#1Nutrien Feeding the Future TM Investor Presentation June 2023#2Notice to Investors Forward-Looking Statements Certain statements and other information included in this presentation, including within "Market Outlook", constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", "forecast", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's business strategies, plans, prospects and opportunities; our 2023 guidance and targets, including expectations regarding our adjusted net earnings per share and adjusted EBITDA (consolidated); expectations regarding our growth and capital allocation intentions, strategies and internal forecasts; advancement of strategic growth initiatives; capital spending expectations for 2023; our intention to complete share repurchases in 2023 and declare growing dividends, including the funds allocated thereto; expectations regarding performance of our operating segments in 2023 and beyond, including potash production and sales volumes and nitrogen production and sales volumes, our operating segment market outlooks and our expectations for market conditions and fundamentals in 2023 and beyond, and the anticipated supply and demand for our products and services, expected global market and industry conditions with respect to nutrient prices, planting season, planted acres, weather, crop prices, stock-to-use ratios, costs, grower margins and economics, grain and oilseed supplies, crop input expenditures, inventories, production, supply and demand, shipment scenarios, consumption and the impact of import and export volumes as well as restrictions and sanctions, natural gas curtailments and the war between Ukraine and Russia; growing and expanding our Retail network; the proposed Geismar clean ammonia project and progress thereof; the potential collaboration with EXMAR to evaluate building a low-carbon ammonia fuel marine vessel; Nutrien's ability to develop innovative and sustainable solutions initiatives and collaborate with partners, suppliers and NGOs to promote sustainable and productive agriculture; expectations regarding our sustainability, climate-change and ESG initiatives to promote sustainable and productive agriculture, including our 2030 greenhouse gas ("GHG") emissions and reduction of Scope 1 and 2 GHG emissions, including our plans, expectations and strategies with respect thereto; Nutrien's pursuit of opportunities relating to its low-carbon and clean ammonia; the deployment of N2O abatement projects and the reduction of CO2e emissions in nitrogen production; Nutrien's near-term focus on economically maximizing CO2 capture, utilization and storage; Nutrien's ability to deploy wind and solar energy at its facilities by the end of 2025; our ability to access renewable energy; expectations concerning future product and service offerings, including the planned expansion of our digital platform and new grower financial solutions; our intention to enhance our network footprint and deploy enabling capabilities; brownfield expansion projects, the expected impact on net saleable tonnes and progress and timing thereof; plans to expand our autonomous mining programs, purchase additional mining machines and advance predictive maintenance technology; our ability to increase our share of proprietary products and targets with respect to proprietary gross margin; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver returns to our shareholders. 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 presentation. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward- looking statements and readers should not place undue reliance on these assumptions and the forward-looking statements to which they relate. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. 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 divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and to realize the expected synergies on the anticipated timeline or at all; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, availability and cost of labor and interest, exchange and effective tax rates; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2023 and in the future; assumptions with respect to our intention to complete share repurchases under our share repurchase programs, including the funding thereof, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; assumptions with respect to our ability to declare and pay dividends to shareholders and compliance with respect to applicable corporate laws; our expectations regarding the impacts, direct and indirect, of