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MORGAN STANLEY RESEARCH NORTH AMERICA Morgan Stanley & Co. Incorporated Vincent Andrews Vincent.Andrews@morganstanley.com +1 (1)212 761 3293 Megan Davis Megan.Davis@morganstanley.com +1 (1)212 761 0031 February 7, 2010 Industry View Ag Products / Fertilizer Attractive Updating Phosphate Recent Reports Replacement Cost Analysis Title Date Agricultural Products: Weekly Farmer, Feb 1, 2010 Fertilizer, & Ag Processor Data Points Investment conclusion: The replacement cost of both Vincent Andrews / Megan Davis / Gregory A Van Mosaic and Potash Corp.’s phosphate assets is higher Winkle than we originally modeled. Following Vale’s purchase Potash Corp: Thoughts following 4Q; Jan 28, 2010 Overweight of Bunge’s wholesale phosphate assets, we have Vincent Andrews / Megan Davis updated the assumptions in our replacement cost model. Bunge Ltd.: Between a Phosphate Rock and Jan 28, 2010 Our initial work on Bunge’s phosphate assets estimated a Hard Place Vincent Andrews / Megan Davis replacement cost at $4.4B vs. $3.3B now. However, our Ag Products / Potash: Quick Comment: ICL Jan 19, 2010 original estimate: i) Assumed that Fosfertil’s Salitre mine China Settlement in Line with Russian Contrac was 765K mt of phosphate rock instead of the actual 2M Vincent Andrews / Megan Davis mt ; ii) Included Bunge’s JV with OCP which was Ag Products / Fertilizer: Quick Comment: Jan 19, 2010 ultimately not included in the sale to Vale; iii) Potash & Phosphate Inventories Move Lower Vincent Andrews / Megan Davis Under-estimated nitrogen greenfield costs; and iv) Did Fertilizers: A Redefinition of the Fertilizer Map Jan 15, 2010 not consider the Ma’aden phosphate project’s capital in Brazil costs. Key valuation implications of Vale’s purchase Javier Martinez de Olcoz Cerdan / Vincent Andrews / Carlos De Alba / Alessandro P Baldoni and our incremental analysis are: / Megan Davis / Bruno Montanari Agricultural Products: WASDE Report Jan 12, 2010 1) We now believe that Vale purchased Bunge’s Bearish Corn Vincent Andrews / Megan Davis / Gregory A Van phosphate assets at an estimated 1.15-times Winkle replacement cost versus 0.86-times previously. Potash Mosaic Company: No Surprises in F2Q; Corn Jan 6, 2010 Supportive of Favorable 2010 Corp. and Mosaic presently trade at ~0.7-times despite Vincent Andrews / Megan Davis what we believe are higher quality, more profitable Ag Products / Potash: Price Deck Reset Jan 5, 2010 assets in better geographies with superior growth. Starts New Cycle; Corn Price Supportive Vincent Andrews / Megan Davis Applying the Vale purchase multiples to Mosaic and Potash would imply share values of $79 for Mosaic and $162, for Potash Corp. Note our price targets are $69 and $132, respectively. 2) Potash assets are attractive. Assuming the Vale/Bunge multiple for Mosaic and Potash’s phosphate assets implies that their potash assets are trading at 7.4-times and 6.7-times NTM EBITDA, respectively. 3) We now believe that the replacement cost of Mosaic’s phosphate assets is now $33 per share versus $20 Morgan Stanley does and seeks to do business with previously, and Potash Corp’s is $24 versus $10 companies covered in Morgan Stanley Research. As previously. This brings our total estimate of replacement a result, investors should be aware that the firm may cost for each company’s total assets to $82 per share for have a conflict of interest that could affect the Mosaic and $155 per share for Potash Corp. Mosaic objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a currently trades for $55 per share, Potash Corp. for single factor in making their investment decision. $103. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Investment Case Summary & Conclusions ii) It costs ~$1.07M/mt to build a phosphate processing plant. Using Fosfertil’s CapEx estimate We believe that Vale’s purchase of Bunge’s wholesale for its Uberaba MAP plant, and adjusting it for the phosphate assets has favorable implications for the change in FX, we calculate that the project would cost sector. We now believe that Vale paid ~1.15-times R$443 million, or R$1.07 million per tonne. We then replacement cost for Bunge’s mining assets (see discussion assumed that the R$1.07/mt replacement cost below). However, we also believe that the price was influenced estimate for Uberaba could be applied to all of by Bunge’s ability to utilize tax loss carry-forwards that lowered Bunge’s phosphate processing plants. its capital gains tax rate from 36% to 8% and that the price may have been higher had the credits not been available. We iii) It costs R$1.77M/mt to build a nitrogen plant. believe that these credits had a limited life span (i.e., may not Potash Corp. estimates that it costs ~$1 billion to build still have been available at mid or top of the next cycle). In this a 1 million tonne ammonia/urea complex. note, we outline: Exhibit 1 1. The revisions to our underlying phosphate We Believe that Vale Purchased Bunge’s Mining replacement cost estimates; Assets for 1.15-times Replacement Cost Total Bunge Mining Replacement Cost 2. The valuation implications of our replacement cost million US$ revisions to Mosaic and Potash Corp; and Bunge Wholesale $1,948 C/S Fosfertil (42% economic interest) $1,351 Q/S * 42.3% TOTAL Bunge Mining $3,299 3. The valuation implications of the Vale/Bunge deal to Bunge Replacement Cost Mosaic and Potash Corp. 000 tonnes/yr A Phosphate rock capacity 1,438 B SSP Production 2,575 1 - Our revised replacement cost estimate for Bunge’s C Total Bunge Wholesale (millions) R$3,448 A*P + B*N mining assets values it at $3.3 billion versus $4.4 billion previously Fosfertil Replacement Cost 000 tonnes/yr Our original replacement cost analysis was based on Fosfertil’s D Phosphate rock capacity 3,389 cost estimates for the expansion of its Salitre mine. E SSP Production 730 Unfortunately, we incorrectly assumed that the Salitre F TSP Production 83 G MAP Production 1,213 expansion would provide Fosfertil with 765,000 incremental H DAP Production 8 tones of phosphate rock capacity rather than the 2,000,000 I Nitrogen Production 1,035 tonnes of capacity that will actually be provided. As such, we J Uberaba expansion (MAP Production) 415 K Salitre expansion (MAP Production) 1,200 have revised our cost per tonne estimates, and now believe L Salitre expansion (rock capacity) 2,000 that it would cost ~R$0.49/mt for versus ~$R1.27/mt previously. million R$ Additionally, given that the JV with OCP was not included in the M Estimated Uberaba Capex R$443 deal, we no longer include it in our estimate of replacement N Production capex per tonne R$1.07 M/J cost. Our overall methodology is predicated on three key O Estimated Salitre mine expansion cost R$973 assumptions: P Mine capex per tonne R$0.49 O/L N*(E+F+G+H Q Total Fosfertil, excl. expansions R$5,652 )+I*1.77+D*P i) It costs R$0.49M/mt to build a phosphate mine. N*(E+F+G+H Using Fosfertil’s CapEx estimate for the Salitre mine Total Fosfertil, incl. expansions R$8,349 +J+K)+I*1.77 that it is currently in the process of opening, and +(D+L)*P adjusting it for the change in FX since the estimate S BRL/USD R$1.77 was released, we calculate that the project would cost Source: Company data, Morgan Stanley Research R$973 million, or R$0.49 million per tonne. We then used the R$0.49 million per tonne replacement cost estimate for all of Bunge’s phosphate mines. 