Investor PresentationJune 9, 2020

Forward-Looking Statements Advisory 2

Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted.

Certain statements and other information included in this document constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", “forecast”, "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: expected 2020 adjusted EBITDA and Retail EBITDA and margin estimates; estimated adjusted EBITDA fertilizer price sensitivity, capital spending expectations for 2020; expectations regarding performance of our operating segments in 2020; our operating segment market outlooks and expected market conditions for 2020, including crop and fertilizer prices, volumes and demand; and acquisitions, including the timing thereof. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place an undue reliance on these assumptions and such forward-looking statements. The additional key assumptions that have been made include, among other things, assumptions with respect to our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions, and that we will be able to implement our standards, controls, procedures and policies at any acquired businesses to realize the expected synergies; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability and cost of labor and interest, exchange and effective tax rates; the completion of our expansion projects on schedule, as planned and on budget; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2020 and in the future; our expectations regarding the impacts, direct and indirect, of COVID-19; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; our ability to maintain investment grade ratings and achieve our performance targets; and the receipt, on time, of all necessary permits, utilities and project approvals with respect to our expansion projects and that we will have the resources necessary to meet the projects’ approach.Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including tariffs, trade restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; political risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism; the occurrence of a major environmental or safety incident; innovation and cybersecurity risks to our systems, including our costs of addressing or mitigating such risks; regional natural gas supply restrictions; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions; any significant impairment of the carrying value of certain assets; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; the COVID-19 pandemic and resulting effects; and other risk factors detailed from time to time in Nutrien reports, including our 2019 annual report dated February 19, 2020, our annual information form dated February 19, 2020 for the year ended December 31, 2019 and our first quarter 2020 interim report dated May 6, 2020, filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States.The purpose of our expected 2020 adjusted EBITDA and Retail EBITDA estimates and the estimated adjusted EBITDA fertilizer price sensitivity are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes. Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.Non-IFRS Financial Measures AdvisoryThis document contains certain non-IFRS measures including adjusted EBITDA guidance. We consider non-IFRS financial measures to provide useful information to both management and investors in measuring our financial performance and financial condition. Refer to the disclosure under the heading “Appendix B – Non-IFRS Financial Measures” included in our annual report dated February 19, 2020 and in our first quarter 2020 interim report dated May 6, 2020, each as filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov under our corporate profile. We do not provide a reconciliation of forward-looking adjusted EBITDA guidance to the most directly comparable financial measures calculated and presented in accordance with IFRS due to unknown variables and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine, without unreasonable efforts.Non-IFRS financial measures are not recognized measures under IFRS and our method of calculation may not be comparable to that of other companies. These non-IFRS financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

June 9, 2020

Nutrien is a Premium Ag Investment with Multiple Levers to Drive Significant Shareholder Value

June 9, 2020

3

Retail business that provides stability and

exposure to multiple growth platforms

Nutrien has one of the strongest balance

sheets in sector with ample liquidity

Attractive dividend: stable and growing

Fertilizer markets reaching structural

lows with significant upside potential

Retail Business Continues to Deliver Growth and is Becoming Increasingly Diversified

Retail EBITDAUS Billions

Source: Nutrien

4

Industrial

June 9, 2020

Non-US Retail

US Retail~30%

~20%

14%

20101

$0.5B

2020F220151

$1.0B

$1.4-$1.5B

• Delivering earnings growth

through the cycle, from organic

growth (incl. investments in

technology, private label) &

accretive acquisitions

• Non-US Retail now accounts for

~30% of total Retail earnings

• Australian 2019 EBITDA

margins at ~9%. More than

double 2014 levels & Ruralco

margins.

8%

7.5%

margins

8.5%

margins

~9.5%

margins

1. 2010 & 2015 Retail EBITDA and Retail EBITDA margin for Agrium Inc..

2. Based on Retail EBITDA guidance as provided on May 6, 2020.

Retail is Differentiated On Multiple Fronts That Will Help Unlock Organic Growth And Value Creation

5

June 9, 2020

Leading Online

Platform~40%

Total Share of Digital Sales of

Available Product Lines

>$300MTotal Digital Platform Sales

through May 2020

$

Growing Proprietary

Products Portfolio>$2B

Total Proprietary Products

Revenues in 2019

2xProprietary Products

Gross Margin

Brazil Growth

Strategy1~$500MExpected Annual Normalized

Run-Rate Revenue

>10%Expected EBITDA

Margins

1. Post close of the TecAgro acquisition.

Crop Prices Have Weakened But Improving Market Conditions Expected To Lend Support

Source: CRU, Bloomberg Nutrien

June 9, 2020

6

We see a number of positive Ag

developments emerging:

• US corn planted acreage likely to be

well below USDA forecast 97M

acres.

