Market Update

July 2019

Forward Looking Statements 2

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). All statements in this presentation,

other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: our market

outlook for 2019, including agriculture crop nutrient markets including potash, nitrogen and phosphate and the anticipated supply and demand

thereof and import and export volume expectations, expected market and industry conditions with respect to crop inventories, production, prices

and the impact of market fluctuations. 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 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, availability and cost of labor and interest, exchange and effective tax rates, and

assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2019 and in the future.

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; 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 crops and crop nutrients; 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; regional natural gas supply

restrictions; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the Securities and

Exchange Commission in the United States.

All forward-looking statements are provided as of the date hereof. 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 U.S. federal

securities laws or applicable Canadian securities legislation.

July 29, 2019

Nutrien Has a Unique Global Footprint 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

NOTE: European distribution and our ownership stakes in Sinofert and the MOPCO nitrogen facility are not included on these maps.

1. 2018 sales volumes

28Production facilities in

North America and Trinidad

>2,100North American

distribution touch points

>1,700Retail locations

worldwide

>20,000Employees in 14

countries

July 29, 2019

Crop Price Trends

Source: Bloomberg, ICE, USDA

Key Crop PricesUS$/bushel

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

5.0 Corn

July 29, 2019

4

7.0

7.2

7.4

7.6

7.8

8.0

8.2

8.4

8.6

8.8

9.0Soybeans

Significant rally in North American crop prices due to lower planted acreage

and potential for lower yields

Crop and Fertilizer Price Indices

July 29, 2019Source: Bloomberg, Fertilizer Week

1. Crop price index is calculated as a weighted average key crop prices (corn, soybeans, wheat, cotton and canola) weighted by the production volume of the

individual crops; fertilizer price index is based on NOLA urea, Tampa DAP and Midwest Potash prices weighted by global nutrient consumption.

5

40

60

80

100

120

140

160

180

Ja

n-1

1

Ma

y-1

1

Sep

-11

Ja

n-1

2

Ma

y-1

2

Sep

-12

Ja

n-1

3

Ma

y-1

3

Sep

-13

Ja

n-1

4

Ma

y-1

4

Sep

-14

Ja

n-1

5

Ma

y-1

5

Sep

-15

Ja

n-1

6

Ma

y-1

6

Sep

-16

Ja

n-1

7

Ma

y-1

7

Sep

-17

Ja

n-1

8

Ma

y-1

8

Sep

-18

Ja

n-1

9

Ma

y-1

9

Crop Prices Fertilizer Prices

Crop & Fertilizer Price Indices1

Index 2014-2015 = 100

Nutrient prices remain affordable, particularly given the corn price rally

Weather Continues to Support Crop Prices

July 29, 2019

6

Global Precipitation Anomalies

USA – Precipitation Ranking (0-125) Europe Soil Moisture Anomaly Australia Soil Moisture Anomaly

Wettest spring on record for the

US as a whole and Corn Belt in

particular

Most analysts expect record

Prevented Planting

Significant crop progress delays

and potential yield losses

Hot and dry weather in Europe

could reduce both winter and

summer crop yields

Private analysts have reduced

Russian wheat production

forecasts based on dryness in

recent weeks

Soil moisture conditions have

improved in Western Australia

There are still some areas of

concern due to dryness in

Queensland and New South

Wales

Source: USDA, NOAA

87

9

13 13

16

14

16

3

7

10

0

2

4

6

8

10

12

14

16

18

0

500

1,000

1,500

2,000

2,500

3,000

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19F 2019/20FLow

2019/20FMid

2019/20FHigh

Ending Stocks

Stocks/Use Ratio85 mm

ac/160

bu/acre

US Corn S&D Scenarios 7

US Corn Ending Stocks & Stocks/Use Ratio Ending Stocks (Million Bushels) Stocks/Use Ratio (Percent)

87 mm

ac/162

bu/acre

Significant tightening in US corn S&D under all foreseeable production scenarios;

Under 10% stocks/use ratio is very tight and will require demand rationing

Note: 2019/20 supply scenarios based on range of consultant forecasts. 2019/20 demand scenarios based on July 2019 USDA WASDE report.

The 2019/20F Low Scenario, demand forecasts would be expected to decline and ending stocks increase from the level displayed.

