Nutrien Q3 2019

Results Presentation

November 4, 2019
 Forward Looking Statements 2

Certain statements and other information included in this document, including within “Outlook and Guidance” 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 2019 annual
guidance, including expectations regarding our adjusted net earnings per share and adjusted EBITDA (both consolidated and by segment); capital spending expectations for 2019; expectations regarding
performance of our operating segments in 2019; our market outlook for 2019 and 2020, 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, cash grower margins, planted acres, crop mix, prices and the impact of currency fluctuations and
import and export volumes; and expectations regarding completion of previously announced expansion projects (including timing and volumes of production associated therewith) and acquisitions and
divestitures (including expected 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 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 complete, integrate and realize the anticipated benefits of its 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 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 2019, 2020 and in the future (including as outlined under “Market Outlook” and “2019
Guidance” of our 2018 Annual Report); 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; 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 and trade restrictions), 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; 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 net earnings per share, adjusted EBITDA and EBITDA by segment guidance ranges are 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 adjusted EBITDA, Potash adjusted EBITDA, adjusted net earnings per share, adjusted EBITDA and adjusted net earnings per share guidance, free cash flow, Potash cash cost of product
manufactured (COPM), and Ammonia controllable cash COPM 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 “Appendix B - Non-IFRS Financial Measures” included in our news release dated November 4, 2019 announcing our third
quarter 2019 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 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. 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.

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 US
federal securities laws or applicable Canadian securities legislation.

November 4, 2019
Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted.
Third Quarter 2019 Results
November 4, 2019
 Nutrien Q3 2019
4
Financial and Strategic Highlights

• Nutrien Q3’19 net earnings from continuing operations was $141 million ($0.241 per share). Third-quarter
adjusted net earnings was $0.24 per share and adjusted EBITDA was $785 million. Adjusted EBITDA
decreased 6 percent in Q3’19 compared to Q3’18.

• Adjusted EBITDA for the first nine months of 2019 was $3.3 billion representing an 11 percent increase
from the same period in 2018.

• Nutrien generated $2.0 billion ($3.44 per share), in free cash flow in the first nine months of 2019 up 28
percent from the same period in 2018.

• Nutrien successfully closed the acquisition of Ruralco Holdings Limited, the third largest agriculture
retailer in Australia. The acquisition and integration of Ruralco is expected to provide significant benefits
for all stakeholders and enhance the delivery of products and services to Australian farmers.

• Based on first-nine months results and outlook for the remainder of the year, we have lowered our 2019
adjusted net earnings and adjusted EBITDA guidance to $2.30 to $2.55 per share and $4.0 to $4.3
billion, respectively.

1. All references to per-share amounts pertain to diluted net earnings per share.
November 4, 2019
 Nutrien Q3 2019 Adjusted EBITDA1 Comparison 5

• Adjusted EBITDA decreased due to a slowdown in global fertilizer demand and lower nitrogen and phosphate
prices.
• Retail EBITDA increased due to strong crop input demand, higher margin sales and greater share in key
markets.
• Potash adjusted EBITDA decreased due to a temporary slowdown in offshore demand and North America sales
volumes that were below the Q3’18 record.
• Nitrogen EBITDA decreased primarily due to lower net realized selling price for ammonia.

Adjusted EBITDA (US$ Millions)

-6% Q3 2018 Q3 2019

$839
$785
-14%

$498
+64% $430 -9%
$270 $247 -55%
$190
$116
$75 +3%
$34

Consolidated Retail Potash Nitrogen Phosphate -$120 -$116

Corp, Other,
& Elim
1. All adjustments made to EBITDA are captured in Corporate and Others. November 4, 2019
Source: Nutrien
 Nutrien First Nine Months 2019
6
Adjusted EBITDA1 Comparison
• Adjusted EBITDA increased due to operational synergies, higher realized selling prices for potash and nitrogen
and solid Retail performance.
• Retail EBITDA increased as sales, service and supply chain strength helped to grow share in key markets.
• Potash adjusted EBITDA increased due to higher net realized selling prices.
• Nitrogen EBITDA increased primarily due to higher net realized selling prices and higher earnings from equity-
accounted investees.

