February 2020

February 21, 2020

Market Update

Forward Looking Statements 2

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: our market outlook for 2020 and beyond, including agriculture crop nutrient markets (including potash, nitrogen and phosphate) and the anticipated supply and demand thereof and import and export volume expectations, expected market and industry conditions with respect to crop inventories, production, margins, currency and exchange rates, prices and the impact of market fluctuations. 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 readers should not place an undue reliance on these assumptions and such forward-looking statements. The assumptions that have been made include, among other things, assumptions 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, availability and cost of labor and interest, exchange and effective tax rates, and assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2020 and in the future.

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; 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 crops and crop nutrients; 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; regional natural gas supply restrictions; 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.

All forward-looking statements are provided as of the date hereof. 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 laws.

February 21, 2020

Nutrien North American Production Facilities 3

~27MmtCombined sales

tonnes1 of potash, nitrogen, phosphate

& sulfate

NOTE: European distribution and our ownership stakes in Sinofert and the MOPCO nitrogen facility are not included on these maps.1. 2018 sales volumes

28 Production facilities in

North America and Trinidad

>2,100North American

distribution touch points

>20,000Employees in 14

countries

February 21, 2020

Office

Granulation Upgrade Facility

Phosphate Facility

Nitrogen Facility

Potash Facility

ESN®

Currency Changes in Selected Countries$USD/Local Currency

Currency Changes in Agricultural Markets

Currency fluctuations could impact purchasing ability, production costs and competitiveness

4

6.06.26.46.66.87.07.27.4

Jan-

15Ap

r-15

Jul-1

5O

ct-1

5Ja

n-16

Apr-1

6Ju

l-16

Oct

-16

Jan-

17Ap

r-17

Jul-1

7O

ct-1

7Ja

n-18

Apr-1

8Ju

l-18

Oct

-18

Jan-

19Ap

r-19

Jul-1

9O

ct-1

9Ja

n-20

China

60

65

70

75

Jan-

15Ap

r-15

Jul-1

5O

ct-1

5Ja

n-16

Apr-1

6Ju

l-16

Oct

-16

Jan-

17Ap

r-17

Jul-1

7O

ct-1

7Ja

n-18

Apr-1

8Ju

l-18

Oct

-18

Jan-

19Ap

r-19

Jul-1

9O

ct-1

9Ja

n-20

India

2.0

2.5

3.0

3.5

4.0

4.5

Jan-

15Ap

r-15

Jul-1

5O

ct-1

5Ja

n-16

Apr-1

6Ju

l-16

Oct

-16

Jan-

17Ap

r-17

Jul-1

7O

ct-1

7Ja

n-18

Apr-1

8Ju

l-18

Oct

-18

Jan-

19Ap

r-19

Jul-1

9O

ct-1

9Ja

n-20

Brazil

50

55

60

65

70

75

80

Jan-

15Ap

r-15

Jul-1

5O

ct-1

5Ja

n-16

Apr-1

6Ju

l-16

Oct

-16

Jan-

17Ap

r-17

Jul-1

7O

ct-1

7Ja

n-18

Apr-1

8Ju

l-18

Oct

-18

Jan-

19Ap

r-19

Jul-1

9O

ct-1

9Ja

n-20

Russia

Source: Bloomberg February 21, 2020

Key Crop PricesUS$/bushel (unless otherwise indicated)

Global Crop Price Trends

3.00

3.50

4.00

4.50

5.00

Aug-

18Se

p-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19Fe

b-19

Mar

-19

Apr-1

9M

ay-1

9Ju

n-19

Jul-1

9Au

g-19

Sep-

19O

ct-1

9N

ov-1

9D

ec-1

9Ja

n-20

Feb-

20

Chicago Corn

7.50

8.00

8.50

9.00

9.50

Aug-

18Se

p-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19Fe

b-19

Mar

-19

Apr-1

9M

ay-1

9Ju

n-19

Jul-1

9Au

g-19

Sep-

19O

ct-1

9N

ov-1

9D

ec-1

9Ja

n-20

Feb-

20

Chicago Soybeans

1,600

2,000

2,400

2,800

3,200

Aug-

18Se

p-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19Fe

b-19

Mar

-19

Apr-1

9M

ay-1

9Ju

n-19

Jul-1

9Au

g-19

Sep-

19O

ct-1

9N

ov-1

9D

ec-1

9Ja

n-20

Feb-

20

Palm Oil (MYR/tonne)

