Dear Shareholder,

The following excerpt is a direct quote from the October 24^th Metals Morning Note from Salman Partners.

M&A: PotashCorp is on the Prowl

“Potash Corporation of Saskatchewan Inc. said that it recognized that depressed equity prices in public markets and investors’ and operators’ needs for liquidity (October 23^rd 3^rd Quarter Results) had provided PotashCorp with “significant [acquisition] opportunities”.

In fact, on Wednesday night, it had opportunistically increased its holdings of Israel Chemicals Ltd.

Although PotashCorp believes that the growth in demand for nitrogen and phosphate is likely to be less than that of potash, we consider that one determinant of the company’s acquisition strategy is its belief that there can be no Greenfield addition

to global potash mining capacity in the next five to seven years. In fact, we think that, rather than a Greenfield potash project, PotashCorp would be more likely to acquire a Greenfield phosphate project such as that of Legend International

Holdings (LGDI – NADASQB); which has historically-defined phosphate rock deposits in Queensland, Australia, and could give PotashCorp a greater entrée into Indian markets.”

Sincerely,

AGORACOM IR