Nutrien Earnings and Growth Outlook

Global crop yields have recently been below-trend levels, in part due to the decline in nutrient applications Global Fertilizer Consumption and Crop Yields Million Nutrient Tonnes Tonnes/Hectare 200 180 160 140 120 100 80 60 86 40 40 20 20 N P205 K20 4 3.5 3 2.5 2 1.5 1 0.5 00/01 01/02 02/03 03/04 Note: Key crops shown for crop yields include corn, wheat, rice, rye, sorghum, oats, mixed grains, palm oil, canola, soybean and sunflower. 04/05 05/06 06/07 07/08 Global Yield -Yield Trend 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 23/24F 0 ... 20 Source: USDA, IFA, CRU Fertilizer Week, Nutrien

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