Investor PresentationFebruary 2020

Forward Looking Statements 2

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

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 document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien’s annual guidance for 2020 and the future, including expectations regarding our EBITDA and adjusted EBITDA (both consolidated and by segment, as applicable), including expectations with respect to the growth thereof; capital allocation and spending strategies and expectations and other planned uses of capital for 2020 and the future; expectations regarding performance of our operating segments, including strategic plans and targets in respect thereof; expectations regarding our sustainability, environmental (including climate), diversity and inclusion, and innovation and technology initiatives; our market outlook for 2020 and beyond, including agriculture and retail and crop nutrient markets 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 the impact of currency fluctuations and import and export volumes; and expectations regarding expansion projects (including timing and volumes of production associated therewith) and acquisitions and divestitures (including expected synergies and results and timing of closing 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 beyond; 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 related 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; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States.

The purpose of our expected adjusted EBITDA and EBITDA by segment guidance ranges, as well as our adjusted EBITDA price sensitivities ranges, 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 Advisory

This presentation contains certain non-IFRS measures including adjusted EBITDA, adjusted EBITDA guidance, free cash flow, free cash flow including changes in non-cash working capital, and the combined historical results of Potash Corporation of Saskatchewan Inc. and Agrium Inc. for the year ended December 31, 2017. We consider these 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 news release dated February 18, 2020 announcing our fourth quarter and full year 2019 results and under the heading "Appendix – Non-IFRS Financial Measures" in our annual report dated February 20, 2019 for the year ended December 31, 2018, 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 financial 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. 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.

February 25, 2020

Nutrien Overview

3

• Operating Benefits: Improved asset utilization rates, supply chain efficiencies

• Financial Benefits: Stability and resiliency of earnings through ag cycle ,

allocate capital counter cyclically

• Positioned to help our customers be more profitable, productive and sustainable

with the strength of our people, products, supply chain, data and technology

• Diverse earnings, strong free cash flow and balance sheet and integrated model

facilitate efficient allocation of capital

• One of highest dividend yield of peers at 4.4%1

Source: Nutrien

Broad exposure to Ag Value Chain

Integrated model has unique competitive advantages

Path to create superior long-term value

February 25, 2020

Nutrien:Best-positioned Company in the Ag Sector

4

1. As of February 18, 2020

5

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. North American digital Retail sales as a proportion of North American Retail sales that are available for purchase online.

>500,000Grower accounts worldwide

>11% Digitally enabled Retail sales

in 20191

~24%Proprietary products share of

Retail gross margin

~6.0 MmtAvailable Potash Capacity

~3 MmtNutrien fertilizer products sold

through Retail

February 25, 2020

Potash: Established Supply Chain Supporting Our Reliable and Flexible Network

Potash Sales Volumes1 (2019)Million Tonnes

1. Refers to manufactured product only.

Our focus in Potash is to strengthen our industry-leading

position through further network optimization

Source: Nutrien

February 25, 2020

6

Fertilizer

Industrial Fertilizer Industrial

• 6Mmt of available operational capability growth,

additional brownfield opportunities

Scale

Cost and Quality

Optionality

• World’s largest potash producer

• Integrated supply chain through to the grower

• Goal is to operate the safest and most reliable,

low-cost potash assets

• Located in the best potash geology in the world

4.04

7.5

Potash

11.5

Offshore

N. America

$0

$100

$200

$300

$400

Nitrogen: Well Positioned Assets

Urea Cash Cost & Price ComparisonUS$/MT

Sales Volumes1 2019Million Tonnes

Diverse asset base located in low-cost natural gas regions generates

exceptional margins and cash flow

2020 YTD PNW Urea Price

2020 YTD NOLA Urea Price

1. Refers to manufactured product only.

2. Western Canadian cash cost is shown as FOB.

7

Source: CRU, Fertecon, Argus, Nutrien

February 25, 2020

7

Other CostFeedstock

8.6

1.7

Nitrogen

10.3

Offshore

N. America

$524

$769

$951$986

$1,119

$1,033$1,091

$1,145$1,206 $1,231

$1,400-$1,500

7.5% 7.5%

8.3% 8.3%

8.6% 8.5%

9.3%9.5%

9.6%9.3%

$0

$300

$600

$900

$1,200

$1,500

5%

6%

7%

8%

9%

10%

11%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F

Retail EBITDA (US$ Millions) Retail EBITDA Margin %

$3.55

$6.01 $6.67

$6.15

$4.11 $3.71 $3.48 $3.36 $3.47 $3.75

February 25, 2020

Source: USDA, Nutrien

Note: 2011-2016 data is based upon Agrium Inc. financials.

