Investor PresentationSeptember 2018

Forward Looking Statements

Certain statements and other information included in this presentation 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

presentation, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's 2018 annual and second half guidance, including

expectations regarding our EBITDA and adjusted EBITDA (both consolidated and by segment); expectations regarding dividends per share and other shareholder returns in 2018; expectations regarding

net proceeds to be realized from the on-going sale of equity interests; capital spending expectations for 2018; expectations regarding performance of our business segments in 2018; our market outlook for

2018, including potash, nitrogen and phosphate outlook and including anticipated supply and demand for our products and services, expected market and industry conditions with respect to crop nutrient

application rates, planted acres, crop mix, prices and margin; expectations regarding completion of previously announced expansion projects (including timing and volumes of production associated

therewith) and acquisitions and divestitures; and the expected synergies associated with the merger of Agrium and PotashCorp, including 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 Nutrien believes 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 Nutrien's

ability to successfully integrate and realize the anticipated benefits of its already completed (including the merger of Agrium and PotashCorp) 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 Nutrien, 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 2018 and in the future; 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; ability to maintain investment grade rating and achieve our performance targets; assumptions in respect of our ability to sell equity positions, including the

ability to find suitable buyers at expected prices and successfully complete such transactions in a timely manner; 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; the failure to successfully integrate and realize the expected synergies associated with the merger of Agrium and PotashCorp, including within the expected timeframe; 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, 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 security risks related to our systems; the inability to find suitable buyers for our equity positions and counterparty and transaction risk associated therewith; regional natural gas supply restrictions;

counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions at our Egyptian and Argentinian facilities; 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; and other risk factors detailed from time to time in Agrium, PotashCorp and Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the

United States, including those disclosed in Nutrien’s business acquisition report dated February 20, 2018, related to the merger of Agrium and PotashCorp. The purpose of our expected adjusted

consolidated EBITDA and EBITDA by segment guidance range is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other

purposes.

Non-IFRS Financial Measures Advisory

We consider net earnings from continuing operations before finance costs, income tax (recovery) expense and depreciation and amortization("EBITDA"), adjusted net earnings per share, free cash flow,

Nutrien combined 2017 historical information and adjusted EBITDA, and other measures deriving from such non-IFRS measures, all of which are 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 “Selected Non-IFRS Financial Measures and Reconciliations

and Supplemental Information” included in our news release dated August 1, 2018 announcing our second quarter 2018 results, as filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov under

our corporate profile, for a reconciliation of these non-IFRS measures to the most directly comparable measures calculated in accordance with IFRS and for a further discussion of how these measures are

calculated and their usefulness to users including management. 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. The purpose of our

adjusted annual earnings per share and adjusted consolidated EBITDA guidance ranges is 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

U.S. federal securities laws or applicable Canadian securities legislation.

2

September 12, 2018

Presentation Outline 3

1 Nutrien Overview

2 Market Fundamentals and Performance

3

1

Strategy and Opportunities

September 12, 2018

Nutrien Has a Unique Global Footprint and Well Positioned Assets

4

LEGEND:

RETAIL

POTASH

NITROGEN

PHOSPHATE

ESN®

GRANULATION

LOVELAND PRODUCTS AND AFFILIATED FACILITIES

AGRICHEM

INVESTMENTS AND JV’S

OFFICES

South AmericaNorth American Integrated Footprint

Australia

>26MmtCombined sales tonnes of potash,

nitrogen, phosphate & sulfate1

$500MExpected annual

synergies by end of 2019

$1.60Annual dividend

per share2

~1,600Retail locations in 7 countries

5%NCIB in place

through February 2019

September 12, 2018NOTE: European distribution and our ownership stakes in Sinofert and the MOPCO nitrogen facility are not included on these maps.

1 2017 sales volume excluding sales tonnes from Conda and North Bend.

2 Based on Nutrien quarterly dividend declared July 19, 2018. Future dividends subject to board discretion.

~33%

~25%~7%

~35%

Diversified Portfolio Provides Stability and Multiple Avenues for Growth

5

Retail

Phosphate

and Sulfate Nitrogen

Potash

2017 Adjusted Combined

EBITDA Split1,2

1 Adjusted EBITDA is calculated as net (loss) earnings from continuing operations before finance costs, income tax (recovery) expense and depreciation and amortization, merger and related costs, and

impairment losses. See “non-IFRS measures” in Nutrien’s second quarter results press release.

