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Investor PresentationMarch 2019
Forward Looking Statements
Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable
securities laws (such statements are often accompanied by words such as "anticipate", “forecast”, "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Certain statements
in this presentation, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's 2019 annual guidance, including
expectations regarding our EBITDA and adjusted EBITDA (both consolidated and by segment); expectations regarding dividends per share and other shareholder returns in 2019; capital spending
expectations for 2019 and beyond; expectations regarding performance of our business segments in 2019; our market outlook for 2019, including potash, nitrogen and phosphate outlook and including
anticipated supply and demand for our products and services, expected market and industry conditions with respect to crop nutrient application rates, planted acres, crop mix, prices and margin;
expectations regarding completion of previously announced expansion projects (including timing and volumes of production associated therewith) and acquisitions and divestitures; and the expected
synergies associated with the merger of Agrium and PotashCorp, including timing thereof. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which
are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.
All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this
document. Although Nutrien believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place
an undue reliance on these assumptions and such forward-looking statements. The additional key assumptions that have been made include, among other things, assumptions with respect to Nutrien's
ability to successfully integrate and realize the anticipated benefits of its already completed (including the merger of Agrium and PotashCorp) and future acquisitions, and that we will be able to implement
our standards, controls, procedures and policies at any acquired businesses to realize the expected synergies; that future business, regulatory and industry conditions will be within the parameters expected
by Nutrien, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability and cost of labor and interest, exchange and effective tax rates; the completion of
our expansion projects on schedule, as planned and on budget; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2019 and in the future; the
adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions
and divestitures and negotiate acceptable terms; ability to maintain investment grade rating and achieve our performance targets; the receipt, on time, of all necessary permits, utilities and project approvals
with respect to our expansion projects and that we will have the resources necessary to meet the projects’ approach.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business
conditions; the failure to successfully integrate and realize the expected synergies associated with the merger of Agrium and PotashCorp, including within the expected timeframe; weather conditions,
including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory
requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the
interpretation thereof; political risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism; the occurrence of a major environmental or safety incident; innovation
and security risks related to our systems; the inability to find suitable buyers for our equity positions and counterparty and transaction risk associated therewith; regional natural gas supply restrictions;
counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions at our Egyptian and Argentinian facilities; any significant impairment of the carrying value
of certain assets; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work
stoppages; and other risk factors detailed from time to time in Agrium, PotashCorp and Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the
United States, including those disclosed in Nutrien’s business acquisition report dated February 20, 2018, related to the merger of Agrium and PotashCorp. The purpose of our expected adjusted
consolidated EBITDA and EBITDA by segment guidance range is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other
purposes.
Non-IFRS Financial Measures Advisory
We consider net earnings from continuing operations before finance costs, income taxes and depreciation and amortization ("EBITDA"), adjusted net earnings per share, Nutrien combined 2017 historical
information, adjusted EBITDA, adjusted net debt to non-IFRS measures, potash adjusted EBITDA, potash cash cost of product manufactured (“COPM”), urea controllable COPM, free cash flow and other
measures deriving from such non-IFRS measures, all of which are non-IFRS financial measures, to provide useful information to both management and investors in measuring our financial performance
and financial condition. Refer to the disclosure under the heading “Non-IFRS Financial Measures” included in our Annual Report dated February 20, 2019, as filed on SEDAR at www.sedar.com and
EDGAR at www.sec.gov under our corporate profile, for a reconciliation of these non-IFRS measures to the most directly comparable measures calculated in accordance with IFRS and for a further
discussion of how these measures are calculated and their usefulness to users including management. Non-IFRS financial measures are not recognized measures under IFRS and our method of
calculation may not be comparable to that of other companies. These non-IFRS financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared
in accordance with IFRS. The purpose of our adjusted annual earnings per share and adjusted EBITDA guidance ranges is to assist readers in understanding our expected and targeted financial results,
and this information may not be appropriate for other purposes. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and
presented in accordance with IFRS due to unknown variables and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value which may
be inherently difficult to determine, without unreasonable efforts.
Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable
US federal securities laws or applicable Canadian securities legislation.