2 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Exhibit 2 Exhibit 4 Sensitivity Analysis to Mine & Plant Capex Costs per Recent Phosphoric Acid Transactions Imply Tonne (millions) Phosphate Asset Values of $13.7B for Mosaic and Vertical: Phosphate processing plant capex per tonne; $7.4B for Potash Corp. Horizontal: Phosphate mine capex per tonne Ma'aden (excludes railroad) Project financing: (M US$) $3,360 R$0.30 R$0.40 R$0.50 R$0.60 R$0.70 R$0.80 R$0.70 $2,344 $2,506 $2,669 $2,831 $2,993 $3,155 IPO $2,700 R$0.80 $2,538 $2,700 $2,863 $3,025 $3,187 $3,349 Loan $1,100 R$0.90 $2,732 $2,895 $3,057 $3,219 $3,381 $3,543 Syndicate $2,660 R$1.00 $2,926 $3,089 $3,251 $3,413 $3,575 $3,738 Saudi development fund $135 R$1.10 $3,120 $3,283 $3,445 $3,607 $3,769 $3,932 R$1.20 $3,315 $3,477 $3,639 $3,801 $3,964 $4,126 Total Funds $6,595 R$1.30 $3,509 $3,671 $3,833 $3,995 $4,158 $4,320 Ammonia facility $1,000 Source: Company data, Morgan Stanley Research Funds available for phosphate facility $5,595 Additionally, on a phosphoric acid basis, Vale’s purchase Implied cost per tonne P2O5 capacity $3,333 price is relatively inline with the estimated greenfield cost Vale/BG cost per tonne P2O5 capacity $2,906 of Ma’aden – the only large scale phosphate operation under Mosaic P2O5 capacity (M mt) 4.4 construction. We believe that Vale paid ~$2,900/mt of Implied replacement cost of Mosaic $13,727 phosphoric acid for Bunge (based on the prospective estimated cost of the greenfield phosphate mines that Fosfertil intends to Potash Corp. P2O5 capacity (M mt) 2.37 construct), or slightly below the ~$3,333/mt estimate for Implied replacement cost of Potash Corp $7,394 Ma’aden’s phosphate project (Ma’aden is arguably a more Source: Company data, Morgan Stanley Research complex facility). 2 - The valuation implications of our replacement cost Exhibit 3 revisions to Mosaic and Potash Corp We Believe that Vale Paid ~$2,900 per tonne of P2O5 We have updated our phosphate replacement cost analysis for Vale purchase price $3,800 both Mosaic and Potash Corp. and now believe that the replacement cost of Mosaic’s phosphate assets is now $13.7 000 tonnes/yr billion versus $9.1 previously, and Potash Corp’s is $7.9 billion Bunge processing capacity (MT P2O5) 515 Fosfertil processing capacity (MT P2O5) 793 versus $3.5 previously. The key change to our replacement Total P2O5 capacity 1,308 cost estimate is that we now use an average of the ~$3,333/mt phosphoric acid that we believe Ma’aden is spending to build Implied price (P2O5 basis) $2,906 its phosphate project and the ~$2,900/mt phosphoric acid that Source: Company data, Morgan Stanley Research we believe Vale spent on Bunge’s nutrients business. Additionally, we have incorporated ~$1B in value for Mosaic’s 19.9% stake in Fosfertil based on Vale’s recent purchase from both Bunge and Yara. These adjustments bring our total estimate of replacement cost for each company’s total assets to $82 per share for Mosaic (versus $69 previously) and $155 per share for Potash Corp (versus $141 previously). See Exhibits 5 & 6. 3 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Exhibit 5 Exhibit 7 Updated MOS Replacement Cost Implied Vale Multiple Would Value MOS & POT $18,672 Replacement cost of existing potash mines Shares at $94 and $178 $3,100 Cost of brownfield mine expansions MOS POT $21,772 Value of Mosaic's total potash assets MSe replacement cost $82 $155 $13,727 Replacement cost of phosphate assets Vale purchase multiple 1.15 1.15 $1,008 Value of Fosfertil investment $14,734 Value of Mosaic's total phosphate assets Implied share value $94 $178 Source: Company data, Morgan Stanley Research $36,506 Sum of the parts equity value ($1,258) Net Debt $35,248 Enterprise value ii) Vale paid 1.6-times adjusted for a more normalized capital gains tax rate on the transaction (Bunge will pay 8% $82 Sum of the parts share price capital gains rather than the traditional 36% rate). This is $55 Current share price relative to Mosaic and Potash Corp. trading at 0.68-times our -32.5% Discount to Sum of the parts estimate of replacement cost. Applying the Vale multiple to MOS and POT would imply share