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A significant potash development

in an established mining jurisdiction

Forward Looking Statements

1

Certain statements in this presentation may constitute "forward-looking" statements which involveknown and unknown risks, uncertainties and other factors which may cause the actual results,performance or achievements of the Corporation, or industry results, to be materially different from anyfuture results, performance or achievements expressed or implied by such forward-looking statements.When used in this presentation, such statements use such words as "may", "would", "could", "will","intend", "expect", "believe", "plan", "anticipate", "estimate" and other similar terminology. Thesestatements reflect the Corporation's current expectations regarding future events and operatingperformance and speak only as of the date of this presentation. Forward-looking statements involvesignificant risks and uncertainties, should not be read as guarantees of future performance or results,and will not necessarily be accurate indications of whether or not such results will be achieved. A

number of factors could cause actual results to differ materially from the results discussed in theforward-looking statements, including, but not limited to, the factors discussed in the final prospectusfiled on December 6, 2010. Although the forward-looking statements contained in this presentation arebased upon what management of the Corporation believes are reasonable assumptions, theCorporation cannot assure investors that actual results will be consistent with these forward-lookingstatements. These forward-looking statements are made as of the date of this presentation and areexpressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws,neither the Corporation nor the Underwriters assume any obligation to update or revise them to reflectnew events or circumstances.

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Significant Growth Expected inPotash Demand

4

Drivers

Increasing world population

Changing diet profile indeveloping world

Decreasing arable land

Increasing use of biofuels

Source: British Sulphur

Demand for PotashKCl(mmt)

0

10

20

30

40

50

60

70

80

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CAGR:2.8%

Forecast

An Established Potash Mining Jurisdiction

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Saskatoon

SASKATCHEWAN

KP 360

NN

Town of

Wynyard

AgriumVanscoy

PCSCory

PCS

AllanMosaic

ColonsayPCS

Lanigan

PCSPatience Lake

YellowheadHwy

(TransCanadaHw

y)

CanadianPacificRailway

HighwaysHighways RailwaysRailways Potash Belt CR 837km250 10050 75 km252500 1001005050 7575

SASKATCHEWAN

Largest potash producing region in the world

Existing infrastructure includes rail, roads, power and water

Karnalyte

Resources

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Significant Mineral Resource

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Drill Hole Summary Schematics

Source: Preliminary Assessment, Wynyard Carnallite Project, Subsurface Mineral Permit KP 360,Saskatchewan, Canada, August 26, 2010; available at www.sedar.comNote: All technical informat ion herein has been derived from the Preliminary Assessment. For a list of the QPs whoprepared or supervised the preparation of the technical information, please see the Preliminary Assessment. 6

ResourcesCategory

KClGrade Range %

KCl Resourcemmt

Indicated 13%17% 56.2

Inferred 13%19% 186.3

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Carnallite Resource Amenable to Solution Mining

Water soluble oreamenable to solutionmining

Allows for lower capex &shorter construction

timeline than conventionalmining

Low environmental impactthan conventional mining

Solution Mining Conventional Mining

Extraction Summary: Miners travel downthe shaft to the mining level to break upand retrieve the ore

Deposit Features: Shallow to deep

Mine Depth: Up to ~1,000 metres

Typical Mining Method: 1) room andpillar; 2) drill and blast

Extraction Summary: Heated brine (saltand water solution) is injected into the mineand salt from the walls

Deposit Features: Deeper deposits /irregular shaped

Mine Depth: Up to ~3,000 metres

Typical Mining Method: Salt dissolutionand brine pumping (solution is brought tothe surface to be processed)

Shaft

Ore Skips

MiningMachines Conveyor

Extraction Injection

Brine Tank

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Key Project Milestones Achieved

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Designed by Foster Wheeler

NI 43-101 compliant Preliminary Assessment complete

Drilling complete

3D seismic complete Conceptual mine plan and

plant design complete

$744

$911$991

$1,059

$1,480

$1,750

Attractive Capex for New Potash Solution Mine

Source: Company Filings as at November 1,20109

Conventional

Solution

Mining Methodology

Estimated Capex (US$/tonne)

Karnalyte(Wynyard Carnallite

Project)

Potash One(Legacy Project)

Western Potash(Milestone Project)

MagIndustries(Kouilou Project)

BHP Billiton(Jansen Project) *

Agrium(Triton Project)

2.0 2.9 2.5 1.2 8.0 2.0Capacity (mmt/yr)

* The Conference Board of Canada (October 2010)

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Summary Cost Estimates

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C$ million 2 million mt/y operation (1) 500,000 mt/y operation

