NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Date: 2 May 2020 Sector: Basic Materials Industry: Agricultural Chemicals

Business Summary Nutrien Ltd is Canada-based crop nutrient producer and distributer of potash, nitrogen and phos- phate products for agricultural, industrial and feed customers worldwide. The Company is focused on retail, potash, nitrogen and phosphate mining and processing operations. The Company's retail operations serve growers in a number of countries across the United States, Canada, South Africa, Nutrien Ltd Australia and South America. The Company operates six potash mines in Saskatchewan and has 122 1st Ave S Suite 500 a mine in New Brunswick in care-and-maintenance mode. The Company operates integrated phos- SASKATOON phate mining and processing facilities, as well as a number of smaller upgrading plants in the United SK S7K 7G3 States. Canada

Share Performance () Price (CAD): 49.71 52 Week High: 73.25 Currency: CAD Volume (millions): 1.5 52 Week Low: 34.80 https://www.nutrien.com

P/E: 20.96 Employees: 22,300

(Millions) Market Cap: 28,480.99 Shares Outstanding: 572.94 Float: 572.23

Sales 20150 20020 19890 19770 19640 19510 Dec 17 Dec 18 Dec 19

($ Millions)

In com e Financial Summary 4800 3600 BRIEF: For the fiscal year ended 31 December 2019, Nutrien Ltd revenues increased 2% to 2400 $20.02B. Net income before extraordinary items totaled $992M vs. loss of $31M. Revenues reflect 1200 Retail segment increase of 4% to $13.22B, United States segment increase of 13% to $12.52B, 0 Retail Sales Crop nutrients increase of 9% to $4.99B. Net Income reflects Merchandise Margins - - 1200 %Merchandise increase of 29% to 18%. Dec 17 Dec 18 Dec 19

($ Millions) Valuation Ratios Per Share Data

Price/Earnings 20.96 Earnings 2.37 Earnings per Share Price/Sales 1.02 Sales 47.87 2.5 Price/Book 2.42 Book Value (MRI) 55.65 1.9 Price/Cashflow 7.32 Cash Flow 6.67 1.2 Cash (MRI) 1.63 0.6 0.0 Profitability Ratios (%) Management Effectiveness (%) - 0.6 Gross Margin 26.22 Return on Equity (MRI) 4.20 Dec 17 Dec 18 Dec 19 Operating Margin 9.30 Return on Assets (MRI) 2.15 ($) Net Profit Margin 4.95 Return on Investment (MRI) 2.65 Dividends per Share 2.9 Financial Strength Dividend Information 2.3 Quick Ratio (MRI) 0.62 Dividend Yield (%) 5.13 1.8 Current Ratio (MRI) 1.17 Dividend per Share (MRI) 2.45 1.2 LT Debt/Equity (MRI) 0.41 Payout Ratio (MRI) 76.01 0.6 Total Debt/Equity (MRI) 0.49 0.0 Dec 17 Dec 18 Dec 19

($)

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 4; Fiscal year end month: December; 1 All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Key Ratios & Statistics

Financial Strength

12 Mo 12 Mo 12 Mo MRI 3 Year Financial Strength looks at business risk. The Dec 17 Dec 18 Dec 19 Average stronger a company is from a financial standpoint, Quick Ratio 0.00 0.68 0.46 0.62 0.38 the less risky it is. The Quick Ratio compares cash Current Ratio 0.00 1.40 1.17 1.17 0.86 and short-term investments (investments that could be converted to cash very quickly) to the financial LT Debt/Equity (0.00) 0.31 0.41 0.41 0.36 liabilities they expect to incur within a year's time. Total Debt Equity (0.00) 0.38 0.49 0.49 0.44

Current Ratio The Current Ratio compares year-ahead liabilities 2.33 to cash on hand now plus other inflows (e.g. Ac- 1.87 counts Receivable) the company is likely to realize 1.4 over that same twelve-month period. 0.93 Current Ratio 1.17 0.47 Total Current Assets 10,665.00 0.0 Total Current Liabilities 9,129.00 12 Mo 12 Mo 12 Mo MRI 3 Year Dec 17 Dec 18 Dec 19 Av erage The Long Term Debt/Equity Ratio looks at the Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Cur- company's capital base. A ratio of 1.00 means the rent Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current company's long-term debt and equity are equal. The Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided Total Debt/Equity Ratio includes long-term debt by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder Equity for the same period. and short term debt.