the conflict between Ukraine and Russia on, among other things, global supply and demand, energy and commodity prices, interest rates, supply chains and the global macroeconomic environment, including inflation; our expectations regarding any ongoing impacts, direct and indirect, of the COVID-19 pandemic on our business, customers, business partners, employees, supply chain, other stakeholders and the overall global 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; our ability to successfully negotiate sales and other contracts; and our ability to successfully implement new initiatives and programs. In respect of our GHG emissions reduction commitment and other sustainability and climate-related initiatives and targets, we have made assumptions with respect to, among other things: that such target is achievable by deploying capital into N2O abatement at our nitric acid production facilities, energy efficiency improvements, carbon capture, utilization and storage, the use of natural gas to generate electricity and waste heat recovery; our ability to successfully deploy capital and pursue other operational measures, including the successful application to our current and future operations of existing and new technologies; the successful implementation by Nutrien of proposed or potential plans in respect thereof; projected capital investment levels, the flexibility of Nutrien's capital spending plans and the associated sources of funding; our ability to otherwise implement all technology necessary to achieve our GHG emissions reduction commitment and other sustainability and climate-related initiatives and targets; and the development, availability and performance of technology and technological innovations and associated expected future results. Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted. 2#3Notice to Investors Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and difficult to predict, which could cause actual results or events to differ materially from results or events expressed in such forward-looking statements. With respect to our sustainability and climate-related initiatives and targets, such events or circumstances include, but are not limited to: our ability to deploy sufficient capital to fund the necessary expenditures to implement the necessary operational changes to achieve these initiatives and targets; our ability to implement requisite operational changes; our ability to implement some or all of the technology necessary to efficiently and effectively achieve expected future results; the availability and commercial viability and scalability of emission reduction strategies and related technology and products; and the development and execution of implementing strategies. With respect to our business generally and our ability to meet the other targets, commitments, goals, strategies and related milestones and schedules disclosed herein, such events or circumstances 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; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount 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 conflict between Ukraine and Russia and its potential impact on, among other things, global market conditions and supply and demand, energy and commodity prices, interest rates, supply chains and the global economy generally; the COVID-19 pandemic and its resulting effects on economic conditions; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the Securities Exchange Commission in the United States. This presentation contains certain information which constitutes "financial outlook" and "future-oriented financial information" under applicable Canadian securities laws, including, adjusted net earnings per share, adjusted EBITDA (consolidated) guidance ranges, cash provided by operating activities, return on invested capital and retail proprietary gross margin, the purpose of which is 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 presentation are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements resulting from 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 This presentation contains certain non-IFRS financial measures and non-IFRS ratios, including adjusted EBITDA, adjusted net earnings per share and return on invested capital which are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-IFRS financial measures and non-IFRS ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-IFRS financial measures and non-IFRS ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. Adjusted EBITDA, adjusted net earnings per share guidance and return on invested capital guidance are forward-looking non-IFRS financial measures. