<SEC-DOCUMENT>0001214659-23-006647.txt : 20230508
<SEC-HEADER>0001214659-23-006647.hdr.sgml : 20230508
<ACCEPTANCE-DATETIME>20230508163755
ACCESSION NUMBER:		0001214659-23-006647
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230508
DATE AS OF CHANGE:		20230508
EFFECTIVENESS DATE:		20230508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOSAIC CO
		CENTRAL INDEX KEY:			0001285785
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		IRS NUMBER:				201026454
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32327
		FILM NUMBER:		23898337

	BUSINESS ADDRESS:	
		STREET 1:		101 EAST KENNEDY BLVD.
		STREET 2:		SUITE 2500
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33602
		BUSINESS PHONE:		813-775-4200

	MAIL ADDRESS:	
		STREET 1:		101 EAST KENNEDY BLVD.
		STREET 2:		SUITE 2500
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL NUTRITION SOLUTIONS INC
		DATE OF NAME CHANGE:	20040401

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>r58230px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">
Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: The Mosaic Company (MOS)<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">The Mosaic
Company (MOS)<BR>
Vote Yes: Item #7 &ndash; Stockholder Proposal to Report on the Company&rsquo;s Plans to Reduce Greenhouse Gas Emissions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual Meeting:
May 25, 2023 </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: David Shugar, david@asyousow.org</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BE IT RESOLVED</B>: Shareholders request the Board issue a report,
at reasonable expense and excluding confidential information, disclosing how the Company intends to reduce its full value chain greenhouse
gas emissions in alignment with the Paris Agreement's 1.5&deg;C goal requiring Net Zero emissions by 2050.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPORTING STATEMENT</B>: Proponents suggest, at Board and Company
discretion, that the report include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A timeline for setting 1.5 degree-aligned Scope 3 reduction goals;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A climate transition plan to achieve emissions reductions goals across all relevant emissions scopes;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Annual reports demonstrating progress towards meeting emissions reduction goals;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Other information the Board deems appropriate.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The window for limiting global warming to 1.5 degrees Celsius (&ldquo;1.5&deg;C&rdquo;)
is quickly narrowing,<SUP>1</SUP> requiring immediate, sharp emissions reduction from all market sectors.<SUP>2</SUP> Failure to reach
Net Zero emissions by 2050 is projected to have disastrous economic consequences, impacting companies and
investor portfolios. <SUP>3</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.ipcc.ch/2021/08/09/ar6-wg1-20210809-pr/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.ipcc.ch/assessment-report/ar6/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.nytimes.com/2021/04/22/climate/climate-change-economy.html</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #71C267"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Mosaic Co | Proposal to Report on Plans to Reduce Greenhouse Gas Emissions</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders are increasingly concerned about this material climate
risk to their companies and portfolios. They seek clear, consistent disclosures and 1.5&deg;C-aligned climate transition plans from the
companies in which they invest. While The Mosaic Co. does have emissions targets for its direct operations, it has not disclosed a plan
to reduce emissions from its value chain&mdash;which contributes 69% of Mosaic&rsquo;s total emissions.<SUP>4</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic is a global leader in producing and marketing crop nutrients.
It engages in every phase of crop nutrition development, from mining resources to fertilizer production and distribution.<SUP>5</SUP>
As a leading integrated producer of concentrated phosphate and potash, Mosaic creates significant carbon emissions from its value chain.
Mosaic&rsquo;s use of ammonia, a key ingredient in most fertilizers, drives significant upstream emissions because ammonia is processed
with natural gas, the production and burning of which creates large amounts of carbon dioxide (CO<SUB>2</SUB>) and methane emissions.<SUP>6</SUP>
Methane has 80 times the global warming potential of CO<SUB>2</SUB>.<SUP>7</SUP> While Mosaic has set emission reduction targets for its
Scope 1 and 2 emissions, representing approximately 30% of its total emissions, Mosaic has not yet disclosed a plan to reduce its Scope
3 value chain emissions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic&rsquo;s operations and value chain are exposed to numerous climate-related
risks, including regulatory, competitive, and physical risks. Climate-related regulations, such as carbon taxes, are impacting Mosaic&rsquo;s
operations in Canada, and similar regulations may be adopted in the U.S. and Brazil, key regions for Mosaic&rsquo;s customers and operations.