Profitability

12 Mo 12 Mo 12 Mo 3 Year Dec 17 Dec 18 Dec 19 Average These ratios realize overall profitability, or the bot- tom line. Gross Margin (%) -- 27.46 27.17 27.31

Operating Margin (%) -- 2.11 9.30 5.70 Gross Margin (%) 27.17 (%) (%) -- (0.16) 4.95 2.39 Gross Profit 5,441.00 Net Profit Margin x 100 x 100 Interest Coverage ------Revenue 20,023.00

Gross Margin (%) Gross Margin shows the amount of revenue left over 27.56 after deducting direct costs of producing the goods 27.46 or services. Operating Profit and Operating Margin 27.36 trace the progress revenue down to another impor- 27.27 tant level. From gross profit, we now subtract indi- rect costs, often referred to as overhead e.g. facili- 27.17 ties and salaries associated with headquarters op- 27.07 12 Mo 12 Mo 12 Mo 3 Year erations. Dec 17 Dec 18 Dec 19 Av erage

Gross Margin: This value measures the percent of revenue left after paying all direct production ex- Finally, Profit Margin shows you how much of each penses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied revenue dollar is left after all costs, of any kind, are by 100. Operating Margin: This value measures the percent of revenues remaining after paying all subtracted. These other costs include such items as operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by interest on corporate debt and income taxes. 100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The Operating Income divided by the company's interest obligations.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 4; Fiscal year end month: December; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals 2 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Key Ratios & Statistics (cont.)

Management Effectiveness (%)

12 Mo 12 Mo 12 Mo 3 Year A company's ability to operate profitably can be Dec 17 Dec 18 Dec 19 Average measured directly by measuring its return on assets. Return on Equity % -- (0.25) 4.20 1.97 ROA (Return On Assets) is the ratio of a company's Return on Assets % -- (0.14) 2.15 1.00 net profit to its total assets, expressed as a percent- age. Return on Investments % -- (0.17) 2.65 1.24

Return on Assets (%) 2.15 (%) Return on Assets % Income After Taxes 992.00 2.9 x 100 x 100 Average Total Assets 46,150.50 2.2 1.4 ROA measures how well a company's management 0.6 uses its assets to generate profits. It is a better mea- - 0.1 sure of operating efficiency than ROE, which on- - 0.9 ly measures how much profit is generated on the 12 Mo 12 Mo 12 Mo 3 Year Dec 17 Dec 18 Dec 19 Av erage shareholders equity but ignores debt funding. This ratio is particularly relevant for banks which typi- Return On Equity: Income Available to Common Stockholders divided by the Common Equity and cally have huge assets. expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided by the average total long term debt, other long term liabilities and shareholders equity, and expressed as a percentage.

Dividend Information

12 Mo 12 Mo 12 Mo 3 Year 3 Year Dec 17 Dec 18 Dec 19 Growth Average The annual dividend is the total amount($) of div- Payout Ratio (%) (0.00) (2,479.34) 103.31 (1,188.02) idends you could expect to receive if you held the stock for a year (assuming no change in the Dividend Per Share 0.00 1.23 1.76 company's dividend policy).

Payout Ratio (%) 1000 Payout Ratio (%) 103.31 (%) Dividend Per Share 1.76 100 x 100 x 100 Primary EPS 1.70 - 800 - 1600 The dividend yield is the indicated annual dividend - 2500 rate expressed as a percentage of the price of the - 3300 stock, and could be compared to the coupon yield on 12 Mo 12 Mo 12 Mo 3 Year Dec 17 Dec 18 Dec 19 Av erage a bond. The Payout Ratio tells you what percent of the company's earnings have been given to share- Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio: holders as cash dividends. A low payout ratio indi- This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items cates that company has chosen to reinvest most of paid to common stockholders in the form of cash dividends. the profits back into the business.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 4; Fiscal year end month: December; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals 3 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Key Ratios & Statistics (cont.)

