Potash - K+S Aktiengesellschaft

Commerzbank
Sector Conference Week
Frankfurt, 30 August 2011
Experience growth.
August 2011 K+S Group 0

K+S Group
Experience Growth
K+S is one of the world's leading suppliers of standard
and speciality fertilizers. In the salt business, with sites
in Europe as well as North and South America, K+S is
the world’s leading producer.
K+S offers a comprehensive range of goods and
services for agriculture, industry and private
consumers which provides growth opportunities in
virtually every sphere of daily life.
We assume active responsibility for the sustained
growth of our world. Our more than 15,000 employees
display their commitment towards this goal day by
day – by applying their knowledge and experience.
August 2011 K+S Group 1

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 2

K+S Group
Corporate Structure
K+S Group
Group revenues 2010: € 4.6 billion (2009: € 3.2 billion)
Core Business Sector Fertilizers
Potash and
Magnesium Products
Nitrogen
Fertilizers
Core Business
Sector Salt
Salt
Complementary
Business Segments
Waste Mgmt. &
Recycling
Animal hygiene
products
K+S Transport
GmbH
Trading
business (CFK)
Revenue development in € bn
2.4
1.9 2.0
1.4
Revenue development in € bn Revenue development in € bn Revenue development in € bn
1.7 1.8
0.9 0.9 1.0
1.0
0.7
0.6
0.13 0.12 0.13 0.14
2008 2009 2010 LTM* 2008 2009 2010 LTM* 2008 2009 2010 LTM* 2008 2009 2010 LTM*
August 2011 * LTM=Last twelve months as of 30 June 2010
K+S Group 3

K+S Group
K+S is the Leading Player in its Markets
Fertilizers
Potash
Sulphate of potash and
magnesium sulphate
Nitrogen
One of the leading suppliers worldwide
• Leader in Europe
• Fifth-largest producer worldwide
• Leading position worldwide
• K+S Nitrogen is one of the leading suppliers in
Europe
Salt
Europe
The leading supplier worldwide
• With esco No. 1 in Europe
South America
North America
• With SPL No. 1 in South America
• With Morton Salt, Windsor and ISCO one of
the leading suppliers in North America
Sources: IFA, Roskill, K+S
August 2011 K+S Group 4

K+S Group
Worldwide Presence
Production Sites and Sales Offices
Kassel
Revenues by Region 2010
Overseas
50%
Germany
17%
Production
Sales
Rest of Europe
33%
August 2011 K+S Group 5

K+S Group
Corporate Strategy
Differentiation and Sustainable Margin
Growth through Specialisation
Expansion of Strategic Business Sectors
through Acquisitions and Cooperations
➨
➨
Consolidation and expansion of market
positions by increased marketing of
speciality products
Realisation of more attractive margins
through refinement strategy
➨
External growth in the core business
sectors Fertilizers and Salt
Expansion of a Balanced
Regional Portfolio
Setting Standards for Quality,
Reliability and Service
Increasing Efficiency and
Exploiting Synergies
➨
➨
➨
Reduction of seasonal and regional
fluctuations in demand for salt and
fertilizers due to a balanced
regional portfolio
Fertilizers: Expansion of market
presence in important overseas
markets and tapping into new
attractive sales markets in future
growth regions
Salt: Local production in the volumedriven
Salt business
➨
➨
The goal is to be our customers’
preferred partner
Strengthening of customer loyalty
through service efforts, e.g.
targeted advice to customers in the
use of fertilizers
➨
➨
Optimisation of the international
production network
Generation of synergies in the
exchange of technical, geological
and logistics know-how between
the potash and salt production
August 2011 K+S Group 6

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
- Potash and Magnesium Products
- Nitrogen Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 7

K+S Group
Potash and Magnesium Products
Revenues (€ billion) EBIT (€ million)
Highlights H1/11
0.47
0.50
1.9
0.97
1.08
Q2/10 Q2/11 H1/10 H1/11
1.4
2.0
119
184
476
270
387
Q2/10 Q2/11 H1/10 H1/11
214
593
2009 2010 LTM* 2009 2010 LTM*
• Strong demand for potash and magnesium fertilizers
• Sales volumes in the first half 2011 with 3.67 million
tonnes at about the same level of the previous year
(H1/10: 3.71 million tonnes)
• For most potash producers, the utilisation of capacity
reached a very high level against the backdrop of
strong demand
• Higher average prices with lower cost increases led
to strong increase in earnings
Revenue split 2010 Outlook 2011
Industrial
products
14%
By product group
Fertilizer
specialities 39%
Potassium
chloride 47%
Overseas
44%
By region
Germany 16%
Rest of
Europe 40%
• Sales volume forecast of 7.0 million tonnes (2010:
7.06 million tonnes)
• Significantly higher average price level expected
compared to the previous year
• Significant increase in revenues should more
than make up for expected rise in costs
=> strong earnings growth
August 2011 * LTM=Last twelve months as of 30 June 2011
K+S Group 8

Potash and Magnesium Products
Product Portfolio 2010 (Sales volumes in million tonnes)
Non-potash-containing products
2010: 1.26 million tonnes
(2009: 0.90)
● Fertilizer specialities
- ESTA ® Kieserite
- EPSO ® Product family
● Industrial products
- Magnesium sulphate
- Magnesium chloride
Fertilizer
specialities
3.11
Industrial
products
0.85
Potassium
chloride
3.10
Potash-containing products
2010: 5.80 million tonnes
2009: 3.45)
● Potassium chloride
- MOP - Standard
-MOP -Granular
● Fertilizer specialities
- Potassium sulphate
- Patentkali ®
- Korn-Kali ® products
- Magnesia-Kainit ®
- Thomaskali ®
-NPK
● Industrial products
- Potassium chloride, 97% - 99% KCl
- Potassium sulphate, > 95% K 2
SO 4
- High purity salts
Broad and less cyclical product portfolio allows flexible reaction on fluctuation in demand
August 2011 K+S Group 9

Potash and Magnesium Products
Development of Selected Cost Types
2005 2006 2007 2008 2009 2010
CAGR
05-10 2011e*
÷
–
=
=
Revenues (€ million) 1,198.2 1,238.9 1,408.9 2,397.4 1,421.7 1,867.0 + 9% +++
EBIT (€ million) 151.8 158.6 177.9 1,203.2 231.7 475.9 + 26% +++
Costs (€ million) 1,046.4 1,080.3 1,231.0 1,194.2 1,190.0 1,391.1 + 6% +
therof personnel (€ million) 427 426 435 465 440 506 + 3% +
thereof freight (€ million) 216 236 250 227 155 264 + 4% +
thereof freight (€/t) 28 30 30 33 36 37 + 6% +
thereof material (€ million) 193 202 210 265 183 229 + 3% ++
thereof energy (€ million) 118 155 141 186 144 172 + 8% +++
thereof depreciation (€ million) 85 80 80 85 88 89 + 1% ++
Sales Volumes (million t) 7.86 7.99 8.22 6.99 4.35 7.06 (2%) 7.0
Total Unit Costs (€/t) 133.0 135.2 149.6 170.8 273.6 197.0 + 8% ≥ 200
• Rising energy, personnel and freight costs as well as lower sales volumes lead to a compound annual growth
rate in total unit costs of approx. 8% between 2005 and 2010.
• With the exception of energy, material costs and depreciation, major costs types are expected to rise moderately
while sales volumes are forecast on a stable level => Unit costs are expected slightly above 200 €/t in 2011.
August 2011 * Change 2011e vs. 2010: -/+: slight to moderate; --/++: tangible; ---/+++: significant to strong
K+S Group 10

Potash and Magnesium Products
Delivered Costs to Brazil - Cost Comparison
USD pmt
300
250
200
150
100
50
0
KCl Production costs Plant-to-port transportation Ocean freight
K+S
Site Zielitz
Ø North America Ø FSU Ø West Asia / oth.
Western Europe
K+S Zielitz Site
very competitive on Overseas markets
• No doubt, the average of
the production costs of all
K+S sites in Germany is
relatively high. BUT…
• … there are differences
among the individual sites
that allow for an optimized
allocation with respect to
regional and product mix
• … the other mines have
less K 2 O grades indeed, but
offer additional nutrients
(Mg + S). These stem from
the same rock salt and
provide attractive margins.
Sources: K+S Basis 2008, British Sulphur Consultants estimates at full production incl. royalties, K+S freight estimates, 2008 average 1.47 USD/EUR
August 2011 K+S Group 11

Potash and Magnesium Products
Major Markets Potash and Magnesium Products
> 1%
Sales volumes > 5%
Revenues by region
2010 2009 2008
Germany: 16% 12% 14%
Rest of Europe: 40% 32% 49%
Overseas: 44% 56% 37%
August 2011 K+S Group 12

Potash and Magnesium Products
Key Drivers of the Fertilizer Business
• Despite decreasing availability of arable farm land, global production of agricultural products
has to be increased:
• steadily increasing world population
• changing diets toward higher meat consumption (e.g. 1 kg beef = 8 kg animal feed)
• increasing importance of renewable raw materials for the production of bio energy
• Fertilizing with the key nutrients nitrogen (N), phosphate (P)
and potash (K), but also increasingly magnesium (Mg) and sulphur (S)
is necessary to cope with this challenge
• Nutrients cannot be substituted and a balanced fertilization of all nutrients is
necessary to achieve optimal yields. Emerging countries, in particular, should
significantly increase the potash proportion of their total fertilizer application
• Medium- and long-term increase in global fertilizer consumption (N, P and K)
of 2% to 3% p.a. is expected (Source: IFA)
Advantage:
K+S offers its worldwide customers all nutrients
in a market-oriented specialised product range
August 2011 K+S Group 13

Potash and Magnesium Products
World Potash Production and Sales by Region
Million tonnes
17,9
18,9
25,4
10,7
7,0 8,0
3,6
10,1
1,9
9,8
0,8
Incl. sulphate of potash
and low-grade potash
Sources: IFA, K+S
World potash production:
2010e: 55.5 million t
2009: 33.7 million t
2008: 56.0 million t
2007: 57.8 million t
World potash sales:
2010e: 58.3 million t
2009: 31.0 million t
2008: 54.5 million t
2007: 58.7 million t
August 2011 K+S Group 14

