Nutrien Q4 Results PresentationFebruary 5, 2018

February 5, 2018

February 5, 2018

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. All statements in this presentation, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's 2018 annual guidance, including expectations regarding our diluted earnings per share and EBITDA (both consolidated and Retail); statements relating to certain strategic benefits expected to result from the merger of Agrium Inc. and Potash Corporation of Saskatchewan Inc. (the "Merger"), the nature and timing of operating synergies, cost savings and Nutrien's expected capital allocation strategy; Nutrien's strategic priorities; Nutrien's market outlook for 2018, including potash, nitrogen and phosphate outlook and including anticipated supply and demand for our products and services, expected market and industry conditions with respect to crop nutrient application rates, planted acres, crop mix, prices and the impact of currency fluctuations and import and export volumes. Forward-looking statements in this presentation are based on certain key expectations and assumptions made by Nutrien, including expectations and assumptions concerning: Nutrien's ability to successfully integrate and realize the anticipated benefits of its already completed (including the merger of Agrium and PotashCorp) 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 2018 and in the future; 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; ability to maintain investment grade rating and achieve our performance targets; assumptions in respect of our ability to sell equity positions, including the ability to find suitable buyers at expected prices and successfully complete such transactions in a timely manner; 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. Although Nutrien believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Nutrien can give no assurance that they will prove to be correct.Forward-looking statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this presentation. Key risks and uncertainties include, but are not limited to: general global economic, market and business conditions; the failure to successfully integrate and realize the expected synergies associated with the merger of Agrium and PotashCorp, including within the expected timeframe; 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, 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; the inability to find suitable buyers for our equity positions and counterparty and transaction risk associated therewith; regional natural gas supply restrictions; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions at our Egyptian and Argentinian facilities; 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 Agrium and PotashCorp reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States, including those disclosed in Agrium's annual information form for the year ended December 31, 2016 and its 2016 annual management's discussion and analysis, as well as PotashCorp's Form 10-K for the year ended December 31, 2016 and Form 10-Q filed throughout 2017. Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this presentation as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable U.S. federal securities laws.IFRS Advisory Historical financial information relating to Agrium and PotashCorp in this presentation is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”).Non-IFRS Financial Measures AdvisoryWe consider adjusted net earnings (loss) from continuing operations before finance costs, income tax (recovery) expense and depreciation and amortization ("EBITDA"), adjusted net earnings (loss) per share and guidance relevant earnings (loss) per share, 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 “Selected Non-IFRS Financial Measures and Reconciliations” included in our press release dated February 5, 2018 announcing our fourth quarter 2017 results, each 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 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.

Forward Looking Statements

Nutrien’s Unique Global Footprint 3

~34Mmt2

Nutrient Production Capacity

500,000Grower Customers

>$32BMarket

Capitalization(as of Feb 5, ‘18)

$500MExpected Annual

Synergies

~33%

~24%~7%

~36%

Adjusted Combined EBITDA Split2017 ProForma1

Retail

PhosphateNitrogen

Potash

Nutrien operates across the globe, with a complementary footprint of

crop nutrient production and retail distribution assets in 14 countries.

1 Adjusted combined EBITDA are derived from historical financial information of PotashCorp and Agrium and do not include the effects of a) intersegment eliminations, b) the equity earnings and operating results of completed or anticipated divestitures in connection with the merger, c) allocation of certain corporate costs or d) the impairment charge related to Phosphate. Determination of Adjusted Combined EBITDA required allocation of historical amounts on a basis consistent with how Nutrien will report financial information in the future. This information does not purport to project the future operating results of Nutrien, and is not necessarily indicative of what Nutrien’s results of operations would have been had the merger been completed on January 1, 2017.2 Based on nameplate capacity, which may exceed operational capability.

