Mosaic (MOS) official guidance

Therefore, for the third quarter, we expect realized sulfur costs of approximately $700-$710 per ton and ammonia costs of approximately $610-$620 per ton.

Combined with our lower CapEx expectation for the year of $1.2 billion, down from $1.25 billion, we expect sequential improvements in free cash flow in the third and in the fourth quarters.

We expect to revert lower in the second half of the year.

We expect around $30 million of sales of Biosciences only in Brazil with a kind of a margin contribution margin of around 40%.

Combining this with our DAP FOB pricing guidance of $820-$840 per ton yields an implied realized stripping margin well above historical averages, which is a good result.

Combined with our lower CapEx expectation for the year of $1.2 billion, down from $1.25 billion, we expect sequential improvements in free cash flow in the third and in the fourth quarters.

Let's just put a bracket, $10 million-$20 million additional from Q3 to Q2.

Mosaic's cash flow from operations improved through the first half of the year, and it is expected to rise further in the third quarter as working capital is released, mostly in Brazil, and as additional cost reductions are realized.

In the second half of the year, we expect SG&A to decline further as more of these savings are realized.

In Q3, actually, we're going to start having some contribution from Biosciences in Brazil. We expect around $30 million of sales of Biosciences only in Brazil with a kind of a margin contribution margin of around 40%.

Our Mosaic Biosciences business is on track to double its revenues once again this year.

Historically, we see Q3 over Q2 roughly about 600,000 tons-800,000 tons more quarter-over-quarter. Would expect the same this year.

Combining this with our DAP FOB pricing guidance of $820-$840 per ton yields an implied realized stripping margin well above historical averages, which is a good result.

Therefore, for the third quarter, we expect realized sulfur costs of approximately $700-$710 per ton and ammonia costs of approximately $610-$620 per ton.

I would say we still subscribe to the $300 million-$500 million release.

We should expect first some release of working capital in Q3, maybe between $100 million and $200 million, but the bulk of the $300 million-$500 million will come in the fourth quarter when the collections come in.

| Cash Tax - millions $ | $250 - $300 |

Challenging producer economics and the full-quarter impact of production curtailments are expected to have a negative impact on the third quarter financial performance. As a result, segment adjusted EBITDA in the third quarter is expected to be below the second quarter result.

Free cash flow is expected to improve through the remainder of the year as a result of lower capital expenditures and an expected release of working capital, primarily in Brazil.

| Net Interest Expense - millions $ | $220 - $240 |