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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>


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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 9pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
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<DIV align="center" style="font-size: 18pt; margin-top: 9pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 9pt"><B>AGRIUM INC.</B>
</DIV>

<DIV align="center" style="font-size: 8pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>CANADA</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0346248</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="center" valign="top">
(State of other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
(I.R.S. Employer Identification No.)</TD>
</TR>

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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>13131 LAKE FRASER DRIVE S.E.<BR>
CALGARY, ALBERTA T2J 7E8<BR>
CANADA<BR>
(403)&nbsp;225-7000</B>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 0pt">
(Address of principal executive offices, including zip code)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><B>AGRIUM 401(k) SAVINGS PLAN FOR UNION EMPLOYEES AT FLORENCE, AL;<BR> MULBERRY, FL &#038; AMERICUS, GA<BR>
AGRIUM U.S. INC. SAVINGS PLAN FOR UNION EMPLOYEES AT CINCINNATI, OH AND<BR> BAINBRIDGE, GA<BR>
AGRIUM ADVANCED TECHNOLOGIES 401(k) SAVINGS PLAN</B>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 0pt">
(Full title of the plans)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><B>CT CORPORATION SYSTEM<BR>
111 8TH AVENUE, 13TH FLOOR<BR>
NEW YORK, NEW YORK 10011<BR>
(212)&nbsp;894-8700</B>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 0pt">
(Name, address and telephone number, including area code, of agent for service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>securities to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registered(1)(2)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>per share(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registration fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">Common Shares</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">100,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">$70.50</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">$7,050,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">$277.07</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This registration statement on Form S-8 (the &#147;Registration Statement&#148;) also applies to
rights under the Registrant&#146;s Amended and Restated Shareholder Rights Plan Agreement, which
are attached to and tradable only with the Common Shares registered hereby. No registration
fees are required for such rights as they will be issued for no additional consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement shall also cover any additional Common Shares that become
issuable under the Agrium 401(k) Savings Plan for Union Employees at Florence, AL; Mulberry,
FL &#038; Americus, GA, and the Agrium U.S. Inc. Savings Plan for Union Employees at Cincinnati OH,
and Bainbridge GA, and the Agrium Advanced Technologies 401(k) Savings Plan, registered
pursuant to this Registration Statement by reason of any stock dividend, stock split,
recapitalization or any other similar transaction effected without the receipt of
consideration that results in an increase in the number of the Registrant&#146;s outstanding Common
Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this
Registration Statement also covers an indeterminate amount of interests to be offered or sold
pursuant to the Plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee in accordance with
Rule&nbsp;457 under the Securities Act of 1933, as amended, based on the average of the high and
low prices of the Common Shares as reported on the New York Stock Exchange March&nbsp;7, 2008, a
date within five business days of the filing of this Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>PART II</B><BR>
<U><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;3. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Incorporation of Documents by Reference</B></U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed or furnished with the Securities and Exchange
Commission (the &#147;SEC&#148;) by the Registrant are incorporated by reference in this Registration
Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Registrant&#146;s Annual Report on Form 40-F (File No.&nbsp;001-14460), as filed with the SEC on
March&nbsp;10, 2008, pursuant to requirements of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), which contains audited financial statements for the Registrant&#146;s latest financial
year for which such statements have been filed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since
December&nbsp;31, 2007;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the description of the Registrant&#146;s Rights to Purchase Common Shares set forth in the
Registration Statement on Form 8-A/A (File No.&nbsp;001-14460) filed with the SEC on May&nbsp;29, 2007,
including any amendment or report for the purpose of updating such description; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the description of the Registrant&#146;s Common Shares set forth in Exhibit&nbsp;1 to the
Registration Statement on Form 40-F (File No.&nbsp;000-25742), as filed with the SEC on March&nbsp;24, 1995,
including any amendment or report for the purpose of updating such description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities remaining unsold, shall
be deemed to be a part hereof from the date of filing such documents. In addition, reports on Form
6-K furnished by the Registrant to the SEC shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date such documents are furnished to the
SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement incorporated by reference herein modified or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;4. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Description of Securities</B></U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;5. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Interests of Named Experts and Counsel</B></U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;6. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Indemnification of Directors and Officers</B></U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;124 of the Canada Business Corporations Act and Section&nbsp;3.11 of the Registrant&#146;s
By-laws provide for indemnification of directors and officers of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;124 of the Canada Business Corporations Act provides as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.&nbsp;&nbsp;(1)&nbsp;&nbsp;Indemnification. A corporation may indemnify a director or officer of the
corporation, a former director or officer of the corporation or another individual who acts or
acted at the corporation&#146;s request as a director or officer, or an individual acting in a similar
capacity, of another entity, against all costs, charges and expenses, including an amount paid to
settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any
civil, criminal, administrative, investigative or other proceeding in which the individual is
involved because of that association with the corporation or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;Advance of Costs. A corporation may advance moneys to a director, officer or other
individual for the costs, charges and expenses of a proceeding referred to in subsection (1). The
individual shall repay the moneys if the individual does not fulfill the conditions of subsection
(3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;Limitation. A corporation may not indemnify an individual under subsection (1)&nbsp;unless the
individual
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acted honestly and in good faith with a view to the best interests of the
corporation, or, as the case may be, to the best interests of the other entity for which the
individual acted as director or officer or in a similar capacity at the corporation&#146;s
request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a criminal or administrative action or proceeding that is enforced
by a monetary penalty, the individual had reasonable grounds for believing that the
individual&#146;s conduct was lawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;Indemnification in derivative actions. A corporation may with the approval of a court,
indemnify an individual referred to in subsection (1), or advance moneys under subsection (2), in
respect of an action by or on behalf of the corporation or other entity to procure a judgment in
its favor, to which the individual is made a party because of the individual&#146;s association with the
corporation or other entity as described in subsection (1)&nbsp;against all costs, charges and expenses
reasonably incurred by the individual in connection with such action, if the individual fulfills
the conditions set out in subsection (3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;Right to indemnity. Despite subsection (1), an individual referred to in that subsection
is entitled to indemnity from the corporation in respect of all costs, charges and expenses
reasonably incurred by the individual in connection with the defense of any civil, criminal,
administrative, investigative or other proceeding to which the individual is subject because of the
individual&#146;s association with the corporation or other entity as described in subsection (1), if
the individual seeking indemnity
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;was not judged by the court or other competent authority to have committed any
fault or omitted to do anything that the individual ought to have done; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;fulfills the conditions set out in subsection (3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;Insurance. A corporation may purchase and maintain insurance for the benefit of an
individual referred to in subsection (1)&nbsp;against any liability incurred by the individual
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;in the individual&#146;s capacity as a director or officer of the corporation; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;in the individual&#146;s capacity as a director or officer, or similar capacity, of
another entity, if the individual acts or acted in that capacity at the corporation&#146;s
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;Application to court. A corporation, an individual or an entity referred to in subsection
(1)&nbsp;may apply to a court for an order approving an indemnity under this section and the court may
so order and make any further order that it sees fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;Notice to Director. An applicant under subsection (7)&nbsp;shall give the Director notice of
the application and the Director is entitled to appear and be heard in person or by counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;Other notice. On an application under subsection (7)&nbsp;the court may order notice to be
given to any interested person and the person is entitled to appear and be heard in person or by
counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11 of the By-laws of the Registrant contains the following provisions with respect
to indemnification of the Registrant&#146;s directors and officers with respect to certain insurance
maintained by the Registrant with respect to its indemnification obligations:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11 Indemnity and Insurance &#151; Subject to the limitations contained in the Canada
Business Corporations Act but without limit to the right of the Corporation to indemnify any person
