CF Industries Investor Day 11 Jun 2013

CF Industries Holdings, Inc.
Investor Day
June 11, 2013
A tightly focused strategy well executed
NYSE: CF
Safe Harbor Statement

All statements in this communication, other than those relating to historical facts, are forward -looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, 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: the volatility of natural gas prices in North America; 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 from other fertilizer producers; conditions in the U.S. agricultural industry; reliance on third party providers of transportation services and equipment; difficulties in the implementation of a new enterprise resource planning system and risks associated with cyber security; weather conditions; our ability to complete our recently announced production capacity expansion projects on schedule as planned and on budget or at all; risks associated with other expansions 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 from governmental authorities; future regulatory restrictions and requirements related to greenhouse gas emissions; the seasonality of the fertilizer business; the impact of changing market conditions on our forward sales programs; risks involving derivatives and the effectiveness of our risk measurement and hedging activities; the significant risks and hazards involved in producing and handling our products against which we may not be fully insured; our reliance on a limited number of key facilities; risks associated with joint ventures; acts of terrorism and regulations to combat terrorism; difficulties in securing the supply and delivery of raw materials, increases in their costs and or delays or interruptions in their delivery; risks associated with international operations; losses on our investments in securities; deterioration of global market and economic conditions; our ability to manage our indebtedness; and loss of key members of management and professional staff. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the CF Industries Web site. Forward-looking statements are given only as of the date of this communication 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. This presentation includes certain non-GAAP financial measures to the most directly comparable GAAP measures, which is available in the Appendix. 2
Overview
Steve Wilson Chairman and Chief Executive Officer

3
Agenda
8:00am 8:20am 8:50am 9:20am 9:30am
Steve Wilson Doug Hoadley Phil Koch Break Bert Frost
Introduction Agriculture and Fertilizer Background Natural Gas and Logistics Sales and Market Development Operations and Capacity Expansion Financial Management Summary
10:00am Tony Will 10:30am Break 10:40am Dennis Kelleher 11:10am Steve Wilson 11:20am Q&A

4
Investment Thesis
Strategy Tightly Focused On Core Strength As a Nitrogen and Phosphate Producer
Long-Term Industry Growth Favorable Industry Environment
Demand growth underpinned by population growth, higher protein diets Search for higher yields leads to consistent consumption
North America (Canada and the U.S.) imports almost 40% of its nitrogen needs
Long-term North American natural gas costs estimated to be $3-$5/MMBtu

Significant offshore capacity operates at the high end of the cost curve Positioned to serve the worlds largest and most productive corn growing area
Operational Advantages
Extensive North American production and distribution footprint

Transportation assets provide logistical flexibility Peer-leading financial performance Disciplined capital allocation decisions Experienced talented management team
Excellent Execution
Tightly Focused Strategy
Core strength as a nitrogen and phosphate producer
Seven nitrogen complexes near major customers and with low cost feedstock Vertically integrated and well-matched phosphate mine and fertilizer plant
Dedicated to safety and operational excellence
Emphasis on safe operations and environmental stewardship Ongoing investments in physical assets enables very high capacity utilization
Integrated logistics system
Utilization of pipeline, waterway, rail and truck transportation modes Over 70 in-market storage terminals and warehouses in a 20-state region
Strong sales and marketing presence
Deep and long-term customer relationships Informed and rigorous process for managing product prices and order book
Prudent financial management
Focus on cash flow Investment grade credit ratings and metrics Record of effective capital management
6
CF Industries Has Consistently Outperformed Peers
A tightly focused strategy to capitalize on nitrogen advantages and optimize phosphate business Well executed by experienced talented management
CF Industries management has a record of consistent excellent execution. Meet the companys senior leadership team.
Doug Barnard Senior Vice President, General Counsel and Secretary Total Business Experience: 31 Years Joined CF Industries: 2004
9
Bert Frost Senior Vice President, Sales and Market Development Total Business Experience: 26 Years Joined CF Industries: 2008
10
Wendy Jablow Spertus Senior Vice President, Human Resources Total Business Experience: 29 Years Joined CF Industries: 2007
11
Dennis Kelleher Senior Vice President and Chief Financial Officer Total Business Experience: 27 Years Joined CF Industries: 2011
12
Phil Koch Senior Vice President, Supply Chain Total Business Experience: 39 Years Joined CF Industries: 2003
13
Tony Will Senior Vice President, Manufacturing and Distribution Total Business Experience: 25 Years Joined CF Industries: 2007
14
Excellent Execution
Gross Margin as % of Sales
60% 50% 40% 32 30% 20% 10% 0% 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 LTM LTM LTM LTM LTM 47 51 52 49 43 43 60% 50% 40% 32 28 28 49 45 45 54 55
EBITDA as % of Sales(1)
55
28 27 27
22
25
30% 21 20% 10% 0% 2011 2012 2011 2012 2011 17 16 16
27 28 23 20 20
2012
2011
2012
2011
2012 Yara 22 2012 Yara
LTM
LTM
LTM
LTM
CF Industries
Agrium
Mosaic
PotashCorp
Yara
(3) CF Industries
Agrium
Mosaic
PotashCorp
Return on Invested Capital (2)

40% 35% 30% 25% 20% 15% 10% 5% 0% 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 LTM LTM LTM LTM LTM (3) CF Industries
(1) (2) (3)
Return on Equity (2)

45% 40% 35% 34 33 39
34 34 34
31
27 21 22 21 21 14 15 21 21 19
23
19 14 14 22 14 13 17
30% 25%
15 15
14 14
20% 15% 10% 5% 0% 2011 2012 2011 2012 2011 2012 2011
2012
2011
LTM
LTM
LTM
LTM
Agrium
Mosaic
PotashCorp
Yara
(3) CF Industries
Agrium
Mosaic
PotashCorp
Calculated using Agrium, Yara and PotashCorp. self-reported EBITDA. Mosaic EBITDA calculated from its reported financials, consistent with the methodology used for CF Industries as described on slide 110. See slide 111 for a definition of invested capital, Return on Invested Capital and Return on Equity. See slide 110-111 for reconciliation of non-GAAP financial measures.
15
LTM
LTM
Cash Returned to Shareholders

