November 30, 2020Investor Day Market Outlook

Forward Looking Statements 2

Forward-Looking StatementsCertain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements" (collectively, "forward- looking statements") under applicable securities laws. All statements in this presentation, other than those relating to historical information or current conditions, are forward- looking statements, including, but not limited to: expectations regarding Nutrien’s business and operations; expectations regarding results of Nutrien’s operations in 2020 and in the future, including expectations regarding our expected adjusted EBITDA (both consolidated and by segment) for 2020 and beyond; expectations regarding our Carbon Program, including the anticipated timing of the implementation thereof and the benef its to be realized (by Nutrien and otherwise) therefrom; expectations regarding our environmental, social and governance (ESG) performance, including greenhouse gas (GHG) emissions reductions, capital spending expectations (both consolidated and by segment) for 2020 and beyond; expectations regarding performance of our operating segments in 2020 and beyond; our market outlooks and market conditions for 2020 and beyond; expectations regarding completion of previously announced and expected expansion projects ( including timing and volumes of production associated therewith) and acquisitions and divestitures, including the synergies expected in connection therewith; expectations about our ability to deliver shareholder value, including dividends; 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 import and export volumes. 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 dif fer 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 qualif ied by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this presentation. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, 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. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. The additional key assumptions that have been made include, among other things, assumptions with respect to our ability to successfully complete, integrate and realize the anticipated benef its of our completed and future acquisitions and divestitures, 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 us, 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 the development and execution of strategies to implement our Carbon Program; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2020 and in the future; our expectations regarding the impacts, direct and indirect, of the COVID-19 pandemic on our business, customers, business partners, employees, supply chain, other stakeholders and the overall economy; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of f inancing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; our ability to maintain investment grade ratings and achieve our performance targets; and 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 dif fer materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; the failure to successfully integrate and realize the expected synergies of future acquisitions, including within the expected timeframe; climate change and weather conditions, including impacts from regional f looding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products, services and programs; failure to realize technological improvements required to implement our Carbon Program, including our ability to develop and/or access such technology; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy ( including tarif fs, trade restrictions and climate change initiatives) , 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 conf lict and malicious acts including terrorism; the occurrence of a major environmental or safety incident; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; regional natural gas supply restrictions; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions; any signif icant 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; the COVID-19 pandemic and its resulting effects on business and economic conditions; and other risk factors detailed from time to time in Nutrien reports, including our 2019 annual report dated February 19, 2020, our annual information form dated February 19, 2020 for the year ended December 31, 2019 and our third quarter 2020 interim report dated November 2, 2020, f iled with the Canadian securities regulators and the Securities and Exchange Commission (SEC) in the United States.This presentation contains certain information which constitutes "f inancial outlook" and "future-oriented f inancial information" under applicable Canadian securities laws, including our expected adjusted EBITDA (consolidated and by segment) , the purpose of which is to assist readers in understanding our expected and targeted f inancial results, and this information may not be appropriate for other purposes.

The forward- looking statements in this presentation are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward- looking statements in this presentation as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.

Non-IFRS Financial Measures Advisory This presentation contains certain non-IFRS f inancial measures including adjusted EBITDA (consolidated) , adjusted EBITDA (consolidated) guidance, adjusted net debt to adjusted EBITDA, Retail adjusted average working capital to sales, Retail adjusted EBITDA to sales, Nutrien Financial receivables, Retail cash operating coverage ratio, Retail adjusted EBITDA per US selling location, Potash cash cost of product manufactured (COPM), ammonia controllable COPM, P2 O5 controllable COPM and the combined historical results of Potash Corporation of Saskatchewan Inc. and Agrium Inc. for the year ended December 31, 2017. We consider non-IFRS f inancial measures to provide useful information to both management and investors in measuring our f inancial performance and f inancial condition. Refer to the disclosure under the heading “Appendix B –Non-IFRS Financial Measures” included in our management's discussion and analysis dated November 2, 2020 for three and nine months ended September 30, 2020, as well as non-IFRS f inancial measures disclosures in prior management’s discussion and analysis as f iled with the Canadian securities regulators and the SEC in the United States, for a reconciliation of these non-IFRS f inancial 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 of Nutrien. Non-IFRS f inancial measures are not recognized measures under IFRS and our method of calculation may not be comparable to that of other companies. These non-IFRS f inancial measures should not be considered as a substitute for, or superior to, measures of f inancial performance prepared in accordance with IFRS.