under the Canada Business Corporations Act or otherwise, the Corporation shall indemnify a director
or officer of the Corporation, a former director or officer of the Corporation, or a person who
acts or acted at the Corporation&#146;s request as a director or officer of a body corporate of which
the Corporation is or was a shareholder or creditor, and his heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or
proceeding to which he is made a party by reason of being or having been a director or officer of
the Corporation or a director or officer of such body corporate, if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;he acted honestly and in good faith with a view to the best interests of the Corporation;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;in the case of criminal or administrative action or proceeding that is enforced by a
monetary penalty, he had reasonable grounds for believing that his conduct was lawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations contained in the Canada Business Corporations Act, the Corporation
may purchase, maintain or participate in such insurance for the benefit of such persons referred to
in this Section as the Board may from time to time determine.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation also has agreements with each director and officer to provide indemnification
to the extent permitted under the Canada Business Corporations Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation carries directors&#146; and officers&#146; liability insurance covering acts and
omissions of the directors and officers of the Corporation and those of its controlled
subsidiaries. The policy has a covering limit of U.S. $100&nbsp;million in each policy year. The total
actual premiums paid by Agrium in 2007 were U.S. $967,107. The corporate policy as of March&nbsp;12,
2008, provides for the Corporation to absorb a deductible amount of up to U.S. $1,000,000 on each
loss depending on the nature of the loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Corporation pursuant to the foregoing
provisions, the Corporation has been informed that in the opinion of the U.S. Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is therefore unenforceable.
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;7. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Exemption from Registration Claimed</B></U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;8. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Exhibits</B></U>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internal Revenue Service opinion letter issued to Wachovia Bank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plans are 401(k) profit-sharing plans maintained by indirect subsidiaries of the
Registrant. Such subsidiaries have adopted the prototype non-standardized 401(k) profit sharing
plan sponsored by Wachovia Bank for purposes of maintaining the Plans. The Internal Revenue Service
has issued a favorable opinion letter to Wachovia Bank with respect to the compliance of the form
of the prototype non-standardized safe harbor profit-sharing plan under Section&nbsp;401 of the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;). The indirect subsidiaries of the Registrant are
entitled to rely on the opinion issued to Wachovia Bank as the equivalent of a favorable
determination letter to the extent provided in IRS Announcement 2001-77. A copy of the opinion
letter issued to Wachovia Bank is attached as an exhibit in lieu of a determination letter on the
Plans. The Registrant has been assured by Wachovia Bank that any future amendments to the form of
the prototype non-standardized 401(k) profit-sharing plan will be submitted  to the
Internal Revenue Service in a timely manner, and all amendments required by the Internal Revenue
Service in order to maintain the compliance of the form of the prototype non-standardized 401(k)
profit-sharing plan with Section&nbsp;401 of the Code will be made in a timely manner by Wachovia Bank.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;9. </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Undertakings</B></U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in this Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution
not previously disclosed in this Registration Statement or any material change to such
information in the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section&nbsp;13 or 15(d) of the Exchange Act that are incorporated by
reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
payment by the Registrant of expenses incurred or paid by a director, officer or controlling person
of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>SIGNATURES</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on this
12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of March, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AGRIUM INC.<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/&nbsp;&nbsp;Bruce G. Waterman</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Bruce G. Waterman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, Finance &#038;<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>POWERS
OF ATTORNEY</U></B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints each of Leslie O&#146;Donoghue
and Bruce G. Waterman his/her true and lawful attorney-in-fact and agent, each of whom may act
alone, with full power of substitution and resubstitution, for him/her and in his/her name, place
and stead, in any and all capacities, to sign and to file a Registration Statement on Form S-8 (or
such other Form as may be appropriate) in connection with the registration of Common Shares of the
Registrant and any and all amendments (including post-effective amendments) to any such
Registration Statement on Form S-8 with the SEC, granting unto said attorneys-in-fact and agents,