Dividends & Share Repurchases as % of Equity Market Value (1)
10% 8% 9 7 6 6%
$218 million of dividends since 2010 $2.25 billion of share repurchases since 2011 $2.25 billion remaining on 2012 ($3.0 billion) authorization as of April 30, 2013 Recognized for effectiveness of share repurchase program
4
4% 2% 0% LTM LTM LTM LTM 3 Yr Avrg. 3 Yr Avrg. 3 Yr Avrg. 3 Yr Avrg. 3 Yr Avrg. 14 3 Yr Avrg. LTM 19 16 13 LTM 3 3 2 2 3 2
(3)
CF Industries
Agrium
Mosaic
PotashCorp
Yara
Dividends & Share Repurchases as % of EBITDA (2)

50%
40
40% 30% 20% 10% 34 23 24 24
16
3 Yr Avrg.
3 Yr Avrg.
3 Yr Avrg.
(3)
CF Industries
(1) (2) (3)
Agrium
Mosaic
3 Yr Avrg.
0% LTM LTM LTM LTM
PotashCorp
Yara
See slide 110 for a definition of Equity Market Value. Calculated using Agrium, Yara and PotashCorp. self-reported EBITDA. Mosaic EBITDA calculated from its reported financials, consistent with the methodology used for CF Industries as described on slide 110. See slide 110-111 for reconciliation of non-GAAP financial measures.
16
History of Value Creation
Management track record of bold and disciplined actions

2005: Initial Public Offering at $16/share 2008: Announced and completed $500M share repurchase program 2009: Bid for Terra Industries 2010: Closed Terra Industries acquisition 2011: Expenditure of $1B for share repurchase program 2012: Expenditure of $500M to complete $1.5B share repurchase program; Announced C$0.9B agreement to purchase outstanding interests in CFL; Authorized new $3B share repurchase program; Announced $3.8B capacity expansion project 2013: Expenditure of $750M for share repurchases under the $3B authorization (as of April 30); Completed acquisition of all outstanding interests in CFL
Tightly focused strategy based on thorough study and analysis
Disciplined decisions based on rigorous DCF analysis and stress testing

Effective execution demonstrated by financial results and share price performance
CF Industries shareholders have been rewarded by managements disciplined strategic decisions

17
Capital Allocation Impact
Increased nitrogen volume over 150% since 2010
CF Industries Nitrogen Volumes and Shares Outstanding

Million Nutrient Tons Million Shares Outstanding April 30, 2010
9
8
1.7
8.5
72.0
Projects approved in 2012 and underway will lead to total nitrogen volume increase of 225% since 2010
Share Count 7
3.6
6 5
0.1
Jan. 31, 2013
0.3
6.6
0.1
65.5
April 30, 2013
59.0
Share repurchase activity has reduced share count 17% since Terra acquisition
3 2 1
2.6
52.5
Jan. 29, 2010
Remaining share repurchase authorization of $2.25 billion as of April 30, 2013
0 2010 PreTerra Previously 34% CFL (2) Terra Acquisition Executed Acquisition (1) Debottlenecks Current Planned New Plants Debottlenecks (4) (3) Total 2016
46.0
(1) Excludes 34% of Canadian Fertilizers Limited (CFL) that was owned by Viterra. CFL operations were treated as a consolidated variable interest entity in CF Industries Holdings, Inc. financial statements. (2) Acquisition of all outstanding interests in CFL closed April 30, 2013. (3) Approved ammonia debottleneck projects that are in process. (4) New plant construction projects.
18

1600%
CF Industries Share Price Performance

+1,090%(1) 38% CAGR Since IPO(1)
1400%
1200%
1000%
800%
600%
400%
200%
0% 8/10/2005
8/10/2006
8/10/2007
8/10/2008
8/10/2009
8/10/2010
8/10/2011
8/10/2012
(1) Share price appreciation from IPO through 3/31/13
19
Agenda
8:00am 8:20am 8:50am 9:20am 9:30am

20
Agriculture and Fertilizer Background
Doug Hoadley Director, Agri-Business Analysis

21
Agricultural and Nitrogen Themes

Corn prices around $5 per bushel is a sweet spot for fertilizer industry
Farm income remains high Crop returns continue to favor corn and plantings are projected to continue at 92+ million acres Corn demand should recover in 2013, especially for feed and exports, and show growth through 2016 U.S. fertilizer demand is forecast to decline slightly next year, but remain at historically high levels through 2016
World nitrogen demand shows consistent 2% growth

Global nitrogen demand growth is equivalent to over 6 million product tons of urea or about 4-5 new plants each year (net of closures) Global 2013 urea cost curve suggests strong support at $320-$340/st at U.S. Gulf Although numerous projects have been announced for the next three years, historically only about 50% to 60% come onstream These nitrogen capacity additions are not expected to have a material impact on the hypothetical margin available to North American producers
North America currently imports about 38% of its total nitrogen use from offshore
For planning purposes, CF Industries assumes that 6 million tons of new ammonia capacity will be added in North America, mostly in 2016 to 2018 This new capacity should displace offshore nitrogen imports, which would decline by about 40%
22
Corn Prices Moderating In the Near Term

The Season Average Corn Price has risen over the last decade due to:
Increasing feed, food and export demand Adoption of Renewable Fuels Standard (RFS) Reduced production due to drought conditions
U.S. Corn Prices
$8.00
(U.S. Dollars per Bushel)
$7.00
$6.00
$5.00
$4.00
U.S. corn price is projected to decline to around $5 per bushel in 2013 as production recovers due to high planted acreage and higher yields
Farmers and ethanol producers are highly profitable at this level Demand is projected to recover with lower prices, especially for feed and exports
23
$3.00
$2.00
$1.00
$0.00 2000 2002 2004 2006 2008 2010 2012E

Source: USDA, CF Marketing Year
Economics Favor Corn Planting

The 2013 estimated average corn budget shows that corn returns over variable costs are $163 per acre higher than soybean returns, based on an average of March-April new crop futures for 2013 Farmer economics favor corn planting over soybeans in 2014 Based on current new crop 2014 futures, returns over variable costs are $194 per acre higher for corn than soybeans Assumptions include:
Trend yields March/April average for new crop prices and for 2014 calculation using corn price of $5.60 per bushel and soybean price of $12.80 USDA costs of production and CF Industries forecast of costs for 2014
24
U.S. Farmer Anticipated Returns over Variable Costs

(U.S. Dollars per Acre)
$600
Corn
Corn-on-Corn
Soybeans
$500
$400
$300
$200
$100
$0 2009
Source: USDA, CF Calendar Year
2010
2011
2012E
2013F
2014F
Corn Stocks Expected to Increase Modestly

