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Press release from Business Wire

CF Industries to Offer Superior Sulfur-Enhanced Phosphate Product

<p class='bwalignc'> <i>Agreement with Shell Establishes CF Industries as First North American Licensee of Manufacturing Process</i> </p>

Wednesday, December 15, 2010

CF Industries to Offer Superior Sulfur-Enhanced Phosphate Product17:00 EST Wednesday, December 15, 2010 DEERFIELD, Ill. (Business Wire) -- CF Industries Holdings, Inc. (NYSE: CF) announces that it has signed an agreement with Shell Oil Company to use Shell's Thiogro process technology to produce a superior sulfur-enhanced phosphate product. Under terms of the agreement, the company will implement the new production technology at its Plant City, Florida facility. CF Industries is the first North American licensee of the process, and the first domestic manufacturer of the product. The product manufactured with this technology will be a sulfur-enhanced monoammonium phosphate (MAPS) with a nutrient content of 11 percent nitrogen, 40 percent phosphorus, 0 percent potassium and 12 percent sulfur. The process technology incorporates sulfur within the fertilizer granule, which allows the nutrient to be released over time in a form that is highly usable by plants. Benefits over competitive products include lower dust content and better blending and application characteristics. The process also has the unique feature of allowing the manufacturer to control and vary the mix of elemental (slow release) versus sulfate (immediate release) sulfur, resulting in agronomically superior sulfur-sulfate proportions. Said CF Industries president and chief executive officer Stephen R. Wilson, “There is a growing agronomic need for this kind of product. Alternative products, most made in Poland, China and Russia, have not been available to growers consistently in our target markets. CF Industries identified the need and is now positioning itself to meet it with a high-quality product that is easy to handle. The product's superior traits also present CF Industries with a higher margin opportunity over competitive MAP products.” Loh Seng Yee, general manager, Shell Thiogro, added, “We are delighted to work with CF Industries to bring this technology to the United States. CF Industries quickly recognized the value this sulfur-enhanced product would bring to their customers and we are pleased that they will introduce this progressive fertilizer product to U.S. and international markets.” CF Industries will produce the MAPS 11-40-0-12 at its Plant City, Florida phosphate complex. Changes to the complex will not require a meaningful capital investment and the company expects to produce limited quantities of the new product by mid-year 2011. CF Industries plans to market the product in the U.S. through its established channels and—through KEYTRADE AG—in Brazil and other Latin American markets where there is strong demand for fertilizers containing sulfur. About CF Industries Holdings, Inc. CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, is the holding company for the operations of CF Industries, Inc. CF Industries is a global leader in nitrogen and phosphate fertilizer manufacturing and distribution, serving both agricultural and industrial customers. CF Industries operates world-class nitrogen fertilizer manufacturing complexes in the central United States and Canada; conducts phosphate mining and manufacturing operations in Central Florida; and distributes fertilizer products through a system of terminals, warehouses, and associated transportation equipment located primarily in the Midwestern United States. The company also owns 50 percent interests in GrowHow UK Limited, a fertilizer manufacturer in the United Kingdom; an ammonia facility in The Republic of Trinidad and Tobago; and KEYTRADE AG, a global fertilizer trading organization headquartered near Zurich, Switzerland. CF Industries routinely posts investor announcements and additional information on the company's website at www.cfindustries.com and encourages those interested in the company to check there frequently. About Shell Shell Oil Company is an affiliate of Royal Dutch Shell plc, London and the Shell Thiogro technology is developed by Shell Sulphur Solutions, a global business unit of the Shell group. Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 130 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. Safe Harbor Statement Certain statements contained in this communication may constitute "forward-looking statements." All statements in this communication, other than those relating to historical information or current condition, are forward-looking statements. 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 statements. Important factors that could cause actual results to differ materially from our expectations include, among others: our ability to integrate the businesses of CF Industries and Terra promptly and effectively and to achieve the cost savings and synergies we anticipate from the Terra acquisition within the expected time frame or at all; the potential for disruption from the Terra acquisition to make it more difficult for us to maintain relationships with customers, employees or suppliers; the volatile cost of natural gas in the areas where our production facilities are principally located; the cyclical nature of our business and the agricultural sector; the global commodity nature of our fertilizer products, the impact of global supply and demand on our selling prices, and the intense global competition in the consolidating markets in which we operate; conditions in the U.S. agricultural industry; weather conditions; our inability to accurately predict seasonal demand for our products; the concentration of our sales with certain large customers; the impact of changing market conditions on our FPP; risks involving derivatives and the effectiveness of our risk measurement and hedging activities; the reliance of our operations on a limited number of key facilities and the significant risks and hazards against which we may not be fully insured; reliance on third party transportation providers; risks associated with joint ventures; risks associated with expansion of our business, including unanticipated adverse consequences and the significant resources that could be required; potential liabilities and expenditures related to environmental and health and safety laws and regulations; our potential inability to obtain or maintain required permits and governmental approvals or to meet financial assurance requirements; future regulatory restrictions and requirements related to GHG emissions, climate change or other environmental requirements; acts of terrorism and regulations to combat terrorism; difficulties in securing the supply and delivery of raw materials we use and increases in their costs; risks associated with international operations; losses on our investments in securities; deterioration of global market and economic conditions; our substantial indebtedness and the limitations on our operations imposed by the terms of our indebtedness; our ability to comply with the covenants under our indebtedness and to make payments under such indebtedness when due; potential inability to refinance our indebtedness in connection with any change of control affecting us; and loss of key members of management and professional staff. Forward-looking statements are given only as of the date of this release and we disclaim any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. CF Industries Holdings, Inc.Terry HuchSenior Director, Investor Relations & Corporate Communications847-405-2515 - thuch@cfindustries.com