2
Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted.March 20, 2019
Nutrien Has a Unique Global Footprint and Well Positioned Assets
3
LEGEND:
RETAIL
POTASH
NITROGEN
PHOSPHATE
ESN®
GRANULATION
LOVELAND PRODUCTS AND AFFILIATED FACILITIES
AGRICHEM
INVESTMENTS AND JV’S
OFFICES
South AmericaNorth American Integrated Footprint
Australia
~27MmtCombined sales
tonnes1 of potash, nitrogen, phosphate
& sulfate
$600MExpected annual
synergies by end of 2019
$1.72Annual dividend
per share2
>1,700Retail locations in 7 countries
~42MShares
repurchased since February 2018
NOTE: European distribution and our ownership stakes in Sinofert and the MOPCO nitrogen facility are not included on these maps.
1. 2018 sales volumes
2. Based on Nutrien quarterly dividend declared December 14, 2018. Future dividends subject to board discretion. Source: Nutrien
March 20, 2019
~38%
~27%
~7%
~28%
Diversified Portfolio Provides Stability and Multiple Avenues for Growth
4
Retail
Phosphate
and Sulfate
Nitrogen
Potash
2018 Adjusted
EBITDA1 Split
1. This is a Non-IFRS measure. Refer to the Forward Looking Statements and Non-IFRS Financial Measures in Management's Discussion & Analysis included in Nutrien’s 2018 Annual Report.
2. Based on the mid-point of Nutrien’s adjusted EBITDA guidance range as of February 6, 2019.
Adjusted EBITDA1
US$ Billions
Significant earnings growth delivered in 2018 and expect strong growth again in 2019
March 20, 2019
0.0
1.0
2.0
3.0
4.0
5.0
2019F2017
55%
2
Source: Nutrien
2018
18%
Nutrien Delivered on Strategic Priorities in 2018 5
• Achieved $521M of run-rate synergies as at December
31, 2018, expect $600M by the end of 2019
• Completed regulatory required divestment of SQM, ICL
and APC for $5.3 Billion of net proceeds
• Allocated ~$600M to Retail acquisitions and greenfield
builds; launched integrated digital platform for growers
• Increased potash sales volumes by 1.3M tonnes
• Returned $2.8B to shareholders through share
buybacks and dividends
• Increased quarterly dividend 7.5% to $0.43/share1
Shareholder
Returns
Growth
Initiatives
Integration &
Synergies
2018 Achievements
1 Based on Nutrien’s quarterly dividend declared on November 5, 2018.
Source: Nutrien
March 20, 2019
Adjusted Net Debt1/Adjusted EBITDA1
Ratio
53 percent increase in free cash flow driven by
improving market conditions, optimization and
merger synergies
Strong balance sheet with adjusted net debt
to adjusted EBITDA ratio of 1.6x
Free Cash Flow1
US$ Billions
1. This is a Non-IFRS measure. Refer to the Forward Looking Statements and Non-IFRS Financial Measures in Management's Discussion & Analysis included in Nutrien’s 2018 Annual Report.
6
2017 2018
0.0
0.5
1.0
1.5
2.0
2.5
2017 2018
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
March 20, 2019
Source: Nutrien
53% -1.5x
Strong Free Cash Flow and Balance Sheet
Our Vision is to be the Leading Global Integrated Ag Solutions Provider
7
STRATEGY Create the best channel to the
customerOwn leading production
assets & proprietary
offering
• Grow Retail footprint in North
America and Australia
• Expand Brazil Retail business
• Enhance our digital and finance
solutions for growers
Build a unique relationship
with
the grower
• Optimize and invest to further
enhance supply chain
advantages in North America
• >1700 retail locations in 7
countries
• > 50% adoption rate for new
digital platform
World’s Largest
Ag Retailer
• ~ 2,100 North American
distribution points
• Lowest-cost, highest-margin
path to market
Unmatched Distribution
Network
• ~ 27 Mmt of crop nutrient sales
• 25% of Retail gross margin is
proprietary product sales
Large Scale, Low Cost
ProducerADVANTAGES
FOCUS
AREAS • Selectively invest in well-
positioned wholesale assets
• Expand proprietary products lines
March 20, 2019
Source: Nutrien
Market Fundamentals and Performance
INVESTOR PRESENTATION March 20, 2019
9
Corn Stocks/Use RatioPercent
0%
5%
10%
15%
20%
25%
30%
US
World
(excl. China)
0%
5%
10%
15%
20%
25%
30%
US
World
(excl. US)
Global Corn and Soybean Supply/Demand
Lowest US corn stocks/use ratio since 2013/14 and lowest global (excl. China) since 2012/13;
US soybean stocks are projected to be historically high - pressuring prices and 2019 acreage
Source: USDA, Nutrien
Soybean Stocks/Use RatioPercent
March 20, 2019
Cash Grower Margins 10
US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans
Cash Grower Margins1
Local Currency Margin/Acre
Prospective 2019 margins support input-intensive cropping decisions for 2019;
Increased US corn, cotton and wheat acreage and increased Brazilian safrinha corn
1. 2016-2017 margins are based on average realized cash crop prices and estimated average fertilizer costs; 2018F margins are based on new crop 2018 futures
prices less estimated basis and estimated average retail fertilizer prices; 2019F margins are based on new crop 2019 futures prices less estimated bases and
estimated spot retail fertilizer prices; Brazilian grower margins are based on IMEA cost of production and price estimates for Mato Grosso.