2 Reflects adjusted EBITDA, which is derived from historical financial information of PotashCorp and Agrium and does not include the effects of a) intersegment eliminations, b) the equity earnings and

operating results of completed or anticipated divestitures in connection with the merger, or c) the impairment charge related to Phosphate, and merger-related costs. Determination of adjusted combined

EBITDA required allocation of historical amounts on a basis consistent with how Nutrien will report financial information in the future. This information does not purport to project the future operating results of

Nutrien, and is not necessarily indicative of what Nutrien’s results of operations would have been had the merger been completed on January 1, 2017.

3 Based on the mid-point of Nutrien’s adjusted EBITDA guidance range as of August 1, 2018.

2018F Adjusted EBITDA GrowthUS$ Billions

Significant earnings growth expected across all business units in 2018

September 12, 2018

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Nitrogen 2018FRetail2017 Potash Phos &

Other

~30-35%

3

Significant Opportunity to Grow the Company and Return Cash to Shareholders

6

Merger Synergies

$500 Millionannual run-rate expected to be

achieved by end of 2019

Crop Nutrient

Leverage

~$650 Million increase in EBITDA from a

$25/mt improvement in prices

Retail Stability

$50-$140 Million expected Retail EBITDA

growth per year

Equity Proceeds

~$5 Billionnet proceeds from divestitures

expected by end of 2018

Return Cash to

Shareholders(~$2.6B expected

cash returned in

2018)

Invest in

Growth(Focus on growing Retail,

opportunistic Wholesale

expansion)

Protect

Balance Sheet(Strong investment

grade rating BBB/Baa2)

Capital Priorities

Expect to have $6-8 billion in cash to redeploy over the next 3 years

Source: Nutrien

1 Through NCIB and dividends.

September 12, 2018

Invest in

Growth(Focus on growing Retail,

opportunistic Wholesale expansion)

Return Cash

to Shareholders(~$2.6B expected cash

returned in 2018)1

Protect

Balance Sheet(Strong investment

grade rating BBB/Baa2)

Market Fundamentals and Performance

INVESTOR PRESENTATION September 12, 2018

Cash Grower Margins 8

0

50

100

150

200

250

300

350US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans

Cash Grower Margins1

Local Currency Margin/Acre

SOURCE: USDA, Green Markets, CME GROUP, IMEA, Nutrien1 2016 and 2017 margins are based on average realized cash crop prices and estimated average fertilizer costs; 2018F margins are based on new crop 2018 futures prices less estimated basis and estimated average retail fertilizer prices; 2019F margins are based on new crop 2019 futures prices less estimated basis and estimated spot retail fertilizer prices; Brazilian grower margins are based on IMEA cost of production and price estimates for Mato Grosso.

0

200

400

600

800

1,000

1,200

1,400

1,600

Prospective 2019 margins supportive of input demand, expect growth in US corn and

Brazilian soybean acreage

September 12, 2018

Consistent growth in EBITDA margins achieved through Operational Excellence

initiatives including proprietary product growth and footprint optimization

Retail: Long Term Growth of Margins and Earnings 9

$769

$951 $986$1,119

$1,033 $1,091 $1,1457.5%

8.3% 8.3%

8.6%8.5%

9.3%9.5%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

5%

6%

7%

8%

9%

10%

11%

2011 2012 2013 2014 2015 2016 2017 2018F

EBITDA Retail EBITDA Margin $1.2-1.3B

Retail EBITDA MarginPercent

Retail EBITDA

Millions

Source: Nutrien September 12, 2018

70%

75%

80%

85%

90%

95%

100%

Relatively Tight Potash Supply & Demand

0

10

20

30

40

50

60

70

80

Demand Growth @ 3.0%/yr

Demand Growth @ 2.8%/yr

Operational Capability

Global Potash S&DMillion Tonnes KCl

Global Utilization Rate1

Percent

Expect demand growth and capacity closures to offset capacity additions;

operating rates expected to be at or above historical average

Demand Growth @ 2.8%/yr*

Demand Growth @ 3.0%/yr*

Source: CRU, Fertecon, IFA, Nutrien

1 Based on estimated operational capability. * Demand growth based on 20 year CAGR 2002 to 2022

10

September 12, 2018

Tightening Global Nitrogen Supply & Demand 11

Global Nitrogen S&DMillion Tonnes Nitrogen

70%

75%

80%

85%

90%

95%

100%

0

20

40

60

80

100

120

140

160

180 Demand Operational Capability

Relatively stable capacity utilization in 2019 followed by rapid tightening

Global Utilization Rate1

Percent

Source: CRU, Nutrien1 Based on estimated operational capability.* Demand growth based on 20 year CAGR 2002 to 2022