The 2012/13 stocks-to-use ratio is expected to be the lowest since 1995
U.S. Corn Stocks-to-Use Ratio
23%
21% 19%
158 bu/acre and 97M acres 155 bu/acre and 96M acres 150 bu/acre and 96M acres
The 2013/14 stocks-to-use ratio is expected to increase, but is highly dependent on the actual yield
2013 plantings and emergence have been delayed substantially and are expected to result in lower planted corn acres compared with USDAs Prospective Plantings report Production forecast:
CF Industries forecasts a 155 bu/acre corn yield and a $5.00 season average corn price If corn yields decline to 150 bu/acre, the stocksto-use ratios could fall to 8-10% and support prices above the current forecast
17%
15% 13% 11%
97M acres
96M acres
96M acres
9% 7% 5% 2000 2002 2004 2006 2008 2010 2012E
25
Strong Growth in U.S. Corn Demand

U.S. Corn Demand
(Thousand Bushels)
Demand for U.S. corn is forecast to recover in 2013 and continue to show growth through 2016
Ethanol use is forecast to increase to meet the RFS standard in 2013
16 14 12
Exports
Feed
DDG
Ethanol
FS&I
DDG demand, a by-product of ethanol production, is forecast to continue to grow for feed use
Feed and Residual use is forecast to increase
10
8 6 4 2 0
Exports in 2013 are forecast to nearly double the 40-year record low level in 2012, with growth forecast to continue through 2016
2002
2004
2006
2008
2010
2012 2014F 2016F
26
U.S. Corn Plantings to Remain Above 90 Million Acres

CF Industries forecasts 2013 U.S. corn acreage at 96 million acres, but continued planting delays could result in lower acreage 2014 U.S. corn acreage is expected to be between 92-97 million acres and is highly dependent on future weather and demand response CF Industries is forecasting corn planted acreage to remain at 92+ million acres through 2016 U.S. nitrogen demand is forecast to remain high as lower corn acreage is offset by an increase in planting to other crops along with a modest increase in application rates
27
U.S. Corn Acreage

100 95 90 85 80 75 70 65
(Million Acres)
60
55 50 2004
2006
2008
2010
2012E 2014F 2016F
U.S. Fertilizer Demand Remains High

U.S. nitrogen fertilizer demand is projected at 13.3 million nutrient tons in 2013, near the record high level in 2012 U.S. nitrogen fertilizer demand is projected to decline slightly for 2014 due to lower corn plantings
Decline expected to result in fewer imports, but no change in domestic production
Fertilizer Year Nutrient Demand
(Million Nutrient Tons)
N
2010
2011 2012 2013 2014 2015 2016
P2O5
4.1
4.3 4.4 4.3 4.4 4.4 4.5
K20
4.5
4.6 4.7 4.6 4.7 4.8 4.9
Total
20.8
21.8 22.5 22.3 22.3 22.5 22.7
12.3
12.8 13.4 13.3 13.2 13.3 13.4
Nitrogen demand is expected to remain at historically high levels through 2016 with modest growth in application rates on corn to increase yields Phosphate demand is forecast to be nearly unchanged over the time period at around 4.3-4.4 million nutrient tons
28
Source: AAPFCO, CF
Fertilizer Remains a Good Value

Since 2005, farm revenue has increased while fertilizer costs as a percentage of farm revenue have decreased As a percent of corn revenue, U.S. fertilizer costs are projected to stay below the 10-year average of 20%, indicating fertilizer offers a good return on investment Assumptions for 2014 include:
Average annual corn price of $5.00 per bushel Fertilizer costs are projected at $121 per acre Corn yield of 155 bushels per acre
Farm Revenue (Million U.S. Dollars)
U.S. Corn Fertilizer Cost as Percent of Revenue

Revenue Fertilizer Percent Ten Year Average
Fertilizer Percent
$1,200
30%
$1,000
25%
$800
20%
$600
15%
$400
10%
$200
5%
$0 2003 2005 2007 2009 2011 2013F

Source: USDA, CF Calendar Year
0%
29
Stable Long-Term Demand Growth

World Nitrogen Demand
Global nitrogen demand growth is projected to slow from the prior decade to a rate of about 2.0% per year, or about 3 million nutrient tons a year The annual nitrogen demand growth is equivalent to over 6 million product tons of urea or about 4-5 new plants each year (net of closures) Industrial use is projected to grow at 3.4% per year, largely due to increasing demand for emissions control Nitrogen demand growth is expected to be strongest in developing regions, particularly FSU, Asia, and Latin America
(Million Nutrient Tons) Fertilizer Industrial
180 160 140 120 100 80 60 40 20 0

Source: IFA, FERTECON, CF Calendar Year
Fct. CAGR: 2.0%

CAGR: 2.3%
30
Operating Rates Remain High

World Nitrogen Utilization
Global capacity is expected to increase by 14% between 2013 and 2018 The increase in capacity is expected to reduce the global operating rate from over 80% to about 78% However, a large portion of the expansions are set to occur in China, where continued government export controls and off-setting plant closures are expected Operating rates outside China are expected to remain high and near todays levels of 84%
Million Tons
Operating Rates
Capacity
Production Op. Rate Ex-China
250
Op. Rate
90% 85%
200 80% 75% 70% 100 65% 60% 50 55% 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Source: FERTECON, CF Calendar Year
150
50%
31
Significant Capacity Additions Announced

Net Additions to Global Urea Capacity, ex-China
CF Industries examines global urea capacity ex-China to reflect the world trade situation more accurately Chinas export policy is more important than its actual capacity Based on announced projects, urea production capacity would be expected to increase by approximately 22 million tonnes, ex-China, by 2016 Lists of future projects typically overestimate actual capacity brought online by as much as 50%
32
(Million Product Tonnes)
-2 2000 2002 2004 2006 2008 2010 2012 2014F 2016F

Actual Additions Well Below Announced Additions

CF Industries compared FERTECONs list of future urea projects at the beginning of each year to the actual capacity that came onstream
FERTECON Urea Capacity Additions, Ex-China

