Investor Presentation. May 2014

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1 Investor Presentation May 2014

2 For a reconciliation of these additional IFRS and non-ifrs measures to the most directly comparable measures calculated in accordance with IFRS for the twelve months ended December 31, 2013 and 2012, refer to the table under the heading "Additional and non-ifrs Financial Measures Reconciliation of Additional IFRS and non-ifrs Financial Measures" in the 2013 Annual Report. 2 Forward-Looking Statements Certain statements and other information included in this presentation constitute "forward-looking information" within the meaning of applicable Canadian securities legislation or constitute "forward-looking statements" within the meaning of applicable U.S. securities legislation (collectively, the "forward-looking statements"). All statements in this presentation, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to, statements as to management's expectations with respect to: future crop and crop input volumes, demand, margins, prices and sales; business and financial prospects; dividends and other plans, strategies, objectives and expectations, including with respect to future operations of Agrium and proposed acquisitions and divestitures and the growth and stability of our earnings; EBITDA (as defined herein) and other financial targets for 2015; amount of additional EBITDA expected to be achieved by 2017; and expectations regarding Agrium's expansion projects, including timing of construction, associated costs and anticipated expansion capacity. Readers are cautioned not to place undue reliance on forward-looking statements which involve known and unknown material risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. The forward-looking statements included in this presentation are based on certain assumptions and analysis made by us in light of our experience and perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances. All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although Agrium believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the forward-looking statements and investors should not place undue reliance on these assumptions and such forward-looking statements. The key assumptions that have been made in connection with such forward-looking statements include, among other things: assumptions with respect to Agrium's ability to successfully integrate and realize the anticipated benefits of its already completed and future acquisitions, including the acquisition of the Agri-products business of Viterra Inc. ("Viterra"); that future business, regulatory and industry conditions will be within normal parameters, including with respect to prices, margins, product availability and supplier agreements; the completion of our expansion projects on schedule, as planned and on budget; assumptions with respect to global economic conditions; and our ability to access our credit facilities or capital markets for additional sources of financing. Also refer to the discussion under the heading "Key Assumptions and Risks in Respect of Forward-Looking Statements" in Agrium's Management's Discussion & Analysis for the year ended December 31, 2013 (the "2013 MD&A") with respect to the material assumptions and risks associated with the forward-looking statements. By their nature, forward-looking statements are subject to various risks and uncertainties which could cause Agrium's anticipated results and experience to differ materially from the anticipated results or expectations expressed. The key risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general economic, market and business conditions, weather conditions including impacts from regional flooding and/or drought conditions; crop prices; the supply and demand and price levels for our major products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof, and political risks, including civil unrest, actions by armed groups or conflict, as well as counterparty and sovereign risk; and other risk factors detailed from time to time in Agrium reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States. There is a risk that the Egyptian Misr Fertilizer Production Company nitrogen facility in Egypt may not be allowed to proceed with the completion of the two new facilities. Additionally, there are risks associated with Agrium's acquisition of AWB Limited ("AWB"), including litigation risk resulting from AWB having been named in litigation commenced by the Iraqi Government relating to the United Nations Oil-For-Food Programme. There are risks associated with our acquisition of the Agri-products business of Viterra, including: timing and costs of the associated integration of the retained Viterra business; and the size and timing of expected synergies could be less favorable than anticipated. Furthermore, the potential divestiture of the Turf and Ornamental and Direct Solutions businesses and any potential financial gains or losses resulting from the completion of the strategic review process may differ materially from those in the forward-looking statements. We also refer you to the risks set forth in the 2013 MD&A under the heading "Enterprise Risk Management Key Business Risks" and under the heading "Key Assumptions and Risks in Respect of Forward-Looking Statements". Additional risk factors respecting the business and operations of Agrium are detailed under the heading "Risk Factors" in Agrium's Annual Information Form for the year ended December 31, Agrium disclaims any intention or obligation to update or revise any forward-looking statements in this presentation as a result of new information or future events, except as may be required under applicable U.S. federal securities laws or applicable Canadian securities legislation. IFRS Advisory Historical financial information relating to Agrium for periods beginning on or after January 1, 2010 presented and discussed in this presentation is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. All financial information prior to 2010 is presented in accordance with previous Canadian generally accepted accounting principles financial information has been restated to reflect the adoption of IFRS II Joint Arrangements, whereby the classification and accounting for our joint arrangements are accounted for using the equity method, and discontinued operations. Additional IFRS and Non-IFRS Financial Measures Advisory We consider earnings (loss) from continuing operations before finance costs, income taxes, depreciation and amortization ("EBITDA"), earnings (loss) from continuing operations before finance costs, income taxes, depreciation and amortization and before finance costs, income taxes, depreciation and amortization of joint ventures ("adjusted EBITDA"), average non-cash working capital to sales, and EBITDA to sales measure, all of which are non-ifrs financial measures, and return on capital employed ("ROCE"), which is an additional IFRS measure, to provide useful information to both management and investors in measuring our financial performance and financial condition. Refer to the table under the heading "Additional IFRS and non-ifrs Financial Measures" in the 2013 Annual Report and filed on SEDAR at and EDGAR at under our corporate profile for further discussion of how these measures are calculated and their usefulness to users including management. Non-IFRS financial measures are not recognized measures under IFRS and our method of calculation may not be comparable to that of other companies. These non-ifrs measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

