#1Investor Presentation NN March 2022#2Forward Looking Statements N 2 Forward-Looking Statements Certain statements and other information included in this presentation, 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: Nutrien's business strategies, plans, prospects and opportunities; Nutrien's 2022 guidance, including expectations regarding our adjusted net earnings per share and adjusted EBITDA (consolidated and by segment); expectations regarding our growth and capital allocation intentions and strategies including share repurchases; capital spending expectations for 2022; expectations regarding performance of our operating segments in 2022 and beyond, including our operating segment market outlooks and market conditions for 2022, and the anticipated supply and demand for our products and services, expected market and industry conditions with respect to nutrient prices, crop prices, stock-to-use ratios, grower margins and economics, inventories, production, and the impact of import and export volumes and economic sanctions; Nutrien's ability to develop innovative and sustainable solutions; expectations regarding our sustainability expectations regarding our sustainability, environmental (including climate), initiatives, plans and target including green house gas reduction; expected benefits from our brownfield expansion project and decarbonization initiatives; and acquisitions and divestitures. 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 an 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; 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; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2022 and in the future; our expectations regarding the impacts, direct and indirect, of the COVID-19 pandemic 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; our ability to successfully negotiate sales contracts; and our ability to successfully implement new initiatives and programs. 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. Events or circumstances that could cause actual results or events 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; 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 COVID-19 pandemic, including variants of the COVID-19 virus and the efficiency and distribution of vaccines, and its resulting effects on economic conditions, restrictions imposed by public health authorities or governments, including government-imposed vaccine mandates, fiscal and monetary responses by governments and financial institutions and disruptions to global supply chains; 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 our adjusted net earnings per share, adjusted EBITDA (consolidated and by segment) and sustaining capital expenditures guidance ranges 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 securities laws. Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted. March 2022#3Forward Looking Statements N 3 Non-IFRS Financial Measures This presentation contains certain non-IFRS financial measures and non-IFRS ratios, including adjusted EBITDA, adjusted EBITDA guidance, Potash cash cost of product manufactured (COPM) per tonne, ammonia controllable cash COPM per tonne, free cash flow, Retail cash operating coverage ratio, and Retail adjusted average working capital to sales, 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. Additional information with respect to such 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, a description of any significant difference between each forward-looking non-IFRS financial measure and the equivalent historical non-IFRS financial measure, and a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS measure, is contained under the heading "Appendix B - Non-IFRS Financial Measures" included in our management's discussion and analysis in dated February 17, 2022 for the year ended December 31, 2021 (the "MD&A"), which information is incorporated by reference in this presentation. The MD&A is 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 C - Other Financial Measures" included in our 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. March 2022#4Positioned to Deliver Superior Long-term Value 1. Delivering record financial results due to strong operational performance and favorable market fundamentals - Expect to deliver significant growth in earnings and free cash flow in 2022 - Capability to increase volumes from existing low-cost Potash and Nitrogen capacity - Growing Retail sales and margins by utilizing our world-class platform and strategic partnerships 2. Strong balance sheet and free cash flow provide opportunity for growth and return of capital to shareholders - Continue to grow Retail through tuck-in acquisitions, expansion in Brazil and proprietary product growth - Started Phase 2 of Nitrogen brownfield projects and progressing decarbonization projects - Plan to return a minimum of $3.0B to shareholders in 2022 through dividends and share repurchases 3. Playing a leading role in carbon management and sustainable agriculture - Enabling growers to adopt sustainable and productive