Adjusted EBITDA (US$ Millions)

+11% YTD 2018 YTD 2019

$3,347
$3,012

+19%
+10%
+1%
$1,444
$1,212
$992 $1,000 $894 $980 -31%
+25%
$202 $140

Consolidated Retail Potash Nitrogen Phosphate -$288 -$217

Corp, Other,
& Elim

1. All adjustments made to EBITDA are captured in Corporate and Others. November 4, 2019
Source: Nutrien
 Retail: Q3 2019 Gross Margin Bridge 7

Strong Retail performance despite difficult growing season;

grew our EBITDA per US Retail location and increased share in key markets

US$ Millions

$655

$533

November 4, 2019
Source: Nutrien
 Potash: Q3 2019 Gross Margin Bridge 8

Offshore customers drew down inventory and North American volumes were
second only to record Q3 2018

US$ Millions

$459 $406

Q3'18 Net Selling Price Volumes COGS D&A in Q3'19

1
Gross Margin excl. D&A COGS Gross Margin

1. COGS variance does not include depreciation and amortization (D&A). November 4, 2019
Source: Nutrien
 Potash: Lower Adjusted EBITDA Driven by Temporary
9
Weakness in Demand

-0.6 Mmt
3.9
3.3
Potash Adjusted EBITDA 2.2 Offshore
US$ Millions Sales Volumes 1.8
Million Tonnes 1.7 1.5 N. America
-14%
Q3’18 Q3’19
$498

$430 +3%

$212 $218

Net Selling Price

US$/MT
Q3’18 Q3’19

+11%

Cash Cost of $56 $62

Product
Manufactured
US$/MT
Q3’18 Q3’19 Q3’18 Q3’19

November 4, 2019
Source: Nutrien
 Nitrogen: Q3 2019 Gross Margin Bridge 10

Nitrogen results impacted primarily by lower global ammonia prices

US$ Millions

-$7

$164

$133

Q3'18 Net Selling Price Volumes COGS 1 D&A in Q3'19

Gross Margin excl. D&A COGS Gross Margin

1. COGS variance does not include depreciation and amortization (D&A). November 4, 2019
Source: Nutrien
 Nitrogen: EBITDA Impacted by Lower Prices 11

-9%
94% 85%
Nitrogen EBITDA Ammonia
US$ Millions Operating Rate1
Percent
-9% Q3’18 Q3’19
$270
$247
-5%
$222 $211
Net Selling
Price
US$/MT
Q3’18 Q3’19

Ammonia +2%
Controllable Cash $44 $45
Cost of Product
Manufactured
US$/MT
Q3’18 Q3’19 Q3’18 Q3’19

November 4, 2019
1. Excludes Joffre and Trinidad.
Source: Nutrien
 Phosphate: Q3 2019 Gross Margin Bridge 12

Global phosphate markets pressured by ample supply. Volumes were lower due to
strategic decision to convert Redwater phosphate plant to ammonium sulfate.

US$ Millions

$27

-$15

Q3'18 Net Selling Price Volume COGS 1 D&A in Q3'19

Gross Margin excl. D&A COGS Gross Margin

1. COGS variance does not include depreciation and amortization (D&A). November 4, 2019
Source: Nutrien
Returns to Shareholders Through Dividends and
13
Share Repurchases

Returned $5.4 Billion to shareholders over the past 21 months

Dividends Paid and Share Repurchases

US$ Millions

Share Repurchases $5,446

Dividends Paid

$3,730

$803 $1,132 $1,716

$137 $798
$401 $459
$205 $255 $248 $244 $264 $256 $244
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Cumulative

November 4, 2019
Source: Nutrien
 Nutrien Ag Solutions Digital Platform 14

Rapid adoption since digital purchasing launched in early 2019

N. America Retail Sales Completed on the Digital Platform1

Percent
30%
2018 sales from
Percent of Sales – (of Products Available for Online Purchase)
25%
Percent of Sales – (All Products)
$6.4B customers now
signed up on the
platform
20%
Target: >50% by end of 2023
_____N. America Digital Sales______
15%
N. America Retail Sales (All Products)
Customer
10% payments made
$315M through the
platform
5% Q3’18-Q3’19

0%
Q1'19 Q2'19 Q3'19
DIGITAL PLATFORM VALUE CHAIN
BENEFITS to: PLAN PRE-PLANTING PLANT MONITOR & PROTECT HARVEST

Optimize grower Improve understanding

Customers decision-making
Customized prescriptions Efficient planting Protection for crops
of profitability
New lever to drive seed Increased sales of Builds grower engagement Increased sales of product Analyze performance and
market share fertilizers and applications and relationships & application plan for next season