3 3 A G R I U M Global Leader. Focused Growth Plan. Global Retailer Leading Wholesale Producer EBITDA Growth Since 2005 Clear Growth Plan to 2017 #1 Competitive advantages across N:P:K >3X Identified Growth Wholesale >20% Retail >35%

4 4 Positive Agricultural Fundamentals for Crops & Crop Inputs Global Crop Consumption Trends (Billions of Tonnes) 6.9 Additional Spending to Meet Demand 5.1 Fruits, vegetables & tubers +$40B annually on crop nutrients Oilseeds Grains +$30B annually on seed / crop protection Source: FAOSTAT, USDA, Integer, Phillips MacDougall, IFA, Green Markets, Agrium

5 5 T H E A G R I U M S T O R Y Global Leader. Focused Growth Plan. The Agrium Investment Proposition 1 Impressive performance / return of capital record 2 Unique integrated model 3 4 Largest, top performing agricultural retailer Leading agricultural wholesale producer of three key nutrients Clear and Sustained Growth Path 5 Multiple long-term growth drivers

6 Strong Performance Record Since Implementing Retail Growth Strategy Wholesale EBITDA 1 ($B) Retail EBITDA 1 ($B) Agrium EBITDA 1 ($B) $1.3 $1.0 $2.2 $0.6 2X 10X >3X $0.6 $ Other non-operating segment EBITDA of $(146)-million in Adjusted EBITDA, which is defined as earnings before finance costs, income taxes, depreciation and amortization ( EBITDA ), before finance costs, income taxes, depreciation and amortization of joint ventures. 6

7 Built a Diversified Global Leader 2005 EBITDA $646M 2013 Adjusted EBITDA $2.2B Nitrogen 58% Nitrogen Retail Crop Protection and Seed 21% 34% Retail 16% RETAIL WHOLESALE Other <1% Potash 19% 7% Phosphate Retail Nutrients and Other 22% 14% Potash 6% 3% Phosphate Other* Figures in pie charts based on full-year EBITDA for 2005 and 2013, and 2013 EBITDA excluded other inter-segment eliminations. Retail and Wholesale products and services Adjusted EBITDA is approximated using a proportional allocation as a percentage of gross profit for * Other includes AAT and Wholesale Product Purchased for Resale. 7

