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Nutrien Enters into Binding Agreement to Acquire Ruralco



Nutrien Ltd. (NYSE:NTR) (Nutrien) announced today that it has
entered into a binding agreement with Ruralco Holdings Limited. (ASX:
RHL) (Ruralco) to acquire all the shares of Ruralco at a price of A$4.40
per share.

"The combination of our Landmark operations with Ruralco in Australia is
expected to provide significant benefits for all stakeholders including
delivering excellent value for both Ruralco and Nutrien shareholders.
The acquisition is anticipated to be immediately accretive to Nutrien
and is expected to have a post-synergy EBITDA multiple of 5.6 based on
2018 results," stated Nutrien President and CEO Chuck Magro.

The head of Landmark, Rob Clayton, commented that, "The combined
business will further strengthen the service and innovation that
Landmark delivers to Australian growers. With an outstanding team across
Australia and access to Nutrien's expertise, we will provide enhanced
solutions and greater value to help Australian growers in an
increasingly competitive global market."

The Nutrien transaction is to be executed via a scheme of arrangement
under Australian law and is subject to customary conditions precedent in
transactions of this type, including Ruralco shareholder approval and
regulatory approval from the Australia Competition and Consumer
Commission and the Australian Foreign Investment Review Board.

Ruralco has 105,052,247 ordinary shares outstanding and 1,449,648
outstanding performance rights, share rights and matched shares
that will vest prior to the record date resulting in a purchase price of
A$469 million.

Ruralco is a company listed on the Australian Securities Exchange (ASX:
RHL) which is available at the ASX website

About Nutrien

Nutrien is the world's largest provider of crop inputs and services,
playing a critical role in helping growers increase food production in a
sustainable manner. We produce and distribute 27 million tonnes of
potash, nitrogen and phosphate products world-wide. With this capability
and our leading agriculture retail network, we are well positioned to
supply the needs of our customers. We operate with a long-term view and
are committed to working with our stakeholders as we address our
economic, environmental and social priorities. The scale and diversity
of our integrated portfolio provides a stable earnings base, multiple
avenues for growth and the opportunity to return capital to shareholders.

About Landmark

Landmark has been part of rural Australia and its agricultural industry
for more than 150 years and has a strong track record of investment,
which has increased since its acquisition by Nutrien. Landmark provides
solutions to farmers through a national network that services 100,000
clients in over 200 locations. Landmark's team of experts are committed
to a core mission of adding profitably and sustainability to the
Australian farmer. Landmark operates across merchandise, livestock,
wool, real estate, insurance and finance.

About Ruralco

Ruralco is one of Australia's leading agriservices businesses, with over
500 locations nationally and employing over 2,000 staff under a variety
of brands. Ruralco services Australian farmers through the provision of
an extensive range of ag supplies through both its owned stores and CRT,
Australia's largest independent retailing group, and provides agronomic
advice and agency services that help maximise the returns of production.
Ruralco is also a leading distributor of water products, provider of
water infrastructure services, and broker of water entitlements to the
Australian agricultural sector.

Forward-Looking Statements

Certain statements and other information included in this press
release constitute "forward looking information" within the meaning of
applicable Canadian securities legislation or constitute
"forward-looking statements" within the meaning of applicable U.S.
securities legislation (collectively, the "forward-looking statements").

All statements in this press release, other than those relating to
historical information or current condition, are forward-looking
statements, including, but not limited to, estimates, forecasts and
statements as to management's expectations with respect to, among other
things, business and financial prospects, financial multiples and
accretion estimates, future trends, plans, strategies, objectives and
expectations, including with respect to future operations following the
proposed acquisition of Ruralco. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are beyond
our control, which could cause actual results to differ materially from
such forward-looking statements.

Events or circumstances that could cause actual results to differ
materially from those in the forward-looking statements, include, but
are not limited to, the rejection of the transaction by the Ruralco
shareholders, or the possible delay in the completion of the steps
required to be taken for the eventual combination of the two companies,
including the possibility that approvals or clearances required to be
obtained from regulatory and other agencies and bodies will not be
obtained in a timely manner or will be obtained on conditions that may
require divestiture of assets expected to be acquired, the businesses of
Nutrien and Ruralco, or any other recent business acquisitions, may not
be integrated successfully or such integration may be more difficult,
time-consuming or costly than expected, the expected combination
benefits and synergies and costs savings from the Nutrien/Ruralco
transaction may not be fully realized or not realized within the
expected time frame, disruption from the proposed transaction making it
more difficult to maintain relationships with customers, employees and
suppliers, general business and economic conditions, interest rates,
exchange rates and tax rates, weather conditions, crop prices, the
supply, demand and price level for our major products, gas prices and
gas availability, operating rates and production costs, domestic
fertilizer consumption and any changes in government policy in key
agriculture markets, including the application of price controls and
tariffs on fertilizers and the availability of subsidies or changes in
their amounts, changes in development plans, construction progress,
political risks, including civil unrest, actions by armed groups or
conflict, governmental and regulatory requirements and actions by
governmental authorities, including changes in government policy,
changes in environmental, tax and other laws or regulations and the
interpretation thereof and other risk factors detailed from time to time
in Nutrien reports filed with the SEC.

Nutrien disclaims any intention or obligation to update or revise any
forward-looking statements in this press release as a result of new
information or future events, except as may be required under applicable
U.S. federal securities laws or applicable Canadian securities

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