Per Share Data

12 Mo 12 Mo 12 Mo Interim 3 Year The most important Per-Share Data item is Earn- Dec 17 Dec 18 Dec 19 Growth ings Per Share. That's because ultimately, the price Earning Per Share (0.00) (0.05) 1.70 of your stock is related in some way to the value of Sales Per Share 0.00 31.42 34.34 the stream of earnings attributable to that share. (0.00) 40.14 39.91 **55.65 Book Value Earnings Per Share 1.70 Cash Flow (0.00) (0.05) 1.70 Adjusted Income Avail. to Common Shareholders 992.00 Cash Per Share 0.00 3.80 1.17 **1.63 Diluted Weighted Average Shares 583.10

*MRQ This section also includes the amount of Cash Per **MRI Share the company had at the time of its most re- Earnings Per Share cent quarterly or annual report. Most of the time, 2.3 this number will be far below the stock price. In 1.7 a healthy industrial company, a Cash Per Share 1.1 figure that is close the stock price might suggest 0.5 that investors are underestimating the worth of the company's ongoing business, thereby creating an - 0.1 interesting investment opportunity for you. - 0.6 12 Mo 12 Mo 12 Mo Dec 17 Dec 18 Dec 19

EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Deprecia- tion, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Invest- ments divided by the Shares Outstanding.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 4; Fiscal year end month: December; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals 4 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Consensus Estimates

Analyst Recommendations Current As of 1 As of 4 As of 8 As of 13 Consensus Recommendation & Revisions Week Ago Weeks Ago Weeks Ago Weeks Ago OUTPERFORM Buy 8 8 8 6 5 Outperform 11 12 12 10 8 Company Fiscal Year End Month Hold 4 3 3 5 4 December Underperform 0 0 0 0 0 Strong Sell 0 0 0 0 0 Last Updated Mean Rating 1.8 1.8 1.8 2.0 1.9 2 May 2020

Consensus Estimate Trends Current As of 1 As of 4 As of 8 As of 13 Week Ago Weeks Ago Weeks Ago Weeks Ago Sales Sales (Millions) 21100 Year Ending Dec 20 19,553.1 19,554.3 19,681.3 19,835.7 20,266.5 20600 Year Ending Dec 21 20,600.2 20,602.4 20,680.1 20,881.1 20,804.7 20100 1 Earnings (Per share) 19610 2.0 Year Ending Dec 20 2.0 2.2 2.2 2.9 19110 2.5 Year Ending Dec 21 2.6 2.7 2.9 3.2 18620 Dec 19 Dec 20 Dec 21

($ Millions) Consensus Estimate Analysis No. of Mean High Low Estimates Estimate Estimate Estimate Sales (Millions) Year Ending Dec 20 14 19,553.1 20,429.0 17,838.0 Year Ending Dec 21 14 20,600.2 21,866.0 19,103.0 Earnings1 (Per share) Year Ending Dec 20 22 2.0 2.4 1.7 Year Ending Dec 21 22 2.5 3.0 2.1

Quarter Historical Surprises Estimate Actual Difference Surprise (%) Sales (Millions) Year Ending Dec 19 19,111.40 20,023.00 911.61 4.77 Earnings1 (Per share) Year Ending Dec 19 2.30 2.17 0.13 5.53 Dividends (Per Share) Year Ending Dec 19 1.75 1.76 0.01 0.30

1 Earnings per share (Adjusted to exclude exceptional items) 2 Net Profit (Adjusted to exclude exceptional items)

Data Source: Reuters Fundamentals 5 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Annual Income Statement Type of Update UPD UPD UPD Total Revenue 33000 ($ Millions) ($ Millions) ($ Millions) 12Months 12Months 12Months 27000 31 Dec 17 31 Dec 18 31 Dec 19 20000 Total Revenue 0.0 19,636.0 20,023.0 13000 Cost of Revenue,Total -- 14,244.0 14,582.0 7000 Gross Profit -- 5,392.0 5,441.0 0 Selling/General/Admin.Expenses 0.6 3,126.0 3,305.0 Dec 17 Dec 18 Dec 19

Research & Development ------($ Millions) Depreciation/Amortization ------Interest Expense/Income Net Op. ------Gross Profit Unusual Income/Expense -- 1,822.0 120.0 5457 Other Operating Expenses,Total -- 40.0 154.0 5441 Total Operating Expense 0.6 19,222.0 18,161.0 5425 Operating Income (0.6) 414.0 1,862.0 5408 Interest Expense/Income Net Non Op. ------5392 Gain/(Loss) on Sale of Assets ------5376 Dec 17 Dec 18 Dec 19 Other, Net ------Income Before Tax (0.6) (124.0) 1,308.0 ($ Millions) Income Tax - Total (0.2) (93.0) 316.0 Operating Income Income After Tax (0.5) (31.0) 992.0 2500 Minority Interest ------1900 Equity In Affiliates ------1200 U.S. GAAP Adjustment ------600 Net Income Before Extra. Items (0.5) (31.0) 992.0 0 Accounting Change ------600 Discontinued Operations -- 3,604.0 0.0 Dec 17 Dec 18 Dec 19