February 5, 2018

Nutrien Provides 2018 Guidance and Q4 Results

HIGHLIGHTS

• Agrium fourth-quarter earnings from continuing operations, adjusted for items not included in

guidance, of $0.781 per share2 (net earnings from continuing operations of $0.19 per share)

• PotashCorp fourth-quarter adjusted earnings of $0.06 per share (net loss of $0.09 per share)

• 2017 earnings for Agrium were supported by record Retail EBITDA of $1.2 billion and margins of

10 percent, while stronger potash prices, sales volumes and lower cash costs per tonne

benefited both companies

• Nutrien full-year 2018 guidance of $2.10 to $2.60 earnings per share from continuing operations,

excluding incremental D&A related to purchase price allocation of $150 million to $300 million

• Nutrien 2018 EBITDA3 of $3.2 billion to $3.7 billion

• Nutrien sold its equity stake in Israel Chemicals Ltd. (ICL) in January 2018 for net proceeds of

$685 million

• Nutrien announced an agreement to purchase Agrichem, a leading Brazilian specialty plant

nutrition company with total annual historical net sales of over $55 million

• Nutrien achieved over $40 million in run-rate synergies year-to-date 2018

February 5, 20181 All amounts are stated in U.S. dollars.2 All references to per-share amounts pertain to diluted net income per share.3 EBITDA is calculated as net (loss) income from continuing operations before finance costs, income tax (recovery) expense, and depreciation and amortization.

4

Fourth Quarter Results

Q4 2017 RESULTS PRESENTATION February 5, 2018

Agrium Q4 2017 Retail Gross Profit Bridge 6

623

695

21

31

812

580

600

620

640

660

680

700

720

Q4 2016 Gross Profit Crop Nutrients Crop ProtectionProducts

Seed Merchandise, Servicesand Other

Q4 2017 Gross Profit

$U

SD M

illio

ns

Source: Nutrien

• Crop nutrient gross profit grew due to increased sales volumes, while gross profit margins per tonne remained

relatively flat.

• Crop protection products gross profit was higher due to increased sales volumes across all regions and an

increase in proprietary product sales.

• Seed results increased due to purchases in the U.S. that were delayed from Q3 pushing sales into Q4.

• Services and Other results supported by higher livestock export shipments and wool commissions in Australia

and high demand for fall nutrient and crop protection application services in North America.

February 5, 2018

Agrium Q4 2017 Wholesale Gross Profit Bridge 7

135

87

19 ( 51 )

( 11 )(5)

-

-

20

40

60

80

100

120

140

160

180

Q4 2016 Gross Profit Potash Nitrogen Phosphate Wholesale Other Q4 2017 Gross Profit

$U

SD M

illio

ns

Source: Nutrien

• Potash gross profit grew due to a combination of higher prices and sales volumes which more than

offset an increase in the cost of product sold per tonne.

• Nitrogen gross profit was significantly reduced due to plant outages and lower realized ammonia and

UAN prices.

• Phosphate results were impacted by higher rock and sulfur costs as well as an extended maintenance

shutdown at our Redwater facility, which increased cost of product sold per tonne.

• Wholesale Other results were negatively impacted by lower ammonium sulfate sales due to the

shutdown at our Redwater facility.

February 5, 2018

PotashCorp Q4 2017 Gross Margin Bridge 8

163

(276)

(78)

38

15 ( 18 )

-

(100)

(50)

-

50

100

150

200

250

Q4 2016 GrossMargin

Potash Nitrogen Phosphate* PhosphateImpairment Charge

Q4 2017 GrossMargin

$U

SD M

illio

ns

Source: Nutrien* Net of non-cash impairment charge of $276-million.

• Potash gross margin grew due to higher prices and reduced per-tonne costs.

• Nitrogen gross margin benefited from stronger sales prices, more than offsetting higher per-tonne costs.

• Phosphate gross margin declined due to lower realized selling prices and a $276-million non-cash

impairment charge relating to our White Springs and feed phosphate facilities.

February 5, 2018

Outlook and Guidance

Q4 2017 RESULTS PRESENTATION February 5, 2018

Supportive U.S. Grower Economics 10

February 5, 2018

0

50

100

150

200

250

300

350

400

450Corn Soybeans Wheat Cotton

U.S. Cash Grower Margins1

US$/Acre

Current cash crop margins support a relatively stable acreage outlook

Source: USDA, Green Markets, CME Group, Nutrien1. 2017/18 margins are based on spot cash crop prices and estimated average fertilizer costs; 2018/19 margins are based on new crop 2018 futures prices less estimated basis and estimated spot retail fertilizer prices

