2014 Industry Outlook Forum “Kenai Peninsula – Opportunities Abound”

1. 2014 Industry Outlook Forum“Kenai Peninsula – Opportunities Abound” Kenai Nitrogen Operation (KNO)Restart Project

2. Agrium Kenai Nitrogen Operations (KNO) • Location – near Nikiski on the Kenai Peninsula • Employment – 264 employees at full, two-train capacity • Operations: • Two urea and ammonia production trains • Tidewater port facility • Power cogeneration facility • Daily feedstock requirements (Natural gas) • 80 million cubic feet per day (MMCFD) for one production train • 155 MMCFD for two train production • Operations shut down in 2007 due to lack of natural gas

3. KNO Restart Project • KNO mothballed and maintained to allow for a future safe restart of operations • Alaska state fiscal incentives have increased gas exploration and development in Cook Inlet area • Recent gas discoveries are encouraging • Agrium has initiated a project to determine whether a restart of KNO is feasible

4. KNO Restart Project – Critical Risks to a KNO Restart Decision • Adequate natural gas reserves at a price to generate positive economics • Capital cost refinement – current estimate is approximately $200 million to restart one train with a 30 month engineering and construction schedule • Receipt of necessary ADEC environmental permits • Local and Government support

5. KNO Restart Project – Actions To Date • Discussions with a number of gas producers • Finalize five year contracts for verified gas reserves totaling 80 MMCFD • Refining capital cost estimates and construction timeline • Submitted PSD permit application and working with ADEC on permit approval • Communicating with elected representatives at the Federal, State and Borough level • Government support will be a factor in the restart decision making process

6. KNO Restart Project – Construction Phase Impacts • Construction force of approximately 440 workers • Approximately $75 million in direct labor income during construction phase • Including all multiplier effects (direct, indirect and induced effects) the plant rehabilitation effort will account for an estimated 815 jobs and $110 million in total labor income Source: McDowell Group: “The Economic Benefits of Reopening the Agrium Kenai Nitrogen Plant” May 2013

7. KNO Restart Project – Production Phase Impacts Direct Impacts • Approximately140 permanent, full-time employees • At full production (two train operation), 240 workers will be required • Approximately $14 million in annual labor income • Would increase to $24 million with re-commissioning of the second train • Agrium employees expected to earn among the highest wages in the Kenai Peninsula Borough Source: McDowell Group: “The Economic Benefits of Reopening the Agrium Kenai Nitrogen Plant” May 2013

8. KNO Restart Project – Production Phase Impacts Total Impacts • Approximately 340 jobs and $30 million in annual labor income for single train (includes direct, indirect and induced employment) • At full production (two trains) KNO would generate approximately 600 jobs and $50 million in annual labor income (includes direct, indirect and induced employment) Source: McDowell Group: “The Economic Benefits of Reopening the Agrium Kenai Nitrogen Plant” May 2013

9. KNO Restart Project – Other Economic Benefits Kenai Peninsula Borough (KPB) Tax Revenue • Once one of the largest property taxpayers in the KPB. • Re-commissioned facility could make annual property tax payments estimated at $2.2 million, equal to 4% of KPB’s current property tax revenue. • If the second train were re-commissioned, KNO would likely be the largest property taxpayer in the KPB Source: McDowell Group: “The Economic Benefits of Reopening the Agrium Kenai Nitrogen Plant” May 2013

10. KNO Restart Project – Other Economic Benefits KNO employee property and sales taxes • All employees are expected to live in the KPB and pay property tax • $242,000 (single train) • $416,000 (two train) • Total annual sales tax revenue to the KPB from the KNO workforce* • $265,000 (single train) • $467,000 (two train). • * Does not include sales tax paid to the communities of Kenai or Soldotna where some KNO payroll dollars will be spent Source: McDowell Group: “The Economic Benefits of Reopening the Agrium Kenai Nitrogen Plant” May 2013

11. KNO Restart Project Charitable Contributions and Organization Support • Once back in production, Agrium would resume its community investment roleby supporting local non-profit organizations and projects. • Future employees can also be expected to be active in their communities in volunteer hours, cash and in-kind donations.

12. KNO Restart Project Student Enrollment and School District Revenue • Approximately 130 students are expected to be enrolled by KNO families under a single train operation and 220 students under a two train operation • $690,000 (single train) to $1.2 million (two train) in state education funding to the district Source: McDowell Group: “The Economic Benefits of Reopening the Agrium Kenai Nitrogen Plant” May 2013

13. Agrium Inc.13131 Lake Fraser Drive SECalgary, Alberta, Canada T2J 7E8Telephone (403) 225-7000Agrium U.S. Inc.4582 South Ulster Street, Suite 1700Denver, Colorado, U.S. 80237Telephone (303) 804-4400 NYSE and TSX: AGUagrium.com