Extraodinary Item ------($ Millions) Tax on Extraordinary Items ------Net Income (0.5) 3,573.0 992.0 Net In com e Preferred Dividends ------4800 General Partner's Distributions ------3600 Inc. Avail. to Common Excl. Extra. Items (0.5) (31.0) 992.0 2400 Inc. Avail. to Common Incl. Extra. Items (0.5) 3,573.0 992.0 1200 Basic Weighted Average Shares 636.1 624.9 582.3 0 Basic EPS Excl. Extra. Items (0.001) (0.050) 1.704 - 1200 Basic EPS Incl. Extra. Items (0.001) 5.718 1.704 Dec 17 Dec 18 Dec 19 Dilution Adjustment ------($ Millions) Diluted Net Income (0.459) 3,573.000 992.000 Diluted Normalized EPS Diluted Weighted Average Shares 636.112 624.900 583.102 2.5 Diluted EPS Excl. Extra. Items (0.001) (0.050) 1.701 1.9 Diluted EPS Incl. Extra. Items (0.001) 5.718 1.701 1.2 Div's per Share - Common Stock 0.000 1.230 1.760 0.6 Gross Dividends - Common Stock 0.000 -- -- 0.0 Interest Expense, Supplemental ------0.6 Interest Capitalized, Supplemental ------Dec 17 Dec 18 Dec 19 Depreciation, Supplemental -- 1,592.000 1,799.000 ($ Millions) Total Special Items -- 1,822.000 120.000 Normalized Income Before Tax (0.629) 1,698.000 1,428.000 Effect of Special Items on Inc. Taxes -- 637.700 28.991 Inc. Taxes Excl. Impact Special Items (0.170) 544.700 344.991 Normalized Income After Tax (0.459) 1,153.300 1,083.010 Normalized Income Available to Common (0.459) 1,153.300 1,083.010 Basic Normalized EPS (0.001) 1.846 1.860 Diluted Normalized EPS (0.001) 1.846 1.857 Auditor KPMG DEOT DHS Auditor Opinion UNO UNO UNO Source Document ARS PRESS PRESS

Data Source: Reuters Fundamentals 6 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Annual Balance Sheet Type of Update UPD UPD UPD Cash & Short Term Investments 2900 ($ Millions) ($ Millions) ($ Millions) 31 Dec 17 31 Dec 18 31 Dec 19 2300 Cash ------1800 Cash and Equivalents -- 2,314.0 671.0 1200 Short Term Investments ------700 Cash and Short Term Investments -- 2,314.0 671.0 100 Accounts Receivable(Trade), Net ------Dec 17 Dec 18 Dec 19 Notes Receivable - Short Term ------($ Millions) Other Receivables ------Total Receivables, Net -- 3,342.0 3,542.0 Total Current Assets 11990 Total Inventory -- 4,917.0 4,975.0 11660 Prepaid Expenses -- 1,089.0 1,477.0 11330 Other Current Assets -- 0.0 -- 11000 Total Current Assets -- 11,662.0 10,665.0 10670 Property/Plant/Equipment - Gross ------Accumulated Depreciation ------10330 Dec 17 Dec 18 Dec 19 Property/Plant/Equip., Net -- 18,796.0 20,335.0 ($ Millions) Goodwill, Net -- 11,431.0 11,986.0

Intangibles, Net -- 2,210.0 2,428.0 Total Deb t Long Term Investments -- 878.0 821.0 18500 Note Receivable - Long Term ------14800 Other Long Term Assets, Total 0.2 525.0 564.0 11100 Other Assets, Total ------7400 Total Assets 0.2 45,502.0 46,799.0 3700 Accounts Payable ------0 Payable/Accrued 0.6 -- -- Dec 17 Dec 18 Dec 19

