Nutrien Earnings and Growth Outlook

Supply of global grains continues to be tight Global Stocks/Use Ratios Percent Corn Wheat Rice 18% 30% 25% ■World excl. China World excl. China World excl. China 16% 25% 20% 14% 12% 20% 15% 10% 15% 8% 10% 6% 10% 4% 5% 5% 2% 0% 2013 2015 2017 2019 2021 2023F Higher US corn acreage in 2023 supports an expected recovery in global corn stocks/use 0% 0% 2013 2015 2017 2019 2021 2023F Lowest wheat stocks/use expected since 2007 2013 2015 2017 2019 2021 2023F 3rd consecutive year of tightening rice stocks/use . . . 21 Source: USDA, Nutrien

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