Low-emission products and supply chains also serve as a competitive advantage in reducing costs, addressing shifting demand for more sustainable
agricultural products while ensuring that climate-related risks are reduced. Furthermore, increasing extreme weather events pose physical
risk to Mosaic&rsquo;s facilities and ability to produce and distribute its products.<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic has a responsibility to provide investors with a credible transition
plan that covers its full range of material emissions and meaningfully addresses climate risk. The Company&rsquo;s failure to address
material value chain emissions may leave it vulnerable to regulatory risk and put it at a competitive disadvantage.
The Proponent urges a &ldquo;Yes&rdquo; vote on this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><FONT STYLE="font-size: 13pt">RATIONALE
FOR A YES VOTE</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Mosaic faces climate-related
                                            regulatory and physical risks that will drastically impact its business.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C6</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1285785/000161803423000003/mos-20221231.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/1285785/000161803423000003/mos-20221231.htm#i666d5b1bcefe4159bb4ef878a11bd2e3_13</A>,
p.1</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.ceres.org/sites/default/files/reports/2022-05/FF_TransitionPlaninFoodSector_FINAL_LR_May22.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://earth.stanford.edu/news/methane-and-climate-change</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Mosaic Co | Proposal to Report on Plans to Reduce Greenhouse Gas Emissions</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Mosaic is falling behind peers in addressing the impact of its emissions, which may result in competitive risks.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Mosaic does not disclose a plan or goal to reduce its material value chain emissions in alignment with the Paris Agreement's 1.5&deg;C
degree goal requiring Net Zero emissions by 2050. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Mosaic faces climate-related regulatory and physical risks that will drastically impact its business.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Regulatory Risks</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Fertilizer-related emissions from the agriculture sector are significant
and increasing, representing 70% of global nitrous oxide emissions.<SUP>9,10 </SUP>Nitrous oxide is a greenhouse gas that has 265 times
the impact of carbon dioxide and causes damage to the ozone layer.<SUP>11</SUP> Reducing agriculture-related emissions is a key step in
limiting the effects of climate change, and efforts to reduce agriculture emissions are likely to play a large role in countries&rsquo;
emission reduction strategies.<SUP>12</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic&rsquo;s production and operations are located primarily in the
U.S., Canada, and Brazil, each a member of the Paris Agreement.<SUP>13</SUP> Mosaic&rsquo;s facilities in Canada, representing approximately
30% of its total emissions in 2021, are already subject to a combination of federal and provincial regulations
that tax carbon emissions.<SUP>14</SUP> Mosaic anticipates the implementation of a price on carbon in the U.S. and Brazil; its operations
in those countries currently account for approximately 65% of Mosaic&rsquo;s total emissions.<SUP>15</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.nature.com/articles/s41586-020-2780-0</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.nature.com/articles/s41586-020-2780-0</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.epa.gov/ghgemissions/overview-greenhouse-gases#:~:text=Nitrous%20oxide%20molecules%20stay%20in,1%20pound%20of%20carbon%20dioxide.&amp;text=Globally%2C%2040%25%20of%<BR>
20total%20N,emissions%20come%20from%20human%20activities</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.wri.org/insights/2023-ipcc-ar6-synthesis-report-climate-change-findings</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&amp;mtdsg_no=XXVII-7-d&amp;chapter=27&amp;clang=_en</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008
C2.3a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008
C2.3a</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Mosaic Co | Proposal to Report on Plans to Reduce Greenhouse Gas Emissions</FONT></P>
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</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Physical Risk</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic faces severe physical risk from climate change to its business.<SUP>16</SUP>
In 2020 and 2021, extreme cold in areas of the U.S. resulted in refinery closures, affecting the supply of an essential raw input to Mosaic&rsquo;s
products, constraining the Company&rsquo;s production and profit.<SUP>17</SUP> In 2021, major hurricanes in Florida and Louisiana damaged
facilities, disrupted production and distribution, and cost Mosaic millions of dollars in lost profits and insurance costs. <SUP>18</SUP>
Property damage at Louisiana sites exceeded Mosaic&rsquo;s insurance deductible, costing the Company approximately $125 million.<SUP>19</SUP>
Extreme weather and related damages are expected to increase in the coming years,<SUP>20</SUP> and global property insurance coverage
to protect against property loss is also costing more. Mosaic reports insurance costs of around $28 million per year, and growing physical
risk from climate could increase its annual insurance costs.<SUP>21</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic states in its 10-K that climate change could also impact the
location of and demands on global grain production, which will impact demand for Mosaic&rsquo;s core crop performance products.<SUP>2223</SUP>
Indeed, crop yield in affected growing regions, such as the U.S. and Brazil, is expected to decline 10-25%, making some regions permanently
less productive. <SUP>24</SUP> While this presents an opportunity for Mosaic to possibly develop new products and expand its customer
base into new growing regions, it is unclear if Mosaic <FONT STYLE="font-family: Times New Roman, Times, Serif">can effectively act on
those opportunities or whether </FONT>such opportunities outweigh or compensate for the risks of crop yield decline in key growing regions.