Accrued Expenses ------($ Millions) Notes Payable/Short Term Debt 0.0 629.0 976.0 Current Port. LT Debt/Capital Leases -- 1,003.0 716.0 Total Equity 33000 Other Current Liabilities, Total -- 6,703.0 7,437.0 24000 Total Current Liabilities 0.6 8,335.0 9,129.0 16000 Long Term Debt -- 7,591.0 8,553.0 8000 Capital Lease Obligations -- -- 859.0 Total Long Term Debt 0.0 7,591.0 9,412.0 0 Total Debt 0.0 9,223.0 11,104.0 - 8000 Dec 17 Dec 18 Dec 19 Deferred Income Tax -- 2,907.0 3,145.0 ($ Millions) Minority Interest ------Other Liabilities, Total -- 2,244.0 2,244.0 Total Common Shares Outstanding Total Liabilities 0.6 21,077.0 23,930.0 657 Redeemable Preferred Stock ------636 Preferred Stock(Non Redeemable), Net ------615 Common Stock 0.0 16,740.0 15,771.0 594 Additional Paid-In Capital -- 231.0 248.0 573 Retained Earnings/Accum. Deficit (0.5) 7,745.0 7,101.0 552 Treasury Stock - Common ------Dec 17 Dec 18 Dec 19

ESOP Debt Guarantee ------($ Millions) Unrealized Gain/Loss ------Other Equity, Total -- (291.0) (251.0) Total Equity (0.5) 24,425.0 22,869.0 Total Liability & Shareholders' Equity 0.2 45,502.0 46,799.0 Total Common Shares Outstanding 636.1 608.5 573.0 Total Preferred Stock Shares Outs. ------Auditor KPMG DEOT DHS Auditor Opinion UNO UNO UNO Source Document ARS PRESS PRESS

Data Source: Reuters Fundamentals 7 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Annual Cash Flow Statement Type of Update UPD UPD UPD Total Cash from Operating Activities 4500 ($ Millions) ($ Millions) ($ Millions) 12Months 12Months 12Months 3700 31 Dec 17 31 Dec 18 31 Dec 19 2900 Net Income/Starting Line 327.0 3,573.0 992.0 2000 Depreciation/Depletion 692.0 1,592.0 1,799.0 1200 Amortization ------400 Deferred Taxes (273.0) (290.0) 177.0 Dec 17 Dec 18 Dec 19

Non-Cash Items 407.0 (1,685.0) 207.0 ($ Millions) Cash Receipts ------Cash Payments ------Capital Expenditures Cash Taxes Paied 83.0 1,155.0 29.0 - 240 Cash Interest Paid 198.0 507.0 505.0 - 650 Changes in Working Capital 72.0 (1,138.0) 490.0 - 1060 Total Cash from Operating Activities 1,225.0 2,052.0 3,665.0 - 1480 Capital Expenditures (651.0) (1,405.0) (1,891.0) - 1890 Other Investing Cash Flow Items, Total (1.0) 5,292.0 (907.0) - 2300 Dec 17 Dec 18 Dec 19 Total Cash from Investing Activities (652.0) 3,887.0 (2,798.0) Financing Cash Flow Items -- (21.0) (29.0) ($ Millions) Total Cash Dividends Paid (330.0) (952.0) (1,022.0) Issue of Stock Insurance/Retirement of Stock, Net 1.0 (1,793.0) (1,910.0) 600 Insurance/Retirement of Debt, Net (160.0) (939.0) 482.0 0 Total Cash from Financing Activities (489.0) (3,705.0) (2,479.0) - 600 Foreign Exchange Effects -- (36.0) (31.0) - 1300 Net Change in Cash 84.0 2,198.0 (1,643.0) - 1900 Depreciation, Supplemental 692.0 1,592.0 1,799.0 - 2500 Cash Interest Paid, Supplemental 198.0 507.0 505.0 Dec 17 Dec 18 Dec 19

Cash Taxes Paid, Supplemental 83.0 1,155.0 29.0 ($ Millions) Auditor KPMG DEOT DHS Auditor Opinion UNO UNO UNO Issue of Debt Source Document ARS PRESS PRESS 960 480 10 - 470 - 940 - 1410 Dec 17 Dec 18 Dec 19

($ Millions)

Net Change in Cash 3500 2200 900 - 400 - 1600 - 2900 Dec 17 Dec 18 Dec 19

($ Millions)

