Investor PresentationNovember 10, 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, 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: expected 2020 adjusted EBITDA and Retail adjusted EBITDA and margin estimates; estimated adjusted EBITDA fertilizer price sensitivity, capital spending expectations for 2020; expectations regarding performance of our operating segments in 2020 and beyond; our operating segment market outlooks and market conditions for 2020 and beyond, and the 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. 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 on our business, customers, business partners, employees, supply chain, other stakeholders and the overall economy; 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; the COVID-19 pandemic and its resulting effects on business and economic conditions; 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 third quarter 2020 interim report dated November 2, 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 adjusted 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.

The forward-looking statements in this document are made as of the date hereof and 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 and the combined historical results of Potash Corporation of Saskatchewan Inc. and Agrium Inc. for the year ended December 31, 2017. 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 third quarter 2020 interim report dated November 2, 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.

November 10, 2020

3

Stability and

GrowthRetail Ag Solutions provides earnings

stability & exposure to multiple growth

platforms

Stable and Growing

ReturnsTop tier, attractive & secure dividend

Nutrient

UpsideFertilizer markets are expected to recover

providing significant earnings upside

potential

Strong Financial

PositionNutrien has a solid balance sheet

with ample liquidity

Nutrien’s

Key

Message

November 10, 2020

Retail Business Continues to Deliver Growth and is Becoming Increasingly Diversified

Retail Adjusted EBITDAUS Billions

Source: Nutrien

4

Industrial

November 10, 2020

Non-US Retail

US Retail

~30%

~20%

20101

$0.5

2020F220151

$1.0

$1.37-$1.42 • 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 Adjusted

EBITDA margins at ~9%. More

than double 2014 levels &

Ruralco margins

8%

7.5%

margins

8.5%

margins

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

2. Based on Retail Adjusted EBITDA guidance as provided in our news release November 2, 2020.

Retail Differentiation on Multiple Fronts Will Help to Unlock Organic Growth and Value Creation

5

November 10, 2020

Leading Online

Platform43%

Total Share of Digital Sales of

Available Product Lines

Q3’20 YTD1,2

>$1.0BTotal Digital Platform Sales

Q3’20 YTD2

Adjusted EBITDA

Growth and

Performance

$1.1BAdjusted EBITDA

Q3’20 YTD

10.4%US Retail

Adjusted EBITDA Margin

Q3’20 LTM

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

2. Represents North America results.

3. Post close of the Tec Agro acquisition.

Brazil Growth

Strategy3~$500M

Expected Annual Normalized

Run-Rate Revenue

>10%Expected EBITDA

Margins

Crop Prices Have Improved from Summer Lows

November 10, 2020

6

Source: Bloomberg

$3.64$3.34

$4.06

May

’20

Prev.

3 Yr

Avg.

Nov

’20

+22%

$0.70

$0.58

$0.70

Prev.

3 Yr

Avg.

May

’20

Nov

’20

+21%

R$63

R$96

R$171

Prev.

3 Yr

Avg.

May

’20

Nov

’20

+78%

RM 2,403

RM 3,440

Prev.

3 Yr

Avg.

May

’20

Nov

’20

RM 2,165

+59%

$4.83$5.24

$5.98

May

’20

Prev.

3 Yr

Avg.

Nov

’20

+14%

$9.20$8.50

$11.02

Nov

’20

Prev.

3 Yr

Avg.

May

’20

+30%

US Corn(US$/bushel)

US Soybean(US$/bushel)

US Wheat(US$/bushel)

US Cotton

(US$/lb)Palm Oil

(MYR/tonne)

Brazil Soybean(Real/60kg bag)

Prices as of mid-day November 9, 2020. CME futures prices for corn, wheat, cotton (Dec), soybeans (Nov), and spot prices for palm oil and Brazil soybeans. Previous 3-year

average from October – end of contract.

