AIMCo Supports Agrium Inc. Board of Directors

"Activist investors fulfill an important role when sleepy Boards tolerate suboptimal performance. That is not the case with Agrium. It has done well for its shareholders, both absolutely and relative to peers. Its vertically integrated business model promises to deliver favourable, long- term returns. Keeping wholesale and retail agricultural operations together offers economies of scale, a lower cost of capital, better access to markets, and shared market intelligence, at a time when global food demand is rising.

"AIMCo considers the incumbent Agrium director roster to be robust in terms of composition, experience, and independence. The new Agrium director nominees offer superior agricultural market knowledge.

"We struggle with a governance model where Jana Partner's dissident nominees are compensated in a different manner than other directors. This has negative effects on the board - lack of independence, fragmentation, and reduced efficacy. Jana's plan is misaligned with the interests of long-term shareholders."

AIMCo is one of Canada's largest and most diversified institutional investment managers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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