55

65

75

85

Aug-

18Se

p-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19Fe

b-19

Mar

-19

Apr-1

9M

ay-1

9Ju

n-19

Jul-1

9Au

g-19

Sep-

19O

ct-1

9N

ov-1

9D

ec-1

9Ja

n-20

Feb-

20

Mato Grosso Soybeans (BRL/sack )

Crop price volatility driven by macroeconomics but grower sentiment is strong

Source: Bloomberg, ICE, USDA1. Based on a 60kg sack of soybeans

1

5

February 21, 2020

40

60

80

100

120

140

160

180

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Jan-

15

May

-15

Sep-

15

Jan-

16

May

-16

Sep-

16

Jan-

17

May

-17

Sep-

17

Jan-

18

May

-18

Sep-

18

Jan-

19

May

-19

Sep-

19

Jan-

20

Crop Prices Fertilizer Prices

Crop and Fertilizer Affordability Indices

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 crops; fertilizer price index is based on NOLA urea, Tampa DAP and Midwest Potash prices weighted by global nutrient consumption.

6

Crop & Fertilizer Price Indices1

Index 2014-2015 = 100

February 21, 2020

Source: Bloomberg, USDA, Fertilizer Week

Highest crop price index since May 2018; Combined with lowest fertilizer price index since late 2017 drives high affordability

Agriculture Fundamentals

February 21, 2020

7

-50

0

50

100

150

200

250

300

350

2017

2018

2019

F20

20F

2017

2018

2019

F20

20F

2017

2018

2019

F20

20F

2017

2018

2019

F20

20F

2017

2018

2019

F20

20F -250

-501503505507509501,1501,3501,550

2017

2018

2019

F20

20F

Key Crop Grower Cash MarginsLocal Currency Margin/Acre

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

Fertilizer Cost as a % of US Corn RevenuePercentage

0%

5%

10%

15%

20%

25%

2014 2015 2016 2017 2018 2019 2020F

10-Year Avg

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

Source: USDA, IMEA, Doane, Nutrien

0

500

1,000

1,500

2,000

2,500

US Corn & Soybean Supply/Demand is Tightening 8

US Corn & Soybean Ending StocksMillion Bushels

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

Source: Soybean & Corn Advisor, Doane, Informa, USDA, Nutrien

0

200

400

600

800

1,000

Corn Soybeans

February 21, 2020

North American Major Crop Acreage Forecast

2013 2014 2015 2016 2017 2018F 2019E 2020F

Corn 95.3 90.6 88.4 94.0 90.2 89.9 89.7 93.5

Soybeans 76.5 83.7 83.2 83.4 90.1 89.2 76.1 85.0

Wheat 56.2 56.8 54.6 50.2 46.4 47.8 45.2 46.5

Cotton 10.3 11.0 8.6 10.1 12.6 14.1 13.7 13.0

Sorghum 8.1 7.2 8.7 6.7 5.6 5.7 5.3 6.0

Rice 2.5 2.9 2.6 3.2 2.5 3.0 2.5 2.8

Total U.S. Major 249 252 246 248 247 249.7 232.5 247

WC Canola 20.1 20.7 20.6 20.6 22.8 22.6 21.0 21.0

9

Major Crop AcreageMillion Acres

Rebound in acreage projected in 2020;Increased soybean competition for acreage should be supportive of crop prices

Source: USDA, Informa, Nutrien February 21, 2020

February 21, 2020Source: Soybean & Corn Advisor, USDA, Nutrien

10

0

20

40

60

80

100

120

140

160

180 Brazil Argentina

0

20

40

60

80

100

120

140

160 Brazil Argentina

Brazil/Argentina Soybean Production Million Tonnes

Brazil/Argentina Corn Production Million Tonnes

Expect continued increase in South American soybean production in 2020;Corn production could be lower in Brazil due to late safrinha planting and increased weather risk

Record Crop Production in Brazil/Argentina

Price rebound in early 2020 driven by tightened supplies from key producers and concerns about Chinese availability

Prices pressured by reduced global demand, uncertainty around the Chinese potash contract and strong competition into the Brazilian market

Global Crop Nutrient Prices

Near-term Drivers

Potash Nitrogen

Strong 1H 2020 demand expectation supporting urea prices; improved ammonia prices driven by tightened supply

Phosphate

2017 2018

150

200

250

300

350

400

450

Jan MarMar May Jul Sep NovNov Jan Mar May Sep JulJan JanNov MarMay Sep Jul NovSepJul JanMay

Potash - CFR Brazil ($/mt)Urea – New Orleans Barge FOB ($/mt)