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, 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. The probable significance of such unavailable information, which could be material to future results, cannot be addressed. Guidance for adjusted EBITDA and adjusted net earnings per share excludes certain items such as, but not limited to, the impacts of share-based compensation, certain foreign exchange gain/loss (net of related derivatives), integration and restructuring related costs, impairment or reversal of impairment of assets, COVID-19 related expenses (including those recorded under finance costs), gain or loss on disposal of certain businesses and investments, IFRS adoption transition adjustments, and gain/loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting. Additional information with respect to non-IFRS financial measures and non-IFRS ratios, including, among other things, disclosure of their composition, how each non-IFRS financial measure and non-IFRS ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-IFRS financial measure and non-GAAP ratio, the reason for any change in the label or composition of each non-IFRS financial measure and non-IFRS ratio from what was previously disclosed by Nutrien, information about the inability to provide reconciliations of forward-looking non-IFRS measures to the most directly comparable IFRS measures given the unavailability of reconciling information or the inability to assess the probable significance of such unavailable information, in each case, without unreasonable efforts, and a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS measure, is contained under the heading "Appendix A - Non-IFRS Financial Measures" included in our management's discussion and analysis dated February 16, 2023 as at and for the year ended December 31, 2022 (the "Annual MD&A"), under the heading "Appendix A - Non-IFRS Financial Measures" included in our management's discussion and analysis dated February 17, 2022 as at and for the year ended December 31, 2021 (the "2021 MD&A") and under the heading "Appendix B - Non-IFRS Financial Measures" included in our management's discussion and analysis dated May 10, 2023 as at and for the three months ended March 31, 2023 (the "Interim MD&A"), which information is incorporated by reference in this presentation. The Annual MD&A, 2021 MD&A and Interim MD&A are available under our corporate profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Other Financial Measures This presentation contains certain supplementary financial measures. Additional information with respect to such supplementary financial measures, including, among other things, an explanation of the composition of each supplementary financial measure, is contained under the heading "Appendix B - Other Financial Measures" included in our Annual MD&A, under the heading "Appendix C - Other Financial Measures" included in our 2021 MD&A and under the heading "Appendix C - Other Financial Measures" included in our Interim MD&A, which information is incorporated by reference in this presentation. Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted. 3#4Leveraging the advantages of our integrated business model Advantaged Position Across the Ag Value Chain #1 Global Ag Retailer - providing whole-acre solutions directly to growers #1 Global Potash Producer - operating a flexible, reliable and low-cost six mine network #3 Global Nitrogen Producer - with strategically located assets Phosphate $0.5 Retail $1.9 Nitrogen Adjusted $2.4 EBITDA1 Potash $3.2 Financial Strength & Stability Low-cost fertilizer operations generate strong cash flow through the cycle ➤ Diversified Retail business enhances stability of our earnings base Track record of balanced and disciplined capital allocation >$21B Cash provided by operating activities (2018-2022) Provider of Sustainable Agriculture Solutions 1. Three-year average adjusted EBITDA from 2020 to 2022. Enabling growers to adopt sustainable and productive agricultural products and practices ➤ Investing in new technologies and pursuing the transition to low-carbon fertilizers Collaborating across the ag value chain to advance sustainable agriculture echelon ESN SmartNitrogen AGRIBLE 4#5Advantaged position across the agriculture value chain North America Mexico Monterey United States Bed South America San Juan Bolivia Santa Cruz de Tucuman Sanus Sonve Nevaven