Potash and Magnesium Products
Supplier Structure on the World Potash Market
Figures in %
33.5
32.8
32.0
32.9
31.4
2008 2009 2010 (prel.)
23.0
13.9
10.7 11.2
9.9
8.5
8.6
9.5
3.4
3.1
3.6
1.6
2.7
1.8
6.3
8.5
3.1
4.7
3.3
BPC
• Belaruskali
• Uralkali/
Silvinit
Canpotex
• Potash
Corp
• Mosaic
• Agrium
K+S
ICL
• DSW
• CPL
• Iberpotash
participation
Sales volumes in metric tonnes
of Potash
Sources: IFA, K+S
Corp. in ICL
August 2011 K+S Group 15
APC
participation
of Potash
Corp.
SQM
participation
of Potash
Corp.
China
• more
than 20
producers
Others
• Intrepid
• Vale
• Compass

Potash and Magnesium Products
World Potash Capacity, Production and Sales
Million tonnes
100
90
80
70
60
50
Greenfield projects
Brownfield projects
Available capacity
Production
Sales
52.6
Soviet Union
49.1
43.9 45.5
China
58.7
54.4
54.2
50.7
Financial
crisis
54.5
58.3
60
58
Ø +5%
Ø +3%
72
66
● As of 2011, long-term growth
rates expected to range
between 3 and 5% p.a.
● Based on IFA data and
“announced” capacity
expansions, utilisation
rates are estimated to
slightly decrease.
40
30
20
10
0
36.2
31.0
55.0 35.2 45.1 46.0 48.5 53.9 56.5 50.9 57.8 56.0 33.7 55.5
1988 ’93 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ‘13 ‘14 ‘15
(prel.) (e)
Incl. sulphate of potash and low-grade potash
Capacity development 2010-2015 based on IFA supply capability data.
● As the future world potash
supply increasingly depends
on the realisation of capitalintensive
greenfield projects,
the connected and elevated
risk of project delays reduces
the forecast quality.
Sources: IFA, K+S
August 2011 K+S Group 16

Potash and Magnesium Products
World Potash Sales Volume by Region
Million tonnes
2011e 2010 *
2009
2008
2007
Western Europe
6.9 – 7.3
6.7
2.7
6.3
7.4
Central Europe / FSU
4.8 – 5.1
4.9
3.1
5.0
4.7
Africa
0.7 – 0.8
0.8
0.3
0.6
0.7
North America
10.5 – 10.8
10.7
4.1
10.2
10.8
Latin America
10.6 – 10.9
9.8
6.0
8.6
10.4
Asia
24.0 – 24.5
24.9
14.6
23.2
24.2
- thereof China
~11.0
10.2
5.4
8.8
12.6
- thereof India
~4.3
6.1
5.5
6.2
3.9
Oceania
0.5 – 0.6
0.5
0.2
0.6
0.5
World total
58 – 60
58.3
31.0
54.5
58.7
● In 2011, we expect worldwide potash sales volumes to range between 58 and 60 million tonnes
with demand increases in Latin America and Europe.
Incl. sulphate of potash and low grade potash; * Preliminary
Sources: IFA, K+S
August 2011 K+S Group 17

Potash and Magnesium Products
Agricultural Potash Consumption by Region
World
Developed markets
40.000
32.000
20.000
16.000
North America, Western/Central Europe, Oceania
1.000 t K 2 O
24.000
16.000
1.000 t K 2 O
12.000
8.000
8.000
4.000
0
0
80/81 84/ 88/ 92/ 96/ 00/ 04/ 08/ 12/f
80/81 84/ 88/ 92/ 96/ 00/ 04/ 08/ 12/f
Transitional markets
Emerging markets
10000
Eastern Europe and Central Asia
24.000
Latin America, Asia, Africa
8000
20.000
1.000 t K 2 O
6000
4000
2000
1.000 t K 2 O
16.000
12.000
8.000
4.000
0
80/81 84/ 88/ 92/ 96/ 00/ 04/ 08/ 12/f
0
80/81 84/ 88/ 92/ 96/ 00/ 04/ 08/ 12/f
Source: IFA
August 2011 K+S Group 18

Potash and Magnesium Products
MOP Price Development
US$/t
1000
800
600
400
200
0
US$/t
1000
800
600
400
200
0
Northwest-Europe (standard, fob)
2003 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 2011
Brazil
(granular) *
South-East Asia
(SEA, standard)
Overseas (cfr)
463
540 Brazil
510 SEA
End of May 2011:
BPC announced the price of granulated MOP
at US$ 550/t in Brazil; an increase of US$ 30/t.
Mid June 2011:
K+S announced the price for granulated MOP
at € 363/t in Europe; an increase of € 10/t.
End of June 2011:
Contracts with Chinese importers and
BPC/Canpotex fixed at US$ 470/t for standard
MOP; an increase of US$ 70/t.
Beginning of August 2011:
Contracts with Indian importers and BPC fixed
at US$ 490/t until the end of Q1/12 and
Canpotex fixed at US$ 470/t for Q4/11 and
US$ 530/t for Q1/12 for the delivery of
standard MOP (former contract US$ 370/t)
Mid August 2011:
BPC announced the price of standard MOP at
US$ 535/t in Asia; an increase of US$ 35/t.
2003 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 2011
* Until end of September 2010 MOP standard
August 2011 Source: FMB; as of 18 August 2011
K+S Group 19

Potash and Magnesium Products
Price Development of Different Product Groups
K+S Ø-Portfolio-Price vs. MOP gran. Europe
SOP Ø-Price vs. MOP gran. Europe
€/t
700
600
500
400
300
200
K+S Ø-Portfolio Price
MOP gran. Europe
Δ
~10-20%
€/t
900
800
700
600
500
400
300
200
SOP Ø-Price Europe
MOP gran. Europe
Δ ~50€
100
2006 2007 2008 2009 2010
100
H1/11 2006 2007 2008 2009 2010 H1/11
€/t
700
600
K+S Industrial Ø-Price vs. MOP gran. Europe
K+S Ø Industrial Portfolio Price
MOP gran. Europe
K+S non potash specialities Industr. vs. Fertiliz.
€/t
450
400
350
Industrial Magnesium Comp.
Fertilizer Magnesium Comp.
500
400
300
200
100
2006 2007 2008 2009 2010 H1/11 2006 2007 2008 2009 2010 H1/11
300
250
200
150
100
50
0
August 2011 Sources: K+S, FMB International Price Guide, Green Markets, Fertilizer Europe
K+S Group 20

Potash and Magnesium Products
Potash Use by Crop
7
Million tonnes K 2 O
6
5
Potash use by crop EU-27
Wheat 14.3%
Other crops 30.4%
Other cereals
13.9%
4
3
Sugar crops 5.3%
Oil seed 10.1%
Fruits & Vegetables
13.8%
2
Corn 12.2%
1
0
China India USA EU-27 Brazil Indonesia &
Malaysia
Wheat Rice Corn Soybeans
Oil palm and Oil seed Sugar crops Fruits & Vegetables Cotton
Other cereals
Other crops
Source: IFA 2007/08
Other crops: roots, tubers, pulses, nuts, coffee, tea, tobacco, ornamentals, turf etc.
Oil seed: rapeseed, mustard, sunflower, groundnut, soybean etc.
Other cereals: barley, oat, rye, triticale, sorghum etc.
August 2011 K+S Group 21

K+S Group
Low Stocks-to-use Ratios of Agricultural Products
Production and consumption development vs. stocks-to-use ratio (Wheat and coarse grains)
1.900 ,
1.800 ,
Production Consumption Stocks-to-use
45.0 45,0
40.0 40,0
1.700 ,
35.0 35,0
in million tonnes
1.600 ,
1.500 ,
1.400 ,
1.300 ,
1.200 ,
1.100 ,
1.000 ,
Critical Level
1981/82
1986/87
1991/92
1996/97
2001/02
2006/07
2010/11e
2011/12e
30.0 30,0
25.0 25,0
20.0 20,0
15.0 15,0
10.0 10,0
5.0 5,0
0.0 0,0
Stocks-to-use ratio
Source: USDA; as of 11 August 2011
• Over the past thirty years, annual global production of cereals has often fallen short of demand
• Despite reasonable harvest levels during the last ten years, these structural supply and
demand gaps have resulted in low stocks-to-use ratios on a historical basis
• Although USDA expects a record production level for the agricultural year 2011/12, the stocks-to-use
ratio declines further
August 2011 K+S Group 22

K+S Group
Crop Prices: Key Fertilizer Demand Driver
Risk for potential global cereals* shortfall in 2011/12
1850
1,817
• Risk of a significant production
gap not unlikely
1800
1750
1700
1,726
91
High
production
deficit
Stocks-to-use
ratio to decline
from 18%
to 14%****
• Consecutive years with aboveaverage
yield unlikely (weather
conditions driven)
• Surplus/deficit in crop production
key price trigger for soft
commodities
1650
Production
2011/12 **
Consumption
2011/12***
Possible shortfall
2011/12
• High crop prices enable and
incentivise farmers to apply
fertilizers
- Yield and quality game
* Wheat and coarse grains
** Based on last 5 years average of harvested area multiplied by last 5 years’ average yield (533 million hectares x 3.2 tonnes per hectare)
*** Based on 2010/11 consumption (1,782 mt) multiplied by last 5 years’ annual average demand growth rate of 2.0%
**** Implied stocks-to-use ratio: ending stock 2010/11 (353 mt) less potential shortfall (91 mt) divided by potential consumption 2011/12 (1,817 mt)
Source: USDA, K+S
August 2011 K+S Group 23

K+S Group
Prices for Agricultural Products – Spot vs. Future
Prices for Agricultural Products – spot
Prices for Agricultural Products – future
450%
140%
400%
130%
350%
120%
300%
250%
200%
110%
100%
150%
90%
100%
80%
50%
Dec.
‘04
Dec.
‘05
Dec.
‘06
Dec.
‘07
Dec.
‘08
Dec.
‘09
Dec.
‘10
70%
Sep.
‘11
March
‘12
March
‘13
Wheat Soybeans Corn Palmoil
• Strong increase in prices for agricultural
products since the middle of 2010
Source: Bloomberg; as of 25 August 2011
• Future prices of agricultural products
show that capital markets expect the
current high price level to be rather
sustainable for the next two years
August 2011 K+S Group 24

