Delivering Value through Organic and Tuck-in Growth

Global Nitrogen Supply & Demand N 34 +4 Strong ag consumption and fast rebound in industrial demand supportive to short-term nitrogen supply/demand balance Global Utilization Rate1 Global Nitrogen Supply & Demand Million Tonnes of Nitrogen Operational Capability Ag Demand ~1.5% CAGR Non-Ag/Residual Demand Percentage 100% 1. 95% 43 42 43 44 39 41 90% 109 110 113 115 117 118 85% 80% 2018 2019 2020F 2021F 2022F 2023F 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F Based on estimated operational capacity. March 2022 Source: CRU, Fertecon, Industry Publications, Nutrien

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