Nutrien Earnings and Growth Outlook

Expect lower Chinese fertilizer exports compared to historical average China DAP/MAP Exports Millions of Tonnes 12 Full Year Exports Total Year Avg China Urea Exports Millions of Tonnes 6 Full Year Exports Total Year Avg 10 - CO 6 4 2 Annual Avg 2017-2021 I ~9.2 Mmt 4 2 Annual Avg 2017-2021 ~4.6 Mmt 0 2017 2018 2019 2020 2021 2022 2023F 2017 2018 2019 2020 2021 2022 2023F . . . 29 Source: CRU, Argus, Nutrien

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