Argentina Paraguay Londrina Asuncion Cus the Caras de Cureza Pons Alegre 530 L Teresina Australia Kupang Australa Austra LEGEND: RETAIL POTASH Australia Teory NITROGEN PHOSPHATE Australa Papua New 0 AustraAustralia ° World-Class Production Assets 25Mmt NPK Manufactured Sales Volume in 2022 ~2,000 Proprietary Products That Enhance Value for Nutrien and Our Growers Note: All figures on this page are as of or for the year ended December 31, 2022, as applicable. Global Supply Chain ~440 Strategically Located Wholesale Fertilizer Distribution Points >1,000 Crop Input Suppliers Providing Diverse Offerings & Supply Sources Leading Ag Retail Network >2,000 Retail Selling Locations Across North America, South America & Australia >4,000 Crop Consultants Providing a Direct Connection to the Grower 5#6Delivering strong earnings, cash flow and return on invested capital Adjusted EBITDA/Net Earnings US$ Billions Net Earnings Per Share (EPS)³ US$ per Share Net Earnings $12.2 Adjusted EBITDA1 $7.1 $7.7 $6.5 - $8.0 $3.7 $3.2 $0.5 2020 2021 2022 Cash Provided by Operating Activities US$ Billions 12345 $3.9 $3.3 2020 2021 $14.18 $13.19 EPS Adjusted EPS1 $6.23 $5.52 $1.80 $0.81 2023F2 2020 2021 $8.1 $5.0 - $5.8 2022 2023F4,5 $5.50 - $7.50 2022 2023F2 Return on Invested Capital ("ROIC")1 Percent 5% 15% 26% 10% - 14% 2020 2021 2022 2023F4 These are non-IFRS financial measures. See the "Non-IFRS Financial Measures" section. Based on guidance provided in our news release May 10, 2023. All references to per share amounts pertain to diluted net earnings per share. Based on internal forecasts aligned with annual guidance provided in our news release dated May 10, 2023. Assumes a -75% conversion ratio for Cash Provided by Operating Activities to Adjusted EBITDA based on the Adjusted EBITDA guidance range provided in our news release dated May 10, 2023. 6#7Returning significant capital to shareholders through dividends and share repurchases Dividend per Share $0.55 644' Shares Outstanding 2 3 Dividend per Share (LHS) -Shares Outstanding (RHS) 650 $0.53 $0.50 $0.45 $0.40 $0.40 $0.35 4 495 600 550 23% Reduction in share count since start of 2018 500 450 $0.30 400 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q1 21 Q3 21 Q1 22 Q3 22 Q1 23 1. Represents shares outstanding as of January 2, 2018. 2. Represents the last dividend per share level declared as at the end of each respective period. 1234 3. Represents diluted weighted average number of common shares outstanding for the given quarter unless otherwise stated. 4. Represents shares outstanding as of March 31, 2023. 33% Increase in dividend per share since start of 2018 7#8Balanced approach to capital allocation through the cycle 2023 Capital Allocation US$ Billions Historical Capital Allocation (2018-2022) Percent $5.0B - $5.8B ~$0.4B Lease Payments¹ Completed Acquisitions³ Dividends Paid ~$1.2B Investing Capital¹ 20% 24% Sustaining, Mine Development ~$1.8B & Pre-Stripping1 Sustaining, Mine Development & Pre-Stripping 11% Investing Capital $0.9B Completed Share Repurchases³ 37% 8% Share Acquisitions ~$1.0B Dividends Paid4 Repurchases 2023 Scenario: Cash Provided by Operating Activities 1,2 Planned Uses of Cash Based on internal forecasts aligned with annual guidance provided in our news release dated May 10, 2023. Assumes a -75% conversion ratio for Cash Provided by Operating Activities to Adjusted EBITDA based on the Adjusted EBITDA guidance range provided in our news release dated May 10, 2023. Year to date as of March 31, 2023. 1234 1. 2. 3. 4. Based on 499M shares outstanding. 8#9Investing ~$1.2B in growth initiatives that are consistent with our strategy and are expected to provide strong returns Other Potash К KR Nitrogen N Retail 16 2023 Investing Capital Operational Capability Ramp Additional mining machines and underground equipment and increased site-based storage and loadout Next Generation Autonomous mining operation, advanced process controls and predictive maintenance technology Geismar Clean Ammonia Evaluating building a 1.2Mmt clean ammonia production facility at our Geismar site¹ Brownfield Expansion Executing on high-return projects that add incremental production volumes while enhancing product flexibility and energy efficiency of our plants Digital Strengthening the customer relationship, providing agronomic data and insights and supporting sustainability initiatives Key Infrastructure Enhancing network footprint and deploy enabling capabilities Proprietary Products Increasing share of higher-margin proprietary products which boost yield and enhance soil health 1. Approved front end engineering design for 1.2Mmt clean ammonia plant with final investment decision expected in the second half of 2023. 