November 30, 2020

Source: CRU, Fertecon, USDA, Bloomberg, Nutrien

Agriculture Has Outperformed Other Commodities 3

-8.5%

-6.7%

-4.6% -4.4%

-3.0%

1.3%

2.6% 3.0%

0.7%

-7.5%

3.4%

2020 Global Commodity Demand v s. 2019% change in v olume

(Ag)

(Total)

(Industrial)0

50100150200250300350400

US Corn US Soybeans$3.53/bu $4.00/bu $8.75/bu $10.80/bu

US Grower Cash Production Margins$/acre

Crop prices are up 10-20% And US Grower Margins are up >40% from the 3-yr. average

November 30, 2020

• Although Covid-19 has resulted in economic hardship for many industries, agriculture has been resilient and demand has been strong, particularly in the second half of 2020 in China.

• Crop prices have taken a major step up and are now at their highest levels in the last 5+ years. This has improved grower sentiment in markets around the world.

• We also estimate that fertilizer demand growth has been strong, despite the COVID-19 pandemic, partly aided by good growth in fertilizer applications in China.

• However, industrial nitrogen consumption declined significantly as a result of the decline in global industrial activity due to the pandemic.

US Agriculture Outlook has Improved Significantly 4

13%16% 15% 16% 14%

18%

12%

US Corn Stocks/Use Ratio%

5%7%

10%

23%

13%10%

4%

US Soybean Stocks/Use Ratio%

13 17 15 19 16 11 16 17 17 27 31 21 27 37 38 32 40 34 23 255217 17 17 21 19 18

25 3418

20 2222 12

25 2217

2922

26 14

37

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Soybean s Co rn

US Corn Export SalesMillion Tonnes, Sep-Aug Marketing Year, As of November 19th

• USDA’s projected US Corn stocks/use ratio down ~6.5 percentage points from July forecast

• USDA’s projected US soybean stocks/use ratio down ~5.5 percentage points from July forecast

• Cumulative US corn and soybean export sales for 2020/21 up 162% and 106% respectively to record levels

Improvement in US corn/soybean fundamentals supportive of competition for 2021 acreage and in turn prices

1. Record reflects data going back to 1990

Source: USDA

November 30, 2020

• Early 2020 USDA supply forecasts were bearish due to expected high acreage and above trend yields, however, dry weather this summer, reduced acreage and yields versus original expectations, and record import demand from China has resulted in dramatically lower inventories than previously forecast.

• Stocks/use ratios are now at their lowest levels since 2013/14 and prices have rebounded significantly as a result. This has increased the profitability of the US grower, which we expect to support increased acreage in 2021, particularly if spring weather is more normal than the past two years.

Most Crop Prices have Rebounded 5

3.77 3.58 3.59 3.68 3.833.03

4.20

2015 2016 2017 2018 2019 2020 (low) 2020(current)

US Corn$/bushel

9.45 9.89 9.75 9.32 8.90 8.22

11.84

2015 2016 2017 2018 2019 2020 (low) 2020(current)

US Soybeans$/bushel

US Wheat$/bushel

5.074.36 4.36

4.96 4.94 4.745.88

2015 2016 2017 2018 2019 2020 (low) 2020(current)

57 68 55 67 67 70

157

2015 2016 2017 2018 2019 2020 (low) 2020(current)

Brazilian SoybeansBRL/sack

474 485 510 504 457 447577

2015 2016 2017 2018 2019 2020 (low) 2020(current)

Canadian CanolaCA$/tonne

2,1912,658 2,787

2,250 2,174 2,000

3,420

2015 2016 2017 2018 2019 2020 (low) 2020(current)

Malaysian Palm OilMYR/tonne

Source: Bloomberg

Current major crop prices are well-above annual average prices in the past 5+ years

November 30, 2020

• Crop prices have rebounded from summer lows caused by COVID-19 headwinds and are now at the highest levels in at least the last five years.