8 Committed to a Disciplined Capital Allocation Policy 2013 Cash Provided by Operating Activities $1.8B Value Preservation Ensure balance sheet strength Maintain investment grade credit ratings Sustain capital to maintain base business performance Investing for Growth Strict criteria organic and external opportunities returns in excess of risk adjusted return requirements Dividends and Share Buybacks Continue to increase dividend $3.00/share Target 25%-35% of free cash flow Repurchase stock on opportunistic basis 8

9 9 Leader in Returning Capital to Shareholders Strong Record of Dividend Increases to $3 annually Returning Significant Capital 27x higher $2.25 $3.00 Returned ~$1.8B since October 2012 Dividend goal: 25-35% of free cash flow, after sustaining capital $0.725 $ Current

10 Free Cash Flow (USD, millions) Excellent Free Cash Flow Generation Agrium generates strong free cash flow from both our Retail & Wholesale businesses, with growing and steady free cash flow contribution from Retail $2,000 Business Unit Free Cash Flow 1 $1,500 $1,000 $500 $ Target Run-rate Retail Wholesale 2 1 Free cash flow defined as cash provided by operations, less sustaining capital spend. Taxes, financing costs, SG&A and other corporate deductions split proportionally across Retail and Wholesale. 2 Wholesale run-rate based on last three-year NPK gross margin average and expected sales volume with Borger and VAULT projects at full capacity. Retail runrate based on last two-year EBITDA to free cash flow average conversion ratio and 2015 EBITDA target. 10

11 11 T H E A G R I U M S T O R Y Global Leader. Focused Growth Plan. The Agrium Investment Proposition 1 Impressive performance / return of capital record 2 Unique integrated model 3 4 Largest, top performing agricultural retailer Leading agricultural wholesale producer of three key nutrients Clear and Sustained Growth Path 5 Multiple long-term growth drivers

12 12 Unique Integrated Model Strategic Benefits Increased market intelligence Counter-cyclical cash flow Acquisition opportunities Increased debt capacity of >$750M with lower cost of capital Retail Wholesale Operational Benefits Maximize Wholesale product rate >$750M operating synergies with higher potash operating rates Operational synergies between Viterra acquisition & Wholesale Retail access to product from Wholesale in times of short supply Distribution and storage synergies Centralized corporate and IT

13 13 T H E A G R I U M S T O R Y Global Leader. Focused Growth Plan. The Agrium Investment Proposition 1 Impressive performance / return of capital record 2 Unique integrated model 3 4 Largest, top performing agricultural retailer Leading agricultural wholesale producer of three key nutrients Clear and Sustained Growth Path 5 Multiple long-term growth drivers

14 R E T A I L T O D A Y The Leading Global Agricultural Retailer NORTH AMERICA Canada Diversified Gross Profit (2013) USA $2.6B Merchandise 4% Seed 10% Hawaii Services/Other 16% SOUTH AMERICA AUSTRALIA Crop Nutrients 32% Brazil Chile Argentina Uruguay Crop Protection 38% Over 1,400 facilities in 7 countries 14 Crop inputs & services for over 50 different crops

15 Gross Profit (USD, Millions) R E T A I L T O D A Y Leveraging the Network Proprietary Products Proprietary Product sales and gross profit have increased significantly 50% to 100% higher margin achieved from proprietary products $600 Total Retail - Proprietary Product Gross Profit $500 $400 CAGR: 23% $300 $200 $100 $ Proprietary Crop Protection Products Proprietary Nutritional Products Proprietary Seed Source: Agrium 15

16 (USD - Millions) Number of Facilities R E T A I L T O D A Y Leveraging the Network EBITDA Growth per Location Agrium has consistently improved efficiency of Retail assets: Location consolidation (over 20% of US stores have been closed in past 8 yrs) Increased sales and EBITDA per location $1.6 $1.4 $1.2 $1.0 EBITDA per Retail Location (North America) CAGR: 20% $1.1 $1.3 $ Cumulative U.S. Store Closures Current year closures Cumulative closures since $0.8 $0.6 $ $ $ $ Excludes Viterra Source: Agrium 16