Bullish S&D forecasts & strong Chinese demand have driven crop prices higher

Fertilizer Price Fundamentals in 2H20 Showing Signs of Recovery With Multiple Catalysts Emerging

Source: CRU

November 10, 2020

7

Several positive fertilizer

developments are emerging:

• Favorable US growing conditions this

summer have led to an early harvest

season, which should be supportive for

fall fertilizer application rates

• Strong demand out of India has provided

stability for urea prices

• US phosphate prices have increased in

2H20 due to strong demand out of Brazil

and the impact from Mosaic’s

countervailing duties petition

• The majority of new potash capacity is

now online and being absorbed in the

market. No significant new nameplate

capacity expected in the near term.

$150

$200

$250

$300

$350

$400

$450

Nov-1

7

Jan

-18

Ma

r-18

Ma

y-1

8

Jul-

18

Sep-1

8

Nov-1

8

Jan

-19

Ma

r-19

Ma

y-1

9

Jul-

19

Sep-1

9

Nov-1

9

Jan

-20

Ma

r-20

Ma

y-2

0

Jul-

20

Sep-2

0

NOLA Urea (USD/st) US DAP (USD/st)

Brazil Potash (USD/mt)

Fertilizer Prices

Prices are monthly averages.

10.9-11.13

2019 2020 2021

Nutrien Expects to Benefit From A Cyclical Recovery in Market Prices and Higher Sales Volumes

8

2020 Global Urea Production Cost CurveUS$/tonne

November 10, 2020

Source: CRU, Fertecon, Nutrien

Operational Capability (Mmt)

20

250

100

300

1206040

150

80 1800 160

0

350

50

140100

200

1. Reported spot prices as of October 29, 2020.

2. Refers to manufactured product only (excludes ESN® and Rainbow products).

3. Based on Nitrogen sales volume guidance as provided in our news release November 2, 2020.

4. Additional operational capacity completed in 2020 & 2021.

US Nola FOB ($/mt)1

NTR Nitrogen Sales Volumes2

Million Tonnes

10.3

Offshore

2020F Range

N.A.

Expect ~350Kmt

of additional

operational

capacity by end of

20214

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

expects to benefit from its investment in new capacity

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

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

Strong Annual Free Cash Flow And Stable & Growing Dividend

9

November 10, 2020

Source: Nutrien

Dividends PaidUS$/Share

2020 Capital Allocation2

US$ Billions

“A robust buffer exists to

support our dividend

payment, even at the bottom

of the Ag cycle”

2020F Adj.

EBITDA2Sustaining

Capex2Dividends3 Remaining

Capital4Interest and

Taxes2

0.9

2020F Range3.7

3.5

$0.45

Apr’18 - Oct’18

$0.43

Jan’19 - Jul’19 Oct’19 - Nov’20

$0.40

Horizontal axis represents

the length of time at each dividend level

1. Dividend yield calculated as dividend per share ($1.80/sh annualized) divided by the closing share price on the NYSE as at November 4, 2020.

2. Based on internal forecasts aligned with annual guidance provided in our news release dated November 2, 2020. Interest and taxes are disclosed on a cash basis.

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

4. Assumes the mid-point of 2020F Adjusted EBITDA guidance as provided in our news release dated November 2, 2020.

Nutrien Providing Sector-Leading Returns of Capital

Share Repurchases and Dividends as a % of Market Cap3

(Percent)

BG

8.5

ADM

8.1

SDF

6.7

AGCO

4.9

CTVA YAR

30.3

ICLMOS

11.0

FMC INGR

9.6

24.3

NutrienDE CF

2.4

9.6

12.412.3

32.7NTR

Peers

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

as reported from January 1, 2018 to November 4, 2020

Source: CapitalIQ

NTR returned $6.6B1 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 January 1, 2018 to November 4, 2020

2. Dividend yield calculated as dividend per share ($1.80/sh annualized) divided by the closing share price on the NYSE as at November 4, 2020.

3. Represents cash paid from share repurchases and dividends per the cash flow statement as reported from January 1, 2018 to November 4, 2020 divided by the

respective market capitalization as of November 4, 2020.