1. Based on Retail EBITDA guidance as provided on February 18, 2020.

Corn Price US$/Bu

Retail margins and EBITDA have grown consistently despite

challenging Ag market conditions & weather issues

Stability & Growth in Retail Earnings

+5% CAGR

+52% Increase

1

8

$2.0$2.2

$0.8

$2.6

2018 2019

Free Cash Flow

Free Cash Flow including changes in non-cash working capital

$3.0

$3.9 $4.0

$4.3

2017 2018 2019 2020F

2020F Range

1

$3.8

Free Cash FlowUS$ Billions

9

Source: Nutrien

Nutrien Adjusted EBITDAUS$ Billions

Strong earnings and cash flow despite challenging market conditions,

highlighting the strength of our business model and asset mix

Nutrien is Growing Earnings and Cash Flow

February 25, 2020

CAGR

11%

Peer Average1,2 = 7.5%

Fertilizer Peer Average1,3 = 8.1%

1. Nutrien based on the annual guidance provided on February 18, 2020; Peer totals based on CapIQ data as at Febrauary 18, 2020

2. Includes FMC, Deere, Ingredion Inc., ADM, Bunge, AGCO, Mosaic, CF, Yara, K+S, ICL, Incetic Pivot

3. Includes Mosaic, CF, Yara, K+S, ICL, Incetic Pivot

Integrated Model Provides Strategic Advantages

Source: Nutrien

$48

$50

$52

$54

$56

$58

$60

$62

$64

$66

2019 2019

Grow Retail

& dividend

through the

cycle Focus on

production

assets and

share

repurchases

Enhance

balance

sheet

Time

NPK

Prices

Through-the-Cycle Capital AllocationNutrien’s Advantage

Stability of long-term Retail earnings supports dividend and provides opportunity

to allocate capital more efficiently through the cycle

Sustaining Capital,

17%

Dividends, 17%

Share Repurchases,

32%

Acquisitions/Purchased

Investments, 19%

Investing & Other

Capital, 15%

2019 Capital AllocationPercent

February 25, 2020

10

Nutrien Providing Sector-leading Returns of Capital

Share Repurchases and Dividends as a % of Market Cap1

(Percent)

BGYARAGCOMOS

NutrienSDF

6%

ICL

22%

CF

8%

ADMDE

3%4%

INGR

7%6%

7%

7%

13%

6%

15%

CTVA

1%

FMC

NTR Peers

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

from January 1, 2018 to September 30, 2019

Source: Factset

NTR returned $5.7B3 to shareholders by way of dividends and share repurchases

and possesses one of the highest dividend yields among its peers at 4.4%2

1. Represents cash paid from share repurchases and dividends per the cash flow statement from Jan 1, 2018 to Sep 30, 2019 divided by the market

capitalization as of February 11, 2020.

2. As of February 18, 2020

3. 24-month dividend and share repurchases paid from Jan 1, 2018 to Dec 31, 2019

February 25, 2020

11

Market Fundamentals

12

Positive 2020 Market Outlook Factors

February 25, 2020

13

>14M Increase in seeded acres in US

this spring (13M more corn &

soybean acres)

~20%Expected increase in US corn

farmer’s per acre margins over

2019 levels

$40BExpected Chinese purchases of

Ag products in recent US / China

trade deal (up from $16B in 2019)