17 A C L O S E R L O O K R E T A I L Operational Excellence Targets Drive Performance EBITDA Working Capital to Sales ROCE (Excluding intangibles or goodwill) $1,300M 23% 22% $769M $951M $986M 20% 20% 18% 14% 18% 17% Additional 2015 target metrics include: Operating coverage ratio of 67%, ROCE of 13%, EBITDA to sales of 10%. Note: 2015 EBITDA and growth numbers are targets and are not financial forecasts. 17

18 18 T H E A G R I U M S T O R Y Global Leader. Focused Growth Plan. The Agrium Investment Proposition 1 Impressive performance / return of capital record 2 Unique integrated model 3 4 Largest, top performing agricultural retailer Leading agricultural wholesale producer of three key nutrients Clear and Sustained Growth Path 5 Multiple long-term growth drivers

19 19 W H O L E S A L E T O D AY Major International Wholesaler Nitrogen: Potash: Phosphate: 5.5Mt 4 th largest global producer 2.0Mt 3 rd largest NA producer 1.2Mt 5 th largest NA producer Diversified Gross Profit (2013) NORTH AMERICA Canada $1.1B Purchased for Resale 1% Other 8% Phosphate 6% USA Potash 24% EUROPE SOUTH AMERICA Nitrogen 61% Argentina Egypt

20 20 W H O L E S A L E Unmatched Competitive Strengths Strong Competitive Advantages Low cost global producer Alberta gas cost advantage versus NYMEX In-market price advantages Efficient distribution capabilities World-scale potash mine ESN: Leading controlled release product Access to low cost feed stock Natural gas Sulfur Integrated phosphate NH 3

21 A C L O S E R L O O K N I T R O G E N Agrium s Natural Gas Advantage Urea Price Comparison USD/tonne Urea Current NOLA Urea Price $400 $300 Agrium advantage $200 $100 $0 $4.05 MMBtu $4.35 MMBtu $8 MMBtu W. Canada U.S. Gulf China Gas Ukraine China Anthracite $9 MMBtu W. Europe Hub China Soft Coal $13 MMBtu W. Europe Formula Gas cost Other costs Strong margins due to low cost N. America gas prices Source: Agrium, Fertecon, CRU 21

22 A C L O S E R L O O K N I T R O G E N Agrium s Hedging Program Locking in Low Gas Costs Corporate level hedging: 15% - 20% of gas requirements for have been price protected at approximately $3.50/mmbtu $12 $10 NYMEX Benchmark Gas Costs ($/MMBTU) $8 $6 NYMEX Gas Benchmark Price NYMEX Gas Forward Strip $4 $3.50 $2 AGU Hedged Gas Costs for $0 Q Q Q Q Q Q Q Q Q Q Q Source: Capital IQ, Agrium 22

23 Note: Delivered prices adjusted by -$5/t for urea and -$9/t for ammonia to estimate FOB prices. Based on a 10-year average from Source: Green Markets: Spread equals average regional reference price minus NOLA reference price. 23 A C L O S E R L O O K N I T R O G E N Combined with Agrium s In-Market Advantage Regional Nitrogen Price Premium Over U.S. Gulf (NOLA) Price ($US/metric tonne) Urea +$94 Ammonia +$201 Urea +$98 Ammonia +$145 Urea +$49 Ammonia +$142 Urea +$29 Ammonia +$90 Nitrogen production facility Nitrogen upgrading facility NOLA New Orleans

24 A C L O S E R L O O K N I T R O G E N Result: Industry-Leading Nitrogen Margins vs. N.A. Peers Nitrogen Margin 3 Year Average 1 ($US / tonne) $211 $243 15% higher Peer Group Agrium 1. Includes FY2011 FY2013, volume weighted Source: Agrium, CF and PCS company reports / filings

