would have received upon retirement at December 31, 2013 and would receive upon retirement at age 65 pursuant to the retirement plans in which each Named Executive Officer participates. The age 65 amounts in the
below table assume annual salary increases of 3% and flat short-term incentive award targets (as a percentage of salary) for each of the Named Executive Officers and use the same interest rates as disclosed under Pension Benefits
beginning on page 64. Voluntary contributions by each of the Named Executive Officers to the retirement plans have been excluded from the calculation of the amounts set forth below:






|                            |  |                 |  |                     |                     |  |                      |          |                     |                     |        |  |                      |          |  |                      |                   |  |  |          |                  |  |        |  |                  |          |  |  |                  |  |  |  |                  |  |  |  |               |  |  |  |                  | 
|--------------------------- |  | --------------- |  | ------------------- | ------------------- |  | -------------------- | -------- | ------------------- | ------------------- | ------ |  | -------------------- | -------- |  | -------------------- | ----------------- |  |  | -------- | ---------------- |  | ------ |  | ---------------- | -------- |  |  | ---------------- |  |  |  | ---------------- |  |  |  | ------------- |  |  |  | ---------------- | 
|                            |  |                 |  | William J. Doyle($) |                     |  | Wayne R. Brownlee($) |          |                     | G. David Delaney($) |        |  | Stephen F. Dowdle($) |          |  | Joseph A. Podwika($) |                  
|                            |  | Year End        |  |                     | Age 65              |  |                      | Year End |                     |                     | Age 65 |  |                      | Year End |  |                      | Age 65            |  |  | Year End |                  |  | Age 65 |  |                  | Year End |  |  | Age 65           | 
|Canadian/
U.S. Pension Plan |  | AnnualAggregate |  |                     | 1,412,83521,144,487 |  |                      |          | 1,605,82822,820,429 |                     |        |  | 720,94211,321,028    |          |  |                      | 767,15510,902,044 |  |  |          | 107,920778,248   |  |        |  | 590,5257,503,915 |          |  |  | 208,5302,743,275 |  |  |  | 263,2973,345,769 |  |  |  | 61,335407,465 |  |  |  | 434,8385,525,574 | 
|Savings/
401(k) Plans       |  | AnnualAggregate |  |                     | 153,0332,290,297    |  |                      |          | 136,5801,940,942    |                     |        |  | 35,352555,136        |          |  |                      | 44,109626,835     |  |  |          | 143,2861,033,285 |  |        |  | 151,4121,924,019 |          |  |  | 35,575468,001    |  |  |  | 39,540502,446    |  |  |  | 36,548242,800 |  |  |  | 54,578693,534    | 
|Total                       |  | AnnualAggregate |  |                     | 1,565,86823,434,784 |  |                      |          | 1,742,40924,761,371 |                     |        |  | 756,29411,876,164    |          |  |                      | 811,26411,528,879 |  |  |          | 251,2051,811,533 |  |        |  | 741,9369,427,934 |          |  |  | 244,1053,211,276 |  |  |  | 302,8373,848,214 |  |  |  | 97,883650,266 |  |  |  | 489,4166,219,108 | 



|                                          |  |   
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|PotashCorp 2014 Management Proxy Circular |  | 68



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##### Table of Contents

Performance Graphs

The following graph illustrates the Corporations cumulative shareholder return, assuming reinvestment of dividends, by comparing a $100 investment in the Shares at December 31, 2008 to the return on
the Standard & Poors 500 Index®, the DAX Ag Index and a self-selected peer group.



LOGO



|                          |  |        |     |  |        |   |     |        |  |   |        |  |  |        |     |  |        |   |     |  |  |   |     | 
|------------------------- |  | ------ | --- |  | ------ | - | --- | ------ |  | - | ------ |  |  | ------ | --- |  | ------ | - | --- |  |  | - | --- | 
|                          |  | Dec-08 |     |  | Dec-09 |   |     | Dec-10 |  |   | Dec-11 |  |  | Dec-12 |     |  | Dec-13 |  
|PotashCorp - NYSE Listing |  | $      | 100 |  |        | $ | 149 |        |  | $ | 213    |  |  | $      | 171 |  |        | $ | 171 |  |  | $ | 143 | 
|Comparator Group          |  | $      | 100 |  |        | $ | 162 |        |  | $ | 219    |  |  | $      | 160 |  |        | $ | 197 |  |  | $ | 165 | 
|S&P 500®                  |  | $      | 100 |  |        | $ | 126 |        |  | $ | 146    |  |  | $      | 149 |  |        | $ | 172 |  |  | $ | 228 | 
|Dax Ag Index              |  | $      | 100 |  |        | $ | 147 |        |  | $ | 185    |  |  | $      | 167 |  |        | $ | 192 |  |  | $ | 214 | 



|Copyright© | 2014 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved.
|---------- | ---------------------------------------------------------------------------



|Copyright© | 2014 Dow Jones & Co. All rights reserved.
|---------- | -----------------------------------------



|                                        |  |         
|--------------------------------------- |  | --------
|Self-selected peer group consists of:   |  | Symbol  
|Agrium Inc.*                            |  | AGU     
|CF Industries, Inc.                     |  | CF      
|Intrepid Potash                         |  | IPI     
|Mosaic Co (formerly IMC Global Inc)     |  | MOS     
|Terra Industries, Inc.                  |  | TRA     
|Yara International ASA                  |  | YAR NO  
|Israel Chemicals Limited                |  | CHIM IT 
|Sociedad Quimica Y Minera de Chile S.A. |  | SQM/B CI
|K + S AG                                |  | SDF/GR  
|Arab Potash Company                     |  | APOT JR 
|Uralkali                                |  | URKA RU 



|* | TSX Listing
|- | -----------



|   |  |                                          
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|69 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

The following graph illustrates the Corporations cumulative shareholder return, assuming reinvestment of
dividends, by comparing a Cdn$100 investment in the Shares at December 31, 2008 to the return on the S&P/TSX Composite Index.



LOGO



|                         |  |        |     |  |        |   |     |        |  |   |        |  |  |        |     |  |        |   |     |  |  |   |     | 
|------------------------ |  | ------ | --- |  | ------ | - | --- | ------ |  | - | ------ |  |  | ------ | --- |  | ------ | - | --- |  |  | - | --- | 
|                         |  | Dec-08 |     |  | Dec-09 |   |     | Dec-10 |  |   | Dec-11 |  |  | Dec-12 |     |  | Dec-13 |  
|PotashCorp - TSX Listing |  | $      | 100 |  |        | $ | 128 |        |  | $ | 174    |  |  | $      | 143 |  |        | $ | 139 |  |  | $ | 124 | 
|S&P/TSX Composite Index  |  | $      | 100 |  |        | $ | 135 |        |  | $ | 159    |  |  | $      | 145 |  |        | $ | 155 |  |  | $ | 176 | 



|Copyright© | 2014 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved.
|---------- | ---------------------------------------------------------------------------



|                                          |  |   
|----------------------------------------- |  | --
|PotashCorp 2014 Management Proxy Circular |  | 70



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##### Table of Contents



LOGO



The above chart compares the total annual compensation, which is comprised of fixed compensation, equity compensation
and awards under the STIP earned by the Corporations Named Executive Officers from 2005 through 2013 to PotashCorps annual CFROI and WACC during the same period. CFROI-WACC is the performance metric used to determine vesting of
performance options granted under the annual POP and is correlated with corporate TSR. While total Named Executive Officer compensation was not directly correlated to CFROI-WACC between 2005 and 2013, the general trend in total Named Executive
Officer compensation was consistent with the general trend in CFROI-WACC. Because awards under PotashCorps incentive plans are capped at certain maximum performance levels, there was a substantial increase in CFROI-WACC between 2006 and 2008


while levels of total Named Executive Officer compensation during the same period were relatively stable. In 2009, because the Corporation failed to achieve the minimum corporate financial
performance required under the STIP, no STIP awards were earned by PotashCorps Named Executive Officers. Furthermore, the equity compensation levels in 2006, 2009 and 2012 reflect the payout of a multi-year award under the MTIP, reflecting
performance in each respective prior three-year period. For purposes of the above chart, fixed compensation includes base salary and other compensation,
which includes perquisites and personal benefits. Equity compensation includes the grant-date fair value of awards under the MTIP and annual POPs.






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|71 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

Adoption of 2014 Performance Option Plan



On February 20, 2014, the Board adopted the 2014 Performance Option Plan, subject to the approval of the 2014
Performance Option Plan by the Corporations shareholders at the Meeting. If approved, the 2014 Performance Option Plan will be deemed effective as of January 1, 2014 (the Effective Date) and will permit the grant of options to
purchase, in the aggregate, up to 3,500,000 Shares to individual officers and employees of the Corporation and its subsidiaries. Non-employee directors and other non-employee contractors and third party vendors will not be eligible to
participate in the 2014 Performance Option Plan. Options to purchase Shares may be granted under the terms of the 2014 Performance Option Plan only
during 2014, and no options will be granted prior to the Meeting. Unless sooner terminated as provided therein, the 2014 Performance Option Plan will terminate one year from the Effective Date, although the terms of the plan will continue to govern
options granted thereunder prior to termination. The 2014 Performance Option Plan will be administered by the Compensation Committee or any other Board
Committee designated by the Board. A copy of the 2014 Performance Option Plan is attached as Appendix C. This description of the 2014 Performance Option Plan is qualified, in its entirety, by the terms of the attached plan document. If approved, the 2014 Performance Option Plan will result in up to 0.41% (as at February 20, 2014) of the outstanding share capital of the Corporation
being available for issue pursuant to the exercise of options granted under the 2014 Performance Option Plan. The aggregate number of Shares in respect of which stock options may be granted to any one person pursuant to the 2014 Performance Option
Plan and which remain outstanding may not at any time exceed 750,000 Shares, representing 0.09% (as at February 20, 2014) of the outstanding share capital of the Corporation. In addition, under the terms of the 2014 Performance Option
Plan, the aggregate number of Shares issuable at any time to insiders of the Corporation or issued to insiders within any one-year period pursuant to the 2014 Performance Option Plan and any other share compensation arrangements of the Corporation
may not exceed 10% of the issued and outstanding Shares. Under the terms of the 2014 Performance Option Plan, options will generally have a term of ten
years, except that if the term expires during a blackout period applicable to a relevant optionee, or within 10 trading days after the expiration of the blackout period applicable to the relevant optionee, the term shall expire on the tenth trading
day after the end of such blackout period. For purposes of the 2014 Performance Option Plan, blackout period


refers to any period during which the relevant optionee is prohibited by the Corporations trading policy from trading in the Corporations securities.  Options will vest at the end of the three-year

LOGOperformance cycle ending December 31, 2016, subject to the Corporations achievement of the performance criteria described in the 2014 Performance Option Plan. The
performance metrics and vesting scale have been designed in accordance with the Corporations compensation philosophy. (See Compensation  Compensation Discussion and Analysis on page 39). In general, options will vest as
determined by a schedule that references the Corporations performance during the performance cycle as measured by reference to cash flow return on investment and weighted average cost of capital. Any options that do not become vested will
terminate at the end of the performance cycle. The number of options granted to each individual optionee will be targeted to deliver total compensation
at the median of the Comparator Group for corporate performance at the
50thpercentile, based on cash flow return on investment and weighted
average cost of capital. It is anticipated that there will be approximately 268 participants in the 2014 Performance Option Plan. Following shareholder
approval of the 2014 Performance Option Plan at the Meeting, a determination will be made as to the number of options to be granted to executive officers and other participants, which options will be granted in accordance with the criteria described
below. The option price for any stock option granted under the 2014 Performance Option Plan to any optionee shall be fixed by the Board when the option
is granted and shall be not less than the fair market value of the Shares at such time which, for optionees resident in the United States and any other optionees designated by the Board, shall be deemed to be the closing price per Share on the NYSE
on the last trading day immediately preceding the day the stock option is granted and, for all other optionees, shall be deemed to be not less than the closing price per Share on the TSX on the last trading day immediately preceding the day the
stock option is granted; provided that, in either case, if the Shares did






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not trade on such exchange on such day, the option price shall be the closing price per Share on such exchange on the last day on which the Shares traded on such exchange prior to the day
the stock option is granted. The 2014 Performance Option Plan requires all options granted under the 2014 Performance Option Plan to be subject to
provisions to the effect that:  (a)
if the employment of an optionee as an officer or employee of the Corporation or a subsidiary terminates by reason of his or her death, or if an optionee who is a retiree
pursuant to paragraph (b) below dies during the 36-month period following retirement, the legal personal representatives of the optionee will be entitled to exercise any unexercised vested options, including such stock options that may vest
after the date of death, during the period ending at the end of the twelfth calendar month following the calendar month in which the optionee dies, failing which exercise the stock options will terminate;  (b)
subject to the terms of paragraph (a) above, if the employment of an optionee as an officer or employee of the Corporation or a subsidiary terminates by reason of retirement
in accordance with the then prevailing retirement policy of the Corporation or subsidiary, the optionee will be entitled to exercise any unexercised vested stock options, including such stock options that may vest after the date of retirement,
during the period ending at the end of the 36th month following the calendar month in which the optionee retires, failing which exercise the stock options will terminate;  (c)
subject to the treatment of stock options in connection with a change-in-control (as described below), if the employment of an optionee as an officer or employee of the
Corporation or a subsidiary terminates for any reason other than as provided in paragraphs (a) or (b) above, the optionee will be entitled to exercise any unexercised vested stock options, to the extent vested and exercisable at the date
of such event, during the period ending at the end of the calendar month immediately following the calendar month in which the event occurs, failing which exercise the stock options will terminate; and  (d)
each stock option is personal to the optionee and is not assignable, except (i) as provided in paragraph (a) above, and (ii) at the election of the Board, a stock
option may be assignable to the spouse, children and grandchildren of the original optionee and to a trust, partnership or limited liability company, the entire beneficial interest of which is held, directly or indirectly, by one or more of the
optionee or the spouse, children or grandchildren of the optionee (each, a Permitted Assignee). If a stock option is assigned to one or more Permitted Assignees, nothing contained in this paragraph (d) shall prohibit a subsequent
assignment of such stock option to one or more other Permitted Assignees or back to the optionee.


Nothing contained in paragraphs (a), (b) or (c) above shall extend the period during which a stock option
may be exercised beyond its term, or any earlier date on which it is otherwise terminated in accordance with the provisions of the 2014 Performance Option Plan. If a stock option is assigned pursuant to paragraph (d)(ii) above, the references in paragraphs (a), (b) and (c) above to the termination of employment or death of an optionee shall not relate to the
assignee of a stock option but shall relate to the original optionee. In the event of such assignment, legal personal representatives of the original optionee shall not be entitled to exercise the assigned stock option, but the assignee of the stock
option or the legal personal representatives of the assignee may exercise the stock option during the applicable specified period. Subject to certain
limitations set forth below, the Board may amend or discontinue the 2014 Performance Option Plan at any time, without obtaining approval of the shareholders of the Corporation, unless required by the relevant rules of the TSX. No such amendment may
increase the aggregate maximum number of Shares that may be subject to stock options granted under the 2014 Performance Option Plan, change the manner of determining the minimum option price, extend the option term under any option beyond ten years
(or the date on which the option would otherwise expire under the plan), expand the assignment provisions of the 2014 Performance Option Plan, permit non-employee directors to participate in the 2014 Performance Option Plan or, without the consent
of the holder of the option, alter or impair any option previously granted to an optionee under the 2014 Performance Option Plan. Furthermore, without the prior approval of the Corporations shareholders, stock options issued under the 2014
Performance Option Plan shall not be repriced, replaced or regranted through cancellation, or by lowering the option price of a previously granted stock option. In the event of certain transactions affecting the capitalization of the Corporation,
including a merger, the Board shall make appropriate adjustments in the number or option price of outstanding options or the number of Shares available for grant and other authorized limits under the 2014 Performance Option Plan to reflect
such transaction. If a change-in-control (as defined in the 2014 Performance Option Plan) occurs and either (1) the surviving corporation, the
potential successor or any of their affiliates fails to continue or assume (as interpreted in the 2014 Performance Option Plan) the Corporations obligations under the 2014 Performance Option Plan or fails to convert or replace stock options
granted thereunder with equivalent stock options (as interpreted in the 2014 Performance Option Plan) or (2) during the two years following the change-in-control, the optionee is terminated without Cause (as defined in the 2014 Performance
Option Plan) or the optionee resigns his or her employment for Good Reason (as defined in the 2014 Performance Option Plan), all unvested options then outstanding will become fully vested. Each stock option granted under the 2014 Performance Option
Plan to an






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optionee that participates in the Corporations Medium-Term Incentive Plan will be subject to the terms and conditions of the Corporations Policy on Recoupment of Unearned
Compensation, which is described in the section Compensation Discussion and Analysis  Policy on Recoupment of Unearned Compensation, beginning on page 47. Participants in the 2014 Performance Option Plan are also subject to forfeiture and repayment obligations in the event that the Compensation Committee determines that the optionee has engaged in certain detrimental
activities during such optionees employment or within one year following the optionees termination of employment. A participant in the 2014
Performance Option Plan who is subject to taxation in Canada will be deemed to receive a benefit from employment in the year he or she exercises or otherwise disposes of options under the 2014 Performance Option Plan equal to the difference between
the exercise price and the market price of the Shares at the time of exercise, multiplied by the number of Shares over which options are exercised, or the amount for which the options are disposed of, as applicable. A participant will be required to
include the full amount of such benefit in computing his or her income for the taxation year of exercise or disposition, but will generally be entitled to deduct one-half of this amount in computing his or her taxable income for the taxation year of
exercise or disposition. The participant will have an adjusted cost basis in the optioned Shares equal to their market value on the date of exercise for purposes of computing any capital gain or capital loss on any subsequent disposition of the
Shares. The Corporation generally may not take any tax deduction in respect of the benefits deemed to be received by participants under the 2014 Performance Option Plan in Canada. All of the options granted under the 2014 Performance Option Plan will be treated as non-qualified stock options for U.S. federal


income tax purposes. A participant in the 2014 Performance Option Plan who is subject to taxation in the U.S. will not be deemed to receive any income at the time an option is granted, nor
will the Corporations applicable subsidiary be entitled to a deduction at that time. However, when any part of an option is exercised, the participant will be deemed to have received ordinary income in an amount equal to the difference between
the exercise price of the option and the fair market value of the Shares received on the exercise of the option. The Corporations applicable subsidiary will be entitled to a tax deduction in an amount equal to the amount of ordinary income
realized by such participants. Upon any subsequent sale of the Shares acquired upon the exercise of an option, any gain (the excess of the amount received over the fair market value of the Shares on the date ordinary income was recognized) or loss
(the excess of the fair market value of the Shares on the date ordinary income was recognized over the amount received) will be a long-term capital gain or loss if the sale occurs more than one year after such date of recognition and otherwise will
be a short-term capital gain or loss. Grants under the 2014 Performance Option Plan will be made after shareholder approval is obtained and during
the 2014 fiscal year. In order for the 2014 Performance Option Plan to become effective, the resolution to approve the 2014 Performance Option Plan
must be passed by a majority of the votes cast by the shareholders who vote in respect of the resolution. UNLESS A PROXY SPECIFIES THAT THE
SHARES IT REPRESENTS SHOULD BE VOTED AGAINST THE RESOLUTION TO APPROVE THE 2014 PERFORMANCE OPTION PLAN, THE PROXYHOLDERS NAMED IN THE ACCOMPANYING FORM OF PROXY INTEND TO VOTE FOR THE RESOLUTION.






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Securities Authorized for Issuance Under Equity Compensation Plans

In addition to the 2014 Performance Option Plan, which is to be voted on at the Meeting, the Corporation has nine other stock option plans as set forth in the table
below, each of which received shareholder approval.



|             |  |                                   |                               |  |                         |  |            |                                                  |  |  |                                                     |  |  |  |       | 
|------------ |  | --------------------------------- | ----------------------------- |  | ----------------------- |  | ---------- | ------------------------------------------------ |  |  | --------------------------------------------------- |  |  |  | ----- | 
|Name of Plan |  | Period of
Permitted
Option Grants |                               |  | MaximumOption
Grants(1) |  |            | Options
Granted andOutstanding(as at 12/31/2013) |  |  | OutstandingOptions asPercentage ofSharesOutstanding | 
|2013 POP     |  |                                   | Feb. 19, 2013  Dec. 31, 2013 |  |                         |  | 3,000,000  |                                                  |  |  | 1,938,400                                           |  |  |  | 0.23% | 
|2012 POP     |  |                                   | Feb. 21, 2012  Dec. 31, 2012 |  |                         |  | 3,000,000  |                                                  |  |  | 1,471,100                                           |  |  |  | 0.17% | 
|2011 POP     |  |                                   | Feb. 22, 2011  Dec. 31, 2011 |  |                         |  | 3,000,000  |                                                  |  |  | 1,103,600                                           |  |  |  | 0.13% | 
|2010 POP     |  |                                   | Feb. 21, 2010  Dec. 31, 2010 |  |                         |  | 3,000,000  |                                                  |  |  | 1,206,900                                           |  |  |  | 0.14% | 
|2009 POP     |  |                                   | Feb. 21, 2009  Dec. 31, 2009 |  |                         |  | 3,000,000  |                                                  |  |  | 1,689,375                                           |  |  |  | 0.20% | 
|2008 POP     |  |                                   | Feb. 21, 2008  Dec. 31, 2008 |  |                         |  | 3,000,000  |                                                  |  |  | 1,257,750                                           |  |  |  | 0.15% | 
|2007 POP     |  |                                   | Feb. 21, 2007  Dec. 31, 2007 |  |                         |  | 9,000,000  |                                                  |  |  | 3,493,025                                           |  |  |  | 0.41% | 
|2006 POP     |  |                                   | Feb. 28, 2006  Dec. 31, 2006 |  |                         |  | 12,600,000 |                                                  |  |  | 3,956,275                                           |  |  |  | 0.46% | 
|2005 POP     |  |                                   | Mar. 01, 2005  Dec. 31, 2005 |  |                         |  | 10,800,000 |                                                  |  |  | 4,222,710                                           |  |  |  | 0.49% | 
|TOTAL        |  |                                   |                               |  |                         |  |            |                                                  |  |  | 20,339,135                                          |  |  |  | 2.37% | 



|(1) | Generally, each POP terminates one year from its respective effective date. Options not granted are cancelled at the end of the calendar year in which the POP was approved
by shareholders.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Additional information regarding the above stock option plans can be found in the Corporations Management Proxy
Circulars for the annual meeting of shareholders held in the applicable years.

The following table provides information about securities that may be
issued under the Corporations existing equity compensation plans, as at December 31, 2013 and February 20, 2014.

Equity
Compensation Plan Information



|                                                       |  |                                                                                          |            |     |                                                                              |   |       |                                                                                                                                  |  |  |     | 
|------------------------------------------------------ |  | ---------------------------------------------------------------------------------------- | ---------- | --- | ---------------------------------------------------------------------------- | - | ----- | -------------------------------------------------------------------------------------------------------------------------------- |  |  | --- | 
|Plan Category                                          |  | (a) Number of Shares tobe issued upon
exerciseof outstanding options,warrants and rights |            |     | (b) Weighted-averageexercise price ofoutstanding
options, warrantsand rights |   |       | (c) Number ofShares remainingavailable forfuture
issuanceunder equitycompensation plans(excluding Sharesreflected in column (a)) | 
|December 31, 2013                                      |  |                                                                                          |            |     |                                                                              |   |       |                                                                                                                                  |  |  |     | 
|Equity compensation plans approved by shareholders     |  |                                                                                          | 20,339,135 | (1) |                                                                              | $ | 26.44 |                                                                                                                                  |  |  | 0   | 
|Equity compensation plans not approved by shareholders |  |                                                                                          | n/a        |     |                                                                              |   | n/a   |                                                                                                                                  |  |  | n/a | 
|February 20, 2014                                      |  |                                                                                          |            |     |                                                                              |   |       |                                                                                                                                  |  |  |     | 
|Equity compensation plans approved by shareholders     |  |                                                                                          | 19,740,835 | (2) |                                                                              | $ | 26.09 |                                                                                                                                  |  |  | 0   | 
|Equity compensation plans not approved by shareholders |  |                                                                                          | n/a        |     |                                                                              |   | n/a   |                                                                                                                                  |  |  | n/a | 



|(1) | Of this amount, 4,222,710 options were outstanding pursuant to the 2005 POP, 3,956,275 options were outstanding pursuant to the 2006 POP, 3,493,025 options were
outstanding pursuant to the 2007 POP, 1,257,750 options were outstanding pursuant to the 2008 POP, 1,689,375 options were outstanding pursuant to the 2009 POP, 1,206,900 options were outstanding pursuant to the 2010 POP, 1,103,600 options were
outstanding pursuant to the 2011 POP, 1,471,100 options were outstanding pursuant to the 2012 POP and 1,938,400 options were outstanding pursuant to the 2013 POP.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Of this amount, 4,069,110 options were outstanding pursuant to the 2005 POP, 3,904,375 options were outstanding pursuant to the 2006 POP, 3,334,025 options were
outstanding pursuant to the 2007 POP, 1,216,800 options were outstanding pursuant to the 2008 POP, 1,571,925 options were outstanding pursuant to the 2009 POP, 1,167,000 options were outstanding pursuant to the 2010 POP, 1,096,400 options were
outstanding pursuant to the 2011 POP, 1,459,100 options were outstanding pursuant to the 2012 POP and 1,922,100 options were outstanding pursuant to the 2013 POP.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Ownership of Shares The following table sets forth information as at February 20, 2014, with respect to the beneficial ownership of Shares held by the Named Executive Officers of the Corporation listed in the Summary Compensation
Table on page 58 and by all directors and executive officers of the Corporation as a group.  Name

Number ofShares Held


Number ofSharesBeneficiallyOwned(1)(2)(3)


PercentageofOutstandingSharesWilliam J. Doyle,
Director, President and
Chief Executive Officer


2,929,421
(4)


8,307,871
(4)


0.97%Wayne R. Brownlee,
Executive Vice President, Treasurer and Chief Financial Officer


712,095



2,284,445



0.27%G. David Delaney
Executive Vice President and
Chief Operating Officer


126,618



467,868



0.05%Stephen F. Dowdle
President, PCS Sales


65,379



292,079



0.03%Joseph A. Podwika
Senior Vice President,
General Counsel & Secretary


35,200



370,650



0.04%All directors and executive
officers as a group, including
the above-named individuals
(26 persons)


5,524,866



15,192,316



1.78%  (1)
The number of Shares beneficially owned is reported on the basis of regulations of the SEC, and includes Shares that the individual has the right to acquire at any time
within 60 days after February 20, 2014 and Shares directly or indirectly held by the individual or by certain family members or others over which the individual has sole or shared voting or investment power.  (2)
Includes Shares purchasable within 60 days after February 20, 2014 through the exercise of options granted by the Corporation, as follows: Mr. Doyle
5,378,450 Shares; Mr. Brownlee 1,572,350 Shares; Mr. Delaney 341,250 Shares; Mr. Dowdle 226,700 Shares; Mr. Podwika 335,450 Shares; and directors and executive officers as a group, including the foregoing
individuals, 9,667,450 Shares.  (3)
No Shares beneficially owned by any of the directors or Named Executive Officers are pledged as security.  (4)
Includes 59,694 Shares held in the William & Kathy Doyle Foundation; 864,675 Shares held in the WJ Doyle Revocable Trust; 692,184 Shares held in
the Doyle Family LLC (Mr. Doyle controls these Shares and has a beneficial interest in a majority of the interests of the LLC; however, the remaining interests of the LLC are beneficially owned by members of Mr. Doyles immediate family);
82,877 Shares held in the Doyle Family Stock Trust II; 42,439 Shares held in the DFG Trust; 100,000 Shares held in the DFG Trust III; 646,842 Shares held in Doyle Investments LLC (Mr. Doyle controls these Shares; however, the majority of
the interests of the LLC are beneficially owned by members of Mr. Doyles immediate family); 191,018 Shares held in the DFP Trust; 195,878 Shares held in the DFP Trust II and 53,814 Shares held in the DFST IV Trust.


As at February 20, 2014, based on records and reports filed with the SEC on Schedule 13D or 13G, no shareholder
owned more than 5% of the Corporations Shares. Directors and Officers Liability Insurance The Corporation has acquired and maintains liability insurance for its directors and officers as well as those of its subsidiaries as a group. The
coverage limit of such insurance is $250 million per claim and $250 million annually in the aggregate. The Corporation has entered into a one-year contract ending June 30, 2014. Premiums of $1.8 million were paid by the
Corporation for the last fiscal year. Claims for which the Corporation grants indemnification to the insured persons are subject to a $5 million deductible for any one loss.






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2015 Shareholder Proposals Proposals of shareholders intended to be presented at the Corporations annual meeting of shareholders in 2015 and which such shareholders are entitled to
request be included in the Management Proxy Circular for that meeting must be received at the Corporations principal executive offices not later than November 24, 2014.


