Presentation of Karl Mielke, CEO K+S North America Salt Holdings ...

Salt
Morton Salt Reduces Earnings Volatility
Million €
500
400
300
EBITDA of Salt Business Segment
(without Morton Salt) ≙ esco + SPL
EBITDA of Morton Salt
EBITDA of Salt Business Segment
Standard deviation
Salt Business Segment (without
Morton Salt): 42.4%
Salt Business Segment
(including Morton Salt): 20.5%
%
25
20
15
200
10
100
5
EBITDA-Margin of Salt Business Segment
(without Morton Salt) ≙ esco + SPL
EBITDA-Margin of Salt Business Segment
(including Morton Salt)
0
2000 2001 2002 2003 2004 2005
0
2006 2007 2008 2009LTM*
2011e** 2008 2000 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 LTM*
• With the acquisition of Morton Salt, standard deviation of EBITDA more than halved to approx. 20%
• In addition, Morton Salt reduces volatility in EBITDA margins significantly
• Furthermore, the level of EBITDA margin is also positively impacted by the acquisition of Morton Salt
* LTM=Last twelve months as of 30 September 2010; ** Middle of corridor between € 175 to 190 million, the current EBIT potential of the whole Salt business
segment assuming normal de-icing salt sales at their multi-year average level
December 2010 K+S Group 15