November 10, 2020

10

Investing at The Bottom: Positioned to Capitalize on A Fertilizer Price Rebound

November 10, 2020

11

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

✓Commodity prices have recovered ~20% from their March 2020 lows1

✓Many potash and nitrogen producers are experiencing negative margins at current prices

✓Fertilizer prices have recently started to climb out of the historically low levels seen in 1H20

Price Drivers and Earnings Sensitivity

+$650MEstimated annualized impact

to Nutrien Adjusted EBITDA from

a $25/mt increase in fertilizer

prices

Sources: Bloomberg, Nutrien

1. Bloomberg commodity index price comparison between Mar 18, 2020 to Nov 4, 2020.

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

November 10, 2020

12

Source: Nutrien

Appendix

14

LEGEND:

RETAIL

POTASH

NITROGEN

PHOSPHATE

ESN®

OFFICES

North and South America

GRANULATION

LOVELAND PRODUCTS

AND AFFILIATED FACILITIES

AGRICHEM

TEC AGRO

INVESTMENTS AND JV’S

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

43% Digitally enabled Retail

sales Q3’20 YTD1

10.2 MmtPotash sales volumes

Q3’20 YTD

~6.0 MmtAvailable Potash Capacity

>3,400Agronomists serving

growers around the world

November 10, 2020

Strong Grower Cash Margins 15

-100

-50

0

50

100

150

200

250

300

350

400

-150

100

350

600

850

1,100

1,350

1,600

1,850

2,100

Key Crop Grower Cash MarginsLocal Currency Margin/Acre

US Corn US Soybean US Wheat US Cotton CDN Canola Brazil Soybean

November 10, 2020

Source: Bloomberg, USDA, IMEA, CONAB, CRU, Nutrien

Grower margin supported strong crop prices & affordable crop input prices

Early Harvest Supportive of Fall Applications 16

Corn Harvest Progress% of US Total

Soybean Harvest Progress% of US Total

November 10, 2020

US corn and soybean harvest progress is ahead of normal, allowing growers to begin fall

applications significantly earlier than in the past two years

Source: USDA

0%

20%

40%

60%

80%

100%

Sep14

Sep21

Sep28

Oct5

Oct12

Oct19

Oct26

Nov2

Nov9

Nov16

Nov23

Nov30

2020 2019 Previous 5yr Avg

0%

20%

40%

60%

80%

100%

Sep14

Sep21

Sep28

Oct5

Oct12

Oct19

Oct26

Nov2

Nov9

Nov16

Nov23

Nov30

2020 2019 Previous 5yr Avg

Brazil: Strong Grower Economics 17

Brazilian Harvested AcreageMillions of Hectares

Soybean planting is slower than normal but has begun to catch up.

Record prices and margins are expected to drive a ~5% increase in harvested acreage.

November 10, 2020

Source: USDA, Bloomberg, CONAB, Nutrien

0

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018 2019E2020F

Corn Soybeans

Mato Grosso Soybean Planting ProgressPercentage Complete

3.4%

CAGR

0%

20%

40%

60%

80%

100%

Sep 1

8

Sep 2

5

Oct

2

Oct

9

Oct

16

Oct

23

Oct

30

No

v 6

Nov 1

3

Nov 2

0

Nov 2

7

De

c 4

Dec 1

1

Dec 1

8

Dec 2

5

2020/21 2019/20 Prior 5yr Average

18

Australia Winter Crop ProductionMillion Bushels

Difference in Jan-Sept Rainfall 2020 vs 2019mm

November 10, 2020

Rainfall in 2020 has significantly improved growing conditions vs 2019, production estimates for

major winter crops are up significantly, and the summer crop area is also forecast to increase

Source: ABARES, Australian Government Bureau of Meteorology

Australia: Growing Conditions Improve

Australia Summer Crop AreaMillion Acres

0

500

1000

1500

2000

2500Wheat Barley Canola

0

1

2

3

4Sorghum Cotton Corn Rice Soybeans Sunflower

+61%

+72%

Key growing areas circled in red.