9#10Growing our world-class Retail business through organic growth initiatives and accretive acquisitions Retail Selling Locations As at December 31 2018 2022 US ■Canada ■Australia ■South America Retail Proprietary Gross Margin US$ Millions 2018 2022 1,720 ■Crop Protection ■Crop Nutrients ■Seed & Other 759 Retail Advantages Global network in 7 countries 2,075 Value added 1,223 agronomic services Higher margin proprietary products ☐ Leading digital platform 10#11World's largest potash producer with flexible, low-cost mines and available capacity for growth Potash Manufactured Sales Volumes vs Operational Capability Millions Tonnes KCI per Year Manufactured Sales Volume -Operational Capability Potash Advantages 13.5-14.3 13.6 13.0 12.8 12.5 11.5 D Flexible production network 2021 2022 2023F¹ 2018 2019 2020 Potash Offshore Sales Volumes by Region² % Tonnes KCI per Year 2018 2022 18% 14% 10% 10% 8% 8% India Other Markets China 34% 33% 34% 31% Other Asian Markets³ Latin America Low-cost expansion capability Reliable distribution network Global customer base Estimated annual achievable production level at staffing and operational readiness at the beginning of the respective year. 2023F represents sales volume guidance per our news release dated May 10, 2023. Based on Canpotex Sales by Market 1. 2. 3. Other Asian Markets includes all Asian markets except China and India. ... 11#12Diverse, low-cost nitrogen assets provide platform for growth Nitrogen Brownfield Expansions Fort Saskatchewan, AB Joffre, AB • Redwater, AB • Ammonia ☑ Urea AS ☑ Kennewick, WA❤ Carseland, AB • Ammonia • Urea Borger, TX Ammonia • Urea ☑ ESN Geismar, LA Ammonia O Urea Lima, OH Ammonia . Augusta, GA ⚫ Urea ☑ DEF UAN ✓ Completed In-Flight Nitric Acid Advantaged Gas Costs Annual Average $US/MMBTu 40 Henry Hub AECO 30 -European Hub 20 10 0 Trinidad and Tobago . Ammonia ☑ Urea ~550Kmt Net saleable tonnes expected through 2025 from in-flight brownfield expansions $ Nitrogen Advantages Strategically located assets 2018 2019 2020 2021 2022 2023 YTD¹ 1. As of May 31, 2023. 車 ↓ CO₂ Low-cost brownfield expansions 1Mmt current low-carbon ammonia capability Clean ammonia growth opportunity 12 Source: US EIA, Canadian Gas Price Reporter#13Market Outlook 13#14Global grain and oilseed supplies are projected to remain tight through 2023 Global Grain Stocks-to-Use Ratio¹ Percent 17.7 18.0 17.3 17.4 16.7 16.5 15.3 15.0 14.1 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23F 1. Excluding China. Grains refer to barley, corn, millet, mixed grain, oats, rice, rye, sorghum and wheat. Oilseeds refer to soybeans, canola and sunflowers. 2. Global Oilseed Stocks-to-Use Ratio² Percent 27.1 22.2 22.4 22.6 21.8 24.0 23.2 21.7 20.7 ساسس 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23F 14 Source: USDA, Nutrien#15Supply challenges have supported crop prices and provide incentive for growers to boost production Corn Avg. Realized Price USD/bushel Soybean Avg. Realized Price USD/bushel $14.30 $6.60 $13.00 $13.30 $6.00 $11.58 $5.26 $10.80 $10.10 $4.46 $4.53 $8.95 $9.47 $9.33 $3.70 $3.61 $3.36 $3.36 $3.61 $3.56 $8.48 $8.57 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Futures Wheat Avg. Realized Price USD/bushel 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Canola Avg. Realized Price CAD/bushel Futures $6.87 $8.90 $7.63 $5.99 $6.15 $4.89 $5.16 $4.72 $5.05 $4.58 $3.89 $11.41 $11.09 $11.54 $12.00 $12.22 $11.27 $10.97 $12.25 $24.38 $19.28 $16.71 Mamilli mumlii 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Futures 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Futures Note: 22/23E are estimated prices. 2023 futures prices reference September 2023 Wheat, November 2023 Soybean, December 2023 Corn, and December 2023 Cotton as of May 31, 2023. 15 Source: USDA, Bloomberg#16Crop prices remain elevated while fertilizer costs have eased, supporting healthy grower margins Key Crop Grower Cash Margins¹ Local Currency Margin/Acre US Corn Cash Selling Price & Costs³ US$/bu US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans² 700 5,000 $8.00 4,500 600 $7.00 4,000 500 3,500 $6.00 400 3,000 $5.00 2,500 Margin ($/bu) 300 2,000 $4.00 200 100 1,500 $3.00 1,000 500 $2.00 $1.00 -100 2019 2021 2023F 2019 2021 2023F 2019 2021 2023F 2019 2021 2023F 2019 2021 2023F 2019 2020 2021 2022E $0.00 2023F 2011 2013 2015 2017 2019 2021 2023F 4 Chemicals Seed Fertilizer Other Costs -Corn Price 1234 Brazil is local currency margin/hectare on right-hand side vertical axis, while the rest of the crops reference US dollar margin/acre on the left-hand side vertical axis. 2. 