Directors Approval The contents and the distribution of this Management Proxy Circular have been unanimously approved by the Board.  LOGO JOSEPH A. PODWIKA Secretary February 20, 2014






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##### Table of Contents

Appendices





|           |  |   |  |                                                           |  |      |     |  |  | 
|---------- |  | - |  | --------------------------------------------------------- |  | ---- | --- |  |  | 
|           |  |   |  |                                                           |  | Page |     |  | 
|Appendix A |  |  |  | Disclosure of Corporate Governance Practices              |  |      | A-1 |  |  | 
|Appendix B |  |  |  | Resolution of Shareholders  2014 Performance Option Plan |  |      | B-1 |  |  | 
|Appendix C |  |  |  | 2014 Performance Option Plan                              |  |      | C-1 |  |  | 
|Appendix D |  |  |  | Board of Directors Charter                                |  |      | D-1 |  |  | 
|Appendix E |  |  |  | Audit Committee Charter                                   |  |      | E-1 |  |  | 
|Appendix F |  |  |  | Compensation Committee Responsibilities and Procedures    |  |      | F-1 |  |  | 
|Appendix G |  |  |  | Additional Survey Participants                            |  |      | G-1 |  |  | 



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##### Table of Contents

Appendix A



Disclosure of Corporate Governance Practices 100% Compliance The Corporations governance practices fully comply with the governance rules of the Canadian Securities Administrators. The following disclosure sets out the Corporations compliance with National
Instrument 58-101  Disclosure of Corporate Governance Practices and certain of its other governance practices. FORM 58-101F1  CORPORATE GOVERNANCE DISCLOSURE Board of Directors Independent Directors See Schedule A to this Appendix A for the Corporations Categorical Standards on independence. The Board has determined that all of the directors of the Corporation and proposed nominees, with the exception of Mr. Doyle and Ms. Paliza, are independent. See disclosure under the Board of
Directors  Director Independence and Other Relationships section of this Management Proxy Circular. Directors who are not
independent See disclosure under the Board of Directors  Director Independence and Other Relationships section of this
Management Proxy Circular. Majority of independent directors Following the Meeting, and assuming the proposed nominees are elected, 11 of 13, or 85% of the Corporations current directors will be independent. Other directorships Such other directorships have been disclosed in the Board of Directors 
Nominees for Election to the Board of Directors section of this Management Proxy Circular. The PotashCorp Governance Principles also contain
limitations on the number of other directorships that directors and the Chief Executive Officer of the Corporation may hold. Directors who are employed as Chief Executive Officers, or in other senior executive positions on a full-time basis, should
not serve on more than two boards of public companies in addition to the Corporations


Board. Other directors should not serve on more than three boards of public companies in addition to the Corporations Board. The Chief Executive Officer of the Corporation should not serve
on the board of more than two other public companies and should not serve on the board of any other company where the Chief Executive Officer of that other company serves on the Corporations Board. In all cases, prior to accepting an
appointment to the board of any company, the Chief Executive Officer of the Corporation must review and discuss the appointment with the Board Chair of the Corporation. Meeting without management or non-independent directors The Board has adopted a policy of meeting in
executive session, without management present, at each meeting of the Board. In practice, two such sessions occur at each meeting of the Board; one prior to the business of the meeting and one at the conclusion of the meeting. The Board has also
adopted a policy of meeting in executive session, with only independent Directors present, at each meeting of the Board. These sessions are of no fixed duration and participating directors are encouraged to raise and discuss any issues of concern.
These policies were complied with for all meetings of the Board in 2013, and will apply to all future meetings. See disclosure under the Board of Directors  Board Meetings and Attendance of Directors section of this Management
Proxy Circular for additional information. Each Committee of the Board meets in executive session, without management present, at each meeting of the
Committee. Board chair independence Pursuant to
the PotashCorp Governance Principles the Board has determined that the Corporation is best served by dividing the responsibilities of the Board Chair and Chief Executive Officer. The Board Chair is independent and chosen by the full Board. Dallas J. Howe serves as the Board Chair, and is an independent director. He has served as Board Chair since 2003. A position description for the Board
Chair has been developed and approved by the Board and is available on the Corporations website. Amongst other things the Board Chair is expected to:  (a)
provide leadership to ensure effective functioning of the Board;  (b)
chair meetings of the Board and assist with setting meeting agendas;  (c)
lead in the assessment of Board performance;






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(d)
assist the Compensation Committee in monitoring and evaluating the performance of the Chief Executive Officer and senior officers of the Corporation;  (e)
lead the Board in ensuring succession plans are in place at the senior management level; and  (f)
act as an effective liaison among the Board and management. Director Attendance Attendance records are fully disclosed
in the Board of Directors  Board Meetings and Attendance of Directors section of this Management Proxy Circular. Pursuant to the PotashCorp Governance Principles, directors are expected to attend all meetings of the Board and Board
committees upon which they serve, to come to such meetings fully prepared and to remain in attendance for the duration of the meetings. Where a directors absence from a meeting is unavoidable, the director should, as soon as practicable after
the meeting, contact the Board Chair, the Chief Executive Officer or the Corporate Secretary for a briefing on the substantive elements of the meeting. Board Mandate The Board of Directors Charter is attached to
this Management Proxy Circular as Appendix D. Position Descriptions Board and Committee Chair position descriptions A position description for the Board Chair and each Board
Committee Chair (which are attached to the relevant Board Committee Charters) has been developed and approved by the Board and can be found on the Corporations website at www.potashcorp.com. CEO position description A written position description for
the Chief Executive Officer has been developed and approved by the Board. The Chief Executive Officer reports to the Board and has general supervision
and control over the business and affairs of the Corporation. Amongst other things, the Chief Executive Officer is expected to:  (a)
foster a corporate culture that promotes ethical practices, encourages individual integrity and fulfils social responsibility;  (b)
develop and recommend to the Board a long-term strategy and vision for the Corporation that leads to creation of shareholder value;


(c)
develop and recommend to the Board annual business plans and budgets that support the Corporations long-term strategy; and  (d)
consistently strive to achieve the Corporations financial and operating goals and objectives. Orientation and Continuing Education Orientation The Board has adopted a written New Director Orientation Policy designed to:  (a)
provide each new director with a baseline of knowledge about the Corporation that will serve as a basis for informed decision-making; and  (b)
tailor the program for each new director, taking into account his or her unique mix of skills, experience, education, knowledge and needs. The orientation program is tailored to the needs of each new director, and consists of a combination of written materials, one-on-one meetings with senior
management, site visits and other briefings and training as appropriate. Continuing Education The Board recognizes the importance of ongoing director education and the need for each director to take personal responsibility for this process. To facilitate
ongoing education, the Corporation:  (a)
maintains a directors intranet site to facilitate the exchange of views and published information;  (b)
maintains a membership for each director in an organization dedicated to corporate governance and ongoing director education;  (c)
each year strongly encourages and funds the attendance of each director at one seminar or conference of interest and relevance and funds the attendance of each Committee Chair at
one additional seminar or conference. In all cases, approval for attendance is obtained, in advance, from the Corporate Secretary;  (d)
encourages presentations by outside experts to the Board or Committees on matters of particular import or emerging significance; and  (e)
at least annually, holds a Board meeting at or near an operating site or other facility of the Corporation, a key customer, supplier or affiliated company.






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Ethical Business Conduct Code of Conduct The Board has adopted the PotashCorp Core Values and Code of Conduct. The complete
text of the PotashCorp Core Values and Code of Conduct, as well as other governance related documents, can be found at www.potashcorp.com and are available in print to any shareholder who requests them. The Audit Committee reviews the process for communicating the PotashCorp Core Values and Code of Conduct to the Corporations personnel, and for monitoring
compliance with the Code of Conduct, as well as compliance with applicable law, regulations and other corporate policies. The Board, through the Audit Committee, receives regular reports from the Corporate Ethics and Compliance Committee regarding
the Corporations ethics and compliance activities including the annual acknowledgement of compliance with the Code of Conduct sought from each employee. The Board, through the Audit Committee Chair, also receives reports of all financial or accounting issues which come to the attention of management, including those raised through the Corporations anonymous
reporting mechanisms. The Corporation has not filed any material change report since the beginning of the 2013 financial year that pertains to any
conduct of a director or executive officer that constitutes a departure from the PotashCorp Core Values and Code of Conduct. Pursuant to the PotashCorp Governance Principles, no waiver of the application of the PotashCorp Core Values and Code of
Conduct to directors or executive officers is permitted. Material Interests Pursuant to the PotashCorp Governance Principles, each director of the Corporation must possess and exhibit the highest degree of integrity, professionalism and values, and must never be in a conflict
of interest with the Corporation. A director who has a conflict of interest regarding any particular matter under consideration should advise the Board, refrain from debate on the matter and abstain from any vote regarding it. The Board has also
developed categorical independence standards to assist it in determining when individual directors are free from conflicts of interest and are exercising independent judgment in discharging their responsibilities. All directors and senior officers
are bound by the PotashCorp Core Values and Code of Conduct and no waiver of the application of that Code to directors or senior officers is permitted.


Culture of ethical business conduct The PotashCorp Core Values and Code of Conduct is continually reinforced with on-line training programs. The Board, through the Audit Committee, requires the management Compliance Committee to annually report on
the status of the Corporations ethics and compliance programs, including receipt of the Compliance Risk Assessment, Summary of Ethics and Compliance Training during the current year and plans for ethics and compliance training in the coming
year. Nomination of Directors Identification of new candidates for Board nomination The CG&N Committee is responsible for recruiting and proposing to the full Board new nominees for directors. The CG&N Committee, in the discharge of its
duties:  (a)
in consultation with the Board and Chief Executive Officer and, on an ongoing basis, identifies the mix of expertise and qualities required for the Board;  (b)
assesses the attributes new directors should have for the appropriate mix to be maintained;  (c)
in consultation with the Board and Chief Executive Officer and, on an ongoing basis, maintains a database of potential candidates;  (d)
has implemented a procedure to identify, with as much advance notice as practicable, impending Board vacancies, so as to allow sufficient time for recruitment and for
introduction of proposed nominees to the existing Board;  (e)
develops a short-list of candidates and arranges for each candidate to meet with the CG&N Committee, the Board Chair and the Chief Executive Officer;  (f)
recommends to the Board, as a whole, proposed nominee(s) and arranges for their introduction to as many Board members as practicable;  (g)
ensures that prospective candidates are informed of the degree of energy and commitment the Corporation expects of its directors; and  (h)
encourages diversity in the composition of the Board.






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Independent Corporate Governance and Nominating Committee The Corporation has a standing CG&N Committee. Each of the
directors who comprise the CG&N Committee is independent. Please refer to Board of Directors  Director Independence and Other Relationships and the Corporate Governance  Letter From and Report of the Corporate
Governance & Nominating Committee sections of this Management Proxy Circular for additional information. Corporate Governance
and Nominating Committee Charter The responsibilities, powers and operation of the CG&N Committee are set out in its charter, which is
available on the Corporations website at www.potashcorp.com. Pursuant to the CG&N Committee Charter, one purpose of the CG&N Committee is to identify the individuals qualified to become members of the Board, to recommend to the Board
nominees for election to the Board at each annual meeting of shareholders or to fill vacancies on the Board and to address related matters. Please refer to the Corporate Governance  Corporate Governance and Nominating Committee
Report section of this Management Proxy Circular for additional information. Compensation Committee Director and Officer Compensation Please refer to the
Compensation section of this Management Proxy Circular. Independence The Corporation has a standing Compensation Committee. Each of the directors who comprise the Compensation Committee is independent. Please refer to the Board of Directors  Director Independence and
Other Relationships and Compensation sections of this Management Proxy Circular for additional information. Compensation
Committee Charter The responsibilities, powers and operation of the Compensation Committee are set out in its charter, which is available on the
Corporations website at www.potashcorp.com. Please refer to the Compensation section of this Management Proxy Circular for additional information.


Outside Compensation Consultants In 2005, the Compensation Committee of the Board of Directors engaged Towers Watson as executive compensation consultants. Towers Watson reports to the Chair of the Compensation Committee and provides input to the
Committee on the philosophy and competitiveness of the design and award values for certain executive and director compensation programs. In addition, Towers Watson assists in the evaluation of compensation arrangements associated with certain
strategic opportunities. In accordance with the Committees adherence to the best practice of retaining independent executive compensation consulting, any work other than executive compensation consulting services performed for the Corporation
by Towers Watson must be approved in advance by the Chair of the Compensation Committee. Please refer to the Compensation section in this Management Proxy Circular for additional information. Other Board Committees In addition to the Audit
Committee, Compensation Committee and CG&N Committee, the Board also has a Safety, Health and Environment Committee. The Safety, Health and Environment Committee assists the Board review and recommend for approval policies, management systems
and performance with respect to safety, health and environment matters affecting the Corporation. Board Assessments Pursuant to the PotashCorp Governance Principles, which is available on the Corporations website at www.potashcorp.com, the Board has adopted the following
six-part effectiveness evaluation program:  1.
Annual Board Assessment by All Members of the Board Each
year Board members complete a detailed questionnaire which (a) provides for quantitative ratings in key areas and (b) seeks subjective comment in each of those areas. Responses are reviewed by the Chair of the CG&N Committee. A summary
report is then prepared and provided to the Board Chair, the CG&N Committee and the CEO, and then reported to the full Board by the CG&N Committee Chair. Attribution of comments to individual Directors in the summary report is made only if
authorized by that Director. In assessing the responses to the questionnaire, the focus is on continuous improvement. Matters requiring follow-up are identified, action plans are developed and there is ongoing monitoring by the CG&N Committee to
ensure satisfactory results. As part of the annual Board assessment, the Board reviews and considers any proposed changes to the Board Charter.






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2.
Annual Assessment of Each Committee by Members of That Committee Each year members of each Committee complete a detailed questionnaire designed to allow Committee members to evaluate how well their respective Committee is operating and to make suggestions for improvement.
Responses are reviewed by the Chair of the CG&N Committee who provides a summary report to the Board Chair, the appropriate Committee and the CEO and then reported to the full Board by the appropriate Committee Chair. As part of the annual
Committee assessment, the Board reviews and considers any proposed changes to the Committee Charters. As with the Board assessment, the focus is on
continuous improvement. Chairs of each Committee are expected to follow up on matters raised in the Committee assessments and take action as appropriate.  3.
Annual Assessment of the Board Chair by Members of the Board Each year members of the Board are asked to assess and comment on the discharge, by the Board Chair, of his or her duties. Individual responses are received by the
Chair of the CG&N Committee. The Chair of the CG&N Committee solicits specific input from the CEO from his or her perspective as CEO regarding the effectiveness of the Chair. A summary report is then prepared by the Chair of the CG&N
Committee and is provided to the Board Chair and the full Board, with no attribution of comments to individual Directors without their consent. As part of the annual Board Chair assessment, the Board reviews and considers any proposed changes to the
Board Chair position description.  4.
Annual Assessment of Each Committee Chair by Members of Each Committee Each year, members of each Committee are asked to assess and comment on the discharge, by their respective Committee Chair, of his or her duties. Responses are received by the Chair of the CG&N Committee and
the Committee Chair under review. A summary report is then provided to the appropriate Committee and to the full Board, with no attribution of comments to individual Directors without their consent. As part of the annual Committee Chair assessment,
the Board reviews and considers any proposed changes to the Committee Chair position descriptions.  5.
Annual Assessment of Individual Directors Each year the
Board Chair (and, if in the opinion of the Board Chair it is desirable, the Chair of the CG&N Committee) formally meets with each Director individually to engage in full and frank discussion of any and all issues that either wish to raise, with
a focus on maximizing the contribution of each Director to the Board and his or her respective Committees. In completing the review, the Board Chair employs a checklist, discusses both


short-term and long-term goals, and establishes action items to allow each individual Director to enhance both his or her personal contributions to the
Board and overall Board effectiveness. The Board Chair will share peer feedback with each Director as appropriate and review progress and action taken. Each Director, during such formal review, should be prepared to discuss with the Board Chair how
the Directors, both individually and collectively, can operate more effectively. The Board Chair discusses the results of the individual evaluations with the Chair of the CG&N Committee and reports summary findings to the full Board.  6.
Management Board Survey As part of the Boards
continuing efforts to improve its performance, the Board periodically surveys those members of senior management who regularly interact with the Board and/or its Committees to solicit their input and perspective on the operation of the Board and how
the Board might improve its effectiveness. The survey includes subjective management responses to questions and one on one interviews between management respondents and the Chair of the CG&N Committee. The results of the management surveys and
the one on one interviews are reported by the Chair of the CG&N Committee to the full Board. Schedule A: Independence Standards The independence standards established by the Board are as follows:  a)
A Director will not be considered independent if:  i)
the Director is, or has been within the last three years, an employee or executive officer of the Corporation;  ii)
an immediate family member of the Director is, or has been within the last three years, an executive officer of the Corporation;  iii)
the Director (A) is a current partner or employee of the Corporations external auditors, or (B) was, within the last three years, a partner or employee of such
firm and personally worked on the Corporations audit within that time;  iv)
an immediate family member of the Director (A) is a current partner of the Corporations external auditors, (B) is a current employee of such firm and personally
works on the Corporations audit, or (C) was, within the last three years, a partner or employee of such firm and personally worked on the Corporations audit within that time;  v)
the Directors spouse, minor child or stepchild, or a child or stepchild of the Director who shares a home with the Director is an employee of the Corporations
external auditors and participates in such firms audit, assurance or tax compliance (but not tax planning) practice; or






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vi)
the Director or an immediate family member of the Director is, or has been within the last three years, employed as an executive officer of another entity where any of the
Corporations present executive officers at the same time serves or served on that entitys compensation committee.  b)
A Director will not be considered independent if the Director received, or his or her immediate family member received, more than the lesser of CDN$75,000 or US$120,000 in direct
compensation from the Corporation during any 12-month period within the last three fiscal years, other than remuneration for acting as a member of the board of directors of the Corporation or of any board committee of the Corporation or the receipt
of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the Corporation if the compensation is not contingent in any way on continued service.


c)
A Director will not be considered independent if the Director currently serves as an executive officer or employee of, or any of his or her immediate family members currently
serves as an executive officer of, another company that has made payments to, or received payments from, the Corporation for property or services in an amount that, in any one of the three most recent fiscal years, exceeds the greater of
(x) US$1,000,000 or (y) 2 percent of the annual consolidated gross revenues of such other company.  d)
Contributions to tax exempt organizations shall not be considered payments for purposes of the preceding paragraph, provided however that the Corporation will
disclose in its annual proxy circular any such contributions made by the Corporation to any tax exempt organization in which any Director serves as an executive officer if, in any one of the three most recent fiscal years, the contributions exceeded
the greater of (x) US$1,000,000 or (y) 2 percent of the annual consolidated gross revenues of such tax exempt organization.






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Appendix B

Resolution of Shareholders  2014 Performance Option Plan

WHEREAS the Board of Directors of
Potash Corporation of Saskatchewan Inc. (the Corporation) has approved a new performance option plan (the 2014 Performance Option Plan), a copy of which is attached as Appendix C to the Management Proxy Circular of the
Corporation sent to the shareholders of the Corporation in connection with the annual and special meeting of shareholders of the Corporation to be held May 15, 2014;

NOW THEREFORE, BE IT RESOLVED that:



|1. | the 2014 Performance Option Plan is hereby adopted and approved by the shareholders of the Corporation;
|-- | -------------------------------------------------------------------------------------------------------



|2. | any officer of the Corporation be and is hereby authorized and directed for and on behalf of the Corporation to do such things and to take such actions as may be necessary or
desirable to carry out the intent of the foregoing resolution and the matters authorized thereby.
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Appendix C

2014 Performance Option Plan

1. PURPOSE OF PLAN

Potash Corporation of Saskatchewan Inc. (the Corporation) by resolution of its Board of Directors (the Board) has established, subject to
shareholder approval at the Corporations 2014 Annual and Special Meeting of shareholders, this Potash Corporation of Saskatchewan Inc. 2014 Performance Option Plan (the Plan) to support the Corporations compensation
philosophy of providing selected employees and officers with an opportunity to: promote the growth and profitability of the Corporation; align their interests with shareholders; and earn compensation commensurate with corporate performance. The
Corporation believes this Plan will directly assist in supporting the Corporations compensation philosophy by providing participants with the opportunity through stock options, which will vest, if at all, based on corporate performance over a
three-year period, to acquire common shares of the Corporation (Common Shares).

2. DURATION OF THIS PLAN

This Plan was adopted by the Board on February 20, 2014 to be effective as of January 1, 2014 (the Effective Date), subject to shareholder
approval at the Corporations 2014 Annual and Special Meeting of shareholders, and shall remain in effect, unless sooner terminated as provided herein, until one (1) year from the Effective Date, at which time it will terminate. After this
Plan is terminated, no stock options may be granted but stock options previously granted shall remain outstanding in accordance with their applicable terms and conditions and this Plans terms and conditions.

3. ADMINISTRATION

This Plan shall be administered by
the Compensation Committee of the Board or any other committee designated by the Board to administer this Plan (the Committee). The Committee shall be responsible for administering this Plan, subject to this Section 3 and the other
provisions of this Plan. The Committee may employ attorneys, consultants, accountants, agents, and other individuals, any of whom may be an employee, and the Committee, the Corporation, and its officers and directors shall be entitled to rely upon
the advice, opinions, or valuations of any such individuals. All actions taken and all interpretations and determinations made by the Committee shall be made in the Committees sole discretion and shall be final and binding upon the
participants, the Corporation, and all other interested individuals. To the extent applicable, the Plan shall be administered with respect to optionees subject to the laws of the U.S. so as to avoid the application of penalties pursuant to
Section 409A of the Internal Revenue Code, and stock options hereunder may be subject to such restrictions as the Committee determines are necessary to avoid application of such Section 409A.

4. AUTHORITY OF THE COMMITTEE

The Committee shall have
full and exclusive discretionary power to interpret the terms and the intent of this Plan and any Stock Option Award Agreement or other agreement or document ancillary to or in connection with this Plan, to determine eligibility for stock options
and to adopt such rules, regulations, forms, instruments, and guidelines for administering this Plan as the Committee may deem necessary or proper. Such authority shall include adopting modifications and amendments to any Stock Option Award
Agreement that are necessary to comply with the laws of the countries and other jurisdictions in which the Corporation and/or its subsidiaries operate.

5. SHARES SUBJECT TO STOCK OPTIONS

The aggregate
number of Common Shares issuable after February 20, 2014 pursuant to stock options under this Plan may not exceed 3,500,000 Common Shares. The aggregate number of Common Shares in respect of which stock options have been granted to any one
person pursuant to this Plan and which remain outstanding shall not at any time exceed 750,000. The authorized limits under this Plan shall be subject to adjustment under Sections 12 and 13 of this Plan.

Notwithstanding anything to the contrary contained in this Plan, no options shall be granted to insiders if such options, together with any other outstanding
security based compensation arrangements, could result in:



|(a) | the number of Common Shares issuable to insiders at any time pursuant to security based compensation arrangements of the Corporation exceeding ten percent (10%) of the
issued and outstanding Common Shares; or
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|(b) | the issuance to insiders pursuant to security based compensation arrangements of the Corporation, within any one year period, of a number of Common Shares exceeding ten percent
(10%) of the issued and outstanding Common Shares.
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For the purposes of the foregoing paragraphs, security based
compensation arrangement and insider have the meanings attributed thereto in the Toronto Stock Exchange (TSX) Company Manual.

If any stock option granted under this Plan, or any portion thereof, expires or terminates for any reason without having been exercised in full, the Common Shares with respect to which such option has not been
exercised shall again be available for further stock options under this Plan; provided, however, that any stock option that is granted under this Plan that does not vest as a result of a failure to satisfy the Performance Measures, shall not be
again available for grant under this Plan.

6. GRANT OF STOCK OPTIONS

From time to time the Board may designate individual officers and employees of the Corporation and its subsidiaries eligible to be granted options to purchase Common Shares and the number of Common Shares which
each such person will be granted a stock option to purchase; provided that the aggregate number of Common Shares subject to such stock options may not exceed the number provided for in Section 5 of this Plan. Non-employee directors and other
non-employee contractors and third party vendors are not eligible to participate in this Plan.

7. OPTION PRICE

The option price for any option granted under this Plan to any optionee shall be fixed by the Board when the option is granted and shall be not less than the fair
market value of the Common Shares at such time which, for optionees resident in the United States and any other optionees designated by the Board, shall be deemed to be the closing price per Common Share on the New York Stock Exchange on the last
trading day immediately preceding the day the option is granted and, for all other optionees, shall be deemed to be the closing price per Common Share on the TSX on the last trading day immediately preceding the day the option is granted; provided
that, in either case, if the Common Shares did not trade on such exchange on such day the option price shall be the closing price per share on such exchange on the last day on which the Common Shares traded on such exchange prior to the day the
option is granted.

8. VESTING OF STOCK OPTIONS

Subject to achievement of Performance Measures as certified and approved by the Audit Committee of the Board, stock options granted under this Plan will vest no later than thirty (30) days after the audited
financial statements for the applicable Performance Period have been approved by the Board.

9. PERFORMANCE MEASURES FOR VESTING OF STOCK
OPTIONS



|(a) | The Performance Measures which will be used to determine the degree to which stock options will vest over the three-year period beginning the first day of the fiscal year in
which they are granted (the Performance Period) shall be cash flow return on investment (CFROI) and weighted average cost of net debt and equity capital (WACC).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | CFROI is the ratio of after tax operating cash flow to average gross investment over the fiscal year, calculated as A divided by B, where (1) A equals operating income
less/plus nonrecurring or unusual items less/plus change in unrealized gains/losses on derivative instruments included in net income plus accrued incentive awards plus depreciation and amortization less current taxes, and (2) B equals the
average of total assets less/plus the fair value adjustment for investments in available for sale securities less the fair value of derivative instrument assets plus accumulated depreciation plus accumulated amortization less cash and cash
equivalents less non interest bearing current liabilities excluding derivatives.
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| | (ii) | WACC is the weighted average cost of net debt and equity capital, calculated as [A times the product of B divided by C] plus [D times the product of E divided by C], where
(1) A equals the after-tax market yield cost of debt, (2) B equals the market value of debt less cash and cash equivalents (3) C equals the market value of debt less cash and cash equivalents, plus the market value of equity,
(4) D equals the cost of equity, and (5) E equals the market value of equity.
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|(b) | In determining the number of stock options that will actually vest based on the degree to which the Performance Measures have been attained during the applicable Performance
Period, the following chart shall be utilized which shows the three year average excess of CFROI being greater than WACC and the respective portion of the stock option that will vest:
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|                                                        |  |                                             |      | 
|------------------------------------------------------- |  | ------------------------------------------- | ---- | 
|Performance Measure 3 year average excess of CFROI>WACC |  | Vesting Scale% of Stock OptionGrant Vesting |     
|<0%                                                     |  |                                             | 0%   | 
|0.20%                                                   |  |                                             | 30%  | 
|1.20%                                                   |  |                                             | 70%  | 
|2.20%                                                   |  |                                             | 90%  | 
|2.50%                                                   |  |                                             | 100% | 



|(c) | In assessing the portion of the stock options that shall vest in accordance with the above chart, the following shall be done:
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| | (i) | Each year, the CFROI and WACC will be calculated in accordance with the definitions herein, based on the audited financial statements and approved by the Audit Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | In each Performance Period, the average of the three fiscal years shall be calculated by taking the simple average of the individual years results.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The resulting three-year average will then be applied, using the scale above to determine the number of stock options, if any, that will vest as of the end of the Performance
Period.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | For results falling between the reference points in the chart above, the level of vesting shall be mathematically interpolated between the reference points.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

10. TERMS OF STOCK OPTIONS

The period during which a stock option is exercisable (the Term) may not exceed 10 years from the date the stock option is granted (the
Initial Exercise Period), plus any Additional Exercise Period (as defined below). If such Initial Exercise Period would otherwise expire (i) during a Blackout Period (as defined below) applicable to the relevant optionee or
(ii) within 10 trading days after the expiration of the Blackout Period applicable to the relevant optionee, the Term of the related stock option shall expire on the date that is the tenth trading day after the end of such Blackout Period (an
Additional Exercise Period). For purposes of this Plan, Blackout Period means any period during which the relevant optionee is prohibited by the Corporations trading policy from trading in the Corporations
securities. The Stock Option Award Agreement may contain provisions limiting the number of Common Shares with respect to which stock options may be exercised in any one year. Each stock option agreement shall contain provisions to the effect that:



|(a) | if the employment of an optionee as an officer or employee of the Corporation or a subsidiary terminates, by reason of his or her death, or if an optionee who is a retiree
pursuant to Section 10(b) dies, the legal personal representatives of the optionee will be entitled to exercise any unexercised vested options, including such stock options that may vest after the date of death, during the period ending at the
end of the twelfth calendar month following the calendar month in which the optionee dies, failing which exercise the stock options terminate;
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | subject to the terms of Section 10(a) above, if the employment of an optionee as an officer or employee of the Corporation or a subsidiary terminates, by reason of
retirement in accordance with the then prevailing retirement policy of the Corporation or subsidiary, the optionee will be entitled to exercise any unexercised vested stock options, including such stock options that may vest after the date of
retirement, during the period ending at the end of the 36th month following the calendar month in which the optionee retires, failing which exercise the stock options terminate;
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | subject to the terms of Section 14 below, if the employment of an optionee as an officer or employee of the Corporation or a subsidiary terminates, for any reason other than
as provided in Sections 10(a) or (b) of this Plan, the optionee will be entitled to exercise any unexercised vested stock options, to the extent exercisable at the date of such event, during the period ending at the end of the calendar
month immediately following the calendar month in which the event occurs, failing which exercise the stock options terminate;
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|(d) | for greater certainty and for these purposes, an optionees employment with the Corporation or a subsidiary shall be considered to have terminated effective on the last day
of the optionees actual and active employment with the Corporation or subsidiary whether such
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | day is selected by agreement with the optionee or unilaterally by the Corporation or subsidiary and whether with or without advance notice to the optionee. For the avoidance of
doubt, no period of notice, if any, or payment in lieu of notice that is given or ought to have been given under applicable law in respect of such termination of employment that follows or is in respect of a period after the optionees last day
of actual and active employment shall be considered as extending the optionees period of employment for the purposes of determining an optionees entitlement under the Plan. The employment of an optionee with the Corporation shall be
deemed to have terminated for all purposes of the Plan if such person is employed by or provides services to a person that is a subsidiary of the Corporation and such person ceases to be a subsidiary of the corporation, unless the Committee
determines otherwise; and
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | each stock option is personal to the optionee and is not assignable, except (i) as provided in Section 10(a) of this Plan, and (ii) at the election of the Board, a
stock option may be assignable to the spouse, children and grandchildren of the original optionee and to a trust, partnership or limited liability company, the entire beneficial interest of which is held, directly or indirectly, by one or more of
the optionee or the spouse, children or grandchildren of the optionee (each, a Permitted Assignee). If a stock option is assigned to one or more Permitted Assignees, nothing contained in this section 10(e) shall prohibit a
subsequent assignment of such stock option to one or more other Permitted Assignees or back to the optionee.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Nothing contained in
Sections 10(a), (b) or (c) of this Plan shall extend the Term beyond its stipulated expiration date or the date on which it is otherwise terminated in accordance with the provisions of this Plan.

If a stock option is assigned pursuant to Section 10(e)(ii) of this Plan, the references in Sections 10(a), (b) and (c) to the termination of
employment or death of an optionee shall not relate to the assignee of a stock option but shall relate to the original optionee. In the event of such assignment, legal personal representatives of the original optionee shall not be entitled to
exercise the assigned stock option, but the assignee of the stock option or the legal personal representatives of the assignee may exercise the stock option during the applicable specified period.

11. EXERCISE OF STOCK OPTIONS

Subject to the
provisions of this Plan, a vested stock option may be exercised from time to time by delivering to the Corporation at its registered office a written notice of exercise specifying that number of Common Shares with respect to which the stock option
is being exercised and accompanied by payment in cash or certified cheque in full of the purchase price of the Common Shares then being purchased.

12. ADJUSTMENTS

Appropriate adjustments to the
authorized limits set forth in Section 5 of this Plan, in the number, class and/or type of Common Shares optioned and in the option price per share, both as to stock options granted or to be granted, shall be made by the Board to give effect to
adjustments in the number of Common Shares which result from subdivisions, consolidations or reclassifications of the Common Shares, the payment of share dividends by the Corporation, the reconstruction, reorganization or recapitalization of the
Corporation or other relevant changes in the capital of the Corporation.

13. MERGERS

If the Corporation proposes to amalgamate or merge with another body corporate, the Corporation shall give written notice thereof to optionees in sufficient time to
enable them to exercise outstanding vested stock options, to the extent they are otherwise exercisable by their terms (including stock options that are accelerated pursuant to Section 14 below), prior to the effective date of such amalgamation
or merger if they so elect. The Corporation shall use its best efforts to provide for the reservation and issuance by the amalgamated or continuing corporation of an appropriate number of Common Shares, with appropriate adjustments, so as to give
effect to the continuance of the stock options to the extent reasonably practicable. In the event that the Board determines in good faith that such continuance is not in the circumstances practicable, it may upon 30 days notice to
optionees terminate the stock options for a payment equal to the excess, if any, between the per share exercise price and the per share market price of the Common Shares on the date the stock option is cancelled and all stock options with a per
share exercise price that exceeds the per share market price of the Common Shares on the date of cancellation will be cancelled for no consideration.