1. Percent of Sales (product available for online purchase): North American Retail digital sales as a proportion of North American Retail sales that are available for purchase online. November 4, 2019
Percent of Retail Sales – (all product): North American Retail digital sales as a proportion of total North American Retail sales
Source: Nutrien
 Nutrien Ag Solutions Digital Platform:
15
Current Functionality

✓ Pay bills online, look up past

purchases, see account balances,
downloadable for tax/banking
purposes

✓ Look up pricing of key crop

protection products, order online or
have your agronomist do it on your
behalf

✓ Notifications of new
statements, invoices and
licenses/permits

✓ Latest weather outlook &

grain market info
✓ Spray-smart app (advice on
local spraying conditions, Rain
Gauge app

November 4, 2019
Source: Nutrien
Nutrien Ag Solutions Digital Platform:
16
Planned Additions for 2020

Crop Planning Tool

create a tailor-made crop plan with
your agronomist with the ability to
place digital orders directly from
the plan and apply for financing

Field level Insights

crop scouting reports, soil &
nutrient sample reports, advisory
alerts (weather, pests, bill
payments due, etc.)

Nutrien Advisor
custom recommendations on
timing/level of applications

November 4, 2019
Source: Nutrien
Outlook and Guidance
November 4, 2019
 Slow North American Harvest Progress 18

Harvest is significantly delayed which has pushed back

fall fertilizer application; favorable weather is required
Harvest Progress
Percent
2019 Average 1 2018

100 100 100

90 90 90
80 80 80
70 70 70
60 60 60
50 50 50
40 40 40
30 30 30
20 20 20
10 10 10
0 0 0
Sep 15/19 Oct 15/19 Nov 15/19 Sep 15/19 Oct 15/19 Nov 15/19 Sep 02/19 Sep 30/19 Oct 28/19

US Corn US Soybeans W. Canada (all crops)

1. Five year average except for Manitoba, which is a three year average and included in Western Canada results November 4, 2019
Source: USDA, Alberta Agriculture & Forestry, Saskatchewan Ministry of Agriculture, Manitoba Agriculture
 US Corn & Soybean Supply/Demand is Tightening 19

Lower US corn and soybean production has led

to a tightened supply/demand balance

US Corn & Soybean Ending Stocks

Million Bushels

Corn Soybeans
2,500 1,000

2,000 800

1,500 600

1,000 400

200
500

0
0

2019/20F 2019/20F

Note: 2019/20 supply scenarios based on range of consultant forecasts. 2019/20 demand scenarios based on September 2019 USDA WASDE
November 4, 2019
report.
Source: Soybean & Corn Advisor, Doane, Informa, USDA, Nutrien
 Global Crop Price Trends 20

Crop prices are improving as the market gains clarity on US crop production
Key Crop Prices
US$/bushel (unless otherwise indicated)

Chicago Soybeans
5.00
Chicago Corn 9.50

4.50 9.00

4.00 8.50

3.50 8.00

3.00 7.50

1
Palm Oil (MYR/tonne) Mato Grosso Soybeans (BRL/sack )
2,300 85
2,200 80
2,100 75
2,000 70
1,900 65
1,800
60
1,700
55
1,600

1. Based on a 60kg sack of soybeans

November 4, 2019
Source: Bloomberg, ICE, USDA
 Crop and Fertilizer Affordability Indices 21

Fertilizer affordability has improved over the past 12 months

Crop & Fertilizer Price Indices1

Index 2014-2015 = 100

180 Crop Prices Fertilizer Prices

160

140

120

100

80

60

40
Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19
Apr-11

Apr-12

Apr-13

Apr-14

Apr-15

Apr-16

Apr-17

Apr-18

Apr-19
Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19
Jan-12

Jan-13
Jan-11

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19
1. Crop price index is calculated as a weighted average key crop prices (corn, soybeans, wheat, cotton and canola) weighted by the production volume of the individual November 4, 2019
crops; fertilizer price index is based on NOLA urea, Tampa DAP and Midwest Potash prices weighted by global nutrient consumption.
Source: Bloomberg, USDA, Fertilizer Week
 Corn & Soybean Acreage 22

