U-SEA SASKATCHEWAN SETS SAIL

SASKATOON, Nov. 4 /PRNewswire/ – Earlier today in Japan, Ms. Nancy Heppner,
Member of the Legislative Assembly of Saskatchewan for the Martensville
Constituency, presided over the delivery of the U-SEA SASKATCHEWAN on
behalf of the Government of Saskatchewan, Canpotex Limited (Canpotex),
its members, and U-Sea Bulk.

The delivery was also attended by senior representatives of several of
Canpotex’s customers, together with other local dignitaries.

Delivering greetings from and speaking on behalf of Saskatchewan Premier

“The long, solid relationship we have with Japan is one we appreciate
and cherish. Japan enjoys a strong relationship with Canpotex, and in
turn Canpotex has a strong relationship with Saskatchewan, both of
which extend almost forty years,” Ms. Heppner said.

Steve Dechka, President and Chief Executive Officer of Canpotex,
commented on the plans that led to this delivery.

“This delivery marks the culmination of five years of planning to ensure
we have the ocean transportation capability to handle our long-term
sales commitments; so it is very gratifying to see the first vessel
afloat and on its way,” Mr. Dechka stated.

“The delivery of a newly constructed vessel is an occasion for great
celebration,” he said, noting that the U-SEA SASKATCHEWAN is the first
of nine new vessels to be operated by Canpotex through an innovative
joint venture with U-Sea Bulk of Copenhagen, Denmark.

“In addition to naming this first vessel after the Province of
Saskatchewan, the remaining eight vessels will be named after
Saskatchewan’s two main cities (Saskatoon and Regina) and six of
Canpotex members’ ten Saskatchewan potash mine locations,” Mr. Dechka
said.

The U-SEA SASKATCHEWAN is a bulk transport vessel, capable of carrying
approximately 60,000 metric tons of potash, and is built by Imabari
Shipbuilding. It will depart Japan immediately following the delivery
and is expected to arrive at Canpotex’s Neptune Terminals facility on
Vancouver’s North Shore on November 19 to load Saskatchewan potash for
its first maiden voyage.

With long-term customers in approximately 30 overseas jurisdictions that
depend on its integrated logistics and handling systems to ensure
timely deliveries of Saskatchewan potash, this joint venture provides
Canpotex with additional ocean transportation capabilities.

Coordinating some 700 port calls to more than 100 ports annually,
Canpotex’s ocean transportation services requires long-term planning.
To this end, Canpotex has more than US $900 million in forward
commitments for 15 new vessels to be delivered between 2010 and 2014
through various joint venture arrangements.

“International ocean shipping logistics are complex, and ocean freight
is a critical factor to our continued success in the business of
selling potash. This new vessel incorporates new technologies that will
reduce Co2 emissions, ensuring modern, cost effective and
environmentally friendly ocean transportation services,” noted Mr.

Visit our online gallery for images of the U-SEA SASKATCHEWAN, and
photographs of the delivery ceremony: www.Canpotex.com

Operating continuously since 1972, Canpotex is the exclusive offshore
marketing company owned by the three Saskatchewan potash producing
companies: Agrium Inc. (TSX and NYSE: AGU), Mosaic Canada Crop
Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and
Potash Corporation of Saskatchewan Inc. (TSX and NYSE: POT).

Agrium supplies Canpotex with 9.28% of its potash product, Mosaic
37.11%, and PotashCorp 53.61%.

/NOTE TO PHOTO EDITORS: Photos accompanying this release is also
available at http://photos.newswire.ca. Images are free to accredited members of the media/

SOURCE Canpotex Limited