0
50
100
150
200
250
300
350
0
200
400
600
800
1,000
1,200
1,400
1,600
Source: USDA, Green Markets, CME Group, IMEA, Nutrien
March 20, 2019
$769
$951$986
$1,119
$1,033$1,091
$1,145$1,206
$1,350
7.5%
8.3% 8.3%8.6% 8.5%
9.3%9.5% 9.5%
$0
$300
$600
$900
$1,200
$1,500
5%
6%
7%
8%
9%
10%
11%
2011 2012 2013 2014 2015 2016 2017 2018 2019F
Retail EBITDA (US$ Millions) Retail EBITDA Margin %
$6.01
$6.67$6.15
$4.11$3.71 $3.48 $3.36 $3.47
11
March 20, 2019
Source: USDA, Nutrien
Note: 2011-2016 data is based upon legacy Agrium financials. 2017 comparative figures are the historical combined results of legacy Potash Corporation of Saskatchewan Inc. and Agrium Inc. and
are considered to be non-IFRS measures.
1. Based on the mid-point of Retail EBITDA guidance range as of February 6, 2019.
Corn Price US$/Bu
Retail: Long Term Growth of Margins and Earnings
Resilient Retail EBITDA despite lower crop price environment
70%
75%
80%
85%
90%
95%
100%
Global Potash Supply & Demand
0
10
20
30
40
50
60
70
80
Demand*
Operational Capability
Global Potash S&DMillion Tonnes KCl
Global Utilization Rate1
Percent
Expect demand growth and capacity closures to offset capacity additions;
operating rates expected to be at or above historical average
12
March 20, 20191 Based on estimated operational capability. Forecast utilization rate range based on high and low demand forecast.
* Demand growth range based on 20 year CAGR (2002 to 2022) of 2.8 to 3.0 percent. 5-year forecast range of 2.3 to 3.3 percent.Source: CRU, Fertecon, IFA, Nutrien
Potash: World’s Largest Producer; Lower-Cost Operations
$0
$20
$40
$60
$80
$100
2014 2015 2016 2017 2018
10.8Mmt
12.2Mmt
~5Mmt
5.0
2016 2017 2018 ProductionCapability
12.8Mmt
~5 Mmt of incremental production capability in Saskatchewan that we can bring on with
limited capital as global demand grows
Potash Production1
Million Tonnes KCl
Combined1Cash-related Cost of Goods Sold2
US$/Tonne
1. This is a Non-IFRS measure and/or the historical combined results of PotashCorp and Agrium. Refer to the Forward Looking Statements and Non-IFRS Financial Measures in Management's Discussion
& Analysis included in Nutrien’s 2018 Annual Report.
2. Refers to total cost of goods sold less depreciation and amortization.
3. Assuming full ramp up of Saskatchewan mines.
13
3
Source: Nutrien
March 20, 2019
Potash: Significant Leverage to Improving Prices, Higher Volumes and Lower Costs
14
Potash Adjusted EBITDA1
US$ Millions
11.7 13.0
2017 2018
+1.3 Mmt
2017 2018
$175$205
+17%
20182017
$66 $60
-9%
Sales VolumesMillion Tonnes
Net Selling PriceUS$/MT
1,083
$1,606
2017 2018
+48%
Cash Cost of
Product
ManufacturedUS$/MT
1
1. This is a Non-IFRS measure. Refer to the Forward Looking Statements and Non-IFRS Financial Measures in Management's Discussion & Analysis included in Nutrien’s 2018 Annual Report
Source: Nutrien
March 20, 2019
Global Nitrogen Supply & Demand
Global Nitrogen S&DMillion Tonnes Nitrogen
70%
75%
80%
85%
90%
95%
100%
0
20
40
60
80
100
120
140
160
180 Demand* Operational Capability
Global Utilization Rate1
Percent
March 20, 2019
15
1. Based on estimated operational capability.
* Demand growth based on 20 year CAGR (2002 to 2022) of 2 percent.