DAP - FOB Tampa ($/mt)

2016 2019

US$ per tonne

February 21, 2020

11

Source: Fertilizer Week, Nutrien

2020

Potash Market Fundamentals

Highest growth rate of the primary crop nutrients

Canada,37%

Russia, 18%

Belarus, 14%

Other, 31%

Long development times and high capital costs

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

0

10

20

30

40

50

60

70$3,000

$2,500

10 year Timeframe

Global Potash ConsumptionMillion Tonnes KCl

Global Potash Capacity1

% Share (2019)Greenfield Capital IntensityCost per Tonne2 (US$)

1 Based on nameplate capacity, which may exceed operational capability. 2 Estimates for a conventional 2-million-tonne mine in Saskatchewan, including rail, utility systems, and port facilities.

Range

12

Concentration of high-quality deposits

Source: AMEC, CRU, Fertecon, IFA, Nutrien

3.9% (5 Year CAGR)2.8% (16 Year CAGR)

February 21, 2020

Million Tonnes KCl

2020

Fo

reca

st13

We estimate global deliveries between 64-65 million tonnes in 2019 and project a strong rebound in 2020 to 66-68 million tonnes

Global Potash Deliveries by Region

Source: CRU, Fertecon, IFA, Nutrien

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

India Other Asia North America Latin America China Other4.0 – 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

February 21, 2020

North American Potash Shipments by Calendar YearMillion Tonnes - KCl

North American Potash Demand Profile

North American potash consumption negatively impacted by unfavorable weather conditions in 2019 but expect a significant rebound in 2020

Source: TFI, USDOC, Nutrien

0

2

4

6

8

10

12

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

Domestic Producer Sales Offshore Imports Previous 5-year Average

February 21, 2020

14

Global Potash Operational Capability Changes

Global potash operational capability expected to increase from Greenfield Projects

Source: CRU, Fertecon, Company Reports, Nutrien

Global Potash Supply Changes(Million Tonnes)

0.2

0.8

0.5

2019Operational Capability

K+S (Canada) Change

Other Producer ExpansionTonnes

EurochemChange

-0.9

ExpectedClosures

2020Operational Capability

71.8

72.1

NTRChange

-0.3

February 21, 2020

15

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

February 21, 2020

16

Source: CRU, Fertecon, IFA, Nutrien1 Based on estimated operational capability. Forecast utilization rate range based on high and low demand forecast.* Demand growth range based on 20 year CAGR (2002 to 2022) of 2.8 to 3.0 percent. 5-year forecast range of 2.3 to 3.3 percent.

0

10

20

30

40

50

60

70

80

Demand*

Operational Capability

70%

75%

80%

85%

90%

95%

100%

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

17

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Jan-

15M

ar-1

5M

ay-1

5Ju

l-15

Sep-

15N

ov-1

5Ja

n-16

Mar

-16

May

-16

Jul-1

6Se

p-16

Nov

-16

Jan-

17M

ar-1

7M

ay-1

7Ju

l-17

Sep-

17N

ov-1

7Ja

n-18

Mar

-18

May

-18

Jul-1

8Se

p-18

Nov

-18

Jan-

19M

ar-1

9M

ay-1

9Ju

l-19

Sep-

19N

ov-1

9Ja

n-20

Henry Hub AECO European Hub

Natural Gas PricesUS$/MMBtu

Decline in European natural gas prices have been a source of pressure on nitrogen prices

North American Natural Gas Prices Remain Favorable

February 21, 2020

Urea Key Regional Trade Balances

Key Urea Importing Regions Million Tonnes

Key Urea Exporting RegionsMillion Tonnes

5.95.5

5.7

2.8

6.3

5.65.9

2.2

9.7

4.4

6.0

2.02

0

4

6

8

10

12

India US Brazil Turkey

+53%

-21%

+2%

-10%

3.3

4.0

2.3

4.7

6.4

4.24.5

2.7 2.5

7.0

2.6

4.6

3.3

4.9

7.1

0

10

8

2

4

6

EgyptIran RussiaSE Asia China

-39%

+3%

+23%

+99%

+1%

Chinese urea exports replaced lost supply from Iran, met increased urea import demand from India and benefitted from weakened Chinese RMB and lower coal prices

18

February 21, 2020Source: CRU, Fertecon, Nutrien

2017 2019E2018

19

13.8Mmt

8.9Mmt

4.7Mmt

2.5Mmt

4.9Mmt

0

50

100

150

200

250

300

350

2015 2016 2017 2018 2019E

Exports Anthracite Coal Bituminous Coal Urea Price (fob China)

