Nutrien Financial and Strategic Update
Forward Looking Statements
Forward-Looking Statements
Certain statements and other information included in this presentation, including the sections titled "Mid-Cycle Scenario" and "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", "project", "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, adjusted EBITDA (consolidated and Retail) and cash provided by operating activities; expectations regarding our growth and capital allocation intentions, strategies and internal forecasts, including targeted investment projects and energy efficiency projects;
advancement of strategic initiatives, including organic growth initiatives; capital spending expectations for 2023; share repurchases and dividends in 2023, including the funds allocated thereto; expectations regarding performance of our operating segments, including
potash production, sales volumes and sales volume growth potential and nitrogen production, sales volumes and sales volume growth potential; 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, including our ability to enhance our distribution networks; expected global market and industry conditions with respect to nutrient prices, planting season, seasonality, planted acres, crop mix,
including the need to replenish soil nutrient levels, weather, crop prices, stock-to-use ratios, costs, grower margins and economics, grain and oilseed supplies, crop yields, 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; our mid-cycle scenario ranges, prices, volumes and forecasts; expectations regarding our sustainability initiatives, including decarbonization;
expectations concerning future product and service offerings; brownfield expansion projects, the expected impact on net saleable tonnes and progress and timing thereof; the expected impact of our autonomous mining and predictive maintenance technologies; our
intention to invest in Retail proprietary products production capability, network optimization and digital initiatives; acquisitions and divestitures and the anticipated benefits and integration 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 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 beyond; 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 certain geopolitical conflicts, including the conflict between Ukraine and Russia and the conflict in Israel on, among other things, global supply and demand, energy and commodity
prices, interest rates, supply chains and the global macroeconomic environment, including inflation; 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; assumptions with respect to the benefits of our brownfield expansions; 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.
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. 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;
seasonality; 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; geopolitical conflicts, including the conflict between
Ukraine and Russia and the conflict in Israel, and their 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; 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 and Retail) guidance
ranges, cash provided by operating activities and return on invested capital, 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.
Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted.
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