July 29, 2019

Source: Soybean & Corn Advisor, Doane, Informa, USDA, Nutrien

89 mm

ac/165

bu/acre

$6.22 $6.89 $4.46 $3.70 $3.61 $3.36 $3.36 $3.60Avg. Farm Price

US Soybean Exports by Destination

July 29, 2019

8

0

10

20

30

40

50

60

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19(Sep-Jun)

2018/19(Total Sales)

China EU Japan Other Asia Mexico Other

US Soybean Exports by DestinationMillion Tonnes

Exports to China down close to 70% in the marketing year-to-date vs. 2017/18;

Soybean exports to other destinations up 32%, but overall exports down >20%

High

outstanding

sales to China,

some of which

will likely carry

to 2019/20

Source: USDA

0

50

100

150

200

250

300

350

US and Brazil Cash Grower Margins 9

US Corn US Soybeans US Wheat US Cotton BRZ Soybeans

Cash Grower Margins1

Local Currency Margin/Acre

Prospective 2019 margins for corn have improved due to tighter projected supply;

USDA announced Trade Aid package will have a positive impact – first payments in Aug/Sep 2019

1 2016-2017 margins are based on average realized cash crop prices and estimated average fertilizer costs; 2018F margins are based on USDA’s forecasted realized

cash crop price; 2019F margins are based on new crop 2019 futures prices less estimated basis and estimated average retail fertilizer prices; Brazilian grower margins

are based on IMEA cost of production and price estimates for Mato Grosso.

0

200

400

600

800

1,000

1,200

1,400

1,600

July 29, 2019

Source: USDA, Green Markets, CME Group, IMEA, Nutrien

US Crop Nutrient Demand

July 29, 20191. Fertilizer year projections, 2020F refers to July 2019 to June 2020

10

US Crop Nutrient DemandMillion Tonnes NPK, Fertilizer Year1

Expect a rebound in total acreage and up to 95 million acres

of corn to support an ~10 percent increase in nutrient demand in 2020

Source: IFA, TFI, Nutrien

15

16

17

18

19

20

21

22

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020F

Prev. 10 Year Avg

0

50

100

150

200

250

300

Canada Cash Grower Margins 11

Canola Spring Wheat Dry Peas Lentils

Cash Grower MarginsCAD/Acre

Canadian grower economics favor cereals in 2019 driven by trade restrictions on canola and pulses

Source: Saskatchewan Ministry of Agriculture, ICE Futures, Statpub, NutrienJuly 29, 2019

Prices continued to be under

pressure into 2019 as raw

material prices and seasonal

demand declined, but liquid

fertilizers and purified acid

prices remain firm

Prices have been largely

stable and some major

suppliers are reported to be

fully committed through Q3 as

demand continues to be

strong in key markets

Global Crop Nutrient Prices

2019

Drivers

Potash Nitrogen

Prices softened in early 2019

due to seasonally slow demand,

however strong US demand and

limited new capacity has

supported urea prices in-

season, particularly in-market

Phosphate

2017 2018

150

200

250

300

350

400

450

MayNovJan JanMar MarMay Jul SepSep Mar Nov Jul JanMay NovJanSep Mar May JulJul

Potash - CFR Brazil ($/mt)

Urea – New Orleans Barge FOB ($/mt)

DAP - FOB Tampa ($/mt)

2016 2019

US$ per tonne

July 29, 2019

12

Source: Fertilizer Week, Nutrien

Potash Market Fundamentals

Highest growth rate of the primary

crop nutrients

Canada,35%

Russia, 17%Belarus, 16%

Other, 32%

Long development times and high

capital costs

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

0

10

20

30

40

50

60

70

$3,000

$2,500

10 years

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

13

Concentration of high-quality deposits

Source: AMEC, CRU, Fertecon, IFA, Nutrien

3.9% 5 Year CAGR

2.8% 16 Year CAGR

July 29, 2019

Million Tonnes KCl

Source: CRU, Fertecon, IFA, Nutrien

0

5

10

15

20

15 16 17 18E 19F 15 16 17 18E 19F 15 16 17 18E 19F 15 16 17 18E 19F 15 16 17 18E 19F 15 16 17 18E 19F

2019

Fo

recast

14

Potash demand has been negatively impacted by weather issues in some key markets;

We project global deliveries between 65-67 million tonnes in 2019

Global Potash Deliveries by Region

July 29, 2019

India Other Asia North America Latin America China Other

4.0 – 4.5Mmt

• Expect demand to be

flat to slightly below

2018 levels, in part

due to the delayed

monsoon

9.0 – 9.5Mmt

• Weak palm oil prices

are a headwind but the

expansion of the

biodiesel mandate in

Indonesia to 30% is

expected to support

demand growth going

forward.