agricultural products and practices - Accelerating climate smart agriculture through our carbon pilot program - Targeting 30% reduction in GHG emissions per tonne of product produced by 2030 (from a 2018 baseline) N. March 2022#5Nutrien's Integrated Business Model is Delivering Strong Results N/ Earnings growth driven by strong execution, significant competitive advantages and favourable market fundamentals Nutrien Earnings Profile US$ Billions Nutrien Advantages 1. - 23 LO 2 1 $10.6 Adjusted EBITDA Net Earnings Retail World's largest distributor of crop inputs and services $7.1 3 $6.0 $3.9 $4.0 $3.7 $3.2 $1.0 $0.5 $0.0 2018 2019 2020 2021 This financial measure is a non-IFRS financial measure. See the "Non-IFRS and Other Financial Measures" section for further information. Assumes the mid-point of 2022F guidance as provided in our news release dated February 16, 2022. Based on internal forecasts aligned with annual guidance provided in our news release dated February 16, 2022. 2022F provides scale advantages Direct link to growers supported by ~3,900 crop consultants ~2,000 proprietary products provide higher margins than third-party products Potash World's largest producer of potash operating a flexible and low-cost network of six mines ~4Mmt of available operational capacity Leading global logistics and distribution network Nitrogen Strategically located assets with access to low-cost gas and transportation advantages Opportunities for high-return capacity expansions Leader in low carbon ammonia production March 2022 Source: Nutrien#6Capital Allocation Priorities and Actions N N/ 6 Nutrien has a proven track record of value generation and efficient capital allocation. Our capital allocation policy prioritizes safe and reliable operations, a strong balance sheet, growing our business and strong returns to shareholders through a sustainable dividend and share repurchases ✓ Safe and Reliable Operations III Strong Balance Sheet ㅁ 2021 Actions $1.2B catching up on sustaining projects that were deferred in 2020 by COVID-19 restrictions Creating Long-term Value Through Disciplined Capital Allocation 1. N.A. peer group includes MOS, CF, CTVA, FMC, ADM, BG, AGCO, DE and INGR. Value Creation Through High Return Growth Opportunities III Return Capital to Shareholders ㅁㅁ ப ☐ ㅁ $2.1B de-levering in December 2021 Target investment grade rating through the cycle Target < 3.0x Net-debt/EBITDA through the cycle $300M of announced transactions in Brazil from 2020-2021 $260M of phase 2 brownfield nitrogen projects approved and started in 2021 Highest dividend yield compared to N.A. peers1 through 2021 15.0M shares repurchased in 2021 $2.1B returned to shareholders through dividends and share repurchases March 2022 Source: Nutrien#7Expect Significant Cash Flow in 2022 N Nutrien is expected to generate strong cash flow in 2022 providing significant opportunity to deliver on value enhancing capital allocation priorities 7 2022 Capital Allocation US$ Billions $7.5B-$8.4B Potential additional cash to allocate Other 1,3 Identified Investment Capital¹ Planned Share Repurchases¹ Dividends4 Sustaining Capital5 12345 2022 Scenario - Cash From Operating Activities 1,2 Planned Uses of Cash 1. Based on internal forecasts aligned with annual guidance provided in our news release dated February 16, 2022. Assumes a 75% conversion ratio of Adjusted EBITDA to Cash From Operating Activities. 2. 3. 4. 5. Other includes Leases and Mine Development and Pre-stripping expenditures. Based on 546M shares outstanding multiplied by an annualized dividend per share of $1.92. Assumes the mid-point of 2022F guidance as provided in our news release dated February 16, 2022. 2022 Capital Allocation Priorities $1.25B Sustain our world-class assets 5 $1B Sustainable and growing dividend4 $2B Minimum planned share repurchases¹ ➤ $1B Identified planned investment projects¹ March 2022 Source: Nutrien#8Retail: Global Footprint Provides Scale Advantages and Growth Opportunities >2,000 Retail Locations -3,900 ~500,000 Crop Consultants Grower Accounts Redwater, AB Fort Saskatchewan, AB CALGARY, AB Joffre, AB Vanscoy, SK SASKATOON, SK Patience Lake, SK Lanigan, SK REGINA, SK Rocanville, SK HAWAII Granum, AB Carseland, AB Standard, AB Allan, SK Cory, SK Winnipeg, MB Kennewick, WA Billings, MT NORTHBROOK, IL Weeping Water, NE LOVELAND, CO Greeley, CO Biola, CA Marseilles, IL Fairbury, NE Joplin, MO Borger, TX Osceola, AR New Madrid, MO Ontario, CA Greenville, MS Denton, TX Lima, OH Cincinnati, OH Aurora, NC Augusta, GA Americus, GA Geismar, LA White Springs, FL North America >1,500 Retail Locations -22% US Ag Retail Market Share $1.5M Retail Adjusted EBITDA per US Selling Location 1,2 FREMANTLE, AUSTRALIA Kwinana, Australia MELBOURNE, EIGHT MILE PLAINS, AUSTRALIA LEGEND: RETAIL ESNⓇ LOVELAND PRODUCTS AND AFFILIATED FACILITIES AGRICHEM TEC AGRO INVESTMENTS AND JV'S AUSTRALIA - MACQUARIE PARK, AUSTRALIA Melbourne, Australia Dandenong, Australia N/ -2,000 Proprietary Products Trinidad and Tobago 8 ●Tec Agro, Goiás, Brazil Agrichem, Ribeirão Preto, Brazil SÃO PAULO, BRAZIL LAS CONDES, CHILE Casilda, Argentina MARTÍNEZ, ARGENTINA Profertil S.A., Bahía Blanca, Argentina Australia >400 Retail Locations -10% Adjusted EBITDA Margin¹, Supported by Diverse Products and Services South America >125 Retail Locations >$65M Adjusted EBITDA Earned in Brazil Note: Information on slide is as of, and for the year ended, December 31, 2021, as applicable, unless otherwise noted. These are supplementary financial measures. See the "Other Financial Measures" section. 