Data Source: Reuters Fundamentals 8 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Interim Income Statement Type of Update UPD UPD UPD UPD UPD Total Revenue 10400 ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) 3Months 3Months 3Months 3Months 3Months 8700 31 Dec 18 31 Mar 19 30 Jun 19 30 Sep 19 31 Dec 19 6900 Total Revenue 3,762.0 3,691.0 8,657.0 4,134.0 3,442.0 5200 Cost of Revenue,Total 2,503.0 2,716.0 6,345.0 2,994.0 2,428.0 3400 Gross Profit 1,259.0 975.0 2,312.0 1,140.0 1,014.0 1700 Selling/General/Admin.Expenses 715.0 755.0 940.0 775.0 835.0 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

Research & Development ------($ Millions) Depreciation/Amortization ------Interest Expense/Income Net Op. ------Gross Profit Unusual Income/Expense 21.0 44.0 25.0 21.0 87.0 2760 Other Operating Expenses,Total (15.0) 10.0 77.0 20.0 29.0 2310 Total Operating Expense 3,216.0 3,515.0 7,362.0 3,806.0 3,379.0 1870 Operating Income 546.0 176.0 1,295.0 328.0 63.0 1420 Interest Expense/Income Net Non Op. ------980 Gain/(Loss) on Sale of Assets ------530 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Other, Net ------Income Before Tax 402.0 53.0 1,152.0 181.0 (78.0) ($ Millions) Income Tax - Total 106.0 12.0 294.0 40.0 (30.0) Operating Income Income After Tax 296.0 41.0 858.0 141.0 (48.0) 1620 Minority Interest ------1300 Equity In Affiliates ------970 U.S. GAAP Adjustment ------650 Net Income Before Extra. Items 296.0 41.0 858.0 141.0 (48.0) 320 Accounting Change ------0 Discontinued Operations 2,906.0 -- 0.0 0.0 0.0 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

Extraodinary Item ------($ Millions) Tax on Extraordinary Items ------Net Income 3,202.0 41.0 858.0 141.0 (48.0) Net In com e Preferred Dividends ------4300 General Partner's Distributions ------3200 Inc. Avail. to Common Excl. Extra. Items 296.0 41.0 858.0 141.0 (48.0) 2100 Inc. Avail. to Common Incl. Extra. Items 3,202.0 41.0 858.0 141.0 (48.0) 1000 Basic Weighted Average Shares 612.2 602.3 581.4 572.9 572.9 0 Basic EPS Excl. Extra. Items 0.484 0.068 1.476 0.246 (0.084) - 1100 Basic EPS Incl. Extra. Items 5.231 0.068 1.476 0.246 (0.084) Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Dilution Adjustment -- -- 0.000 0.000 -- ($ Millions) Diluted Net Income 3,202.000 41.000 858.000 141.000 (48.000) Diluted Normalized EPS Diluted Weighted Average Shares 612.947 602.950 582.360 573.702 572.916 1.88 Diluted EPS Excl. Extra. Items 0.483 0.068 1.473 0.246 (0.084) 1.51 Diluted EPS Incl. Extra. Items 5.224 0.068 1.473 0.246 (0.084) 1.13 Div's per Share - Common Stock 0.430 0.430 0.430 0.450 0.450 0.75 Gross Dividends - Common Stock -- 1.000 243.000 252.000 -- 0.38 Interest Expense, Supplemental -- 8.000 ------0.0 Interest Capitalized, Supplemental ------Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Depreciation, Supplemental 398.000 420.000 486.000 457.000 436.000 ($ Millions) Total Special Items 21.000 44.000 25.000 21.000 87.000 Normalized Income Before Tax 423.000 97.000 1,177.000 202.000 9.000 Effect of Special Items on Inc. Taxes 5.537 9.962 6.380 4.641 30.450 Inc. Taxes Excl. Impact Special Items ------Normalized Income After Tax 311.463 75.038 876.620 157.359 8.550 Normalized Income Available to Common 311.463 75.038 876.620 157.359 8.550 Basic Normalized EPS 0.509 0.125 1.508 0.275 0.015 Diluted Normalized EPS 0.508 0.124 1.505 0.274 0.015 Source Document PRESS Interim Re- Interim Re- Interim Re- PRESS port port port Fiscal Period 4 1 2 3 4