• Recent improvement in ethanol

blending margins.

• Tightening Chinese crop S/D

balance & protein shortage.

• US farm support programs expected

to add $0.36/bu for corn and

$0.45/bu for soybeans.

Crop PricesIndex: 2005 = 100

0

100

200

300

400

500

2005 2010 2015 Today

Corn Soybean

Fertilizer PricesIndex: 2005 = 100

Fertilizer Prices Near Historical Lows With Multiple Catalyst Emerging That Could Lead To Recovery

Source: CRU, Bloomberg Nutrien

June 9, 2020

7

A number of positive fertilizer

developments are emerging:

• New potash spot markets are higher

over past few weeks. Canpotex fully

allocated through July.

• Majority of new potash capacity is

now online and being absorbed in

the market. No significant new

nameplate capacity expected in

near-term.

• Urea prices trading below historical

Chinese exporter costs floor;

industrial ammonia demand

expected to strengthen with ‘restart

of economy.0

100

200

300

400

500

2005 2010 2015 Today

NOLA Urea US DAP Brazil Potash

Multiple Indicators Support Our Belief That Potash Markets Are At Or Near Bottom Of The Cycle Levels

8

Potash Cost Curve, Cash Cost1

USD per mt CFR

Source: CRU, Fertecon, Industry Publications, Nutrien

Total World Operational Capability, 2020E

We believe ~6Mmt of operational capability is cash negative

at prices below $200/mt CFR; operational rates are posed for a recovery

June 9, 20201. The cost curve uses a theoretical prices for delivery of MOP to Brazil port for comparability purposes.

2. Global potash utilization rates excluding Nutrien, periods 2020 to 2025 are Nutrien’s projections.

85%

90%

95%

100%

Global Potash Utilization (operational capability)2

Percentage

15 601050 55 70

200

150

65

100

0

50

504540

300

3530

250

2520

2020 Demand Forecast

66 mmt

10.9-11.5

2019 2020 2021

Nutrien Expects To Benefit From A Cyclical Recovery In Market Prices And Higher Sales Volumes

9

Global Urea Cost CurveUS$/tonne

June 9, 2020

Source: CRU, Fertecon, Nutrien

At current pricing levels, a sizeable portion of production is at negative margins; Nutrien

further expects to benefit in 2020 from investment in new capacity

Operational Capability (Mmt)

2020 2019

0 40

300

200

100

0

180120

250

150

80

350

20 160

50

60 140100

1. Reported spot prices as of June 4, 2020.

2. Refers to manufactured product only.

US Nola FOB ($/mt)1

NTR Nitrogen Sales Volumes2

Million Tonnes

10.3

Offshore

2020F Range

N.A.

Expect ~350Kmt

of additional

operational

capacity in 2021

Apr'18 - Oct'18 Jan'19 - Jul'19 Oct'19 - Jul'20

$0.40

$0.43$0.45

Strong free cash flow generation supports a stable and growing dividend, which at a current

yield of 4.7%1 provides a stable rate of return while shareholders wait for price recovery.

Investing At The Bottom: Stable And Growing Dividend And Strong Free Cash Flow

10

June 9, 2020

Source: Nutrien

1. Dividend yield calculated as dividend per share ($1.80/sh annualized) divided by the closing share price on the NYSE as at June 5, 2020.

2. Based on annual guidance provided on May 6, 2020.

3. Based on internal forecasts aligned with annual guidance provided on May 6, 2020.

4. Based on 569M shares outstanding multiplied by an annualized dividend per share of $1.80.

5. July 2020 dividend was declared on May 6, 2020, payable on July 17, 2020 to shareholders of record June 30, 2020.

Dividends PaidUS$/Share

5

2020 Capital AllocationUS$ Billions

“A robust buffer exists to

support our dividend

payment, even at the bottom

of the Ag cycle”

2020F Adj.