(Million Metric Tonnes Per Year)
Forecast
Actual
On average, 50% of the total forecast capacity came onstream by the end of the year
IFA recently noted a similar situation with their nitrogen capacity list
Comparing the 2012 list with the current list, IFA stated: At least 25 urea projects were delayed, accounting for 60% of the announced capacity by 2016. These delays have removed up to 18 Mt of planned urea capacity that had been foreseen for 2016 in the forecast of May 2012.
0 2008
2010
2012
33
North American Production Costs Well Below Urea Floor Price
Costs of product delivered to the U.S. Gulf based on each countrys cash costs and freight rates
2013 World Urea Production Costs

$/ton 400 350 300
(Estimated $U.S. per Short Ton Delivered U.S. Gulf)
Urea global floor price is estimated to range from $320 per ton to $340 per ton delivered to the U.S. Gulf based on Chinese and Eastern European production
Eastern Europe and other FSU producers are the marginal producers during Chinas high export tax season A typical U.S. producer has cash production costs of about $150 per ton at $4/MMBtu natural gas CF Industries has significant margin opportunity at the projected urea floor price
Demand 183 M Tons
Hypothetical Floor Margin

250 200
150 100 50 0
North America Other Latin America Egypt Trinidad + Venezuela China Low Coal
0
Middle East Other Africa Algeria
50
Southeast Asia Russia Low Russia Base South Asia
100
China (Gas) Ukraine DF Group Ukraine OPZ
150
China Base Coal Western Europe
200
Source: FERTECON, CF
34
Eastern Europe Other FSU
Million Product Tons
Additions Not Expected to Change Floor Price Materially

2018 World Urea Production Costs
(Projected $U.S. per Short Ton Delivered U.S. Gulf)
For 2018, urea production costs are $/ton expected to rise for most producers as400 feedstock costs increase 350
300
Demand 203 M Tons
The urea floor price is estimated to be approximately $350 per ton delivered to the U.S. Gulf based on Chinese and FSU production
250 200 150 100 50
Hypothetical Floor Margin
Assumes new capacity of approximately 6 million tons
Other Latin America Egypt Trinidad + Venezuela
China Low Coal
Ukraine DF Group Ukraine OPZ
CF Industries should continue to have significant margin opportunity at the projected urea floor price
35
China Base Coal
Other FSU Western Europe
Southeast Asia
North America
Eastern Europe
Middle East
Other Africa
Russia Low Russia Base
South Asia
Algeria
China (Gas)
A typical U.S. producer is expected to have cash production costs of $180 per ton at $5/MMBtu natural gas
0
0 50 100 150 200 250
Million Product Tons
Current Producers Expanding Capacity

Existing and some new entrant producers currently plan to add nearly 6 million tons of new ammonia capacity in the next five years
(Thousand Tons per Year, Announced)
Company
Potash Corp. Coffeeville Resources Rentech Nitrogen Potash Corp. Agrium CF Industries CF Industries Koch
Location
Geismar, LA Coffeeville, KS Dubuque, IA Lima, OH Borger, TX Port Neal, IA Donaldsonville, LA Various
Products
Ammonia UAN Ammonia Ammonia, Urea
Start-up
Online Online 2014 2015
Capacity (000 t)
500 Ammonia 400 UAN 67 Ammonia
Notes
Restart/Debottleneck Upgrade Expansion/Debottleneck Debottleneck
Ammonia, Urea
Ammonia, Urea, UAN, DEF Ammonia, Urea, UAN, DEF Ammonia, Urea Ammonia, Urea, UAN, DEF Ammonia Ammonia Ammonia, Urea, UAN, DEF
2016 2016
2016 2016-2018 2017 2017 2017 2017
Iowa Fertilizer Co. (OCI) Weaver, IA
80 Ammonia 73 Urea 640 Ammonia 525 Urea 849 Ammonia 1.35 mil t Urea 1.25 mil t Ammonia 2.4 mil t various 1.0+ mil t Urea (Enid) 2.0 mil t various 850 Ammonia 1.5-2.0 mil t various
880 Ammonia 800 Ammonia 800 Ammonia 1,300 Urea (DEF)
Debottleneck Brownfield/Debottleneck
Brownfield/Debottleneck Debottleneck $1.3 billion, Greenfield Site at Cornerstone Chemical (formerly Cytec) Existing site Existing site
Dyno Nobel (IPL)

Mosaic Yara
Waggaman, LA
Faustina, LA Belle Plaine, SK
Source: Company announcements and industry publications
36
Greenfield Projects Face High Capital Costs

New entrants and some producers have proposed to add approximately another 7-8 million tons of new ammonia capacity in the next five years
(Thousand Tons per Year, Announced)
Company
U.S. Nitrogen/Austin Powder Dakota Gasification Ohio Valley Resources
Location
Greene County, TN Beulah, ND Rockport, IN
Products
Ammonia, AN
Start-up
2014
Capacity (000 t)
60 Ammonia 126 AN liquid
Notes
Ammonia upgraded to AN Brownfield at Synfuels Plant Greenfield $1.5 billion, greenfield Coal gasification, Greenfield Greenfield Greenfield Greenfield Debottleneck Greenfield
Ammonia, Urea
Ammonia, Urea, UAN, DEF Ammonia, Urea, UAN, DEF Ammonia, Urea Ammonia, Urea, UAN Ammonia, Urea Ammonia, Urea Urea Ammonia, Urea, UAN
2016
2016 2017 2017 2018 2018 -
360 Urea
800 Ammonia, 950 UAN, 90 DEF 800 Ammonia 1.0+ mil t various 700 Urea 770 Ammonia 1,600 Ammonia 2,500 Urea 2.0 mil t various 170 Urea 800 Ammonia, 380 Urea, 240 UAN
Northern Plains Nitrogen (North Western ND Dakota Corn Growers) Summit Power Group CHS KIT/IFFCO Canada JV Agrium Agrium Southeast Idaho Energy Texas Spiritwood, ND Becancour, QB TBD/Under Study Redwater, AB American Falls, ID
Source: Company announcements and industry publications
37
North America Relies on Nitrogen Imports

2012 Demand: 23.3 Million Nutrient Tons
Offshore imports account for 38% of total North American nitrogen demand, or 8.8 million of the 23.3 million nutrient tons consumed
In recent years, offshore imports accounted for 30% to 35% of North American ammonia use
Imports
Domestic Production
62%
38%
Offshore imports account for approximately 60% of urea fertilizer use

For UAN, offshore imports comprise approximately 25% of North American consumption
Imports: 8.8 Million Nutrient Tons

Ammonia Urea AN Other UAN
32%
53%
12%
Source: FERTECON Calendar Year
1% 2%
38
Growth in North American Nitrogen Capacity Expected