Brine Processing Plant $632.7 $174.1

Brine Field Costs 258.6 73.1

Brine Disposal and Process Water 38.4 11.0

Indirect Costs 165.4 54.9

External Infrastructure 104.5 39.9

Other 307.8 55.6

TOTAL CAPEX $1,507.4 $408.9

Estimated Operating Expenditures (per annum) $294.3 $76.9

Estimated Operating Expenditures (per tonne) $147.1 $153.7

2 million mt/y operation (1,2) 500,000 mt/y operation (2)

Mine Production (million tonnes) 47.6 14.8

Discount Rate 11% 11%

NPV (after tax, C$ million) $1,766.8 $295.3

IRR (after tax) 34% 21%

Preliminary Economic Evaluation for 2 million and 500,000 mt/y Operation

Source: Preliminary Assessment1. Based on specific multiplication factors (weighted average factor of 3.69)2. Based on a potash price of C$460/tonne potash FOB Vancouver

Cost Estimates for 2 million and 500,000 mt/y Operation (C$ million)

2011 2012 2013 2014

Feasibility

Plant construction

500,000 tonnecommissioning

Moving to Production

1111

Geological Analysis

Environmental Impact

Staged project roll-out mitigates pre-construction risk

Above indicative work plan assumes that plant construction and commissioning can be completedwithin 24 to 30 months following commencement of mine development. Mine development assumedto commence following completion of the planned feasibility study, which the company aims tocomplete during 2011.

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Proven & Committed Management Team

Ron Love, CAVP, Finance & CFO16 Years Experience

Siu Ma, MBA, P.Eng.VP, Engineering and R&D30 Years Experience

Henry Kerkhoven, MBAVP, Administration30 Years Experience

Robin Phinney, P.Eng.President & CEO30 Years Experience in Process, Design & Engineering

Robert MacgillivrayVP, Marketing30 Years Experience

Julius BrinkmanVP, Corporate Development27 Years Experience

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Michael RobinsonUnderground Operations Manager

18 Years Experience

Geology

Process Engineering

Logistics

Marketing

FinanceRon OlchowskiSurface Operations Manager

30 Years Experience

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MANAGEMENT TEAM EXPERTISE

Strong Corporate Governance

Bruce Townsend, Chairman* 28 years experience with Potash Corp.

Former Director of Financial Analysis Nitrogen Operations with PCS

Ian Brown, CA, Director* Chartered Accountant with over 20 years of financial and capital markets experience

Current and former director of Bonavista Energy Trust, Cathedral Energy Services,PetroBakken Energy, Petrobank Energy and Resources and TSX Group

Mark Wayne, Director* Over 20 years experience in corporate finance and related matters

Current director of Alamos Gold, Antares Minerals and Tanqueray Resources

Paul Sharpe, Director Partner with Perley-Robertson, Hill & McDougall LLP

Robin Phinney, President & CEO

Ronald Love, CFO

13* Independent director for the purposes of NI 58-101

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Quality Products

Potash Granular Pellets Low sodium content

Uniform size granular pellets Moisture resistant

leads to better handling and storage

Suited for bulk blending

Industrial Grade PotashCompacted Flake

End Markets

Sell potash granular pellets intoNorth American agriculture market

Industrial-grade potash

Potential sale of magnesium oxideto industrial markets

Product to meet market demands forpurity, ease of handling and bulkblending

Potash compacted flake

for bulk handling

50.2 million tonnes magnesiumchloride indicated resource

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Opportunity for Expansion

20 km420 km4

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QuillLakes

Town ofWynyard

NN

2007 / 2008 3D Seismic (35km2)

Mineral & SurfaceOwned by Karnalyte

2009 3D Seismic (71km2)

Highways

Railways

Drill HolesKP360 Permit Area (340km2)

YellowheadHwy (Trans Canada Hwy)

CanadianPacificRailway

KP 360

Karnalyte

Resources

Mineral resource should support 28 years of production at 2mmt/yr Relates to only 7.5% of land covered by KP360

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Market Data

Listing

Symbol

Recent share price

52-week range

Shares outstanding

Market capitalization

17

Toronto Stock Exchange

KRN

$10.75 (2/15/2011)

$7.07 - $13.00

20.6 million

$216.0 million (2/15/2011)

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Investment highlights

Strong potash industry fundamentals

Attractive jurisdiction with existing infrastructure

Significant potash resource

Attractive project profile Carnallite resource amenable to solution mining

Key project milestone: completed NI 43-101 compliant scoping study

Lower capex than a conventional mine

Staged construction approach expected to mitigate construction and financing risk

Experienced management team and Board

Opportunity for resource expansion and sale of magnesium

d A significant potash developmentin an established mining jurisdiction