25 A C L O S E R L O O K P O T A S H Our Potash Advantage Leader in Capacity Utilization Potash Operating Rate 5 Year Average* (% nameplate capacity) 76% 15% higher 61% Peer Group Agrium Higher operating rate due to integration with Retail * Operating rates reported on a fiscal year basis that differ from the calendar year have been adjusted where necessary for best comparability to 2013 period Source: Agrium, Mosaic and PCS company reports/filings 25

26 Phosphate: Strengths & Competitive Advantages Advantages Redwater Plant Conda Plant Phosphate Facility Phosphate Markets Sales (Tonnes 000 s) Canada 544 U.S. 482 In-market advantages Two facilities with in-market price advantage Lower freight costs local market Input cost advantages Competitive advantage on sulfur & ammonia costs at both facilities Conda facility integrated local rock supply Redwater facility production based on imported rock *2013 Sales: Thousands of Tonnes of Product 26

27 27 T H E A G R I U M S T O R Y Global Leader. Focused Growth Plan. The Agrium Investment Proposition 1 Impressive performance / return of capital record 2 Unique integrated model 3 4 Largest, top performing agricultural retailer Leading agricultural wholesale producer of three key nutrients Clear and Sustained Growth Path 5 Multiple long-term growth drivers

28 28 1. W H O L E S A L E E X P A N S I O N P R O J E C T S Wholesale Targeted Growth Approved Wholesale growth projects Incremental capacity and EBITDA improvement by 2017 Potash Brownfield Expansion 50% Capacity Increase (1 mmt) Nitrogen Brownfield Expansions 20% Capacity Increase 1 (0.9 mmt) Operational Improvements Targeted +$60-Million EBITDA improvement 1 Capacity increase calculation includes Urea and Net Ammonia additions over our existing Urea and Net Ammonia capacity. For Profertil and MOPCO, capacities included in the calculation are proportional to Agrium s equity share in those projects.

29 2. R E T A I L E X P A N S I O N P R O J E C T S Strategic Initiatives Clear Path to $1.3B EBITDA ~$100M ~$25M ~$150M ~$60M Tuck-ins $1.3B $0.77B $0.95B $0.96B 1 Viterra acquisition Australia improvements Organic growth Seed: $60M-$80M Loveland: $60M-$80M Efficiency: $10M-$20M 2011 EBITDA 2012 EBITDA 2013 EBITDA 2015 Target Note: 2015 EBITDA and growth numbers are targets and are not financial forecasts EBITDA shown is operational EBITDA and excludes certain one-time adjustments including $257-million purchase gain on Viterra, $220-million write-down on Landmark and Viterra Q4 results. 29

30 30 30 T H E A G R I U M S T O R Y Global Leader. Focused Growth Plan. The Agrium Investment Proposition 1 Impressive performance / return of capital record 2 Unique integrated model 3 4 Largest, top performing agricultural retailer Leading agricultural wholesale producer of three key nutrients Clear and Sustained Growth Path 5 Multiple long-term growth drivers

31 Investor Presentation May 2014

32 USD/acre Strong Grower Cash Margins Cash margins remain above the historical average $450 U.S. Grower Cash Margins* $400 $4.90/bu $14.65/bu $350 $300 $3.64/bu $4.85/bu $12.20/bu $250 $8.97/bu $200 $150 $100 $4.73/bu $7.25/bu $7.20/bu $50 $0 Corn Soybeans Wheat *New crop futures for 2014/15 crop have an estimated basis deducted Source: USDA, Doane, Agrium 32

33 Million tonnes N Million tonnes K 2 O Historical Nutrient Demand Growth in nutrient demand is critical in order to meet global food consumption P and K demand growth are below historical trend over the past 4-5 years demand trend is unsustainable 120 Demand Growth Rate: : 3.0% : 1.3% f: 2.0% Nitrogen 45 Demand Growth Rate: : 2.5% : 1.4% f: 2.3% Phosphate 30 Demand Growth Rate: : 4.0% : 0.1% f: 3.1% Potash Million tonnes P 2 O Represents Fertilizer Year Data Source: IFA, Fertecon, CRU, Agrium 33

