Clean Ammonia Market Growth and Fertilizer Industry Outlook
Notice 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.
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