Nutrien Earnings and Growth Outlook

We expect higher future mid-cycle fertilizer prices US Midwest Potash Rolling 10-Yr Average 1 US$/Short Ton 500 NOLA Urea Rolling 10-Yr Average¹ US$/Short Ton Trendline 400 300 200 100 0 400 350 300 250 200 150 100 50 0 Trendline Tampa Ammonia Rolling 10-Yr Average 1 US$/Tonne 600 Trendline 500 400 300 200 100 0 2002 2006 2010 2014 2018 2022 Expect potash supply constraints to support an increase in average potash prices through the cycle 2002 2006 2010 2014 2018 2022 Expected tightness in supply by mid- decade and increased marginal costs in Europe and Asia support increased average prices through the cycle 2002 2006 2010 2014 2018 2022 Ammonia supply reductions from Russia and Europe as well as a step- change in average European natural gas prices supports higher average ammonia prices through the cycle 1. From Oct 2013 to Oct 2023 YTD. Source: CRU, Nutrien

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