values of $132 and $249 per Source: Company data, Morgan Stanley Research share, respectively; Exhibit 6 Exhibit 8 Updated POT Replacement Cost Implied Vale Multiple Would Value MOS & POT $23,216 Replacement cost of existing potash mines Shares at $132 and $249 $7,064 Value of Potash Corp.'s publically traded subs $30,280 Value of Potash Corp.'s existing potash assets MOS POT $5,849 Cost of brownfield mine expansions MSe replacement cost $82 $155 $36,129 Value of Potash Corp.'s total potash assets Vale purchase multiple 1.6 1.6 $3,478 Replacement cost of nitrogen assets Implied share value $132 $249 $7,394 Replacement cost of phosphate assets Source: Company data, Morgan Stanley Research $47,000 Sum of the parts equity value $3,715 Net Debt iii) Assuming the 1.15-times multiple of replacement cost $50,715 Enterprise value for both Mosaic and Potash Corp.’s phosphate assets, we believe that the implied per share value of each company’s $155 Sum of the parts share price $103 Current share price potash assets is $18 and $49, respectively. This implies -33.1% Discount to Sum of the parts potash EBITDA multiples of 7.4-times NTM for Mosaic and 6.7-times for Potash Corp. and 4.0-times normalized for Source: Company data, Morgan Stanley Research Mosaic and 3.3-times normalized for Potash Corp. 3 – The valuation implications of the Vale/Bunge transaction to Mosaic and Potash Corp. We believe it is a worthwhile exercise to apply the Vale/Bunge transaction multiples to both Mosaic and Potash Corp.’s phosphate assets. In particular, we think the implications are best examined: i) On a simple replacement cost basis; ii) On a tax adjusted replacement cost basis; iii) By backing out the implied value of each company’s potash assets assuming the phosphate transaction multiple; and iv) By applying the simple transaction EBITDA multiple to NTM consensus estimates. i) Vale paid 1.15-times our estimate of replacement cost. This is relative to Mosaic and Potash Corp. trading at 0.68-times our estimate of replacement cost. Applying the Vale multiple to MOS and POT would imply share values of $94 and $178 per share, respectively; 4 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Exhibit 9 Our price targets are: $132 for POT and $69 for MOS. We Vale Multiple Implies Normalized Potash EBITDA derive our price targets based on an equal-part mix of Multiples of 4.0-times for MOS and 3.3-times for POT replacement cost and normalized earnings using 6-times for MOS POT nitrogen, 8-times for phosphate, and 10-times for potash. We Enterprise Value $23,343 $34,290 believe this methodology is warranted given that the macro Net debt ($1,258) $3,715 operating environment continues to improve, providing Market cap $24,601 $30,575 investors with comfort that the likelihood of the Bear Case Public subs $1,008 $7,064 playing out continues to decline. Net $23,593 $23,511 Est. N Replacement Cost $3,478 Risks include: Soft commodity prices, particularly corn; Implied P & K Replacement Cos $23,593 $20,033 Potash prices; Oil and natural gas; Weather and environmental Phosphate replacement cost $13,727 $7,394 factors; Mine disruptions; Politics and government; The US Vale/BG Multiple (1.15-times) $15,786 $8,503 dollar; Potential greenfield projects. Implied Potash Replacement Co $7,807 $11,530 Potash value per share $17.50 $37.93 MSe NTM EBITDA $1,055 $1,729 Implied EV/EBITDA multiple 7.4 6.7 MSe Normalized EBITDA $1,951 $3,486 Implied EV/EBITDA multiple 4.0 3.3 Source: Company data, Morgan Stanley Research iv) Vale paid 12.6-times EBITDA for Bunge; MOS and POT are currently trading at ~10-times 2010 consensus EBITDA despite having higher quality assets. Applying the same multiples to MOS and POT would net share values of $77 and $110, respectively. Exhibit 10 Vale/Bunge Transaction Multiple of 11-13 times 2010e EBITDA Implies a ~$13B Value for