India: A Bright Spot for Nutrient Demand 19

India Fertilizer Import ProfileMillion Tonnes

3.8

6.6

4.34.55.5

4.04.7

6.3 6.0

4.1

9.7

5.3

0

3

6

9

12

15

MOP DAPUrea

4.5-5.0

9.0-9.5

6.0-6.5

2020F2016 20192017 2018

November 10, 2020

Source: CRU, Katana, India Meteorological Department, Nutrien

600

0

100

200

500

300

400

Paddy Rice Corn Soybeans Cotton

+3% +5%

+5%

+5%2018/19 2019/20 2020/21

Minimum Support Prices for Kharif CropsRs./tonne

India Monsoon in 2020 vs NormalDaily Mean Rainfall (mm)

0

2

4

6

8

10

12

14

16

1-J

un

7-J

un

13

-Ju

n

19

-Ju

n

25

-Ju

n

1-J

ul

7-J

ul

13

-Ju

l

19

-Ju

l

25

-Ju

l

31

-Ju

l

6-A

ug

12

-Au

g

18

-Au

g

24

-Au

g

30

-Au

g

5-S

ep

11

-Se

p

17

-Se

p

23

-Se

p

29

-Se

p

Actual Normal (1961-2010)

The increase in crop prices and the early monsoon rains have supported the Kharif plantings,

which in turn supports demand for fertilizers

Chinese Corn Demand Supporting Corn Prices

November 10, 2020

20

China Corn Production Surplus/DeficitMillion Tonnes

Recent state corn auctions in China have sold out, providing a catalyst for the recent strength

in prices.

Corn Prices in ChinaUS$/bushel

36

9

(4)

(17) (16)(19)

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21F

$9.25

$7.10$6.25

$7.08 $6.91 $6.78

$9.65

Source: Bloomberg, USDA

Supportive Chinese Crop Import Demand 21

US Cumulative Corn Export Sales to ChinaMillion Tonnes

0

4

8

12

3-Sep 3-Nov 3-Jan 3-Mar 3-May 3-Jul

2018/19 2019/20 2020/21 Prior 10yr Average

0

10

20

30

3-Sep 3-Nov 3-Jan 3-Mar 3-May 3-Jul

2018/19 2019/20 2020/21 Prior 10yr Average

US corn exports to China since Sep 1’20 are ~15 times higher

than prior 10-year average with potential for further upside

November 10, 2020

Source: USDA

US Cumulative Soybean Export Sales to ChinaMillion Tonnes

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 in our news release November 2, 2020.

22

Source: Nutrien

2

November 10, 2020

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

Million Tonnes KCl

2020

Fo

recast

23

We expect strong 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

November 10, 2020

India Other Asia North America Latin America China Other

4.5 – 5.0Mmt

• Expect increased

shipments supported

by normal monsoon

rains in 2020 and

increased minimum

support prices and

production for key

crops

8.5 – 9.5Mmt

• Palm oil prices have

strengthened in the

second half and we

expect supportive crop

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

15.0 – 16.0Mmt

• Expect reduced

shipments driven by

inventory build in 2019,

however 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

Global Potash Producer Sales

Source: CRU, Fertecon, Company Reports, Nutrien

Global Potash Producer Shipment Changes(Million Tonnes KCl)

0.8

0.4

0.8

0.2

2019

Shipments

Nutrien Other

North American

Producers

Former

Soviet Union

Producers

Rest of the

World

2020F

Shipments

63.8

66.0

24

November 10, 2020

Nutrien well-positioned to meet an increase in global potash demand

Tightening Global Nitrogen Supply & Demand

Global Nitrogen S&DMillion Tonnes Nitrogen

Global Utilization Rate1

Percent

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

balance in 2020 and over the medium-term

25

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 November 10, 2020

Source: Fertecon, US EIA, Canadian Gas Price Reporter, CRU, Nutrien

26

0

200

400

600

800

1,000

1,200

1,400

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Jun-18 Jun-19 Jun-20

Henry Hub (lhs) AECO (lhs) European Hub (lhs) Chinese Anthracite Coal (rhs)