34 Million Nutrient Tonnes of Nitrogen Global Nitrogen: Demand Growth Exceeds Capacity Cumulative Global Nitrogen Capacity Additions & Demand Growth (excl. China) Capacity additions 2013E 2014F 2015F 2016F 2017F North America Russia Algeria Egypt Other Short-term supply / demand balance dependent on Chinese urea exports Nitrogen capacity needed in the long-term, likely from NA (China is a risk) Natural gas restrictions have increased (ie. Egypt, Pakistan and Trinidad) Source: Agrium, Fertecon, CRU 34

35 Million Tonnes K2O Global Potash: Significant Capacity Additions Cumulative Global Potash Capacity Additions (1) & Demand Growth FSU 8 6 Canada 4 2 Other f Potash deliveries to grow to 56-58mmt in 2014 from 54mmt in Capacity additions represent 100% capacity utilization Source: Fertecon, IFA, Agrium 35

36 Global Phosphate: A Balanced Market 6 Cumulative Phosphate Capacity Additions & Demand Growth 5 China Million Tonnes P 2 O Capacity additions Saudi Arabia Brazil Morocco Other E 2014F 2015F 2016F 2017F Price weakness due largely to lower Indian demand Limited capacity additions until 2016 / 17 period Source: CRU, IFA, Agrium 36

37 Thousand Product Tonnes 2013 U.S. Nitrogen Offshore Imports In 2013, offshore imports accounted for over 50% of U.S. nitrogen consumption It would require new NA nitrogen facilities to displace all offshore nitrogen imports into the U.S. 14, Facilities Facilities 12,000 10,000 8, Facilities 6, Facilities 4,000 2,000 0 Ammonia Urea UAN/AN Total Source: Blue, Johnson & Associates, U.S. Dept. of Commerce, Zepol, Agrium 37

38 Nutrient Applications (kg/ha) Corn Yield (tonnes/ha) Nutrient Applications vs. Yield in Corn Balanced and adequate nutrient applications are important for crop yields 350 Potash Phosphate Nitrogen Yield U.S. EU-27 China Brazil India 0 Source: USDA, IFA, Agrium 38

39 Crop Stocks Tight Despite Increase in Global Crop Area Increasing Global Crop Area (Millions of hectares) Slowing Rate of Growth in Global Crop Yields (5-year avg. yield growth of corn, wheat and soybeans) 1, % 1, % 2.5% 1, % 1, % % Source: USDA, FAOSTAT, Agrium 39

40 Fertilizer Costs as a Percentage of Revenue Fertilizer Costs as a Percentage of Revenue in Corn 17.0% Five Year Avg. = 16% 13.4% 14.5% 14.3% 2011/ / /14F 2014/15F 1 Calculated using historical marketing year averages averaged estimated farm prices and fertilizer costs and futures price less a basis and spot fertilizer prices for 2014/15 Source: USDA, Green Markets, CME Group, Agrium 40

41 Short Term Record U.S. Farm Income Level Supports Continued Use of Crop Inputs Debt/Equity Ratio Net Farm Income ($USD B) 30% $140 25% $120 20% Debt / Equity Ratio Net Farm Income $100 $80 15% $60 10% $40 5% $20 0% $0 Source: USDA 41

42 Retail EBITDA (millions USD) Average Cash Corn Price ($/bu) Retail A Stable Earnings Business $ $125 Retail EBITDA $100 $75 Average Corn Cash Price $ $ $ * 2002* Retail EBITDA Average Cash Corn Price * 2001 excludes negative impact of the Argentine currency devaluation, 2002 excludes an estimate of one time benefit of Argentine currency devaluation of $15-million, Royster-Clark EBITDA (excluding E. Dubuque facility) based on public filings

