Nutrien Q2 2020 Results Presentation

August 10, 2020

Forward Looking Statements

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: our 2020 annual guidance, including expectations regarding our adjusted net earnings per share, adjusted EBITDA and EBITDA by segment; expectations regarding performance of our operating segments in 2020; our operating segment market outlooks and market conditions for 2020, 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 first quarter 2020 interim report dated May 6, 2020, 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.

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 AdvisoryWe consider EBITDA, adjusted EBITDA, adjusted net earnings per share, adjusted net earnings per share and adjusted EBITDA guidance, Potash cash cost of product manufactured (COPM), ammonia controllable cash COPM, Free Cash Flow including changes in non-cash operating working capital, Retail EBITDA per US selling location and 2017 combined historical Retail financial measures, all of which are non-IFRS financial measures, to provide useful information to both management and investors in measuring our financial performance and financial condition. Refer to the disclosure under the heading “Appendix B – Non-IFRS Financial Measures” included in our news release dated August 10, 2020 announcing our second quarter 2020 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.

2

Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted. August 10, 2020

3

Stability andGrowth

Retail Ag Solutions provides earnings stability & exposure to multiple growth

platforms

Stable and Growing Returns

Attractive dividend that pays to wait for the upcycle

Nutrient Upside

Fertilizer markets reaching structural lows with significant upside potential

Strong Financial Position

Nutrien has a stable balance sheet with ample liquidity

Nutrien’s Key Message

August 10, 2020

Second Quarter and First Half2020 Results

August 10, 2020

Dividends & Share Repurchases

~$6.0Billion

Past 30 months

Adjusted EBITDA ($B)Q2’20 1H’20

$1.7 $2.2-8% -13%

RETAIL POTASH NITROGEN

$971MRecord 1H’20

EBITDA

+20%1H’20 EBITDA Growth YOY

~$1.1MEBITDA2 per US selling location 6.5Mmt

Recordfirst-half potashsales volume

$52Cash cost of product

manufactured per tonne Q2’20

+6%Nitrogen Sales Volumes 1H’20

>10%1H’20 Retail

EBITDA Margin

>$700MDigital sales1

YTD

Fully Committed

Volumeinto October

97%Ammonia operating

rate Q2’203

Financial and Strategic Highlights 5

Nutrien delivered compelling second quarter and first half results supported by tremendous growth in Retail Ag Solutions earnings and excellent operational performance across our Potash and Nitrogen.

Free Cash Flow4

Q2’20

$1.6Billion

Adjusted Net EPS Q2’20 1H’20

$1.45 $1.32-8% -25%

Note: Percent changes on this page are the current period vs. the comparative period in 20191. Represents North America results.2. Rolling four quarters ended June 30, 2020.3. Excludes Joffre and Trinidad.4. Free cash flow including changes in non-cash operating working capital.

August 10, 2020Source: Nutrien

August 10, 2020

6

Second Quarter First Half2020 2019 Change 2020 2019 Change

Adjusted EBITDA $1,721 $1,870 -8% $2,229 $2,574 -13%

EBITDA

Retail $964 $836 +15% $971 $810 +20%

Potash $335 $553 -39% $620 $1,014 -39%

Nitrogen $383 $459 -17% $619 $733 -16%

Phosphate $77 $38 +103% $123 $106 +16%

Corporate &Others1 -$103 -$105 +2% -$122 -$286 +57%

Retail delivered record EBITDA in both periods. Potash and Nitrogen were impacted by lower selling prices which offset strong operational results. Phosphate benefited from ARO gain.

Nutrien Q2 2020 & 1H 2020 EBITDA and Adjusted EBITDA1

Note: Results shown above are in US$ Millions unless otherwise noted1. Total includes eliminations.

Source: Nutrien

August 10, 2020Results shown in US$ Millions unless otherwise noted.Note: Changes comparison are the current period vs. the same period in 2019.1. Calculated as change in organic Retail EBITDA growth divided by total retail EBITDA growth, and excludes the impact of acquisitions in the last twelve months.

7

Retail Q2’20

Results

Retail 1H’20

Results

Retail Ag Solutions gross margins increased due to higher sales resulting from strong organic growth, the benefit from recent acquisitions and higher margin percentages.