~40%Increase in Palm oil prices from

July 2019 lows, supporting

increase in potash demand

Ag Fundamentals are Improving

Lower US corn and soybean production has led to a tightened supply/demand

balance

Source: USDA, Nutrien

90 9090 8990

76

94

85

US Corn & Soybean AcreageMillion Acres

2017 2018 2019 2020F 2017 2018 2019 2020F

February 25, 2020

Corn Soybeans

14

0

500

1,000

1,500

2,000

2,500 Corn

Soybeans

US Corn & Soybean Ending StocksMillion Bushels

Ag Fundamentals are Improving

-50

0

50

100

150

200

250

300

350

400

201

7

201

8

201

9F

202

0F

201

7

201

8

201

9F

202

0F

201

7

201

8

201

9F

202

0F

201

7

201

8

201

9F

202

0F

201

7

201

8

201

9F

202

0F -250

-50

150

350

550

750

950

1,150

1,350

1,550

201

7

201

8

201

9F

202

0F

US Corn

Key Crop Grower Cash MarginsLocal Currency Margin/Acre

Improved prospective grower margin expected for most crops in 2020 driven by trend yields;

Lowest fertilizer cost as a percentage of US corn revenue since 2010/11

US Soybean US Wheat US Cotton CDN Canola Brazil Soybean

February 25, 2020

15

Source: USDA, IMEA, Doane, Nutrien

2019 was an Abnormal Year When it Came to Growth

16

Global Grain & Oilseed Consumption & Nutrient Demand

2.2%1.9%

0.8%

-0.9%

Global Nutrient Demand

10-year CAGR 2010-20 2019

Long-term averages highlight upside potential from 2019 downturn

Global Grain & Oilseeds Consumption

February 25, 2020

Cyclical recovery in progress up until mid-2019

20182016 2019

Global Fertilizer PricesJan 2016 = 100

17

Source: Fertilizer Week, Nutrien

2020

February 25, 2020

Cyclical recovery evident in 2017/18 impacted in 2019 by exogenous factors

Global fertilizer demand growth expected to rebound

+ 1.8% -0.9% Global Nutrient

Demand

Growth+ 1.8% + 1%

50

75

100

125

150

175

200

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan

Potash - CFR Brazil Urea - NOLA FOB

10 Year

Avg. Price

2017

2%

Operating Segment Growth Platforms and Sustainability Overview

Potash: 6Mmt of Available Production Capacity 19

Source: Nutrien

2019 2023F

11.7Mmt1

18Mmt

Potash Operational CapabilityMillions of Tonnes

Existing mine network has the capacity to increase production to 18Mmt

+6Mmt

1 Represents 2019 finished product production.

• Demand surpasses expectations

• New supply ramps-up slower than

announced

• Existing competitor supply falls short

• If history repeats itself – industry closed

average of 7Mmt of capacity each decade

due to water inflow, ore depletion, or

unfavorable economics

February 25, 2020

Upside Drivers to 18Mmt

Nitrogen: Efficiency and Targeted Expansion 20

Plan to increase sales and production volumes by ~1M tonnes in 2020

1. Represents manufactured product only

2. Based on Nitrogen sales volume guidance as provided on February 18, 2020

3. Expected increase in sales volume in 2020 Source: Nutrien

10.610.3

11-11.6

2018 2019 2020F

Nitrogen Sales Volumes1

Millions of Tonnes

2

Network Optimization• Nine low-cost facilities

• Extensive distribution network

Operation Excellence• Ammonium Sulfate conversion

• Improved utilization, recovery in demand,

and optimal product mix allocation

Brownfield Capacity Expansion• Low-cost and low-risk expansion and debottleneck projects

• Realized production to come online in late 2020

• $200M of approved capital spending expected to add

incremental new capacity and improve energy efficiency

Path to Growth in 2020

~400K Tonnes3

~700K Tonnes3

February 25, 2020

0.7-1.3M

Digital Progress Yr1 (2019 N. America)

21

✓ Purchasing of key crop protection

products, order online or have your

agronomist do it on your behalf

✓ Pay bills online, past purchases,

account balances, downloadable for

tax/banking purposes

✓ Notifications of new statements,

invoices and licenses/permits

✓ Latest weather outlook & grain

market information

✓ Farm insight app current spray

conditions, rain/temperature data

Retail Growth: Nutrien Ag Solutions Digital Platform

Source: Nutrien

$260MRetail Sales ordered

through the Digital

Platform

2020 Target = $500M

11.5%Proportion of North American

Sales

(of Products Available for

Online Purchase)