Data Source: Reuters Fundamentals 9 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Interim Accounts - Balance Sheet Type of Update UPD UPD UPD UPD UPD Cash & Short Term Investments 2900 ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) 31 Dec 18 31 Mar 19 30 Jun 19 30 Sep 19 31 Dec 19 2300 Cash -- -- 378.0 326.0 -- 1700 Cash and Equivalents 2,314.0 373.0 -- -- 671.0 1200 Short Term Investments -- -- 238.0 242.0 -- 600 Cash and Short Term Investments 2,314.0 373.0 616.0 568.0 671.0 0 Accounts Receivable(Trade), Net ------Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Notes Receivable - Short Term ------($ Millions) Other Receivables -- 153.0 ------Total Receivables, Net 3,342.0 3,446.0 5,200.0 4,843.0 3,542.0 Total Current Assets 12300 Total Inventory 4,917.0 6,560.0 4,346.0 3,873.0 4,975.0 11700 Prepaid Expenses 1,089.0 688.0 383.0 440.0 1,477.0 11000 Other Current Assets 0.0 ------10400 Total Current Assets 11,662.0 11,067.0 10,545.0 9,724.0 10,665.0 9700 Property/Plant/Equipment - Gross ------Accumulated Depreciation ------9100 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Property/Plant/Equip., Net 18,796.0 19,834.0 19,840.0 20,045.0 20,335.0 ($ Millions) Goodwill, Net 11,431.0 11,817.0 11,716.0 11,983.0 11,986.0

Intangibles, Net 2,210.0 2,184.0 2,291.0 2,330.0 2,428.0 Total Deb t Long Term Investments 878.0 800.0 796.0 809.0 821.0 13400 Note Receivable - Long Term ------12400 Other Long Term Assets, Total 525.0 564.0 518.0 538.0 564.0 11300 Other Assets, Total ------10300 Total Assets 45,502.0 46,266.0 45,706.0 45,429.0 46,799.0 9200 Accounts Payable ------8200 Payable/Accrued ------Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

Accrued Expenses ------($ Millions) Notes Payable/Short Term Debt 629.0 1,652.0 1,609.0 2,287.0 976.0 Current Port. LT Debt/Capital Leases 1,003.0 1,197.0 711.0 720.0 716.0 Total Equity 24900 Other Current Liabilities, Total 6,703.0 6,602.0 5,483.0 4,615.0 7,437.0 24400 Total Current Liabilities 8,335.0 9,451.0 7,803.0 7,622.0 9,129.0 23900 Long Term Debt 7,591.0 7,080.0 9,328.0 8,555.0 8,553.0 23400 Capital Lease Obligations -- 837.0 -- 793.0 859.0 Total Long Term Debt 7,591.0 7,917.0 9,328.0 9,348.0 9,412.0 22900 Total Debt 9,223.0 10,766.0 11,648.0 12,355.0 11,104.0 22400 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Deferred Income Tax 2,907.0 2,955.0 3,082.0 3,137.0 3,145.0 ($ Millions) Minority Interest ------Other Liabilities, Total 2,244.0 2,242.0 2,242.0 2,246.0 2,244.0 Total Common Shares Outstanding Total Liabilities 21,077.0 22,565.0 22,455.0 22,353.0 23,930.0 620 Redeemable Preferred Stock ------609 Preferred Stock(Non Redeemable), Net ------597 Common Stock 16,740.0 16,316.0 15,768.0 15,769.0 15,771.0 585 Additional Paid-In Capital 231.0 235.0 238.0 244.0 248.0 573 Retained Earnings/Accum. Deficit 7,745.0 7,405.0 7,511.0 7,399.0 7,101.0 561 Treasury Stock - Common ------Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

ESOP Debt Guarantee ------($ Millions) Unrealized Gain/Loss -- 6.0 (19.0) (29.0) -- Other Equity, Total (291.0) (261.0) (247.0) (307.0) (251.0) Total Equity 24,425.0 23,701.0 23,251.0 23,076.0 22,869.0 Total Liability & Shareholders' Equity 45,502.0 46,266.0 45,706.0 45,429.0 46,799.0 Total Common Shares Outstanding 608.5 593.1 572.9 572.9 573.0 Total Preferred Stock Shares Outs. ------Source Document PRESS Interim Re- Interim Re- Interim Re- PRESS port port port Fiscal Period 4 1 2 3 4