For planning purposes, CF Industries assumes North America will add around 6 million tons of new ammonia capacity between 2013 and 2018 This growth, if realized, represents a 32% increase in capacity from 2013 levels, with the majority expected to come onstream in 2016-2018 The additional nitrogen capacity is expected to be used largely for producing upgraded products Nitrogen fertilizer imports are expected to continue but the total should decline
North American Nitrogen Capacity and Demand Outlook
30
25
Demand
20
15
10
Source: IFA, FERTECON, CF Calendar Year
39
North America Expected to Remain a Net Importer

North American Offshore Nitrogen Imports
North American imports from offshore sources are expected to decline dramatically as new capacity comes onstream Imported ammonia would decline the least, falling about 20% The assumed volume of new urea capacity would displace about 60% of the current import volume UAN imports would decline by about 70%
10
Ammonia
Urea
UAN
AN
0 2010 2011 2012 2013F 2014F 2015F 2016F 2017F 2018F

Source: USDOC, CF Fertilizer Year
40
UAN Priced at a Premium

U.S. Gulf Prices, per Short Ton
Since January 2010, U.S. urea prices have averaged just over $400 per ton at the U.S. Gulf, while UAN prices have averaged close to $290 per ton Tampa ammonia prices have averaged $490 per ton since January 2010, while Midwest ammonia prices have averaged $650 per ton On a per unit nitrogen basis, UAN typically trades at a premium to other nitrogen sources Ammonia is typically the best value for farmers on a per unit nitrogen basis
Urea $800
UAN
Ammonia (Tampa)
$600
$400
$200
$0 Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
U.S. Midwest Prices, per N Unit

$18 $15 $12 $9 $6 $3 Jan-10 Jul-10 Urea Ammonia UAN
Source: Green Markets
Jan-11 Jul-11
Jan-12 Jul-12
Jan-13
41
U.S. Phosphate Situation

U.S. Phosphate Prices
Domestic shipments are expected to reach 7.4 million tons of DAP/MAP product in 2013 as high corn acreage continues to drive stable phosphate demand However, greater competition in international market continues to weigh on the export market This is due to both higher supplies from Morocco and Saudi Arabia and recently lower demand in India due to decreasing subsidies U.S. exports have declined gradually from 11 million tons in 2004 to an estimated 5 million tons in 2013
42
(U.S. Dollars per Short Ton)
$650
NOLA
Tampa (Nola Equiv.)
$550
$450
$350 Jan-10
Jan-11
Jan-12
Jan-13
U.S. DAP/MAP Shipments

(Million Product Tons)
20 Exports 16 12 8 4 0 Domestic
Source: Green Markets, TFI, USDOC, CF Fertilizer Year
Agricultural and Nitrogen Themes

A $5 per bushel corn price is a sweet spot:

For the farmer For ethanol producers, feedlot operators and corn exporters For the fertilizer industry
World nitrogen demand is expected to continue at a consistent 2% growth
The global 2013 urea cost curve suggests strong support at $320-$340/st for US Gulf
Nitrogen capacity additions are not expected to have a material impact on the hypothetical margin available to North American producers

43
Agenda
8:00am 8:20am 8:50am 9:20am 9:30am

44
Natural Gas and Logistics
Phil Koch SVP, Supply Chain

45
CF Industries Has Significant Cost and Logistical Advantages
CF Industries has a significant and enduring cost advantage from North American natural gas
The companys natural gas consumption to increase from 700 MCF / day to 1 BCF / day with capacity expansion projects Exploration, development and production companies have realized greater efficiencies, lowering the cost of gas Unique attributes of the North American natural gas environment help provide a sustainable cost advantage
CF Industries production, storage and distribution assets are competitive differentiators

Manufacturing flexibility and locations throughout North America Supply chain from raw material and natural gas procurement to transportation to distribution
Flexibility and nimbleness enable optimization of assets
46
Natural Gas Consumption Profile

MEDICINE HAT, AB
Consumption: 120,000 MMBtu/d Pricing Index: TransCanada/ Nova - AECO Average Basis: ($0.35)
COURTRIGHT, ON
Consumption: 40,000 MMBtu/d Pricing Index: Union Gas Pipeline Dawn Pool Average Basis: $0.35
Natural gas represents about 70% of cash cost of nitrogen production

CF Industries proximity to the largest producing basins in the U.S. yields attractive gas cost and supply flexibility
PORT NEAL, IA
Consumption: 40,000 MMBtu/d Expansion: 130,000 MMBtu/d Pricing Index: Northern Natural Gas- Ventura Average Basis: $0.05
VERDIGRIS, OK
Consumption: 120,000 MMBtu/d Pricing Index: Oneok Gas Transmission Average Basis: ($0.15)
WOODWARD, OK
Consumption: 57,000 MMBtu/d Pricing Index: Oneok Gas Transmission Average Basis: ($0.15)
YAZOO CITY, MS
Consumption: 40,000 MMBtu/d Pricing Index: Henry Hub
DONALDSONVILLE, LA
Consumption: 295,000 MMBtu/d Expansion: 430,000 MMBtu/d Pricing Index: Henry Hub
Note: Average basis is a trailing twelve month average and is the differential to Henry Hub excluding delivery cost.
47
Enduring Natural Gas Price Advantage
U.S. Lower 48-States Dry Gas Production

Bcf/day $/MMBtu
Contributors to the decline in North American natural gas prices:

Increase in North American shale gas reserves and production Greater drilling rig and well efficiencies Growing production of associated gas from liquids development
70 60
$10 $8 $6 $4 $2 $0 2007 2008 2009

Shale
50
40 30 20 10 0 2010 2011 2012
Conventional/Other Source: PIRA, EIA
Unique and sustainable advantages of North American natural gas

Abundant reserves Extensive geological data Land owner mineral rights Existing infrastructure for production and distribution Hydraulic fracturing expertise/innovation Abundant water resources Robust domestic market
Henry Hub Price (right hand scale)
$16
World Natural Gas Cost Outlook

(U.S. Dollars per MMBtu)
$12
West Europe
$8
Ukraine Russia
$4
U.S. Middle East
These advantages exist in few, if any, other parts of the world
$0
2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F
Source: FERTECON, EIA, CME
48
Abundant Resources with Attractive Economics