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14. CIRCUMSTANCES FOR ACCELERATED VESTING



|(a) | If a change-in-control of the Corporation occurs and at least one of the two additional circumstances described below occurs, then each outstanding stock option
granted under this Plan may be exercised, in whole or in part, even if such option is not otherwise exercisable by its terms:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Upon a change-in-control the surviving corporation (or any affiliate thereto) or the potential successor (or any affiliate thereto) fails to continue or assume the
obligations with respect to each stock option or fails to provide for the conversion or replacement of each stock option with an equivalent stock option; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | In the event that the stock options were continued, assumed, converted or replaced as contemplated in (i), during the two-year period following the effective date of a
change-in-control, the optionee is terminated by the Corporation without Cause (as defined below) or the optionee resigns employment for Good Reason (as defined below).
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | For purposes of this Plan, a change-in-control of the Corporation shall be deemed to have occurred if any of the following occur, unless the Board adopts a plan after the
Effective Date of this Plan that has a different definition (in which case such definition shall be applied), or the Committee decides to modify or amend the following definition through an amendment of this Plan:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | within any period of two consecutive years, individuals who at the beginning of such period constituted the Board and any new directors whose appointment by the Board or
nomination for election by shareholders of the Corporation was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election
was previously so approved, cease for any reason to constitute a majority of the Board;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | there occurs an amalgamation, merger, consolidation, wind-up, reorganization or restructuring of the Corporation with or into any other entity, or a similar event or series of
such events, other than any such event or series of events which results in securities of the surviving or consolidated corporation representing 50% or more of the combined voting power of the surviving or consolidated corporations then
outstanding securities entitled to vote in the election of directors of the surviving or consolidated corporation being beneficially owned, directly or indirectly, by the persons who were the holders of the Corporations outstanding securities
entitled to vote in the election of directors of the Corporation prior to such event or series of events in substantially the same proportions as their ownership immediately prior to such event of the Corporations then outstanding
securities entitled to vote in the election of directors of the Corporation;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | 50% or more of the fixed assets (based on book value as shown on the most recent available audited annual or unaudited quarterly consolidated financial statements) of the
Corporation are sold or otherwise disposed of (by liquidation, dissolution, dividend or otherwise) in one transaction or series of transactions within any twelve month period;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | any party, including persons acting jointly or in concert with that party, becomes (through a take-over bid or otherwise) the beneficial owner, directly or indirectly, of
securities of the Corporation representing 20% or more of the combined voting power of the Corporations then outstanding securities entitled to vote in the election of directors of the Corporation, unless in any particular situation the Board
determines in advance of such event that such event shall not constitute a change-in-control; or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | there is a public announcement of a transaction that would constitute a change-in-control under clause (ii), (iii) or (iv) of this Section 14(b) and the Committee
determines that the change-in-control resulting from such transaction will be deemed to have occurred as of a specified date earlier than the date under (ii), (iii) or (iv), as applicable.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | For the purposes of Section 14(a) of this Plan, the obligations with respect to each stock option shall be considered to have been continued or assumed by the surviving
corporation (or any affiliate thereto) or the potential successor (or any affiliate thereto), if each of the following conditions are met, which determination shall be made solely in the discretionary judgment of the Committee, which determination
may be made in advance of the effective date of a particular change-in-control:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Common Shares remain publicly held and widely traded on an established stock exchange; and
| | --- | ----------------------------------------------------------------------------------------------



| | (ii) | the terms of the Plan and each option grant are not altered or impaired without the consent of the optionee.
| | ---- | ------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|(d) | For the purposes of Section 14(a) of this Plan, the obligations with respect to each stock option shall be considered to have been converted or replaced with an equivalent
stock option by the surviving corporation (or any affiliate thereto) or the potential successor (or any affiliate thereto), if each of the following conditions are met, which determination shall be made solely in the discretionary judgment of the
Committee, which determination may be made in advance of the effective date of a particular change-in-control:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | each stock option is converted or replaced with a replacement option in a manner that complies with Section 409A of the Internal Revenue Code, in the case of an optionee
that is taxable in the United States on all or any portion of the benefit arising in connection with the grant, exercise and/or other disposition of such stock option, or in a manner that qualifies under subsection 7(1.4) of the Income Tax Act(Canada), in the case of an optionee that is taxable in Canada on all or any portion of the benefit arising in connection with the grant, exercise and/or other disposition of such stock option;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the converted or replaced option preserves the existing value of each underlying stock option being replaced, contains provisions for scheduled vesting and treatment on
termination of employment (including the definition of Cause and Good Reason) that are no less favourable to the optionee than the underlying option being replaced, and all other terms of the converted option or replacement option, including the
underlying performance measures (but other than the security and number of shares represented by the continued option or replacement option) are substantially similar to the underlying stock option being replaced; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the security represented by the converted or replaced option is of a class that is publicly held and widely traded on an established stock exchange.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | For purposes of this Plan, Cause means dishonest or willful misconduct or lack of good faith resulting in material harm to the Corporation, financial or otherwise.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) | For purposes of this Plan, Good Reason means:
|--- | -----------------------------------------------



| | (i) | a substantial diminution in the optionees authorities, duties, responsibilities, status (including offices, titles, and reporting requirements) from those in effect
immediately prior to the change-in-control;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the Corporation requires the optionee to be based at a location in excess of fifty (50) miles from the location of the optionees principal job location or office
immediately prior to the change-in-control, except for required travel on Corporation business to an extent substantially consistent with the optionees business obligations immediately prior to the change-in-control;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | a reduction in the optionees base salary, or a substantial reduction in optionees target compensation under any incentive compensation plan, as in effect as of the
date of the change-in-control;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the failure to increase the optionees base salary in a manner consistent (both as to frequency and percentage increase) with practices in effect immediately prior to the
change-in-control or with practices implemented subsequent to the change-in-control with respect to similarly positioned employees; or
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | the failure of the Corporation to continue in effect the optionees participation in the Corporations short and long-term incentive plans, stock option plans, and
employee benefit and retirement plans, policies or practices, at a level substantially similar or superior to and on a basis consistent with the relative levels of participation of other similarly-positioned employees, as existed immediately prior
to the change-in-control.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

A termination of employment by the optionee for one of the reasons set forth in clause (i), (ii), (iii),
(iv) or (v) of this Section 14(f), will not constitute Good Reason unless, within the 30-day period immediately following the optionees knowledge of the occurrence of such Good Reason event, the optionee has given written notice
to the Corporation of the event relied upon for such termination and the Corporation has not remedied such event within 30 days (the Cure Period) of the receipt of such notice. For the avoidance of doubt, the optionees
employment shall not be deemed to terminate for Good Reason unless and until the Cure Period has expired and, if curable, the Corporation has not remedied the applicable Good Reason event. The Corporation and the optionee may mutually waive in
writing any of the foregoing provisions with respect to an event that otherwise would constitute Good Reason.

15. RECOUPMENT POLICY

Each stock option granted under this Plan to an optionee that, as of the date the option is granted, participates in the Corporations
Medium-Term Incentive Plan shall be subject to the terms and conditions of the Corporations Policy on Recoupment of Unearned Compensation (as previously adopted and, from time to time, amended by the Board) attached to such optionees
Stock Option Award Agreement (as defined below).



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##### Table of Contents

16. FORFEITURE AND REPAYMENT



|(a) | Notwithstanding anything to the contrary in this Plan or any other stock option plan of the Corporation that was established prior to the date of this Plan (each, a Prior
Plan), in the event the Committee determines that the optionee has engaged in a Detrimental Activity (a Forfeiture Event) during the optionees employment or within one year following the optionees termination of
employment for any reason (the Restricted Period), the Committee may, but is not obligated to, cancel any outstanding unexercised stock options of such optionee (whether vested or unvested), whether granted under this Plan or a
Prior Plan, by written notice to the optionee.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | If a Forfeiture Event occurs during the Restricted Period, the Committee may, but is not obligated to, require the optionee to pay to the Corporation an amount in cash up to (but
not in excess of) the difference between the option price and market price of each stock option on the date of exercise with respect to any Common Shares for which a stock option has been exercised within the period of one year prior to the date of
the Forfeiture Event (the Forfeited Spread Amount). Any Forfeited Spread Amount shall be paid by the optionee within sixty (60) days of receipt from the Corporation of written notice requiring payment of such Forfeited Spread
Amount. To the extent that such amounts are not paid to the Corporation, in addition to any other legal remedy that the Corporation may have, the Corporation may set off the amounts so payable to it against any amounts that may be owing from time to
time by the Corporation or a subsidiary to the optionee, whether as wages, deferred compensation, severance entitlement or vacation pay or in the form of any other benefit or for any other reason, in a manner consistent with Section 409A of the
U.S. Internal Revenue Code of 1986, if applicable.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | This Section 16 shall apply notwithstanding any provision to the contrary in this Plan or any Prior Plan and is meant to provide the Corporation with rights in addition to
any other remedy which may exist in law or in equity. This Section 16 shall not apply to the optionee following the effective time of a change-in-control.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | For purposes of this Section 16, the term Detrimental Activity shall include:
|--- | -------------------------------------------------------------------------------



| | (i) | Engaging in any activity, including without limitation, as an officer, director, employee, principal, manager, agent, or consultant for another entity that directly competes or
is seeking to compete with the Corporation, any subsidiary or Canpotex Limited in any actual product, service, or business activity (or in any product, service, or business activity which was under active development while the optionee was employed
by the Corporation or a subsidiary if such development is being actively pursued by the Corporation or a subsidiary during the one-year period first referred to in Section 16(b)) in any territory in which the Corporation, a subsidiary or
Canpotex Limited operates, engages in any business activity or sells its products.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Soliciting or hiring, including without limitation, as an officer, director, employee, principal, manager, agent, or consultant for another entity, any individual who was
employed by, or provided services as a consultant or contractor to, the Corporation, any subsidiary or Canpotex Limited at any time within the six months immediately preceding such solicitation or hire.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The disclosure to anyone outside the Corporation or a subsidiary, or the use in other than the Corporation or a subsidiarys business, without prior written authorization
from the Corporation, of any confidential, proprietary or trade secret information or material relating to the business of the Corporation or its subsidiaries, acquired by the optionee during his or her employment with the Corporation or its
subsidiaries or while acting as a consultant for the Corporation or its subsidiaries thereafter. For greater certainty, nothing contained herein shall limit an optionees ongoing obligations regarding confidentiality that may exist pursuant to
any other agreement, Corporation policy or legal obligation imposed on such optionee.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17. AMENDMENT OR DISCONTINUANCE OF
THIS PLAN

The Board may amend or discontinue this Plan at any time, without obtaining the approval of shareholders of the Corporation unless
required by the relevant rules of the TSX, provided that, subject to Sections 12, 13, and 14 of this Plan, no such amendment may increase the aggregate maximum number of Common Shares that may be subject to stock options under this Plan, change
the manner of determining the minimum option price, extend the Term under any option beyond 10 years (plus any Additional Exercise Period) or the date on which the option would otherwise expire under the Plan, expand the assignment provisions
of the Plan, permit non-employee directors to participate in the Plan or, without the consent of the holder of the option, alter or impair any option previously granted to an optionee under this Plan; and, provided further, for greater certainty,
that, without the prior approval of the Corporations shareholders, stock options issued under this Plan shall not be repriced, replaced, or regranted through cancellation, or by lowering the option price of a previously granted stock option.
Pre-clearance of the TSX of amendments to the Plan will be required to the extent provided under the relevant rules of the TSX.



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18. EVIDENCE OF STOCK OPTIONS

Each stock option granted under this Plan shall be evidenced by a written stock option agreement between the Corporation and the optionee which shall give effect to the provisions of this Plan and include such
other terms as the Committee shall determine (Stock Option Award Agreement).

19. WITHHOLDING

To the extent that the Corporation is required to withhold federal, provincial, state, local or foreign taxes in connection with any payment made or benefit
realized by an optionee or other person hereunder, and the amounts available to the Corporation for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that the optionee or
such other person make arrangements satisfactory to the Corporation for payment of the balance of such taxes required to be withheld, which arrangements (in the discretion of the Board) may include relinquishment of a portion of such benefit.
Participants shall also make such arrangements in connection with the disposition of Common Shares acquired upon the exercise of option rights with respect to this Plan.



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##### Table of Contents

Appendix D

Board of Directors Charter

1. PURPOSE AND ROLE

The Board of Directors (the Board) of Potash Corporation of Saskatchewan Inc. (the Corporation) is responsible for the stewardship and
oversight of the management of the Corporation and its global business. It has the statutory authority and obligation to protect and enhance the assets of the Corporation in the interest of all shareholders.

Although Directors may be elected by the shareholders to bring special expertise or a point of view to Board deliberations, they are not chosen to represent a
particular constituency. The best interests of the Corporation and its shareholders must be paramount at all times.

The involvement and commitment of
Directors is evidenced by regular Board and Committee meeting attendance, preparation, and active participation in setting goals and requiring performance in the interest of shareholders.

2. COMPOSITION

The Board shall be comprised of that number of Directors as shall be determined from time to
time by the Board, in accordance with the Corporations articles, bylaws and applicable laws.

3. MEETINGS

The time at which and place where the meetings of the Board shall be held and the calling of the meetings and procedure in all things at such meetings shall be
determined by the Board in accordance with the Corporations articles, bylaws and applicable laws.

The agenda for each Board meeting shall be
established by the CEO and the Board Chair, taking into account suggestions from other members of the Board. Meeting materials and information shall be distributed in advance of each meeting so as to provide adequate time for review. The Board has a
policy of holding one meeting each year at one of the Corporations operating facilities. Site visits by the Board and meetings with senior management of the facility are incorporated into the itinerary.

Directors are expected to attend, in person or via tele- or video-conference, all meetings of the Board and the Committees upon which they serve, to come to such
meetings fully prepared, and to remain in attendance for the duration of the meeting. Where a Directors absence from a meeting is unavoidable, the Director should, as soon as practicable after the meeting, contact the Board Chair, the CEO, or
the Corporate Secretary for a briefing on the substantive elements of the meeting.

4. CHAIR

The Chair of the Board shall have the duties and responsibilities set forth in the Chair of the Board of Directors Position Description.

5. RESPONSIBILITIES

The Board operates by delegating
certain of its responsibilities to management and reserving certain powers to itself. Its principal duties fall into six categories:



| |  | Overseeing and approving on an ongoing basis the Corporations business strategy and strategic planning process;
|- |  | ----------------------------------------------------------------------------------------------------------------



| |  | Selection of the management;
|- |  | ----------------------------



| |  | Setting goals and standards for management, monitoring their performance and taking corrective action where necessary;
|- |  | ----------------------------------------------------------------------------------------------------------------------



| |  | Approving policies, procedures and systems for implementing strategy, managing risk, and ensuring the integrity of the Corporations internal control and
management information systems;
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Adopting a communications policy and reporting to shareholders on the performance of the business;
|- |  | --------------------------------------------------------------------------------------------------



| |  | Approval and completion of routine legal requirements.
|- |  | ------------------------------------------------------



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5.1 Strategy Determination



|(a) | The Board has the responsibility to participate, as a whole and through its Committees, in identifying the objectives and goals of the business as well as the associated risks,
and the strategy by which it proposes to reach those goals and mitigate such risks. The Board shall adopt a strategic planning process and shall approve, on an annual basis, a strategic plan which takes into account, among other things, the
opportunities and risks of the business.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Board has the responsibility to ensure congruence between shareholder expectations, company plans and management performance.
|--- | ---------------------------------------------------------------------------------------------------------------------------------

5.2 Selection of the Management



|(a) | The Board retains the responsibility for managing its own affairs, including planning its composition, selecting its Chair, nominating candidates for election to the
Board, appointing Committees and determining Director compensation.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Board has the responsibility for the appointment and replacement of a Chief Executive Officer (CEO) of the Corporation, for monitoring CEO performance,
determining CEO compensation, and providing advice and counsel in the execution of the CEOs duties.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Board has the responsibility for approving the appointment and remuneration of all corporate officers, acting upon the advice of the CEO.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------



|(d) | The Board has the responsibility for, to the extent feasible, satisfying itself as to the integrity of the CEO and the other executive officers and that the CEO and other
executive officers create a culture of integrity throughout the Corporation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | The Board has the responsibility for ensuring that adequate provision has been made for management succession (including appointing, training and monitoring senior management).
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5.3 Monitoring and Acting



|(a) | The Board has the responsibility for monitoring the Corporations progress towards its goals, and revising and altering its direction in light of changing circumstances.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Board has the responsibility for taking action when performance falls short of its goals or when other special circumstances (for example mergers and acquisitions or changes
in control) warrant it.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5.4 Policies and Procedures



|(a) | The Board has the responsibility for developing the Corporations approach to corporate governance, including developing a set of corporate governance principles and
guidelines that are specifically applicable to the Corporation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Board has the responsibility for approving and monitoring compliance with all significant policies, procedures and internal control and management systems by which the
Corporation is operated.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Board has responsibility for ensuring that the Corporation operates at all times within applicable laws and regulations, and to high ethical and moral standards.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

5.5 Reporting to Shareholders



|(a) | The Board has the responsibility for adopting a communications policy for the Corporation, including adopting measures for receiving feedback from stakeholders.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Board has the responsibility for ensuring that the financial performance of the Corporation is reported to shareholders on a timely, regular and non-selective basis.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Board has the responsibility for ensuring that the financial results are reported fairly, and in accordance with generally accepted accounting principles.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | The Board has the responsibility for timely and non-selective reporting of any other developments that have a significant and material impact on the value of the
shareholders assets.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | The Board has the responsibility for reporting annually to shareholders on its stewardship for the preceding year.
|--- | ------------------------------------------------------------------------------------------------------------------



|(f) | The Board has the responsibility for approving any payment of dividends to shareholders.
|--- | ----------------------------------------------------------------------------------------



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5.6 Legal Requirements



|(a) | The Board is responsible for ensuring that legal requirements, documents and records have been properly prepared, approved and maintained.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------

5.7 Other



|(a) | On an annual basis, this Board Charter shall be reviewed and assessed, and any proposed changes shall be submitted to the Board for consideration.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Any security holder may contact the Board by email or by writing to the Board c/o the Corporate Secretary. Matters relating to the Corporations accounting, internal
accounting controls or auditing matters will be referred to the Audit Committee. Other matters will be referred to the Board Chair.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Appendix E

Audit Committee Charter

1.  PURPOSE



|1.1. | The Audit Committee (the Committee) is a standing committee of the Board of Directors of Potash Corporation of Saskatchewan Inc. (the Corporation). Its
purpose is to assist the Board of Directors in fulfilling its oversight responsibilities for (i) the integrity of the Corporations financial statements, (ii) the Corporations compliance with legal and regulatory requirements,
(iii) the qualifications and independence of the auditors of the Corporation (the external auditors), and (iv) the performance of the Corporations internal audit function and external auditors. The Committee will also
prepare the report that is, under applicable legislation and regulation, required to be included in the Corporations annual proxy statement and circular.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.  AUTHORITY



|2.1. | The Committee has authority to conduct or authorize investigations into any matter within its scope of responsibility. It is empowered to:
|---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Determine the public accounting firm to be recommended to the Corporations shareholders for appointment as external auditors, and, subject to applicable law, be directly
responsible for the compensation and oversight of the work of the external auditors. The external auditors will report directly to the Committee.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Resolve any disagreements between management and the external auditors regarding financial reporting.
| | --- | -----------------------------------------------------------------------------------------------------



| | (c) | Pre-approve all auditing and permitted non-audit services performed by the Corporations external auditors.
| | --- | -----------------------------------------------------------------------------------------------------------



| | (d) | Retain independent counsel, accountants, or others to advise the Committee or assist in its duties.
| | --- | ---------------------------------------------------------------------------------------------------



| | (e) | Seek any information it requires from employees  all of whom are directed to cooperate with the Committees requests  or external parties.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Meet with the Corporations officers, external auditors or outside counsel, as necessary.
| | --- | -----------------------------------------------------------------------------------------



| | (g) | Delegate authority, to the extent permitted by applicable legislation and regulation, to one or more designated members of the Committee, including the authority to pre-approve
all auditing and permitted non-audit services, providing that such decisions are presented to the full Committee at its next scheduled meeting.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3.  COMPOSITION



|3.1. | The Committee shall consist of at least three and no more than six members of the Board of Directors.
|---- | -----------------------------------------------------------------------------------------------------



|3.2. | The Corporate Governance and Nominating Committee will recommend to the Board of Directors members for appointment to the Committee and the Chair of the Committee. Only
independent Directors shall be entitled to vote on any Board resolution approving such recommendations.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.3. | If and whenever a vacancy shall exist on the Committee, the remaining members may exercise all its powers so long as a quorum remains in office.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------



|3.4. | Each Committee member shall be independent according to the independence standards established by the Board of Directors, and all applicable corporate and securities laws and
stock exchange listing standards.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.5. | Each Committee member will also be financially literate. At least one member shall be designated as the financial expert, as defined by applicable legislation and
regulation. No Committee member shall simultaneously serve on the audit committees of more than two other public companies.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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4.  MEETINGS



|4.1. | A majority of the members of the Committee shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members present at a meeting duly
called and held. All Committee members are expected to attend each meeting, in person or via tele- or video-conference. Any decision or determination of the Committee reduced to writing and signed by all of the members of the Committee shall be
fully as effective as if it had been made at a meeting duly called and held.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2. | The Committee will meet at least once each fiscal quarter, with authority to convene additional meetings, as circumstances require. The Committee will invite other members of the
Board of Directors, members of management, internal auditors or others to attend meetings and provide pertinent information, as necessary. External auditors shall be entitled to receive notice of every meeting of the Committee and to attend and be
heard thereat. The Committee will meet separately, periodically, with management, with internal audit and with external auditors. The Committee will also meet periodically in camera. Meeting agendas will be prepared and provided in advance to
members, along with appropriate briefing materials.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.3. | The time at which and place where the meetings of the Committee shall be held and the calling of meetings and the procedure in all things at such meetings shall be determined by
the Committee; provided that meetings of the Committee shall be convened whenever requested by the external auditors or any member of the Committee in accordance with the Canada Business Corporations Act(the CBCA). Following a
Committee meeting, the Committee Chair shall report on the Committees activities to the Board of Directors at the next Board of Directors meeting. The Committee shall keep and approve minutes of its meetings in which shall be recorded all
action taken by it, which minutes shall be available as soon as practicable to the Board of Directors.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5.  CHAIR



|5.1. | The Chair of the Committee shall have the duties and responsibilities set forth in Appendix A.
|---- | ------------------------------------------------------------------------------------------------

6.  RESPONSIBILITIES

There is hereby delegated to the Committee the duties and powers specified in
section 171 of the CBCA and, without limiting these duties and powers, the Committee will carry out the following responsibilities.



|6.1. | Financial Statements
|---- | --------------------



| | (a) | Review significant accounting and reporting issues and understand their impact on the financial statements. These issues include:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (i) | complex or unusual transactions and highly judgmental areas;
| | --- | ------------------------------------------------------------



| | (ii) | major issues regarding accounting principles and financial statement presentations, including any significant changes in the Corporations selection or application of
accounting principles; and
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Corporation.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Review analyses prepared by management and/or the external auditors, setting forth significant financial reporting issues and judgments made in connection with the preparation of
the financial statements, including analyses of the effects of new or revised IFRS methods on the financial statements.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Review both U.S. GAAP (where applicable) and IFRS issues and any reconciliation issues from IFRS to U.S. GAAP.
| | --- | --------------------------------------------------------------------------------------------------------------



| | (d) | Review with management and the external auditors the results of the audit, including any difficulties encountered. This review will include any restrictions on the scope of the
external auditors activities or on access to requested information, and the resolution of any significant disagreements with management.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Review and discuss the annual audited financial statements and quarterly financial statements with management and the external auditors, including the Corporations
disclosures under Managements Discussion and Analysis of Financial Condition and Results of Operations (MD&A), including the discussion of critical accounting estimates included therein.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Review and discuss the unaudited annual financial statements prior to the Corporations year-end earnings release.
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (g) | Review the annual financial statements and MD&A and make a determination whether to recommend their approval by the Board of Directors.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Approve the quarterly financial statements and MD&A prior to their release.
| | --- | ---------------------------------------------------------------------------



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| | (i) | Review disclosures made by the Chief Executive Officer and the Chief Financial Officer during the Forms 10-K and 10-Q certification process about significant deficiencies or
material weaknesses in the design or operation of internal controls or any fraud that involves management or other employees who have a significant role in the Corporations internal controls.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | Review and discuss earnings press releases prior to their release (particularly use of pro forma information or other non-IFRS financial measures), as well as
financial information and earnings guidance provided externally, including to analysts and rating agencies.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | Review managements internal control report and the related attestation by the external auditors of the Corporations internal controls over financial reporting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.2. | Internal Control
|---- | ----------------



| | (a) | Consider the effectiveness of the Corporations internal control system, including information technology security and control.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | Understand the scope of internal audits and external auditors review of internal control over financial reporting, and obtain reports on significant findings
and recommendations, together with managements responses.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | As requested by the Board of Directors, discuss with management, internal audit and the external auditors the Corporations major risk exposures (whether financial,
operational or otherwise), the adequacy and effectiveness of the accounting and financial controls, and the steps management has taken to monitor and control such exposures.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Annually review the Corporations disclosure controls and procedures, including any significant deficiencies in, or material non-compliance with, such controls
and procedures.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Discuss with the Chief Financial Officer and, as is in the Committees opinion appropriate, the Chief Executive Officer, all elements of the certification required pursuant
to Sections 302 and 906 of the Sarbanes-Oxley Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.3. | Internal Audit
|---- | --------------



| | (a) | Review with management, the external auditors and internal audit the charter, plans, activities, staffing and organizational structure of the internal audit function.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Ensure there are no unjustified restrictions or limitations on the functioning of the internal audit department, and review and concur in the appointment, replacement, or
dismissal of the Vice President, Internal Audit.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Review the effectiveness of the internal audit function, including compliance with The Institute of Internal Auditors International Professional Practices
Framework (IPPF).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | On a regular basis, meet separately with the Vice President, Internal Audit to discuss any matters that the Committee or the Vice President, Internal Audit believes should be
discussed privately.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.4. | External Audit
|---- | --------------



| | (a) | Review the external auditors proposed audit scope and approach, (including coordination of audit effort with internal audit) and budget.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Oversee the work and review the performance of the external auditors, and make recommendations to the Board regarding the appointment or discharge of the external auditors. In
performing this oversight and review, the Committee will:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | At least annually, obtain and review a report by the external auditors describing (A) the external auditors internal quality control procedures; (B) any material
issues raised by the most recent internal quality control review, or peer review, of the external auditors, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more
independent audits carried out by the external auditors, and any steps taken to deal with any such issues; and (C) (to assess the auditors independence) all relationships between the external auditors and the Corporation.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Take into account the opinions of management and internal audit.
| | ---- | ----------------------------------------------------------------



| | (iii) | Review and evaluate the lead partner of the external auditors.
| | ----- | --------------------------------------------------------------



| | (c) | On an annual basis receive and review from the external auditors a report on items required to be communicated to the Committee by applicable rules and regulations.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| | (d) | Ensure the rotation of the lead audit partner every five years and other audit partners every seven years, and consider whether there should be regular rotation of the audit firm
itself.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Present its conclusions with respect to the external auditors to the full Board of Directors.
| | --- | ---------------------------------------------------------------------------------------------



| | (f) | Set clear hiring policies for employees or former employees of the present or former external auditors.
| | --- | -------------------------------------------------------------------------------------------------------



| | (g) | On a regular basis, meet separately with the external auditors to discuss any matters that the Committee or external auditors believe should be discussed privately.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.5. | Compliance
|---- | ----------



| | (a) | Review the effectiveness of the system for monitoring compliance with laws and regulations and the results of managements investigation and follow-up (including
disciplinary action) of any instances of non-compliance.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Establish procedures for: (i) the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing
matters; and (ii) the confidential, anonymous submission by employees of the Corporation of concerns regarding questionable accounting or auditing matters.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Review the findings of any examinations by regulatory agencies, and any external auditors observations made regarding those findings.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Review the process for communicating the Core Values and Code of Conduct to Corporation personnel, and for monitoring compliance therewith.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Obtain regular updates from management and the Corporations legal counsel regarding compliance matters.
| | --- | --------------------------------------------------------------------------------------------------------



|6.6. | Reporting Responsibilities
|---- | --------------------------



| | (a) | Regularly report to the Board of Directors about Committee activities and issues that arise with respect to the quality or integrity of the Corporations financial
statements, the Corporations compliance with legal or regulatory requirements, the performance and independence of the Corporations external auditors, and the performance of the internal audit function.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Provide an open avenue of communication between internal audit, the external auditors, and the Board of Directors.
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (c) | Report annually to shareholders, describing the Committees composition, responsibilities and how they were discharged, and any other information required by applicable
legislation or regulation, including approval of non-audit services.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Review any other reports the Corporation issues that relate to Committee responsibilities.
| | --- | ------------------------------------------------------------------------------------------



|6.7. | Other Responsibilities
|---- | ----------------------



| | (a) | Discuss with management the Corporations major policies with respect to risk assessment and risk management.
| | --- | -------------------------------------------------------------------------------------------------------------



| | (b) | Perform other activities related to this Committee Charter as requested by the Board of Directors.
| | --- | --------------------------------------------------------------------------------------------------



| | (c) | Institute and oversee special investigations as needed.
| | --- | -------------------------------------------------------



| | (d) | Ensure appropriate disclosure of this Committee Charter as may be required by applicable legislation or regulation.
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (e) | Confirm annually that all responsibilities outlined in this Committee Charter have been carried out.
| | --- | ----------------------------------------------------------------------------------------------------



| | (f) | Receive and review, at least quarterly, a report prepared by the Corporations Natural Gas Hedging Committee and, if the Corporations hedged position is outside
approved guidelines, determine the reasons for the deviation and any action which will be taken as a result.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | Annually review the Corporations natural gas hedging policy statement, currency conversion policy and external borrowing policy with respect to the use of derivatives and
swaps.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Receive and review, at least annually and in conjunction with the Compensation Committee, a report on pension plan governance including a fund review and retirement plan
accruals.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|    |  |                                          
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##### Table of Contents

7.  FUNDING



|7.1. | The Corporation shall provide for appropriate funding, as determined by the Committee, for (i) compensation to the external auditors for the purpose of preparing or issuing
an audit report or performing other audit review or attest services as pre-approved by the Committee; (ii) compensation to any outside experts employed by the Committee; and (iii) ordinary administrative expenses of the Committee that are
necessary or appropriate in carrying out its duties.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8.  OTHER



|8.1. | The Committee shall conduct an evaluation of the Committees performance and this Audit Committee Charter, including Appendix A attached hereto, at least
annually, and recommend to the Board of Directors such Committee Charter changes as the Committee deems appropriate.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2. | Authority to make minor technical amendments to this Committee Charter is hereby delegated to the Secretary of the Corporation who will report any amendments to the Board of
Directors at its next meeting.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Appendix A

POTASH CORPORATION OF SASKATCHEWAN INC.