Data Source: Reuters Fundamentals 10 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Interim Accounts - Cash Flow Statement Type of Update UPD UPD UPD UPD UPD Total Operating Activities 5100 ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) 12Months 3Months 6Months 9Months 12Months 3700 31 Dec 18 31 Mar 19 30 Jun 19 30 Sep 19 31 Dec 19 2300 Net Income/Starting Line 3,573.0 41.0 899.0 1,040.0 992.0 900 Depreciation/Depletion 1,592.0 420.0 906.0 1,363.0 1,799.0 - 500 Amortization ------1900 Deferred Taxes (290.0) (3.0) 147.0 178.0 177.0 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

Non-Cash Items (1,685.0) 92.0 149.0 105.0 207.0 ($ Millions) Cash Receipts ------Cash Payments ------Capital Expenditures Cash Taxes Paied 1,155.0 (115.0) (45.0) 1.0 29.0 200 Cash Interest Paid 507.0 114.0 242.0 353.0 505.0 - 300 Changes in Working Capital (1,138.0) (1,065.0) (1,444.0) (1,440.0) 490.0 - 800 Total Cash from Operating Activities 2,052.0 (515.0) 657.0 1,246.0 3,665.0 - 1400 Capital Expenditures (1,405.0) (290.0) (659.0) (1,177.0) (1,891.0) - 1900 Other Investing Cash Flow Items, Total 5,292.0 (519.0) (570.0) (956.0) (907.0) - 2400 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19 Total Cash from Investing Activities 3,887.0 (809.0) (1,229.0) (2,133.0) (2,798.0) Financing Cash Flow Items (21.0) 0.0 (29.0) (29.0) (29.0) ($ Millions) Total Cash Dividends Paid (952.0) (264.0) (520.0) (764.0) (1,022.0) Issue of Stock Insurance/Retirement of Stock, Net (1,793.0) (796.0) (1,913.0) (1,912.0) (1,910.0) - 420 Insurance/Retirement of Debt, Net (939.0) 451.0 1,353.0 1,868.0 482.0 - 800 Total Cash from Financing Activities ------1170 Foreign Exchange Effects (36.0) (8.0) (17.0) (22.0) (31.0) - 1540 Net Change in Cash 2,198.0 (1,941.0) (1,698.0) (1,746.0) (1,643.0) - 1910 Depreciation, Supplemental 1,592.0 420.0 906.0 1,363.0 1,799.0 - 2290 Cash Interest Paid, Supplemental 507.0 114.0 242.0 353.0 505.0 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

Cash Taxes Paid, Supplemental 1,155.0 (115.0) (45.0) 1.0 29.0 ($ Millions) Source Document PRESS Interim Re- Interim Re- Interim Re- PRESS port port port Issue of Debt Fiscal Period 4 1 2 3 4 2800 1900 900 0 - 900 - 1900 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

($ Millions)

Net Change in Cash 3600 2200 800 - 600 - 1900 - 3300 Dec 18 Mar 19 Ju n 19 Sep 19 Dec 19

($ Millions)

Data Source: Reuters Fundamentals 11 NTR NUTRIEN LTD (TORONTO STOCK EXCHANGE) Further Information

Internet Information Home Page: https://www.nutrien.com

Officers Mayo Schmidt Independent Chairman of the Board Charles Magro President, Chief Executive Officer, Director Pedro Farah Chief Financial Officer, Executive Vice President Michael Webb Chief Human Resource Officer, Executive Vice President, Chief Administrative Officer Brent Poohkay Executive Vice President, Chief Information Officer Steven Douglas Executive Vice President, Chief Integration Officer Michael Frank Executive Vice President, Chief Executive Officer - Retail Nutrien Susan Jones Executive Vice President, Chief Executive Officer of Potash Nutrien Leslie O'Donoghue Executive Vice President, Chief Strategy & Corporate Development Officer Joseph Podwika Executive Vice President, Chief Legal Officer Raef Sully Executive Vice President, & Chief Executive Officer of Phosphate & Nitrogen Fred Thun Senior Vice President - Finance Christopher Burley Independent Director Maura Clark Independent Director John Estey Independent Director David Everitt Independent Director Russell Girling Independent Director Miranda Hubbs Independent Director Alice Laberge Independent Director Consuelo Madere Independent Director

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Data Source: Reuters Fundamentals 12