1. 2. In thousands of US dollars. Calculation is based upon number of selling locations only, excluding acquisitions March 2022 Source: Nutrien#9Retail: Focused Strategy Driving Organic Growth and Margin Improvement Investing in foundational capabilities to lead the transformation of Ag Retail and drive organic growth 1 Customer base Customer share 2 3 Network Proprietary Products Digital Margin expansion 4 5 N/. Nutrien Financial Sustainability Optimizing the US's largest Ag retail network, enhancing utilization of upstream products Custom solutions catering to specific conditions and variability to boost yield and soil health Providing key agronomic insights helping growers optimize their crop N Nutrien Financial Building customized solutions that support customer retention and business growth Products, services and solutions that minimize grower environmental footprint March 2022 Source: Nutrien#10Driving Retail Efficiency and Optimization to Create Value N Lower Operating Coverage Ratio 3. 123 45 5. 63% 62% 59% 58% Cash Operating Coverage Ratio 1,2 2018 3 2019 3 2020 2021 10 10 21% 23% Reduce Working Capital Adjusted Average 15% 13% Working Capital to Sales 1,2 2018 3 2019 3 2020 2021 Optimize Our Footprint 2021 $1,481 Adj. EBITDA/ $900 $967 $1,075 US selling location 1,4,5 US$ Thousands 2018 2019 2020 Represents rolling four quarter results for the period. These are non-IFRS financial measures. See the "Non-IFRS Financial Measures" section. This is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section. Additional information relating to 2019 and 2018 is contained in the "Appendix - Non-IFRS Financial Measures" sections of Nutrien's management discussion and analysis dated February 19, 2020 for the year ended December 31, 2019 and its management discussion and analysis dated February 20, 2019 for the year ended December 31, 2018, respectively, which information is incorporated by reference herein. Such management discussion and analysis are available on SEDAR at www.sedar.com. These are supplementary financial measures. See the "Other Financial Measures" section. Calculation is based upon number of selling locations only. March 2022 Source: Nutrien#11Retail: Proprietary Products Drive Substantial Margin Expansion Our proprietary portfolio differentiates our product offering and is a key driver of organic growth Proprietary Gross Margin US$ Millions +38% $859 $759 $756 2018 2019 >$1,200 $1,050 2020 2021 2023 Target Note: Information on slide is as of December 31, 2021 unless otherwise noted. N 11 ESN Loveland actagre SmartNitrogen PRODUCTS Higher margin products give us differentiation in providing leading crop inputs to growers -2,000 Proprietary Products formulated for specific geographic conditions and variability including Natural Biologicals & Nutritional solutions Crop Protection 48% Proprietary Gross Margin Mix Seed Crop Nutrients 13% 20% Adjuvants 8% Biologicals 7% Other 4% March 2022 Source: Nutrien#121. 2. 3. Retail is Delivering Strong Earnings Growth Across All Geographies Retail Adjusted EBITDA driven by strong organic growth and accretive acquisitions. On pace to meet or exceed our key 2023 financial targets. Retail Adjusted EBITDA US$ Billions N/ 12 2.0 US Retail Non-US Retail $1.9 $1.6-$1.9 $1.7-$1.8 -35% 1.5 $1.4 -35% $1.2 $1.2 -30% -30% 1.0 -30% 0.5 0.0 2018 2019 2020 2021 2022F 2023 Target Assumes the mid-point of 2022F Retail adjusted EBITDA guidance as provided in our news release dated February 16, 2022. Year ended December 31, 2021. Twenty-four months ended December 31, 2021. Growth Drivers >$1.0B proprietary gross margin² $2.1B Retail digital platform sales² ~225K acres subscribed to carbon pilot program² 12 locations acquired in US and Australia through tuck-in acquisitions² 5 announced transactions in Brazil³ generating $400M in expected annual run-rate revenue March 2022 Source: Nutrien#13Potash: World Class Potash Business Nutrien is well-positioned to create long-term value due to our flexible, low-cost network of 6 mines, and significant volume growth optionality Scale & Growth Optionality High Quality, Low Cost, Flexible Network 2021 Nutrien Production as a Percentage of Nameplate² Percentage N/ Future potential 23Mmt +5 low-cost brownfield Mmt opportunities 100% Available 18Mmt +4 Operational 80% Mmt Capacity 60% 14Mmt1 1. 2. 