$336MCustomer payments made

through the Customer

Portal

February 25, 2020

22

Nutrien Financial

✓ Share of Wallet: One Stop Shop,

help growers with capital

management solutions

✓ Margin: Convenience & move from

Price to Value

✓ Customer Base Growth &

Loyalty: Broaden Customer Base,

reduce Churn/increase customer

retention

Retail Growth: Nutrien Financial & Brazil Expansion

Source: Nutrien

$28B crop input market

growing ~3%/yr

Expect >$100M annual

EBITDA by 2023, tuck-

in M&A and organic

growth

February 25, 2020

Brazil Growth

Expect 2020 to be

>$30M annual EBITDA

~20 retail locations

5 greenfield builds

Nutrien 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

February 25, 2020

23

Appendix

Relatively Tight Potash Supply & Demand

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

1. Based on estimated operational capability. Forecast utilization rate range based on high and low demand forecast.

0

10

20

30

40

50

60

70

80

90Demand

Operational Capability

70%

75%

80%

85%

90%

95%

100%

February 25, 2020

25

Tightening Global Nitrogen Supply & Demand

Global Nitrogen S&DMillion Tonnes Nitrogen

Global Utilization Rate1

Percent

1. Based on estimated operational capability

0

20

40

60

80

100

120

140

160

180 Demand Operational Capability

70%

75%

80%

85%

90%

95%

100%

February 25, 2020

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

supply/demand balance in 2020 and the medium-term

26

Key Crop PricesUS$/bushel (unless otherwise indicated)

Global Crop Price Trends

3.00

3.50

4.00

4.50

5.00

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct-

19

Nov-1

9

Dec-1

9

Jan

-20

Fe

b-2

0

Chicago Corn

7.50

8.00

8.50

9.00

9.50

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct-

19

Nov-1

9

Dec-1

9

Jan

-20

Fe

b-2

0

Chicago Soybeans

1,600

2,000

2,400

2,800

3,200

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct-

19

Nov-1

9

Dec-1

9

Jan

-20

Fe

b-2

0

Palm Oil (MYR/tonne)

55

65

75

85

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct-

19

Nov-1

9

Dec-1

9

Jan

-20

Fe

b-2

0

Mato Grosso Soybeans (BRL/sack )1

Source: Bloomberg, ICE, USDA

1. Based on a 60kg sack of soybeans

27

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

February 25, 2020

US/China Phase 1 Trade Deal has Potential to improve US Grain Markets

1.9 2.2 2.4

5.46.2 6.1

7.7

9.4

13.214.3

19.5

22.0

28.629.0

28.1

23.5

25.2

24.0

13.2

16.2

0

5

10

15

20

25

30

Soybeans Other Ag Products Related Products

February 25, 2020

US Exports of Agriculture & Related Products to China US Billion Dollars

• Expect removal of Chinese import

duties on US Ag goods resulting

in a significant increase in US

exports of Ag related products to

China in 2020 and beyond,

ultimately goal is $40-$50B in

exports.

• Soybeans expected to show

biggest increase in the short-term

but an increase in corn imports

could have more positive

implications as this would

represent true incremental

demand

• Ethanol and corn for ethanol

exports will also be a potential

significant new driver of

demand/import growth

• Potential upside in meat exports,

but these are relatively small –

2019 pork exports are up 128%

($1.3 B) versus 2018, while beef

exports are up 42% to $86 million

28

Agricultural trade expected to rebound sharply with a trade policy resolution; ultimately target is $40-$50B in exports.