Internal Rate of Return by Play
Source: BENTEK
The Potential Gas Committee estimates future U.S. supply of 2.7 quadrillion cubic feet (over 100 years), up 486 TCF from last report An immense amount of gas is economically recoverable for less than $5/MMBtu with todays technology
Technology and efficiency continue to advance rapidly in North America A culture and history of innovation Powerful competitive forces A supportive regulatory regime so far
49
Gas Cost Advantage Remains Despite Likely LNG Exports
Significant rents need to be paid on infrastructure investments associated with LNG Long permitting and infrastructure build-out period Pricing of gas from competing regions also impacts net-back pricing for North American gas producers High cost of liquefaction, shipping and regasification ensure a persistent advantage for North American gas users
Estimated Delivered Cost of LNG from U.S. Gulf

$12.00 Fuel/Basis $10.00 $9.35 $0.60 $8.00 $1.25 Shipping $3.00 Persistent advantage for North American gas consumer $11.10 $0.60
$6.00
$3.00
Liquefaction
$3.00
$4.00 Gas Cost
$2.00
$-
Western Europe
Asia
Source: Cheniere Energy, based on $4.50 Henry Hub natural gas price and $100 Brent crude oil price.
50
More Gas from Fewer Rigs
Gas-directed rig count has tumbled, but production has remained strong
Rig Count
Production vs. Rig Count
Bcf/day
2,000 66 1,500 62 1,000 58
5% increase in production despite 50% reduction in gas directed rig count since September 2011
Newer plays have high initial production rates
500
Gas Directed Rig Count Total Land Rigs (Gas+Oil) Production (r axis)
0 2010
54 2011 2012 2013
Drilling has become much more efficient
Source: EIA, Baker Hughes
Days
Southwestern Energy Fayetteville Shale Drilling Performance

Drill Time (Days)
Thousand Feet
15
5.5
Lateral Length (000 feet, r axis)
Significant reduction in drill time despite longer lateral distance Multiple holes per pad, often accessing multiple reservoirs
12 9
5.0
4.5
6 3 0 2009 2010 2011 2012

Source: Southwestern Energy
4.0 3.5
51
Market Forces Drive North American Natural Gas Toward Range Trading
Market forces tend to drive gas prices toward range-bound trading When prices fall, electricity producers substitute natural gas for coal generation, reducing gas stockpiles
Henry Hub Cash Price

$5.00 Downward price pressure from supply response as prices remain above marginal cost of new production
$4.50
$4.00
$3.50
When prices rise above marginal cost of new production basin by basin, supply is expected to increase
Many gas producers have chosen to hedge in the $4.50 to $5.00 range CF Industries expects natural gas to trade between $3 - $5 / MMBtu over the next several years
$3.00
$2.50
$2.00
Upward demand pressure from coal-togas switching for electricity generation
$1.50
Source: Bloomberg
52
Unique Asset Base Creates Competitive Advantage
CF Industries extensive asset base creates distinct business advantage Nitrogen production in the heart of the Corn Belt Flexible product configuration to take advantage of evolving product prices and profit opportunities Extensive ammonia terminal network near customers facilitates quick delivery during short application windows Multiple transportation modes for flexible methods of getting products to customers
Seven Nitrogen Complexes
Flexible Product Configuration
Maximize Margin
Broad Terminal System
Multiple Transportation Modes
53
Production Flexibility
Nitrogen Demand and Production Capacity*
Unparalleled breadth of plant locations and production flexibility Immediate proximity to high-demand regions Production flexibility to address changing market conditions
Optimize mix of UAN and urea Increase net ammonia when/if conditions appropriate
MEDICINE HAT, AB
Net Ammonia: 790 Urea: 810
COURTRIGHT, ON
Net Ammonia: 265 UAN: 345 Urea: 160
PORT NEAL, IA
VERDIGRIS, OK
Net Ammonia: 30 UAN: 1,965
YAZOO CITY, MS
UAN: 160 Urea: 20 AN: 1,075
WOODWARD, OK
DONALDSONVILLE, LA
Net Ammonia: 1,010 UAN: 2,415 Urea: 1,680
PLANT CITY, FL
DAP/MAP: 2,165
Legend (Thousand Nutrient Tons)

*Thousand Product Tons 0 1,100
Source: AAPFCO, CF
54
Broad Network of Terminal Facilities
Significant inventory holding capacity
Nitrogen Demand and Terminal Facilities
29 ammonia facilities 1.2 million ton capacity 57 UAN facilities 1.2 million ton capacity
Critical to providing inmarket and in-season product availability

Product distribution in close proximity to customers Inventory availability during peak seasonal demand Investments to increase loading capabilities = more inventory turns
Production Distribution
0 1,100
Source: AAPFCO, CF
55
Value of Access to Ammonia Pipelines
Lowest cost method of ammonia distribution

Nitrogen Demand and Ammonia Pipelines
NuStar and Magellan Connected to 10 distribution facilities
Provide ability to move product around choke points and optimize distribution methods
Moving ammonia from plant locations to river-terminals Cross-loading to river barges for northern destinations
Production Distribution Pipeline

0 1,100
Source: AAPFCO, CF
56
Significant Product Volumes Moved via River System
Utilization of multiple inland waterways to reach end-markets
Nitrogen Demand and River System
Mississippi, Ohio, Illinois, Arkansas, Yazoo Rivers
Product transportation and inventory holding capacity

Ammonia 12 barges with 31,000 ton total capacity UAN 20 barges with 60,000 ton total capacity 1 chartered ocean UAN vessel 1 contracted ocean vessel for dry product
Production
Distribution
Rivers
0 1,100
Source: AAPFCO, CF
57
Range of Options Provided By Rail Access and Assets

Fleet of over 5,000 cars
Established relationships with all Class 1 railroads

Donaldsonville Union Pacific Yazoo City Canadian National Verdigris BNSF Woodward BNSF Port Neal Union Pacific Courtright CN & CSX Medicine Hat CP Plant City CSX
Rail Fleet by Car Type

553
Other 11%
909
1,361
Provides options to move any product to any domestic location
Hopper 17%
Ammonia 26%
UAN 46%
58
2,432
Natural Gas and Logistics

Unique attributes of the North American natural gas environment provide a sustainable natural gas price range of $3 - $5 / MMBtu
CF Industries plant and distribution facilities are located in the heart of the Corn Belt, providing exceptional access to customers
CF Industries asset base and management approach provide a high degree of flexibility which helps maximize earnings opportunities