• Higher crop prices in 2020/21 are supportive of the highest cash margins in several years, supporting net farm income and in turn crop input demand in 2021.

Tightening Chinese Supply and Demand 6

36

9

(4)

(17) (17)(22)

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21F

China Corn Production Surplus/DeficitMmt

China Soybean ImportsMmt

83 93 94

83

99 100

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21F

China Corn PriceUS$/bushel

9.25

7.16.25

7.08 6.91 6.78

9.88

2015 2016 2017 2018 2019 2020(low)

2020(current)

Source: USDA, Bloomberg

A rebound in the Chinese hog herd combined with structural tightening of the corn supply/demand balance has supported import demand and domestic pricing

Close to 60 Mmt corn production shortfall over the past three years,

widening in 2020/21

Record soybean and corn import pace, hog herd back to close to 90% of pre-

ASF levels

High corn prices provide an incentive to import and expand acreage in 2021

November 30, 2020

• China has been rebuilding their hog herd after African Swine Fever forced the culling of a large proportion of the herd. The rebuild has resulted in increased demand for feed grain, particularly corn and soybeans, as China shifts towards utilizing an increased proportion of these crops in feed rations at their hog operations.

• The Chinese economy has also rebounded since early 2020 Covid-19 lockdowns; improved consumer demand has been supportive for agricultural products.

• China has low stocks of corn and their 2020 crop was of low quality, forcing China to aggressively enter the global agricultural trade market and commit to record levels of US corn and soybeans. The structural deficit in corn production is supportive of continued Chinese import demand in 2021.

Source: USDA, Bloomberg, CONAB, Ministry of Foreign Trade and Services Industry, National Oceanic and Atmospheric Administration, Nutrien

Strong Fundamentals for Brazilian Growers 7

Mato Grosso Cash Soybean & Corn PricesReal/Sack

020406080

100120140160180

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Soybeans

Corn

Monthly Brazil Soybean ExportsMMT

02468

10121416

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

2019 2020

+19% YTD

Mato Grosso Soybean Planting Pace% Planted

0

20

40

60

80

100

2019/ 20 2020/ 21

5-yr Avg

2020 pace declining

due to very tight

Brazilian supplies

Brazil ian growers had record exports in 1H-20 and are benefitting from record crop prices; Grower sentiment is very positive leading to expected increase in soybean and corn acreage for 2020/21

November 30, 2020

• Brazilian growers are experiencing record domestic corn and soybean prices due to high demand for exports and tight domestic supplies. This is resulting in growers receiving near-record returns on their 2020/21 crop. The strong fundamentals supports acreage growth in 2020 and 2021.

• Demand for soybeans from China in the first half of 2020 led to record soybean exports in 2020, and China’s continued demand bodes well for 2021.

• The La Nina weather pattern has caused dryness in South America and delayed the planting of soybeans. This dry weather and delayed planting is likely to impact yields and second crop corn planting in Q1-2021.

Source: Nutrien, USDA, Statistics Canada, Saskatchewan Ministry of Agriculture, Alberta Agriculture & Rural Development, Manitoba Agriculture, IMEA, CONAB, ABARES, AgInsights, AgBioInvest, CRU

Crop Input Expenditure Projected to Increase in 2021 8

-4.5%

-0.8%-1.2%

-0.4%

1.8%

2017 2018 2019 2020F 2021F

-1.6%

9.3%

-7.4%

2.3%4.0%

2017 2018 2019 2020F 2021F

US W Canada

Brazil Australia

Robust crop input expenditure growth

expected in 2021 driven primarily by a rebound in acreage assuming more

average levels of Prevented Planting

Increased cereal and canola acreage supportive of

expenditures in 2021

While record grower margins supported strong

acreage and input applications in 2020, they were offset by weak FX, expect a rebound in 2021