43 43 CPS the Leading Provider of Precision Ag Services ~300 CPS locations actively using Nutriscription HD > 10 million acres of field boundaries > 4.5 million soil sample acres > 1.7 million acres of yield data Approx 100,000 ac VR seed recommendations

44 44 Nutriscription HD Precision Ag Process/Steps Field mapping, including soil zone/type every ~4 years Seasonal Process Leaf sample, top dress inputs Variable rate herbicide/pesticide Crop scouting Disease/insects Yield monitor Soil testing for nutrient level (Spring or fall) Nutrient: VRx Application Seed: VRx Application Spring Summer Fall

45 45 Advanced Precision Agronomy: Field/Soil Mapping Soil Sampling VR Fertility Rx VR Application Create & Export VRT data files for most controllers Auto Import soil test results from lab

46 46 In Season Monitoring: Leaf Analysis NutriScription Nutrient Rx Tracker App Finds deficiencies in season & corrects it

47 R E T A I L E X P A N S I O N P R O J E C T S A C L O S E R L O O K Viterra Acquisition EBITDA Contribution and Growth Potential 47 Transaction Summary Largest Ag retailer in Canada Adds 210 farm centers to existing 65 EBITDA Contribution $75M-$90M EBITDA in year 1 Synergy target of $15M-$20M by end of 2015 Value Creation Opportunities Proprietary canola germplasm seed business Formulation plant joint venture Three dry fertilizer terminals

48 A C L O S E R L O O K R E T A I L Performance Driven by Continuous Improvement Targets Retail Metrics Targets ROCE 9% 9% 13% ROCE (no intangibles or goodwill) 18% 17% 22% Working capital to sales 20% 20% 18% Operating coverage ratio (1) 69% 71% 67% EBITDA (U.S. dollars) $951M $961M (2) $1.3B EBITDA to sales 8% 8% 10% Note: 2015 EBITDA and growth numbers are targets and are not financial forecasts. 1. Operating coverage defined as: selling + general and administrative + earnings from associates + other expenses / gross profit EBITDA shown is operational EBITDA and excludes certain one-time adjustments including $257-million purchase gain on Viterra, $220-million write-down on Landmark and Viterra Q4 results. 48

49 Seed Sales ($USD millions) Seed Growth Potential ($60M-$80M EBITDA) Growth potential >$70-million gross profit achievable: (1) a 16%/yr growth in top line sales (2) margin expansion through higher proportion of proprietary seed Seed sales and gross profit have grown by over 24%/yr since $1, % Margin $1,500 $1, % Margin $274M GP 16% CAGR $345M GP $900 $600 $ % Margin $71M GP 24% CAGR $ Potential 1 Seed sales growth adjusted to account for May, 2008 purchase date of UAP. 2 Presented in accordance with previous Canadian GAAP in place prior to the adoption of IFRS. 3 Figures presented under 2015 Potential are illustrative, not forecasts. Assume 60%-70% EBITDA conversion = $60M-$80M growth potential. 49 3

50 CPP Sales ($USD millions) Proprietary CPP Growth Potential ($60M-$80M EBITDA) Growth potential gross profit ~$130-million achievable through a 4%/yr growth in top line sales. Crop protection sales have grown by >15%/yr since $6,000 $5, % Margin $4, % Margin $987M GP 4% CAGR $1,120M GP $3,000 $2, % Margin $576M GP 15% CAGR $1,000 $ Potential 1 Crop protection sales growth adjusted to account for May 2008 purchase date of UAP. 2 Presented in accordance with previous Canadian GAAP in place prior to the adoption of IFRS. 3 Figures presented under 2015 Potential are illustrative, not forecasts. Assume 35%-45% EBITDA conversion = $60M-$80M growth potential. 50 3