Source: Nutrien

Revenues+4%

Organic % of EBITDA Growth1

~80%

Proportion of Proprietary Margin

29%

Revenues+10%

Organic % of EBITDA Growth1

~75%

Proportion of Proprietary Margin

28%

$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 %

August 10, 2020Source: Nutrien

Note: 2011-2016 data is based upon Agrium Inc. financials. 2017 based on the combined historical information as presented in our 2018 Annual Report.1. Based on Retail EBITDA guidance as provided on August 10, 2020.2. Calculated as US Retail EBITDA divided by US Retail sales.3. Calculated as total Retail EBITDA divided by total Retail sales.

Nutrien Ag Solutions Continues to Deliver Growth

1

8

Strong organic growth combined with accretive acquisitionshave grown earnings and improved margins

1H’17 1H’18 1H’19 1H’20

US Retail EBITDA Margin2 10.7% 10.8% 9.9% 11.5%

Total Retail EBITDA Margin3 10.1% 10.5% 9.5% 10.3%

$3

$93

$260

$171

$534

Q1'19 Q2'19 2019 Q1'20 Q2'20

Nutrien Ag Solutions Digital Platform

Source: Nutrien

9

Proportion of Digital Platform Sales1,3

Percent

1%

9%12%

40%

45%

Q1'19 Q2'19 2019 Q1'20 Q2'20

Digital Platform Sales 1US$ Millions

1. Represents North America results.2. The launch of the platform was in March 2019. 3. North American digital Retail sales as a proportion of North American Retail sales that are available for purchase online.

Exceptional adoption of our industry leading digital platform

2 2

August 10, 2020

Potash Results: Q2 2020 10

Gross Margin US$ Millions

$246$163

Q2’19 Q2’20

-34%$59

Q2’20Q2’19

$52

-12%

EBITDAUS$ Million

Net Selling Price US$/MT

Cash COPM US$/MT

Source: Nutrien

Offshore

N. America

$553

$335

Q2’20Q2’19

-39%

$278

$531

Q2'19Gross Margin

Net Selling Price Volumes COGSexcl. D&A

D&A inCOGS

Q2'20Gross Margin1

1.0 1.2

2.5 2.4

Q2’19 Q2’20

3.5 3.6

+5%

Sales Volumes Million Tonnes

• Gross margin impacted by lower net realized selling prices

• Strong sales volumes: strong application rates & higher acreage in the US

• Lower COGS/mt aided by higher volumes and efficiency gains

1. COGS variance does not include depreciation and amortization (D&A). August 10, 2020

Potash Results: 1H 2020 11

Gross Margin US$ Millions

$242$170

1H’19 1H’20

-30%$59

1H’201H’19

$56

-5%

EBITDAUS$ Million

Net Selling Price US$/MT

Cash COPM US$/MT

Source: Nutrien

Offshore

N. America

$1,014

$620

1H’201H’19

-39%

$530

$956

1H'19Gross Margin

Net Selling Price Volumes COGSexcl. D&A

D&A inCOGS

1H'20Gross Margin1

2.0 2.4

4.4 4.1

6.56.4

1H’19 1H’20

+2%

Sales Volumes Million Tonnes

1. COGS variance does not include depreciation and amortization (D&A). August 10, 2020

• Lower net realized selling prices impacted gross margin

• Higher North American sales more than offset slightly lower offshore volumes

• Lower COGS/mt driven by higher production and mix

Nitrogen Results: Q2 2020 12

Gross Margin US$ Millions

$255$218

Q2’19 Q2’20

-15%$45 $40

Q2’19 Q2’20

-11%

EBITDAUS$ Million

Net Selling Price US$/MT

Ammonia COPM2

US$/MT

Source: Nutrien

$459$383

Q2’19 Q2’20

-17%

$208

$294

Q2'19Gross Margin

Net Selling Price Volumes COGSexcl. D&A

D&A inCOGS

Q2'20Gross Margin

1

3.1 3.2

Q2’20Q2’19

+1%

Sales VolumesMillion MT

• Gross margin impacted by lower net realized selling prices

• Higher sales volumes from strong fertilizer demand offset lower industrial ammonia demand

• Lower gas and fixed costs lowered COGS/mt

1. COGS variance does not include depreciation and amortization (D&A).2. Ammonia controllable cash cost of product manufactured.