Potash and Magnesium Products
Profitability of Winter Wheat in Europe
2,000 2.000
1,800 1.800
2008
Costs Sales
1,087 1,260
2009
Costs Sales
1,213 964
2010
Costs Sales
1,067 1,599
2011e
Costs Sales
1,115 1,262
2012e
Costs Sales
1,130 1,395
1,600 1.600
1,400 1.400
1,200 1.200
1,000 1.000
800 800
600 600
400 400
200 200
0 0
201
Profit
potential:
€ 173
326
Risk
of loss:
€ -249
Profit
potential:
€ 532
Profit
potential:
175 225 € 146 239
69 69 75 75 75
101 101 101 101 101
189 189
157 157 157
513 513 541 541 541
Profit
potential:
€ 265
Wheat price: 155 €/t Wheat price: 123 €/t Wheat price: 220 €/t Wheat price: 195 €/t Wheat price: 187 €/t
2008 2009 2010 2011 2012
Yield: 8.13 t/ha Yield: 7.84 t/ha Yield: 7.27 t/ha Yield: 6.47 t/ha Yield: 7.46 t/ha
Year
2008
2009
2010
2011e
2012e
Fertilizer share of total costs
18% fertilizer costs (1% K)
27% fertilizer costs (4% K)
16% fertilizer costs (3% K)
20% fertilizer costs (2% K)
21% fertilizer costs (3% K)
Fertilization
Other costs
(e.g. insurance, water)
Seeds/plants
Plant protection agents
Variable costs
Fixed costs (inkl. lease)
The current future curve of the wheat price should enable the farmer to realize a profit potential of € 265 per
hectare (excl. subsidies) in 2012e. This is an attractive level compared to the last years; the application of
fertilizers is profitable.
Assumptions: without agricultural subsidies, incl. interest expenses for pre-financing costs, 100% use of mineral fertilizers (no organic fertilizing), straw stays in the field (straw fertilizing);
fertilizer use for 8 t/ha yield: 80 kg/ha MOP, 536 kg/ha KAS and 139 kg/ha TSP; for lower yields, lower fertilizer requirement adjusted accordingly; Sources: costs (20 ha) according to
Kuratorium für Technik und Bauwesen in der Landwirtschaft e. V. (KTBL) for winter wheat – bread quality, rotating crop growing system; yield according to statistical year book for food
nutrition, agriculture and forestry 2010, 2011e: K+S forecast, 2012e: 10-year average; nutrient extractions according to Guidelines for Fertilizer Use in Germany; fertilizer prices taken
from LAND & Forst at the point of the upcoming fertilization (general fertilization with potash and phosphate in September; nitrogen fertilization in September, February, April and June);
wheat price (bread quality B) according to LAND & Forst (average delivery from the yard from July to February), 2011e and 2012e Euronext price less transportation cost assumption.
August 2011 K+S Group 25

K+S Group
Nitrogen Fertilizers 1)
Revenues (€ billion) EBIT (€ million)
Highlights H1/11
0.56
44
0.42
0.23
0.17
16
9 10
Q2/10 Q2/11 H1/10 H1/11
Q2/10 Q2/11 H1/10 H1/11
71
0.9
1.0
43
0.7
-51
2009 2010
2)
LTM 2009 2010
2)
LTM
• The positive demand trend for nitrogen fertilizers
was accompanied by a significant increase in
prices
• European production facilities for nitrogen fertilizers
were operating with a very high level of utilisation in
the first half of the year
• The significantly higher revenues due to price
factors were able to more than make up for higher
input costs
Ammonium
sulphate 20%
Straight nitrogen
fertilizers 39%
By product group
Revenue split 2010 Outlook 2011
Complex
fertilizers 41%
Overseas
29%
By region
Germany 16%
Rest of
Europe 55%
• Significant, price-related, increase in revenues
expected
• A high level of capacity utilisation and attractive
price prospects should, despite increasing input
costs, facilitate a strong increase in operating
earnings year on year
1) Information refers to the continued operations of the K+S Group
August 2011 2)
LTM=Last twelve months as of 30 June 2011
K+S Group 26

K+S Group
Nitrogen Fertilizers
Cooperation with BASF
• BASF produces fertilizers on an exclusive basis for K+S Nitrogen;
K+S Nitrogen controls production volumes and product mix
• K+S Nitrogen uses technologically leading production facilities of BASF at
competitive costs (economies of scale)
• The contract is at least valid until the end of 2014; delivery arrangements with BASF
remain unchanged despite BASF’s intended sale of fertilizer assets
• Fixed corridor for earnings contribution from the original Fertiva trading business: 50% split
between K+S and BASF within a corridor of € +/- 10 million; above € + 10 million, at least
25% additional profit share for K+S
Sales volumes of nitrogen fertilizers in 2010
• Complex fertilizers: 1.14 million tonnes (2009: 0.77 million tonnes)
• Straight nitrogen fertilizers: 1.85 million tonnes (2009: 1.56 million tonnes)
• Ammonium sulphate: 1.64 million tonnes (2009: 1.53 million tonnes)
August 2011 K+S Group 27

Nitrogen Fertilizers
K+S sells COMPO
• COMPO is a leading provider in a market that
requires consolidation
• In compliance with its growth strategy, K+S
will focus its financial and management
resources in particular on the Potash and
Magnesium Products and Salt business
segments
Therefore, on 20 June 2011, K+S announced
the sale of Compo to the investment company
Triton
The closing of the transaction, with an
enterprise value of € 205 million, is expected
to take place at the end of the third quarter.
August 2011 K+S Group 28

K+S Group
COMPO Reported as Discontinued Operations
• In accordance with IFRS, due to its sale, COMPO is stated as a
“discontinued operation”. The income statement and the cash flow
statement of the previous year were restated accordingly, while
the balance sheet was not restated and also includes discontinued
operations.
• Discontinued operations only included in earnings after taxes:
Q2/11 H1/11
Group earnings from continued operations, adj. € 126.8 m € 388.4 m
- Earnings after taxes from discontinued operations € (97.6) m € (87.3) m
Group earnings* after taxes, adjusted € 29.2 m € 301.1 m
• € (87.3) million in H1/11 consist of the impairment loss as at 30 June 2011
in the amount of € 104.0 million (completely attributable to Q2/11 and
including taxes and costs to sell) and the net result of COMPO of
€ 16.7 million in H1/11 (thereof € 6.4 million attributable to Q2/11).
• Under the assumption of the closing at the end of Q3/11, earnings after
taxes from discontinued operations can be expected at about € (90) million
for FY 2011.
* Earnings from continued and discontinued operations
August 2011 K+S Group 29

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 30

K+S Group
Salt
Revenues (€ billion) EBIT (€ million)
Highlights H1/11
0.89 0.96
150
130
0.28 0.28
22 11
Q2/10 Q2/11 H1/10 H1/11
Q2/10 Q2/11 H1/10 H1/11
1.7 1.8
238
259
1.0
140
• Europe: Above-average demand for de-icing salt,
although this was significantly below the record
level seen in the previous year, led to a tangible
increase in the price level.
• North-America: Above-average demand for
de-icing at the East coast and average demand in
Canada. Overall stable price level in the first half
year.
2009 2010 LTM* 2009 2010 LTM*
De-icing salt
43%
Revenue split 2010 Outlook 2011
By product group By region • Expectation of stable revenues at a high level in
Other
5% Food grade
Germany 15% comparison to the record year 2010 under the
salt 19%
assumption of an average de-icing salt business in
the fourth quarter 2011.
Industrial salt
28%
Rest of
Europe 15%
• Sales volume forecast of about 23 million tonnes of
crystallised salt (2010: 22.5 million tonnes).
Salt for
Overseas
chemical use 5% 70%
• Operating earnings should decline moderately on
* LTM=Last twelve months as of 30 June 2011; including above average the basis of a lower building-up of stocks.
August 2011 de-icing salt business in Q4/10
K+S Group 31

Salt
Executing Our Salt Strategy
5
Acquired Morton Salt,
the largest salt producer
in North America
K+S
4
Morton
Salt
Acquired No.1 salt
producer in South
America through SPL
acquisition
- Market entry into U.S.
and Latin America
- Expansion potential
to Asia
SPL
1
2
3
Originally, salt
business with high
exposure to de-icing
and industrial salt in
Europe
Added salt for chemical
use through the acquisition
of Frisia Zout (NL)
Created No.1 salt
producer in Europe
through the acquisition
of Solvay salt business
August 2011 K+S Group 32

Salt
Mitigation of Volatility in De-icing Business
Sales Volume De-icing Salt ISCO*: Sales Volume De-icing Salt Morton*: Sales Volume De-icing Salt esco*:
1.000 t
5000
4000
3000
2000
1000
0
2006 2007 2008 2009 2010
1.000 t
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
2006 2007 2008 2009 2010
1.000 t
5000
4000
3000
2000
1000
0
2006 2007 2008 2009 2010
10 year average sales volume (2001 – 2010) * before consolidation of intersegment sales volumes
1.000 t
14.000
12.000
10.000
8.000
6.000
4.000
2.000
0
2006 2007 2008 2009 2010
esco Morton SPL
The worldwide de-icing salt market
exhibits varying volatility
Access to the largest de-icing world
markets mitigates the overall degree
of fluctuation in the de-icing salt
business
Unique, interregional production
network (including access to salt
production from potash facilities)
allows benefiting from strong demand
surges at short notice
August 2011 K+S Group 33

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): 45.1%
Salt Business Segment
(including Morton Salt): 22.7%
%
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 2009 2010
2008 2000 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
• With the acquisition of Morton Salt, standard deviation of EBITDA more than halved to a good 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
August 2011 K+S Group 34