6.5Mmt 13 4.0Mmt 3.8Mmt 3.0Mmt 3.0Mmt 0.3Mmt 40% 5.0Mmt 2.9Mmt 2.8Mmt 1.8Mmt 1.1Mmt World's 20% Largest Producer 0% ROC ALL LAN COR VAN PL • Operate some of the most reliable, flexible, safe, and low-cost potash assets • Located in the best potash geology in the world Nutrien's 2022 Operational Capability Based on potash sales volume guidance of 13.7Mmt to 14.3Mmt as provided in our news release dated February 16, 2022. Nameplate capacity and production volume as reported in Nutrien's 2021 Annual Report. March 2022 Source: CRU, Fertecon, Industry Consultants, Nutrien#14Potash: Leading Potash Network N 14 Nutrien increased production and sales by nearly 1Mmt in 2021 and expects record production of approximately 14Mmt in 2022. Potash Industry Potash Shipment Growth Millions of Tonnes KCI 13.7-14.3 13.6 13.0 12.8 11.5 70 68-71 69 67 Potash Sales 64 Volumes Million Tonnes 2018 2019 2020 2021 2022F $5.0-$5.5 2018 2019 2020 2021 2022F 1. Based on guidance as provided in our news release February 16, 2022 $2.7 $1.6 $1.6 Potash Adjusted $1.2 EBITDA US$ Billions 2018 2019 2020 2021 2022F March 2022 Source: Nutrien, IHS Markit#151. Nitrogen: World Class Nitrogen Business with Significant Competitive Advantages N 15 Diverse, low-cost asset base provides platform for growth in supplying North American and global markets while possessing one of the world's largest low carbon ammonia production profiles with ~1Mmt of current production capability Redwater, AB Fort Saskatchewan, AB Joffre, AB Carseland, AB Kennewick, WA Borger, TX Lima, OH 7.1 2.4 • 2.5 Augusta, GA Geismar, LA Point Lisas Trinidad and Tobago • 2.2 • Ammonia Capacity (Mmt)1 Million metric tonnes of gross ammonia including allowances for normal operating plant conditions. Trinidad capacity includes ammonia plant that is indefinitely curtailed. Canada AECO gas 1st quartile costs - Market and logistical advantages - ~70% of total sales in Western Canada US NYMEX gas cost advantage to imports ་ Market and logistical advantages - close proximity to large ag and industrial customers Trinidad Contract gas linked to ammonia prices Access to global nitrogen markets - supply customers in ~30 countries March 2022#16Nitrogen: Benefiting from Strong Fundamentals and Strategically Located Assets. N 16 Generating higher nitrogen margins due to strong market fundamentals and low-cost position. We expect to increase sales volumes in 2022 due to completion of our Phase 1 brownfield expansion projects and higher operating rates. 2021 Global Urea Production Cost Curve¹ US$/tonne FOB 10.6 11.0 10.8-11.3 10.7 10.3 700 Canada China Coal 650 US Other 600 550 500 450 Volumes 400 350 300 Nitrogen Sales Million Tonnes 2 2018 2019 2020 2021 2022F $3.2-$3.6 IIIII 250 200 $2.3 150 100 50 $1.2 $1.2 $1.1 0 0 20 40 60 80 100 120 140 160 180 Nitrogen Adjusted Operational Capability (Mmt) EBITDA US$ Billions 20182 2 2019 2020 2021 2022F 1. 2. Represents cash costs of production for January 2022. For exporting regions, the cost is FOB port, while for regions with in-market nitrogen production (e.g. North America) the costs are FOB plant gate. Based on guidance as provided in our news release February 16, 2022. March 2022 Source: Nutrien#17Feeding the Future: Our 2030 ESG Commitments N N Feeding the Planet Sustainably Enable Enable growers to adopt sustainable and productive agricultural products and practices on 75 million acres globally. Environment & Climate Action Achieve Achieve a 30 percent reduction in Scope 1 and 2 GHG emissions per tonne of our products produced by 2030 (from a 2018 baseline). Inclusive Agriculture Leverage Leverage our Farm-focused technology partnerships and investments to drive positive impact in industry and grower innovation and inclusion. N 17 Launch & Scale Launch and scale a comprehensive Carbon Program, empowering growers and our industry to accelerate climate-smart agriculture practices to reduce GHG emissions and improve soil carbon sequestration. Invest Invest in new technologies and pursue the transition to low-carbon fertilizers, including blue and green ammonia. Create Create new grower financial solutions to strengthen social, economic and environmental outcomes in agriculture. March 2022#18Nutrien's Carbon Program N 18 ustrian - 01 - Enroll & Baseline Assess eligibility & enroll growers in the program, building on Nutrien's trusted advisor relationship Historical farm and field-level data collection to establish carbon baseline Loveland PRODUCTS A differentiated end-to-end carbon journey for growers ESN SmartNitrogen echelon actagre - 02 - Plan & Plant Customized whole-acre solutions developed, featuring a recipe of sustainable agronomic practices and 3rd party and proprietary products, proven to drive positive carbon outcomes ANALYTICAL Waypoint - 03 - Grow & Support Season-long value added agronomic and field services to support growers In-season data collection and aggregation AGRIBLE W AGBRIDGE -04- Measure & Monetize End-of-season data gathered to quantify carbon outcomes using industry accepted standards/protocol and independently verified to ensure quality Potential for flexible monetization options and multi-path transactability to a broad base of ag value-chain and cross-industry buyers to maximize value - 05 - Report & Improve Reporting to provide