Demand Growth @ 2.0%/yr*

September 12, 2018

Strategy and Opportunities

INVESTOR PRESENTATION September 12, 2018

Executing on Our Strategic Priorities 13

• Achieved $246M of run-rate synergies as at

June 30, 2018

• Completed divestment of ICL and SQM B shares,

agreements in place for APC & SQM A Shares

• Strong Retail proprietary products performance

and acquisition execution

• Launched integrated digital platform for growers

• Declared annualized dividend of $1.60/share1

• Repurchased 29.3 million shares year-to-date2

under existing 5% NCIBShareholder

Returns

Growth

Initiatives

Integration &

Synergies

Year-to-date Achievements

September 12, 20181 Based on Nutrien’s quarterly dividend declared on July 19, 2018. Future dividend subject to board discretion.

2 As at Aug 1, 2018.

0

2

4

6

8

10

12

2018E 2018E + Full Synergies @ 8 yr Avg. Nutrient Prices @ Replacement Cost Nutrient Prices

$3.9 – $4.2B

EBITDA

$6.5 – $7.0B

EBITDA

$10 – $11B

EBITDA

Proceeds of

~5.0B

expected

from equity

stake sales

Significant Upside Potential for Free Cash Flow per Share

14

(1) (2)

2018E Sustaining Capex

Incremental EBITDA

1 Assumes synergies of $500MM per year by end of 2019.

2 Assumes 2018 sales volumes at Average of 8-Year (2010 – 2017) prices for: US Cornbelt MOP ($437/mt), Tampa DAP ($482/mt.) and NOLA urea ($361/mt).

3 Replacement cost nutrient prices assumed are: US Cornbelt MOP ($605/mt), Tampa DAP ($540/mt) and NOLA Urea ($480/mt).

4 Free Cash Flow defined as: Cash flow from continuing operations before net changes in non-cash working capital less sustaining capital. Assumes 612M shares issued and outstanding.

Potential mid-cycle free cash flow per share provides tremendous near & long-term

opportunity for shareholders

Nutrien EBITDA & FCF Sensitivity to Nutrient Price IncreasesUS$ Billions

~$3

FCF/sh(4)

~$8.00

FCF/sh(4)

(3)

~$13.00

FCF/sh(4)

September 12, 2018

Nutrien Provides Unique Investment Opportunity in the Agriculture Sector

15

Leading position in both retail/distribution (stable & growing earnings base) and

crop nutrient production

Unmatched upside to a recovery in crop nutrient markets -

$25/mt improvement in nutrient prices expected to generate ~$650M in EBITDA

Clear line of sight on expected $500M in annual operating synergies;

$246M run rate achieved as at June 30, 2018

Significant free cash flow expected to provide opportunity for meaningful

shareholder returns

September 12, 2018

Appendix

INVESTOR PRESENTATION September 12, 2018

Nutrien is the Global Leader in Crop Inputs

34

12 12 12 11

7.24.2

3.8

Nutrien YAR MOS CF FMC ICL K+S PAH

17

Market CapitalizationUS$ Billions1

1 Market capitalization as of September 5, 201.8September 12, 2018

Highly confident in achieving run-rate synergies of $500 million by the end of 2019;

2018 year-end target increased to $350 million

Significant Value Creation from Merger Synergies

$68

$246$82

$60

$43

$75

$254

$65

$57

$50

$150

$125

$100

$125 $500

Distribution/Optimization

ProductionOptimization

Procurement SG&A 2019 Target EOY

Achieved run-rate synergy as at June 30, 2018

Balance of synergy target

++

+

Run-Rate SynergiesUS$ Millions

18

September 12, 2018Source: Nutrien

Nutrien Retail Provides Full Solutions Offering to the Grower

19

Billions invested to ensure on time delivery & highest level of

service, advice & technology solutions

Bulk Fertilizer Distribution

• >3.5MMt of storage capacity globally

• Custom blending at many locations

• Unmatched product availability and timeliness

• >1,300 storage and distribution sites across

North America

Seed Solutions

• On-site seed treatment and bulk handling

• Access to a wide selection of brands &

genetics without bias

Application Services

• We apply fertilizer & crop protection products on ~60% of our U.S. customer acreage

• 10th largest rolling stock in the U.S.

