Nutrien Earnings and Growth Outlook

Projected grower cash margins remain above historical average levels Key Crop Grower Cash Margins¹ Local Currency Margin/Acre US Corn Cash Selling Price & Costs ³ US$/bu US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans2 $8.00 700 5,000 $7.00 4,500 600 4,000 $6.00 500 3,500 400 3,000 $5.00 2,500 $4.00 300 2,000 200 1,500 $3.00 1,000 100 0 -100 $2.00 500 0 $1.00 $0.00 2011 2013 Chemicals 1234 2015 2017 2019 2021F 2023F Seed Fertilizer Other Costs -Corn Price Brazil is local currency margin/hectare on right-hand side vertical axis, while the rest of the crops reference US dollar margin/acre on the left-hand side vertical axis. Due to crop year timing in Brazil, 2022 references the 2022/23 crop year, which was planted in Q3 & Q4 2022 with growers realizing returns in 2023. The 2023F references the 2023/24 crop year. Annual cash costs on a per bushel basis are impacted by both realized inflation/deflation and by the annual corn yield. Includes cash rent and with other variable costs such as fuel, energy, and repairs. 23 Source: USDA, IMEA, Bloomberg, ICE, FAO, IFA, Nutrien

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