Audit Committee Chair Position Description

In addition to the duties and responsibilities set out in the Board of Directors Charter and any other applicable charter, mandate or position description, the
chair (the Chair) of the Audit Committee (the Committee) of Potash Corporation of Saskatchewan Inc. (the Corporation) has the duties and responsibilities described below.



|1. | Provide overall leadership to facilitate the effective functioning of the Committee, including:
|-- | -----------------------------------------------------------------------------------------------



| | (a) | overseeing the structure, composition, membership and activities delegated to the Committee;
| | --- | --------------------------------------------------------------------------------------------



| | (b) | chairing every meeting of the Committee and encouraging free and open discussion at meetings of the Committee;
| | --- | --------------------------------------------------------------------------------------------------------------



| | (c) | scheduling and setting the agenda for Committee meetings with input from other Committee members, the Chair of the Board of Directors and management as appropriate;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | facilitating the timely, accurate and proper flow of information to and from the Committee;
| | --- | -------------------------------------------------------------------------------------------



| | (e) | arranging for management, internal and external auditors and others to attend and present at Committee meetings as appropriate;
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (f) | arranging sufficient time during Committee meetings to fully discuss agenda items;
| | --- | ----------------------------------------------------------------------------------



| | (g) | encouraging Committee members to ask questions and express viewpoints during meetings; and
| | --- | ------------------------------------------------------------------------------------------



| | (h) | taking all other reasonable steps to ensure that the responsibilities and duties of the Committee, as outlined in its Charter, are well understood by the Committee members and
executed as effectively as possible.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | Foster ethical and responsible decision making by the Committee and its individual members.
|-- | -------------------------------------------------------------------------------------------



|3. | Encourage the Committee to meet in separate, regularly scheduled, non-management, closed sessions with the internal auditor and the independent auditors.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | Following each meeting of the Committee, report to the Board of Directors on the activities, findings and any recommendations of the Committee.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------



|5. | Carry out such other duties as may reasonably be requested by the Board of Directors.
|-- | -------------------------------------------------------------------------------------



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|PotashCorp 2014 Management Proxy Circular |  | E-5



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##### Table of Contents

Appendix F

Compensation Committee Responsibilities and Procedures

As described in the Compensation
Committees charter, the Compensation Committee has the responsibility to:



| |  | review and approve on an annual basis the corporate goals and objectives relevant to the compensation of our CEO. The Compensation Committee evaluates at least
once a year the CEOs performance in light of established goals and objectives and, based on such evaluation, together with all other independent members of the Board, determines and approves the CEOs annual compensation, including, as
appropriate, salary, bonus, incentive and equity compensation;
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | review and approve on an annual basis the evaluation process and compensation structure for our executive officers, including an annual Executive Salary
Administration Program under which the parameters for salary adjustments for officers are established;
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | review and make recommendations to the Board with respect to the adoption, amendment and termination of our management incentive-compensation and
equity-compensation plans, oversee their administration and discharge any duties imposed on the Compensation Committee by any of those plans;
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | assess the competitiveness and appropriateness of our policies relating to the compensation of the executive officers;
|- |  | ----------------------------------------------------------------------------------------------------------------------



| |  | participate in the long-range planning for executive development and succession, and develop a CEO succession plan;
|- |  | -------------------------------------------------------------------------------------------------------------------



| |  | develop the Compensation Committees annual report on executive compensation for inclusion in our Management Proxy Circular, in accordance with applicable
rules and regulations, and review and approve, prior to publication, the compensation sections of the Management Proxy Circular;
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | review the general design and make-up of our broadly applicable benefit programs as to their general adequacy, competitiveness, internal equity and cost
effectiveness;
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | annually review the performance of our pension and other retirement benefit plans;
|- |  | ----------------------------------------------------------------------------------



| |  | review periodically executive officer transactions in our securities and approve such transactions as appropriate for their exemption from short-swing profit
liability under Section 16(b) of the Exchange Act;
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | consider and review the independence of its compensation advisors in accordance with applicable NYSE rules;
|- |  | -----------------------------------------------------------------------------------------------------------



| |  | annually review and recommend to the Board a compensation package for our directors; and
|- |  | ----------------------------------------------------------------------------------------



| |  | perform other review functions relating to management compensation and human resources policies as the Compensation Committee deems appropriate.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

As the chief human resources officer, the Vice President, Human Resources and Administration is the Corporations representative
to the Compensation Committee and provides the Compensation Committee with information and input on corporate compensation and benefits philosophy and plan design, succession planning, program administration and the financial impact of director,
executive and broad-based employee compensation and benefit programs. In addition, the Vice President, Human Resources and Administration provides information to and works with the Compensation Committees executive compensation consultant as
directed by the Compensation Committee.



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##### Table of Contents

Compensation Approval Process

The following chart summarizes the approval process for the compensation of our Chief Executive Officer and our Named Executive Officers.



LOGO



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|PotashCorp 2014 Management Proxy Circular |  | F-2



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##### Table of Contents

Compensation Committee 2013 Annual Work Plan

The Compensation Committees 2013 Annual Work Plan, which summarizes actions taken and matters reviewed by the Compensation Committee during 2013, is as follows:



|                                                                                                                 |  |               |  |     |  |     |  |     |  |      |  |     |  |                                 
|---------------------------------------------------------------------------------------------------------------- |  | ------------- |  | --- |  | --- |  | --- |  | ---- |  | --- |  | --------------------------------
|Committee Action                                                                                                 |  | Jan           |  | Feb |  | May |  | Jul |  | Sept |  | Nov |  | Board Action                    
|Review CEO succession plan, management structure, and executive development                                      |  |              |  |     |  |     |  |     |  |      |  |     |  | Information Only                
|Approve CEOs recommendation of EMTs compensation                                                               |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Evaluation of CEOs performance in light of goals, base pay and total compensation determined                    |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Recommend CEOs goals relevant to compensation for the next year                                                 |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Approve Short-term incentive plans awards and costing for the upcoming year, based upon approved budget targets |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Approve Short-term incentive plan payouts for EMT, and in total                                                  |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Recommend Short-term incentive plan payouts for CEO                                                              |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Recommend estimate of total annual projected Performance Option Plan grant requirements                          |  |              |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Review draft of Compensation Committee Report for annual proxy circular                                          |  |              |  |     |  |     |  |     |  |      |  |     |  | Information Only                
|Review compensation program risk assessment                                                                      |  |              |  |     |  |     |  |     |  |      |  |     |  | Information Only                
|Review compensation consultant independence                                                                      |  |              |  |     |  |     |  |     |  |      |  |     |  |                                 
|Recommend cash medium-term incentive plan payouts for CEO                                                        |  | (every3 yrs) |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Approve cash medium-term incentive plan payouts for EMT, and in total                                            |  | (every3 yrs) |  |     |  |     |  |     |  |      |  |     |  | Approve                         
|Review status report on Cash medium-term incentive performance measures and projected incentive payments         |  |              |  |     |  |     |  |    |  |      |  |    |  | Information Only                
|Review execution of stock sales and ownership levels:
 CEO, EMT and Board; review dilution                      |  |              |  |     |  |    |  |    |  |      |  |    |  | Information Only                
|Review of emerging issues in executive compensation                                                              |  |              |  |     |  |    |  |    |  |      |  |    |  | Information Only                
|Approve report on executive compensation for the proxy circular                                                  |  |               |  |    |  |     |  |     |  |      |  |     |  | Approve as part ofproxy circular
|Recommend performance option grants for CEO, EMT, and in total; reserve analysis and dilution                    |  |               |  |     |  |    |  |     |  |      |  |     |  | Approve                         
|Review Compensation Committee evaluation and charter review                                                      |  |               |  |     |  |    |  |     |  |      |  |     |  | Information Only                
|Review Top 10 Executive Tally Sheet                                                                              |  |               |  |     |  |    |  |     |  |      |  |     |  | Information Only                



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##### Table of Contents

|                                                                                                                                            |  |     |  |     |  |                           |  |                           |  |      |  |               |  |                               
|------------------------------------------------------------------------------------------------------------------------------------------- |  | --- |  | --- |  | ------------------------- |  | ------------------------- |  | ---- |  | ------------- |  | ------------------------------
|Committee Action                                                                                                                            |  | Jan |  | Feb |  | May                       |  | Jul                       |  | Sept |  | Nov           |  | Board Action                  
|Review peer group/comparator analysis                                                                                                       |  |     |  |     |  | (every 2 yrs/asrequired) |  |                           |  |      |  |               |  | Information Only              
|Recommend Board Compensation Annual Review                                                                                                  |  |     |  |     |  |                           |  |                          |  |      |  |               |  | Approve                       
|Review labour relations environment                                                                                                         |  |     |  |     |  |                           |  |                          |  |      |  |               |  | Information Only              
|Review (with Audit Committee) retirement benefits, including fund review, retirement plan accruals, and other                               |  |     |  |     |  |                           |  |                          |  |      |  |               |  | Information Only              
|Review pay for performance analysis                                                                                                         |  |     |  |     |  |                           |  |                          |  |      |  |               |  | Information Only              
|Review interim update on CEO goals                                                                                                          |  |     |  |     |  |                           |  |                          |  |      |  |               |  | Information Only              
|Review Compensation Committee self-evaluation results                                                                                       |  |     |  |     |  |                           |  |                          |  |      |  |               |  | Information Only              
|Review status report on short-term performance measures and projected incentive payments                                                    |  |     |  |     |  |                           |  |                          |  |      |  |              |  | Information Only              
|Recommend other risk categories assigned to the Compensation Committee (may be with the Audit Committee)                                    |  |     |  |     |  |                           |  | (every 2 yrs)            |  |      |  |               |  | Approve                       
|Approve peer group/comparator analysis                                                                                                      |  |     |  |     |  |                           |  | (every 2 yrs/asrequired) |  |      |  |               |  | Approve                       
|Recommend final design cash medium-term incentive plans performance goals, awards, and costing for the upcoming cycle                      |  |     |  |     |  |                           |  | (every3 yrs)             |  |      |  | (every3 yrs) |  | Approve                       
|Recommend Salary Administration: Merit and range adjustments and budget for next year                                                       |  |     |  |     |  |                           |  |                           |  |     |  |               |  | Approve as part offinal budget
|Approve executive compensation philosophy to support the business objectives                                                                |  |     |  |     |  |                           |  |                           |  |      |  |              |  | Approve                       
|Review of EMT total compensation structure (including competitiveness)                                                                      |  |     |  |     |  |                           |  |                           |  |      |  |              |  | Information Only              
|Review staff succession planning                                                                                                            |  |     |  |     |  |                           |  |                           |  |      |  |              |  | Information Only              
|Review report on sustainability performance                                                                                                 |  |     |  |     |  |                           |  |                           |  |      |  |              |  | Information Only              
|Recommend Executive Management Team (EMT) changes (as occur)                                                                                |  |     |  |     |  |                           |  |                           |  |      |  |               |  | Approve                       
|Recommend any significant plan changes (as needed)
 Incentive and equity plans;  Other
plans (may be in conjunction with Audit Committee) |  |     |  |     |  |                           |  |                           |  |      |  |               |  | Approve asnecessary           



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|PotashCorp 2014 Management Proxy Circular |  | F-4



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##### Table of Contents

Appendix G

Additional Survey Participants



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|TW CDB General Industry
Executive Survey 3M A.O. Smith
Abbott Laboratories Accenture ACH Food
Acxiom Adecco Aerojet
Agilent Technologies Agrium Air Liquide
Air Products andChemicals
Alcatel-Lucent Alcoa Allergan
AMC Entertainment American Crystal Sugar American Sugar Refining
Americas Styrenics AmerisourceBergen AMETEK
Amgen AMSTED Industries Anixter International
APL Appleton Papers ARAMARK
Arbys Restaurant Group
Archer Daniels Midland Arctic Cat Aricent Group
Arkema Armstrong WorldIndustries Arrow Electronics
Ashland AstraZeneca AT&T
Atos IT Solutions andServices
Automatic DataProcessing
Avaya Avis Budget Group BAE Systems
Ball Barnes Group |  | BASF Baxter International Bayer AG
Bayer Business &Technology Services
Bayer CropScience Bayer HealthCare BD  Becton Dickson
Beam Bechtel Systems &Infrastructure Inc Best Buy
Big Lots Bob Evans Farms Boehringer Ingelheim
Boeing Booz Allen Hamilton BorgWarner
Boston Scientific Brady Bristol-Myers Squibb
Brunswick Bunge Burlington Northern Santa Fe
Bush Brothers CA, Inc. Cardinal Health
CareFusion Cargill Carlson
Carmeuse North AmericaGroup
Carnival Carpenter Technology Catalent Pharma Solutions
Catalyst Health Solutions
Caterpillar Celanese Americas Celestica
Century Aluminum CEVA Logistics CGI Technologies &Solutions
CH2M Hill Chemtura Chiquita Brands
CHS Cintas Cisco Systems |  | Clear ChannelCommunications
Cliffs Natural Resources Cloud Peak Energy Coach
Coca-Cola Coca-Cola Enterprises Coinstar
Colgate-Palmolive Columbia Sportswear Comcast
Compass Group ConAgra Foods Continental AutomotiveSystems
ConvaTec Convergys Cooper Industries
Corning Covance Covidien
Crown Castle CSC CSX
Cummins Curtiss-Wright CVS Caremark
Daiichi Sankyo Daimler Trucks NorthAmerica Danaher
Darden Restaurants Dean Foods Deckers Outdoor
Dell Delta Air Lines Deluxe
Dentsply Dex One DIRECTV Group
Dollar Thrifty AutomotiveGroup
Dollar Tree Domtar Donaldson
Dow Corning DuPont E.W. Scripps
Eastman Chemical Eaton eBay |  | Ecolab Eisai, Inc. Eli Lilly
EMC Emerson Electric EnCana Oil & Gas USA
Endo Health Solutions EnPro Industries Equifax
Equity Office Properties Ericsson ESRI
Essilor of America Estee Lauder Esterline Technologies
Euro-Pro Operating Exelis Expedia
Experian Americas Express Scripts Exterran
Federal-Mogul Fidessa Group Fluor
Ford Forest Laboratories Freeport-McMoRanCopper & Gold
GAF Materials Gap Gates
GATX Gavilon GenCorp
General Atomics General Dynamics General Mills
General Motors Gilead Sciences GlaxoSmithKline
Globecomm Systems Goodrich Graco
Green Mountain GROWMARK GTECH
H.B. Fuller Hanesbrands Hanger Orthopedic Group
Harland Clarke |  | Harman InternationalIndustries
Harsco Hasbro Herman Miller
Hershey Hertz Hewlett-Packard
Hexcel Hilton Worldwide Hitachi Data Systems
HNI HNTB Hoffmann-La Roche
Honeywell Hormel Foods Hostess Brands
Houghton Mifflin HarcourtPublishing
Hovnanian Enterprises HTC Corporation Hunt Consolidated
Hutchinson Technology IBM IDEXX Laboratories
Illinois Tool Works Ingersoll-Rand Intel
Intercontinental Hotels International Data Group International Flavors
&Fragrances International GameTechnology
International Paper ION Geophysical Irvine
Itron ITT  Corporate J.M. Smucker
J.R. Simplot Jabil Circuit Jack-in-the-Box
Jacobs Engineering JetBlue Airways Johns-Manville
Johnson & Johnson Johnson Controls Kaman IndustrialTechnologies
Kansas City Southern



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Kao Brands
KB Home KBR Kellogg
Kelly Services Kennametal Keystone Foods
Kimberly-Clark Kimco Realty Kinross Gold
Koch Industries Kohler Kyocera Corporation
L-3 Communications Land OLakes Leggett and Platt
Lend Lease Lenovo Leprino Foods
Level 3 Communications Lexmark International Life Technologies
LifeCell Limited Lincoln Electric
LOreal Lorillard Tobacco LSG Sky Chefs
LyondellBasell Magellan MidstreamPartners Makino
Manitowoc Marriott International Martin Marietta Materials
Mary Kay Mattel Matthews International
McDonalds McGraw-Hill MeadWestvaco
Medicines Company Medtronic Merck & Co
Meredith Micron Technology Microsoft
Milacron MillerCoors Mohegan Sun Casino
Molson Coors Brewing Monsanto Mosaic
Motorola Mobility Motorola Solutions Murphy Oil
Mylan |  | Nash-Finch
Navigant Consulting Navistar International NBTY
Neoris USA Nestle USA NeuStar
Newmont Mining NewPage Nissan North America
Nokia Norfolk Southern Northrop Grumman
Novartis Consumer Health
Novo NordiskPharmaceuticals
Novus International Nu Skin Enterprises Nypro
Occidental Petroleum Office Depot Omnicare
OMNOVA Solutions OSI Restaurant Partners Owens Corning
Pall Corporation Parker Hannifin Parsons
PCL Constructors Performance Food Group Pfizer
Pitney Bowes Plexus Polaris Industries
Polymer Group PolyOne Potash
PPG Industries Praxair Pulte Homes
Purdue Pharma Quest Diagnostics Quintiles
R.R. Donnelley Ralcorp Holdings Rayonier
Regency Centers Research in Motion Revlon
Ricardo Rio Tinto Roche Diagnostics
Rockwell Automation Rockwell Collins Rohm Semiconductor USA |  | Rolls-Royce NorthAmerica
S.C. Johnson & Son Sabre SAIC
Sanofi-Aventis SAS Institute SCA Americas
Schlumberger Schreiber Foods Schwans
Scientific ResearchCorporation
Scotts Miracle-Gro Seagate Technology Sealed Air
ServiceMaster Company ShawCor Sherwin-Williams
Shire Pharmaceuticals Siemens AG Sigma-Aldrich
Snap-on Sodexo Solvay America
Sonoco Products Sony Corporation Space Systems Loral
Sprint Nextel SPX Staples
Starbucks CoffeeCompany
Starwood Hotels &Resorts
Statoil Stepan Company Stryker
Sundt Construction Swagelok Syngenta Crop Protection
Sysco Target Taubman Centers
TE Connectivity Tech Data TeleTech Holdings
Teradata Terex Textron
Thermo Fisher Scientific Thomson Reuters Time Warner
Time Warner Cable T-Mobile USA Toro
Tower International |  | Toyota Motor Engineering& Manufacturing NorthAmerica
Transocean Trepp Trident Seafoods
Trinity Industries Tronox TRW Automotive
Tupperware Brands Tyson Foods Underwriters Laboratories
Unilever United States Union Pacific Corporation Unisys
United Rentals United States Cellular United Technologies
UPS URS Valero Energy
Valmont Industries Verizon Vertex Pharmaceuticals
Viacom Viad VistaPrint
Vulcan Materials VWR International Walt Disney
Warner Chilcott Waste Management Watson Pharmaceuticals
Wendys Group Westlake Chemical Weyerhaeuser
Whirlpool Wm. Wrigley Jr. Xerox
Xylem YRC Worldwide Yum! Brands
Zebra Technologies 
Mercer General Industry Survey 20-20 Technologies 3PS, Inc.
7-Eleven, Inc. A & E Television Networks AAA National Office
AAA Northern California,Nevada and Utah
AarhusKarlshamn USAInc. |  | AB Mauri Food Inc.
AB Vista ABB Concise OpticalGroup Abbott Laboratories
ABQ Health Partners Accident Fund InsuranceCompany of America ACS Technologies
Actavis Inc. ACUITY Acuity Brands Inc.
Acuity Brands Inc. Controls
Acuity Brands Inc. Lighting & Luminaries
Aditi Technologies Adva Optical NetworkingNorth America, Inc. Adventist Health
Adventist Health Adventist Med Center Hanford
Adventist Health Adventist Med Center Portland
Adventist Health  Castle Medical Center
Adventist Health Feather River Hospital
Adventist Health  FrankR. Howard MemorialHospital
Adventist Health Glendale AdventistMed Center
Adventist Health  SaintHelena Hospital
Adventist Health  SanJoaquin CommunityHospital
Adventist Health  SimiValley Hospital
Adventist Health Sonora Regional MedCenter
Adventist Health  StHelena Hospital  Clear Lake
Adventist Health Tillamook County General Hospital
Adventist Health  Ukiah Valley MedicalCenter



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Adventist Health Walla Walla General Hospital
Adventist Health White Memorial Med Center
Advocate Healthcare AECOM TechnologyCorporation Aeronix, Inc.
AET Inc. Ltd. AET Inc. Ltd.  AETOffshore Services, Inc. Aetna, Inc.
AFC Enterprises, Inc. Aflac Incorporated AgFirst Farm Credit Bank
Aggreko International AGL Resources AGL Resources Elizabethtown Gas
AGL Resources Sequent EnergyManagement
Agnesian HealthCare AgriBank, FCB Agropur Cooperative Cheese &
Ingredient Agropur Cooperative Natrel USA
Ahlstrom USA Aimia Proprietary LoyaltyUS Inc. AIPSO
Air Liquide Akzo Nobel, Inc. Alcoa, Inc.
Alea North America Alegent Health Alexian Brothers HealthSystem
Alfa Laval, Inc. Alion Science andTechnology Allegiance Health
Allen PrecisionEquipment
Allergan, Inc. Alliance Data Systems Alliance Data Systems Epsilon
Alliance Data Systems Retail
Alliant Techsystems Allianz Life InsuranceCompany of NorthAmerica |  | Allina Health System
Allina Health System New Ulm MedicalCenter
Ally Financial, Inc. Ally Financial, Inc. Auto Finance Ally Financial, Inc.
Commercial Finance Ally Financial, Inc. Insurance
Ally Financial, Inc. ResCap
ALSAC/St. Jude Childrens Research Hospital
Altana ACTEGA Kelstar,Inc.
Altana BYK USA, Inc. Altana BYK-Gardner USA Altana ECKART AmericaCorp.
Altana ELANTAS PDG,Inc.
Altarum Institute Altarum Institute  KAIResearch, Inc. Altria
Alyeska Pipeline ServiceCompany
Amcor Rigid Plastics AMEC Americas American Airlines, Inc.
American Cancer Society American CenturyInvestments American CenturyInvestments 
CA American College ofEmergency Physicians
American DentalPartners, Inc.
American Electric Power American Express American FamilyInsurance
American FinancialGroup, Inc.
American FinancialGroup, Inc.  GreatAmerican FinancialResources, Inc.
American FinancialGroup, Inc.  GreatAmerican Propertyand CasualtyInsurance
Company |  | American FinancialGroup, Inc.  GreatAmericanSupplementalProducts
American HeartAssociation
American HomeMortgage Servicing,Inc.
American Institute ofPhysics
American InternationalGroup, Inc.
American InternationalGroup, Inc.  Chartis
American MedicalAssociation
American Red Cross American TransmissionCompany American University
Amerigroup Corporation Amerigroup Corporation NortheasternRegion Amerigroup
Corporation Southern Region Amerigroup Corporation Western Region
AmeriPride Services Inc. Ameriprise Financial Ameristar Casinos, Inc.
Ameristar Casinos, Inc. Ameristar CasinoBlack Hawk
Ameristar Casinos, Inc. Ameristar CasinoCouncil Bluffs
Ameristar Casinos, Inc. Ameristar CasinoKansas City
Ameristar Casinos, Inc. Ameristar CasinoSt. Charles
Ameristar Casinos, Inc. Ameristar CasinoVicksburg
Ameristar Casinos, Inc. Cactus Petes
Ameristar Casinos, Inc. Resorts EastChicago
Ameritas Life InsuranceCorporation
Amherst H. WilderFoundation |  | Amica Mutual InsuranceCompany
Ammeraal Beltech, Inc. Amtrak Amway
Anchor Lamina AmericaInc.
Andersen Corporation Andersen Menomonie Inc. Andersen Windows, Inc.
Andrews Kurth LLP ANH RefractoriesCompany Ann, Inc.
Ann, Inc.  Ann Taylor
Ann, Inc.  Ann TaylorFactory Stores
Ann, Inc.  LOFT Anne Arundel MedicalCenter Apartment Investment and Management
Co. Apex Systems, Inc.
APL Ltd. APL Ltd.  APL Logistics APL Ltd.  APL
Logistics,Warehouse APL Ltd.  APL Maritime
APL Ltd.  APLTerminals, EagleMarine Services
Apollo Group Apollo Group  ApolloGlobal Apollo Group  Collegefor
Financial Planning Apollo Group  Institutefor ProfessionalDevelopment
Apollo Group  University of Phoenix
Apollo Group  WesternInternationalUniversity
Arbella Insurance Group Arbys Restaurant Group Arc Worldwide
Arch Coal, Inc. Archstone Argo Group  US
Argonne NationalLaboratory
ArjoHuntleigh NA Arkansas Blue Cross BlueShield |  | Arlington CountyGovernment
Arnold and Porter, LLP Arrow Electronics, Inc. Arrow Electronics, Inc. ECS
Arrow Electronics, Inc. Global Components
ARTEL, LLC Arthrex, Inc. Asahi Kasei Plastics N.A.Inc.
Ascena Retail Group, Inc. Ascena Retail Group, Inc. Dressbarn Ascena Retail Group,
Inc. Justice Ascena Retail Group, Inc. Maurices
Ascend Learning LLC Ascend Learning LLC Advanced Informatics Ascend Learning LLC
ATI Nursing Ascend Learning LLC Boston Reed
Ascend Learning LLC ClickSafety
Ascend Learning LLC ExamFX  ABLE Inc.
Ascend Learning LLC Jones and BartlettLearning
Ascend Learning LLC National Academy ofSports Medicine
Ascend Learning LLC National HealthcareerAssociation
Ascom (Schweiz) AG Askoll USA Inc. ASM America, Inc.
Asset Acceptance CapitalCorp.
Asset Acceptance CapitalCorp.  LegalRecovery Solutions,LLC
Association of AmericanMedical Colleges
Astron Solutions Asurion Atkins North America
Atlantic Capital Bank AtlantiCare



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|G-3 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|AtlantiCare AtlantiCare HealthServices
AtlantiCare  RegionalMedical Center
Atmos Energy Atria Senior Living Group Aurora Health Care
Aurora Health Care Aurora AdvancedHealth Care
Aurora Health Care Aurora BayCareMedical Center
Aurora Health Care Aurora ClinicalLaboratories
Aurora Health Care Aurora Family Service
Aurora Health Care Aurora Health CareVentures
Aurora Health Care Aurora LakelandMedical Center
Aurora Health Care Aurora Medical CenterGrafton
Aurora Health Care Aurora MedicalCenter, Hartford
Aurora Health Care Aurora MedicalCenter, Kenosha
Aurora Health Care Aurora MedicalCenter, Oshkosh
Aurora Health Care Aurora MedicalCenter, Summit
Aurora Health Care Aurora MedicalCenters of ManitowocCounty
Aurora Health Care Aurora MedicalCenters of SheboyganCounty
Aurora Health Care Aurora Medical Group
Aurora Health Care Aurora Medical GroupBrown County
Aurora Health Care Aurora Medical GroupSystem Specialists |  | Aurora Health Care Aurora Medical GroupWaukesha County
Aurora Health Care Aurora MedicalGroup, ADCP
Aurora Health Care Aurora MedicalGroup, BurlingtonClinic
Aurora Health Care Aurora MedicalGroup, Fond du LacClinic
Aurora Health Care Aurora MedicalGroup, Kenosha
Aurora Health Care Aurora Medical Group,ManitowocClinic
Aurora Health Care Aurora MedicalGroup, Marinette-Menominee Clinic
Aurora Health Care Aurora MedicalGroup, MetroSouthside
Aurora Health Care Aurora MedicalGroup, North Region
Aurora Health Care Aurora MedicalGroup, OshkoshDivision
Aurora Health Care Aurora MedicalGroup, Racine
Aurora Health Care Aurora MedicalGroup, SheboyganClinic
Aurora Health Care Aurora MedicalGroup, WalworthDivision
Aurora Health Care Aurora Pharmacy
Aurora Health Care Aurora PsychiatricHospital
Aurora Health Care Aurora UW AcademicMedical Group
Aurora Health Care Memorial Hospital ofBurlington |  | Aurora Health Care St. Lukes MedicalCenter
Aurora Health Care Visiting NurseAssociation
Aurora Health Care West Allis MemorialHospital
Austin Community College
Auto Club Group Automatic DataProcessing (ADP) Automatic DataProcessing (ADP)
AVS Division Automatic DataProcessing (ADP) Dealer Services
Automatic DataProcessing (ADP) Employer Services
Automatic DataProcessing (ADP) Employer Services,MAD Division
Automatic DataProcessing (ADP) Employer Services,NA Division
Automatic DataProcessing (ADP) ES International
Automatic DataProcessing (ADP) TS Division
Automobile Club ofSouthern California
AutoNation, Inc. AutoZone, Inc. AvalonBay Communities,Inc.
Avery DennisonCorporation
Avis Budget Group Inc. Aviva USA Avon Products, Inc.
AXA Equitable Axcess Financial Axcess Recovery &Credit Solutions Axcess
Financial  Check n Go Axcess Financial Services,Inc.
AXIS Specialty USServices, Inc. |  | Axxis Drilling, Inc.
AZZ Inc. AZZ Inc.  Atkinson AZZ Inc.  Aztec TubularProducts
AZZ Inc.  CentralElectric
AZZ Inc.  CGIT AZZ Inc.  EPSI AZZ Inc.  Rig-A-Lite
AZZ Inc.  The CalvertCompany
B&H Photo Bacardi U.S.A., Inc. Bain & Company
Balfour BeattyConstruction
Ball Corporation Ball Corporation  BallFood & HouseholdProduct Division,Americas Ball Corporation  BallPackaging Group Ball Corporation 
MetalBeverage PackagingDivision Banco Popular NorthAmerica
Bare Escentuals Barilla America Inc. Bart & Associates, Inc.
Battelle Battelle  PacificNorthwest NationalLaboratory Baxter
International Inc. Baylor College of Medicine
Baylor Health CareSystem
Baylor Health CareSystem  Baylor AllSaints Medical Center
Baylor Health CareSystem  BaylorHealth Care SystemFoundation
Baylor Health CareSystem  BaylorHealth Enterprises LP
Baylor Health CareSystem  Baylor Jackand Jane HamiltonHeart and VascularHospital |  | Baylor Health CareSystem  BaylorMedical Center atCarrollton
Baylor Health CareSystem  BaylorMedical Center atGarland
Baylor Health CareSystem  BaylorMedical Center atGrapevine
Baylor Health CareSystem  BaylorMedical Center atIrving
Baylor Health CareSystem  BaylorMedical Center atPlano
Baylor Health CareSystem  BaylorMedical Center atWaxahachie
Baylor Health CareSystem  BaylorResearch Institute
Baylor Health CareSystem  BaylorSpecialty HealthCenters
Baylor Health CareSystem  BaylorUniversity MedicalCenter
Baylor Health CareSystem HealthTexas ProviderNetwork
Baylor Health CareSystem  The HeartHospital Baylor
Baystate Health, Inc. Bechtel Corporation Bechtel Plant Machinery,Inc.
Belden, Inc Belk, Inc. Belo Corp.
Bentley University Berkshire Health Systems Best Buy Company, Inc.
Big Lots, Inc. Bill & Melinda GatesFoundation Biodynamic
ResearchCorporation



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|PotashCorp 2014 Management Proxy Circular |  | G-4