each of whom may act alone, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, each of whom may act alone, or his/her substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Registrant</I>. Pursuant to the requirements of the Securities Act of 1933, this Registration
statement on Form S-8 has been signed by the following persons in the capacities indicated on March
12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Michael M. Wilson</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Michael M. Wilson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer and<BR>
Director (Principal Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Bruce G. Waterman</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bruce G. Waterman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Finance &#038; Chief<BR>
Financial Officer (Principal Financial<BR>
Officer and Principal Accounting Officer)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Frank W. Proto</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Frank W. Proto
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Neil Carragher</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neil Carragher
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Ralph S. Cunningham</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ralph S. Cunningham
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;D. Grant Devine</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
D. Grant Devine
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Germaine Gibara</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Germaine Gibara
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Russell K. Girling</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Russell K. Girling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Susan A. Henry</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Susan A. Henry
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Russell J. Horner</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Russell J. Horner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;A. Anne McLellan</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A. Anne McLellan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Derek G. Pannell</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Derek G. Pannell
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>/s/&nbsp;&nbsp;Victor J. Zaleschuk</I><BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Victor J. Zaleschuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Plans</I>. Pursuant to the requirements of the Securities Act of 1933, the Agrium 401(k)
Savings Plan for Union Employees at Florence, AL; Mulberry, FL &#038; Americus, GA, and the Agrium U.S.
Inc. Savings Plan For Union Employees at Cincinnati, OH and Bainbridge, GA, and the Agrium Advanced
Technologies 401(k) Savings Plan have duly caused the Registration Statement to be signed on the
Plans&#146; behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of
Alberta, Canada, on March&nbsp;12, 2008.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AGRIUM 401(k) SAVINGS PLAN FOR UNION<BR>
EMPLOYEES AT FLORENCE, AL;<BR>
MULBERRY, FL &#038; AMERICUS, GA<BR>
<BR>
<U>PLAN SPONSOR:</U><BR>
<BR>
AGRIUM U.S. INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/&nbsp;&nbsp;Richard L. Gearheard</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Richard L. Gearheard&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>AGRIUM U.S. INC. SAVINGS PLAN
FOR<BR>
UNION EMPLOYEES AT CINCINNATI OH<BR>
AND BAINBRIDGE GA<BR><BR>

<U>PLAN SPONSOR:</U><BR><BR>


AGRIUM U.S. INC.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                              <I>/s/&nbsp;&nbsp;Richard L. Gearheard</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Richard L. Gearheard&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>AGRIUM ADVANCED TECHNOLOGIES
401(k)<BR>
SAVINGS PLAN<BR>
<BR>

<U>PLAN SPONSOR</U>:
<BR><BR>

AGRIUM ADVANCED TECHNOLOGIES<BR>
(U.S.) INC.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                              <I>/s/&nbsp;&nbsp;William A. Boycott</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">William A. Boycott&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>AUTHORIZED
U.S. REPRESENTATIVE</U></B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the
Authorized Representative has duly caused this Registration Statement to be signed on its behalf by
the undersigned, solely in its capacity as the duly authorized representative of Agrium Inc. in the
United States, in the City of Calgary, Province of Alberta, Country of Canada, on this
12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of March, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AGRIUM U.S. INC. (Authorized U.S.<BR>
Representative)<BR>
<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
<I>/s/&nbsp;&nbsp;Richard L. Gearheard</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Richard L. Gearheard&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>EXHIBIT
INDEX</U></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>EXHIBIT NUMBER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DESCRIPTION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internal Revenue Service opinion letter issued to Wachovia Bank</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (contained in the signature pages of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "o39715sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 59634}]
{"company-data": {"conformed-name": "AGRIUM INC", "cik": "0000943003", "assigned-sic": "2870", "irs-number": "980346248", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-149666", "film-number": "08683633"}, "business-address": {"street1": "13131 LAKE FRASER DRIVE S.E.", "city": "CALGARY", "state": "A0", "zip": "T2J7E8", "phone": "403 225-7000"}, "mail-address": {"street1": "13131 LAKE FRASER DRIVE S.E.", "street2": "-------", "city": "CALGARY", "state": "A0", "zip": "T2J7E8"}, "former-company": {"former-conformed-name": "COMINCO FERTILIZERS LTD", "date-changed": "19950327"}}
sv8
Registration No.