3. Due to crop year timing in Brazil the 2022 references the 2022/23 crop year, which was planted in Q3 & Q4 2022 with growers realizing returns in 2023. The 2023F references the 2023/24 crop year. Annual cash costs on a per bushel basis are impacted by both realized inflation/deflation and by the annual corn yield. Includes cash rent and with other variable costs such as fuel, energy, and repairs. 16 Source: USDA, IMEA, Bloomberg, ICE, FAO, IFA, Nutrien#17Global fertilizer prices near mid-cycle levels Selected Fertilizer Prices US$ per Unit K N P 1,200 800 400 Brazil (Gran. US$/mt CFR) US Midwest (Gran. - US$/st FOB) Southeast Asia (Stan. - US$/mt CFR) Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 $1,800 $1,200 Tampa NH3 (US$/mt CFR) NOLA Urea (US$/st FOB) NOLA UAN (US$/st FOB) $600 $0 Jun-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 $1,200 $800 $400 Dec-20 NOLA DAP (US$/st FOB) Brazil MAP (US$/mt CFR) As of June 1, 2023. $0 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Fertilizer Market Drivers • • Potash demand has strengthened in North America as the spring application season has progressed. Anticipate increased global potash demand in 2H23 as a result of lower expected inventories and improved grower affordability compared to 2022. North American nitrogen supply has tightened during the spring season due to strong demand and lower net imports. Expect ammonia markets will strengthen as demand increases and supply remains challenged with approximately 40 percent of European capacity currently curtailed and Russian ammonia exports are constrained. • • North American dry phosphate prices firmed during the spring season driven by tight supplies and strong demand, while international prices have remained relatively stable, supported by demand in Brazil and India. Expect Chinese phosphate exports to increase moderately year-over-year due to expected loosening of government restrictions. ... 17 Source: Fertilizer Week, Nutrien#18Expect increased potash demand in North America and Brazil in 2023 Millions of Tonnes KCI 20 15 10 2023 5 T 0 19 20 21 22 23F India 19 20 21 22 23F Other Asia 19 20 21 North America 22 23F 19 20 21 22 23F Latin America 19 20 21 22 23F China 19 20 21 22 23F Other 2.7 3.0Mmt The settlement of a new potash contract in early April at $422/t provides Indian buyers an incentive to import fresh volumes in 2023, although we anticipate shipments will fall below historical norms. 8.3 -9.8Mmt Palm oil prices remain historically high; and high- priced 2022 inventories have been largely drawn down, incenting buyers to reengage with the market; particularly with the added stability brought by an Indian contract. 9.5 10.5Mmt Increased acreage expectations and strong crop commodity prices have led to strengthening demand as the spring application season has progressed. 15.0 16.5Mmt Brazil's Q1-23 shipments were in-line with recent years as potash affordability has improved y-o-y. Further engagement is expected as the market prepares for the safra season. 14.0 15.0Mmt China's 2023 potash contract remains unsettled, but demand in-country is strong as the government targets an increase in grain production of 10% y-o-y, which we expect will drive the need for fresh seaborne imports later this year. 12.5 13.5Mmt Growing demand for NPK fertilizers are expected to continue boosting potash demand in the long-run, however supply constraints likely to result in below trend demand in 2023. 18 Source: Industry Consultants, Nutrien#19Expect significant reduction in shipments from Eastern Europe compared to 2021 Potash Production in Selected Regions¹ Millions of Tonnes KCI 18 15 12 9 CO 6 3 1. Nutrien Other Canada Russia 2021 2022 2023F Range Belarus Europe Middle East China Production changes differ from our expectations of operational capability changes. Selected regions account for ~95% of annual global potash production. 19 Source: CRU, Company Reports, Nutrien#20- Historical periods of below trend demand have been followed by years of strong demand growth - Nutrien's projected potash demand by 2025 falls in line with historical market growth rates Expect long-term potash demand growth in line with historical rates between 2.5% - 3.0% Global Potash Demand Millions of Tonnes KCI 08 80 Forecast Low Range 70 Forecast High Range CAGR¹ 2.8% 60 60 50 50 40 40 30 50 20 20 10 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023F 2025F 1. The 2.8% CAGR is based on the 20-year period of 2001-2021. 