August 10, 2020

Nitrogen Results: 1H 2020 13

Gross Margin US$ Millions

$250$214

1H’19 1H’20

-14%$44 $43

1H’19 1H’20

-2%

EBITDAUS$ Million

Net Selling Price US$/MT

Ammonia COPM2

US$/MT

Source: Nutrien

$733$619

1H’201H’19

-16%

$305

$460

1H'19Gross Margin

Net Selling Price Volumes COGSexcl. D&A

D&A inCOGS

1H'20Gross Margin

1

5.4 5.7

1H’19 1H’20

+6%

Sales VolumesMillion MT

• Lower net realized selling prices in all three product categories were the result of lower global benchmark prices

• Increased fertilizer sales more than offset lower industrial ammonia demand

• Lower gas and fixed costs lowered COGS/mt

1. COGS variance does not include depreciation and amortization (D&A).2. Ammonia controllable cash cost of product manufactured. August 10, 2020

August 10, 2020

14

$28

-$10

Q2'19Gross Margin

Net SellingPrice

Volumes COGSexcl. D&A

D&A inCOGS

Q2'20Gross Margin

1

$21$4

1H'19Gross Margin

Net SellingPrice

Volumes COGSexcl. D&A

D&A inCOGS

1H'20Gross Margin

1

• Higher gross margin in both periods was due to lower costs: a combination of an ARO gain and lower raw material costs

• The lower costs more than offset low global dry phosphate prices

Results are shown in US$ Millions1. COGS variance does not include depreciation and amortization (D&A).

Source: Nutrien

Phosphate Q2’20

Results

Phosphate 1H’20

Results

Strong free cash flow generation supports a stable & growing dividend, which at a current yield of 5.4%1 provides a stable rate of return while shareholders wait for price recovery

Strong Free Cash Flow And Stable & Growing Dividend 15

August 10, 2020Source: Nutrien

1. Dividend yield calculated as dividend per share ($1.80/sh annualized) divided by the closing share price on the NYSE as at July 30, 2020.2. Based on internal forecasts aligned with annual guidance provided in our news release dated August 10, 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 on August 10, 2020.

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. EBITDA2

Sustaining Capex2

Dividends3 Remaining Capital4

Interest and Taxes2

0.9

2020F Range3.8

3.5

Apr’18 - Oct’18 Jan’19 - Jul’19 Oct’19 - Aug’20

$0.40$0.43

$0.45

Horizontal axis represents the length of time at each dividend level

August 10, 2020

Outlook and GuidanceAugust 10, 2020

Grower Cash Margins 17

-100

-50

0

50

100

150

200

250

300

350

400

-1501003506008501,1001,3501,6001,8502,100

Key Crop Grower Cash MarginsLocal Currency Margin/Acre

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

Grower margin supported by affordable crop input prices and favorable Brazilian FX

August 10, 2020Source: USDA, IMEA, Doane, Nutrien

Brazil: Strong Grower Economics 18

Brazilian Harvested AcreageMillions of Hectares

A devaluation of the Brazilian real in 2020 has led to strong domestic crop prices. We expect a ~5% increase in acreage this year, driving crop input demand in 2H20.

August 10, 2020

Source: USDA, Bloomberg, CONAB, Nutrien

0

10

20

30

40

50

60

2013 2014 2015 2016 2017 2018 2019E2020F

Corn Soybeans

0

20

40

60

80

100

120

Jan-11 Jan-13 Jan-15 Jan-17 Jan-19

Soybeans

Corn

Mato Grosso Cash Soybean & Corn PricesReal/Sack

0

10

20

30

40

50

60

Wheat Barley Canola Oats Others

19

Australia Winter Crop AcreageMillion Acres

Difference in Feb-Jul Rainfall 2020 vs 2019mm

Key growing areas circled in red.