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
AGRIUM INC.
(Exact name of registrant as specified in its charter)
CANADA
98-0346248
(State of other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
13131 LAKE FRASER DRIVE S.E.
CALGARY, ALBERTA T2J 7E8
CANADA
(403) 225-7000
(Address of principal executive offices, including zip code)
AGRIUM 401(k) SAVINGS PLAN FOR UNION EMPLOYEES AT FLORENCE, AL;
MULBERRY, FL & AMERICUS, GA
AGRIUM U.S. INC. SAVINGS PLAN FOR UNION EMPLOYEES AT CINCINNATI, OH AND
BAINBRIDGE, GA
AGRIUM ADVANCED TECHNOLOGIES 401(k) SAVINGS PLAN
(Full title of the plans)
CT CORPORATION SYSTEM
111 8TH AVENUE, 13TH FLOOR
NEW YORK, NEW YORK 10011
(212) 894-8700
(Name, address and telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of
Proposed maximum
Proposed maximum
securities to be
Amount to be
offering price
aggregate
Amount of
registered
registered(1)(2)(3)
per share(4)
offering price(4)
registration fee
Common Shares
100,000
$70.50
$7,050,000
$277.07
(1)
This registration statement on Form S-8 (the "Registration Statement") also applies to
rights under the Registrant's Amended and Restated Shareholder Rights Plan Agreement, which
are attached to and tradable only with the Common Shares registered hereby. No registration
fees are required for such rights as they will be issued for no additional consideration.
(2)
This Registration Statement shall also cover any additional Common Shares that become
issuable under the Agrium 401(k) Savings Plan for Union Employees at Florence, AL; Mulberry,
FL & Americus, GA, and the Agrium U.S. Inc. Savings Plan for Union Employees at Cincinnati OH,
and Bainbridge GA, and the Agrium Advanced Technologies 401(k) Savings Plan, registered
pursuant to this Registration Statement by reason of any stock dividend, stock split,
recapitalization or any other similar transaction effected without the receipt of
consideration that results in an increase in the number of the Registrant's outstanding Common
Shares.
(3)
In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this
Registration Statement also covers an indeterminate amount of interests to be offered or sold
pursuant to the Plans.
(4)
Estimated solely for the purpose of calculating the registration fee in accordance with
Rule 457 under the Securities Act of 1933, as amended, based on the average of the high and
low prices of the Common Shares as reported on the New York Stock Exchange March 7, 2008, a
date within five business days of the filing of this Registration Statement.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents previously filed or furnished with the Securities and Exchange
Commission (the "SEC") by the Registrant are incorporated by reference in this Registration
Statement:
(a)     the Registrant's Annual Report on Form 40-F (File No. 001-14460), as filed with the SEC on
March 10, 2008, pursuant to requirements of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), which contains audited financial statements for the Registrant's latest financial
year for which such statements have been filed;
(b)     all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since
December 31, 2007;
(c)     the description of the Registrant's Rights to Purchase Common Shares set forth in the
Registration Statement on Form 8-A/A (File No. 001-14460) filed with the SEC on May 29, 2007,
including any amendment or report for the purpose of updating such description; and
(d)     the description of the Registrant's Common Shares set forth in Exhibit 1 to the
Registration Statement on Form 40-F (File No. 000-25742), as filed with the SEC on March 24, 1995,
including any amendment or report for the purpose of updating such description.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities remaining unsold, shall
be deemed to be a part hereof from the date of filing such documents. In addition, reports on Form
6-K furnished by the Registrant to the SEC shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date such documents are furnished to the
SEC.