Source: CRU, Nutrien
Relatively stable capacity utilization expected in 2019 followed by potential for rapid tightening
16
Nitrogen EBITDAUS$ Millions
2017 2018
92%86%
+6 %
2017 2018
$221 $238
+8%
$72
2017 2018
$76
-5%
NH3 Operating
Rate1
Percent
Net Selling PriceUS$/MT
Urea Controllable
Cash Cost of
Product
Manufactured2,3
US$/MT
20172 2018
$1,162
$812
+43%
Nitrogen: Significant Leverage to Higher Prices, Low Cost Gas and Operational Efficiencies
Source: Nutrien
March 20, 20191. Based on annual capacity estimates that include allowances for normal outages and planned maintenance shutdowns. Excludes Joffre and Trinidad.
2. This is a Non-IFRS measure. Refer to the Forward Looking Statements and Non-IFRS Financial Measures in Management's Discussion & Analysis included in Nutrien’s 2018 Annual Report.
3. Excludes cost of natural gas and steam.
Expect Improvement in Global Phosphate Supply & Demand Over the Medium Term
1. Based on estimated operational capability.
* Demand growth based on 20 year CAGR (2002 to 2022) of 2 percent
Global Phosphate Operational Capability & DemandMillion Tonnes P2O5
70%
75%
80%
85%
90%
95%
100%
Global Utilization Rate1
Percent
0
10
20
30
40
50
60Demand* Operational Capability
Low operating rates in China projected to balance the market in the short-term;
demand growth projected to exceed capacity additions from 2020-forward
March 20, 2019
17
Source: CRU, Nutrien
Strategy and Opportunities
INVESTOR PRESENTATION March 20, 2019
Accelerated capture of merger synergies and increased target
Significant Value Creation from Merger Synergies
$119
$521
$152
$77
$173
$79
$500
Distribution andRetail Integration
/Optimization
ProductionOptimization
Procurement SG&Aand Other
2019 TargetEOY
(Revised)
2019 TotalTarget EOY
(Original)
Achieved annual run-rate synergy as at December 31, 2018
Balance of annual run-rate synergy target
1
++
Annual Run-Rate SynergiesUS$ Millions
19
+20%
Source: Nutrien
March 20, 20191. Other includes synergies related to administrative functions which may not appear in Selling Expenses and /or General & Administrative Expenses in the financial statements included
Nutrien’s 2018 Annual Report.
Multiple Levers to Grow Earnings and Deliver on Capital Priorities
20
Merger Synergies
$600 Millionannual run-rate synergies
expected to be achieved by end
of 2019
Crop Nutrient
Leverage
~$650 Million increase in EBITDA from a
$25/mt improvement in prices
Retail Stability
$50-$140 Million expected Retail EBITDA
growth per year
Equity Proceeds
$5.3 Billionnet proceeds from divestitures
received in 2018
Return Cash to
Shareholders(~$2.6B expected
cash returned in
2018)
Invest in
Growth(Focus on growing Retail,
opportunistic Wholesale
expansion)
Protect
Balance Sheet(Strong investment
grade rating BBB/Baa2)
Capital Priorities
Expect significant cash to redeploy over the next 3 years
1. Through NCIB and dividends.
Invest in
Growth(Focus on growing Retail,
opportunistic Wholesale expansion)
Return Cash
to Shareholders(~$2.8B cash
returned in 2018)1
Protect
Balance Sheet(Strong investment
grade rating BBB/Baa2)
March 20, 2019
Source: Nutrien
++
Sources and Uses of Cash1
US$ Billion
21
Source: Nutrien
Free Cash Flow
Net Funds from Sale of Equity Investments
- Dividends Paid
- Investing Capital
- Retail Acquisitions & Greenfield Projects
- Share Repurchases
0
2
4
6
8
2018 Free Cash FlowPlus Equity Proceeds
2018 Capital Allocation
$2.8B2018 Returned to
Shareholders
1.6x2018 Adjusted Net Debt/
Adjusted EBITDA
~$600m2018 Retail Acquisitions
and Greenfield Projects
March 20, 2019
Future Capital
Allocation
Opportunity
Opportunity to Use Strong Cash Flow and Balance Sheet to Enhance Shareholder Value
1. Excludes changes in short term debt facilities or Merger related transactions. No assurance can be provided with respect to future capital allocation opportunities,
which are contingent to Board determinations relating to the net proceeds from the divestment of our equity investments.