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##### Table of Contents

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|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|BJC HealthCare
BJC HealthCare  Barnes-JewishHospital
BJs Wholesale Club, Inc.
Black & VeatchCorporation
BloodCenter ofWisconsin, Inc.
BloodSource Blue Cross & Blue Shieldof Rhode Island Blue Cross and BlueShield
of Alabama Blue Cross and BlueShield ofMassachusetts
Blue Cross and BlueShield of NorthCarolina
Blue Cross Blue Shield ofMinnesota
Blue Cross of IdahoHealth Service, Inc.
Blue Cross ofNortheasternPennsylvania
Blue Shield of California BlueCross BlueShield ofFlorida BlueCross BlueShield ofKansas
City BlueCross BlueShield ofLouisiana
BlueCross BlueShield ofNebraska
BlueCross BlueShield ofSouth Carolina
BlueCross BlueShield ofTennessee
BlueLinx Corporation BMO Harris Bank BMW Financial ServicesNA, LLC
BMW ManufacturingCo., LLC
BMW of North America,LLC
Board of Governors ofthe Federal ReserveSystem
Boart Longyear Boddie Noell Enterprises,Inc. Boeing Employees CreditUnion
Boise Cascade, LLC |  | Boise Cascade, LLC Building MaterialsDistribution
Boise Cascade, LLC Wood Products
Boise Inc. Boise Inc.  Packaging &Newsprint Boise Inc. 
Paper Bon Secours HealthSystem
Bon Secours HealthSystem  BonSecours Baltimore Health System
Bon Secours HealthSystem  BonSecours CharityHealth System
Bon Secours HealthSystem  BonSecours HamptonRoads Health System
Bon Secours HealthSystem  BonSecours New YorkHealth System
Bon Secours HealthSystem  BonSecours RichmondHealth System
Bon Secours HealthSystem  BonSecours St. FrancisHealth System
Bon Secours HealthSystem  BonSecours St.Petersburg
Bon Secours HealthSystem  KentuckyHealth System
Boston College Boston Medical CenterHealthNet Plan Boston
ScientificCorporation Boston ScientificCorporation  ArdenHills
Boston ScientificCorporation Coventry
Boston ScientificCorporation Cryovascular
Boston ScientificCorporation Endosurgery |  | Boston ScientificCorporation  EPT
Boston ScientificCorporation  MapleGrove
Boston ScientificCorporation  Miami
Boston ScientificCorporation Mountain View
Boston ScientificCorporation Neuromodulation
Boston ScientificCorporation Precision Vascular
Boston ScientificCorporation  Quincy
Boston ScientificCorporation  SanDiego
Boston ScientificCorporation Spencer
Boston ScientificCorporation  Target
Boy Scouts of America Brady Corporation Branch Banking & TrustCompany
Bremer FinancialCorporation
Bremer FinancialCorporation  Bremer Bank NA, Alexandria
Bremer FinancialCorporation  Bremer Bank NA, Brainerd
Bremer FinancialCorporation  Bremer Bank NA, Fargo
Bremer FinancialCorporation  Bremer Bank NA, Grand Forks
Bremer FinancialCorporation  Bremer Bank NA, International Falls
Bremer FinancialCorporation  Bremer Bank NA, Saint Cloud |  | Bremer FinancialCorporation  Bremer Bank NA, Twin Cities
Bremer FinancialCorporation  Bremer Bank NA, Willmar
Bremer FinancialCorporation  Bremer Bank NA, Wisconsin
Bremer FinancialCorporation  Bremer Insurance Agencies
Bridgepoint Education, Inc.
Bristow Group Broadridge FinancialSolutions, Inc. Broadridge FinancialSolutions,
Inc. InvestorCommunicationSolutions Broadridge FinancialSolutions, Inc.
Securities ProcessingSolutions Brookdale Senior Living,Inc.
Brookfield RenewablePower
Brookhaven NationalLaboratory
Brookstone, Inc. Broward Health Broward Health Broward GeneralMedical
Center Broward Health  CoralSprings MedicalCenter
Broward Health Imperial Point MedicalCenter
Broward Health  NorthBroward MedicalCenter
Brown and Caldwell BRP US, Inc. Bryan Cave LLP
BSH Home AppliancesCorporation
Buckeye Partners, L.P. Buckingham AssetManagement, LLC |  | Burgess & Niple, Inc.
Burlington Coat Factory Burns & McDonnell C&S Wholesale Grocers
Cablevision SystemsCorporation
CACI International, Inc. CAE SimuFlite CivilTraining and Services CAE SimuFlite CivilTraining
and Services Denver CATS CAE SimuFlite CivilTraining and Services Northeast
Training CAE SimuFlite MilitarySimulation & Training Presagis
CAE SimuFlite MilitarySimulation & Training Tampa
Calamos Investments California CasualtyManagementCompany California
DentalAssociation California DentalAssociation  Rotunda Partners
California DentalAssociation  TDICInsurance Solutions
California DentalAssociation  TheDentist InsuranceCompany (TDIC)
California HospitalAssociation
California Institute ofTechnology
California ISO California Pizza Kitchen Cambia Health Solutions
Campari America Campbell Soup Company Campbell Soup Company InternationalSimple
Meals andBeverages Campbell Soup Company North AmericaFoodservice
Campbell Soup Company Pepperidge Farm
Campbell Soup Company U.S Simple Meals
Canadian Pacific US



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|G-5 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Capella EducationCompany
Capital One FinancialCorp.
Cardinal Health, Inc. Career EducationCorporation CareFirst BlueCrossBlueShield
CareFusion Corporation Cargill, Inc. Caribou Coffee Company
Carleton College Carlson Carlson  Carlson Wagonlit Travel
Carlson  HotelsWorldwide
Carlson  Restaurants Worldwide
CarMax, Inc. Carmeuse North America Carnegie MellonUniversity
Carolinas HealthcareSystem
Carpenter Technology Corporation
Carters, Inc. Casey Family Programs Caterpillar, Inc.
Catholic Charities Healthand Human Services
Catholic Charities Healthand Human Services CommunityServices
Catholic Charities Healthand Human Services Services
Catholic Financial Life Catholic Health Initiatives Catholic Health Initiatives CHI
Nebraska Catholic Health Initiatives Franciscan Health System
Catholic Health Initiatives Franciscan Villa
Catholic Health Initiatives Good Samaritan Hospital
Catholic Health Initiatives Memorial HealthCare System |  | Catholic Health Initiatives  Mercy Health Network
Catholic Health Initiatives  Mercy Medical Center Roseburg
Catholic Health Initiatives  Mercy Medical Center Williston
Catholic Health Initiatives  St ElizabethRegional Medical Center
Catholic Health Initiatives  St. CatherineHospital
Catholic Health Initiatives  St. Clares Health System
Catholic Health Initiatives  St. FrancisHealthcare Campus
Catholic Health Initiatives  St. Francis Medical Center
Catholic Health Initiatives  St. Joseph Health System
Catholic Health Initiatives  St. JosephRegional Health Network
Catholic Health Initiatives  St. Josephs Area Health Services
Catholic Health Initiatives  St. JosephsHospital & Health Center
Catholic Health Initiatives  St. Marys Community Hospital
Catholic Health Initiatives  St. Vincent Health System
Catholic Health Initiatives  Unity Family Healthcare
Catholic Health Initiatives  Villa Nazareth
CDM Smith, Inc. CDS Global, Inc. Cedars-Sinai HealthSystem
Celestica Cemex, Inc. US Cengage Learning
CenterPoint Energy |  | Central Georgia Health System  Carlyle Place
Central Georgia Health System  The Medical Center of Central Georgia
Centura Health Centura Health  Avista Adventist Hospital
Centura Health  CenturaHealth At Home
Centura Health  Littleton Adventist Hospital
Centura Health  Mercy Regional Medical Center
Centura Health  Parker Adventist Hospital
Centura Health  Penrose St. Francis Hospital
Centura Health  Porter Adventist Hospital
Centura Health  St. Anthony Central Hospital
Centura Health  St. Anthony North Hospital
Centura Health  St. Anthonys Summit Medical Center
Centura Health  St. Mary Corwin Hospital
Centura Health  St. Thomas More Hospital
CenturyLink CertusBank CEVA Logistics Americas
CGI Technologies and Solutions, Inc. US
CH2M Hill Charter Communications Checkpoint Systems Inc.
Checkpoint Systems Inc.  Merchandise Visibility
Checkpoint Systems Inc.  North America
Checkpoint Systems Inc.  SMS Worldwide
Chelan County Public Utility District
Chemetall  US Inc. |  | Chemetall Lithium
Chicago Board Options Exchange
Childrens Healthcare of Atlanta
Childrens Hospital Boston
Childrens Hospital Central California
Childrens Hospital Los Angeles
Childrens Hospital of Orange County
Childrens Hospital of Wisconsin
Childrens Hospitals and Clinics of Minnesota
Childrens Medical Center of Dallas
Childrens Memorial Hospital
Chipotle Mexican Grill Chiquita Brands International, Inc. Choctaw Nation of Oklahoma
Choctaw Nation of Oklahoma  Choctaw Defense
Choice Hotels International, Inc.
Christiana Care Health System
Christopher & Banks CHRISTUS Health CHRISTUS Health  CHRISTUS Spohn
CHS Inc. CHS Inc.  Agriculture CHS Inc.  Business Solutions
CHS Inc.  Energy Church & Dwight Co., Inc. Cimarex Energy
Co. Cincinnati Childrens Hospital Medical Center
Cinetic Automation Cinetic Landis Corp. Cinetic Sorting Corp.
Cirque du Soleil, Lake Buena Vista
Cirque du Soleil, Las Vegas
Cirque du Soleil, Pellicola, L.L.C. |  | Citi  Citi North America, Operations & Technology
Citizens Property Insurance Corporation
Citizens RepublicBancorp, Inc.
City and County of Denver
City National Bank City of Dublin City of Fort Worth
City of Garland City of Hope City of Houston
City of Overland Park, Kansas
City of Redmond City of Richmond Classified Ventures, LLC
Clean Harbors EnvironmentalServices
Cleco Corporation Clemens Family Corporation Clemens Family Corporation  Clemens Food
Group Cleveland Brothers Equipment Co., Inc.
Cleveland Clinic Cleveland Clinic  Euclid Hospital Cleveland Clinic  Fairview
Hospital Cleveland Clinic  Hillcrest Hospital
Cleveland Clinic  Lakewood Hospital
Cleveland Clinic  Lutheran Hospital
Cleveland Clinic  Marymount Hospital
Cleveland Clinic  Medina Hospital
Cleveland Clinic  SouthPointe Hospital
Cloud Peak Energy Resources
CNA Financial Corporation
CNH America LLC CNO Financial Group, Inc. Coats North
America



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##### Table of Contents

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Coca-Cola Bottling Co.Consolidated
Coca-Cola Refreshments Coffeyville Resources Nitrogen Fertilizers,LLC Coinstar,
Inc. Coinstar, Inc.  Coinand EntertainmentServices
Coinstar, Inc.  DVDServices
Colgate-PalmoliveCompany
Collective Brands, Inc. College of DuPage Collin County
Colonial PipelineCompany
Colorado Springs Utilities Columbian Chemicals Company Columbian Chemicals Company  Hickok
KS Plant Columbian Chemicals Company  NorthAmerica Region
Columbian Chemicals Company  NorthBend Plant
Columbus McKinnonCorporation
Comcast Corporation Comcast Corporation Comcast CableCommunications Comerica,
Inc. Community HealthNetwork
Community HealthSystems
Compass Bank Compass Group NorthAmerica Computer SciencesCorporation
Computer SciencesCorporation Business Services &Solutions
Computer SciencesCorporation Managed Services |  | Computer SciencesCorporation  NorthAmerican PublicSector
Computershare Concorde CareerColleges Inc. Connecticut ChildrensMedical
Center Constellation Brands, Inc.
Continental WesternGroup, LLC
Convergys Corporation Con-way Inc. CoreLogic, Inc.
Corn Products Cornell University Corning, Inc.
Corning, Inc.  CorningCable Systems
Corning, Inc.  DisplayTechnologies
Corning, Inc. EnvironmentalTechnologies
Corning, Inc.  LifeSciences
Corning, Inc.  OpticalFiber
Corning, Inc.  Specialty& OphthalmicMaterials
Country Financial Covance, Inc. Covanta Energy
Covenant Health Covenant Health Covenant HomeCare Covenant Health
Covenant MedicalManagement Covenant Health  FortLoudoun MedicalCenter
Covenant Health  FortSanders PerinatalCenter
Covenant Health  FortSanders RegionalMedical Center
Covenant Health  FortSanders West
Covenant Health  FortSanders WestOutpatient Surgery
Covenant Health Healthworks-MMC |  | Covenant Health Knoxville Heart Group
Covenant Health  LeConte Medical Center
Covenant Health  Methodist Medical Center
Covenant Health  Morristown-Hamblen Health System
Covenant Health  Parkwest Medical Center
Covenant Health  Thompson Cancer Survival Center
Covenant Health  Thompson Oncology Group
Coventry Health Care, Inc.
Coventry Health Care, Inc.  Altius Health Plan, Inc.
Coventry Health Care, Inc.  CHC of Delaware, Inc.
Coventry Health Care, Inc.  CHC of Georgia, Inc.
Coventry Health Care, Inc.  CHC of Kansas, Inc.
Coventry Health Care, Inc.  CHC of Louisiana, Inc.
Coventry Health Care, Inc.  CHC Workers Compensation
Coventry Health Care, Inc.  Florida Health Plan Admin LLC
Coventry Health Care, Inc.  GDS, Inc.
Coventry Health Care, Inc.  Government
Coventry Health Care, Inc.  Group Health Plan, Inc.
Coventry Health Care, Inc.  HealthAmerica Pennsylvania, Inc.
Coventry Health Care, Inc.  MHNet Specialty Services, LLC |  | Coventry Health Care, Inc.  Midlands(Iowa/Nebraska)
Coventry Health Care, Inc.  PersonalCare
Coventry Health Care, Inc.  Preferred Health Systems
Coventry Health Care, Inc.  Southern Health Services-Carelink
Coventry Health Care, Inc.  WellPath Select, Inc.
Cox Enterprises, Inc. Cox Enterprises, Inc.  AutoTrader.com Cox Enterprises, Inc.  Cox
Broadcasting Cox Enterprises, Inc.  Cox Media Group
Cox Enterprises, Inc.  Cox Newspapers, Atlanta Journal Constitution
Cox Enterprises, Inc.  Cox Newspapers, Austin Newspaper
Cox Enterprises, Inc.  Cox Newspapers, Palm Beach Newspapers
Cox Enterprises, Inc.  Cox Radio, Inc.
Cox Enterprises, Inc.  Cox Search, Kudzu
Cox Enterprises, Inc.  Cox Target Media
Cox Enterprises, Inc.  Manheim
Cracker Barrel Old Country Store, Inc.
Crayola LLC Creamy Creation LLC Credit Acceptance Corporation
Credit Suisse AG Crocs, Inc. Crowe Horwath LLP
Crowley Maritime Corporation
Crowley Maritime Corporation  Crowley Liner Services, Inc., Latin America |  | Crowley Maritime Corporation  Crowley Liner Services, Inc., Puerto Rico & Caribbean
Crowley Maritime Corporation  Crowley Logistics, Inc.
Crowley Maritime Corporation  Petroleum Distribution & Contract Services
Crowley Maritime Corporation  Petroleum Services
Crowley Maritime Corporation  Technical Services
Crown Castle International Corporation
Crum & Forster CSA International CSL International, Inc.
Cubic Corporation Cubic Corporation  Cubic Applications, Inc. Cubic Corporation 
Cubic Defense Applications, Inc. Cubic Corporation  Cubic Defense Applications, Inc., Simulation Systems
Division Cubic Corporation  Cubic Global Tracking Solutions, Inc.
Cubic Corporation  Cubic Security Systems, Inc.
Cubic Corporation  Cubic Transportation Systems, Inc.
Cummins, Inc. Cummins, Inc.  Components Cummins, Inc.  Distribution
Business Cummins, Inc.  Engine Business
Cummins, Inc.  Power Generation
CUNA Mutual Group Curtiss-Wright Corporation



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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Curtiss-WrightCorporation Curtiss-WrightControls, Inc.
Curtiss-WrightCorporation Curtiss-WrightControls, Inc.,Embedded Computing Systems,
ModularSolutions Curtiss-WrightCorporation Curtiss-WrightControls, Inc.,Engineered
Systems Curtiss-WrightCorporation Curtiss-Wright FlowControl Corporation
Curtiss-WrightCorporation Curtiss-Wright FlowControl Corporation,Oil & Gas Systems
Curtiss-WrightCorporation  Metal
CVS Caremark Daiichi Sankyo, Inc. Dairy Management, Inc.
Dairy Management, Inc. U.S. Dairy Export Council
Dallas Central AppraisalDistrict
Danaher Motion Danfoss US Danfoss US SeaRecovery
Darden Restaurants, Inc. Darden Restaurants, Inc. Bahama Breeze Darden Restaurants, Inc.
Capital Grill Darden Restaurants, Inc. Eddie Vs
Darden Restaurants, Inc. LongHorn
Darden Restaurants, Inc. Olive Garden
Darden Restaurants, Inc. Red Lobster
Darden Restaurants, Inc. Seasons 52
Darden Restaurants, Inc. Specialty Group |  | Dassault Falcon Jet Corporation
Dawn Food Products Day & Zimmermann Group, Inc. Day & Zimmermann Group, Inc.
American Ordnance Day & Zimmermann Group, Inc.  Day & Zimmermann Engineering &
Construction Services Day & Zimmermann Group, Inc.  Day & Zimmermann Engineering,
Construction and Maintenance Day & Zimmermann Group, Inc.  Day & Zimmermann Government
Services Day & Zimmermann Group, Inc.  Day & ZimmermannMunitions andDefense,
Kansas Day & Zimmermann Group, Inc.  Day & ZimmermannMunitions andDefense, Lone
Star Day & Zimmermann Group, Inc.  Day & Zimmermann NPS
Day & Zimmermann Group, Inc.  Day & Zimmermann Security Services
Day & Zimmermann Group, Inc.  Day & Zimmermann SOC
Day & Zimmermann Group, Inc.  H. L.Yoh Company
Day & Zimmermann Group, Inc.  Mason & Hanger
Daymar Colleges Group Daymar Learningof Ohio, Inc
Daymar Colleges Group Daymar Learning of Paducah, Inc |  | Daymar Colleges Group  Daymar Learning, Inc
Daymar Colleges Group  Draughons Junior College, Inc
Daymar Colleges Group, LLC DBP Holdings Corp. DCI Marketing
Dean Foods Company Dean Foods Company  Dairy Dean Foods Company  Morningstar
Foods Dean Foods Company  WhiteWave Foods
Deckers Outdoor Corporation
Deckers Outdoor Corporation  E-Commerce
Deckers Outdoor Corporation  Other Brands
Deckers Outdoor Corporation  Retail Stores
Deckers Outdoor Corporation  Sanuk
Deckers Outdoor Corporation  Teva & Simple
Deckers Outdoor Corporation  Ugg
Deere & Company Deere & Company  John Deere Credit Del Monte
Foods Company Del Monte Foods Company  Consumer Products
Del Monte Foods Company  Pet Products
DeLaval Inc. Delhaize America Delhaize America  Bottom Dollar Foods
Delhaize America  Food Lion
Delhaize America  Hannaford
Delhaize America  Harveys Supermarket |  | Delhaize America  Sweetbay
Deloitte Services LP DeLorme Publishing Co., Inc. Denso Manufacturing Tennessee, Inc.
Denver Health & Hospital Authority
Denver Public Schools DePaul University Devon Energy
DeVry, Inc. Dex One Corporation DHL Express  USA
DHL Regional Services, Inc.
Dicks Sporting Goods Diebold, Incorporated Digital Generation, Inc.
DineEquity, Inc. DineEquity, Inc.  Applebees DineEquity, Inc. 
IHOP Direct Supply, Inc.
Direct Supply, Inc.  Aptura
Direct Supply, Inc.  DSSI
Direct Supply, Inc.  Equipment & Furnishings
Direct Supply, Inc.  Services & Solutions
Direct Supply, Inc.  The Equipment Lifecycle System
Discovery Communications DISH Network Corp. Diversey Inc.
DLA Piper US, LLP DnB NOR Bank Dockwise USA
Dockwise USA  ODL Dockwise USA  OKI Doherty Employment Group
Dole Food Company, Inc. Dollar General Corporation Dollar Tree, Inc.
Dominion Resources, Inc. Dominion Resources, Inc.  Dominion Energy |  | Dominion Resources, Inc.  Dominion Generation
Dominion Resources, Inc.  Dominion Virginia Power
Dominos Pizza, Inc. Domtar Corporation Doosan Infracore International, Inc.
Dorsey & Whitney LLP Dover Corporation Dover Corporation  Dover Communication
Technologies Dover Corporation  Dover Energy
Dover Corporation  Dover Engineered Systems
Dover Corporation  Dover Printing & Identification
Dr. Pepper Snapple Group
Drexel University DRS Technologies DRS Technologies  C3 & Aviation
DRS Technologies  Power and EnvironmentalSystems
DRS Technologies  Reconnaissance, Surveillance andTarget Acquisition (RSTA)
DRS Technologies  Tactical Systems
Drummond Company, Inc.
DSC Logistics DSI Underground Systems, Inc. DST Systems, Inc.
DST Systems, Inc.  Argus HealthSystems, Inc.
DST Systems, Inc.  DST Health Solutions
DST Systems, Inc.  DST Output, LLC
DST Systems, Inc.  MC Realty Group
Duke Energy Corporation



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##### Table of Contents

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Duke Energy Corporation Carolinas
Duke Energy Corporation Indiana
Duke Energy Corporation Ohio/Kentucky
Duke University HealthSystem
Dun & BradstreetCorporation
Dunkin Brands, Inc. Duquesne Light Holdings,Inc. DxID, LLC
Dynegy, Inc. DYWIDAG-Systems International USA Inc. Early Warning Services
Ecolab ECONET, Inc. ECONET, Inc. Aloecorp, Inc.
ECONET, Inc.  Unigen,Inc.
ECONET, Inc.  Univera,Inc.
ED&F Man Holdings, Inc. ED&F ManDerivatives AdvisorsInc
ED&F Man Holdings, Inc. ED&F Man Sugar,Inc.
ED&F Man Holdings, Inc.  Molasses LiquidProducts Corp USA
ED&F Man Holdings, Inc. Volcafe SpecialtyCoffee LLC
Edison Mission Energy Education Management Corporation Edward Hospital & Health
Services Edward Jones
Edwards Lifesciences, LLC El Paso Corporation Electric Reliability Councilof Texas, Inc.
(ERCOT,Inc.) Elevations Credit Union
Elizabeth Arden, Inc. Elkay ManufacturingCompany Elsevier
EMCOR Group, Inc. EMD Serono |  | Emdeon Corporation
Emory University Employers MutualCasualty Company Energen Corporation
Energen Corporation  Alabama Gas Corporation
Energen Corporation  Energen Resources Corporation
Energy Future Holdings Corporation
Energy Future Holdings Corporation  Luminant
Energy Future Holdings Corporation  TXU Energy
EnergySolutions EnergySolutions  Commercial Services Group EnergySolutions 
Government Customer Group EnPro Industries, Inc.
EnPro Industries, Inc. CPI
EnPro Industries, Inc.  Fairbanks MorseEngine
EnPro Industries, Inc.  Garlock Sealing Technologies
EnPro Industries, Inc.  GGB Bearing Technology
EnPro Industries, Inc.  Stemco
EnPro Industries, Inc.  Technetics
ENSCO International, Inc. ENSCO International, Inc.  North & South America Business Unit
Enterprise ProductsPartners L.P.
EOG Resources, Inc. Epson America, Inc. Equity Residential
Erickson Living Erickson Living  Anns Choice Erickson Living  Ashby
Ponds |  | Erickson Living  Brooksby Village
Erickson Living  Cedar Crest
Erickson Living  Charlestown
Erickson Living  Eagles Trace
Erickson Living  Fox Run
Erickson Living  Greenspring
Erickson Living  Highland Springs
Erickson Living  Linden Ponds
Erickson Living  Maris Grove
Erickson Living  Oak Crest
Erickson Living  Riderwood
Erickson Living  Sedgebrook
Erickson Living  Tallgrass Creek
Erickson Living  Wind Crest
Erie Insurance Group Ernst & Young, LLP Essentia Health
Essentia Health  Brainerd Medical Center
Essentia Health  Duluth Clinic
Essentia Health  Essentia Institute of Rural Health
Essentia Health  Innovis Health
Essentia Health  Midwest Medical Equipment & Supply
Essentia Health  Northern Pines Medical Center
Essentia Health  Pine Medical Center
Essentia Health  Polinsky Medical Rehab Center
Essentia Health  St Marys Hospital of Superior |  | Essentia Health  St. Josephs Medical Center
Essentia Health  St. Marys Medical Center
Essilor of America Estee Lauder Companies, Inc. Esurance Insurance Services, Inc.
Exel, a DP-DHL Company Exel, a DP-DHL Company  Automotive, Engineer, Manufacturing, Chemical & Energy (AEMCE) Sector Exel, a DP-DHL Company  CRH Exel, a DP-DHL Company  Exel
Direct Exel, a DP-DHL Company  Power Packaging
Exel, a DP-DHL Company  Retail Sector
Exel, a DP-DHL Company  TASL Sector
Exelis Inc. Exelis Inc.  Exelis Electronic Systems Exelis Inc.  Exelis
Electronic Systems: Communications Systems Division Exelis Inc.  Exelis Electronic Systems: Electronic
Attack Division Exelis Inc.  Exelis Electronic Systems: Integrated Electronic Warfare Systems
Division Exelis Inc.  Exelis Electronic Systems: Integrated Structures Division
Exelis Inc.  Exelis Electronic Systems: Radar SystemsDivision
Exelis Inc.  Exelis Geospatial Systems: ISR Division
Exelis Inc.  Exelis Geospatial Systems: Night Vision Division |  | Exelis Inc.  Exelis Geospatial Systems: PNT Division
Exelis Inc.  Exelis Geospatial Systems: VIS Division
Exelis Inc.  Exelis Information Systems
Exelis Inc.  Exelis Information Systems: Advanced Information Systems Division
Exelis Inc.  Exelis Information Systems: Air Traffic Management Division
Exelis Inc.  Exelis Information Systems: Air Transportation Systems Division
Exelis Inc.  Exelis Information Systems: Network Systems Division
Exelis Inc.  Exelis Mission Systems Afghan Programs Division
Exelis Inc.  Exelis Mission Systems: Americas Programs Division
Exelis Inc.  Exelis Mission Systems: Middle East Programs Division
Exelis Inc.  Exelis Mission Systems: Space Ground & Range Systems Division
Exelis Inc.  Exelis Mission Systems: TAC Division
Exelis Inc.  Geospatial Systems
Exelis Inc.- Exelis Mission Systems
Exelis Information Systems Exelis Mission Systems Exelon Corporation
Exempla Healthcare, Inc. Exeter Hospital Express Scripts, Inc.
Exterran Faegre Baker Daniels



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##### Table of Contents

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|FairPointCommunications
Fairview Health Services Fairview Health Services Southwest CareSystem
Faithful+Gould Farm Credit Bank ofTexas Farm Credit of NewMexico
Farm Credit West Farmland Foods, Inc. FBL Financial Group, Inc.
FCCI Services Inc. Federal Home Loan Bankof Atlanta Federal Home Loan Bankof
Pittsburgh Federal Reserve Bank ofAtlanta
Federal Reserve Bank ofBoston
Federal Reserve Bank of Chicago
Federal Reserve Bank of Cleveland
Federal Reserve Bank ofDallas
Federal Reserve Bank of Minneapolis
Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Richmond
Federal Reserve Bank ofSan Francisco
Federal Reserve Bank ofSt. Louis
Federal ReserveInformationTechnology
Federal-MogulCorporation
Federal-MogulCorporation Aftermarket
Federal-MogulCorporation Athens
Federal-MogulCorporation Blacksburg
Federal-MogulCorporation Burlington |  | Federal-MogulCorporation  Frankfort
Federal-MogulCorporation  Lake City
Federal-MogulCorporation  Manitowoc
Federal-MogulCorporation  Powertrain Energy
Federal-MogulCorporation  Skokie Manufacturing Plant
Federal-MogulCorporation  Van Wert
Federal-MogulCorporation Vehicle Safety andProtection Group
Federated Investors FedEx Corporation FedEx Express
FedEx Freight System FedEx Office FedEx Services
FedEx SupplyChain Fennemore Craig, P.C. Fenwick & West, LLP
Ferguson Enterprises, Inc. Fermi NationalAcceleratorLaboratory Ferrellgas
Ferrovial Festo US Fidelis Care of New York
Fidelity National Information Services
Fifth Third Bancorp FINRA Firemans Fund Insurance Company
First AmericanCorporation
First AmericanCorporation  First American Trust
First Commonwealth Financial Corporation
First Commonwealth Financial Corporation FirstCommonwealth Bank
First Data Corporation |  | First Financial Bank
First Interstate BancSystem, Inc.
First Midwest Bank, Inc. First National Bank of Omaha First-Citizens Bank &
Trust Company FirstEnergy Corporation
FirstEnergy Corporation  FES
FirstEnergy Corporation  FirstEnergyGeneration Corp.
FirstEnergy Corporation  Jersey Central Power & Light (JCP&L)
FirstEnergy Corporation  Metropolitan Edison (MET-ED)
FirstEnergy Corporation  Monongahela Power Company (Mon Power)
FirstEnergy Corporation  Nuclear Generation Corp. (FENOC)
FirstEnergy Corporation  Ohio Edison
FirstEnergy Corporation  Pennsylvania Electric Co. (PENELEC)
FirstEnergy Corporation  Pennsylvania Power (Penn Power)
FirstEnergy Corporation  Potomac Edison Company
FirstEnergy Corporation  The Cleveland Electric Illuminating Company
FirstEnergy Corporation  Toledo Edison
FirstEnergy Corporation  West Penn Power Company
FirstGroup America Fiskars Brands, Inc. Fives North American Combustion, Inc.
Fives, Inc. Fletcher Allen Health Care Florida Hospital |  | Florida Hospital at Connerton Long Term Acute Care
Florida Hospital Carrollwood
Florida Hospital Tampa Fluor Corporation Fluor Corporation  Energy & Chemicals
Fluor Corporation  Fluor Government Group
Fluor Corporation  Global Services
Fluor Corporation  Industrial & Infrastructure
Fluor Corporation  Power
FMR, LLC Follett Corporation Follett Corporation  Follett Educational
Services Follett Corporation  Follett Higher Education Group
Follett Corporation  Follett International
Follett Corporation  Follett Library Resources
Follett Corporation  Follett Software Company
Foot Locker, Inc. Forest City Enterprises Fortune Brands Home & Security, Inc.
Fortune Brands Home & Security, Inc.  MasterBrandCabinets, Inc.
Fox Networks Group Fox Networks Group  Big Ten Network Fox Networks Group  Fox
Broadcasting Fox Networks Group  Fox College Sports
Fox Networks Group  Fox Movie Channel
Fox Networks Group  Fox Soccer Channel
Fox Networks Group  Fox Sports enEspanol |  | Fox Networks Group  Fox Sports Net Regional Sports Network
Fox Networks Group  FUEL TV
Fox Networks Group  FX
Fox Networks Group  National Geographic Channel
Fox Networks Group  SPEED
Fred Hutchinson Cancer Research Center
Freedom Communications, Inc.
Freeman Companies Freeman Companies  Alford Media Freeman Companies  Freeman
AV Freeman Companies  Freeman Electrical
Freeman Companies  Freeman Expo Hall
Freeman Companies  Stage Rigging
Fremont Group Fresenius Medical Care NA Friedkin Companies, Inc.
Friedkin Companies, Inc.  Alaplex AutoTransport, LLC
Friedkin Companies, Inc.  Friedkin Aviation, Inc.
Friedkin Companies, Inc.  Gulf States Administrator, Inc
Friedkin Companies, Inc.  Gulf States Financial Services
Friedkin Companies, Inc.  Gulf States Marketing, Inc.
Friedkin Companies, Inc.  Gulf States Toyota
Friedkin Companies, Inc.  Gulf States Toyota, Transport Systems, LLC
Friedkin Companies, Inc.  Open Road Rent a Car
FrieslandCampina DMV



