Nutrien Earnings and Growth Outlook

We believe structural factors are supportive of higher average fertilizer prices through the next cycle US Corn Futures US$/bu TTF Natural Gas Futures US$/MMBtu Chemical Engineering Plant Cost Index Index 10-Year Avg.1 Forward Curve² 10-Year Avg. 1 Year End Index² 15.26 803 799 776 10-Year Avg.1 Forward Curve² 5.18 5.17 4.97 4.68 13.70 2023F 2024F 2025F Above-average crop prices and robust grower economics 1. From July 2013 to July 2023. 2. As of November 9, 2023. 13.91 11.57 617 2026F 2023F 2024F 2025F 2026F 2020 High European natural gas prices and nitrogen marginal costs 2021 2022 2023F Capital cost escalation has increased breakeven prices required for new capacity 15 Source: CME Group, CEPCI, Nutrien

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