An excerpt from the President & CEO's Letter to Shareholders

The economic downturn that started in late 2008 continued through most of 2009 and impacted virtually all sectors and countries. Even amid these tough market conditions, Agrium delivered the third highest net earnings in our history, thanks in large part to our product and geographic diversity and the growth we have delivered over the past four years. Contributions from wholesale nitrogen and Retail crop protection and seed products were particularly strong this year and market conditions for potash, phosphate and other products expected to improve significantly in 2010. I believe Agrium is in the best position within our sector to capture the rebound in crop input demand and margins anticipated in 2010.