insights to improve long-term grower profitability & sustainability performance March 2022#19Nutrien's Carbon Program Carbon Pilots with Broad Geographic Coverage and Agronomic Practice Implementation Broad geographic scope of US and Canadian pilots covering ~225K acres in 2021 -2021 Pilot Locations - N/ Implementing a comprehensive set of sustainability practices Q Nitrogen Management (+) ~225K acres Strong grower interest in our program, exceeding our initial 100k acre pilot target Diversity of climatic zones, soil type and crops grown Grower Value:1 Up to $30/acre potential increase in agronomic profitability Optimized Productivity Soil Health 19 Plus Up to $20/acre incremental revenue from monetization of carbon assets as markets grow Focused on broad base of practices to reduce GHG emissions and improve soil carbon sequestration 1. Run-rate figures and highly variable based on practices adopted, geography, crops grown, soil characteristics, weather and various other factors. March 2022 Source: Nutrien#20Market Fundamentals#21US Crop Stocks-to-Use Ratios N/ 21 Tight supply and demand fundamentals in advance of the 2022 growing season increases sensitivity to production challenges US Corn Ending Stocks & Stock/Use Ratio Million Bushels US Soybean Ending Stocks & Stock/Use Ratio Percent Million Bushels Percent 2,500 Ending Stocks Stocks to Use Global Stocks to Use 35% 1,000 Ending Stocks ◆ Stocks to Use -Global Stocks to Use 35% 2,000 1,500 1,000 500 30% 800 25% 600 20% 15% 400 10% 200 5% 30% 25% 20% 15% 10% 5% 0 0% 0 0% 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F USDA USDA 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F USDA USDA March 2022 Source: USDA#22US Season Average Realized Prices Crop prices remain high, supported by tight supplies and the need to attract sufficient 2022 production Corn Avg. Realized Price USD/bushel $6.89 Soybean Avg. Realized Price USD/bushel N 222 $14.78 $14.40 $6.07 $13.00 $13.00 $5.45 $10.90 $4.46 $4.45 $10.10 $9.47 $8.95 $9.33 $8.48 $8.57 $3.70 $3.61 $3.61 $3.36 $3.36 $3.56 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F 2022 Futures 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F 2022 Futures Wheat Avg. Realized Price USD/bushel $8.62 $7.30 $5.16 $5.05 $4.72 $4.58 $6.87 $5.99 $4.89 $3.89 $7.77 السستاا 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F 2022 Futures Cotton Avg. Realized Price USD/lb Note: 2022 futures prices reference September 2022 Wheat, November 2022 Soybean, December 2022 Corn, December 2022 Cotton, as of February 23, 2022. $1.02 $0.90 $0.78 $0.73 $0.68 $0.69 $0.70 $0.67 $0.61 $0.61 $0.60 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F 2022 Futures March 2022 Source: USDA, Bloomberg#23Global Crop Economics Prospective grower cash margins continue to be historically strong driven by high crop prices and yields Key Crop Grower Cash Margins1 Local Currency Margin/Acre US Corn Cash Selling Price & Costs³ US$/bu US Corn 600 US Soybean 500 400 W. Can Canola 300 US Cotton US Wheat 200 100 0 -100 BRZ 4,500 8.00 Soybean² 4,000 7.00 3,500 6.00 3,000 5.00 2,500 2,000 4.00 1,500 3.00 1,000 2.00 500 0 1.00 0.00 1234 1. Brazil is local currency margin/hectare. 2. 3. Due to crop year timing in Brazil the 2022F references the 2021/2022 crop year, which is planted in Q3-2021 with growers realizing returns in Q1-2022. Annual cash costs on a per bushel basis are impacted by both realized inflation/deflation and by the annual corn yield. Cash rent is included in other costs. N 20 Margin ($/bu) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021F 2022F 4 Other Costs Fertilizer Seed Chemicals -Corn Price March 2022 Source: USDA, IMEA, Bloomberg, ICE, FAO, IFA, Nutrien#2424 24 Potash and Phosphate Application Economics N Fertilizer costs have increased but remain well below the average yield gain from application; which we believe will incentivize application of potash and phosphate Potash¹ bu/acre of Corn to purchase 1 acre of Potash application 16 14 12 10 8 9 4 2 bu/acre of Corn to purchase 1 acre of Phosphate application Phosphate¹ 16 Historical Historical -- Average Yield Gain from Potash (Avg) 14 12 10 8 4 2 Average -Yield Gain from Phosphate (Avg) 0 0 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 March 2022 Source: USDA, Fertilizer Week, Bloomberg, TFI Soil Test Levels in North America, Nutrien 1. The Potash and Phosphate Cost in bushels/acre is calculated by dividing the monthly average spot nutrient cost per acre by the new crop corn futures prices. The Yield Gain from Potash and Phosphate are based on the weighted average yield gain in the top 5 corn producing states based on current soil test level information.#25Global Fertilizer Prices N 25 Fertilizer prices have generally maintained their elevated prices so far in 2022 supported by strong demand, tightened supply, higher input costs, and positive cash margins on crops for growers Selected Fertilizer Prices US$ per Unit Change Since Feb 2021 US$ per Unit As of February 17, 2022. 