Crop Protection Products

• Bulk product handling and blending – can be delivered within hours

• >10,000 products to protect >200 crops• >99% of sales are branded products• ~25% of sales are high-margin proprietary

products

Complete Advice & Services

• ~3,300 agronomists and crop advisers• Extensive collective expertise & training• Financial Services and lending

Innovation and Technology

• Launched integrated digital platform in 2018• Access to leading edge new technology• Backward integration with emerging

technology companies

Source: Nutrien September 12, 2018

Nutrien Has Multiple Avenues to Deliver Strong Retail Earnings Growth

20

TUCK-IN/ROLL UP

Continue to acquire farm centers across North America and Australia

PROPRIETARY PRODUCT

Increase our proprietaryproduct offerings & sales

AG CREDIT FINANCE

Expand the credit & finance businessearnings, retain & attract new customers

BRAZILIAN AG-RETAIL

Build the retail business, leveraging ourproven strengths and experience

DIGITAL PLATFORM

Deliver a world-class integrated platformthat supports growers ease of business

Grow

Build

Expand

Increase

Deliver

Nutrien

Ag Solutions

Strategy

September 12, 2018

Retail: A Leading Agricultural Solutions Provider

Gross Margin (2017)Billions

Crop Nutrients 29%

Crop Protection 40%

Seed 11%

Services/Other 16%

$2.9B

Crop inputs & services for over 50

different crops

Corn, 24%

Wheat, 17%

Soybean, 16%

Canola, 9%

Cotton, 7%

Perm. Crops, 8%

Veg, 5%

All Other, 14%

Providing everything growers need to

maximize yields – 3,300 crop advisors

Broad Crop Diversity Complete Ag Solutions Offering

Merchandise 4%

Proprietary Products

Consistent growth platform of higher

margin products valued by growers

1 Excludes Dalgety animal health products.

Gross Margin1 (2017)Millions

Revenue by CropPercent

Source: Nutrien

-

100

200

300

400

500

600

700

2012 2013 2014 2015 2016 2017

Proprietary Seed

Proprietary Nutrional Products

Proprietary Crop Protection Products

21

September 12, 2018

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

22

1 Does not include revenue from equity positions in joint ventures.

2011 2012 2013 2014 2015 2016 2017YTD

2018Total

# of Locations Acquired 33 59 22 32 26 76 44 34 326

Annual Sales1

(U.S. millions)$210 $477 $128 $192 $190 $500+ ~$300 ~$300 >$2,500

Annual EBITDA (U.S. millions) (Year 1)

$27 $49 $12 $32 $20 ~$35 ~$23 ~$27 >$230

166

233 255

325

401

541

606

699

-80

20

120

220

320

420

520

620

720

2010 2011 2012 2013 2014 2015 2016 2017

Cumulative Store Closures U.S. Canada Australia South America

22

70

76

Tuck-in Acquisitions

Cumulative Global Store Closures

& Consolidations

38 Major ‘Hub’ Locations Across

the U.S.

Source: NutrienSeptember 12, 2018

Retail: Multiple Levers Driving EBITDA Growth 23

$75

$75

$75

North America,

53%

International, 47%

Retail EBITDA Growth DriversPercent (2012-2017)

Source: Nutrien

Retail EBITDA Growth by RegionPercent (2012-2017)

Acquisitions, ~40%

Organic Growth, ~30%

Optimization, ~30%

September 12, 2018

Retail Earnings Growth Drivers

1. Acquisitions/greenfield in existing markets & Brazilian growth potential (Agrichem)

2. Continued expansion of proprietary product lines & digital ag capabilities

3. Optimization/Cost reduction - optimize footprint and leverage procurement scale

Significant Room for Further U.S. Retail Consolidation

Source: CropLife and Internal Estimates

Agrium, 17%

Helena, 7%

Significant market

share held by

independent

retailers in the U.S.

