Although some customersperceive that a short-term price collapse may be beneficial, it could createsignificant future supply problems. If potash prices do not remain at levelssupportive of capacity reinvestment, the necessary production may not beavailable when the world needs it, leading to the possibility of future pricesconsiderably higher than those seen recently.Beginning in 2005, and continuing today, PotashCorp has committed toaddressing this long-term issue by investing CDN $7.0 billion to raise ourproductive capability to 18 million tonnes per year once fully ramped up by2014. We expect to fill a significant amount of the world’s demand growth overthis period.With customers nearing the completion of massive destocking efforts in allmajor markets, we expect a more normal second half of 2009 followed by a rushto refill the pipeline and feed necessary consumption growth in 2010. For now,most buyers appear to be waiting for the settlement of China’s 2009 contractbefore engaging fully. Brazil, a major spot market, is beginning to rebuildpotash supply before the important soybean planting season that begins inOctober. We expect shipments to Southeast Asia will ramp up in the second halfof 2009 as prices for palm oil, a key and very profitable commodity producedin this region, have improved significantly.

Contract agreements with Chinaand India expired December 31, 2008 and March 31, 2009, respectively. Weexpect both countries to reach new agreements in the second quarter. Webelieve any prolonged delay in the final settlement of these contracts willonly accelerate the restocking efforts required to rebuild inventories andsoil nutrient levels in 2010.In North America, where farmers’ financial position is strong, they are stillweighing the risk of lower yields from reduced fertilizer application -especially of phosphate and potash – on profitability at a time of strong cropcommodity prices. This situation has the potential to reduce nutrientapplications for the 2008/09 fertilizer year by significantly more than therecord 15 percent reduction in 1982/83, when plantings declined by 40 millionacres. To put this reduction into context, it is now expected that US farmerswill apply approximately the same amount of nutrients this fertilizer year asthey did in 1983.

However, the current plantings include 37 million more acresof corn and soybeans. This scenario is unprecedented in magnitude andunpredictable in consequences.Given the lower sales volumes we anticipate through at least the first half of2009, which led our company to announce potash production curtailments to datein 2009 of 3.5 million tonnes, we now estimate our full-year potash grossmargin to be in the range of $2.5 billion-$3.0 billion and total shipments tobe around 6 million tonnes. We will continue to follow our more thantwo-decades-old strategy of matching supply to market demand and adjust ourproduction rates as required.With slower demand in phosphate, our production at White Springs will continueto be curtailed through the first half of 2009. Although global phosphate rockprices appear to have stabilized at a level at least triple what they werejust over two years ago, we believe profitability in our solid fertilizerbusiness will be challenged in the near term by pressure from the restartingof previously curtailed production around the world. We expect to once againbenefit from our flexible production capabilities at Aurora by focusing onhigher-margin, non-fertilizer markets.In nitrogen, we expect that global demand could weaken after the springplanting season in the Northern Hemisphere. Industrial demand is likely tostay depressed through the remainder of 2009.

However, we expect that lower USnatural gas prices relative to other major producing regions will limitimports from some offshore competitors, keeping the US market relativelybalanced.Capital expenditures, excluding capitalized interest, are forecast toapproximate $1.8 billion in 2009, of which $250 million will relate tosustaining capital, with the majority of the spending directed to ourpreviously announced potash capacity projects.We now anticipate our 2009 annual effective tax rate to be in the range of20-22 percent, with the remaining quarters at approximately 26-28 percent. Thecurrent/future split is expected to remain at 95/5 (excluding discrete items).Other income for the year is now forecast to exceed 2008 levels byapproximately $110 million. This includes the effect of a $135.5 millionnegotiated cash settlement of our arbitration claim related to the recovery ofunauthorized investments made in certain auction rate securities on ourbehalf, which will be recorded in the second quarter. Prior to the settlement,we had recognized in income a writedown of $115.3 million related to thesesecurities.Based on a $1.18 Canadian dollar, PotashCorp is expecting second-quarter netincome per share to be in the range of $1.10-$1.50. For the full year, we nowanticipate earnings to be in the range of $7.00-$8.00 per share based on a$1.10 Canadian dollar.

In the current trading range of the Canadian dollarrelative to the US dollar, each one-cent change in the Canadian dollartypically impacts our foreign exchange line by approximately $7 million, or$0.02 per share on an after-tax basis, which is primarily non-cash.Conclusion”Neither our customers nor our company can afford to be shortsighted whenconsidering the need for more potash in the intermediate and long term,” saidDoyle. “To ignore the realities of global population growth, economicexpansion in developing nations and agricultural science is to put the world’sfood supply at risk for years to come. Our company will continue to operatewith a disciplined, long-term approach. The world will be depending on us andwe will be ready – operating with the interests of all our stakeholders inmind.”Notes—–1.All references to per-share amounts pertain to diluted net income pershare.2.See reconciliation and description of non-GAAP measures in theattached section titled “Selected Non-GAAP Financial Measures andReconciliations.”Potash Corporation of Saskatchewan Inc. is the world’s largest fertilizerenterprise by capacity producing the three primary plant nutrients and aleading supplier to three distinct market categories: agriculture, with thelargest capacity in the world in potash and third largest in phosphate andnitrogen; animal nutrition, with the world’s largest capacity in phosphatefeed ingredients; and industrial chemicals, as the largest global producer ofindustrial nitrogen products and the world’s largest capacity for productionof purified industrial phosphoric acid.This release contains forward-looking statements. These statements are basedon certain factors and assumptions including foreign exchange rates, expectedgrowth, results of operations, performance, business prospects andopportunities and effective income tax rates.

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