800 Brazil CFR (US$/mt) +$492 600 400 200 US Midwest FOB (US$/st) +$390 SE Asia CFR (US$/st) +$352 0 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 1,200 Tampa Ammonia CFR (US$/mt) +$805 900 K N P 600 300 NOLA Urea FOB (US$/st) +$195 NOLA UAN FOB (US$/st) +$390 0 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 1,000 800 600 400 NOLA DAP FOB (US$/st) +$227 Brazil MAP CFR (US$/mt) +$290 200 0 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 March 2022 Source: Fertilizer Week, Nutrien#262022 Forecast от 5 10 15 20 Global Potash Deliveries by Region Nz 26 We expect global potash demand to be in the range of 68 to 71 million tonnes in 2022 with growth expected from China and India due to current low inventory levels. We believe near-term supply tightness could limit total shipments in 2022. Million Tonnes KCI 18 19 20 21E 22F 18 19 20 21E 22F 18 19 20 21E 22F 18 19 20 21E 22F 18 19 20 21E 22F 18 19 20 21E 22F Other Asia China 3.2 India 3.7Mmt Anticipate increased import volumes in 2022 to support domestic consumption and replenish depleted inventories; growers seek to improve nutrient deficiencies in their soils 10.3 10.8Mmt Palm oil prices remain very strong currently trading at record levels of around 5,000 MYR/tonne, which we expect to support strong potash demand in 2022 North America 10.0 11.0Mmt Despite pullback on demand from record level in 2021, supportive crop prices, grower margins, coupled with increased planted acreage are expected to support robust potash consumption Latin America 15.5 16.5Mmt Strong corn and soybean fundamentals and record-high grower margins, combined with continued acreage increases, are expected to lead to strong demand in the region - 15.0 16.0Mmt Expect to see stronger import demand as a result of robust underlying consumption, tight channel inventories and reduced domestic supplies 13.0 Other 14.0Mmt Growing demand for NPK fertilizers are expected to continue boosting potash demand, while product availability and higher potash costs may cause some demand destruction in Africa March 2022 Source: Industry Consultants, Nutrien#27Potash Production in Selected Regions N 27 Nutrien increased production by nearly 1 million tonnes in 2021 in response to strong demand and tightened supply. Limited new production from greenfield projects expected in 2022 with uncertainties around Belarusian potash supply. Potash Production in Selected Regions* Million Tonnes KCI 15 10 5 Nutrien boosted production to meet strong demand in 2021 2020 2021E 2022F Production Range 0 Nutrien Other Canada Russia Belarus Europe Middle East China Production changes differ from our expectations in operational capability. March 2022 Source: CRU, Company Reports, Nutrien#28Belarusian Potash Supply by Region N 28 Belarus typically accounts for ~20% of global potash exports and is a key supplier of granular grade potash. Belarusian potash supply uncertainty exists as a result of sanctions from EU and the US, as well as restrictions imposed on Belarus potash transported through Lithuania. Belarus Potash Exports by Region Potash Imports in Selected Countries in 2020 (Million Tonnes) Canada ■Belarus Russia Israel (Million Tonnes) Other Asia ■Brazil China 13 India Africa US Europe Other 12 12 11 11 10 10 9 9 8 8 7 7 6 6 5 154 22% 26% 16% 4 4 3 3 26% 2 2 32% 1 1 0 0 2016 2017 2018 2019 2020 2021E Brazil 33% US (Offshore) China India Other Asia Europe (non- EU) March 2022 Source: USDOC, CRU, Nutrien#297 China and India Potash Inventory 29 N = Potash consumption has significantly exceeded shipments in both China and India in 2021, leading to a drawdown in inventories, which we expect to be supportive of shipments in those markets in 2022 China Potash Year-end Inventory India Port and Field Year-end Inventory Million Tonnes KCI ■ QSLI Other Producers ■Pipeline ■ Ports 1.0 Total Port and Field Inventory Million Tonnes KCI 29 6 0.8 5 3.4 0.6 2.8 4 T 2.5 0.8 0.4 0.7 3 0.9 2 2.2 1.3 0.2 0.3 1 1.8 0.7 0.4 0.0 2019 2020 2021 2019 2020 2021 March 2022 Source: CRU, Katana, Nutrien#30Constructive Potash Market Outlook Potential to shift production higher in a strong demand environment to maintain market balance Global Potash Utilization of Operational Capability (excludes NTR)1 Percentage 30 N 30 100% 95% 90% High Demand and/or Supply Disruption Low Demand/Supply Surprise 85% 2015 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F Note: Calculated excluding recently closed mines from operational capability. 