Salt
Historic and Recent Volume and Price Development
Million tonnes Morton Salt (as of
€
1 October 2009)
25
70
SPL (as of
23.0
1 July 2006)
22.53
20
15
49.1
45.0 45.5
48.7
9
55.5
14.81
54.8
9.04
55.8*
9.0
60
50
40
10
8.02
8.77
5.85 9.47
5.85
30
5
0
6.07
2.82
3.25
3.90
4.12
4.73
4.04
5.00
4.47
8.96
13.49
14.0
20
10
0
De-icing salt sales volume
Sales volume of industrial salt,
salt for chemical use and food grade salt
Yearly average price of de-icing salt
2005 2006 2007 2008 2009 2010
2011e
• Sales volumes increased over the past years mainly due to external growth, while the de-icing salt share
remained rather stable
• Sales volume 2011e based on good start into the year caused by the weather as well as long-term average
volumes in the course of the year: about 23 million tonnes (of which de-icing salt: about 14 million tonnes)
* LTM = Last twelve months as of 30 June 2011
August 2011 K+S Group 35

Salt
Presence in the most attractive de-icing salt
markets of the world
Great Lakes
• Continental climate with
distinctly stable winters
• High population density
• Stable de-icing salt
business with high
volumes
US East Coast
• Atlantic climate
• Relatively volatile,
partly very harsh
winters
• Very high population
density
• Relatively stable
de-icing salt business
Eastern Canada
• Atlantic climate
• Relatively stable winters
• Lower population density
• Relatively stable
de-icing salt business
• Long-term contracts
Central Europe
• Atlantic climate
• Milder winters with
occasional upward
fluctuations
• Very high population
density
• Relatively fluctuating
de-icing salt business
Scandinavia
• More stable winters in
comparison with
Western Europe
• Relatively low
population density
• Relatively stable deicing
salt business
August 2011 K+S Group 36

Salt
Key Drivers of the Salt Business
• Diverse and stable salt end uses driving continuous growth
• Essential mineral without economically viable substitutes
• De-icing salt is used for public safety
• Consumption driven by winter weather
• Most economic and environmentally most friendly alternative
• Consumer / food grade salt consumption benefits from population growth and increasing
standards of living
• Industrial/chemical salt consumption driven by economic growth and industrialisation
• Rapidly industrialising regions experience high growth rates
• Salt products typically represent only a small portion of costs of production
• Regional markets due to high portion of logistics costs
August 2011 K+S Group 37

Salt
Development of Salt Production and Consumption
Million tonnes
Europe
Asia
108
North America
67 68 70
65
70
60 63
74
Ø 1.6% Ø 1.6%
Ø 0.1% Ø 0.7%
Production Consumption
Latin America
Ø 3.2% Ø 2.9%
16
22
12
16
Production Consumption
Production
Ø 4.1% Ø 7.2%
4 6 4 8
Production
Africa
Consumption
Consumption
7.2% 8.8%
3 6 3 7
Production
Middle East
Consumption
Ø 4.7%
Production
Ø 2.9% Ø 7.2%
9
12
Production
Ø 4.1%
Consumption
Oceania
1 2
Consumption
Source: K+S, USGS, Roskill 2011
Global Salt Production:
(Ø 2.4% p.a.)
2010: 276 million t
2000: 217 million t
Global Salt Consumption
(Ø 2.6% p.a.)
2010: 285 million t
2000: 220 million t
August 2011 K+S Group 38

Salt
Main Salt Suppliers Worldwide
Capacity in million tonnes (crystallised salt and salt in brine; excl. captive use)
3.5
13.1
14.0
13.4
9.7
15.0
Cargill
Compass
7.5
Artyomsol
5.1
Salins
Südsalz
4.1
Akzo
3.7
China National Salt
7.0
ESSA
10.3
7.0
Dampier
3.8
Mitsui
Sources: Roskill 2011, K+S
August 2011 K+S Group 39

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 40

K+S Group
Complementary Business Segments
Revenues (€ million)
EBIT (€ million)
Brief description
32
36
66
75
6
5
13
13
K+S is the leading provider for underground waste
management in Europe ensuring safety over long
periods of time. In addition, we offer tailor-made
solutions for recycling requirements of our customers.
Q2/10 Q2/11 H1/10 H1/11
134 143
121
Q2/10 Q2/11 H1/10 H1/11
21 21
15
Logistics activities being essential for K+S are also
bundled in this business segment. Another important
activity is the granulation of CATSAN ® (cat litter).
2009 2010 LTM* 2009 2010 LTM*
Revenue split 2010 Outlook 2010
Animal hygiene
products
26%
Logistics 10%
By product group
Trade
9%
Waste Mgmt.
and Recycling
55%
By region
Rest of
Europe 20%
Germany 80%
In the “Complementary Business Segments“ we
expect from today’s perspective a moderate rise in
revenues and a tangible increase in earnings.
August 2011 * LTM=Last twelve months as of 30 June 2011
K+S Group 41

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 42

K+S Group
8.000
2.400
Development of Revenues and Earnings
€ 7.000 million
6.000
2.100
Revenues 1) Operating earnings 1) Group earnings, adjusted 1),2)
CAGR 10.4%
1.800
CAGR 32.3% CAGR 34.9%
4,963
5,000 5.000
1,500 1.500
4,000 4.000
3,344
1,200 1.200
3,000 3.000
900
876
2,000 2.000
600
580
1,000 1.000
300
286
175
0
0
‘07 ‘08 ‘09 ‘10 LTM
‘07 ‘08 ‘09 ‘10 LTM ‘07 ‘08 ‘09 ‘10 LTM
1)
2007 to 2009 include the discontinued operations of COMPO.
2)
The adjusted figures unalteredly only include the realised result from operating forecast forecast hedges of the respective reporting
period. The changes in the market value of operating forecast hedges still outstanding, however, are not taken into account in the
adjusted earnings. Related effects on deferred and cash taxes are also eliminated.
August 2011 K+S Group 43

K+S Group
Operating EBIT Margins
LTM 1)
2010
2009
2008
2007
Potash and Magnesium Products
30.0%
25.5%
16.3%
50.2%
12.6%
Nitrogen Fertilizers 2)
6.8%
4.8%
-
7.4%
4.5%
Salt
14.3%
13.8%
13.8%
7.3%
8.8%
Complementary Business Segments
14.9%
15.8%
12.6%
20.0%
30.1%
Reconciliation
-
-
-
-
-
K+S Group 2)
17.7%
15.4%
6.7%
28.0%
8.5%
1)
LTM=Last twelve months as of 30 June 2011
2)
2007 to 2009 include the discontinued operations of COMPO.
August 2011 K+S Group 44

K+S Group
Capital Expenditure and Depreciation 1)
€ million
350
300
Expansion capex 2)
Maintenance capex
Depreciation
280
310
~20%
250
6~20%0
200
150
100
50
131
22
109 123
172
77
95
128
198
178
90 58
108
142
120
174
189
~30%
~70%
~80%
239 230 240
~80%
0
2006 2007 2008 2009 2010 2011e 2012e
1)
2006 to 2009 include the discontinued operations of COMPO
2)
Capex in the Legacy Project not yet included here
August 2011 K+S Group 45

K+S Group
Net Indebtedness and Rating
€ million
2.000
1.600
1.200
Provisions for pensions
Provisions for mining obligations
Non-current liabilities - non-current securities
Current liabilities - cash - current securities
Total net debt
125.8
1,085.1
194.3
419.2
1,351.3
184.8
528.4
97.7
535.0
800
400
0
-400
128.2
338.2
283.4
(31.5)
718.3
357.6
146.3
455.5
93.1
378.3
265.9
(167.3)
570.0
1,266.9
(529.1)
786.6
(767.3)
732.5 768.6
770.1
(634.2)
-800
2006 2007 2008 2009 2010
H1/11
Gearing ratio (%) 63.9 116.4 33.2 64.5 27.6
29.3
• The international rating agencies Standard & Poor’s and Moody’s have given K+S Aktiengesellschaft an
"investment grade" rating. Standard & Poor’s rates K+S as "BBB" (outlook: positive), while Moody’s rates it
as "Baa2" (outlook: stable).
August 2011 K+S Group 46

K+S Group
Key Figures for the Management
of the Capital Structure
• In order to assure and optimise the financial capacity of the K+S Group, we aim to achieve a
situation where the K+S Group has a capital structure in the long term, which is oriented to
the usual criteria and indicators for an "investment grade" rating. The management of the
capital structure is undertaken on the basis of the following key figures:
Target corridor Figure H1/11 Figure 2010 Figure 2009
Net indebtedness / EBITDA 1.0x – 1.5x 0.7x 0.8x 2.4x
Net indebtedness / Equity 50% – 100% 29.3% 27.6% 64.5%
Equity ratio 35% – 45% 47.3% 47.6% 40.1%
August 2011 K+S Group 47

K+S Group
Maturity Profile
€ million
1000
800
Bond due 09/2014; Coupon: 5%
Revolving credit facility due 07/2015
600
400
750
800
200
0
2010 2011 2012 2013 2014 2015
• The revolving credit facility above shows maximum possible headroom, not the amount
actually drawn.
• In addition, there are uncommitted, bilateral credit lines of about € 200 million,
which can be terminated at any time.
August 2011 K+S Group 48

K+S Group
Our Aim is to keep our Investment Grade Rating
Moody’s
Date Rating Outlook
November 2010 Baa2 stable
March 2010 Baa2 stable
September 2009 Baa2 negative
Standard & Poor’s
Date Rating Outlook
• We have shown a successful
track record in credit and debt
capital markets
• To ensure this position we want
to maintain a solid investment
grade rating
• Current financial ratios support
our rating strongly
January 2011 BBB positive
October 2010 BBB stable
November 2009 BBB stable
August 2011 K+S Group 49

K+S Group
Value Creation, Cash Generation, strong Balance
Sheet and high Dividend Distribution
Mio. €
ROCE, EBIT-Margin and Value Added
Operating and Free Cash Flow
€je Aktie
€ million 1,124
% € million € million
800
80
700
ROCE (rhs)
H1 Operating cash flow
1200
1200
EBIT-margin (rhs)
70
H2 Operating cash flow
600
Value added
60 1000
Free cash flow
1000
500
* LTM (Last twelve months)
50 800
* LTM (Last twelve months)
800
400
40
600
600
300
200
30
20
400
400
100
10
200
200
0
0
0
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM*
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM*
Gearing and Equity Ratio
Capex and Dividends
%
120
%
60
€ million
600
%
250
Gearing
Capex
100
Equity ratio (rhs)
50 500
Dividends
200
80
40
400
Capex/Depreciation (rhs)
* LTM (Last twelve months)
150
60
30
300
40
20
200
100
20
10
100
50
0
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 H1/11
0
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e
August 2011 K+S Group 50