Increase in 2020 crop acreage is expected to support crop input demand

US & Brazil Corn & Soybean Acreage1

Million Acres

+5% +3%
+11%
94
90 89 90 90 89 87 89 91
85 84
77

+3%

44 41 43 45

2017 2018 2019 2020F 2017 2018 2019 2020F 2017 2018 2019 2020F 2017 2018 2019 2020F
US Corn US Soybeans Brazil Corn Brazil Soybeans
1. Represents planted acreage in the US and harvested acreage in Brazil; for the US, represents the year the crop was planted, while for Brazil, represents the year the November 4, 2019
crop was harvested
Source: USDA, Informa, Nutrien
 US Crop Input Expenditures 23

Expect US crop input spending to increase 6 to 7 percent supported by

~12 million additional acres of corn and soybeans

US Crop Input Expenditures1

Billion US$

55

50

45 +6 to 7%

40

35

30
2016 2017 2018 2019E 2020F

1. Includes estimated seed, crop nutrient and crop protection expenditures

November 4, 2019
Source: USDA, Nutrien
 Global Potash Deliveries by Region 24

We project global deliveries between 64-65 million tonnes in 2019

and a strong rebound in 2020 to 67-69 million tonnes

Million Tonnes KCl

20

15

10

0
16 17 18 19F 20F 16 17 18 19F 20F 16 17 18 19F 20F 16 17 18 19F 20F 16 17 18 19F 20F 16 17 18 19F 20F

India Other Asia North America Latin America China Other

4.5 – 5.0Mmt 9.5 – 10.0Mmt 10.0 – 10.5Mmt 14.0 – 14.5Mmt 15.5 – 16.0Mmt 13.5 – 14.0Mmt
• Expect increased • Improved palm oil • Rebound in corn and • Strong corn and • Continued increases in • Good affordability and
Forecast

shipments in the first prices driven by the soybean acreage soybean fundamentals potash application growing demand for
2020

half driven by the tightest global palm oil combined with entering 2020 and rates and consumption NPK fertilizers,
strong monsoon in stocks/use ratio since assumed normal lower potash inventory expected, however including in Africa, are
2019 and increased 1997/98 is expected to application weather to start the year relatively flat expected to boost
minimum support support improved supports a rebound in shipments following potash demand
prices for key crops demand shipments record highs in 2019

November 4, 2019
Source: CRU, Fertecon, IFA, Nutrien
Expect Tightening Nitrogen Supply & Demand 25

Global Nitrogen Utilization Rate1

Percent
100%
Nitrogen Market Drivers
95% • Current NOLA urea prices are discounted to
import economics in other key markets and
below Chinese marginal costs
90%
• Ammonia prices have been more heavily
discounted to urea than normal in 2019
85%
• 93-95 million acres of corn is expected to
support a 3-5% increase in US nitrogen
80% fertilizer demand in 2020

• Current European gas prices are well-above

75% summer-time lows and the forward curve
indicates increased 2020 prices

70%

November 4, 2019
1 Based on estimated operational capability.
Source: CRU, Fertecon, Nutrien
 Nutrien 2019 Annual Guidance 26

2019 Guidance Ranges (a)

(annual guidance except where noted) Low High

Adjusted net earnings per share (a)(c) $2.30 $2.55

Adjusted EBITDA (billions) (c) $4.00 $4.30
Retail EBITDA (billions) $1.20 $1.30
Potash EBITDA (billions) $1.60 $1.70
Nitrogen EBITDA (billions) $1.30 $1.35
Phosphate EBITDA (millions) $175 $200
Potash sales tonnes (millions) (b) 11.6 12.0
Nitrogen sales tonnes (millions) (b) 10.6 10.8
Depreciation & amortization (billions) $1.80 $1.90
Merger and Related Costs (millions) $60 $70
Effective tax rate on continuing operations 23% 25%
Sustaining capital expenditures (billions) $1.0 $1.1

(a) All references to per-share amounts pertain to diluted net earnings per share.
(b) Potash and nitrogen sales tonnes include manufactured product only. Nitrogen sales tonnes exclude ESN® and Rainbow products.
November 4, 2019
(c) This is a non-IFRS financial measure. See “Appendix B – Non-IFRS Financial Measures” in Nutrien’s Q3 2019 news release.
Thank You!
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