EBITDA2

Sustaining

Capex2

Dividends4 Remaining

Capital

Interest3

and Taxes2

0.9

2020F Range3.9

3.5

Nutrien Providing Sector-leading Returns Of Capital

Share Repurchases and Dividends as a % of Market Cap3

(Percent)

CTVAMOS

12%

8%

YARFMC Nutrien

28%

DEADM ICL

5%

INGRAGCO

SDF BG CF

5%

7%

9% 9%10%

11%

17%

22%

2%

NTR Peers

Segment size represents percentage of returns made to shareholders via dividends and share repurchases paid

as reported from January 1, 2018 to June 5, 2020

Source: CapitalIQ

NTR returned $6.1B1 to shareholders by way of dividends and share repurchases and

possesses one of the highest dividend yields among its peers at 4.7%2

1. Dividend and share repurchases paid as reported from Jan 1, 2018 to Jun 5, 2020

2. As of Jun 5, 2020

3. Represents cash paid from share repurchases and dividends per the cash flow statement as reported from Jan 1, 2018 to Jun 5, 2020 divided by the market

capitalization as of June 5, 2020.

June 9, 2020

11

Investing At The Bottom: Positioned To Capitalize On A Fertilizer Price Rebound

June 9, 2020

12

Nutrien’s wholesale business has significant leverage to fertilizer prices, which is expected to

provide a catalyst for earnings growth as prices rebound from bottom of the cycle levels

✓As the global economy re-opens, commodity

price sentiment should improve

✓Many potash and nitrogen producers are

experiencing negative margins at current prices

✓Fertilizer prices should start to climb out of these

historically low levels

Price Drivers and Earnings Sensitivity

+$650MEstimated annualized impact

to Nutrien EBITDA

from a $25/mt increase in prices

Source: Nutrien

Nutrien’s Sustainability Strategy

“Our integrated

sustainability

strategy is

addressing our most

material ESG risks

and providing

solutions for a

growing world.”

Nutrien President and CEO,

Chuck Magro

June 9, 2020

13

Source: Nutrien

Appendix

15

LEGEND:

RETAIL

POTASH

NITROGEN

PHOSPHATE

ESN®

North and South America

GRANULATION

LOVELAND PRODUCTS

AND AFFILIATED FACILITIES

AGRICHEM

INVESTMENTS AND JV’S

OFFICES

Source: Nutrien

Australia

Nutrien has a unique global footprint and well positioned assets

Leading Global Integrated Ag Solutions Provider

1. US digital Retail sales as a proportion of US Retail sales that are available for purchase online.

>500,000Grower accounts worldwide

40% Digitally enabled Retail sales

in Q1’201

~25%Proprietary products share of

Retail gross margin in Q1’20

~6.0 MmtAvailable Potash Capacity

~3 MmtNutrien fertilizer products sold

through Retail in 2019

June 9, 2020

85%

54%

86%

10 YearAvg.

2019

2020

98%

78%

97%

10 YearAvg.

2019

2020

Projecting acreage rebound in both corn and soy this season,

fast pace of planting supports the increased acreage from 2019

Source: USDA, Nutrien

US Corn & Soybean AcreageMillion Acres

June 9, 2020

Corn Soybeans

16

90 90 9094-96 97

90 89

76

85-7983.5

17 18 19 20F USDA'20F

17 18 19 20F USDA'20F

US Corn & Soybean Planting Progress% Complete1

1. As of June 8, 2020

Corn

Soybeans

US Corn & Soybean Planting is Progressing Well

Grower Cash Margins

-100

-50

0

50

100

150

200

250

300

350

400

201

7

201

8

201

9

202

0F

201

7

201

8

201

9

202

0F

201

7

201

8

201

9

202

0F

201

7

201

8

201

9

202

0F

201

7

201

8

201

9

202

0F

0

400

800

1,200

1,600

2,000

201

7

201

8

201

9F

202

0F

US Corn

Key Crop Grower Cash MarginsLocal Currency Margin/Acre

Grower margin supported by affordable crop input prices

and favorable Brazilian FX

US Soybean US Wheat US Cotton CDN Canola Brazil

Soybean

June 9, 2020

17

Source: USDA, IMEA, Doane, Nutrien

Key Crop PricesUS$/bushel (unless otherwise indicated)

Global Crop Price Trends

3.00

3.50

4.00

4.50

5.00Chicago Corn

7.50

8.00

8.50

9.00

9.50

Chicago Soybeans

1,600

2,000

2,400

2,800

3,200

Palm Oil (MYR/tonne)

55

65

75

85

95

105

Mato Grosso Soybeans (BRL/sack )1

Source: Bloomberg, ICE, USDA

1. Based on a 60kg sack of soybeans.

18

Crop prices are improving as the market gains clarity on US crop production and

improved market conditions for palm oil

June 9, 2020

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

2

4

6

8

10

12

14

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F

Sales Volumes Gross Margin % of Net Sales

Strong potash margins supported by our low-cost mines and extensive distribution network

Potash: Historically Strong Margins And Volume Growth Throughout The Nutrient Cycle

Sales Volume Gross Margin1

Million Tonnes KCl Percent

1. 1998 to 2016 potash gross margin as a percentage of net sales based on PotashCorp financial information.