August 10, 2020

After two seasons of drought in Australia, moisture through the first half of 2020 has significantly improved growing conditions, leading to a forecast 23% increase in winter crop area vs 2019

Source: ABARES, Australian Government Bureau of Meteorology

Australia: Growing Conditions Improve

+23%

India: A Bright Spot for Nutrient Demand 20

India Fertilizer Import ProfileMillion Tonnes

3.8

6.6

4.34.55.5

4.04.76.3 6.0

4.1

9.7

5.3

0

3

6

9

12

15

MOP Urea DAP

4.5-5.0

8.5-9.0

6.0-6.5

20172016 2018 2019 2020F

August 10, 2020

The increase in crop prices and the early monsoon rains have supported the Kharif plantings, which in supports demand for fertilizers

Source: CRU, Katana, India Meteorological Department, Nutrien

500

0

600

100200

400300

Paddy Rice Corn Soybeans Cotton

+3% +5%

+5%

+5%2020/212018/19 2019/20

02468

101214

1-Jun

5-Jun

9-Jun

13-Jun

17-Jun

21-Jun

25-Jun

29-Jun

3-Jul

7-Jul

11-Jul

15-Jul

19-Jul

23-Jul

27-Jul

31-Jul

4-Aug

8-Aug

12-Aug

Actual Normal (1961-2010)

Minimum Support Prices for Kharif CropsRs./tonne

India Monsoon in 2020 (as of Aug 6) vs NormalDaily Mean Rainfall (mm)

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

reca

st21

We project improved 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

August 10, 2020

India Other Asia North America Latin America China Other4.5 – 5.0Mmt

• Expect increased shipments supported by normal monsoon rains in 2020 and increased minimum support prices and production for key crops

8.5 – 10.0Mmt• Despite volatile palm

oil prices, we expect improved affordability and supportive 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

14.5 – 15.5Mmt• Expect reduced

shipments driven by inventory build in 2019, while 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

0.266.0

2019Shipments

Nutrien Other North American

Producers

Former Soviet UnionProducers

Rest of the World

2020FShipments

63.8

22

August 10, 2020

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

Potash Markets Are At Or Near Bottom Of The Cycle Levels 23

Potash Cost Curve, Cash Cost1

USD per mt CFR

Source: CRU, Fertecon, Industry Publications, Nutrien

Total World Operational Capability, 2020E

We believe ~6Mmt of operational capability is cash negative at prices below $200/mt CFR; operational rates are posed for a recovery

1. The cost curve uses a theoretical prices for delivery of MOP to Brazil port for comparability purposes.2. Global potash utilization rates excluding Nutrien, periods 2020 to 2025 are Nutrien’s projections.

85%

90%

95%

100%

Global Potash Utilization (operational capability)2

Percentage

15 601050 55 70

200

150

65

100

0

50

504540

300

3530

250

2520

August 10, 2020

13.8Mmt

8.9Mmt

4.7Mmt

2.5Mmt

4.9Mmt 4.0-5.0Mmt

$0

$50

$100

$150

$200

$250

$300

$350

2015 2016 2017 2018 2019 2020F

Urea Exports Anthracite Coal based ProductionBituminous Coal based Production Urea Price (fob China)

Chinese Urea Exports Respond to Market Signal 24

Chinese urea exporters have not been aggressive in 2020, however we expect exports to be supported by strong Indian demand in the second half

Chinese Urea FundamentalsPrice/Cost (US$/tonne)

1

August 10, 2020Source: CRU, Nutrien

1. Represents the estimated production cost of Chinese urea producers using Bituminous and Anthracite feedstocks.

1

Nutrien 2020 Annual Guidance

2020 Guidance Ranges 1

(annual guidance except where noted) Low High

Adjusted net earnings per share 1 $1.50 $1.90Adjusted EBITDA (billions) $3.5 $3.8Retail EBITDA (billions) $1.4 $1.5Potash EBITDA (billions) $1.0 $1.2Nitrogen EBITDA (billions) $1.1 $1.2Phosphate EBITDA (millions) $200 $250Potash sales tonnes (millions) 2 12.1 12.5Nitrogen sales tonnes (millions) 2 10.9 11.5Depreciation & amortization (billions) 1.85 1.95Effective tax rate 19% 21%Sustaining capital expenditures (billions) $0.9 $1.0

25

August 10, 2020

(Refer to page 46 of Nutrien’s 2019 Annual Report for related sensitivities)

Source: Nutrien

1. All references to per-share amounts pertain to diluted net earnings per share.2. Potash and nitrogen sales tonnes include manufactured product only. Nitrogen sales tonnes exclude ESN® and Rainbow products.

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