Our share in other

key regions is ~30%

Growmark, 5%

Wilbur-Ellis, 4%

Pinnacle, 4%

CHS, 3%

Simplot Retail, 2%

Independents, 26%

Co-ops, 30%

Nutrien, 19%

Helena, 7%

Over 19% market share with only 10% of the facilities

24

September 12, 2018

Crop Nutrient Production: Large and Diverse Asset Base

25

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Potash Nitrogen Phosphate &Sulfate

Potash

NitrogenUS 64%

Canada19%

Offshore17%

North America

39%

Offshore61%

, 0 , 0

Phosphate

& SulfateUS 50%

Canada34%

Offshore17%

Total Combined Sales Volumes1 (2017)Million Tonnes

Geographic Combined Sales Volumes1 (2017)Percent

Source: Nutrien

1 Combined historical sales volumes for manufactured product only.September 12, 2018

Nutrien is the largest crop nutrient producer in the world, with 29 potash,

nitrogen and phosphate facilities in North and South America.

Leverage our Strategic Advantages in Potash 26

• ~6 million tonnes of incremental potash

production capability in Saskatchewan

• Opportunity to bring on low-cost production as

global demand grows

• Potash customers in more than 40 countries

• Unmatched distribution capability through

Canpotex and North American network

• Cash production costs of $60/tonne in 1H 2018

• Opportunity to lower operating costs and

sustaining capital through merger synergies

Well

positioned

on cost

curve

Global reach

and market

exposure

September 12, 2018

Paid-for

growth

platform

Potash: World’s Largest Producer; Lower-Cost Operations

$0

$25

$50

$75

$100

$125

$150

2013 2014 2015 2016 2017 2018F

Cash-related Cost of Goods Sold

Depreciation and Amortization

0.3

3.0 3.0

3.8 4.0

6.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Potash Nameplate Capacity1

Million Tonnes KCl

Combined Potash Cost per TonneUS$/Tonne

Source: Nutrien

1 Estimates based on capacity as per design specifications or Canpotex entitlements. The New Brunswick facility and Picadilly mine are currently in care-and-maintenance mode.

For Patience Lake, estimate reflects current operational capability. Refer to the applicable technical reports available on SEDAR.

2 Refers to total cost of goods sold less depreciation and amortization.

2

27

September 12, 2018

Optimize portfolio to minimize costs while maintaining flexibility to meet growth in demand

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

2

4

6

8

10

12

14

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018F

Combined Sales Volumes Gross Margin % of Net Sales

Nutrien potash margins supported by lower delivered cost position and favorable

market characteristics

Potash: Historically Strong Margins and Volume Growth Throughout the Nutrient Cycle

Sales Volume1 Gross Margin2

Million Tonnes KCl Percent

4

1 Based on combined historical sales for Agrium and PotashCorp for 1998 to 2017.2 Historical potash gross margin as a percentage of net sales based on legacy PotashCorp financial information.3 Based on estimated annual achievable production in Saskatchewan; assuming fully staffed operations.4 2018F represents guidance range of 12.3 to 12.8 million tonnes as of August 1, 2018.

Source: Nutrien

~ 6 Mmt of incremental

production capability3

28

September 12, 2018

$0

$100

$200

$300

$400Other Cost Gas Cost

Nitrogen: Nutrien Has Low Cost Nitrogen Assets With Regional Advantages

Urea Cash Cost & Price ComparisonUS$/Tonne

Nutrien Manufactured Nitrogen ProfileMillion Tonnes (2017)

Nutrien’s diverse nitrogen assets expected to generate exceptional

margins in almost any market conditions

Current PNW Urea Price

Current NOLA Urea Price

Source: CRU, Fertecon, Argus, Nutrien

• Western Canadian cash cost is shown as FOB.

3.4 2.2

2.6

2.5

3.9

2.4

0.7

Product Sales Ammonia Capacity

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Solutions

& Nitrates

Urea

Ammonia

US

Canada

Trinidad

Equity

Investments

29

September 12, 2018

Selected Fertilizer Prices

Global Crop Nutrient Prices

Source: Fertilizer Week, Nutrien

2018

Drivers

Potash

Continued robust

demand has supported

a strong sold position

for Q3 2018 and new

supply from greenfield

projects continues to be

delayed

Nitrogen

Tight export supplies

from China and the

Black Sea and

uncertainty regarding

Iran, in addition to

strong energy prices

have supported prices

Phosphate

Slow ramp-ups of

greenfield production,

reduced US and

Chinese production and

increased raw material

costs have supported

phosphate prices

150

200

250

300

350

400

450

NovMarJan May SepJul Jan MaySep Nov Mar MarMay Jul JulJan NovSep

Potash - CFR Brazil ($/mt)