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##### Table of Contents

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|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|FrieslandCampina USA LP
Froedtert & CommunityHealth
Froedtert & CommunityHealth  Community Memorial Hospital
Froedtert & CommunityHealth  Froedtert Memorial LutheranHospital
Froedtert & CommunityHealth  St Josephs Hospital
F-Secure, Inc. NorthAmerica
Fulton FinancialCorporation
G&K Services, Inc. Gambro, Inc. Gamfi AGL US
Gardner Denver Gardner Denver  Air-Relief, Inc. Gardner Denver 
Best-Aire LLC Gardner Denver  Emco Wheaton
Gardner Denver Gardner Denver Water Jetting
Gardner Denver  Nash Division
Gardner Denver Oberdorfer Pumps
Gardner Denver  TCMInvestments, Inc.
Gardner Denver Thomas Division
Gartner, Inc. Gate Gourmet, Inc. Gateway TicketingSystems, Inc.
GATX Corporation Gazette Communications GCI CommunicationCorp.
GEICO Geisinger Health System Geisinger Health System Geisinger
HealthPlan Geisinger Health System GeisingerWyoming ValleyMedical Center
GELITA USA GENCO |  | GENCO  GTL
GenCorp, Inc. GenCorp, Inc.  Aerojet General Corporation GenCorp, Inc.  Easton
DevelopmentCompany LLC General Cigar Company
General Dynamics Corporation General Dynamics InformationTechnology (GDIT)
General Dynamics Corporation General Dynamics InformationTechnology (GDIT), Army Solutions
General Dynamics Corporation General Dynamics InformationTechnology (GDIT),Civil &
HomelandSecurity General Dynamics Corporation General Dynamics InformationTechnology (GDIT),
Intelligence Solutions General Dynamics Corporation General Dynamics InformationTechnology (GDIT),
Navy & Air Force Systems General Kinematics
General Mills, Inc. General Motors General Nutrition, Inc.
General Nutrition, Inc.  Anderson
General Nutrition, Inc.  Leetsdale
General Nutrition, Inc.  Phoenix
General Parts International, Inc.
Generali USA Life ReassuranceCompany
GenOn Energy Gentiva Health Services Genuine Parts
Genworth Financial |  | Geodis Supply Chain Optimisation
George Washington University
Georgia Health Sciences Medical Center
Georgia Institute of Technology
GeoVera Holdings, Inc. Getinge Sourcing LLC Giant Eagle, Inc.
Giesecke & Devrient US Giesecke & Devrient US  Executive Corporate
GKN America Corporation
GKN America Corporation  GKN Aerospace
GKN America Corporation  GKN Aerospace North America, Inc.
GKN America Corporation  GKN Aerospace, Chemtronics, Inc.
GKN America Corporation  GKN Aerospace, Integrated Aerostructures
GKN America Corporation  GKN Aerospace, TransparencySystems, Inc.
GKN America Corporation  GKN Driveline
GKN America Corporation  GKN Driveline North America, Inc.
GKN America Corporation  GKN Land Systems
GKN America Corporation  GKN Land Systems Power Management Division
GKN America Corporation  GKN Sinter Metals, Inc. |  | GKN America Corporation  GKN Sinter Metals, Inc., GKN Sinter Metals North America
LLC GKN America Corporation  Hoeganaes Corporation
Glatfelter Global Payments, Inc. GOJO Industries, Inc.
Golden Horizons LLC Golden Horizons LLC  AEDON Staffing Golden Horizons LLC  Golden
Innovations Golden Horizons LLC  Golden Innovations, AEGIS
Golden Horizons LLC  Golden Innovations, Asera Care LLC
Golden Horizons LLC  Golden Living LLC
Golub Corporation Goodmans Interior Structures Goodrich Corporation
Goodrich Corporation  Actuation and Landing System
Goodrich Corporation  Electronic Systems
Goodrich Corporation  Nacelles and Interior Systems
Goodwill Industries, Omaha Graco Inc. Grady Health System
Grange Mutual Casualty Company
Grant Thornton LLP Great Lakes Educational Loan Services, Inc. Greater Orlando Aviation
Authority Great-West Life & Annuity
Green Mountain Coffee Roasters, Inc
Green Mountain Coffee Roasters, Inc  Keurig Business Unit |  | Green Mountain Coffee Roasters, Inc  Specialty Coffee Business Unit
Greenheck Fan Corporation GreenStone Farm Credit Services Greif, Inc.
Greif, Inc.  CorrChoice
Greyhound Lines, Inc Grinnell Mutual ReinsuranceCompany
Group Health Cooperative
GROWMARK, Inc. Grundfos Pumps Corporation Guess?, Inc.
H&R Block, Inc. H. J. Heinz Company H. J. Heinz Company  Heinz North America
Haldex, Inc. Halliburton Company Hancock Holding Company
Hancock Holding Company  Hancock Bank of Louisiana
Hancock Holding Company  Hancock Bank of Mississippi
Hancock Holding Company  Hancock Insurance Agency
Hancock Holding Company  Harrison Finance Company
Hanesbrands, Inc. HarbourVest Partners,LLC Harden Healthcare
Harlan Laboratories, Inc. Harley-Davidson, Inc. Harris Associates L.P.
Harris County Auditors Office
Harris County Hospital District
Harris Teeter, Inc. Harsco Corporation
Harsco Corporation  Air-X-Changers
Harsco Corporation  IKG Industries



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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Harsco Corporation  Infrastructure
Harsco Corporation Metals
Harsco Corporation  Minerals
Harsco Corporation  Patterson-Kelley
Harsco Corporation Rail
Hartford HealthCare Harvard Pilgrim HealthCare Harvard University
Harvard Vanguard Medical Associates
Hasbro, Inc. Hastings Mutual Insurance Company Hatch AssociatesConsultants
Inc. Hawaii Pacific Health
Hawaiian ElectricCompany
HBM Inc. HCA HD Supply, Inc.
Health Care Service Corporation
Health Care Service Corporation  BlueCross BlueShieldof Illinois
Health Care Service Corporation  BlueCross BlueShieldof New Mexico
Health Care Service Corporation BlueCross BlueShieldof Texas
Health First, Inc. Health Net, Inc. Health Net, Inc. Health Net
FederalServices Health Net, Inc. Health Net of Arizona
Health Net, Inc. Health Net ofCalifornia
Health Net, Inc. Health Net of Oregon
Health Net, Inc. Health Net of theNortheast |  | Health Net, Inc. Health Net PharmaceuticalServices
Health Net, Inc.  Managed Health Network
Health Net, Inc.  MHN Government Services
HealthEast Care System HealthNow New York,Inc. HealthPartners
HealthSpring, Inc. HealthSpring, Inc.  Gulfquest HealthSpring, Inc.  HealthSpring
ofFlorida HealthSpring, Inc.  NewQuest
Heartland RegionalMedical Center
H-E-B Heidrick & Struggles International, Inc. Hella Corporate CenterUSA
Inc. (HCCU) Hella Inc.
Hella Inc.  Hella ElectronicsCorporation (HEC)
Helmerich & Payne, Inc.
Hempel (USA), Inc. Hendrick Medical Center Henkel Corporation
Henkel Corporation  Consumer Goods
Henniges Automotive Henry Ford HealthSystem Henry Ford HealthSystem  Henry Ford
Hospital Henry Ford HealthSystem  Macomb Hospital, Clinton Township
Henry Ford HealthSystem  Macomb Hospital, Warren Campus
Henry Ford HealthSystem  West Bloomfield Hospital |  | Henry Ford Health System  Wyandotte Hospital
Herbalife Ltd. Herman Miller, Inc. Highlights for Children
Highlights for Children  Staff Development for Educators (SDE)
Highlights for Children  Zaner-Bloser
Highmark Highmark  Gateway Health Plan Highmark  Insurance
Group Highmark  UCCI
Highmark  WVA HighMount Exploration & Production LLC Hilton Worldwide
Corporation Hines Interests, LLP
HNI Corporation HNI Corporation  Allsteel HNI Corporation  Gunlocke
HNI Corporation  HBF HNI Corporation  Hearth & Home Technologies HNI
Corporation  HNI International HNI Corporation  HON Company
HNI Corporation  Paoli
HNTB Companies HNTB Companies  Central HNTB Companies  Federal
Services HNTB Companies  Great Lakes
HNTB Companies  Infrastructure
HNTB Companies  Northeast
HNTB Companies  Southeast
HNTB Companies  West
Hoag Hospital Holland America Line HollyFrontier Corporation
Holy Spirit Hospital Home Box Office |  | Honda of America Mfg., Inc.
Horizon Blue Cross Blue Shield of New Jersey
Hormel Foods Corporation
Hormel Foods Corporation  Affiliated BUs
Hormel Foods Corporation  Farmer John
Hormel Foods Corporation  Foodservice
Hormel Foods Corporation  Grocery Products
Hormel Foods Corporation  Hormel Foods International Corporation
Hormel Foods Corporation  Jennie-O Turkey Store
Hormel Foods Corporation  Refrigerated Foods
Hormel Foods Corporation  Specialty Foods
Hospital Sisters Health System
Hostess Brands, Inc. Hot Topic, Inc. Houghton Mifflin Company
Hoya Surgical Optics  Americas
HRN Performance Solutions Hu-Friedy Manufacturing Company, Inc. Humana, Inc.
Hunt Consolidated Hunt Consolidated  Hunt Oil Company
Hunt Consolidated  Hunt Realty
Hunter Douglas Inc. Hunter Industries Huntington Bancshares Incorporated
Hunton & Williams, LLP Huron Consulting Group Husky Injection Molding Systems Ltd. 
US Hyatt Hotels Corporation
Hypertherm |  | Hyundai Information Service North America
Hyundai Motor America ICL ICL Industrial Products
Idaho Power Company IDEXX Laboratories IKEA Distribution Services, Inc
Illinois Tool Works IMC, Inc. IMG Worldwide
IMG Worldwide  IMG Clients
IMG Worldwide  IMG College
IMG Worldwide  IMG Consulting
IMG Worldwide  IMG Fashion Events
IMG Worldwide  IMG Media
IMG Worldwide  IMG Sports & Entertainment
IMS Health IMS Health  Global Pharma Solutions IMS Health  Healthcare Value
Solutions IMS Health  Management Consulting
IMS Health  United States
Independence Blue Cross Independence Blue Cross  AmeriHealth Administrators Independence Blue
Cross  AmeriHealth New Jersey Independence Blue Cross  CompServices Inc.
Independent Health Association, Inc.
Indiana Farm Bureau Insurance
Indiana University ING North America Insurance Corporation  US Financial Services



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|PotashCorp 2014 Management Proxy Circular |  | G-12



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##### Table of Contents

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|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ingersoll-Rand CompanyLimited
Ingersoll-Rand CompanyLimited  ClimateSolutions
Ingersoll-Rand CompanyLimited  ResidentialSystems
Ingram Industries, Inc. Ingram Micro, Inc. Ingram Micro, Inc. Latin America
Ingram Micro, Inc. North America
Inova Health System Insight Insperity
Institute of NuclearPower Operations
Intelsat Corporation Intelsat GeneralCorporation InterContinental HotelsGroup
Americas Intermountain HealthCare, Inc.
Intermountain HealthCare, Inc.  AltaView Hospital
Intermountain HealthCare, Inc. American ForkHospital
Intermountain HealthCare, Inc.  DixieRegional MedicalCenter
Intermountain HealthCare, Inc.  HomeCare Services
Intermountain HealthCare, Inc. IntermountainMedical Center
Intermountain HealthCare, Inc.  LDSHospital
Intermountain HealthCare, Inc.  LoganRegional Hospital
Intermountain HealthCare, Inc.  McKay-Dee Hospital
Intermountain HealthCare, Inc.  MedicalGroup |  | Intermountain HealthCare, Inc.  Park CityMedical Center
Intermountain HealthCare, Inc.  PrimaryChildrens Hospital
Intermountain HealthCare, Inc. SelectHealth
Intermountain HealthCare, Inc. Southwest Regional Cancer Clinic
Intermountain HealthCare, Inc.  UrbanCentral Region
Intermountain HealthCare, Inc.  UrbanNorth Region
Intermountain HealthCare, Inc.  UrbanSouth Region
Intermountain HealthCare, Inc.  UtahValley RegionalMedical Center
International ImagingMaterials, Inc.
International PaperCompany
Interpublic Group ofCompanies
Intrepid Potash, Inc. Invesco Ltd. Investment CompanyInstitute
IPA IPG GIS US Iron MountainIncorporated
Iron MountainIncorporated  NorthAmerica
Itochu International, Inc.North America
J. C. Penney Company,Inc.
J. Paul Getty Trust J.R. Simplot Company J.R. Simplot Company Agribusiness
Group J.R. Simplot Company Food Group
J.R. Simplot Company Land & Livestock
Jabil Circuit, Inc. |  | Jackson National LifeInsurance Company
Jacobs EngineeringGroup, Inc.
Jacobs EngineeringGroup, Inc.  EasternRegion
Jacobs EngineeringGroup, Inc.  GBNA
Jacobs EngineeringGroup, Inc.  GlobalConstruction Services
Jacobs EngineeringGroup, Inc.  JacobsNorthern Region
Jacobs EngineeringGroup, Inc.  NAIEast
Jacobs EngineeringGroup, Inc. Western Region
James City CountyGovernment
James Hardie Industries,SE
James Hardie Industries,SE  James HardieBuilding Products
James Hardie Industries,SE  James HardieBuilding Products,Building Products USA
James Hardie Industries,SE  James HardieBuilding Products,Research &Development USA
Jefferson County PublicSchools
JetBlue Airways JM Family Enterprises Jo-Ann Fabric & CraftStores Inc.
Jockey International, Inc. John B. Sanfilippo & Son,Inc. John Hancock FinancialServices,
Inc. John Wiley & Sons, Inc.
Johns HopkinsHealthCare, LLC
Johns Manville Johnson Controls, Inc. Johnson Financial Group
Johnsonville Sausage,LLC
Jones Lang LaSalle |  | Jones Lang LaSalle Americas
JorgensenHR Jostens, Inc. Jostens, Inc.  MemoryBook Division
Jostens, Inc. Scholastic/Grad Prod/College/JewelryDivision
Joy Mining Machinery JPS Health Network Judicial Council ofCalifornia
Just Energy Corp. Kaman IndustrialTechnologies Kansas City SouthernRailway
Kao Brands Company Kao Specialties AmericasLLC KAR Auction Services,Inc.
KAR Auction Services,Inc.  ADESA
KAR Auction Services,Inc.  AutomobileFinance Corporation
KAR Auction Services,Inc.  AutoVIN
KAR Auction Services,Inc. Insurance AutoAuctions
KAR Auction Services,Inc.  PAR NorthAmerica
KBR, Inc. KBR, Inc.  Allstates KBR, Inc.  Downstream
KBR, Inc.  GasMonetization
KBR, Inc. Hydrocarbons
KBR, Inc. Infrastructure
KBR, Inc. Infrastructure,Government & Power
KBR, Inc.  NorthAmerican Governmentand Logistics
KBR, Inc.  Power &Industrial
KBR, Inc.  Services KBR, Inc.  Technology |  | KBR, Inc.  Upstream,Oil & Gas
KBR, Inc.  Ventures Kellogg Company Kellogg Company Frozen Foods
Kellogg Company International
Kellogg Company Kashi
Kellogg Company Morning Foods
Kellogg Company North America
Kellogg Company Specialty Channels
Kellogg Company  US Kelly Services Inc. Kelsey-Seybold Clinic
Kemper Home ServiceCompanies
Kemper Preferred Kennametal Inc. Kent State University
Kewaunee ScientificCorporation
KeyCorp Keystone Foods, LLC Keystone Foods, LLC USA Proteins
Kforce Inc. Kimberly-ClarkCorporation
Kimberly-ClarkCorporation  HealthCare
Kimberly-ClarkCorporation  K-CProfessionals
Kindred Healthcare, Inc. Kindred Healthcare, Inc. Home Health/Hospice Kindred
Healthcare, Inc. Hospital Division Kindred Healthcare, Inc. Nursing
CenterDivision Kindred Healthcare, Inc. RehabCare Division
Kiwanis International,Inc.
Knowledge LearningCorporation
Knowledge LearningCorporation Champions



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|G-13 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

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|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Knowledge LearningCorporation Childrens CreativeLearning Centers
Knowledge LearningCorporation KinderCare LearningCenters
Knoxville Utilities Board Kohler Company Kohler Company  AnnSacks
Kohler Company Baker
Kohler Company Engines
Kohler Company Global Faucets
Kohler Company Global Power Group
Kohler Company Hospitality & RealEstate Group
Kohler Company Interiors Group
Kohler Company Kallista
Kohler Company Kitchen & Bath
Kohler Company Kohler Rental Power
Kohler Company  MarkDavid
Kohler Company McGuire FurnitureCompany
Kohler Company Plumbing Americas
Kohler Company Power SystemsBusiness
Kohler Company Robern
Kohls Corporation Kone, Inc. Kuehne + Nagel  NorthAmerica
Kuehne + Nagel  US KULICKE & SOFFAINDUSTRIES, INC. L.L.Bean, Inc.
Laboratory Corporationof America
Lakeland RegionalMedical Center
Lancaster General Land OLakes, Inc. |  | Land OLakes, Inc. Dairy Food Division
Land OLakes, Inc. Feed Division
Land OLakes, Inc. WinField Solutions
Latham & Watkins LLP Laureate Education, Inc. Laureate Education, Inc. Canter
&Associates, Inc Laureate Education, Inc. College of SantaFe
Laureate Education, Inc. Kendall College
Laureate Education, Inc. National HispanicUniversity
Laureate Education, Inc. New School ofArchitecture andDesign
Laureate Education, Inc. Walden University
Lawson Products, Inc. Legacy Health Legal & General America,Inc.
Leggett & Platt,Incorporated
Leggett & Platt,Incorporated  AsiaAutomotive
Leggett & Platt,Incorporated Bedding Group
Leggett & Platt,Incorporated Commercial Fixturing& ComponentsSegment
Leggett & Platt,Incorporated Commercial VehicleProducts Group
Leggett & Platt,Incorporated Consumer ProductsGroup
Leggett & Platt,Incorporated Hanes Industries
Leggett & Platt,Incorporated Home FurnitureComponents Group |  | Leggett & Platt,Incorporated Industrial MaterialsSegment
Leggett & Platt,Incorporated  OfficeFurn Components
Leggett & Platt,Incorporated Residential FurnishingsSegment
Leggett & Platt,Incorporated Specialized ProductsSegment
Leggett & Platt,Incorporated Tubing & Fabrication
Leggett & Platt,Incorporated  WireDivision
LEGO Brand Retail, Inc. LEGO Systems, Inc. Leica Geosystems
Lend Lease Lend Lease  Atlanta Lend Lease  Charlotte
Lend Lease  Chicago Lend Lease  LosAngeles Lend Lease  Nashville
Lend Lease  New York Leo Burnett USA Leupold & Stevens, Inc.
Level 3 Communications LexisNexis Group  USCorporate and FederalMarkets
LG&E and KU Energy LLC Lhoist North America Liberty Mutual Group
Liberty Mutual Group Agency Corporation
Liberty Mutual Group Commercial Markets
Liberty Mutual Group Liberty International
Liberty Mutual Group Personal Markets
Lieberman ResearchWorldwide
Lifetime HealthcareCompanies, Inc.
Lifetime HealthcareCompanies, Inc. Excellus BlueCrossBlueShield |  | Lifetime HealthcareCompanies, Inc. Lifetime Care
Lifetime HealthcareCompanies, Inc. MedAmerica
Lifetouch, Inc. Lifetouch, Inc. Lifetouch ChurchDirectories (LCD) Lifetouch,
Inc. Lifetouch NationalSchool Studios(LNSS) Lifetouch, Inc. Lifetouch
PortraitStudio (LPS) Limited Brands, Inc.
Limited Brands, Inc. Bath And Body Works
Limited Brands, Inc. Henri Bendel
Limited Brands, Inc.  LaSenza
Limited Brands, Inc. Mast Global
Limited Brands, Inc. Victorias Secret Stores
Link-Belt ConstructionEquipment Company
LM Wind Power Blades(AR) Inc.
LM Wind Power Blades(ND), Inc.
LMS CAE Division Logans Roadhouse Lonza North America Inc.
Lonza North America Inc. Biologics
Lonza North America Inc. Walkersville
Loparex, LLC Lord & Taylor Lorillard Inc.
Los Angeles UnifiedSchool District
Louis Vuitton NorthAmerica Inc.
Lower Colorado RiverAuthority
Lower Colorado RiverAuthority Transmission Services
Loyola University Chicago LPL Financial LSG Lufthansa ServiceHolding AG |  | LSG Lufthansa ServiceHolding AG  LSGSky Chefs Inc.
Lubrizol Corporation Lubrizol Corporation Lubrizol Additives Lubrizol Corporation
Lubrizol AdvancedMaterials Luck CompaniesCorporation
Luck CompaniesCorporation Charles Luck StoneCenters
Luck CompaniesCorporation ConstructionAggregates
Luck CompaniesCorporation  Har-Tru Tennis
Luvata Franklin, Inc. Luxottica Retail US Lyric Opera of Chicago
Macys, Inc. Macys, Inc. Bloomingdales Macys, Inc. 
MacysCredit & CustomerServices Macys, Inc.  MacysLogistics
andOperations (MLO) Macys, Inc.  MacysSystems andTechnology
Madison Square Garden MAG Americas MAG Global Services
Magellan Health Services Magellan Health Services Missouri Magellan MidstreamHoldings,
LP Magellan MidstreamHoldings, LP Pipeline/TerminalDivision
Magellan MidstreamHoldings, LP Transportation
Magna DonnellyCorporation  Body& Chassis



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|PotashCorp 2013 Management Proxy Circular |  | G-14



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##### Table of Contents

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|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Magna DonnellyCorporation Magna Services of America Group
Magnesium Products of America Inc.
Main Line Health, Inc. Main Line Health, Inc. Bryn Mawr Hospital Main Line Health, Inc.
Bryn MawrRehabilitation Hospital Main Line Health, Inc.  Jefferson Home Care
Main Line Health, Inc.  Main Line Affiliates
Main Line Health, Inc.  Main Line Health Laboratories, Inc.
Main Line Health, Inc.  Paoli Hospital
Main Line Health, Inc.  Riddle MemorialHospital
Main Line Health, Inc. The Lankenau Hospital
Main Street AmericaGroup
MANN+HUMMEL USA,Inc. Mannington Mills Mannington Mills, Inc.  Burke Industries
Manpower, Inc. ManTech International Corporation MAPFRE Insurance
Maquet Getinge Group Marc Jacobs InternationalLLC Maricopa CountyCommunity College
District Maricopa IntegratedHealth Systems
Maritz, Inc. Maritz, Inc.  Maritz Motivation Maritz, Inc.  Maritz
Research Maritz, Inc.  MaritzTravel
Marriott International Marriott International The Ritz-Carlton Mars North
America |  | Mars North America  Mars Food US
Mars North America  Mars Petcare US
Mars North America  Mars Snackfood US
Marsh & McLennan Companies, Inc.
Marshfield Clinic Mary Kay, Inc. Mary Kay, Inc.  US Division
Mary Washington Healthcare Maryland Procurement Office Masco Corporation 
DecorativeArchitectural Group, Behr Processing Corporation Massachusetts Instituteof
Technology MassMutual LifeInsurance Company
MasterCard Incorporated Matrix Medical Network Matson Navigation Company
Matson Navigation Company  Matson Integrated Logistics
Matthews International Corporation
Matthews International Corporation  Bronze
Matthews International Corporation Graphics Imaging
Matthews International Corporation Marking Products
Matthews International Corporation  Matthews Casket
Matthews International Corporation  Matthews Cremation
Matthews International Corporation  MerchandisingSolutions
Maxum Petroleum Maxum Petroleum  Canyon State Oil Maxum Petroleum  General
Petroleum |  | Maxum Petroleum Petroleum Products,Inc.
Maxum Petroleum Simons Petroleum
Mayo Foundation Mayo Foundation Mayo Clinic,Jacksonville Mayo Foundation
Mayo Clinic,Scottsdale McCain Foods USA, Inc.
McDermott International,Inc.
McDonalds Corporation
McGladrey & Pullen McGraw-Hill Education MDU Resources Group,Inc.
MDU Resources Group,Inc.  FidelityExploration &Production Company
MDU Resources Group,Inc.  Knife RiverCorporation
MDU Resources Group,Inc.  MontanaDakota Utilities
MDU Resources Group,Inc.  WBI Holdings,Inc.
MeadWestvacoCorporation
MeadWestvacoCorporation Calmar
MeadWestvacoCorporation Coated Board
MeadWestvacoCorporation  CommunityDevelopment & Land Management
MeadWestvacoCorporation Consumer Packaging Group
MeadWestvacoCorporation Packaging Resource Division
Medical College ofWisconsin
Medical Mutual of Ohio |  | MedStar Health
MedStar Health Franklin SquareHospital
MedStar Health  Good Samaritan Hospital
MedStar Health Harbor Hospital
MedStar Health  Union Memorial Hospital
Medtronic, Inc. Memorial Health System Memorial Hermann
Memorial Hermann Home Health
Memorial Hermann  Imaging Centers
Memorial Hermann Katy
Memorial Hermann  Memorial City Medical Center
Memorial Hermann  MHealth
Memorial Hermann  Northeast Hospital
Memorial Hermann  Northwest
Memorial Hermann  Outreach Labs
Memorial Hermann  Southeast
Memorial Hermann  Southwest
Memorial Hermann Sports Medicine and Rehabilitation
Memorial Hermann Sugar Land
Memorial Hermann Texas Medical Center
Memorial Hermann The Medical Center
Memorial Hermann The Woodlands
Memorial Hermann TIRR
Memorial Sloan-Kettering Cancer Center
Mercedes-Benz USA Mercury Insurance Group Mercy Corps
Meritor, Inc. Meritor, Inc. Aftermarket Meritor, Inc. 
Industrial Meritor, Inc.  Truck |  | Merrill Corporation
Metalsa StructuralProducts, Inc.
Methodist Health System MetLife MFS InvestmentManagement
MGIC Investment Corp. Michael BakerCorporation Michaels Stores, Inc.
Michelin North America,Inc.
Michelin North America,Inc.  DLPS
Michelin North America,Inc.  PL
Michelin North America,Inc.  TC
Michelin North America,Inc.  MichelinAmericas ResearchCorp.
Michigan Auto Insurance Placement Facility
MidFirst Bank MillerCoors LLC Mills-Peninsula Health Services
Mine Safety Appliances Company
MIT Lincoln Laboratory Mitsui & Co. (USA), Inc. Modern Woodmen of America
ModusLink GlobalSolutions, Inc.
ModusLink GlobalSolutions, Inc. e-Business
ModusLink GlobalSolutions, Inc.  PTS,Inc.
ModusLink GlobalSolutions, Inc. Supply Chain Division
ModusLink GlobalSolutions, Inc.  Technology for Less(TFL), LLC
Moet Hennessy USA Mohawk Industries Inc. Mohawk Industries Inc.
Dal-TileCorporation Molex



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|G-15 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

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|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Molex  Commercial Products Division
Molex  IntegratedProducts Division
Molex  Micro Products
Molex  Sales &Marketing Division
Molina Healthcare Molson Coors Brewing Company Momentive Specialty Chemicals, Inc.
MoneyGramInternational, Inc.
Monsanto Company Montefiore MedicalCenter Moore & Van Allen, PLLC
Morgan, Lewis & BockiusLLP
Morrison & Foerster, LLP
Mount Holyoke College Mountain States Health Alliance MTS Systems Corporation
MTS Systems Corporation Sensors
MTS Systems Corporation Test Division
Munich ReinsuranceAmerica, Inc.
Munson Medical Center Mutual of Omaha Mutual of Omaha Mutual of OmahaBank
MWH Global, Inc. Mylan Inc. Nalco Holding Company
Nash-Finch Company National Association of Church Personnel Administrators National Association
ofHome Builders National ChurchResidences
National ChurchResidences  NCRHealth Care Division
National ChurchResidences  NCR Housing Division
National FuturesAssociation
National InterstateInsurance Company |  | National Louis University
National RenewableEnergy Laboratory
National Rural Utilities Cooperative Finance Corporation(NRUCFC)
Nationwide Childrens Hospital
Nationwide Insurance Natures SunshineProducts Nautilus, Inc.
Navigant Consulting, Inc. Navistar, Inc. Navy Exchange Service Command (NEXCOM)
Navy Federal CreditUnion
NCCI Holdings, Inc. NCH Corporation Neighborhood HealthPlan
Neighborhood HealthPlan of Rhode Island
Nestlé USA, Inc. Nestlé USA, Inc.  Beverage Division Nestlé USA, Inc.
 Confections & Snacks Division Nestlé USA, Inc.  Direct Store Delivery
Division Nestlé USA, Inc.  Emerging Markets
Nestlé USA, Inc. Nestlé Dryers IceCream
Nestlé USA, Inc. Nestlé PreparedFoodsCompany
Nestlé USA, Inc. Nestlé Professionals
Nestlé USA, Inc. Nestlé Sales
Nestlé USA, Inc.  Pizza Division
NetJets, Inc. NetJets, Inc.  NetJets Aviation, Inc. NetJets, Inc.  NetJets
International NetJets, Inc.  NetJets Sales, Inc.
Netorian LLC New Balance AthleticShoe, Inc. |  | New York Community Bancorp, Inc.
New York Life Insurance Company
New York PowerAuthority
New York PowerAuthority Blenheim-GilboaPower Project
New York PowerAuthority  Charles Poletti Power Project
New York PowerAuthority  ClarkEnergy Center
New York PowerAuthority  Niagara Power Project
New York PowerAuthority  St. Lawrence/FDR Power Project
New York Presbyterian Healthcare System
New York University NewPage Group, Inc. Nexen Petroleum USA,Inc.
NextEra Energy, Inc. Niagara Bottling, LLC Nike, Inc.
NJM Insurance Group Noble Corporation Nordstrom, Inc.  Nordstrom fsb
Norfolk SouthernCorporation
Norges Bank Investment Management
North AmericanConstruction Services,Ltd
North American HoganasInc.
North Memorial HealthCare
Northeast Georgia Health System, Inc.
Northern ArizonaUniversity
Northern TrustCorporation
NorthShore University HealthSystem
Northwestern Mutual Northwestern University |  | Norton Healthcare
Norton Healthcare Kosair ChildrensHospital
Norton Healthcare Norton AudubonHospital
Norton Healthcare Norton Brownsboro Hospital
Norton Healthcare Norton Hospital
Norton Healthcare Norton SuburbanHospital
Nova Healthcare Administrators, Inc.
Novant Health, Inc  Franklin RegionalMedical Center
Novant Health, Inc Prince WilliamHospital
Novant Health, Inc Upstate CarolinaMedical Center
Novant Health, Inc. Novant Health, Inc.  Brunswick NovantMedical Center Novant Health,
Inc.  Forsyth MedicalCenter Novant Health, Inc.  Presbyterian Hospital, Charlotte
Novant Health, Inc.  PresbyterianHuntersville
Novant Health, Inc.  PresbyterianMatthews
Novant Health, Inc.  PresbyterianOrthopaedic Hospital
Novant Health, Inc. Rowan RegionalMedical Center
Novant Health, Inc.  Thomasville Medical Center
Novartis Animal HealthUS, Inc.
Novartis Pharmaceuticals Novartis US, Consumer Health Novelis |  | Novelis  North America
Novo Nordisk Inc. NTT Data Inc NuStar Energy LP
Nutricia North America NYU Langone MedicalCenter O`Reilly Auto Parts, Inc
Oak Ridge Associated Universities
Oakland CountyGovernment
Oakwood Healthcare,Inc.
Océ Business Services
Office Depot OfficeMax Incorporated OGE Energy Corporation
Oglethorpe Power Corporation
OhioHealth Ohly Americas Oil States Industries, Inc. Arlington
Old Dominion Electric Cooperative
Old National Bancorp Old National Bancorp Old National Bank OMelveny & Myers
LLP Omnicare, Inc.
Omnicare, Inc.  LongTerm Care
Omnicare, Inc. Specialty
OneBeacon Insurance Orange CountyGovernment Orange Countys Credit Union
Orbital SciencesCorporation
Orica USA Inc. Oriental TradingCompany, Inc. Orrick, Herrington &Sutcliffe,
LLP OSI Industries, LLC
OSI Industries, LLC  Chicago CampusFacility
OSI Industries, LLC  Oakland Facility
OSI Industries, LLC West Chicago Facility
OSI Industries, LLC West Jordan Facility