51 A C L O S E R L O O K R E T A I L Best-in-Class Retail Profitability Agrium has rolled up Royster-Clark, UAP, and tuck-in acquisitions (all with EBITDA margins averaging well below 6%) since 2006 and has successfully increased its total NA margins up over 9% During the worst year for the crop input market in history, Agrium s 2009 NAR EBITDA margins were only slightly below the average EBITDA margins achieved by either UAP or Royster-Clark EBITDA Margin (%) % 2006 margins impacted by Royster acquisition Agrium doubled Royster s legacy EBITDA in 18 mo. Commodity Peak 8 Financial Crisis margin based on LTM 1Q2005 data 2. UAP fiscal period end was February; data shifted to closest calendar year 3. North America Retail EBITDA margin excludes allocation of Corporate G&A. Source: Agrium, UAP, Royster Clark company filings Royster-Clark (1) UAP (2) AGU North America Retail (3) 51

52 Recordable Incidents/200K Employee Hours Lost Time Injuries/200K Employee Hour Safety is our Top Priority In 2013, Agrium set new all-time records in all 5 of its major key performance indicators We are safety leaders in both the Wholesale and Retail industries Since 2008, Agrium has improved both TRI and LTI by over 30% and EIR by over 60% 6.00 Agrium Employee Total Recordable Injury Rate (TRI) Agrium Employee Lost Time Incident Rate (LTI)

53 53 W H O L E S A L E E X P A N S I O N P R O J E C T S A C L O S E R L O O K Nitrogen Brownfield Projects 125 kmt urea + 10 kmt ammonia Cost: $150M, IRR of 18% Start-up Q Profertil Argentina Debottleneck (1) Borger Texas Potential expansion 612 kmt urea kmt ammonia (133 kmt net reduction) Cost: $720M Construction started in Q1, 2014 Potential start-up Q Damietta Egypt MOPCO expansion (2) Back on site assessing current state of construction 1.2 mmt incremental urea capacity 1 Stated amounts are for entire project. Agrium owns 50% share of project 2 Stated amounts are for entire project. Agrium owns 26% share of project

54 54 W H O L E S A L E E X P A N S I O N P R O J E C T S A C L O S E R L O O K Potash Brownfield Vanscoy, Saskatchewan Expansion Project: 1 Mt additional capacity, raising total to 3Mt Mine life of 46 years at expanded capacity Update: ~70% constructed as of April, 2014 Completion expected late 2014, ramp up by 2017 Expected cost of $1.9-billion Manual Reclaim Ore Storage New Slimes Thickener Brine Storage & Tailings Dispatch connecting to New West Concentrator (right) New West Compaction Plant Building

55 Sustaining Capital Requirements for the Future Sustaining Capital Millions of USD $499 $591 $500-$600 $333 $145 $162 $ * 2013 Expected Expected sustaining capital at a run rate averaging $500-$600M representing ~2% of replacement cost * Restated for the application of IFRS 11 Join arrangements requiring equity accounting for joint ventures 1 Presented in accordance with previous Canadian GAAP in place prior to the adoption of IFRS. 55 Run Rate

56 Committed to Return of Capital $B Return of Capital (1) 2012 and 2013 (2) $1.9 $1.4 $0.9 $0.4 -$0.1 Net Share Repurchases Dividends 1 Represents the sum of dividends paid, plus repurchases, net of issuances. 2 Return of capital is based on data as of the latest reporting period for all companies ending on or before December 31, This includes disclosure provided on subsequent share repurchase activity from the latest quarterly release. Source: Company Reports. 56

57 EBITDA Growth 57 Strong Pipeline of Value-added Growth Identified Kenai Restart & Phos Integration Retail & Wholesale Continuous Improvement Vanscoy Expansion + Egypt Borger Expansion + + Potential Viterra Profertil Debottleneck + + Retail Tuck-Ins + + Time

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