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement incorporated by reference herein modified or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
Item 4.
Description of Securities
.
Not applicable.
Item 5.
Interests of Named Experts and Counsel
.
Not applicable.
Item 6.
Indemnification of Directors and Officers
.
Section 124 of the Canada Business Corporations Act and Section 3.11 of the Registrant's
By-laws provide for indemnification of directors and officers of the Registrant.
Section 124 of the Canada Business Corporations Act provides as follows:
124.  (1)  Indemnification. A corporation may indemnify a director or officer of the
corporation, a former director or officer of the corporation or another individual who acts or
acted at the corporation's request as a director or officer, or an individual acting in a similar
capacity, of another entity, against all costs, charges and expenses, including an amount paid to
settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any
civil, criminal, administrative, investigative or other proceeding in which the individual is
involved because of that association with the corporation or other entity.
(2)  Advance of Costs. A corporation may advance moneys to a director, officer or other
individual for the costs, charges and expenses of a proceeding referred to in subsection (1). The
individual shall repay the moneys if the individual does not fulfill the conditions of subsection
(3).
(3)  Limitation. A corporation may not indemnify an individual under subsection (1) unless the
individual
(a) acted honestly and in good faith with a view to the best interests of the
corporation, or, as the case may be, to the best interests of the other entity for which the
individual acted as director or officer or in a similar capacity at the corporation's
request; and
(b) in the case of a criminal or administrative action or proceeding that is enforced
by a monetary penalty, the individual had reasonable grounds for believing that the
individual's conduct was lawful.
(4)  Indemnification in derivative actions. A corporation may with the approval of a court,
indemnify an individual referred to in subsection (1), or advance moneys under subsection (2), in
respect of an action by or on behalf of the corporation or other entity to procure a judgment in
its favor, to which the individual is made a party because of the individual's association with the
corporation or other entity as described in subsection (1) against all costs, charges and expenses
reasonably incurred by the individual in connection with such action, if the individual fulfills
the conditions set out in subsection (3).
(5)  Right to indemnity. Despite subsection (1), an individual referred to in that subsection
is entitled to indemnity from the corporation in respect of all costs, charges and expenses
reasonably incurred by the individual in connection with the defense of any civil, criminal,
administrative, investigative or other proceeding to which the individual is subject because of the
individual's association with the corporation or other entity as described in subsection (1), if
the individual seeking indemnity
3
(a)  was not judged by the court or other competent authority to have committed any
fault or omitted to do anything that the individual ought to have done; and
(b)  fulfills the conditions set out in subsection (3).
(6)  Insurance. A corporation may purchase and maintain insurance for the benefit of an
individual referred to in subsection (1) against any liability incurred by the individual
(a)  in the individual's capacity as a director or officer of the corporation; or
(b)  in the individual's capacity as a director or officer, or similar capacity, of
another entity, if the individual acts or acted in that capacity at the corporation's
request.
(7)  Application to court. A corporation, an individual or an entity referred to in subsection
(1) may apply to a court for an order approving an indemnity under this section and the court may
so order and make any further order that it sees fit.
(8)  Notice to Director. An applicant under subsection (7) shall give the Director notice of
the application and the Director is entitled to appear and be heard in person or by counsel.
(9)  Other notice. On an application under subsection (7) the court may order notice to be
given to any interested person and the person is entitled to appear and be heard in person or by
counsel.