2. Based on potash sales volume guidance provided on May 6, 2020.

19

Source: Nutrien

2

June 9, 2020

19

Million Tonnes KCl

2020

Fo

recast

20

We project improved global potash demand of 65 to 67 million tonnes in 2020,

up from ~64 million tonnes in 2019

Global Potash Deliveries By Region

Source: CRU, Fertecon, IFA, Nutrien

0

5

10

15

20

16 17 18 19 20F 16 17 18 19 20F 16 17 18 19 20F 16 17 18 19 20F 16 17 18 19 20F 16 17 18 19 20F

India Other Asia North America Latin America China Other

4.0 – 4.5Mmt

• Expect increased

shipments supported

by normal monsoon

rains in 2020 and

increased minimum

support prices and

production for key

crops

8.5 – 10.0Mmt

• Despite volatile palm

oil prices, we expect

improved affordability

and supportive prices

for a wide range of

other crops, such as

rice to support

increased demand

9.5 – 10.0Mmt

• Rebound in corn and

soybean acreage

combined with more

normal application

weather expected to

support a rebound in

potash consumption

13.0 – 14.0Mmt

• Strong corn and

soybean fundamentals

and record-high

grower margins,

combined with lower

inland potash

inventory, expected to

support demand

14.5 – 15.5Mmt

• Expect reduced

shipments driven by

inventory build in 2019,

while domestic

consumption remains

supported by tightened

crop supplies and

government subsidies

13.5 – 14.0Mmt

• Improved affordability

and growing demand

for NPK fertilizers,

particularly in Africa

and FSU countries, are

expected to boost

potash demand

June 9, 2020

Tightening Global Nitrogen Supply & Demand

Global Nitrogen S&DMillion Tonnes Nitrogen

Global Utilization Rate1

Percent

June 9, 2020

Expect improved global demand and limited new capacity lead to a tighter supply/demand

balance in 2020 and over the medium-term

21

Source: Source: CRU, Nutrien

0

20

40

60

80

100

120

140

160

180 Demand Operational Capability

70%

75%

80%

85%

90%

95%

100%

1. Based on estimated operational capability

Note: Demand growth based on 20 year CAGR 2002 to 2022

Retail Network Optimization – Tuck-ins, Targeted Builds & Closures

1. Excludes Actagro, Ruralco and other acquisitions not considered tuck-ins.

2. 2010 cumulative closures represents the period of 2006 to 2010.

3. 2011 to 2017 data is from Agrium Inc.

0

200

400

600

800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Cumulative Store Closures U.S. Canada Australia South America

2

Global Tuck-in Acquisitions1,3

Cumulative Global Store Closures

& Consolidations

Source: Nutrien

38 Major ‘Hub’ Locations Across

the US

June 9, 2020

22

2011 2012 2013 2014 2015 2016 2017 2018 2019 Total

# of Locations Acquired1 33 59 22 32 26 76 44 53 64 409

Annual Sales1

$210 $477 $128 $192 $190 >$500 ~$300 ~$400 ~$450 >$2,800(US millions)

Annual EBITDA1

$27 $49 $12 $32 $20 ~$35 ~$23 ~$40 ~$40 >$270(US millions) (Year 1)

Nutrien is Strengthening its Retail Business: Strategic Transactions

✓ 42nd largest US Ag retailer

✓ 11 locations

✓ 5,000 customers

✓ Environmentally sustainable soil and plant

health and tech

✓ US $55M1 EBITDA

Actagro is aligned with Nutrien’s strategy to invest in

higher-margin proprietary products that provide

strong value for growers.

Van Horn has built a strong ag retail business, with

a track record of providing high value products and

service for growers in Illinois.

✓ 3rd largest Ag retailer in AUS

✓ Purchase closed Sep 30, 2019

✓ US $70M1 EBITDA

The combined business will further strengthen the

service and innovation that Nutrien Ag Solutions

delivers to Australian growers.

Nutrien is growing geographic footprint and Ag solutions offerings

June 9, 2020

23

1. Expected run-rate annual EBITDA

✓ 30 years experience in Brazilian crop

input market

✓ 12 farm centers

✓ US $60M annual sales

The Agrosema acquisition is an excellent fit as we

continue to build our Ag retail business in the

important and growing Brazilian agricultural market.