For example, approximately 30% of Mosaic&rsquo;s net sales in 2021 originated in the U.S., yet this is one
of the key growing regions expected to have crop yield declines.<SUP>25</SUP></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C3.1</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C2.3a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.bloomberg.com/news/articles/2022-10-01/ian-latest-weaker-storm-brings-rain-flash-floods-to-carolinas?sref=TtrRgti9</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C2.3a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://unfccc.int/news/climate-change-leads-to-more-extreme-weather-but-early-warnings-save-lives</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C2.2a, C2.3a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1285785/000161803423000003/mos-20221231.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/1285785/000161803423000003/mos-20221231.htm</A>,
p.26</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C2.3a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008,
C2.2a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008
C2.3a</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Mosaic Co | Proposal to Report on Plans to Reduce Greenhouse Gas Emissions</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Mosaic
                                            is falling behind peers in addressing the impact of its value chain emissions, which may
                                            result in competitive risks.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Setting emission reduction targets across its full value chain and
creating a plan for meeting those targets can enhance Mosaic&rsquo;s competitive advantage in producing sustainable products, anticipating
impacts to business lines, and outperforming peers. Proactively addressing climate risk can be a key factor in company performance. In
the mining industry, early movers in addressing climate change have valuations that are around 20% greater than peers.<SUP>26</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, many of Mosaic&rsquo;s peers are setting greenhouse gas
reduction targets. Yara International S.A. states its ambition to become climate neutral by 2050 and has signed a commitment letter with
SBTi to set science-based targets for its Scope 1, 2, and 3 emissions.<SUP>27</SUP> The Chemours Company committed to establishing science-based
targets for its Scope 1, 2, and 3 emissions, in addition to a goal to achieve a 60% absolute reduction of operations-related emissions
by 2030.<SUP>28</SUP> FMC Corporation aims to achieve net zero emissions by 2035 with a specific goal of reducing Scope 3 emissions by
25% by 2030.<SUP>29</SUP> Newmont Corporation has also set a Scope 3 reduction goal to reduce its absolute Scope 3 emissions 30% by 2030.<SUP>30</SUP>
Developing a comprehensive plan for limiting its material emissions to 1.5&deg;C will help Mosaic reduce the cost of compliance with emerging
regulations, identify and respond to areas of climate risk, contribute to the resiliency of its global customers, and improve Mosaic&rsquo;s
ability to succeed over competitors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Mosaic does not disclose a plan or goal to reduce its material value chain emissions in alignment with the Paris Agreement's 1.5&deg;C
degree goal requiring Net Zero emissions by 2050. </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic does report a plan to reduce its Scope 1 and Scope 2 emissions
with a goal to reduce the emissions intensity of its operations by 20% per tonne of product and achieve net zero across Scope 1 and 2
by 2040.<SUP>31</SUP> However, these targets fail to cover Scope 3 emissions from Mosaic&rsquo;s value chain, which account for 69% of
Mosaic&rsquo;s total emissions.<SUP>32</SUP> The Science Based Targets initiative (&ldquo;SBTi&rdquo;) is widely considered the global
standard of science-aligned target setting, with over 2,600 businesses and financial institutions currently committed to, or working to,
becoming validated through the organization. SBTi&rsquo;s standard requires that Scope 3 emissions must be
incorporated into company reduction targets when they make up 40% or more of a company&rsquo;s total emissions.<SUP>33</SUP> Similarly,
the CA100+ Benchmark requires Scope 3 emissions be incorporated into companies&rsquo; net zero targets.<SUP>34</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.bcg.com/publications/2020/mining-needs-to-go-faster-on-climate</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.yara.com/sustainability/sustainability-performance/latest-sustainability-report/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.chemours.com/en/corporate-responsibility/2030-goals</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://investors.fmc.com/news/news-details/2023/FMC-Corporation-among-just-six-companies-in-the-world-to-have-its-net-zero-target-by-2035-verified-by-the-Science-Based-Targets-initiative/default.aspx</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.newmont.com/sustainability/sustainability-reporting/default.aspx</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://mosaicco.com/fileLibrary/publicFiles/0-Mosaic-2025-ESG-Performance-Targets-Progress.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008
C6</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://sciencebasedtargets.org/resources/files/SBTi-criteria.pdf,