Selected Fertilizer Prices

Improvement in Global Crop Nutrient Prices

Source: Fertilizer Week, Nutrien

2018

Drivers

Potash

Agronomic need and affordability supporting demand and higher prices; expect increased shipments in 2018

Nitrogen

Strong demand and reduced Chinese exports supporting prices; expect seasonal volatility in 2018

Phosphate

Higher input costs and lower exports from US and China support prices; but margins continue to be pressured

150

200

250

300

350

400

450

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

DAP - FOB Tampa ($/mt)

Urea – New Orleans Barge FOB ($/mt)

Potash - CFR Brazil ($/mt)

2016 2017 2018

11

February 5, 2018

World Potash Shipments by RegionMillion Tonnes KCl

Record Potash Demand Projected in 2018

Source: CRU, Fertecon, Industry Publications, Nutrien

0

5

10

15

20

15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F

2018

Hig

hlig

hts

India

4.5 – 5.0Mmt

• Expect modest

demand growth in

line with positive

consumption trends

that occurred in

2017

9.5 – 10.0Mmt

• Demand supported

by robust crop

economics and

improved moisture

conditions

Other

9.5 – 10.0Mmt

• Steady demand

supported by strong

affordability and

significant removal

of nutrients following

consecutive large

harvests

12.0 – 12.5Mmt

• Favorable crop

economics and

acreage growth in

nutrient deficient

regions is supporting

record potash

demand

15.5 – 16.0Mmt

• Strong consumption

trends supported by

affordability and a

shift to more

potassium-intensive

crops like fruits and

vegetables

12.5 – 13.0Mmt

• Good affordability

and growing demand

for NPK fertilizers,

including in Africa,

are expected to

boost potash

demand

Other Asia Latin America ChinaNorth America

Previous Record:

6.3mmt (2010)

Previous Record:

9.6mmt (2017)

Previous Record:

11.1mmt (1997)

Previous Record:

12.2mmt (2017)

Previous Record:

15.8mmt (2015)

Previous Record:

13.7mmt (1997)

12

February 5, 2018

Tight Chinese Urea Supplies Reduce Exports

Chinese Urea ExportsMillion Tonnes

* Based on industry consultants’ estimates.

4.7

8.9

13.813.6

8.3

-15%

-47%

-36%

2018F

3.0-4.0

20172016201520142013

$149

$106$127

$151$175

2018Current

$205

20172016201520142013

Chinese

Energy

Costs(US$/MT)

China Anthracite Coal (55% of Urea Production)

Chinese

Operating

Rate*(Percentage)

2018Current

49%

2017E

55%

2016

62%

2015

72%

2014

66%

2013

77%

Slide #13

Uncertain how much of the ~50% of Chinese urea capacity not operating is

capable of restarting without significant capital investment

Source: CRU, Fertecon, Profercy, Nutrien February 5, 2018

13

Increase in Phosphate Raw Material Costs

Selected Raw Material PricesUS$/Tonne

0

50

100

150

200

250

300

350

NovSepJulMayJulJan JanNovSepMayMar JanMar

Sulfur Middle East fob

Black Sea Ammonia fob

2016

Higher input costs have lent support to phosphate prices but continue to weigh on

margins

2018

Source: Fertilizer Week, Nutrien

14

February 5, 2018

2017

Nutrien 2018 Annual Guidance 15

2018 Annual Guidance RangesAnnual

Low High

Earnings per share (a) $2.10 $2.60

Consolidated EBITDA (billions) $3.2 $3.7

Retail EBITDA (billions) $1.2 $1.3

Potash EBITDA (billions) $1.1 $1.3

Nitrogen EBITDA (billions) $0.9 $1.1

Potash sales tonnes (millions) 11.8 12.4

Nitrogen sales tonnes (millions) (b) 10.0 10.4

Effective tax rate on continuing operations 24% 25%

Sustaining capital expenditures (billions) $1.0 $1.1

2018 Annual Assumptions and Sensitivities

FX rate CAD to USD $1.26

NYMEX natural gas ($US/MMBtu) $3.00

$20/tonne change in realized Potash selling prices ($/share) (c) $0.24

$20/tonne change in realized Ammonia selling prices ($/share) (c) $0.07

$20/tonne change in realized Urea selling prices ($/share) (c) $0.09

(a) All references to per-share amounts pertain to diluted net income per share(b) Excludes ESN®, Rainbow and Europe sales.(c) Sensitivities are calculated pre-synergies