1. Forecast range represents Nutrien's ability to utilize existing and available operational capability. Periods 2020 to 2025 are Nutrien's projections. Global Potash Utilization Sensitivity Deploying +1 Mmt of Nutrien's available capability is estimated to impact global potash utilization by ~1.5% Range of global utilization depending on Nutrien's strategic marketing decisions; assumes market share range of 18% to 22% March 2022 Source: CRU, Fertecon, Industry Publications, Nutrien#31Long-Term Global Potash Demand Growth At historical growth rates, we expect global demand to increase to 85-90 Mmt by 2030 Long-Term Global Potash Supply & Demand Growth Million Tonnes of KCI 92.0 90.0 88.0 86.0 84.0 82.0 80.0 78.0 76.0 74.0 72.0 70.0 68.0 N 31 I Potentially more than 8 Mmt of supply needed by 2030 to meet upside demand growth 2020 20211 20251 20301 Low Demand Growth (2.3% CAGR) High Demand Growth (2.8% CAGR) - - Supply 1. Assumes projected potash production in 2021, plus projected growth in operational capability excluding Nutrien and BHP's Jansen mine. March 2022 Source: CRU, Fertecon, Industry Publications, Nutrien#32Global Natural Gas and Coal Prices N 32 32 Record natural gas prices in Europe contributed to plant shut-downs and reduced operating rates, supporting increased prices of all nitrogen products, while the combination of export restrictions and higher coal prices could pressure Chinese urea production in the coming months Energy Feedstock Prices Ammonia Cash Cost US$/MMBtu US$/Tonne $40 1,200 Henry Hub 2019 2020 2021 Current -AECO 1,100 $35 1 European Hub China Bituminous Coal 1,000 $30 900 800 $25 700 $20 600 500 $15 400 $10 300 200 $5 100 $0 0 Jan/2018 Oct/2018 Jul/2019 Apr/2020 Jan/2021 Oct/2021 Canada USA Europe China Bituminous 1. Presented on a US$/MMBtu equivalent basis. March 2022 Source: Fertecon, US EIA, Canadian Gas Price Reporter, CRU, Nutrien#33Reduced Chinese Export Supplies Supportive of Global Prices N 33 China had higher urea and DAP/MAP export volumes in the first nine months of 2021, but exports were constrained in Q4 due to government export restrictions, which are expected to remain in place through the first half of 2022 China Urea Exports (Million Tonnes) 6 1H ■2H China DAP/MAP Exports (Million Tonnes) 10 1H ■2H 4 2 0 2017 2018 2019 2020 2021 8 CO 6 4 1H Avg 2017-2021 ~2 Mmt 2 2017 2018 2019 2020 2021 1H Avg 2017-2021 ~4 Mmt March 2022 Source: USDOC, Datamyne, Fertilizer Week, Nutrien#34Global Nitrogen Supply & Demand N 34 +4 Strong ag consumption and fast rebound in industrial demand supportive to short-term nitrogen supply/demand balance Global Utilization Rate1 Global Nitrogen Supply & Demand Million Tonnes of Nitrogen Operational Capability Ag Demand ~1.5% CAGR Non-Ag/Residual Demand Percentage 100% 1. 95% 43 42 43 44 39 41 90% 109 110 113 115 117 118 85% 80% 2018 2019 2020F 2021F 2022F 2023F 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F Based on estimated operational capacity. March 2022 Source: CRU, Fertecon, Industry Publications, Nutrien#35Appendix#36Executing on Our Financial and Operational Targets N Total Retail Adjusted EBITDA Margin¹ US Retail Adjusted EBITDA Margin 1,2 2023 Targets 2021 Results >10.5% 10.9% 11.6% 2020 Results 9.7% 10.6% Retail Adjusted Average Working Capital to Sales³ 17% 13% 15% Retail Cash Operating Coverage Ratio³ 60.0% 58.2% 61.8% Retail Adjusted EBITDA per US Selling Location (thousand dollars) 1,4 Retail Proprietary Products as a % of Total Retail Margin >$1,100 $1,481 $1,075 29.0% 22.9% 23.0% Retail Digital Platform Sales to Total Sales1,5 >50% 17% Retail Digital Platform Sales (million dollars) 1, 1,5 $2,148 11% $1,211 Potash Sales Volumes (million tonnes) 14.0 - 16.0 13.6 12.8 Potash Cash Cost of Product Manufactured per Tonne³,6 $53-$58 $63 $59 Nitrogen Sales Volumes (million tonnes) 11.5-12.0 10.7 11.0 Ammonia Operating Rate 96% 90% 93% Ammonia Controllable Cash Cost of Product Manufactured³ ~$42 $50 $43 Potash Cost of Goods Sold (million dollars)² $1,285 $1,183 Nitrogen Manufactured Cost of Goods Sold (million dollars) 2 $2,353 $1,804 1234569 1. These are supplementary financial measures. See the "Other Financial Measures" section. 2. No target was provided. 3. 4. These are non-IFRS financial measures. See the "Non-IFRS Financial Measures" section. Calculation is based upon number of selling locations only, excluding acquisitions. 5. 6. 7. Platform generated revenue includes grower and employee orders that are entered directly into the digital platform. North American digital Retail sales as a proportion of total North American Retail sales. Assuming production ranges of 14Mmt to 16Mmt and is not adjusted for the impact of inflation. Applies to 2023 target only. Capacity utilization represents production volumes divided by production capacity (excluding Joffre and Trinidad facilities). 36 March 2022 Source: Nutrien#37Track Record of Disciplined and Balanced Capital Allocation N Since 2018, Nutrien has allocated over $6 billion to sustaining its assets and investing capital, $1.7 billion to strategic acquisitions and returned $9 billion to shareholders through dividends and share repurchases Historical Capital Allocation US$ millions $2,000 37 $1,600 $1,200 $800 $400 2018 2019 2020 2021 $0 1 1 Share Repurchases Dividends Sustaining CapEx Business Acquisitions Investing CapEx (net of cash acquired) 1. These are supplementary financial measures. See the "Other Financial Measures" section. Mine Development & Pre-Stripping March 2022 Source: Nutrien#38Retail US Delivering Value through Organic and Tuck-in Growth N Nutrien has increased US market share by ~1 percent per year through a combination of tuck-in acquisitions and organic growth. Retail US Market