59
Agenda
8:00am 8:20am 8:50am 9:20am 9:30am

60
Sales and Market Development
Bert Frost SVP, Sales and Market Development

61
Decision Making with a World View

2012 World Nitrogen Net Trade
(Million Nutrient Tonnes)
12.4 -7.0 -5.1 4.4 8.5 0.5 -7.6 -1.5 -3.7
-0.9
Net Importer Net Exporter Source: FERTECON, CF
Factors include major agricultural growing regions, fertilizer supply and demand, logistics, currencies, geopolitical issues
62
Fertilizer Value Chain

Revenue Available in Value Chain*
(U.S. Dollars per Ton)
Conversion of natural gas feedstock into plant nutrients creates value for nitrogen fertilizer manufacturers Manufacturers (who have the biggest investment) have captured the largest share of available revenue in the fertilizer value chain during recent years Margins for nitrogen manufacturers have benefitted from historically high nitrogen prices and low natural gas costs
$800 to Retailer $700 $600 $500 $400 $300 to Wholesaler to Manufacturer
$200 $100 $0 Ammonia Urea UAN
* Estimated three year average weighted for seasonal patterns Source: CF, Green Markets, USDA
63
Maximizing Profitability
Market based approach through response to global agricultural and fertilizer developments Maximizing profitability through flexibility
Optimization through Flexibility
Production Mix
Production mix: urea vs. UAN, DAP vs. MAP, urea liquor vs. DEF Markets: domestic vs. export, agricultural vs. industrial Logistics and transportation: numerous production and distribution sources and modes of delivery Pricing: various options with forward, index, block and cash prices Order book: management of product volumes offered during specific timeframes
Order Book Management

Maximize Margin
Markets
Pricing Options
Logistics & Transportation
64
Sales Overview
Diverse sales mix

15 million product tons UAN is highest volume product
7,000 6,000 5,000 4,000 3,000 2,000
2012 Sales Volume by Product

(Thousand Product Tons)
Ammonia
Seasonal mix changes based on market balance and pricing
Nitrogen represents more than 85% percent of total sales

North American-centric nitrogen sales
Phosphate export opportunities to maximize net-backs
1,000 0
Market Segmentation
14,000 12,000 10,000 8,000 6,000 4,000
(Thousand Product Tons)
Primary focus on agricultural sales

Highest margin sales opportunities
Improved profitability of industrial sales since Terra acquisition
Balance with industrial sales

Ratable business
Sizable volumes help base load production
2,000
0
Agriculture Industrial Export
Source: DOC, TFI, CF
65
Ammonia Application Period is Compressing Days to Ship 66% of Total Fall Shipments
Days
30
With technological advances and larger, faster equipment, peak day ammonia volume is increasing and peak shipping period is trending down 24 hour operation in-season is more important than ever Improvements in ammonia terminal loading capacity have been made and more are planned
25
20 15 10 5
Trend
0 1995 1997 1999 2001 2003 2005 2007 2009 2011

Index
Highest Single Day Shipments
500 400 300 200 100
Trend
0
1995 1997 1999 2001 2003 2005 2007 2009 2011
Fall: October November at Central Illinois Ammonia Terminals Index: Fall 2000 = 100
Source: CF
66
Value of Ammonia Distribution System
% of Total Ammonia Volume
Increasing Terminal Sales

Terminals Other
Ammonia terminals create significant value with close proximity to agricultural markets
100%
75%
50%
21 in-market ammonia terminals with 790,000 tons of storage to supply peak demand in both fall and spring
25%
0%
2009* 2010* 2011 2012
Terminal sales yield a price premium relative to the U.S. Gulf due to in-market storage and logistics advantage which ensures just-in-time delivery to the customer
* Pro forma: CF plus Terra Legacy sales Source: CF
U.S. Dollars per Ton Ammonia
Valuable Additional Margin at Midwest Terminals vs. Gulf
$150
$100
Average
The additional margin for an ammonia sale at a Midwest terminal vs. a Gulf sale has averaged an estimated $81 per ton
$50
$0 2009 2010 2011 2012
* Pro forma margin based on average Green Market prices Source: Green Markets, CF
67
Export Sales
CF Industries Exports
(Thousand Tons)
Unique ability via Donaldsonville and Tampa to arbitrage the best geographic sales opportunities
1,600
Phosphate Nitrogen
1,400 1,200 1,000
Vessel logistics favorable to growing markets in Central and South America
Exports provide flexibility and diversify customer base

Nitrogen (mainly UAN) and phosphate are exported KEYTRADE partnership provides access to global markets for exports
800
600
400 200 0 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: CF
68
Global Reach
Canada
France Turkey Bangladesh India Pakistan China Vietnam
Mexico Costa Rica Guatemala Honduras Nicaragua Panama
North American Manufacturing 50%-Owned Offshore Operations Global Distribution
Argentina Brazil Chile Colombia Ecuador Peru Uruguay Venezuela
Ivory Coast Senegal Kenya South Africa Tanzania
Europe Asia Asia North America Africa
South America
Exports through KEYTRADE in 2012
2009 - 2012 export locations shown
KEYTRADE partnership provides access and visibility to global markets

69
Industrial Business
Industrial chemicals
Chemical intermediates
Industrial Sales Volume by Product
Ethanol producers
Explosives producers Cattle feed Other Nitrogen 32% Ammonia 38%
Environmental
Reduction in NOx emissions at stationary power plants
Diesel Exhaust Fluid (DEF)

Growing market for liquid urea used to reduce NOx emissions from diesel engines AN 23%
Urea 7%
1.8 million tons in 2012
70
Evolution of DEF Market in North America
Diesel exhaust fluid (DEF) currently represents ~ 2% of the North American urea market Expected to reach ~1.5 million tons of urea equivalent, or 8% of the North American urea market, by 2020 EPA-mandated NOx reduction
Selective Catalytic Reduction (SCR) technology has been adopted by all U.S. heavy duty truck manufacturers
DEF Use for Buses, Class 4 through 8 Trucks & Off-Road Vehicles
(Equivalent Tons of Urea in Millions) 1.6 1.4
1.2 1.0 0.8 0.6 0.4 0.2 0.0 2012
2013
2014
2015
2016
2017
2018
2019
2020
CF Industries positioned to lead