9.3 – 9.8Mmt

• Unfavorable weather

conditions in the US

negatively impacted

spring potash demand,

but we anticipate a

robust fall application

season

13.5 – 14.0Mmt

• Favorable crop

economics and

acreage growth in

nutrient deficient

regions continue to

support strong potash

demand

15.5 – 16.0Mmt

• Record potash imports

in 1H 2019 supported

by strong consumption

base; 2H 2109

demand could be

deferred by import

policies

13.2 – 13.7Mmt

• Good affordability and

growing demand for

NPK fertilizers,

including in Africa, are

expected to boost

potash demand

US Offshore Potash Imports(Million Tonnes)

Source: USDOC, Datamyne, Fertilizer Week, Nutrien July 29, 2019

US potash offshore imports continued to arrive while trading at a discount to other

granular markets particularly to Brazil

15

0.5 0.40.7 0.7

0.1 0.20.3

0.7 0.6 0.6

0.10.4

0.10.0 1.0

0.2

1.01.2

0.40.6

0.7

0.9 0.6

0.7

0.60.7

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Belarus Russia Israel Chile Germany Other

US Offshore Imports by Source

Relatively Tight Potash Supply & Demand

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

July 29, 2019

16

Source: CRU, Fertecon, IFA, Nutrien

1 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.

0

10

20

30

40

50

60

70

80

Demand*

Operational Capability

70%

75%

80%

85%

90%

95%

100%

Source: Fertilizer Week, Nutrien

17

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

Jan

-15

Ma

r-15

Ma

y-1

5

Jul-

15

Sep-1

5

Nov-1

5

Jan

-16

Ma

r-16

Ma

y-1

6

Jul-

16

Sep-1

6

Nov-1

6

Jan

-17

Ma

r-17

Ma

y-1

7

Jul-

17

Sep-1

7

Nov-1

7

Jan

-18

Ma

r-18

Ma

y-1

8

Jul-

18

Sep-1

8

Nov-1

8

Jan

-19

Ma

r-19

Ma

y-1

9

Jul-

19

NOLA Ammonia NOLA Urea NOLA UAN

Selected Nitrogen PricesNOLA barge Spot $US/st (Per Unit of N basis)

The prices among nitrogen products have been historically highly correlated on a N basis

July 29, 2019

US Nitrogen Prices Per Unit of N

Source: Fertecon, US EIA, Canadian Gas Price Reporter, Nutrien

18

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Jan

-15

Ma

r-15

Ma

y-1

5

Jul-

15

Sep-1

5

Nov-1

5

Jan

-16

Ma

r-16

Ma

y-1

6

Jul-

16

Sep-1

6

No

v-1

6

Jan

-17

Ma

r-17

Ma

y-1

7

Jul-

17

Sep-1

7

Nov-1

7

Jan

-18

Ma

r-18

Ma

y-1

8

Jul-

18

Sep-1

8

Nov-1

8

Jan

-19

Ma

r-19

Ma

y-1

9

Henry Hub AECO European Hub

Natural Gas PricesUS$/MMBtu

Decline in European natural gas prices have been a source of pressure on nitrogen prices

North American Natural Gas Prices Remain Advantaged

July 29, 2019

Ammonia: Key Regional Trade Balances

Source: Fertecon, CRU, Nutrien

Key Ammonia Importing Regions Million Tonnes

Key Ammonia Exporting RegionsMillion Tonnes

4.1

2.5

1.41.2

0.7

3.9

4.3

2.5

1.8

1.4

0.9

2.2

5

0

3

4

1

2

6

Moro

cco

W. E

uro

pe

India

S. K

ore

a

Chin

a

US

+5%

-2%

+22%

+13%

+21%

-44%4.5

1.6

0.8

0.5

1.51.3

3.8

1.1

0.8

4.2

1.4

0.4 0.4

1.9

1.4

4.4

0.8 0.9

0

5

2

1

3

6

4S

E. A

sia

US

Russia

Iran

Canada

S. A

rabia

Trinid

ad

Alg

eria

Qata

r

-5%

-10%

-45%

-25%

+26%

+4%

+17%

-30% +7%

Prev. 3 year Avg 2019F

July 29, 2019

New US capacity has reduced net import demand and global trade flows; however marginal

capacity closures and growth in non-US imports have offset US reductions

Ammonia imports in

China nearly doubled

in the last 3 years

19

Iranian nitrogen supply

continues to be a

source of uncertainty

due to US sanctions

Chinese Urea Export Supplies Expected to be Tight

Source: CRU, Fertecon, Nutrien

20

Chinese Urea ExportsMillion Tonnes

0

2

4

6

8

10

12

14

20

16

20

14

20

15

20

13

20

18

20

17

20

19

F

China

Urea

Capacity

Closures(Million Tonnes)