Continued growth in Australia expected in 2021 driven by strong

crop fundamentals and continued improvement

in soil moisture

4.2% 3.4%

-0.6%

-9.3%

4.5%

2017 2018 2019 2020F 2021F

-1.1%

-17.0% -15.5%

24.5%

4.3%

2017 2018 2019 2020F 2021F

Increased US acreage, improved crop prices and recoup of FX losses from 2020 supportive of >3% increase in crop input expenditures in key markets in 2021

November 30, 2020

• Much improved grower sentiment in all operating regions, paired with strong grower economics improves the outlook for 2021 input demand. Growers are likely to increase acreage and spend in 2021 due to their strong financial position in 2020

• Non-US currency depreciation in 2020 negatively impacted US dollar expenditures – we expect continued strong demand and increased pass-through to support expenditures in 2021.

1. Average of forecasts from CRU, Fertecon & IFA from 2015 and 2020

Global Potash Capacity Tends to Increase Slower than Forecast 9

0

2

4

6

8

10

12

14

16

18

20

2016 2017 2018 2019 2020F

2020 Actual 2015 Forecast

~7 Mmt lower than

forecast

Global Potash Capacity Growth Forecast Comparison1

Mmt KCl

2021 F 2022 F 2023 F

Growth Adj. For Delays 2020 Forecast

Significant slow-down in the pace of new capacity additions projected and actual additions tend to fall short of forecast

Source: CRU, Fertecon, IFA, Nutrien

November 30, 2020

• We believe the time and capital costs required to build new potash capacity are often underestimated. This was highlighted over the past few years by multiple announcements of project delays and postponements.

• These changes have removed approximately 7 million tonnes of potash capacity from what we forecasted back in 2015.

• While the volume of new projects projected over the next 3 years is significantly lower than the past 5 years, we expect that there is the potential for further delays as has typically been the case historically.

10

Potash Deliveries Trends – Key MarketsMmt KCl

05

101520

2000 2005 2010 2015 2020 2025F

China

05

101520

2000 2005 2010 2015 2020 2025F

Latin America

0

5

10

15

2000 2005 2010 2015 2020 2025F

North America

0

5

10

15

2000 2005 2010 2015 2020 2025F

Other Asia

0

5

10

15

2000 2005 2010 2015 2020 2025F

India

0

5

10

15

2000 2005 2010 2015 2020 2025F

Other

Historical Potash Demand Trends in Key Markets

Other Asia below trend due to weak palm oil

markets, but fundamentals have

improved significantly

Strong growth potential in China driven by historical drivers (crop

mix, soil sampling, farm consolidation) and renewed focus

on domestic food production Strong and steady historical growth in Latin America led by

BrazilSteady demand in North America

Improved economics in India, supports 2020

shipments

Strong growth in recent years driven by Africa and the Former

Soviet Union

Robust medium-term demand growth in key markets needed to offset below-trend growth in 2019 and 2020

Source: CRU, Fertecon, Industry Publications, Nutrien

November 30, 2020

• Long-term world potash demand has grown at an average annual rate between 2.5 and 3.0 percent since 2000, with the primary growth occurring in the large developing markets of Asia and Latin America. These regions are characterized by having a combination of expanding crop production base and/or historical underapplication of potash compared to scientifically recommended levels.

• Potash consumption has closely followed growth in production of grains, oilseeds, fruits and vegetables.

• In the long run, we expect potash consumption will continue to grow, largely driven by the need to increase crop production and by improved potash application rates, particularly in developing countries.

Market Outlook 11

Potash Shipment GrowthMillions of Tonnes KCl

Global potash demand is expected to grow ~7Mmt in the next three years, with medium term growth rates at historic levels. Significant demand growth potential beyond historic rates

IndiaBrazil China2020F Other Asia Other 2023F

66

73

67 65 6663

72-75

5 Yr (2018)

Prev 5 Yr. Avg.

