investor presentation - nutrien · improving market conditions, optimization and merger synergies...

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


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


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.


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%


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


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


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

investor presentation - nutrien · improving market conditions, optimization and merger synergies...

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