Nutrien Providing Industry Leading Returns to Shareholders
0%
2%
4%
6%
8%
10%
12%
NTR CF MOS
22
1 Shareholder returns based on 2018 dividends paid and shares repurchased per financial statements for NTR, CF and MOS. Market capitalization as of market close at December 31, 2018.
Returning $2.8B to shareholders in 2018;
our ability to grow shareholder returns through the cycle is unmatched
Shareholder Returns/Market Capitalization1
Percent
March 20, 2019
Source: Factset, Nutrien
Nutrien Provides Unique Investment Opportunity in the Agriculture Sector
23
Leading position in both retail/distribution (stable & growing earnings base) and
crop nutrient production
Unmatched upside to a recovery in crop nutrient markets -
$25/mt improvement in nutrient prices expected to generate ~$650M in EBITDA
Clear line of sight on expected $600M in annual operating synergies;
$521M run rate achieved as at December 31, 2018
Significant free cash flow and strong balance sheet provide significant
opportunity to enhance shareholder returns
March 20, 2019
Source: Nutrien
Appendix
INVESTOR PRESENTATION March 20, 2019
Nutrien Retail Provides Full Solutions Offering to the Grower
25
Billions invested to ensure on time delivery & highest level of
service, advice & technology solutions
Bulk Fertilizer Distribution
• >6.2Mmt of storage capacity globally
• Custom blending at many locations
• Unmatched product availability and timeliness
• >2,100 storage and distribution sites across
North America
Seed Solutions
• On-site seed treatment and bulk handling
• Access to a wide selection of brands &
genetics without bias
Application Services
• We apply fertilizer & crop protection products on ~60% of our US customer acreage
• 10th largest rolling stock in the U.S.
Crop Protection Products
• Bulk product handling and blending – can be delivered within hours
• >10,000 products to protect >100 crops• >80% of sales are branded products• >15% of sales are high-margin proprietary
products
Complete Advice & Services
• ~3,300 agronomists and crop advisers• Extensive collective expertise & training• Financial Services and lending
Innovation and Technology
• Launched integrated digital platform in 2018• Access to leading edge new technology• Backward integration with emerging
technology companies
March 20, 2019
Source: Nutrien
0
100
200
300
400
500
600
700
800
2012 2013 2014 2015 2016 2017 2018
Proprietary Seed
Proprietary Nutritional Products
Proprietary Crop Protection Products
Retail: A Leading Agricultural Solutions Provider
Gross Margin (2018)US$ Billions
Crop Nutrients 31%
Crop Protection 38%
Seed 11%
Services/Other 17%
$3.0B
Crop inputs & services for over
100 different crops
Corn, 24%
Wheat, 16%
Soybean, 15%
Canola, 8%
Cotton, 7%
Fruits and Vegetables,
17%
All Other, 13%
Providing everything growers need to
maximize yields. ~ 3,300 crop advisors
Broad Crop Diversity Complete Ag Solutions Offering
Merchandise 3%
Proprietary Products
Consistent growth platform of higher
margin products valued by growers
Gross Margin1
US$ MillionsRevenue by Crop (2018)Percent
26
March 20, 2019
Source: Nutrien
1. 2012-2016 data is based upon legacy Agrium financials. 2017 comparative figures are the historical combined results of legacy Potash Corporation of Saskatchewan Inc.
and Agrium Inc. and are considered to be non-IFRS Financial Measures. Excludes Dalgety animal health products.