Urea – New Orleans Barge FOB ($/mt)

DAP - FOB Tampa ($/mt)

2016

30

2017 2018

September 12, 2018

Favorable Potash Market Fundamentals

3

1

Highest growth rate of the primary

crop nutrients

Nutrien, 23%

Other Top 5 Producers, 50%

All Other Producers, 27%

Long development times and high

capital costs

$0

$1,000

$2,000

$3,000

0

10

20

30

40

50

60

70

Top 5

Producers,

73%

$2,700

$2,300

7 to 10 years

construction &

ramp up

Global Potash Consumption

Million Tonnes KClGlobal Potash Capacity1

% Share (2017)Greenfield Capital Intensity

Cost per Tonne2 (US$)

Source: AMEC, CRU, Fertecon, IFA, Nutrien1 Based on nameplate capacity, which may exceed operational capability. 2 Estimates for a conventional 2-million-tonne mine in Saskatchewan.

Range

31

Concentration of high-quality deposits

September 12, 2018

Global Potash Shipments by RegionMillion Tonnes KCl

Record Global Potash Demand Projected in 2018

Source: CRU, Fertecon, IFA, Nutrien

0

5

10

15

20

15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F

2018

Hig

hlig

hts

India

4.5 – 5.0Mmt

• Expect modest

demand growth in

line with positive

consumption trends

despite reduced

subsidy rates for

2018/19 FY

10.0 – 10.5Mmt

• Demand supported

by record palm oil

production and

robust crop

economics for a wide

range of key crops

Other

9.5 – 10.0Mmt

• Steady demand

supported by strong

affordability and

significant removal

of nutrients following

consecutive large

harvests

12.5 – 13.0Mmt

• Improved crop

economics and

acreage growth in

nutrient deficient

regions has

supported strong

potash demand

15.5 – 16.0Mmt

• Strong consumption

trends supported by

affordability and a

shift to more

potassium-intensive

crops like fruits and

vegetables

12.5 – 13.0Mmt

• Good affordability

and growing demand

for NPK fertilizers,

including in Africa,

are expected to

boost potash

demand

Other Asia Latin America ChinaNorth America

Previous Record:

6.3mmt (2010)

Previous Record:

10.1mmt (2017)

Previous Record:

11.1mmt (1997)

Previous Record:

12.2mmt (2017)

Previous Record:

15.8mmt (2015)

Previous Record:

13.7mmt (1997)

32

September 12, 2018

Increased Energy Costs Support Nitrogen Prices

Source: Bloomberg, NYMEX, CRU, Fertecon, Nutrien

Chinese

Anthracite

Coal Prices(US$/MT)

Brent

Crude Oil

Price(US$/Barrel)

European

Hub Natural

Gas (TTF)(US$/MMBtu)

NYMEX

Natural Gas(US$/MMBtu)

$109 $99

$52 $44 $54$76

2013 2014 2015 2016 2017 2018

Current

$3.73 $4.26$2.63 $2.55 $3.02 $2.80

2013 2014 2015 2016 2017 2018

Current

$10.55

$8.22

$6.47

$4.54$5.71

$9.00

2013 2014 2015 2016 2017 2018

Current

Increased global energy prices supports marginal nitrogen costs and prices;

While low and stable North American prices supports margins

33

$175$151

$127$106

$149

$180

2013 2014 2015 2016 2017 2018

Current

September 12, 2018

Expect Improvement in Global Phosphate Supply & Demand Over the Medium Term

Source: CRU, Nutrien

1 Based on estimated operational capability.

34

Global Phosphate Operational Capability & DemandMillion Tonnes P2O5

70%

75%

80%

85%

90%

95%

100%

Global Utilization Rate1

Percent

0

10

20

30

40

50

60Demand Operational Capability

Low operating rates in China projected to balance the market in the short-term;

demand growth projected to exceed capacity additions from 2020-forward

September 12, 2018

Thank you!

INVESTOR PRESENTATION

For further information please visit Nutrien’s website at: www.nutrien.com

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September 12, 2018