Source: Nutrien

✓ 25 years experience in Brazilian crop

input market

✓ 8 retail branches

✓ US $200M annual sales

✓ Largest branded soybean seeds business

in Brazil

This acquisition fits with our strategy to bring whole

farm solutions to our Brazilian customers.

Helena, 7%

Simplot Retail, 6%

Growmark, 5%

Wilbur-Ellis, 4%CHS, 3%

Significant Opportunity for Further US Retail Acquisitions

Expect to execute on

roll-up opportunity &

target to expand business

by to 25%-30%

Independents, 24%

Co-ops, 30%

21%

NTR has ~21% market share with only 10% of the facilities

24

Source: CropLife, Nutrien

June 9, 2020

24

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016 2017 2018 2019

Proprietary Seed

Proprietary Nutritional Products

Proprietary Crop Protection Products

Retail: A Leading Agricultural Solutions Provider

Gross Margin (2019)US$ Billions

Crop Nutrients 32%

Crop Protection 36%

Seed 11%

Services/Other 18%

$3.2B

Crop inputs & services for over 100

different crops

Corn, 27%

Fruits and Vegetables,

18%Wheat,

16%

Soybean, 14%

Canola, 7%

Cotton, 7%

All Other, 11%

Providing everything growers need

to maximize yields. > 3,400 crop

advisors

Broad Crop Diversity Complete Ag Solutions Offering

Merchandise 3%

Proprietary Products

Consistent growth platform of higher

margin products valued by growers

Gross Margin1

US$ Millions

Revenue by Crop (2019)Percent

25

Source: Nutrien

1. 2012-2016 data is based upon Agrium Inc. financials. Excludes Dalgety animal health products. June 9, 2020

25

Crop Planning ToolAbility to place digital orders directly from the

plan

Nutrien FinancialSeamlessly apply for financing/credit for

purchases from Nutrien Ag Solutions

Field-specific Seed

Recommendation ToolField by field multi-brand seed selling

solution

Fertility Management ToolSoil and tissue data driven fertility insights

International ExpansionPlanning phase underway to roll out platform

in Australia and South America

Nutrien Ag Solutions Digital Platform:“Progress Update and Future Plans”

26

June 9, 2020

Source: Nutrien

✓ Purchasing of key crop protection, fertilizer

and seed products, order online or have your

agronomist do it on your behalf

✓ Pay bills online, look up past purchases, see

account balances, notifications of new statements

✓ Farm insight app current spray conditions,

radar for rain & temp, last 24 hours of rainfall, and

national rainfall layers

✓ Sustainability calculator and reporting linked

to applied inputs and agronomic practices

✓ Digital crop plans created tailor-made with

your agronomist

Current Functionality Planned Additions for 2020

Pathway to ESG Improvement 27

Our will enable material improvements to Nutrien’s ESG performance

in the areas that rank most important to shareholders

Environmental

Social

Governance

Assessing ESG Risks3rd-Party ESG Research,

Ratings & Rankings

Improved ESG

Disclosure &

Associated Metrics

Building interest and pressure

from investors to quantify and

manage our material ESG

risks, the most significant

being climate

Improving our ESG profileAssessing reporting landscape

and frameworks. Revised

approach to 2020 ESG

reporting

June 9, 2020

Source: Nutrien

Nutrien: Focused on Sustainable Agriculture

What have we done?

• Obtained limited external assurance from KPMG on our 2018 baseline scope 1 and 2 GHG

emissions

• We also engaged in assessing our scope 3 GHG emissions inventory and are continuing to

review

• Developing a comprehensive ESG and climate strategy including KPIs and targets, which is

expected to roll out within the next year

• Nutrien Ag Solutions Digital Platform, Echelon precision Ag solutions, 4R stewardship

• Invested in technology, partnerships and products, some recent examples:

✓ Acquisitions of: Agrible, Waypoint & Actagro driving grower data analytics and solutions

✓ ESN(~0.5 mmt) ~50% less N2O emissions vs. urea, DEF(0.6 mmt) ~90% NOx reduction

✓ 1.2mmt of annual captured CO2, 250kt annual carbon capture GHG offset at Redwater

nitrogen facility through the Alberta Trunk Line with potential to increase in the future

June 9, 2020

28

Source: Nutrien

For further information, visit:

www.nutrien.com

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facebook.com/nutrienltd

linkedin.com/company/nutrien

youtube.com/nutrien

Thank You!