Section 3.11 of the By-laws of the Registrant contains the following provisions with respect
to indemnification of the Registrant's directors and officers with respect to certain insurance
maintained by the Registrant with respect to its indemnification obligations:
Section 3.11 Indemnity and Insurance — Subject to the limitations contained in the Canada
Business Corporations Act but without limit to the right of the Corporation to indemnify any person
under the Canada Business Corporations Act or otherwise, the Corporation shall indemnify a director
or officer of the Corporation, a former director or officer of the Corporation, or a person who
acts or acted at the Corporation's request as a director or officer of a body corporate of which
the Corporation is or was a shareholder or creditor, and his heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or
proceeding to which he is made a party by reason of being or having been a director or officer of
the Corporation or a director or officer of such body corporate, if:
(a)  he acted honestly and in good faith with a view to the best interests of the Corporation;
and
(b)  in the case of criminal or administrative action or proceeding that is enforced by a
monetary penalty, he had reasonable grounds for believing that his conduct was lawful.
Subject to the limitations contained in the Canada Business Corporations Act, the Corporation
may purchase, maintain or participate in such insurance for the benefit of such persons referred to
in this Section as the Board may from time to time determine.
4
The Corporation also has agreements with each director and officer to provide indemnification
to the extent permitted under the Canada Business Corporations Act.
The Corporation carries directors' and officers' liability insurance covering acts and
omissions of the directors and officers of the Corporation and those of its controlled
subsidiaries. The policy has a covering limit of U.S. $100 million in each policy year. The total
actual premiums paid by Agrium in 2007 were U.S. $967,107. The corporate policy as of March 12,
2008, provides for the Corporation to absorb a deductible amount of up to U.S. $1,000,000 on each
loss depending on the nature of the loss.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Corporation pursuant to the foregoing
provisions, the Corporation has been informed that in the opinion of the U.S. Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is therefore unenforceable.
Item 7.
Exemption from Registration Claimed
.
Not applicable.
Item 8.
Exhibits
.
5.1
Internal Revenue Service opinion letter issued to Wachovia Bank
23.1
Consent of KPMG LLP
24.1
Power of Attorney
The Plans are 401(k) profit-sharing plans maintained by indirect subsidiaries of the
Registrant. Such subsidiaries have adopted the prototype non-standardized 401(k) profit sharing
plan sponsored by Wachovia Bank for purposes of maintaining the Plans. The Internal Revenue Service
has issued a favorable opinion letter to Wachovia Bank with respect to the compliance of the form
of the prototype non-standardized safe harbor profit-sharing plan under Section 401 of the Internal
Revenue Code of 1986, as amended (the "Code"). The indirect subsidiaries of the Registrant are
entitled to rely on the opinion issued to Wachovia Bank as the equivalent of a favorable
determination letter to the extent provided in IRS Announcement 2001-77. A copy of the opinion
letter issued to Wachovia Bank is attached as an exhibit in lieu of a determination letter on the
Plans. The Registrant has been assured by Wachovia Bank that any future amendments to the form of
the prototype non-standardized 401(k) profit-sharing plan will be submitted  to the
Internal Revenue Service in a timely manner, and all amendments required by the Internal Revenue
Service in order to maintain the compliance of the form of the prototype non-standardized 401(k)
profit-sharing plan with Section 401 of the Code will be made in a timely manner by Wachovia Bank.
5
Item 9.
Undertakings
.
(a)     The undersigned Registrant hereby undertakes:
(1)     To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)     To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)     To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in this Registration Statement; and
(iii)     To include any material information with respect to the plan of distribution
not previously disclosed in this Registration Statement or any material change to such
information in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by
reference in this Registration Statement.
(2)     That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof, and
(3)     To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b)     The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
6
(c)     Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
payment by the Registrant of expenses incurred or paid by a director, officer or controlling person
of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on this
12
th
day of March, 2008.
AGRIUM INC.
By:
/s/  Bruce G. Waterman
Name:
Bruce G. Waterman
Title:
Senior Vice President, Finance &
Chief Financial Officer
POWERS
OF ATTORNEY
Each person whose signature appears below constitutes and appoints each of Leslie O'Donoghue
and Bruce G. Waterman his/her true and lawful attorney-in-fact and agent, each of whom may act
alone, with full power of substitution and resubstitution, for him/her and in his/her name, place
and stead, in any and all capacities, to sign and to file a Registration Statement on Form S-8 (or
such other Form as may be appropriate) in connection with the registration of Common Shares of the
Registrant and any and all amendments (including post-effective amendments) to any such
Registration Statement on Form S-8 with the SEC, granting unto said attorneys-in-fact and agents,
each of whom may act alone, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, each of whom may act alone, or his/her substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.