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|PotashCorp 2014 Management Proxy Circular |  | G-16



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##### Table of Contents

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|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|OSI Restaurant Partners,LLC
OSI Restaurant Partners,LLC  Bonfish Grill
OSI Restaurant Partners,LLC  CarrabbasItalian Grill
OSI Restaurant Partners,LLC  Flemings Prime Steakhouse and WineBar
OSI Restaurant Partners,LLC  Outback Steakhouse
OSI Restaurant Partners,LLC  Outback SteakhouseInternational
OSI Restaurant Partners,LLC  Roys Hawaiian Fusion
Owens Corning PACCAR PACCAR  Dynacraft
PACCAR  ITD PACCAR  KenworthTruck Company PACCAR  PACCAREngine
Company PACCAR  PACCARFinancial
PACCAR  Parts PACCAR  PeterbiltMotors Company PACCAR 
TechnicalCenter PACCAR  Winch
Pacific Gas & Electric Company
Pacific Life Insurance Company
Packaging Corporation of America
Packaging Corporation of America  Containerboard
Packaging Corporation of America Corrugated
Pall Corporation Pall Corporation Industrial Pall Corporation  Life
Sciences Palmetto Health
Palos CommunityHospital |  | Panda Restaurant GroupInc
Pandora Holding US Panduit Corporation Panduit Corporation  Dekalb Central
Warehouse Panduit Corporation  Network Systems Division
Panduit Corporation  Raceways Division
Panduit Corporation  Rack SystemsDivision
Panduit Corporation  Terminal Division
Panduit Corporation  Tools Division
Panduit Corporation  Wiring Components Division
Panduit Corporation  Wiring ID Products Division
Papa Johns International, Inc.
Paramount Pictures Park Nicollet HealthServices Parker HannifinCorporation
Parker HannifinCorporation  Aerospace Group
Parker HannifinCorporation  Automation Group
Parker HannifinCorporation Climate and Industrial Controls Group
Parker HannifinCorporation Filtration Group
Parker HannifinCorporation  Fluid Connectors Group
Parker HannifinCorporation  Hydraulics Group
Parker HannifinCorporation  Industrial
Parker HannifinCorporation  InstrumentationGroup |  | Parker HannifinCorporation  Seal Group
Parkland Health &Hospital System
Parkview Health Parkview Health Parkview Hospital Parsons Brinckerhoff
Parsons Corporation Parsons Corporation  Parsons Environment & Infrastructure GroupInc. Parsons Corporation  Parsons Government Services Inc. Parsons
Corporation  Transportation Group Partners HealthCare
Patterson Companies Patterson Companies  Patterson Dental Patterson Companies 
Patterson Medical Patterson Companies  Webster Veterinary
Patton Boggs LLP Peabody EnergyCorporation Peabody EnergyCorporation 
BigRidge Inc. Peabody EnergyCorporation  CoalSales LLC
Peabody EnergyCorporation  Coal Trade LLC
Peabody EnergyCorporation  New Mexico Employment Resources
Peabody EnergyCorporation Peabody Midwest Management ServicesLLC
Peabody EnergyCorporation  Peabody Powder River Services LLC |  | Peabody EnergyCorporation Peabody RockyMountainManagement
ServicesLLC Peabody EnergyCorporation  Peabody Western Coal Company
PeaceHealth PeaceHealth  Lower Columbia Region PeaceHealth  Oregon
Region PeaceHealth Whatcom Region
Pearson Education Pearson Education  Curriculum Pearson Education 
Higher Ed Professional Pearson Education Pearson NCS, Assessments &
Information Pearson Education Pearson VUE
Peets Coffee & Tea
PEMCO Insurance Penn National Insurance Pennsylvania Higher Education Authority
Agency Penske Truck Leasing
Pentagon Federal Credit Union
Pentair Inc. Pentair Inc.  Aquatic Systems Pentair Inc.  Flow
Technologies Pentair Inc.  Process Technologies
Pentair Inc.  Technical Products
Pentair Inc.  Water Purification
Peoples United Bank Peoples United Bank  Peoples Capital and Leasing Corporation
Peoples United Bank  Peoples Securities,Inc. |  | Peoples United Bank  Peoples UnitedEquipment Financing Corp
Peoples United Bank  Peoples UnitedInsurance Agency
Pepco Holdings, Inc. Pepperdine University InformationTechnology Division Performance Food
Group Performance Food Group AFFLINK
Performance Food Group AFI Foodservice,Inc.
Performance Food Group Batesville
Performance Food Group Caro Foods, Inc.
Performance Food Group Carroll CountyFoods
Performance Food Group CDC IN Warehouse
Performance Food Group CDC, California
Performance Food Group CDC, Florida
Performance Food Group CDC, Maryland
Performance Food Group CDC, SouthCarolina
Performance Food Group CDC, Tennessee
Performance Food Group CDC, Texas
Performance Food Group Empire Seafood,Inc.
Performance Food Group Florida
Performance Food Group Hale
Performance Food Group Lester Broadline
Performance Food Group Little Rock
Performance Food Group Merchants Mart Elk Grove
Performance Food Group Middendorf Meats
Performance Food Group Miltons



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|G-17 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Performance Food Group NorthCenterFoodservice
Performance Food Group PerformanceEmpire
Performance Food Group PerformanceLedyard
Performance Food Group Pizza BoxProduction
Performance Food Group Powell
Performance Food Group Roma, Arizona
Performance Food Group Roma, Dallas
Performance Food Group Roma, Donsons
Performance Food Group Roma, Florida
Performance Food Group Roma, Georgia
Performance Food Group Roma, Houston
Performance Food Group Roma, Indianapolis
Performance Food Group Roma, Minnesota
Performance Food Group Roma, New Jersey
Performance Food Group Roma, NorthCarolina
Performance Food Group Roma, Northern California
Performance Food Group Roma, Portland
Performance Food Group Roma, Southern California
Performance Food Group Roma, Springfield
Performance Food Group Roma-MinnesotaProd
Performance Food Group Roma-Philadelphia
Performance Food Group Somerset Foods
Performance Food Group SpringfieldFoodservice
Performance Food Group Temple |  | Performance Food Group Thoms Proestler Company
Performance Food Group Victoria
Performance Food Group VirginiaFoodservice
Performance Food Group Vistar
Performance Food Group Vistar, Atlanta
Performance Food Group Vistar, Carolinas
Performance Food Group Vistar, Florida
Performance Food Group Vistar, Houston
Performance Food Group Vistar, Illinois
Performance Food Group Vistar, Kansas City
Performance Food Group Vistar, Kentucky
Performance Food Group Vistar, Michigan
Performance Food Group Vistar, Minnesota
Performance Food Group Vistar, NewEngland
Performance Food Group Vistar, New York
Performance Food Group Vistar, North Texas
Performance Food Group Vistar, Northern California
Performance Food Group Vistar, Northwest
Performance Food Group Vistar, Ohio
Performance Food Group Vistar, Phoenix
Performance Food Group Vistar, Rocky Mountains
Performance Food Group Vistar, Roma- MidAtlantic
Performance Food Group Vistar, SouthFlorida
Performance Food Group Vistar, Tennessee |  | Performance Food Group Vistar-Southern California
Performance Food Group West Creek-Broadline Corp
Perrigo Company Personnel Board ofJefferson County PETCO Animal
Supplies,Inc. Pharmavite, LLC
PharMerica, Inc. PHH Arval PHH Corporation
Philip MorrisInternational, Inc.
Philip MorrisInternational, Inc. PMI Global Brands,Inc.
Philip MorrisInternational, Inc. PMI Global Services,Inc.
Phillips-Van Heusen Corporation
Phillips-Van Heusen Corporation  Calvin Klein
Phillips-Van Heusen Corporation  DressShirt
Phillips-Van Heusen Corporation  GHBass
Phillips-Van Heusen Corporation  IzodRetail
Phillips-Van Heusen Corporation  PVH Sportswear
Phillips-Van Heusen Corporation Tommy Hilfiger
Phillips-Van Heusen Corporation  Van Heusen Retail
Phoenix ChildrensHospital
Phoenix Companies Phoenix Companies  Saybrus Partners, Inc. PHOENIX ProcessEquipment
Company Piaggio Group Americas
Pier 1 Imports, Inc. |  | Pinnacle West Capital Corporation
Pioneer NaturalResources USA, Inc.
Piper Jaffray Companies Pitney Bowes, Inc. PJM Interconnection
Plains Exploration & Production Company
Plante & Moran, PLLC Plexus Corporation Plum Creek TimberCompany, Inc.
Pochet of America, Inc. Polaris Industries, Inc. Polo Ralph Lauren
Polymer Technologies PolyOne Corporation Port Authority ofAllegheny County
Port of Portland Port of Seattle Portfolio RecoveryAssociates, Inc.
Ports America, Inc. Post Holdings Inc PPD, Inc
PPG Industries, Inc. PPL Corporation Praxair, Inc.
Praxair, Inc.  hydrogen- carbon monoxide(HyCO)
Praxair, Inc.  North American IndustrialGases
Praxair, Inc.  Praxair Distribution, Inc.
Praxair, Inc.  PraxairSurface Technologies
Preformed Line Products Company
Pressure Chemical Co. Prime Therapeutics LLC Principal Financial Group
Printpack, Inc. PrivateBancorp, Inc. ProBuild Holdings, Inc.
Progressive Corporation Protective LifeCorporation Protective LifeCorporation  Asset
Protection Division Protective LifeCorporation  Life & Annuity Division |  | Provena Health
Provena Health Covenant MedicalCenter
Provena Health Provena MercyMedical Center
Provena Health Provena St. Joseph Hospital
Provena Health Provena St. Joseph Medical Center
Provena Health  St.Mary Hospital
Provena Health  United Samaritans MedicalCenter
Providence Health &Services in Oregon
Providence Health &Services in Oregon  Ambulatory Services
Providence Health &Services in Oregon  ProvidenceBenedictine Nursing Center
Providence Health &Services in Oregon  Providence Center for Medically FragileChildren
Providence Health &Services in Oregon  ProvidenceElderPlace
Providence Health &Services in Oregon  Providence GorgeService Area
Providence Health &Services in Oregon  Providence HealthPlans
Providence Health &Services in Oregon  Providence Home & Community Services
Providence Health &Services in Oregon  Providence Hood River Memorial Hospital
Providence Health &Services in Oregon  Providence Medford Medical Center



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|PotashCorp 2014 Management Proxy Circular |  | G-18



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##### Table of Contents

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|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Providence Health &Services in Oregon Providence MedicalGroup
Providence Health &Services in Oregon Providence MedicalGroup South
Providence Health &Services in Oregon Providence MilwaukieHospital
Providence Health &Services in Oregon Providence NewbergHospital
Providence Health &Services in Oregon Providence PortlandMedical Center
Providence Health &Services in Oregon Providence SeasideHospital
Providence Health &Services in Oregon Providence St. VincentMedical Center
Providence Health &Services in Oregon Providence WillametteFalls Medical Center
PSA Healthcare PSCU Financial Services PSS World Medical, Inc.
PSS World Medical, Inc. Gulf South MedicalSupply, Inc.
PSS World Medical, Inc. Physician Sales &Services, Inc.
Public CompanyAccounting OversightBoard
Publix Super Markets,Inc.
Puget Sound Energy PulteGroup, Inc. PZ Cussons Beauty
QBE The Americas QEP Resources, Inc QTI Human Resources,Inc.
Qualcomm, Inc. Qualipac America Questar Corporation
QVC, Inc. |  | Radian Group
Rakuten LinkShareCorporation
Ralcorp Holdings, Inc. Ralcorp Holdings, Inc. AIPC Ralcorp Holdings, Inc. Frozen
BakeryProducts Ralcorp Holdings, Inc. Ralcorp Snacks,Sauces & Spreads
Ralcorp Holdings, Inc. Ralston Foods
Raleys RAND Corporation Randolph-Macon College
Raymond James Financial Raymond James Financial Capital Markets Raymond James
Financial Eagle AssetManagement Raymond James Financial Raymond JamesBank
RBC WealthManagement Recology Recology  Golden GateDisposal &
RecyclingCo. Recology  RecologySan Francisco
Recology  SunsetScavenger Company
Recreational Equipment,Inc.
Red Bull North America Regency CentersCorporation RegeneronPharmaceuticals, Inc.
Regions FinancialCorporation
Reichhold, Inc. Reliance Rx Renaissance Learning,Inc.
Renewal by AndersenCorp.
Republic NationalDistributing Company
Republic UnderwritersInsurance Company
Restaurant ApplicationDevelopment |  | Restaurant TechnologyServices, LLC
Rexel Holdings USA Rexel Holdings USA Gexpro Rexel Holdings USA Gexpro, Gulf
Coast Rexel Holdings USA Gexpro, Midwest
Rexel Holdings USA Gexpro, North Atlantic
Rexel Holdings USA Gexpro, Pacific
Rexel Holdings USA Gexpro, Southeast
Rexel Holdings USA Rexel East Central
Rexel Holdings USA Rexel Florida
Rexel Holdings USA Rexel Mid Atlantic
Rexel Holdings USA Rexel Northeast
Rexel Holdings USA Rexel South Central
Rexel Holdings USA Rexel West Central
Rexel Holdings USA Rexel, Inc.
Rexel Holdings USA Rexel, Inc., WestCoast
Rexnord Corp. Rexnord Corp. Aerospace Rexnord Corp.  Bearing
Rexnord Corp.  Chain& ConveyingEquipment
Rexnord Corp. Coupling
Rexnord Corp.  FlatTop
Rexnord Corp.  Gear Rexnord Corp. Specialty Components Rexnord Corp. 
WaterManagement Rexnord Corp.  WaterTreatment
Reynolds American, Inc. Reynolds American, Inc. R. J. ReynoldsTobacco Co. Rich
ProductsCorporation |  | Rich ProductsCorporation Arlington
Rich ProductsCorporation Brownsville
Rich ProductsCorporation Burlington
Rich ProductsCorporation  Eagan
Rich ProductsCorporation  Fresno
Rich ProductsCorporation Gallatin
Rich ProductsCorporation Grandview
Rich ProductsCorporation  Hilliard
Rich ProductsCorporation  JonDonaire
Rich ProductsCorporation Morristown
Rich ProductsCorporation Murfreesboro
Rich ProductsCorporation  NewBritain
Rich ProductsCorporation  Niles
Rich ProductsCorporation  St.Simons Island
Rich ProductsCorporation Vineland
Rich ProductsCorporation Waycross
Ricoh AmericasCorporation
Ridgewood Savings Bank Rio Tinto plc US Rio Tinto plc US Kennecott
UtahCopper Rio Tinto plc US Resolution Copper
Rio Tinto plc US  RioTinto Minerals
Ritchie Bros. Auctioneers
Rite Aid Corporation |  | Riviana Foods, Inc.
RLI Insurance Company Robert Bosch LLC Robert Bosch LLC Aftermarket
Division(AA) Robert Bosch LLC AutomotiveElectronics (AE)
Robert Bosch LLC Bosch PackagingTechnology (PA)
Robert Bosch LLC Bosch SecuritySystems (ST)
Robert Bosch LLC BoschThermotechnology(TT)
Robert Bosch LLC CB/Farmington Hills
Robert Bosch LLC Chassis SystemsControl (CC)
Robert Bosch LLC Diesel SystemsDivision (DS)
Robert Bosch LLC Drive and ControlTechnology (DC)
Robert Bosch LLC Electrical DrivesDiv. (ED)
Robert Bosch LLC Gasoline SystemsDivision (GS)
Robert Bosch LLC Power Tools NorthAmerica (PT)
Robert Bosch LLC Solar Energy (SE)
Robert Bosch LLC Starter Motors andGenerators (SG)
Robins, Kaplan, Miller &Ciresi, LLP
Roche Diagnostics US Rockwell Automation,Inc. Rockwell Collins, Inc.
Rollins, Inc. Roper St. FrancisHealthcare Roundys
Supermarkets,Inc. Rowan Companies, Inc.



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|G-19 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Royal Caribbean CruisesLtd.
RR Donnelley & Sons Rush University MedicalCenter RWE Trading AmericasInc.
Ryder Systems, Inc. Ryder Systems, Inc. Fleet ManagementSolutions Ryder
Systems, Inc. Supply ChainSolutions S&C Electric Company
Sabre HoldingsCorporation
Sabre HoldingsCorporation  SabreAirline Solutions
Sabre HoldingsCorporation  SabreTravel Network
Sabre HoldingsCorporation Travelocity
SAE International Safety-Kleen Systems,Inc. Sage North America
Sage North America Sage BusinessSolutions
Sage North America Sage PaymentSolutions, Inc.
SAIF Corporation Saint Agnes MedicalCenter Saks, Inc.
Saks, Inc.  Off Fifth
Samson InvestmentCompany
SamsungTelecommunicationsAmerica
San Antonio FederalCredit Union
San Antonio WaterSystem
Sandoz, Inc. Sanford Health Sanford Health
Sanford MedicalCenter Sauer-Danfoss |  | Sauer-Danfoss Controls
Sauer-Danfoss  Propel
Sauer-Danfoss  StandAlone Businesses
Savannah River NuclearSolutions, LLC
Savannah RiverRemediation LLC
Save the ChildrenFederation, Inc.
Savvis, Inc. SBA CommunicationsCorporation SC Johnson
SCANA Corporation SCANA Corporation Carolina GasTransmissionCorporation SCANA
Corporation PSNC Energy SCANA Corporation Public Service Co ofNC,
Communications,ServiceCare andSEMI SCANA Corporation SC Electric & Gas
SCANA Corporation SEMI (SCANA EnergyMarketing, Inc.)
SCF Arizona Schlumberger Limited Schlumberger OilfieldServices
Schneider National, Inc. Scholle Corporation Scholle Corporation Scholle Chemical
Scholle Corporation Scholle Packaging
SchoolsFirst FederalCredit Union
Science ApplicationsInternationalCorporation (SAIC)
Scottrade, Inc. Scripps Health Scripps Health  ScrippsClinic
Scripps Health  ScrippsCoastal MedicalCenter
Scripps Health  ScrippsGreen Hospital |  | Scripps Health  ScrippsMemorial HospitalEncinitas
Scripps Health  ScrippsMemorial Hospital LaJolla
Scripps Health  ScrippsMercy Hospital ChulaVista
Scripps Health  ScrippsMercy Hospital SanDiego
Scripps NetworksInteractive, Inc.
Scripps NetworksInteractive, Inc. Scripps Networks
SCS Engineers SCS Engineers Bellevue SCS Engineers 
BTSquared SCS Engineers Construction
SCS Engineers  Dallas
SCS Engineers  LongBeach
SCS Engineers Midwest
SCS Engineers  OM&M
SCS Engineers  Reston
SCS Engineers  SCSEnergy
SCS Engineers  SCSTracer
SCS Engineers  Tampa SCS Engineers  Valley Cottage Searles Valley Minerals
Seattle Childrens Hospital
Seattle Childrens Hospital Research Institute
Securian Financial Group Selective InsuranceCompany of America Sempra Energy  SanDiego
Gas & Electric Sentara Healthcare
Sentara Healthcare Norfolk GeneralHospital
Sentry Insurance Sephora USA Sequent, Inc. |  | Service CorporationInternational
Seton Healthcare Family Sharp ElectronicsCorporation Sharp HealthCare
Shearman & Sterling LLP
Shook, Hardy & Bacon,LLP
Shure Incorporated Sidel, Inc. Sidley Austin, LLP
Siemens Corporation Sigma Foods Inc. Simon Property Group
Sinclair Broadcast Group,Inc.
SIRVA, Inc. SIRVA, Inc.  NorthAmerican Van Lines,Inc. SIRVA, Inc. 
SIRVA,Relocation LLC Skilled Healthcare, LLC
SMART TechnologiesCorporation
Smiths Medical, Inc. SMSC GamingEnterprises Society Insurance
Society of ManufacturingEngineers
Sodexo USA Solar Turbines, Inc. Solera Holdings, Inc.
Solera Holdings, Inc. Claims ServicesGroup
Solo Cup Company Solutia Inc. Solutia Inc.  AdvancedInterlayers
Solutia Inc. Performance Films
Solutia Inc.  TechnicalSpecialties
Sothebys Southeastern FreightLines Southern CaliforniaRegional
RailAuthority Southern Company
Southern Company Alabama PowerCompany
Southern Company  Georgia Power |  | Southern Company Gulf Power Company
Southern Company Mississippi PowerCompany
Southern Company Southern NuclearOperating Co.
Southern Company SouthernLINC
Southern StatesCooperative
Southwest Airlines Southwestern EnergyCompany Sovereign BankCorporation
Space Systems/Loral Spartan Light MetalProducts Inc. Spectra Energy Corp.
Spectrum Health System Spectrum Health System Hospitals Spectrum Health System
Priority Health Spirit Aerosystems
Sprague OperatingResources, LLC
Springleaf FinancialServices
SPX Corporation SRC  Tec SRC Inc
SSM Health Care St. Louis SSM Health Care St. Louis SSM CardinalGlennon ChildrensHospital SSM Health Care St. Louis SSM DePaulHealth Center SSM Health
Care St. Louis SSM IntegratedHealth Technologies SSM Health Care St. Louis SSM St.
JosephHealth Center SSM Health Care St. Louis SSM St. JosephHospital West
SSM Health Care St. Louis SSM St. MarysHealth Center
SSM Health Care St. Louis St. Clare HealthCenter



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|PotashCorp 2014 Management Proxy Circular |  | G-20



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##### Table of Contents

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|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|St. Cloud Hospital
St. Elizabeth HealthSystem
St. Jude ChildrensResearch Hospital
St. Lukes Health System
St. Lukes Health System Anderson CountyHospital
St. Lukes Health System CrittentonChildrens Center
St. Lukes Health System Cushing MemorialHospital
St. Lukes Health System Hedrick MedicalCenter
St. Lukes Health System St. Lukes East,Lees Summit
St. Lukes Health System St. Lukes HomeCare and Hospice
St. Lukes Health System St. Lukes Hospital
St. Lukes Health System St. Lukes MedicalGroup
St. Lukes Health System St. LukesNorthland Hospital
St. Lukes Health System St. Lukes SouthHospital
St. Lukes Health System Wright MemorialHospital
Stampin Up!, Inc. StanCorp Financial Group Stanford University
Stanford UniversityMedical Center
Stanford UniversityMedical Center Lucile PackardChildrens Hospital
Stantec Inc. Staples, Inc. Staples, Inc.  NorthAmerican Delivery
Staples, Inc.  NorthAmerican Stores
Starwood VacationOwnership
State Farm Insurance State of North Carolina |  | State TeachersRetirement System ofOhio
Steelcase, Inc. Steelcase, Inc. Designtex Company Steelcase, Inc.
PolyVisionCorporation Stericycle, Inc.
STG, Inc. Storck USA L.P. Straumann USA
Stryker Corporation Stryker Corporation Endoscopy Stryker Corporation
Instruments Stryker Corporation Medical
Stryker Corporation Neurovascular
Stryker Corporation Orthopedics
Stryker Corporation Spine
Stryker Corporation SustainabilitySolutions
Subaru of IndianaAutomotive Inc.
Sumitomo Electric CarbideManufacturing, Inc.
Summa Health System Sun Life Financial (US) Sunrise Medical (US) LLC
Sunsweet Growers, Inc. Superior Essex, Inc. Superior Essex, Inc. Essex Group,
Inc. Superior Essex, Inc. Superior EssexCommunications LP
SuperMedia SuperValu Sutter Health
Sutter Health  SutterMedical CenterSacramento
Swagelok Company Swedish Health Services Swedish Health Services
Hospitals Sykes Enterprises,Incorporated |  | Sykes Enterprises,Incorporated  USOperations
Symetra Financial Symetra Financial Group Insurance Symetra Financial 
Life& Annuities Synovus FinancialCorporation
Synovus FinancialCorporation Globalt, Inc
Synovus FinancialCorporation Synovus Bank
Synovus FinancialCorporation Synovus MortgageCorp.
Synovus FinancialCorporation Synovus Securities
Synovus FinancialCorporation Synovus Trust
T. Rowe Price Group, Inc. Tanner Health System Target Corporation
TAS Energy Inc. Taubman Centers, Inc. Taylor Industries
Taylor Morrison, Inc. TD Ameritrade HoldingCorp. TDS Telecom
TE Connectivity Teach For America Teceptrol Operating LLC
TECO Energy, Inc. TeleTech Holdings, Inc. TeliaSonera InternationalCarrier US
Tellabs Tenaris, Inc. USA Tenet HealthcareCorporation
Tennant Company Ternium International Terumo BCT
Tetra Pak InternationalS.A.
Texas Association ofSchool Boards
Texas Health Resources |  | Texas Health Resources Arlington MemorialHospital
Texas Health Resources Harris MethodistHospital Azle
Texas Health Resources Harris MethodistHospital Cleburne
Texas Health Resources Harris MethodistHospital of Fort Worth
Texas Health Resources Harris MethodistHospital Stephenville
Texas Health Resources Harris MethodistSouthwest
Texas Health Resources Harris-MethodistH-E-B
Texas Health Resources PresbyterianDenton
Texas Health Resources PresbyterianHospital of Allen
Texas Health Resources PresbyterianHospital of Dallas
Texas Health Resources PresbyterianHospital of Kaufman
Texas Health Resources PresbyterianHospital of Plano
Texas Health Resources Specialty Hospital
Texas Industries, Inc. Texas Industries, Inc. Aggregates Texas Industries, Inc.
CAC Texas Industries, Inc. Consumer Products
Texas Mutual InsuranceCompany
Texas State University-San Marcos
Texon USA, Inc. Textainer Textron Inc.
Textron Inc.  BellHelicopter
Textron Inc.  CessnaAircraft
Textron Inc.  E-Z-Go |  | Textron Inc.  Jacobsen
Textron Inc.  Kautex Textron Inc.  TextronFinancial Corporation Textron Inc. 
TextronSystems The Allstate Corporation
The AmeriHealth MercyFamily of Companies
The AmeriHealth MercyFamily of Companies AmeriHealth Mercy Health Plan
The AmeriHealth MercyFamily of Companies MDwise HoosierAlliance
The AmeriHealth MercyFamily of Companies PerformCareBehavioral HealthSolutions
The AmeriHealth MercyFamily of Companies PerformRx
The AmeriHealth MercyFamily of Companies Select Health ofSouth Carolina
The Boeing Company The Boston ConsultingGroup The Capital GroupCompanies
The Carson Companies The Casey Group, Inc. The Childrens Hospital
ofPhiladelphia The Childrens MercyHospital
The Christ Hospital The Chubb Corporation The Church of JesusChrist of
Latter-daySaints The Coca-Cola Company
The Dannon Company,Inc.
The Donna KaranCompany LLC
The E. W. ScrippsCompany
The E. W. ScrippsCompany Newspaper, TheCommercial Appeal



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|G-21 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The E. W. ScrippsCompany  Newspaper, Treasure Coast Newspapers
The E. W. ScrippsCompany  Newspaper, Ventura County Star
The E.W. ScrippsCompany  AbileneReporter-News
The E.W. ScrippsCompany  SanAngelo Standard-Times
The E.W. ScrippsCompany  ScrippsHoward News Service
The EmployersAssociation
The Ford Foundation The Frost National Bank The Golden 1 CreditUnion
The Guardian LifeInsurance Company ofAmerica
The Guardian LifeInsurance Company of America Distribution
The Guardian LifeInsurance Company ofAmerica  GroupProducts
The Guardian LifeInsurance Company ofAmerica  IndividualMarkets
The Guardian LifeInsurance Company ofAmerica Retirement
The Hershey Company The Hertz Corporation The Hertz Corporation  RAC
The Hospital of Central Connecticut at Bradley Memorial
The Hospital of Central Connecticut at NewBritain General
The Irvine Company The Johns HopkinsHospital |  | The Johns Hopkins University
The Johns Hopkins University Applied Physics Laboratory
The Joint Commission The Medical University of South CarolinaHospital Authority The Methodist
Hospital System The MITRE Corporation
The Mosaic Company The Mosaic Company  Phosphates The Mosaic Company 
Potash The Motorists Insurance Group
The National Academies The New York Times Company The Nielsen Company
The NORDAM Group The Ohio State University The Ohio State University Medical Center
The Outsource Group The Pampered Chef Ltd The Pantry, Inc.
The Pennsylvania State University  PennState Hershey MedicalCenter
The Pew CharitableTrusts
The Polyclinic The Schwan FoodCompany The Schwan FoodCompany  FoodService,
Inc. The Schwan FoodCompany  GlobalConsumer Brands,Inc.
The Schwan FoodCompany  Schwans HomeService, Inc.
The ServiceMasterCompany
The ServiceMasterCompany  American HomeShield |  | The ServiceMasterCompany  Furniture Medic
The ServiceMasterCompany  MerryMaids
The ServiceMasterCompany  ServiceMaster Clean
The ServiceMasterCompany  Terminix
The ServiceMasterCompany TruGreen LawnCare
The Sherwin-Williams Company
The Sherwin-Williams Company Consumer Group,Diversified BrandsDivision
The Sherwin-Williams Company  Global Finishes
The Sherwin-Williams Company  Global Group, Auto Division
The Sherwin-Williams Company  Latin American Coatings
The Sherwin-Williams Company  Paintand Coatings
The Sherwin-Williams Company  PaintStores Group
The Sherwin-Williams Company  PaintStores Group, EasternDivision
The Sherwin-WilliamsCompany  PaintStores Group,Midwestern Division
The Sherwin-Williams Company  PaintStores Group, Southeastern Division
The Sherwin-Williams Company  PaintStores Group, Southwestern Division
The Sherwin-Williams Company  Product Finishes Division |  | The Sherwin-Williams Company Protective & MarineCoatings
the SI Organization, Inc. The Sierra ClubFoundation The Sundt Companies,Inc.
The Sundt Companies,Inc.  SundtConstruction, Inc.,Federal Division
The Sundt Companies,Inc.  SundtConstruction, Inc.,Northern California
The Sundt Companies,Inc.  SundtConstruction, Inc.,Southern California
The Sundt Companies,Inc.  Sundt Construction, Inc.,Southwest District
The Sundt Companies,Inc.  Texas Division
The Timken Company The TJX Companies, Inc. The TJX Companies, Inc. Home
Goods The TJX Companies, Inc. Marmaxx Group
The Toro Company The Travelers Companies,Inc. The University of Alabamaat
Birmingham The University of Arizona
The University of Chicago The University of Chicago Medical Center The University of Iowa
The University of Kansas Hospital
The University of Texas Medical Branch
The University of Texas System
The University of Texas System  Universityof Texas at PanAmerican |  | The University of Texas System  University of Texas at SanAntonio
The University of Texas System  Universityof Texas HealthScience Center
The University of Texas System  Universityof Texas HealthScience Center at SanAntonio
The University of Texas System  Universityof Texas M.D.Anderson CancerCenter
The University of Texas System  Universityof Texas Southwestern Medical Center
The Valspar Corporation The Vanguard Group, Inc. The Walt Disney Company
The Walt Disney Company Disney ABCTelevision Group
The Walt Disney Company Disney ConsumerProducts
The Walt Disney Company Disney InteractiveMedia Group
The Walt Disney Company ESPN
The Walt Disney Company Walt Disney Parks& Resorts, LLC
The Walt Disney Company Walt DisneyStudios
The Weather Channel The Wendys Company The Wendys Company  New
Bakery The Williams Companies,Inc.
The Williams Companies,Inc.  Midstream