Energy Feedstock PricesUS$/MMBtu

Global Energy Price Spreads Are Increasing

November 10, 2020

Increased European natural gas and Chinese anthracite coal prices are supportive of the

global N cost curve entering 2021

RMB/mt

Indian Urea Demand Supports Global Urea Market 27

India Urea Supply (YTD Jan – Sep)Million Tonnes

6.3

2016

5.2

2015

17.4 18.0

9.2

17.4

20192017

4.3

18.2

2018

5.9

18.1

6.1

18.7

2020

23.7 23.2

26.6

22.523.9

24.7

* Includes unofficial estimates of unaccounted stocks

India Domestic SalesMillion Tonnes

0

25

5

10

15

35

20

30

Feb AprJan JulMar May Jun Aug Sep Oct Nov Dec

+4%

Imports Production 2019 2020

November 10, 2020

Source: Katana, CRU, Nutrien

Strong urea demand and imports are supporting urea prices

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. 2011-2016 data is based upon Agrium Inc. financials. 2017 based on the combined historical information as presented in our 2018 Annual Report. 2010 to 2017

figures are presented as Retail EBITDA. 2018 to 2020 are presented as Retail Adjusted EBITDA.

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

November 10, 2020

28

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 Adjusted

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 its geographic footprint and Ag solutions offerings

November 10, 2020

29

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

to 25%-30%

Independents, 24%

Co-ops, 30%

21%

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

30

Source: CropLife, Nutrien

November 10, 2020

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

31

Source: Nutrien

1. 2012-2016 data is based upon Agrium Inc. financials. Excludes Dalgety animal health products.November 10, 2020

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”

32

November 10, 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 & temperature, 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

Pathway to ESG Improvement 33

Our strategy is expected to 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

Evaluating industry risk,

listening to stakeholders and

benchmarking best practices

Improving our ESG

performance and profileAssessing reporting landscape

and frameworks. Revised

approach to 2020 ESG

reporting

November 10, 2020

Source: Nutrien

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=2ahUKEwiO04HM45fmAhXGHjQIHbGFCXsQjRx6BAgBEAQ&url=https%3A%2F%2Fwww.aegon.com%2Fnewsroom%2Fnews%2F2016%2F-Dow-Jones-Sustainability-Indices-%2F&psig=AOvVaw1nR3SW7dcDmLiQ7AU-ygyt&ust=1575404056520175

Nutrien: Focused on Sustainable Agriculture

What have we done?

✓ Developed baseline 2018 scope 1 & 2 GHG emissions and obtained limited external

assurance from KPMG

✓ Assessing our scope 3 GHG emissions inventory and are continuing to evaluate

✓ 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 and Agbridge 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

November 10, 2020

34

Source: Nutrien

Explaining the Gap: Why is NTR’s D&A Higher Than Sustaining CapEx?

November 10, 2020

35

Source: Nutrien

Sustaining CapEx (2019)

A number of factors contribute to Nutrien’s D&A being higher than sustaining capex, however

core depreciation1 is in line with sustaining CapEx of ~$1.0B.

Nitrogen

Retail

Potash

Phosphate

Corporate

$1.0B

Normal course amortization for assets such as

intangibles do not require regular cash outlays to

maintain them in a safe and reliable manner.

The adoption of IFRS 16 resulted in $1.1B of

leased assets being capitalized, and increased

depreciation expense.

The merger resulted in certain balance sheet

items written up to fair value, contributing to higher

D&A for a number of assets such as intangible

assets and PP&E.

D&A (2019)

Core Depreciation

Amortization

PPA

Leases

$1.8B

1

2

3

1. Core depreciation represents depreciation related to tangible assets excluding leased assets and impact of fair value adjustments from the merger.

$1.1B

For further information, visit:

www.nutrien.com

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facebook.com/nutrienltd

linkedin.com/company/nutrien

youtube.com/nutrien

Thank You!