Retail Network Optimization – Tuck-ins, Targeted Builds & Closures
27
1. Does not include revenue from equity positions in joint ventures.
2. 2010 cumulative closures represents the period of 2006 to 2009
2011 2012 2013 2014 2015 2016 2017 2018 Total
# of Locations Acquired 33 59 22 32 26 76 44 53 345
Annual Sales1
(U.S. millions)$210 $477 $128 $192 $190 $500+ ~$300 ~$400 >$2,500
Annual EBITDA (U.S. millions) (Year 1)
$27 $49 $12 $32 $20 ~$35 ~$23 ~$30 >$230
0
200
400
600
800
2010 2011 2012 2013 2014 2015 2016 2017 2018
Cumulative Store Closures U.S. Canada Australia South America
2
Tuck-in Acquisitions
Cumulative Global Store Closures
& Consolidations
March 20, 2019
Source: Nutrien
38 Major ‘Hub’ Locations Across
the US
Significant Room for Further US Retail Consolidation
Agrium, 17%
Helena, 7%
Significant market
share held by
independent
retailers in the U.S.
Our share in other
key regions is ~30%
Growmark, 5%
Wilbur-Ellis, 4%
Pinnacle, 4%
CHS, 3%
Simplot Retail, 2%
Independents, 26%
Co-ops, 30%
19%
Helena, 7%
Over 19% market share with only 10% of the facilities
28
March 20, 2019
Source: CropLife, Nutrien
Retail: Multiple Avenues to Deliver Strong Earnings Growth
29
TUCK-IN/ROLL UP
Continue to acquire farm centers across North America and Australia
PROPRIETARY PRODUCT
Increase our proprietaryproduct offerings & sales
AG CREDIT FINANCE
Expand the credit & finance businessearnings, retain & attract new customers
BRAZILIAN AG-RETAIL
Build the retail business, leveraging ourproven strengths and experience
DIGITAL PLATFORM
Deliver a world-class integrated platformthat supports growers ease of business
Grow
Build
Expand
Increase
Deliver
Nutrien
Ag Solutions
Strategy
March 20, 2019
Crop Nutrient Production: Large and Diverse Asset Base
30
13.02
10.26
3.61
Potash Nitrogen Phosphate &Sulfate
Potash
NitrogenUS 62%
Canada23%
Offshore15%
North America
36%
Offshore64%
, 0 , 0
Phosphate
& Sulfate
US 47%
Canada35%
Offshore18%
Total Combined Sales Volumes1 (2018)Million Tonnes
Geographic Combined Sales Volumes1 (2018)Percent
1. Refers to manufactured product only.March 20, 2019
Nutrien is the largest crop nutrient producer in the world, with 29 potash, nitrogen
and phosphate facilities in North and South America.
Source: Nutrien
Prices declined in late 2018 as
raw material prices and
seasonal demand declined,
but supply curtailments
expected to support prices
into spring
Suppliers are well-committed
into 2019 as demand
continues to be strong in key
markets and inventories in
markets such as China ended
2018 at low levels
2019
Drivers
Potash Nitrogen
Prices declined in early 2019
due to seasonally slow
demand, however strong US
demand and limited new
capacity is expected to be
supportive in 2019
Phosphate
2017
31
2018
150
200
250
300
350
400
450
JanNov Jul JanSepSep NovMarMay Jan MarMar MayMay Jul Sep Nov MarJan Jul
Potash - CFR Brazil ($/mt)
Urea – New Orleans Barge FOB ($/mt)
DAP - FOB Tampa ($/mt)
2016
Source: Fertilizer Week, Nutrien
2019
March 20, 2019
US$ per tonne
Global Crop Nutrient Prices
Million Tonnes KCl
Source: CRU, Fertecon, IFA, Nutrien
0
5
10
15
20
15 16 17 18E19F 15 16 17 18E19F 15 16 17 18E19F 15 16 17 18E19F 15 16 17 18E19F 15 16 17 18E19F
2019
Fo
recast
India
4.5 – 5.0Mmt
• Expect modest
demand growth in
line with positive
consumption trends
despite reduced
subsidy rates for
2018/19 FY
10.0 – 10.5Mmt
• Demand supported
by record palm oil
production, despite
relatively weak palm
oil prices
Other
10.0 – 10.5Mmt
• Steady demand
supported by strong
affordability and
significant removal
of nutrients following
consecutive large
harvests
13.0 – 13.5Mmt
• Supportive crop
economics and
acreage growth in
nutrient deficient
regions has
supported strong
potash demand
16.0 – 16.5Mmt
• Strong consumption
trends supported by
affordability and
reported multi-year
low potash inventory