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|PotashCorp 2014 Management Proxy Circular |  | G-22



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##### Table of Contents

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|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The Williams Companies,Inc.  Williams GasPipeline (WGP)
The Woodbridge Group Theodor Wille Intertrade,Inc. Thermo Fisher
Scientific,Inc. Thomas JeffersonUniversity Hospital
Thrivent Financial for Lutherans
ThyssenKrupp Elevator TI Automotive TIAA-CREF
Tiffany & Co. Tim Hortons USA Inc. Time Warner Cable
Time Warner Cable East Region
Time Warner Cable West Region
Time Warner, Inc. Time, Inc.
TMEIC Corporation TMK IPSCO Tomkins Corporation
Tomkins Corporation Gates Corporation
Toray Plastics (America),Inc.
Totem Ocean Trailer Express, Inc.
Toyota IndustrialEquipment Manufacturing, Inc.
Toys R Us, Inc. Tractor Supply Company Transamerica
Transocean, Inc. Transylvania University Travis County
TriHealth, Inc. Trinidad Drilling LP Trinity Health
TriWest HealthcareAlliance
Troy Corporation True NorthCommunications Truman Medical Centers
Trustmark Companies TSYS Core TSYS Core  TSYS International Services
TSYS Core  TSYS Merchant Services |  | TSYS Core  TSYS North America Services
TTX Company Tupperware Brands Corporation Turner BroadcastingSystem, Inc.
Tyco Fire & Security Under Armour, Inc. Under Armour, Inc.  Under Armour Retail
Sales Unilever U.S.
Union Tank Car Company Uni-Select USA, Inc. Unisys Corporation
United Parcel Service United Rentals, Inc. United ServicesAutomobileAssociation
United States Cellular Corporation
United States Enrichment Corporation (USEC)
United States Enrichment Corporation (USEC) AmericanCentrifuge Oak Ridge
United States Enrichment Corporation (USEC) Gaseous Diffusion
United States Enrichment Corporation (USEC) GovernmentServices
United States Olympic Committee
United States Steel Corporation
United Stationers Supply Company
United Technologies Corporation
United Technologies Corporation Climate, Controls &Security
United Technologies Corporation Hamilton Sundstrand
United Technologies Corporation  Otis Elevator Company
United Technologies Corporation  Power |  | United Technologies Corporation  Pratt & Whitney
United Technologies Corporation Sikorsky Aircraft
United Technologies Corporation  UTC Research
United Water UnitedHealth Group Universal Health Services,Inc.
Universal Orlando Universal TechnicalInstitute University at Buffalo
University of Arkansas forMedical Sciences
University of CentralFlorida
University of Colorado Hospital
University of Houston University of Illinois atChicago University of Louisville
University of MarylandMedical Center
University of Maryland University College
University of Maryland, Baltimore
University of Miami University of Michigan University of Minnesota
University of Minnesota  Crookston
University of Minnesota  Duluth
University of Minnesota  Morris
University of Minnesota  Rochester
University of Mississippi Medical Center
University of Notre Dame University of Pennsylvania University of Pittsburgh Medical Center
University of Southern California
University of VirginiaHealth System
UNUM Group UPM-Kymmene, Inc. |  | UPM-Kymmene, Inc. Blandin PaperCompany
UPM-Kymmene, Inc.  Raflatec, Inc.
Uponor, Inc. URS Corporation Infrastructure and Environment Division US Bancorp
US Federal Credit Union US Foods US Foods  Albany
US Foods  Albuquerque
US Foods  Allentown US Foods  AltoonaGroup US Foods  Atlanta
US Foods  Austin US Foods  Baltimore US Foods  BostonGroup
US Foods  Buffalo US Foods  Chicago US Foods  Cincinnati
US Foods  Cleveland US Foods  Columbia US Foods  Corona
US Foods  Dallas US Foods  Denver US Foods  Detroit
US Foods  Fort Mill US Foods  GFGBismarck US Foods  Houston
US Foods  Indianapolis
US Foods  Jackson US Foods  Kansas City US Foods  Knoxville
US Foods  Lakeland US Foods  Las Vegas US Foods  Little Rock
US Foods  Los Angeles
US Foods  Lubbock US Foods  Manassas US Foods  Memphis
US Foods  Milwaukee US Foods  Minnesota US Foods  Montgomery
US Foods  NDG/Stock Yards (Admin)
US Foods  New YorkMetro
US Foods  North Star of Atlanta |  | US Foods  North Star of Charlotte
US Foods  North Star of Florida
US Foods  North Star of Pennsylvania
US Foods  Northwest US Foods  OklahomaCity Group US Foods  Omaha
US Foods  Philadelphia Group
US Foods  Phoenix US Foods  Raleigh US Foods  Reno
US Foods  Roanoke US Foods  Salt LakeCity US Foods  San Diego
US Foods  SanFrancisco
US Foods  South Florida
US Foods  SouthernNew England
US Foods  St. Louis US Foods  Streator US Foods  SY Barone
US Foods  SY Chicago US Foods  SY St. Louis US Foods  SY St. Paul
US Foods  Tampa US Foods  West Virginia USG Corporation
USG Corporation  L&W Supply
USG Corporation United States Gypsum Company
Utah Transit Authority UTi Worldwide Inc. Vail Resorts, Inc.
Vail Resorts, Inc. Arrabelle
Vail Resorts, Inc. Beaver Creek Resort Properties
Vail Resorts, Inc.  BeaverCreek Resort
Vail Resorts, Inc.  Breckenridge
Vail Resorts, Inc. Colorado Mountain Express
Vail Resorts, Inc.  Flagg Ranch Resort



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|G-23 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Vail Resorts, Inc. Grand Teton Lodge Company
Vail Resorts, Inc.  Great Divide Lodge
Vail Resorts, Inc. Heavenly Ski Resort
Vail Resorts, Inc. Jackson Hole Golf and Tennis Club
Vail Resorts, Inc. Keystone Conference Center
Vail Resorts, Inc. Keystone Lodge
Vail Resorts, Inc. Keystone Resort
Vail Resorts, Inc.  Lake Tahoe LodgingCompany
Vail Resorts, Inc. Mountain News Corp
Vail Resorts, Inc. Mountain ThunderLodge
Vail Resorts, Inc. NorthStar Lodging
Vail Resorts, Inc. NorthStar Resort
Vail Resorts, Inc.  OneSkiHill Place
Vail Resorts, Inc.  RedSky Golf
Vail Resorts, Inc.  Rock Resorts
Vail Resorts, Inc. Specialty SportsVenture
Vail Resorts, Inc.  The Lodge at Vail
Vail Resorts, Inc.  Vail Mountain
Vail Resorts, Inc.  Vail Resorts Development Company
Vail Resorts, Inc. Village atBreckenridge
Valassis Communications,Inc.
Valero EnergyCorporation
Valley National Bank Vanderbilt University  Vanderbilt University Medical Center Vantiv,
Inc. |  | Vectren Corporation
Velocity Technology Solutions, Inc.
Ventura Foods, LLC Veolia Water NorthAmerica Veolia Water NorthAmerica 
CentralLLC Veolia Water NorthAmerica  Industrial Group
Veolia Water NorthAmerica  Northeast LLC
Veolia Water NorthAmerica  West LLC
Verisign Inc Verizon Communications Vermeer Corporation
Verso Paper Corp. Vestas Americas Vestergaard FrandsenInc.
Viacom, Inc. Viacom, Inc.  Media Networks Vinson & Elkins, LLP
Virginia Commonwealth University HealthSystem (VCUHS)
Virginia Credit Union, Inc.
Virtua Health Visiting Nurse Service of New York Visteon Corporation
VITAS Healthcare Corporation
Volvo Group NorthAmerica  3P
Volvo Group NorthAmerica  ArrowTruck Sales Inc.
Volvo Group NorthAmerica ConstructionEquipment
Volvo Group NorthAmerica  MackTrucks Inc.
Volvo Group NorthAmerica  Nova Bus Company
Volvo Group NorthAmerica  Parts
Volvo Group NorthAmerica  Penta |  | Volvo Group NorthAmerica Powertrain
Volvo Group NorthAmerica  PrevostCar, Inc.
Volvo Group NorthAmerica  Trucks
Volvo Group NorthAmerica  VolvoAero Leasing LLC
Volvo Group NorthAmerica  Volvo Financial Services
Volvo Group NorthAmerica  Volvo InformationTechnology
Volvo Group NorthAmerica  VolvoRoad Machinery Inc.
Vonage HoldingsCorporation
VW Credit, Inc. VWR International W.L. Gore & Associates,Inc.
W.L. Gore & Associates,Inc.  MedicalProducts Division
Waddell & Reed Wake CountyGovernment Wake Forest University
Wal-Mart Stores, Inc. Washington HospitalCenter Washington Suburban Sanitary
Commission Washington University inSt. Louis
Waste Management, Inc. Weaver and Tidwell, LLP Weber Aircraft LLC
Webster Financial Corporation
Webster Financial Corporation  HSABank
Webster Financial Corporation Webster BusinessCredit Corp.
Wegmans Food Markets,Inc.
Weil, Gotshal & Manges,LLP |  | Weingarten RealtyInvestors
Weir SPM WellCare Health Plans WellCare Health Plans  Florida
Division WellCare Health Plans  North Division
WellCare Health Plans  South Division
WellPoint, Inc. Wells Enterprises, Inc Wells Fargo & Company
WellSpan Health WellStar Health System WESCO International,Inc.
West Bend MutualInsurance Company
West Penn AlleghenyHealth System
West Penn AlleghenyHealth System  Allegheny GeneralHospital & Suburban Campus
West Penn Allegheny Health System  Alle-Kiski Medical Center
West Penn AlleghenyHealth System  Canonsburg General Hospital
West Penn AlleghenyHealth System Forbes RegionalCampus
West Penn AlleghenyHealth System  The Western Pennsylvania Hospital
West Penn AlleghenyHealth System WPAHS Primary Care Network
Western & SouthernFinancial Group
Western Digital Western MichiganUniversity Westfield Group
Westlake ChemicalCorporation
Westlake Chemical Corporation  Olefins |  | Westlake Chemical Corporation  Vinyls,PVC BuildingProducts
Westlake Chemical Corporation  Vinyls, Vinyl Chemicals
Weston Solutions, Inc. Weston Solutions, Inc.  Central Division Weston Solutions, Inc. 
Client BusinessTeamsDivision Weston Solutions, Inc.  Global Division
Weston Solutions, Inc.  Mid-Atlantic Division
Weston Solutions, Inc.  National Accounts
Weston Solutions, Inc.  Northeast Division
Weston Solutions, Inc.  Pacific Division
Weston Solutions, Inc.  Service Lines Division
Weston Solutions, Inc.  South Division
Westwood College WGL Holdings, Inc.  Washington Gas Wheaton College
Wheaton Franciscan Healthcare
Wheaton Franciscan Healthcare  AllSaints Healthcare
Wheaton Franciscan Healthcare Covenant MedicalCenter
Wheaton Franciscan Healthcare Marianjoy Rehabilitation Hospital
Wheaton Franciscan Healthcare  St.Francis Hospital
Wheaton Franciscan Healthcare  St.Joseph Hospital
Whip Mix Corporation Whole Foods Market,Inc. William Blair & Company,LLC
William Marsh RiceUniversity
Williams-Sonoma, Inc.



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|PotashCorp 2014 Management Proxy Circular |  | G-24



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##### Table of Contents

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|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Wilmer Cutler PickeringHale and Dorr LLP
Wisconsin PhysiciansService
Wm. Wrigley Jr.Company Wm. Wrigley Jr.Company  North America Wm. Wrigley Jr.Company
 US Wolters Kluwer NA
Wolters Kluwer NA  Corporate LegalServices
Wolters Kluwer NA  Financial &Compliance Services
Wolters Kluwer NA Health
Wolters Kluwer NA Small Firm Services
Wolters Kluwer NA Tax and Accounting
Wolters Kluwer NA WK Health Clinical Solutions
Wolters Kluwer NA WK Health PharmaSolutions
Wolters Kluwer NA WK HealthProfessional Education
Wolters Kluwer NA WK Medical Research
World Vision Worthington Industries Worthington Industries
WorthingtonCylinder Group Worthington Industries Worthington Steel Group
Wright ExpressCorporation
Wyndham Worldwide Xcel Energy Inc. XL America
XL America  ExtonOBUs
XL America  Insurance
XL America  InsuranceUS
XL America  Marineand Offshore Energy
XL America Reinsurance |  | XL America Reinsurance US
Xylem Inc. Xylem Inc.  Analytics Xylem Inc.  RCW Executive
Xylem Residential and Commercial Water
Yamaha Corporation of America
Yellow Pages Group USA Yeshiva University Zale Corporation
Zebra Technologies Corporation
Zeon Corp. Zimmer Holdings, Inc. Zimmer Holdings, Inc.  Accelero Health
Zimmer Holdings, Inc.  Zimmer Dental
Zimmer Holdings, Inc.  ZimmerOrthobiologics
Zimmer Holdings, Inc.  Zimmer Orthopedic Surgical Products,Dover
Zimmer Holdings, Inc.  Zimmer Spine
Zions Bancorporation Zions Bancorporation  Amegy Bank Zions Bancorporation  California
Bank andTrust Zions Bancorporation  National Bank ofArizona
Zions Bancorporation  Nevada State Bank
Zions Bancorporation  Vectra Bank Colorado
Zions Bancorporation  Zions First NationalBank
Zumtobel US Zurich North America Zurich North America  Farmers
InsuranceGroup  TW CSR Executive
Survey
AAA A.O. Smith Accident Fund Insurance
ACUMED |  | AFLAC Alfa Laval Alliant Energy
Alta Resources Corp American Cancer Society,Inc. American Career College
American CommercialLines
American University AmeriPride Services Ames True Temper
AMETEK California Amica Mutual Insurance Applied ResearchAssociates
Arlington County Government
Asahi Kasei Plastics N.A.,Inc.
Ascend Performance Materials
ASCO  Valve Ash Grove CementCompany Aurora Healthcare
Auto Club Group Automobile Club ofSouthern California Avis Budget Group
Avista Axcess Financial Services,Inc. B Braun Medical
Bank of AmericaMerchant Services
Baxter International Baylor College ofMedicine Baylor Health CareSystem
Belk Bemis Manufacturing Company Beneficial Bank
Bergquist Company Berwick Offray BIC  Graphic USA
Black Hills BlueCross BlueShield of Louisiana BlueCross BlueShield ofSouth
Carolina BlueCross BlueShield of Tennessee
Bluegreen Corporation Bluestem Brands |  | Bob Evans Farms
Boddie-Noell Enterprises,Inc.
Bosch Rexroth Boy Scouts of America Boyd Gaming
Boys & Girls Clubs ofAmerica
Bradley Bridgepoint Education Bristow Group
Brown-Forman Bryant University Build-A-Bear Workshop
Bulk Handling Systems Cablevision Systems CACI International
Caelum ResearchCorporation
California DentalAssociation
Cambia Health Solutions Camcraft Capital Blue Cross
CareFirst BlueCrossBlueShield
Carlson CarMax Casualty Management
CDM CEC Entertainment Cell Therapeutics
CEMEX, Inc. CenturyLink Chelan County PublicUtility District
Childrens Healthcare of Atlanta
Choice HotelsInternational
CHS Chumash EmployeeResource Center Church of Jesus Christ of Latter-day
Saints CIGNA Citizens Energy Group Citizens Republic Bank
City of Austin City of Garland City of Houston
City of Las Vegas City of Philadelphia ClubCorp, Inc.
CNH America, LLC Cobham Management Services |  | Coca-Cola Bottling
Coca-Cola Refreshments College of St. Scholastica Colorado Springs Utilities
Colsa CommScope Community Coffee
Community HealthNetwork
Community Preservation Corporation
Compressor Controls Computer Task Group ConnectiCare Capital LLC
Core Laboratories Cornell University Corrections Corporationof America
Coventry Health Care Cox Enterprises Cracker Barrel OldCountry Stores
CSIG CUNA Mutual D&B
David C. Cook Decurion Corporation Dekalb RegionalHealthcare Systems
Delhaize America DePaul University Dickstein Shapiro
Diebold First American Doherty EmployerServices Dole Foods
Dominos Pizza Duke Realty Duke University & Health System
Dyn McDermott E A Sween Company Edward Jones
Edward Lowe Foundation Edwards Lifesciences Elizabeth Arden
Emblem Health EMCOR Group Emerson Electric
Energy Future Holdings Energy Solutions Engineered PlasticsCompany
Enpro Industries(Fairbanks MorseEngine)
Entergy



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|G-25 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Erickson Retirement Communities
Erie Insurance ESCO ESCO Technologies
Etnyre International, Ltd. Exel Exide Technologies
Express Scripts Fairfield Manufacturing Farm Credit Bank ofTexas
Farm Credit Foundations Farmland Foods Federal Reserve Bank of Atlanta
Federal Reserve Bank of Boston
Federal Reserve Bank of Chicago
Federal Reserve Bank of Cleveland
Federal Reserve Bank of Dallas
Federal Reserve Bank of Minneapolis
Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Richmond
Federal Reserve Bank ofSan Francisco
Federal Reserve Bank ofSt. Louis
Federal Reserve Board FedEx Express FedEx Office
Fender MusicalInstruments
Ferguson Enterprises Fermi NationalAcceleratorLaboratory First Citizens Bank
Fleetwood Group Flexcon Company, Inc. Flexible Steel Lacing
Follett Corporation Fortune Brands Home & Security, Inc. Freeman Dallas
Freeport-McMoRanCopper & Gold
Froedtert Hospital G&K Services Gannett
Gas Technology Institute |  | Gaylord Entertainment
General Dynamics InformationTechnology
Genesis Energy GenOn Energy Gentiva Health Services
Georg Fischer Signet Georgia Health Sciences Medical Center Georgia Institute of
Technology Gerdau Long Steel North America
GKN GNC GOJO Industries, Inc.
Gold Eagle Grande Cheese Great AmericanInsurance
Greyhound Lines GROWMARK GTECH
GuideStone Financial Resources
H Lee Moffitt CancerCenter & Research Institute
Harman International Industries
Harris County Hospital District
Hastings MutualInsurance Company
Haynes International Hazelden Foundation HD Supply
HDR, Inc. Hendrick Medical Center Hendrickson International
Henry Ford HealthSystems
Herman Miller Highmark Hill Phoenix
Hilton Worldwide Hitachi ComputerProducts HNI
HNTB Hu-Friedy Manufacturing Company, Inc. Hunter Industries
IDEX Corporation IDEXX Laboratories |  | InformationManagement Service
Ingram Industries Insperity Institute for DefenseAnalyses
Institute of Electrical & Electronic Engineers(IEEE)
Integra Lifesciences Corporation
INTEGRIS Health Intertape Polymer Group Intrepid Potash
Iron Mountain Irvine Isuzu Motors America
Itochu International ITT Industries Information Systems J J Keller &
Associates,Inc. J.R. Simplot
Jacobs Technology Jarden Jefferson ScienceAssociates
John Crane Johns Hopkins University Johnson Outdoors
Joint Commission Jones Lang LaSalle Joy Global
Judicial Council ofCalifornia
Kansas City Southern Katun Corporation Kettering University
Kewaunee Scientific Corporation
Keystone Foods KI, Inc. KIK Custom Products
Kingston Technology Klein Tools L.L. Bean
Laboratory Corporationof America
Lake Federal Bank Lake Region Medical Lane Enterprise, Inc.
Lantech.com Lawson Products Learning Care Group
Legal & General America
Leggett and Platt LG&E and KU Energy |  | Lieberman Research Worldwide
Lighthouse International Limited Little Lady Foods
Logic PD Lower Colorado River Authority LSG Sky Chefs
Lutron Electronics Magellan Health Services Magna Seating
Malco Products, Inc. Manpower MAPFRE U.S.A.
Maricopa County Officeof Management &Budget
Maricopa IntegratedHealth System
Marshfield Clinic Mary Kay Mayo Clinic
McGladrey and Pullen Medica Health Plans Medical Mutual of Ohio
Mercer University Merit Medical Systems Merrill
Metagenics Methodist HospitalSystem MetLife
MFS Investment Management. Miami Childrens Hospital Michael Baker
Mine Safety Appliances Minneapolis SchoolDistrict Minnesota Management&
Budget Missouri Department of Conservation
Missouri Department of Transportation
Mitsubishi International Mitsui U S A. Molex
Molina Healthcare MTD Products, Inc. MTS Systems
MultiPlan Mutual of Omaha Nash-Finch
National Academies |  | National FuturesAssociation
National Interstate Natures SunshineProducts Navistar International
Navy Exchange Enterprise NCCI Holdings Nebraska Public Power District
Neenah Paper NJVC LLC Nordam Group
Northwestern Memorial Hospital
Northwestern Mutual NSK Corporation Oglethorpe Power
Ohio Public Employees Retirement System
Ohio State University Oil-Dri Corporation of America Old Dominion Electric
Oppenheimer Group Opus Bank Orbital ScienceCorporation
Oshkosh OSI Restaurant Partners Panduit Corporation
Papa Johns Patterson Companies Paychex
Paycor Pearson Pegasus Solutions
Penn State HersheyMedical Center
Pepper Construction Company
Pharmavite PHH Arval PM
PMA Companies Port of Portland Poudre Valley HealthSystems
Premier Principal Financial Group Pro-Build Holdings
Project ManagementInstitute
Prometric, Inc. PSS World Medical Publix Super Markets,Inc.



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|PotashCorp 2014 Management Proxy Circular |  | G-26



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##### Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------
|QBE the Americas
QTI Human Resources Quadion Corporation Quality Bicycle Products
Quest Diagnostics R.R. Donnelley Ralph Lauren
Rational Energies REA Magnet WireCompany, Inc. Recology
Red Wing Shoe Company Redcats USA Regency Centers
Regions Financial Rembrandt Renaissance Learning
Rexnord Corporation Rice University RiceTec, Inc.
Rich Products Ricoh AmericasCorporation Ricoh Electronics, Inc.
Rite  Hite Holding Corporation
Riverside ResearchInstitute
Rollins RSC Equipment Rental S&C Electric
Safety-Kleen Systems Sage Publications Salk Institute
Sally Beauty Salt River Project Samuel Roberts Noble Foundation
San Antonio WaterSystem
San Antonio Zimmer Sauer-Danfoss SCANA
Schaumburg Township District Library
Schwan Food Scientific Research Corporation Scooter Store
Seaman Corporation Seco Tools, Inc. Securus Technologies,Inc.
SEMCO Energy Seneca GamingCorporation Sentara Healthcare |  | Sentry Insurance
Serco Service Corporation International ServiceMaster Company
Seventh Generation Shands HealthCare Sharp Electronics
Simmons BeddingCompany Simon Property Group,Inc. SMSC Gaming Enterprise
Sole Technology, Inc. Solo Cup South Jersey Gas
Southco, Inc. Southeastern FreightLines Southern Poverty Law Center
Southwest Gas Space DynamicsLaboratory Space Telescope Science Institute
Spectrum Health Grand RapidsHospitals
SPX Corporation St. Cloud Hospital St. Jude ChildrensResearch Hospital
St. Louis County Government
Stampin Up! Standard Motor Products Staples
State Bar of Michigan State Corporation Commission Stericycle, Inc.
Stinger Ghaffarian Technologies
Stonyfield Farm, Inc. Subaru of Indiana Automotive, Inc. SuperValu Stores
Sykes Enterprises Synthes Taubman Centers
TDS Telecom Tecolote Research, Inc. Tenet Healthcare Corporation
Terumo BCT Texas Industries, Inc. |  | Texas Mutual Insurance
The Ryland Group Thule TIMET (Titanium Metals Corporation)
TJX Companies Total System Services Transamerica
Travis County Tribune Tri-Met
Trinity Consultants, Inc. Trinity Health True Value Company
Tufts Health Plan Turner Broadcasting U.S. Foodservice
UDR UMDNJ-University of Medicine & Dentistry
UnderwritersLaboratories
United ConveyorCorporation
United HealthCare Group United Maritime Group United Natural Foods,Inc.
United States Steel Universal Studios Orlando University Health System
University of Akron University of Alabama at Birmingham University of California,
Berkeley University of Chicago
University of Georgia University of Houston University of Minnesota
University of Nebraska- Lincoln
University of North Texas University of Notre Dame University of Rochester
University of SouthFlorida WyleLaboratories
University of St. ThomasXcel Energy
University of Texas atAustin XO Communications |  | University of Texas Health Science Center atHouston Yamaha Corporation ofAmerica
University of Texas Health Science Center ofZeon Chemicals L.P.
University of Texas Southwestern Medical Center
University of Wisconsin Medical Foundation
University Physicians, Inc.
Uponor, Ltd. UPS URS
USAA USG Utah Transit Authority
Vail Resorts Management Valpak/Cox Target Media Ventura Foods
Verde Realty Vermeer Manufacturing Company VF
Via Christi Health Vi-Jon Volvo Group NorthAmerica
W C Bradley Wake Forest University Walgreen Co.
Walter Energy Washington University inSt. Louis Wawa, Inc.
Wayne Farms Wayne MemorialHospital Wellmark BlueCross BlueShield
Wells Dairy West Bend MutualInsurance Company West Penn AlleghenyHealth
System West Virginia University Hospitals, Inc.
Weston Solutions, Inc. Wheaton Franciscan Healthcare Whole Foods Market
WilmerHale LLP WindstreamCommunications |  | Winn-Dixie Stores
Winpak PortionPackaging, Ltd.
Wisconsin PhysiciansService Insurance
Wornick Company Worthington Industries



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|G-27 |  | PotashCorp 2014 Management Proxy Circular



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##### Table of Contents

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|LOGO |  | Potash Corporation of Saskatchewan Inc. |  | Proxy

For use at the Annual and Special Meeting

|of Shareholders to be held on May 15, 2014. THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT OF THE CORPORATION.
|---------------------------------------------------------------------------------------------------------------



The undersigned holder of common shares (Shares) of Potash Corporation of Saskatchewan Inc. (the
Corporation) hereby appoints Dallas J. Howe, Board Chair, or failing him, William J. Doyle, President and Chief Executive Officer, or failing him, Wayne R. Brownlee, Executive Vice President, Treasurer and Chief Financial Officer, or
failing him, Joseph A. Podwika, Secretary, or instead of any of the foregoing,   as proxy for the undersigned, with full power of substitution to attend, vote and act for and on behalf of the undersigned at the annual and special meeting of shareholders of the Corporation to be held: Thursday, the 15thday of May, 2014 (the Meeting) 10:30 a.m. (local time) Grand Salon, TCU Place 35  22ndStreet East Saskatoon, Saskatchewan, Canada and at any adjournments thereof, and hereby revokes any proxy previously given by the undersigned.  1.
A shareholder has the right to appoint a person who need not be a shareholder, to represent him or her and to attend and act on his or her behalf at the Meeting, other than
the nominees designated above, and may exercise such right by crossing out the names of the designated persons above and inserting the name of his or her nominee in the space provided above for that purpose.  2.
The Shares represented by this proxy will be voted in accordance with any choice specified in this proxy. If no specification is made, the persons named above will vote such
Shares FOR the election of the directors named in this proxy, FOR the appointment of Deloitte LLP as auditors of the Corporation, FOR the resolution (attached as Appendix B to the accompanying Management Proxy Circular) approving the
adoption of a new performance option plan, the full text of which is    attached as Appendix C to the accompanying Management Proxy Circular and FOR the advisory resolution accepting the Corporations approach to executive compensation
disclosed in the accompanying Management Proxy Circular. This proxy confers authority to vote in the proxyholders discretion with respect to amendments or variations to matters identified in the accompanying Notice of Meeting and with
respect to other matters that may properly come before the Meeting.


3.
If this proxy is not dated, it shall be deemed to be dated on the date on which this proxy was mailed by the Corporation.  4.
Reference is made to the accompanying Management Proxy Circular of the Corporation for further information regarding the completion and use of this proxy and other information
pertaining to the Meeting. Without limiting the general powers hereby conferred, the Shares represented by this proxy are to be:   1.

Voted FOR, or WITHHELD FROM VOTING, the nominees for directors listed below.For



Withhold



For



Withhold(01) C. M. Burley







(08) A. D. Laberge(02) D. G. Chynoweth







(09) C.E. Madere(03) W. J. Doyle







(10) K. G. Martell(04) J. W. Estey







(11) J. J. McCaig(05) G. W. Grandey







(12) M. Mogford(06) C. S. Hoffman







(13) E. Viyella de Paliza(07) D. J. HoweFor



Withhold2.

Voted FOR, or WITHHELD FROM VOTING, the appointment of Deloitte LLP as auditors of the Corporation.For



Against3.

Voted FOR or AGAINST the resolution (attached as Appendix B to the accompanying Management Proxy Circular) approving the adoption of a new performance option
plan, the full text of which is attached as Appendix C to the accompanying Management Proxy Circular.For



Against4.

Voted FOR or AGAINST the advisory resolution accepting the Corporations approach to executive compensation disclosed in the accompanying Management Proxy
Circular.  Dated the



day of



2014. Name of Shareholder



Signature of Shareholder