Delivering Value through Organic and Tuck-in Growth

Reduced Chinese Export Supplies Supportive of Global Prices N 33 China had higher urea and DAP/MAP export volumes in the first nine months of 2021, but exports were constrained in Q4 due to government export restrictions, which are expected to remain in place through the first half of 2022 China Urea Exports (Million Tonnes) 6 1H ■2H China DAP/MAP Exports (Million Tonnes) 10 1H ■2H 4 2 0 2017 2018 2019 2020 2021 8 CO 6 4 1H Avg 2017-2021 ~2 Mmt 2 2017 2018 2019 2020 2021 1H Avg 2017-2021 ~4 Mmt March 2022 Source: USDOC, Datamyne, Fertilizer Week, Nutrien

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