20 Source: IFA, Argus, CRU, Nutrien#21Expect higher Chinese exports compared to 2022 but still below historical levels China DAP/MAP Exports Millions of Tonnes 12 10 8 6 4 2 Full Year Exports Total Year Avg Annual Avg 2017-2021 ~9.2 Mmt China Urea Exports Millions of Tonnes 6 2 Full Year Exports Total Year Avg Annual Avg 2017-2021 ~4.5 Mmt 0 0 2017 2018 2019 2020 2021 2022 2023F 2017 2018 2019 2020 2021 2022 2023F ... 21 Source: CRU, Argus, Nutrien#22Expect strong emerging demand for clean ammonia As of March 2022, 33 countries along with the EU have set net-zero emissions targets, in accordance with the Paris Agreement. Major ammonia producers like China, India, and the US have net-zero emissions targets which will require industries to abate emissions moving forward. Key Demand Sources B Power Generation - Asia pacific has a goal to co- fire ammonia in coal power plants through incremental steps starting in late 2020's Marine Fuel - International Marine Organization (IMO) have committed to a 40% reduction in intensity by 2030, and 70% by 2050, driving the need for low/zero-carbon fuel alternatives - Hydrogen Europe, Japan and South Korea have stated policies for integration of hydrogen into their energy systems. Agriculture & Other - Potential for a premium to develop in agricultural markets for clean ammonia to be used to produce low-carbon food, fuel and fiber Clean Ammonia Demand Growth Potential¹ Million Tonnes Other Decarbonization Power Generation / Hydrogen Carrier Marine Fuel Initial demand Up to 26Mmt Long term growth Up to 90Mmt 2030 2040 1. 2021 Global merchant ammonia trade of approximately 18Mmt. Demand upside Up to 320Mmt 2050 22 Source: Argus, McKinsey, IHS, Climate Action Tracker, Nutrien#23Non-IFRS Financial Measures and Ratios Adjusted Net Earnings and Adjusted Net Earnings Per Share (millions of US dollars, except as otherwise noted) Net earnings attributable to equity holders of Nutrien Adjustments: Share-based compensation expense Foreign exchange loss, net of related derivatives Integration and restructuring related costs (Reversal) impairment of assets COVID-19 related expenses Gain on disposal of investment 2022 Increases (Decreases) 2021 2020 Post-Tax Per Diluted Share Increases (Decreases) Per Diluted Per 7,660 14.18 Post-Tax 3,153 Share Increases (Decreases) Diluted 5.52 Post-Tax 459 Share 0.81 63 31 46 (780) 8 (19) ¥88ཐྱ 0.10 198 151 0.27 69 50 0.09 0.05 39 30 0.05 19 14 0.02 0.06 43 33 0.06 60 44 0.08 (619) (1.15) 33 25 0.04 824 657 1.15 0.01 45 34 0.06 67 49 0.09 (14) (0.03) 6 4 (250) (250) (0.44) (18) (14) (0.03) 36 27 0.05 142 104 0.18 7,124 13.19 3,557 6.23 1,027 1.80 Loss on disposal of business Net gain on disposal of investment in MOPCO Gain on settlement of discontinued hedge accounting derivative Cloud computing transition adjustment Loss on early extinguishment of debt Adjusted net earnings Return on Invested Capital (ROIC) (millions of US dollars, except as otherwise noted) 2022 2021 2020 Earnings before finance costs and income taxes 10,809 4,781 902 Merger adjustments Integration and restructuring related costs 1 231 277 297 46 43 60 Share-based compensation 63 198 69 (Reversal of) impairment of assets (780) 33 824 COVID-19 related expenses 8 45 48 Foreign exchange loss, net of related derivatives 31 39 19 Loss on disposal of business 6 Gain on disposal of investment (19) (250) Cloud computing transition adjustment 36 Nutrien Financial revenue (267) (189) (129) Net operating profit 10,122 5,263 1,846 Tax (calculated at 25%) 2,531 1,316 462 Net operating profit after tax 7,591 3,947 1,384 1 Depreciation and amortization related to the fair value adjustments as a result of the Merger (the merger of equals transaction between PotashCorp and Agrium). Total assets 54,228 48,880 47,533 Cash and cash equivalents (753) Payables and accrued charges (10,687) Merger adjustments (10,232) Average Nutrien Financial receivables. (3,311) (862) (8,773) (10,516) (2,316) (1,629) (6,991) (10,668) (1,502) Invested capital 29,245 26,413 26,743 1 Merger fair value adjustments on goodwill, other intangible assets and property, plant and equipment. Return on invested capital (%) 26 15 5 23 Source: Nutrien#24Nutrien Feeding the Future Thank You! For more information, please visit: www.nutrien.com facebook.com/nutrienltd in linkedin.com/company/nutrien 0 5° youtube.com/nutrien O @nutrienltd