AUDIT COMMITTEE

Agrium Inc. Director Manual Tab 11 AUDIT COMMITTEE CHARTER Most Recent Revision: February 9, 2005 AGRIUM INC. AUDIT COMMITTEE CHARTER TABLE OF CONTENTS Page PART I ESTABLISHMENT OF COMMITTEE .......................................................................... 1 1. Committee.................................................................................................................... 1 2. Composition of Committee.......................................................................................... 1 3. Appointment of Committee Members ......................................................................... 2 PART II COMMITTEE PROCEDURE ........................................................................................ 2 4. Vacancies ..................................................................................................................... 2 5. Committee Chair.......................................................................................................... 2 6. Absence of Chair 2 7. Secretary of Committee ............................................................................................... 3 8. Regular Meetings......................................................................................................... 3 9. Special Meetings 3 10. Quorum .................................................................................................................. ...