Nutrien Financial and Strategic Update

European natural gas prices remain volatile leading to regional nitrogen production curtailments Ammonia Production Costs¹ & Key Ammonia Prices² Units shown in legend $3,000 $2,500 Implied Cost of European Ammonia Production (US$/mt) NW Europe Ammonia (US$/mt CFR) -Tampa Ammonia (US$/mt CFR) -Middle East Ammonia (US$/mt FOB) $2,000 $1,500 $1,000 12 1. 2. $500 $0 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Future production costs estimated based on forward curve for Dutch TTF, as of November 9, 2023. Ammonia prices as of November 9, 2023. ... 28 Source: CME, CRU, Bloomberg, Nutrien

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