Prev 3 Yr. Avg.

2020F 2021F 2022F 2023F

~+1.5 to 3.0% CAGR

0.7 - 1.2

1.5 - 2.0

0.5 - 1.0

1.3 - 1.8

1.8 - 2.3

67-69 69-72

November 30, 2020

Source: Nutrien

Note: Potash shipment growth is forecast using historical range of 2-3% CAGR. Previous 3-year and 5-year averages calculated from years preceding 2020 resulting in a CAGR of ~2.3% from both periods.

• Growth in world demand has fallen below historical trend levels over the past two years as a result of the combination of poor weather, weak prices for key ag commodities and inventory shifts.

• Demand for potash has cycled in this manner historically – in the past, periods of slower growth are followed by above-trend demand growth. We believe supportive agriculture fundamentals and the need to address declining soil fertility levels will enable strong demand growth in the years ahead.

• We project that a return to the long-term trendline will lead potash demand to be in the range of 73 million tonnes by 2023, with growth concentrated in China and Other Asia, which have fallen below historical trend levels over the past two years.

Source: CRU, Fertecon, Industry Publications, Nutrien

Potash Prices Found Support at Floor Levels in 2020 12

Potash Cost Curve, Cash Cost1

US$ per tonne CFR

Total World Operational Capability, 2020E

1. The cost curve uses theoretical prices for delivery of MOP to Brazilian port for comparability purposes.

100 5

300

50

0

100

200

6560

150

555045403530

250

2520 7015

2020 Demand Forecast ~66 Mmt

~6 Mmt of operational capability is cash negative at prices below $200/mt CFR

November 30, 2020

• Potash operating costs are largely impacted by geological conditions such as ore grade and consistency, operational size, labor costs and the degree of automation. Weakened currencies, relative to the US dollar, have also been key factors affecting production costs in the last few years, mostly benefiting FSU (Russian/Belarusian) producers.

• When producing at high operating rates – and in a low energy cost environment – the cash cost of production for most producers is within a relatively narrow band. The operations in Saskatchewan are among the lowest-cost on a global scale due to their large scale and the high quality of Canadian potash deposits.

• Higher-cost facilities are primarily older, smaller-scale European and US plants as well as the smaller producers in China. The relatively low potash prices have pressured margins for these high-cost producers, resulting in some announced capacity closures over the last few years.

• In both 2016 and 2020, global potash prices tested floor levels and we estimate that approximately 6 million tonnes of operational capability is cash negative with prices in the range of the traded lows in 2020.

Increasing Nitrogen Cost Curve 13

300

350

200

100

0100

250

150

0

50

20 40 60 80 120 140 160 180

Global Urea Cost Curv eUS$/tonne urea, fob

Global Merchant Ammonia Cost Curv eUS$/tonne ammonia, fob

200

100

250

26

300

150

50

350

400

282422200

18142 1284 160 106

2020

20232020

2023

Increased energy prices support urea cost curve Increased energy prices & shift right in demand supports ammonia costs and prices

Global Urea Operational Capability Global Merchant Ammonia Supply

Source: CRU, Fertecon, Industry Publications, Nutrien

November 30, 2020

• With energy feedstock costs accounting for the bulk of nitrogen production costs, lower global energy prices in 2020 have brought down nitrogen production costs in many regions, particularly in Europe. This has positioned additional competitive volumes into the market and pressured nitrogen prices particularly in the first half of the year.

• However, industry consultants forecast higher global energy prices, which are expected to lift nitrogen production costs in key producing regions in 2023. While natural gas prices in Europe are projected to remain below 2018 levels, they are projected to increase versus the unsustainably low levels of 2020.

• Meanwhile, projected increasing coal prices in markets such as China are also projected to support marginal costs compared to historically low levels in 2020.

• The high end of the ammonia cost curve is relatively steep and prices fell below those levels in 2020 as a result of low industrial demand. We expect that the combination of increased energy prices, as forecast by industry consultants, and more normal demand in the coming years will support marginal ammonia costs at a higher point in the cost curve over the next one to three years.