February 5, 2018

Nutrien Strategic Priorities

Q4 2017 RESULTS PRESENTATION February 5, 2018

1. Complete Integration

• Bring people, systems, assets and operations together

• Align operations and reporting to work as one

2. Deliver Synergies

• $500M annual run-rate expected by the end of 2019

• Costs to achieve synergies are below industry benchmark standards

3. Business Unit Strategy

• Complete portfolio review of combined company

• Determine key priorities for each business unit

• Complete required sales of equity investments

4. Capital Priorities

• Continue to invest in growth opportunities –focus on Retail

• Enhance shareholder returns

• Strong balance sheet - maintain investment grade credit ratings

Nutrien Strategic Priorities

February 5, 2018

17

Significant Value Creation from Merger Synergies 18

$150

$500

$125

$100

$125

$0

$100

$200

$300

$400

$500

$600 Distribution /

Optimization• Rail Fleet

Optimization

• Distribution

and

Warehouse

Optimization

• Logistics

Savings

• Portfolio

Integration

Production

Optimization• Phosphate

Integration

• Potash cost

efficiencies

• Nitrogen

optimization

Procurement• Procurement

optimization

SG&A• SG&A

Efficiencies

Target

Highly confident in full synergy realization of synergies by the end of 2019

++

+

February 5, 2018

Run-Rate SynergiesUS$ Millions

Appendix

Q4 2017 RESULTS PRESENTATION February 5, 2018

Nutrien Potash and Nitrogen Sales Volumes 20

10.9

11.7 11.8

12.4

5

6

7

8

9

10

11

12

13

2016 2017 2018 Guidance

10.09.7

10.0

10.4

5

6

7

8

9

10

11

2016 2017 2018 Guidance

Expect an increase in potash sales volumes in line with global demand growth and higher

nitrogen sales partly due to greater on-stream time for our plants

Source: Nutrien1 Adjusted Combined Sales Volumes2 Excludes ESN®, Rainbow and Europe sales

1

February 5, 2018

2

1 1 1

Potash Sales VolumesMillion Tonnes

Nitrogen Sales VolumesMillion Tonnes

Ammonia Capacity Utilization – Legacy Agrium

Notes: Capacity utilization represents production volumes divided by Factbook production capacity (excluding Joffre facility).

89%91%

92% 93%

96%

100%

60%

65%

70%

75%

80%

85%

90%

95%

100%

Agrium Ammonia (Excl. Joffre)

Cap

acit

y u

tilizati

on

2013-15 Ave.

2014-16 Ave.

2015-17 Ave.

2016-18F Ave.

2018 Forecast

2020 Target

February 5, 2018

2017 was a challenging year due to a heavy turnaround schedule but the

utilization trend continues to improve, which has supported revenues and costs

21

Ammonia Capacity Utilization – Nutrien

Notes: Capacity utilization represents production volumes divided by Factbook production capacity (excluding Joffre and Trinidad facilities). Historic capacity adjusted for Lima debottleneck. 2020 target adjusted for comparability with Legacy Agrium definition of available capacity.

89%91% 90% 91%

93%

98%

60%

65%

70%

75%

80%

85%

90%

95%

100%

Nutrien Ammonia (Excl. Joffre & Trinidad)

Cap

acit

y u

tilizati

on

2013-15 Ave.

2014-16 Ave.

2015-17 Ave.

2016-18F Ave.

2018 Forecast

2020 Target

February 5, 2018

Synergy opportunity within our nitrogen portfolio is significant:

- Leverage best-practices across Nutrien business

- Larger production footprint brings increased marketing flexibility

- Increased production presents EBITDA opportunity

- Lower capex risk

22

Thank you!

Q4 2017 RESULTS PRESENTATION February 5, 2018

For further information please visit Nutrien’s website at: www.nutrien.com

Follow Nutrien on:

twitter.com/nutrienltd

facebook.com/nutrienltd

linkedin.com/company/nutrien