China Port

Urea

Inventories(As at June:

Million Tonnes)

Chinese exports increased seasonally in late 2018 and early 2019 due to strong import

demand from India, which tightened inventories

0.73

0.17

0.30

20172016 2018 2019

0.70

0

1

2

3

4

20

20

F

20

18

20

13

20

19

F

20

14

20

16

20

15

20

17

20

21

F

July 29, 2019

US Offshore Nitrogen Imports

July 29, 2019Source: USDOC, TFI, Nutrien

21

0.0

1.0

2.0

3.0

4.0

5.0 Ammonia

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0 Urea

0.0

0.5

1.0

1.5

2.0

2.5

3.0 UAN

US Offshore Nitrogen Imports (Fertilizer Year)Million Tonnes Product, July-June

Total nitrogen supplied from offshore imports are down ~3% year-over-year due to lower

ammonia imports, while urea and UAN imports have slightly increased

Tightening Global Nitrogen Supply & Demand

July 29, 2019

Global Nitrogen S&DMillion Tonnes Nitrogen

Relatively stable near-term capacity utilization followed by potential for rapid tightening

Global Utilization Rate1

Percent

Source: CRU, Nutrien

1 Based on estimated operational capability

* Demand growth based on 20 year CAGR 2002 to 2022

22

0

20

40

60

80

100

120

140

160

180 Demand* Operational Capability

70%

75%

80%

85%

90%

95%

100%

Phosphate Raw Material Costs

Selected Raw Material PricesUS$/Tonne

0

50

100

150

200

250

300

350

400

Jul MayMay MarJulJul NovJanJan Nov MayMarMar Sep Nov SepMar JulMayJan Sep Jan

Tampa Liquid Sulfur FOB

Tampa Ammonia

2016

Phosphate prices continue to be impacted by lower year-over-year ammonia and

sulfur prices

Source: Fertilizer Week, Nutrien

2017

July 29, 2019

23

2018 2019

China DAP/MAP Exports

China P2O5 Capacity Operating RateMillion Tonnes Percent

Chinese DAP/MAP ExportsMillion Tonnes

50

60

70

80

90

100

15

16

17

18

19

20

21

22

23

2012 2013 2014 20162015 2017 20182019F

Operating Rate Capacity

4.5 4.5

7.2

10.8

8.8 8.9

10.0

0

2

4

6

8

10

12

2019F201620152012 20142013 2017 2018

8.0-9.0

Environmental pressures are expected to continue to impact Chinese production

and future export capabilities despite short-term rise in exports

July 29, 2019Source: CRU, Nutrien

24

Indian DAP Imports, Production and Inventory

India DAP SupplyMillion Tonnes

0

2

4

8

6

10

12

8.8

4.35.8

9.4

3.6

2015

4.4

2016

4.0 6.0

4.8

2017

3.6

2018

4.1

5.5-6.0

2019F

8.7

9.69.5-10.0

* Includes unofficial estimates of unaccounted stocks

Source: Fertecon, CRU, Nutrien

DAP stocks continued to rise in India amid high imports and increased domestic production;

Expect overall demand in India to remain relatively strong in 2019

Imports Production

India DAP Monthly UpdatesMillion Tonnes

0.0

0.4

1.2

1.6

0.8

2.0

2.4

2.8

Apr-

19

Jan-

17

Oct-

18

Apr-

17

Jul-

17

Oct-

17

Jan-

18

Apr-

18

Jul-

18

Jan-

19

Imports Production Inventory

July 29, 2019

25

US DAP/MAP Imports

July 29, 2019Source: USDOC, TFI, Nutrien

26

0.6

1.8

1.51.6

2.3

3.1

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19E

US Offshore DAP/MAP Imports (Fertilizer Year)Million Tonnes Product, July-June

US DAP/MAP imports are up more than 35% year-over-year in 2018/19 fertilizer year; Imports

are expected to slow down with weak prices and the end of spring application season

Expect Improvement in Phosphate Fundamentals

July 29, 2019Source: CRU, Nutrien

1 Based on estimated operational capability

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

27

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