Chinese Urea Exports Respond to Market Signal

13.8Mmt

8.9Mmt

4.7Mmt

2.5Mmt

4.9Mmt 4.5-5.5Mmt3.0-4.5Mmt

$0

$50

$100

$150

$200

$250

$300

$350

2015 2016 2017 2018 2019 2020F 2021F

Urea Ex portsAnthrac ite Coal bas ed ProductionBi tuminous Coal based ProductionUrea Pr ice (fob China)

23.0 24.6 23.7 24.0 24.4 25.5 26.5

9.4 6.65.5 6.3

9.7 9.2 8.2

0

5

10

15

20

25

30

35

2020F20162015 2017 2018 2019

32.431.2

29.230.3

34.1 34.7

2021F

34.7Imports Production

Chinese urea producers have focused more on the domestic market than exports in 2020 and expect this to continue in 2021, while Indian imports will remain historically strong despite increased domestic production

China Urea Exports, Cash Costs & Prices$/tonne, Mmt

India Urea SupplyMmt

Source: CRU, Fertecon, Industry Publications, Nutrien

14

November 30, 2020

• Chinese urea exports were limited throughout much of 2020 by strong domestic fertilizer demand, but the pace increased in the second half of the year due to strong Indian urea import demand.

• We expect that Chinese urea exports will decline in 2021 as domestic demand is supported by robust agricultural fundamentals, which in addition to firm feedstock prices and more stringent environmental regulations are expected to reduce exportable supplies.

• Indian nitrogen consumption has grown by nearly 20 percent since 2010. Despite the slight increase in domestic production, India continues to be the world’s largest urea importer.

• Historically, Chinese urea exports have trended with Indian imports and we expect that Chinese exports will continue to be higher in years with strong Indian demand.

1. Based on estimated operational capability

Global Nitrogen Supply & Demand 15

116

40

110 114 116111

39

2018

41

115

2019

38

2020F 2021F

42

2022F

44

2023F

+1.4%

Operational CapabilityNon-Ag/Residual Demand

Ag Demand

Global Nitrogen Supply & DemandMmt Nitrogen

70%

75%

80%

85%

90%

95%

100%

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F

Global Utilization Rate1

Percent

Offsetting increase in ag demand and reduction in industrial demand in 2020, but expect tightening over the medium-term

Source: CRU, Fertecon, Industry Publications, Nutrien

November 30, 2020

• World nitrogen consumption for agricultural and industrial uses has risen at a compound annual growth rate of approximately 1.8 percent over the past decade, and we expect this trend will continue in the medium-term although at a slightly lower growth rate.

• Following a decline in 2020, we expect improved global industrial nitrogen demand in 2021, which in combination with robust nitrogen fertilizer demand growth is expected to support the supply/demand balance next year.

• While we do expect new nitrogen plants to come online over the medium-term, recent history suggests that projects are likely to be delayed and, in some cases, canceled and some are being constructed.

• Given the slow pace of projects projected to come on stream, particularly after 2021, we expect demand growth will outpace capacity additions in the next few years, resulting in higher global operating rates.

Balanced Phosphate Fundamentals

Global Phosphate S&DMillion Tonnes P2O5

70%

75%

80%

85%

90%

95%

100%

Global Utilization Rate1

Percent

0

10

20

30

40

50

60De mand Operational Capa bility

Relatively balanced supply/demand outlook in 2021

Source: CRU, Fertecon, Industry Publications, Nutrien

16

November 30, 20201. Based on estimated operational capability

• We expect a relatively balanced phosphate market in 2021. Global consumption is forecast to grow at approximately 1.5 percent per year, with demand growth projected for South Asia and Latin America largely offset by additional supplies from Morocco.

• Phosphate raw material prices continue to be relatively low but have increased from levels earlier in 2020. Changes in raw material costs will be a key supply-side driver in 2021 and beyond.

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