K+S Group
USD Currency Management
Potash and Magnesium Products Business Segment
• USD revenues are hedged after the deduction of overseas freight costs and a safety margin
• Use of options, which
prescribe a worst-case scenario,
but provide the opportunity to
share in any possible appreciation
of the US dollar
Ø Exchange rate for the fiscal year 2010:
USD/EUR 1.35 after premiums
„worst case“ for the fiscal year 2011:
USD/EUR 1.36 after premiums
Salt Business Segment
• USD translation hedging with
similar hedging transactions
„worst case“ for the fiscal year 2010:
USD/EUR 1.39 after premiums
„worst case“ for the fiscal year 2011:
USD/EUR 1.37 after premiums
August 2011 K+S Group 51

K+S Group
Earnings Sensitivities to USD volatility in 2011
1.32 USD/EUR 1.42 USD/EUR* 1.52 USD/EUR
Ø USD/EUR exchange rate changes from
1.32 to 1.42 USD/EUR
• Based on the expected USD net
exposure of the K+S Group, the total
positive effect on earnings of K+S
Group in 2011 would be around
€ 8 million. Thanks to the use of
options, we could still participate in the
possible appreciation of the US dollar
(less the amount we paid for the
premiums).
Ø USD/EUR exchange rate changes from
1.42 to 1.52 USD/EUR
• Based on the expected USD net
exposure of K+S Group, the total
negative effect on earnings of the K+S
Group in 2011 would be a good
€ 32 million without hedging.
• As options in place cover our expected
net exposure from today’s perspective, the
above- mentioned risk would be fully
eliminated in 2011.
• For 2012, around 40% of the expected
USD net position hedged so far.
* underlying assumption of outlook 2011
August 2011 K+S Group 52

K+S Group
Revenues and Earnings Expectations for 2011 1)
Outlook for the entire year of K+S Group:
- Revenues: € 5.0 - 5.3 billion (2010: € 4.63 bn )
- EBITDA: € 1,150 - 1,300 million (2010: € 953.0 m )
- Operating earnings (EBIT I): € 950 - 1,050 million (2010: € 714.5 m )
- Group earnings from continued operations, adj. € 650 - 720 million (2010: € 447.8 m )
- Earnings per share from continued operations, adj. € 3.40 - 3.75 (2010: € 2.34 )
- Earnings per share, adjusted 2) : € 2.95 - 3.30 (2010: € 2.33 )
Underlying assumptions
Fertilizers Business Sector
Potash and Magnesium Products
Significant rise in revenues and strong growth in
operating earnings
• Sales volume of 7.0 million tonnes of goods
• On the basis of the currently achieved potash price
level, significant rise in FY average prices
• Moderate rise in total costs
• Continued attractive agricultural prices
Nitrogen Fertilizers
Strong increase in revenues and strong EBIT rise
• Revenue increase due to price factors
• Increase in operating earnings despite higher
input costs
• Continued attractive agricultural prices
Salt Business Sector
Stable revenues at a high level and moderate decline
in operating earnings
• Sales volume of crystallised salt of about 23 million t
• Operating earnings decrease moderately on the basis
of a lower building-up of stocks
• Average de-icing salt business in Q4/11
Effects/Assumptions on Group Level
• An US dollar exchange rate of 1.42 USD/EUR
• Significantly better financial result in comparison to 2010
• A stable adjusted Group tax rate of 26% to 27%
Earnings-based Dividend Policy
• Dividend payout ratio of between 40% and 50% of adj.
earnings after taxes (including discontinued operations)
1)
Unless stated otherwise, information refers to continued operations; Outlook statement as of 3 August 2011
August 2011 2)
Earnings from continued and discontinued operations
K+S Group 53

K+S Group
Legacy Project – Canada
• K+S Potash Canada holds several
potash exploration licences in
Saskatchewan/Canada incl. the
Legacy Project (advanced greenfield
project for solution mining)
Located in the Heart of Saskatchewan’s Potash-Rich Basin
• Given the available resources and
environmental permit, the Legacy
Project offers potential for gradually
increasing output to significantly in
excess of 2.7 million tonnes of KCl
per year
Regina
Two additional potash permit areas in the Esterhazy potash region
Reserves and Resources – K+S Potash Canada
million tonnes KCl % KCl % K 2
O
Mineral Reserves (Proven and Probable Reserves) 1,2) Legacy Project area 135.8 28.9 18.3
Resources (Indicated and Inferred Resources) 1) Legacy Project area + KLSA 009 940 26.9 17.0
1)
The reserves figures were determined by Agapito Associates Inc., Grand Junction, Colorado, in cooperation with North Rim Exploration Ltd., Saskatoon, Saskatchewan.
The technical reports for the determination of reserves were created in accordance with the requirements of the Canadian standard NI 43-101 of the "Canadian
Securities Regulators".
2)
After conversion of the exploration permit (KP 289) to a mine lease (KLSA 009) an additonal 1,150 acres (approx. 4.7 km 2 ) of land with extraction rights are available,
which contain further reserves in the magnitude of 24.5 million tonnes of KCl product. An official update of the determination of reserves by the above-mentioned
independent experts, including these additional volumes, is planned.
August 2011 K+S Group 54

K+S Group
Medium-term Project Outlook
Project
Status
Timeline
N
I
T
R
O
G
E
N
Sale of COMPO
Nitrogen Fertilizers
Business Segment
On 20 June 2011, K+S announced
the sale of Compo to the investment
company Triton at an enterprise
value of € 205 million
On 1 March 2011, BASF announced
the intention to sell major parts
of its fertilizer production facilities;
K+S has ruled out to buy the assets
Closing of the transaction expected at
the end of Q3/11. After the deduction
of assumed liabilities, cash inflow of
probably about € 150 million expected
Supply of K+S Nitrogen is not
affected as existing contract with
BASF is terminable no earlier than
by 31 December 2014
P
O
T
A
S
H
Reactivation
Rossleben
Reactivation
Siegfried-Giesen
Legacy Project,
Canada
Rossleben belongs to the
German State; talks about
a sale of the mine have been
resumed in summer 2011
Feasibility study currently
in process
Infrastructural work and preparations
for first drillings have started;
review of the existing feasibility
study ongoing
Open
Technical results of study should be
available in Q4/11 and will be evaluated
and communicated afterwards
Results of review will likely be
communicated in autumn/winter
August 2011 K+S Group 55

Core Business Sector Fertilizers
Progress Legacy Project
• With Potash One, we primarily bought a very
attractive potash deposit and a third-party,
ready-made feasibility study.
• The project size requires us to review and
customise the feasibility study of Potash One
in detail.
• Results will not be communicated before
autumn/winter. Aspects like product mix, energy
concept, ramp-up curve as well as a global
procurement process require a thorough analysis.
• This approach is not connected with postponements
in the project timeline. We still envisage
first production volumes from 2015 onwards.
• In 2011, we assume to spend +/- € 50 million*,
mainly for the following measures:
water connection, site preparation, roads,
drilling preparations and first drillings
* exact distribution of disbursements between capex and opex under evaluation
August 2011 K+S Group 56

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 57

K+S Aktiengesellschaft
K+S Share / Bond information
The K+S share at a glance:
• Stock identification number: KSAG88 / ISIN: DE000KSAG888
• Type of shares: Registered unit shares of no-par value
• Total number of shares: 191,400,000
• Trading segment: Prime Standard
• Prime Sector: Chemicals / Industry group: Chemicals, Commodities
• Listings: all stock exchanges in Germany
• Ticker symbols: Bloomberg SDF / Reuters SDFG
• ADR symbol: KPLUY
• ADR CUSIP: 48265W108 / ISIN: US48265W1080
• ADR listing: OTC market in the US
• ADR ticker symbols:
- Bloomberg: KPLUY
- Reuters: KPLUY.PK
• ADR depositary bank: The Bank of New York Mellon
The K+S Bond:
• Stock identification number: A1A 6FV / ISIN: DE000A1A6FV5
• Listings: Luxembourg Stock Exchange
• Issuing volume: € 750 million
• Denomination: €1,000
• Issue price: 99.598%
• Interest coupon: 5.000%
• Maturity: 24.09.2014
in %
110
105
100
Sep. 09 Feb. 10 Jul. 10 Dez. 10 Mai. 11
Price:108.2%
Yield: 2.255% p.a.
As of 9 August 2011
August 2011 K+S Group 58

K+S Aktiengesellschaft
Key Data of the K+S Share
H1/11
2010
2009
2008
2007
Earnings per share, adjusted (€) 1),2),3)
2.03
2.34
0.56
5.94
1.06
Dividend per share (€) 3)
tbd
1.00
0.20
2.40
0.50
Book value per share, adjusted (€) 2),3)
13.72
13.85
10.94
10.41
5.65
Year-end closing price (XETRA, €) 3)
53.00
56.36
39.99
39.97
40.69
Total stock exchange turnover (€bn)
9.1
16.8
16.9
33.4
10.2
Average daily turnover (€m)
71.4
65.7
66.4
131.6
40.6
Average number of shares (m)
191.25
191.34
166.15
164.95
164.94
Dividend yield (on closing price, %)
-
1.8
0.5
6.0
1.2
Return on equity after taxes (%) 1),2)
21.3
18.7
8.4
68.6
16.1
1)
2007 to 2009 include the discontinued operations of COMPO.
2)
The adjusted figures unalteredly only include the realised result from operating forecast forecast hedges of the respective reporting
period. The changes in the market value of operating forecast hedges still outstanding, however, are not taken into account in the
adjusted earnings. Related effects on deferred and cash taxes are also eliminated.
3
Historical data not adjusted for the capital increase 2009
August 2011 K+S Group 59

