Mr. Jeff Holzman reports

NUTRIEN PRICES OFFERING OF AN AGGREGATE OF US$1.5 BILLION OF 5-YEAR AND 30-YEAR SENIOR NOTES

Nutrien Ltd. has priced $750-million (U.S.) aggregate principal amount of 4.900 per cent senior notes due March 27, 2028, and $750-million (U.S.) aggregate principal amount of 5.800 per cent senior notes due March 27, 2053. The offering is expected to close on or about March 27, 2023, subject to customary closing conditions. The senior notes, registered under the multijurisdictional disclosure system in Canada and the United States, will not be offered in Canada or to any resident of Canada.

Nutrien intends to use the net proceeds from this offering to repay its $500-million (U.S.) aggregate principal amount of 1.900 per cent senior notes upon their maturity on May 13, 2023, to reduce outstanding indebtedness under its short-term credit facilities, to finance working capital and for general corporate purposes. The senior notes will be unsecured and rank equally with Nutrien's existing senior unsecured debt. The joint book-running managers for the offering are BMO Capital Markets, Citigroup, Morgan Stanley and Scotiabank.

The offering will be made by way of a prospectus supplement dated March 23, 2023, to Nutrien's short form base shelf prospectus dated March 11, 2022, filed with the securities regulatory authorities in each of the provinces of Canada, which forms a part of and is included in Nutrien's registration statement on Form F-10, filed in the United States with the Securities and Exchange Commission under the multijurisdictional disclosure system. A final prospectus supplement in respect of the offering of the senior notes will be filed with the same regulatory authorities in Canada and the SEC.

About Nutrien Ltd.

Nutrien is the world's largest provider of crop inputs and services, helping to safely and sustainably feed a growing world. It operates a world-class network of production, distribution and retail facilities that positions it to efficiently serve the needs of growers. It focuses on creating long-term value for all stakeholders by advancing its key environmental, social and governance priorities.

Advisory

The senior notes are being offered in the United States pursuant to an effective registration statement (including a base shelf prospectus) filed with the SEC. Nutrien has filed a preliminary prospectus supplement related to the offering of the senior notes. Before you invest, you should read the preliminary prospectus supplement, the accompanying base shelf prospectus and other documents that are incorporated by reference therein for more complete information about Nutrien and this offering.

The preliminary prospectus supplement and the accompanying base shelf prospectus are available at no charge on the SEC website. Alternatively, the documents may be obtained by contacting BMO Capital Markets Corp. toll-free at 1-866-864-7760, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Morgan Stanley & Co. LLC at 1-866-718-1649 and Scotia Capital (USA) Inc. at 1-800-372-3930.

We seek Safe Harbor.