Mosaic’s Phosphate Business and a ~$4.6B Value for Potash Corp’s Phosphate Business Implied Value 2010e EBITDA 11x 13x Mosaic $1,091 $12,006 $14,189 Potash Corp. $387 $4,255 $5,029 Source: Company data, Morgan Stanley Research 5 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Risk-Reward Snapshot: Mosaic Company (MOS, $55, Overweight, PT $69) Risk-Reward View: Strong Fundamentals Drive Upside Potential Concentration in P & K $180 • Largest fully integrated phosphate 160 producer (15% global share; 59% US 140 share). • Second largest, low-cost, producer of 120 the highest margin nutrient (potash) 100 with the greatest barriers to entry, 80 $81 (+47%) demand and pricing potential. $69.00 (+25%) • Controls ~30% of potential industry $ 55.18 60 potash expansion at the lowest capital $51 (-8%) 40 cost (i.e., brownfield), with the greatest tax incentives, and on the 20 shortest timeline. 0 • No nitrogen exposure and therefore Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 limited natural gas exposure. Price Target (Feb-11) Historical Stock Performance Current Stock Price WARNINGDONOTEDIT_RRS4RL~MOS.N~ • Physical assets in India, China, Brazil, Source: FactSet, Morgan Stanley Research Argentina, Japan, Mexico. Price Target $69 Derived from base-case scenario. • Management building a track record Bull 10-times Corn stays well above $4 and favorable farm economics of cooperative competitive behavior. Case Normalized incentivize farmers to increase fertilizer application rates. Key Value Drivers $81 EBITDA Phosphate rock prices and nitrogen prices rebound higher on $3.4B strong demand. China settles its 2009 potash contract near • $100 per tonne increase in potash = current spot prices for 7 million tonnes and global shipments reach $1.30 of EPS; phosphate = $1.50. 56 million tonnes KCl. • USD/Canadian dollar exchange rate. Base Avg. of Corn stays above $3.50, and potash shipments reach 48 million • Phosphate rock cost increases for Case Replacement tonnes KCl in 2010. China gets a $50/mt volume discount to the non-integrated producers. $69 Cost and $460/mt Indian settlement. Phosphate rock prices maintain at • Limited global phosphate rock supply Normalized ~$150/tonne and nitrogen profitability continues to benefit from low expansion. EBITDA cost natural gas. Potential Catalysts Bear 8-times Corn prices move to $3/bushel. Phosphate and potash demand Case C2010 increase only modestly from 2009’s depressed levels. India • Annual Chinese and Indian $51 EBITDA pushes out its contract negotiation and retailers remain unwilling to negotiations with Canpotex. build any inventory. • US farmer demand. • Brazilian farmer demand. F2010 EPS: $2.25 Base Case • New crop corn and soybean prices. $3.00 • Chinese export tariffs. 0.15 • Potential for substantial $2.75 0.10 0.09 one-time/ongoing dividend payments. $2.50 0.16 $2.75 0.10 • Cargill owns 64% of float, which it $2.25 0.16 0.04 could monetize in the event of share $2.00 $2.25 repurchases. $1.75 $1.95 $1.50 Bear Volume: - PotashPhosphate Base Volume: Price PotashPhosphate Bull Case 500k mt COGS Case +500k mt moves COGS Case higher post China Source: Company data, Morgan Stanley Research 6 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Risk-Reward Snapshot: Potash Corp. (POT, $103, Overweight, PT $132) Risk-Reward View: Strong Fundamentals Drive Upside Potential Best Positioned Fertilizer Co. • Largest low-cost producer of the $300 highest margin nutrient (potash) with 250 the greatest barriers to entry, demand and pricing potential. 