K+S Aktiengesellschaft
Dividends and Share Buybacks
540
3,00
€ million • We pursue a dividend policy that is in principle
€ per share
earnings-based.
450
360
270
180
90
0
• According to this, a dividend payout rate of between
40% and 50% of the adjusted Group earnings after
taxes forms the basis for future dividend
recommendations.
• The increase in adjusted Group earnings after
taxes expected for 2011 should also have a
correspondingly positive impact on future
dividend payments.
43.38
0.25 0.25 0.25
43.40 41.47 42.50
66.70
0.33
55.25
0.45
74.25
2.40
396.00
0.50 0.50
82.50 82.50
191,40
August 2011 K+S Group 60
38.30
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Dividend per share (rhs)
(for the prior financial year)
Share buyback (lhs)
0.20
1,00
Total dividend payment (lhs)
(for the prior financial year)
2,50 2.50
2,00 2.00
1,50 1.50
1,00 1.00
0,50 0.50
0,00 0.00

K+S Aktiengesellschaft
Attractive Dividend Policy
K+S (EUR) 0.50
(47%)
2006 2007 2008 2009 2010 Dividend Policy
0.50
(47%)
2.40
(40%)
0.20
(41%)
1.00
(43%)
To pay out „in principle 40-50% of
the adjusted Group earnings“
Potash Corp.
(USD)
0.07
(10%)
0.12
(10%)
0.13
(3%)
0.13
(12%)
Mosaic (USD) - - - 0.20
(4%)
Uralkali (RUR) 1.59
(97%)
ICL (USD) 0.14
(48%)
Compass
(USD)
Yara***
(NOK)
1.22
(72%)
2.50
(22%)
1.90
(50%)
0.29
(68%)
1.28
(53%)
4.00
(19%)
4.00
(39%)
0.80
(51%)
1.34
(28%)
4.50
(16%)
1.70
(40%)
0.41
(69%)
1.42
(29%)
4.50
(34%)
0.13
(6%)
1.50*
(81%)
Tbd
0.82**
(98%)
1.56
(35%)
5.50
(18%)
„Cash dividends […] are conditioned
upon […] available earnings.“
n/a
To pay out „at least 15% of net
profit“
To pay out a „quarterly dividend at
a rate of up to 70% of […] net profit“
„We intend to pay quarterly cash
dividends on our common stock.“
„Return 40-45% of net income measured as
the sum of dividends and share buy-backs
[…] averaged over the business cycle.“
• K+S has communicated one of the most concrete dividend policies
• Dividend payouts complied with the policy in times of boom and bust
• Low volatility in payout ratios provides higher predictability for investors
• K+S will continue its proven and well-acknowledged dividend policy
* Special dividend of USD 1.30
** incl. Special dividend of USD 0.42
*** Incl. share buy-backs: 2005: 62%;
2006: 27%; 2007: 26%; 2008: 19%;
2009: 34%, 2010 37%
Source: Bloomberg, company reports
August 2011 K+S Group 61

K+S Aktiengesellschaft
K+S Share Price compared with DAX
120
110
100
90
80
Performance of K+S share
(Index: 31 December 2010 = 100)
DAX (19%)
K+S
Market capitalisation
(as of 31 December, € billion)
7.7
6.7 6.6
3.4
2.1
1.7
(21%) * 1.0 0.8 0.9
10.8
8.3
70
2011
Jan.
2011
August
2001 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 2011
25 Aug.
* Including dividends
Source: Bloomberg; as of 25 August 2011
August 2011 K+S Group 62

K+S Aktiengesellschaft
K+S Share Price compared with Peer Group
Index: 31 December 2010 = 100
140
130
120
110
100
Uralkali
PotashCorp
+25%
+6%
90
80
70
60
2011
Jan.
2011
August
Mosaic
Compass
Yara
K+S
(13%)
(18%)
(23%)
(23%)
Source: Bloomberg; as of 25 August 2011
August 2011 K+S Group 63

K+S Aktiengesellschaft
Shareholder Structure
• Meritus Trust Company Limited holds 9.88%
of K+S shares via EuroChem Group SE, including
OJSC MCC “EuroChem”; Meritus Trust manages
industrial holdings of Andrei Melnichenko on a
fiduciary basis
Free float 90.12%
• The free float of K+S AG amounts to approx. 90%
• Investment companies, that have exceeded
the 3% threshold:
- BlackRock Inc.: 5.46%
- Capital Research: 3.05%
Meritus Trust /
OJSC MCC „EuroChem“ 9.88%
August 2011 K+S Group 64

K+S Group
Financial Calendar
10 November 2011 ‣ Quarterly Financial Report, 30 September 2011
15 March 2012 ‣ Report on business 2011
‣ Press and analyst conference, Frankfurt am Main
9 May 2012 ‣ Annual General Meeting 2012, Kassel
‣ Quarterly Financial Report, 31 March 2012
10 May 2012 ‣ Dividend payment for the year 2011
14 August 2012 ‣ Half-yearly Financial Report, 30 June 2012
August 2011 K+S Group 65

K+S Aktiengesellschaft
Bertha-von-Suttner-Straße 7
34131 Kassel | Germany
phone: +49 (0)561 / 9301-0
fax: +49 (0)561 / 9301-1753
Investor Relations
phone: +49 (0)561 / 9301-1100
fax: +49 (0)561 / 9301-2425
email: investor-relations@k-plus-s.com
Internet: www.k-plus-s.com
Experience growth.
August 2011 K+S Group 66

K+S Group
Content
A. Corporate Structure & Strategy
B. Core Business Sector Fertilizers
C. Core Business Sector Salt
D. Complementary Business Segments
E. Financial Data and Outlook
F. K+S Share
Appendix
August 2011 K+S Group 67

K+S Group
History
1889 Formation of „Aktiengesellschaft für Bergbau und Tiefbohrung“, the eldest predeceasing
company of today’s K+S Aktiengesellschaft
1970/71 Merger of all three West-German potash producers to Kali und Salz GmbH; BASF is majority
shareholder / change of corporate form into Kali und Salz AG
1993 Merger of the potash and rock salt activities of Kali und Salz AG and the East-German
Mitteldeutsche Kali AG into the Kali und Salz GmbH (Kali und Salz AG share: 51%)
1997 BASF reduces its stake of Kali und Salz AG below 50%
1998 Purchase of the remaining share capital (49%) of Kali und Salz GmbH;
K+S is included in the MDAX
1999 Change of company name to K+S Aktiengesellschaft; acquisition of COMPO and fertiva;
2000/2001 K+S cancelled 10% own shares (2000); expansion of the business segments COMPO and salt
by further acquisitions
2002 Foundation of salt joint venture esco - european salt company (K+S stake: 62%)
2003 K+S cancelled 5.6% own shares
2004 Acquisition of Solvay’s 38% share in esco
2005 Share buyback of 1.25 million shares; Cooperation between COMPO and Syngenta in the area
of plant protection products
2006 Acquisition of the Chilean salt producer Sociedad Punta de Lobos
2008 Inclusion in the DAX
2009 Acquisition of the North American salt producer Morton Salt
2011 Acquisition of the Canadian potash exploration company Potash One, Sale of COMPO
August 2011 K+S Group 68

K+S Group
Why Fertilize?
There are only few soils on earth
which have a sufficient content and
availability of nutrients to achieve
high yields over a longer period
without fertilization
Indispensable supplement to the natural
nutrient content of soils
Compensation of the nutrient losses
by harvest and other losses
August 2011 K+S Group 69

130
K+S 120 Group
110
Yields of Cereals in Selected Regions
100
90 dt/ha
80
70
60
50
40
30
20
10
0
Northern
America
South America Western Europe Eastern Europe Asia Africa
Source: FAO
1980 1985 1990 1995 2000 2005 2007
• Highest yields of cereals per hectare worldwide to be found in Western Europe and in North
America thanks to a balanced fertilization tradition and professional agricultural systems as
well as favourable climatic conditions
• Assuming an increasing application of balanced fertilization, emerging market countries
possess significant catching-up potential
August 2011 K+S Group 70

K+S Group
Meat consumption per Capita
kg / person
150
North America
100
Europe
South America
50
Asia
Africa
0
1961 1970 1980 1990 2000 2007
Source: Food and Agriculture Organization of the United Nations (FAO)
• Rising prosperity goes along with rising meat consumption
• Production of 1 kilogram of meat requires multiple kilograms of animal feed
• We believe there is significant potential for rising fertilizer demand in emerging
market countries
August 2011 K+S Group 71

K+S Group
Fertilizer Business - Gene Technology
• Objectives of gene technology:
• improved crop resistance against broad-band herbicides as well as pests and diseases
• breeding of plants with elevated use value for the customer
• Cultivation of genetically modified crops (GMO) mainly in the USA, in Argentina, Canada,
Brazil, China and South Africa
• In Europe, the use is ethically disputed and does virtually not exist
• Genetically modified crops are usually soybeans, corn, cotton and oilseed rape
• The use of GMOs increases the yield per unit of cultivated area
• Due to the genetic modification, the plant’s nutrient needs become similar to those of a ‘top
athletes. The increased removal of mineral nutrients from the soil has to be supplemented
in form of fertilizers
As long as the demand for food of the increasing world population is larger than
the supply, the use of GMOs leads to an increased demand for fertilizers
August 2011 K+S Group 72

K+S Group
Potash Fertilization and Yields for Corn
Potash use by crop
in 2007/08
Potash use and yield for corn
in 2007/08
Other cereals
3%
Wheat 6%
Cotton
2%
Fruits & Vegetables
22%
Potash use
kg/ha
60
Yield
t/ha
10
Soybeans 8%
8
Oil palm and
other oil seed 8%
40
6
Sugar crops 9%
Corn 15%
20
4
2
Rice 13%
Other crops 14%
0
USA China India
Potash use in kg/ha
Balanced fertilizer use which is suited to plants results in higher yields
and a lessening of the effects of negative factors (e.g. temperature, rainfall)
Yield in t/ha
0
Sources: USDA, FAO, IFA, K+S, 2007/08
Other crops: roots, tubers, pulses, nuts, coffee, tea, tobacco, ornamentals, turf etc.
Other oilseed: rapeseed, mustard, sunflower, groundnut etc.; Other cereals: barley, oat, rye, triticale, sorghum etc.
August 2011 K+S Group 73