I.III C4</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.climateaction100.org/wp-content/uploads/2023/03/Climate-Action-100-Net-Zero-Company-Benchmark-Framework-2.0..pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Mosaic Co | Proposal to Report on Plans to Reduce Greenhouse Gas Emissions</FONT></P>
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</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While Mosaic outlines some action steps to address its Scope 3 emissions,
the Company has failed to disclose a plan to reduce value chain emissions or to do so at a rate aligned with the global 1.5<SUP>o</SUP>C
goal. Mosaic discusses some emissions reduction actions in its value chain, such as its low-nitrous product development, but these initiatives
do not constitute an emissions reduction target or a comprehensive transition plan. According to its CDP submissions, Mosaic&rsquo;s Scope
3 emissions increased 13% from 2020 to 2021.<SUP>35</SUP> While revised accounting methodologies may account for some discrepancy, it
is still unclear if Mosaic&rsquo;s current efforts are having the desired impact on reducing emissions levels. It is imperative that Mosaic
incorporate its full value-chain emissions into its emission reduction strategies to ensure that large material sources of emissions are
adequately managed now and into the future. By not including the full range of material emissions in its interim and long-term emission
reduction goals, it is unclear to investors if Mosaic plans to align its value chain emissions with the goals of the Paris Agreement,
meet customer expectations, or remain competitive with peers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO MOSAIC
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This proposal is not duplicative of current efforts</B>. As discussed
above, the Company&rsquo;s current actions are inadequate to address the proposal which requests information to fill in major gaps in
the Company&rsquo;s climate-related plans. The Company lacks transparency around anticipated emission reductions for all segments of its
business. The Company&rsquo;s value chain emissions represent 69% of its total emissions, yet Mosaic does not have a reduction goal to
address those emissions. While it has announced that it is working to reduce emissions associated with some products, it does not estimate
the extent of potential reductions or when they are anticipated to be achieved. Mosaic also fails to communicate a plan to comprehensively
reduce value chain emissions and avoid associated regulatory, physical, and competitive risks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The fertilizer and mining industries are not exempt from expectations
for value-chain wide emission reductions</B>. Investor groups and experts, including the CA100+ and SBTi, are clear that credible climate
goals must take material value chain emissions into account, especially when those emissions make up a majority of a company&rsquo;s total
emissions footprint. Core customer regions, such as the U.S. and Canada, are adopting net zero commitments and carbon tax legislation,
sending strong signals that Mosaic&rsquo;s customers value low-carbon innovation and emission reduction commitments. Early movers that
act on this desire and invest in comprehensive decarbonization will gain significant opportunities and competitive advantage.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mosaic states it cannot commit to such targets due to the absence
of a sectoral decarbonization approach</B>. In Mosaic&rsquo;s opposition statement, it states that it is not prepared to establish Paris-aligned
Scope 3 reduction targets until sector-based guidance is available. However, Mosaic&rsquo;s peers are already establishing Scope 3 reduction
targets. Delaying action may result in Mosaic falling behind peers. Like its peers, Mosaic can identify a range of levers to address
its value chain emissions to remain competitive. Mosaic has control over its own procurement policies. It can engage with suppliers of
its raw materials to move its value chain toward carbon efficiency. Establishing a Scope 3 reduction target
will signal demand for sustainability from its suppliers, while driving operational and product innovation to maintain long-term competitiveness
and value. &nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.cdp.net/en/formatted_responses/responses?campaign_id=79520704&amp;discloser_id=985380&amp;locale=en&amp;organization_name=The+Mosaic+Company&amp;organization_number=12382&amp;program=<BR>
Investor&amp;project_year=2022&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2022%2F6wz4wms4%2F194704&amp;survey_id=78646008
C6</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Mosaic Co | Proposal to Report on Plans to Reduce Greenhouse Gas Emissions</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mosaic&rsquo;s failure to set emission reduction targets that cover
its value chain emissions demonstrates a lack of adherence to its stakeholder&rsquo;s expectations and exposes Mosaic to physical, regulatory,
and competitive material risk. We urge a &ldquo;Yes&rdquo; vote on this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal 7.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact David Shugar, As You Sow, david@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">7</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