200 • Controls 50% of potential industry potash expansion at the lowest capital $160 (+55%) 150 cost (i.e., brownfield), with the $132.00 (+28%) greatest tax incentives, and on the $ 103.48 100 shortest timeline. $82 (-21%) • Second largest N producer with 73% of natural gas needs locked in through 50 2010 indexed to Tampa ammonia price. Low cost gas supply (Trinidad) 0 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 close to US market. Price Target (Feb-11) Historical Stock Performance Current Stock Price WARNINGDONOTEDIT_RRS4RL~POT.N~ • Third largest P producer. Fully integrated with high quality rock and a Source: FactSet, Morgan Stanley Research Price Target $132 Derived from base-case scenario. diversified product mix. • 20+ year management track record of Bull 10-times Corn stays well above $4 and favorable farm economics rational competitive behavior. Case Normalized incentivize farmers to increase fertilizer application rates. $160 EBITDA Phosphate rock prices and nitrogen prices rebound higher on Key Value Drivers $4.5B strong demand. Global potash shipments reach 56 million tonnes • $100 per tonne increase in potash = KCl. $1.70 of EPS; phosphate = $0.30 of Base Avg. of Corn stays above $3.50, and potash shipments rebound to 48 EPS; nitrogen = $0.20 of EPS. Case Replacement million tonnes KCl in 2010. Potash prices recalibrate downward • $20 long ton reduction in sulfur costs $132 Cost and following the Chinese settlement. Phosphate rock prices maintain = $0.09 of EPS. Normalized at ~$120/tonne and nitrogen profitability continues to benefit from • USD/Canadian dollar exchange rate. EBITDA low cost natural gas. • Phosphate rock cost increases for Bear 8-times 2010 Corn prices move to $3/bushel. Phosphate and potash demand non-integrated producers. Case EBITDA increase only modestly from 2009’s depressed levels. India $82 pushes out its contract negotiation and retailers remain unwilling to Potential Catalysts build any inventory. • Annual Chinese and Indian 2010 EPS: $4.85 Base Case negotiations with Canpotex. • Fertilizer prices. • Corn and soybean prices. $7.00 0.25 0.55 0.05 • Natural gas, sulfur, oil prices. $6.50 • 7.2 million tons of potash capacity $6.00 0.50 $6.45 coming on line by 2015. $5.50 0.25 • Balance sheet capacity for substantial 0.25 $5.00 0.25 0.15 return of cash flow. $4.50 0.20 $4.85 $4.00 $3.50 $4.00 $3.00 Bear Other Potash Potash Phosphate Base Potash Price Phosphate Taxes Other Bull Case income volume: - COGS & Nitrogen Case volume: moves & Nitrogen income Case 1M +1M higher post China 7 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer 8 MORGAN STANLEY RESEARCH February 7, 2010 Ag Products / Fertilizer Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. Incorporated, and/or Morgan Stanley C.T.V.M. S.A. and their affiliates (collectively, "Morgan Stanley"). For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Vincent Andrews. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. 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Additional information on recommended securities/instruments is available on request. 11 MORGAN STANLEY RESEARCH The Americas Europe Japan Asia/Pacific 1585 Broadway 20 Bank Street, Canary Wharf 4-20-3 Ebisu, Shibuya-ku 1 Austin Road West New York, NY 10036-8293 London E14 4AD Tokyo 150-6008 Kowloon United States United Kingdom Japan Hong Kong Tel: +1 (1) 212 761 4000 Tel: +44 (0) 20 7 425 8000 Tel: +81 (0) 3 5424 5000 Tel: +852 2848 5200 Industry Coverage:Agricultural Products Company (Ticker) Rating (as of) Price* (02/05/2010) Vincent Andrews Agrium Inc. (AGU.N) ++ $58.93 Archer Daniels Midland (ADM.N) E (06/13/2008) $30.61 Bunge Ltd. (BG.N) E (03/19/2009) $58.75 CF Industries (CF.N) ++ $94.22 Corn Products International Inc. E (01/29/2009) $31.02 (CPO.N) Intrepid Potash (IPI.N) E (09/04/2008) $25.6 Monsanto Company (MON.N) O (05/14/2007) $76.74 Mosaic Company (MOS.N) O (09/04/2008) $55.18 Potash Corp of Saskatchewan Inc O (09/04/2008) $103.48 (POT.N) Stock Ratings are subject to change. Please see latest research for each company. * Historical prices are not split adjusted. © 2010 Morgan Stanley
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