at the end of 2018
13.0 – 13.5Mmt
• Good affordability
and growing demand
for NPK fertilizers,
including in Africa,
are expected to
boost potash
demand
Other Asia Latin America ChinaNorth America
32
Record global deliveries forecast at 67-69 million tonnes in 2019 supported by steady
consumption growth and relatively low inventories in key markets
Global Potash Deliveries by Region
March 20, 2019
Global Potash Producer Sales
North American and FSU producers are anticipated to supply
the majority of demand increase in 2019
Source: CRU, Fertecon, Company Reports, Nutrien
Million Tonnes KCl
33
March 20, 2019
65.0
65.5
66.0
66.5
67.0
67.5
68.0
68.5
South
America
Europe2018
Producer
Sales
North
America
Middle EastFSU Asia 2019F
Producer
Sales
Favorable Potash Market Fundamentals
3
4
Highest growth rate of the primary
crop nutrients
22%
Other Top 4 Producers, 48%
All Other Producers, 30%
Long development times and high
capital costs
$0
$1,000
$2,000
$3,000
0
10
20
30
40
50
60
70
Top 5
Producers,
~70%
$2,700
$2,300
~7 years
construction &
ramp up
Global Potash Consumption
Million Tonnes KClGlobal Potash Capacity1
% Share (2018)Greenfield Capital Intensity
Cost per Tonne2 (US$)
1 Based on nameplate capacity, which may exceed operational capability.
2 Estimates for a conventional 2-million-tonne mine in Saskatchewan.
Range
34
Concentration of high-quality deposits
March 20, 2019
Source: AMEC, CRU, Fertecon, IFA, Nutrien
4.5% 5 Year CAGR
2.8% 16 Year CAGR
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
2
4
6
8
10
12
14
16
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19F
Combined Sales Volumes Gross Margin % of Net Sales
Nutrien potash margins supported by lower delivered cost position
and favorable market characteristics
Potash: Historically Strong Margins and Volume Growth Throughout the Nutrient Cycle
Sales Volume1 Gross Margin2
Million Tonnes KCl Percent
1 Based on combined historical sales for Agrium and PotashCorp for 1998 to 2017.
2 Historical potash gross margin as a percentage of net sales based on legacy PotashCorp financial information.
3. Based on potash sales volume guidance provided on February 6, 2019
35
March 20, 2019
Source: Nutrien
3
$0
$100
$200
$300
$400
Other Cost Gas Cost
Nitrogen: Nutrien Has Low Cost Nitrogen Assets With Regional Advantages
Urea Cash Cost & Price ComparisonUS$/Tonne
Nutrien Manufactured Nitrogen ProfileMillion Tonnes (2018)
Nutrien’s diverse nitrogen assets expected to generate exceptional
margins in almost any market conditions
2018 PNW Urea Price
2018 NOLA Urea Price
* Western Canadian cash cost is shown as FOB.
3.3 2.2
3.0
2.6
3.9
2.6
0.7
Product Sales Ammonia Capacity
0
2
4
6
8
10
12
Solutions
& Nitrates
Urea
Ammonia
US
Canada
Trinidad
Equity
Investments
36
March 20, 2019
Source: CRU, Fertecon, Argus, Nutrien
Source: Fertecon, US EIA, Canadian Gas Price Reporter, Nutrien
37
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
Henry Hub AECO European Hub
Natural Gas PricesUS$/MMBtu
High European natural gas prices increase marginal nitrogen costs and support prices
North American Natural Gas Price Advantage
March 20, 2019
Tight Chinese Urea Supplies Reduce Exports
Chinese Urea ExportsMillion Tonnes
8.3
13.6 13.8
8.9
4.7
2.5
20152013 2014 2016 2018E2017 2019F
2.0-3.0
-36%
-47%
-47%
China’s
Urea
Capacity
Closures(Million Tonnes)
Chinese
Port Urea
Inventories(Million Tonnes)
(January)
Chinese exports increased seasonally in late 2018, but inventories remain low
0.42 0.46
20182017 2019
1.10
38
0
1
2
3
4
20152013 201720162014 2018
March 20, 2019
Source: CRU, Fertecon, Profercy Nutrien
Thank you!
INVESTOR PRESENTATION
For further information please visit Nutrien’s website at: www.nutrien.com
Follow Nutrien on:
twitter.com/nutrienltd
facebook.com/nutrienltd
linkedin.com/company/nutrien
March 20, 2019
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