K+S Group
Effect of Potash Fertilization on Yield
t/ha
12
10
8
6
4
2
0
Winter wheat – Series of experiments
(Germany)
Additional yield
t/ha
1,5
1978 1981 1984 1987 1990 1993 1996 1999
K 2 O = 0 kg K 2 O = 100 kg Linear (addit. yield, rhs.)
1,0
0,5
0,0
Functional and sustainable
potassium fertilization results in:
• Mitigation of the effects of
negative factors on yield
• Increasing additional yields
in the course of time
• A potash-cost/proceeds
ratio of 1:3
(taking into account the
current price level)
Technical progress, plant
protection and progress in cultivation
enhance the potential of the plant
over time. The exploitation of this
potential depends on a balanced
supply of nutrients!
Series of experiments in Niestetal, Germany, Kassel, average annual precipitation: 647 mm, average annual temperature: 8.7°C:
The geological starting material is a soil texture of silty loam. In agricultural practice, this soil has the reputation of supplying all nutrients particularly well, so that
even reduced potassium fertilization need not necessarily result in corresponding declines in yield. The soil had a high supply class (E) prior to the start of the
experiment. In contrast to nitrogen, the effect of potassium fertilization can only be assessed accurately in the long term. Only long-term field trials also identify the
reciprocal effects (e.g. weather conditions) of all location factors.
August 2011 K+S Group 74

K+S Group
Strong Impact on Soybean Yield
under Continued Elimination of Potash
Grain yield (kg/ha)
3500
3000
• Regular potash application of
approx. 80 kg/ha of K 2 O in 5
years before trial in Brazil
2500
2000
• Climate conditions can cause
volatility in yield
1500
1000
500
3,135 2,965 2,223 2,214
(-5%) (-29%) (-29%)
last yield
with K
Year 1
without K
Year 2
without K
Year 3
without K
772 (-75%)
Year 4
without K
Year 5
without K
830 (-74%)
Years of cultivation under declining K effect
Source: Borkert, C.M., et al. 2005, Potash in soybean crop. In: Potassium in Brazilian agriculture, eds. T. Yamada and T.L. Roberts, 671-722. Piracicaba,
Brazil: Potafos. (In Portugese); Embrapa Soybean, IPNI, personal correspondence with Paul E. Fixen, Ph.D., Dr. Adilson de Oliveira Junior, Dr. Luís I.
Prochnow; The experiment took place in Ponta Grossa, Paraná, Brasil; Soil classification: Oxysol, clayed texture (clay content = 38%)
August 2011 K+S Group 75

Potash and Magnesium Products
Potash Market Western Europe (EU 27)
Market Structure
Potash Use by Crop *
Structure
Private trade with countryspecific
regulations
Other crops
32%
Wheat
27%
Products
MOP standard, gran. and
specialities through spot
and contracts
Sugar crops
5%
Oil Seed
10%
Corn
12%
Fruits &
Vegetables
14%
kt K 2 O
8.000
Agricultural Potash Consumption **
Cultivated Crops ***
Other crops
21%
6.000
4.000
2.000
Sugar crops
1%
Oil Seed
15%
Wheat
47%
0
1980 1985 1990 1995 2000 2005 2010F
Fruits &
Vegetables
8%
* Incl. sulphate of potash and low-grade potash, apparent consumption; Source: IFA (2007/08), K+S
August 2011 K+S Group 76
** Fertilizer years Western and Central Europe, Source: IFA June 2010; *** Source: FAO (2008/2009)
Corn
8%

Potash and Magnesium Products
Potash Market Brazil
Market Structure
Potash Use by Crop *
Structure
Private trade
Other crops
14%
Products
MOP gran. through spot
and contracts
Rice
4%
Cotton
4%
Fruits &
Vegetables
5%
Soybeans
34%
Corn
19%
Sugar crops
20%
Agricultural Potash Consumption **
Cultivated Crops ***
kt K 2 O
5.000
4.000
3.000
2.000
1.000
0
1980 1985 1990 1995 2000 2005 2010F
Other crops
26%
* Incl. sulphate of potash and low-grade potash, apparent consumption; Source: IFA (2007/08), K+S
August 2011 K+S Group 77
** Fertilizer years Brazil, Source: IFA November 2009; *** Source: FAO (2008/2009)
Cotton
1%
Rice
4%
Fruits &
Vegetables
4%
Sugar crops
13%
Corn
20%
Soybeans
32%

Potash and Magnesium Products
Potash Market Southeast Asia
Structure
Products
Market Structure
Private trade
MOP standard and
specialities through spot
and contracts
Fruits &
Vegetables
5%
Potash UsebyCrop*
Sugar crops
4%
Corn
5%
Rice
9%
Other crops
7%
Oil seed
70%
Agricultural Potash Consumption **
Cultivated Crops ***
kt K 2 O
2.500
2.000
1.500
1.000
Sugar crops
2%
Fruits &
Vegetables
6%
Other crops
20%
Rice
43%
500
0
1980 1985 1990 1995 2000 2005 2010F
* Incl. sulphate of potash and low-grade potash, apparent consumption; Source: IFA (2007/08), K+S
August 2011 K+S Group 78
Oil seed
20%
** Fertilizer years Indonesia, Malaysia, Thailand, Source: IFA November 2009; *** Source: FAO (2008/2009)
Corn
9%

Potash and Magnesium Products
Potash Market India
Market Structure
Potash Use by Crop *
Structure
Products
Predominantly centralised,
subsidised
MOP standard through
contracts
-
Oil seed
5%
Cotton
5%
Other crops
13%
Rice
35%
Sugar crops
10%
Agricultural Potash Consumption **
Wheat
10%
Fruits &
Vegetables
22%
Cultivated Crops ***
kt K 2 O
4.000
3.000
2.000
Other crops
Sugar crops 8%
3%
Cotton
6%
Fruits &
Vegetables
7%
Wheat
27%
1.000
0
1980 1985 1990 1995 2000 2005 2010F
* Incl. sulphate of potash and low-grade potash, apparent consumption; Source: IFA (2007/08), K+S
August 2011 K+S Group 79
** Fertilizer years India, Source: IFA November 2009; *** Source: FAO (2008/2009)
Oil seed
23%
Rice
26%

Potash and Magnesium Products
Potash Market China
Market Structure
Potash Use by Crop *
Structure
Products
Predominantly centralised
MOP standard through
long-term contracts
Other crops
10%
Oil seed
2%
Sugar crops
5%
Wheat
5%
Fruits &
vegetables
50%
Rice
28%
Agricultural Potash Consumption **
Cultivated Crops ***
kt K 2 O
7.000
6.000
5.000
4.000
3.000
2.000
Sugar crops
1%
Other crops
27%
Fruits &
Vegetables
21%
Rice
18%
1.000
0
Oil seed
17% Wheat
16%
1980 1985 1990 1995 2000 2005 2010F
* Incl. sulphate of potash and low-grade potash, apparent consumption; Source: IFA (2007/08), K+S
August 2011 K+S Group 80
** Fertilizer years China, Source: IFA November 2009; *** Source: FAO (2008/2009)

Potash and Magnesium Products
Potash Market North America
Market Structure
Potash Use by Crop *
Structure
Private Trade
Other crops
21%
Products
MOP gran. and
specialities through
spot and contracts
Sugar crops
3%
Cotton
3%
Wheat
6%
Corn
45%
Fruits &
Vegetables
7%
Soybeans
15%
kt K 2 O
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
Agricultural Potash Consumption ** Cultivated Crops ***
Other crops
52%
Fruits & Cotton
Vegetables 1%
1%
1980 1985 1990 1995 2000 2005 2010F
* Incl. sulphate of potash and low-grade potash, apparent consumption; Sources: IFA (2007/08), K+S
August 2011 K+S Group 81
** Fertilizer years North America, Source: IFA Juni 2010; *** Source: FAO (2008/2009)
Wheat
17%
Corn
15%
Soybeans
14%

Potash and Magnesium Products
Loader (up to 20 tonnes)
August 2011 K+S Group 82

Potash and Magnesium Products
Production Sites in Germany
Potash mining in the Werra Fulda Region
6
7 4
Kassel
1
5 3 2
Potash
Seam Hesse
Share of production capacity (in %)
1. Wintershall
2. Unterbreizbach Integrated Werra Plant 44
3. Hattorf
4. Zielitz 24
5. Neuhof-Ellers 16
6. Sigmundshall 11
7. Bergmannssegen-Hugo 5
(pure production site, no mining)
Potash Seam
Thuringia
Source: Mainova AG
August 2011 K+S Group 83

Potash and Magnesium Products
Extraction Cycle Underground
0
Blasting after
shift end
4
Auger drilling
1
Muck pile load and dump
5
Cleaning
2
Roof scaling
6
Drilling
3
Roof bolting
7
Loading with explosives
0
August 2011 K+S Group 84

Potash and Magnesium Products
Potash Processing above Ground
Thermal
dissolution
Flotation
Electrostatic
separation
(ESTA ® )
heating
25 °C 110 °C
mother brine
undissolved
residue
+ dissolved
KCl
95 °C
finely
ground
crude salt
filtering
flotation
agent
air
bubbles
flotation
brine
finely
ground
crude salt
triboelectric
charging
finely ground
crude salt
-
conditioning
+
filtering
cooling
filtering
and
drying
separation
in a free
fall separator
Potassium chloride
(KCl) and Kieserite
Residue
(NaCl)
Residue
(NaCl)
Potassium chloride
(KCl) and Kieserite
Residue
(NaCl)
Potassium chloride
(KCl) and Kieserite
August 2011 K+S Group 85

Salt
Mining Chamber in Germany
August 2011 K+S Group 86

Salt
SPL: Salt Extraction in the Atacama Desert
August 2011 K+S Group 87

Salt
Seasonality of the De-icing Salt Business
Million tonnes 10.18
€
10
70
9.25
2.24
61.0*
8 2.20 54.8
54.5
57.3
60
52.8
7.20
53.4
50
6
2.35
40
4
2
0
7.05
7.94
2.75
2.26
0.49
3.21
2.47
0.74
0.57
3.33
2.23
1.10
4.11
4.85
30
20
10
0
De-icing salt sales volume
Sales volume of industrial salt,
salt for chemical use and food grade salt
De-icing salt average price 2010
De-icing salt average price 2011
Q1/10 Q1/11 Q2/10 Q2/11 Q3/10 Q3/11 Q4/10
Q4/11
• Quarterly volumes and prices are affected by seasonal de-icing salt business which are in
general strongest in the Q1 and Q4
* Adjusted for claims against customers in Europe, which had exceeded their contractually agreed
August 2011 volumes in Q1/11, the average price for Q2/11 would have been €52.2 and in Q1/11 €55,6 €
K+S Group 88