Profile1 Percentage US Ag Retail Industry Profile Percentage +7% ~24% 22% 21% 20% 18% 17% 16% 15% 2015 2016 2017 2018 2019 2020 2021 2023 Note: 2011-2017 data is based upon Agrium Inc. financials. Note: information on slide is as of December 31, 2021 unless otherwise noted. Target GROWMARK CHS WILBUR-ELLIS 3% 4% Simplot 5% 6% HELENA 7% 38 Nutrien 22% 24% 29% Co-ops Independents March 2022 Source: Croplife, Nutrien#39Retail Brazil Network Expansion: Targeting $100M Adj. EBITDA by 2023 N = 39 Continued execution of our Brazil growth strategy, expanding our Retail network and breadth of products and services offered Brazil Adjusted EBITDA US$ Million >$65 2021 -$100 2023 Target 1. These are supplementary financial measures. See the "Other Financial Measures" section. 2021 Announced Transactions BIO RURAL TERRANOVA Agronegócios e Consultoria BRA AGROQUÍMICA ✓ 25 years in Brazil 9 branches ✓ $40 million in sales 20 years in Brazil 9 branches $50 million in sales 25 years in Brazil $15 million in sales ✓ 100 pesticide registrations 2021 Status ~$550M Revenue >40 Retail locations -12% Adjusted EBITDA Margin¹ March 2022 Source: Nutrien#40Retail: Growth From Accretive Acquisitions and Optimization N 40 Global Tuck-in Acquisitions 1,2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total # of Locations Acquired¹ 33 59 22 32 26 76 44 53 64 43 36 488 Annual Sales¹ $210 $477 $128 $192 $190 >$500 ~$300 -$400 ~$450 ~$390 -$100 >$3,300 (US millions) Annual Adjusted EBITDA1 $27 $49 $12 $32 $20 ~$35 ~$23 ~$40 ~$40 ~$38 ~$10 >$325 (US millions) (Year 1) Retail Adjusted EBITDA per US Selling Location² Thousand US$ Cumulative Global Store Closures & Consolidations 3,4 Retail Locations +53% 900 $1,481 750 600 $1,075 $967 $1,100 450 300 150 0 2019 2020 2021 2023 Target 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Cumulative Store Closures ■U.S. ■Canada Australia South America 1. 2. 3. Excludes Actagro, Ruralco and other acquisitions not considered tuck-ins, and assumes first-full year revenue and adjusted EBITDA estimates. Includes Tec Agro, Agrosema, BioRural and Terra Nova acquisitions. These are supplementary financial measures. See the "Other Financial Measures" section. 2010-2017 is based upon Agrium Inc. financials. 2010 to 2017 figures are presented as Retail EBITDA. 2018 and onwards are presented as Retail Adjusted EBITDA. 4. 2010 cumulative closures represents the period of 2006-2010. All data in graph is as of December 31, 2020, with 2021 data expected to be available by mid-2022. March 2022 Source: Nutrien#411. 723 N Proprietary Products Gross Margin³ (2021) US$ Millions 41 Retail: A Leading Agricultural Solutions Provider Broad Crop Diversity Revenue by Crop¹ (2020) Percentage Complete Ag Solutions Offering Gross Margin² (2021) US$ Billions $4.6B Cotton, 6% All Other, 11% Corn, 25% Canola, 7% Soybean, 15% Fruit & Vegetables, 16% Merchandise 4% 1100 1000 Services/Other 18% 900 9% CAGR 800 Seed 9% 700 600 500 Crop Protection 34% 400 Wheat, 20% 300 200 100 0 Crop inputs & services for over 100 different crops 2021 data expected to be available by mid-2022. Services/Other includes Nutrien Financial and eliminations. 2012-2017 data is based upon Agrium Inc. financials. Excludes Dalgety animal health products. Crop Nutrients 35% 2013 2014 2015 2016 2017 2018 2019 2020 2021 Proprietary Seed Everything growers need to maximize yields with ~3,900 agronomists Proprietary Crop Nutrients ■Proprietary Crop Protection Products Consistent growth platform of higher margin products valued by growers March 2022 Source: Nutrien#42Non-IFRS Financial Measures The following section outlines the components of our non-IFRS ratios: Retail Adjusted Average Working Capital to Sales (millions of US dollars, except as otherwise noted) 2021 2020 2019 Average current assets Average current liabilities Average working capital Average working capital from certain recent acquisitions Adjusted average working capital Sales 9,332 7,998 7,630 2018 6,994 (7,093) (5,825) (4,533) (4,270) 2,239 2,173 3,097 2,724 (11) (53) 2,239 2,162 3,044 2,724 17,734 14,785 13,282 12,670 Sales from certain recent acquisitions Adjusted sales (686) (249) 17,734 14,099 13,033 12,670 Adjusted average working capital to sales (%) 13 15 223 21 Retail Cash Operating Coverage Ratio (millions of US dollars, except as otherwise noted) Selling expenses General and administrative expenses 2021 2020 2019 2018 3,124 2,795 2,484 2,303 168 135 112 100 Other expenses (income) 86 44 69 (75) Operating expenses 3,378 2,974 2,665 2,328 Merger-related adjustments (40) Depreciation and amortization in operating expenses (694) (658) (585) (492) Operating expenses excluding depreciation and amortization 2,684 2,316 2,080 1,796 Gross margin 4,600 3,736 3,301 3,035 Depreciation and amortization in cost of goods sold Gross margin excluding depreciation and amortization Cash operating coverage ratio (%) 12 10 7 7 4,612 3,746 3,308 58 62 63 3,042 59 N 42 March 2022 Source: Nutrien#43Nutrien Feeding the Future Thank You! 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