Million Tonnes KCl

0

5

10

15

20

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

2020

Fo

recast

29

We project global deliveries approximately 64.5 million tonnes in 2019

and a strong rebound in 2020 to 66-68 million tonnes

Global Potash Deliveries by Region

India Other Asia North America Latin America China Other

4.0 – 4.5Mmt

• Expect increased

shipments in the first

half supported by

favorable monsoon

and increased

minimum support

prices for key crops

9.0 – 10.5Mmt

• Improved palm oil

prices driven by the

tightest global palm oil

stocks/use ratio since

1997/98 is expected to

support improved

demand

10.0 – 10.5Mmt

• Rebound in corn and

soybean acreage

combined with

assumed normal

application weather

expected to support a

rebound in shipments

13.0 – 14.0Mmt

• Strong corn and

soybean prices and

fundamentals entering

2020 and lower potash

inventory to start the

year

14.5 – 15.5Mmt

• Continued increases in

potash application

rates and consumption

expected, however

could see reduced

shipments following

record highs in 2019

13.5 – 14.0Mmt

• Good affordability and

growing demand for

NPK fertilizers,

including in Africa, are

expected to boost

potash demand

Source: CRU, Fertecon, IFA, Nutrien

February 25, 2020

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

Tuck-in Acquisitions1,3

Cumulative Global Store Closures

& Consolidations

Source: Nutrien

38 Major ‘Hub’ Locations Across

the US

February 25, 2020

30

2011 2012 2013 2014 2015 2016 2017 2018 2019 Total

# of Locations Acquired1 33 59 22 32 26 76 44 53 62 407

Annual Sales1

$210 $477 $128 $192 $190 $500+ ~$300 ~$400 ~$450 >$2,800(U.S. millions)

Annual EBITDA1

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

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 out 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 February 18, 2020.

31

Source: Nutrien

2

February 25, 2020

31

Nutrien is Strengthening its Retail Business: Strategic Transactions in 2019

✓ 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

February 25, 2020

32

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.

Helena, 7%

Growmark, 5%

Wilbur-Ellis, 4%

Pinnacle, 4%

CHS, 3%

Simplot Retail, 2%

Significant Opportunity for Further US Retail Acquisitions

Expect to execute on roll-

up opportunity & target to

expand business by to

25%-30% by 2023

Independents, 24%

Co-ops, 30%

21%

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

33

Source: CropLife, Nutrien

February 25, 2020

33

February 25, 2020

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

2017 2018 2019 2020F 2021F 2022F 2023F

Re

tail

EB

ITD

A (

US

D M

illi

on

s)

Delivering Stable Long-term Retail Earnings Growth

We expect to drive significant growth and value through our strategy to build

the ag retailer of the future

Growth Factor Upside Case

Organic Growth 4%/Yr

Acquisitions $150M/Yr

Corn Price ≥$5.00/bu

Growth Factor Downside Case

Organic Growth 2%/Yr

Acquisitions $50M/Yr

Corn Price ≤$3.50/bu

Retail EBITDA CAGR of

10% to 13% over the next

4 years

Expected Retail EBITDA range of $1.8B to

$2.0B by 2023

2020 Guidance Range: $1.4B - $1.5B Retail EBITDA

2023 Retail EBITDA Target

$1.9B

Source: Nutrien

1. Based on the mid-point of Retail EBITDA guidance range as of February 18, 2020

1

34

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$ MillionsRevenue by Crop (2018)Percent

35

Source: Nutrien

1. 2012-2016 data is based upon Agrium Inc. financials. Excludes Dalgety animal health products.February 25, 2020

35

Nutrien: Focused on Sustainable Agriculture

What have we done?

• Obtained external assurance on our 2018 baseline scope 1 and 2 GHG emissions, which we

expect to be provided in our 2020 ESG Report

• We also engaged in assessing our scope 3 GHG emissions inventory

• Developing a comprehensive ESG strategy including KPIs and targets, roll out later in 2020

• Echelon precision Ag solutions, 4R stewardship

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

➢ Acquisitions of: Agrible, Waypoint & Actagro

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

➢ 1.2Mmt of captured CO2, carbon capture at Redwater 250kt GHG offset, future growth

potential

February 25, 2020

36

For further information, visit:

www.nutrien.com

twitter.com/nutrienltd

facebook.com/nutrienltd

linkedin.com/company/nutrien

youtube.com/nutrien

Thank You!