The Registrant
. Pursuant to the requirements of the Securities Act of 1933, this Registration
statement on Form S-8 has been signed by the following persons in the capacities indicated on March
12
th
, 2008.
Signature
Title
/s/  Michael M. Wilson
Michael M. Wilson
President, Chief Executive Officer and
Director (Principal Executive Officer)
/s/  Bruce G. Waterman
Bruce G. Waterman
Senior Vice President, Finance & Chief
Financial Officer (Principal Financial
Officer and Principal Accounting Officer)
8
Signature
Title
/s/  Frank W. Proto
Frank W. Proto
Chairman of the Board of Directors
/s/  Neil Carragher
Neil Carragher
Director
/s/  Ralph S. Cunningham
Ralph S. Cunningham
Director
/s/  D. Grant Devine
D. Grant Devine
Director
/s/  Germaine Gibara
Germaine Gibara
Director
/s/  Russell K. Girling
Russell K. Girling
Director
/s/  Susan A. Henry
Susan A. Henry
Director
/s/  Russell J. Horner
Russell J. Horner
Director
/s/  A. Anne McLellan
A. Anne McLellan
Director
/s/  Derek G. Pannell
Derek G. Pannell
Director
/s/  Victor J. Zaleschuk
Victor J. Zaleschuk
Director
The Plans
. Pursuant to the requirements of the Securities Act of 1933, the Agrium 401(k)
Savings Plan for Union Employees at Florence, AL; Mulberry, FL & Americus, GA, and the Agrium U.S.
Inc. Savings Plan For Union Employees at Cincinnati, OH and Bainbridge, GA, and the Agrium Advanced
Technologies 401(k) Savings Plan have duly caused the Registration Statement to be signed on the
Plans' behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of
Alberta, Canada, on March 12, 2008.
9
AGRIUM 401(k) SAVINGS PLAN FOR UNION
EMPLOYEES AT FLORENCE, AL;
MULBERRY, FL & AMERICUS, GA
PLAN SPONSOR:
AGRIUM U.S. INC.
By:
/s/  Richard L. Gearheard
Name:
Richard L. Gearheard
Title:
President
AGRIUM U.S. INC. SAVINGS PLAN
FOR
UNION EMPLOYEES AT CINCINNATI OH
AND BAINBRIDGE GA
PLAN SPONSOR:
AGRIUM U.S. INC.
By:
/s/  Richard L. Gearheard
Name:
Richard L. Gearheard
Title:
President
AGRIUM ADVANCED TECHNOLOGIES
401(k)
SAVINGS PLAN
PLAN SPONSOR
:
AGRIUM ADVANCED TECHNOLOGIES
(U.S.) INC.
By:
/s/  William A. Boycott
Name:
William A. Boycott
Title:
President
10
AUTHORIZED
U.S. REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the
Authorized Representative has duly caused this Registration Statement to be signed on its behalf by
the undersigned, solely in its capacity as the duly authorized representative of Agrium Inc. in the
United States, in the City of Calgary, Province of Alberta, Country of Canada, on this
12
th
day of March, 2008.
AGRIUM U.S. INC. (Authorized U.S.
Representative)
By:
/s/  Richard L. Gearheard
Name:
Richard L. Gearheard
Title:
President
11
EXHIBIT
INDEX
EXHIBIT NUMBER
DESCRIPTION
5.1*
Internal Revenue Service opinion letter issued to Wachovia Bank
23.1*
Consent of KPMG LLP
24.1*
Power of Attorney (contained in the signature pages of this Registration Statement).
*
Filed herewith.
12