Stable urea export prices and robust Indian demand supported strong Chinese exports in 2019 while remained below pre-2017 levels due to significant capacity shutdowns

Chinese Urea Exports Respond to Market Signal

Chinese Urea FundamentalsPrice/Cost (US$/tonne)

Source: CRU, Nutrien February 21, 2020

Poor margins, low operating rates and closures

Improved operating rates, increased production and higher exports

Global Net Ammonia Supply Additions Million Tonnes (pro-rated for start-up*, excl. China)

Global Nitrogen Projects

- Does not include smaller debottleneck projects or China capacity changes.* Capacity is prorated for startup timing in the year.

Global Urea Supply Additions Million Tonnes (pro-rated for start-up*, excl. China)

The pace of capacity additions has slowed since 2017 and is projected to remain below demand growth over the medium-term

20

February 21, 2020Source: CRU, Fertecon, Nutrien

-1

0

1

2

3

4

5

2017 2018 2019E 2020F 2021F 2022F 2023F

US RussiaAsia (excl. China) Middle EastAfrica OtherNet Changes

-1

0

1

2

3

4

5

6

7

8

9

2017 2018 2019E 2020F 2021F 2022F 2023F

US RussiaAsia (excl. China) Middle EastAfrica OtherNet Changes

Tightening Global Nitrogen Supply & Demand

Global Nitrogen S&DMillion Tonnes Nitrogen

Global Utilization Rate1

Percent

1. Based on estimated operational capabilityNote: Demand growth based on 20 year CAGR 2002 to 2022

21

0

20

40

60

80

100

120

140

160

180 Demand* Operational Capability

70%

75%

80%

85%

90%

95%

100%

February 21, 2020Source: Source: CRU, Nutrien

Expect improved global demand and limited new capacity lead to a tighter supply/demand balance in 2020 and over the medium-term

Phosphate Raw Material Costs

Selected Raw Material PricesUS$/Tonne

0

50

100

150

200

250

300

350

400

Jan OctApr OctOct Jan Apr Jul JulJan JanOct Jan Apr JulAprJul

Tampa Liquid Sulfur FOBTampa Ammonia

2016

Phosphate prices continue to be impacted by lower year-over-year ammonia and sulfur prices

Source: Fertilizer Week, Nutrien

2017

February 21, 2020

22

2018 2019 2020

DAP/MAP Exports by Selected Regions

Source: CRU, Company Reports, Nutrien

DAP/MAP ExportsMillion Tonnes

8.9

5.0

3.3 3.0

3.8

10.0

5.9

4.2

3.2 3.0

8.9

6.2

5.0

3.7 3.8

12

6

0

3

9

15

China RussiaMorocco Saudi Arabia US

-11%

+6%

17%

+15% +25%

2017 2018 2019E

February 21, 2020

Chinese phosphate exports declined in 2019 and could be negatively impacted by Coronavirus and marginal production economics in 2020

23

Indian DAP Supply and Inventory

India DAP SupplyMillion Tonnes

0

3

8

1

4

7

12

6

2

910

5

11

4.5

5.9

4.3

2022F

4.5

10.4

2018

4.0

4.8

5.9

2017

10.5

2020F

6.0

3.6

5.6

10.4

4.8

2021F2019E

5.8

4.5

5.9

4.5

2023F

6.2

2024F

8.89.6

10.4 10.4 10.5

* Includes unofficial estimates of unaccounted stocks

Source: Katana, CRU, Nutrien

Indian DAP import demand remained relatively strong in 2019 and stocks have declined significantly in recent months supported by improved sales

Imports Production

India DAP InventoryMillion Tonnes

0.0

2.5

2.0

1.0

0.5

3.0

1.5

3.5

Oct-19

Apr-18

Jul-17

Jan-17

Apr-17

Oct-17

Jan-18

Jan-19

Jul-18

Oct-18

Apr-19

Jul-19

ProductionImports Inventory

February 21, 2020

24

Expect Improvement in Phosphate Fundamentals

February 21, 2020Source: CRU, Nutrien1 Based on estimated operational capability

Global Phosphate S&DMillion Tonnes P2O5

70%

75%

80%

85%

90%

95%

100%

Global Utilization Rate1

Percent

0

10

20

30

40

50

60Demand Operational Capability

25

Low operating rates in China projected to balance the market in the short-term;Demand growth projected to exceed capacity additions from 2020-forward

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