Salt
Details of De-icing Salt Bidding Processes
defined by
Details specified in typical
bid document
volume
destination
delivery
product and service
specifications
guaranteed minimum
purchase requirement
maximum delivery
requirement
price
vendor purchaser
• Government de-icing contracts are awarded in
Europe, the US and Canada in the form of public
bids
• Government purchaser issues bid documents in
late spring/early summer
• Vendors hand in sealed bids, which will be
opened at date and time specified in the bid
documents
• Lowest priced bid that satisfies all requirements
will be awarded
• In the US, Canada and most parts of Europe, all
vendor’s bids will become public
• In the US most bids are valid for one year/season
• In Canada and some parts of Europe contracts
might be awarded for a duration of up to 4 years
August 2011 K+S Group 89

Salt
K+S Production Sites in Europe as well as
Winter Regions relevant for K+S
Production method
Rock salt
Solar evaporation salt
Vacuum salt
Production of de-icing salt
K+S winter regions
Frisia, NL
Torrelavega, E
Borth, GER
Dombasle, F
Bayonne, * F
Braunschweig-
Lüneburg, GER
Bernburg, GER
Povoa, P
Olhao, P
* Site to be closed
August 2011 K+S Group 90

Salt
K+S Production Sites in North and South America
and Winter Regions in North America relevant for K+S
Lindbergh, AB
Regina, SK
Manistee, MI
Ojibway, ON
Windsor, ON
Great Lakes/
Ontario
Quebec/
Maritime
New
York
Silver Springs, NY
Mines Seleine, QC
Pugwash, NS
Grantsville, UT
Newark, CA
River
System
Perth Amboy, NJ
Fairport,OH
Rittman, OH
Long Beach, CA
US East Coast
Production method
Glendale, AZ
Hutchinson, KS
Natal, Brazil
(SDB)
Rock salt
Grand Saline, TX
Port Canaveral, FL
Solar evaporation salt
Vacuum salt
Weeks Island, LA
Inagua, BH
Salar Grande
de Tarapacá,
Chile (SPL)
Production of de-icing salt
K+S winter regions
August 2011 K+S Group 91

Salt
Comparison of portfolios with competitors
K+S
China National
Salt
Compass
Minerals
Dampier
Salt
Number of production sites
of which
34
14
8
3
Rock salt
10
-
3
-
Solar evaporation salt
7
4
1
3
Vacuum salt
17
10
4
-
Product portfolio (% of revenues; K+S: 2010)
De-icing salt
Industrial salt
Salt for chemical use
Food grade salt
Other
K+S‘ competitive advantages:
A diversified production network reduces the risk of dependency on a single production centre
Geographic dispersal of production centres makes regional production close to customers with advantages
in transport costs possible
A broad product portfolio reduces the volatility of sales
Source: company information, own estimates
August 2011 K+S Group 92

Salt
Morton Salt, an Excellent Opportunity –
Balancing Growth, Enhancing Profitability
Growth
Asset Quality
Diversification
Operational Synergies
Financials Benefits
Execution
• Combines highly complementary operations to create the North American
and global leader in salt
• Offers widespread, close-to-customer production sites in the U.S. and Canada
• Adds the leading salt consumer brand and a nationwide distribution network
• Extends and diversifies geographic presence in the North American salt market
• Enhances access to North American industrial and consumer markets
• Provides access to new and less volatile de-icing regions
• Strengthens K+S Group overall, in Europe and Overseas
• Leverages the leading salt consumer brand to existing product portfolio
• Optimizes logistics between Chile, Brazil and North America
• EPS will be clearly accretive from 2010 onwards; consistent with acquisition criteria
• Benefits from profitable salt business with strong cash flow generation
• Maintains a strong, flexible balance sheet
• Limited overlap facilitates smooth integration
• Immediate delivery of benefits to employees, customers and shareholders
Morton Salt – another milestone of our growth strategy
August 2011 K+S Group 93

Salt
Morton Salt at a glance
• Largest producer of food grade salt, industrial
and de-icing salt in North America
• North America’s favorite salt consumer brand
(“The Morton
Umbrella Girl”)
Revenues by product group *
2009
De-icing salt
38%
Food grade salt
26%
• 6 rock salt mines, 7 solar evaporation facilities
and 10 vacuum salt operations as well as
62 salt stockpiles and 61 distribution centers
Salt for chemical use
2%
Industrial salt
34%
• Annual salt production capacity
of 13.1 million tonnes
Key figures
USD million
2009
2008
2007
• 2,900 employees
Sales volume
(million tonnes)
10.1
12.7
11.9
• Headquartered in Chicago; founded in 1848
Revenues 1,134 1,220 1,059
EBITDA 283
270
204
* Adjusted to K+S classification
August 2011 K+S Group 94

3,50
K+S Group
3,00
Development of Earnings per Share, Adjusted *
2,50
2.00 2,00
€
1.50 1,50
1.00 1,00
0.50 0,50
0.00 0,00
(0.50) -0,50
1.37
0.74
0.89
0.75
0.66
0.45
0.10
0.25
(0.01)
(0.27)
Q1 - Q4/2009 Q1 - Q4/2010 Q1 - Q2/2011
FY *
0.47 €
0.56 €
6 months * 1.34 € 2.03 €
2.34 €
-
* Information for 2011 and 2010 refer to the continued operations of K+S Group. The adjusted figures unalteredly only include the realised result from
operating forecast forecast hedges of the respective reporting period. The changes in the market value of operating forecast hedges still outstanding,
however, are not taken into account in the adjusted earnings. Related effects on deferred and cash taxes are also eliminated.
August 2011 K+S Group 95

K+S Group
Revenues and Earnings 1)
€ million
LTM 2) 2010 %
Revenues
4,962.5
4,632.7
+ 7.1
Earnings before interest, taxes,
depreciation and amortisation (EBITDA)
1,104.6
953.0
+ 16.0
Operating earnings (EBIT I)
876.3
714.5
+ 22.7
Result after operating hedges (EBIT II)
944.5
719.1
+ 31.3
Financial result
(100.8)
(120.0)
(16.0)
Earnings before income taxes (EBT)
843.7
599.1
+ 40.8
Taxes on income
of which deferred taxes
214.2
(10.6)
147.2
(29.9)
+ 45.5
(64.5)
Group earnings after taxes & minority interests
628.9
451.1
+ 39.4
Earnings before income taxes, adjusted 3)
775.5
594.5
+ 30.4
Group earnings after taxes, adjusted 3)
579.8
447.8
+ 29.5
1)
Infomation refers to the continued operations of K+S Group
2)
LTM=Last twelve months as of 30 June 2011
3)
The adjusted figures unalteredly only include the realised result from operating forecast forecast hedges of the respective reporting
period. The changes in the market value of operating forecast hedges still outstanding, however, are not taken into account in the
adjusted earnings. Related effects on deferred and cash taxes are also eliminated.
August 2011 K+S Group 96

K+S Group
Changes in revenues as of 30 June 2011
Changes in Revenues H1/11 (€ million)
(39.0) 2,676.7
+290.9
+77.9
2,346.9
Revenues
H1/10
Volume/
structure
Price/
price-related
Exchange
rates
Revenues
H1/11
August 2011 K+S Group 97

K+S Group
Cash Flow Statement 1)
€ million
LTM 2) 2010
%
Gross cash flow
887.1
830.2
+ 6.9
Cash flow from operating activities
707.3
826.4
(14.4)
Cash flow for investing activities
(509.8)
(177.7)
(186.9)
- of which acquisitions/divestments
(242.8)
-
-
Free cash flow
197.5
648.7
(69.6)
Free cash flow before acquisitions/divestments
440.3 3)
648.7
+ 32.1
Cash flow from/for financing activities
(258.7)
(439.5)
+ 41.0
1)
Information refers to the continued operations of the K+S Group. Only the gross cash flow also contains the discontinued operations
2)
LTM=Last twelve months as of 30 June 2011
3)
Without taking account of the out-financing of pension provisions as well as the purchase of securities and other financial investments, the free cash flow
before acquisitions/divestments would have been at € 605.9 million
August 2011 K+S Group 98

K+S Group
Balance Sheet
€ million
Non-current assets
of which Intangible assets
Property, plant and equipment
Deferred tax assets
Current assets
of which Inventories
Accounts receivable - trade
Cash and cash equivalents
Assets classified as held for sale
Equity
Non-current debt
of which Financial liabilities
Provisions (pensions and mining obligations)
Deferred tax liabilities
Current debt
of which Financial liabilities
Liabilities directly associated with
assets classified as held for sale
Balance sheet total
30.06.11
3,118.7
935.0
2,014.3
30.3
2,438.5
545.1
766.6
550.8
274.0
2,626.7
1,875.4
767.7
632.7
310.2
1,055.1
2.4
227.9
5,557.2
31.12.10
2,936.4
999.7
1.803.6
57.8
2,637.3
740.2
949.8
748.4
-
2,651.6
1,919.1
769.1
713.2
261.6
1,003.0
17.5
-
5,573.7
August 2011 K+S Group 99

K+S Group
Forward-Looking Statements
This presentation contains facts and forecasts that relate to the future development of the K+S
Group and its companies. The forecasts are estimates that we have made on the basis of all the
information available to us at this moment in time. Should the assumptions underlying
these forecasts prove not to be correct or should certain risks – such as those referred to in
the Risk Report – materialise, actual developments and events may deviate from current
expectations. The Company assumes no obligation to update the statements, save for the making
of such disclosures as are required by the provisions of statute.
August 2011 K+S Group K+S Group 100

August 2011 K+S Group 101

K+S Aktiengesellschaft
Bertha-von-Suttner-Straße 7
34131 Kassel | Germany
phone: +49 (0)561 / 9301-0
fax: +49 (0)561 / 9301-1753
Investor Relations
phone: +49 (0)561 / 9301-1100
fax: +49 (0)561 / 9301-2425
email: investor-relations@k-plus-s.com
Internet: www.k-plus-s.com
Experience growth.
August 2011 K+S Group 102