Largest U.S. based provider Domestic production preferred due to quality requirements and shipping costs
Source: Integer
71
Product Pricing Process
In-depth agribusiness analysis of agricultural and fertilizer-specific market trends
Crop market factors
Global fertilizer supply/demand
Frequent management discussion and evaluation of near-term industry developments and market/pricing trends

International/national/regional Agricultural/industrial Weekly/monthly/quarterly meetings

45%
Continuous assessment of spot market price versus future expectations Array of price offerings to enable customers to manage price risks:

Forward Index Block Cash
72
Sales and Support
One stop source for nitrogen and phosphate products Flexibility and scale

In-market production and supply Ability to adjust production to match changing market conditions 45%
Market insight through team dedicated to agri-business analysis State-of-the-art customer service through e-business process and performance management Innovative pricing options help customers manage future price risk when buying fertilizer
73
Product and Process Innovation
New sulfur enhanced phosphate (MAPpluSTM)
Supplies crops with sulfate for immediate plant use and elemental sulfur for season-long fertilization
Among easiest-to-handle enhanced fertilizers available on the market
Export opportunities in Latin America

45%
Expanded features through new PROMISESM e-business portal

Increased automation Enhanced communication Ease of use
Implemented new ERP system in early 2013
Streamlines business processes and provides infrastructure to support future growth
74
UAN Market Development
North America and Europe largest UAN markets with 90% of global demand Sizable exports of UAN to mature markets like France and Belgium
United States Mexico
UAN Markets
UK France Belgium
China
Actively developing new markets Latin America, Australia and China

Deep water dock at Donaldsonville positioned to load large vessels of UAN to supply markets worldwide
Argentina Peru Colombia Australia
75
UAN Market Development

Argentina UAN Market
(Thousand Tonnes)
800
Latin America is a key market logistically advantaged to the U.S.
Production
Imports
Consumption
600
Growing demand for nutrients in Argentina and an expanding agricultural sector led to adoption of UAN in the late 1990s There is excellent growth potential in Brazil as the crop mix of maize and sugar cane is ideal for UAN application
400
200
0 1990 1995 2000 2005 2010

Source: FERTECON
Nitrogen Application Rates*

(Pounds per Acre) 200
150 100 50 0 Maize Wheat Cotton Sugar Soy
* Most recent data: 2008 Source: IFA, CF
CF Industries is exploring ways to build UAN demand in Latin America and other developing markets
Brazil
U.S.
76
Sales and Market Development
Strong agricultural and fertilizer fundamentals continue to create value for nitrogen fertilizer manufacturers
CF Industries is well positioned in the plant nutrient market with a diverse sales mix and significant North American and international sales opportunities
CF Industries manages its business, sales and market development decisions from a global perspective with a relentless focus on maximizing margins CF Industries is developing product markets in new regions that the company can serve as its additional capacity comes on-line

77
Agenda
8:00am 8:20am 8:50am 9:20am 9:30am 10:00am 10:30am 10:40am 11:10am 11:20am
Steve Wilson Doug Hoadley Phil Koch Break Bert Frost Tony Will Break Dennis Kelleher Steve Wilson Q&A

78
Operations and Capacity Expansion
Tony Will SVP, Manufacturing and Distribution

79
Operating Philosophy
Annual Recordable Incidence Rates

Incident Rate (Recordable incidents/ 200,000 hours)
Core focus on safety and environmental stewardship
3.00 2.50
CF RIR
TFI RIR
2.47
2.35 1.70 1.80 1.53 1.10 1.80
OSHA recordable incident rate better than industry average
2.00 1.50 1.00 0.50
1.80
Operate a diverse set of assets with a strict regulatory and environmental permit compliance program
0.00
2010
2011
2012
2013 YTD
High on-stream factor enabled by a robust maintenance program
Source: TFI, CF Industries
D.A.R.T. Rate*
2.0 1.6
Industry Average D.A.R.T. Rate (1) CF D.A.R.T. Rate
Investments in existing plants to increase production capacity and energy efficiency
1.2 0.8
0.4
0.0
2008
2009
2010
2011
2012
Days Away, Restricted, or Transferred (D.A.R.T.) Rate per 200,00 hours: Includes cases involving days away from work, restricted work activity, or transfers to another job. (1) Average for Phosphate Rock Mining (NAICS 212392), Nitrogen Plants (NAICS 325311), Phosphoric Plants (NAICS 325312) and Farm Supply Merchant Wholesalers (NAICS 424910). Source: Bureau of Labor Statistics, CF
80
Operating Efficiency
110%
Ammonia Operating Rates

(% of Capacity Utilization) 100% 90% 80% 70% 60% 50%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013
High capacity utilization enabled by robust maintenance program and operating philosophy Regularly scheduled turnaround projects maintain safe operating condition and increase plant efficiency Increased production capacity through efficiency and debottleneck projects

Thousand Tons per Year
Donaldsonville Ammonia Annual Capacity and Gas Usage for Complex II

Capacity Gas Usage 1,236 1,100 1,010 940 1,040 MMBtu per Ton
1,300 1,200 1,100 1,000 900
35.0 34.7 34.3 34.0 33.7
300,000 tons ammonia from 2010 through 2013 (1) 20,000 tons UAN since 2010
800
700 600 500 400 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012
33.3
33.0 32.7 32.3 32.0
Source: CF Note: Complex II includes ammonia units #3 and #4 at Donaldsonville
(1) Includes approximately 150,000 tons from debottleneck projects in 2013.
81
Nitrogen Production System

(Thousand Short Tons)
Current Annual Capacity

Location Donaldsonville, Louisiana Medicine Hat, Alberta Verdigris, Oklahoma Yazoo City, Mississippi Courtright, Ontario Woodward, Oklahoma Port Neal, Iowa Gross Ammonia 2,950 1,250 1,130 560 500 480 380 7,250 Unconsolidated Affiliates (3) Point Lisas, Trinidad Billingham, U.K. - GrowHow Ince, U.K. - GrowHow Total Net Ammonia 1,010 790 345 0 265 140 30 2,580 UAN (32%) Net Urea 2,415 1,680 0 810 1,965 0 160 20 345 160 820 25 800 50 6,505 2,745
(2)
(1)
Ammonium Nitrate 0 0 0 1,075 0 0 0 1,075
Fertilizer Compounds 0 0 0 0 0 0 0 0
Total Products 5,105 1,600 2,310 1,255 770 985 880 12,905
360 275 190 8,075
360 135 0 3,075
0 0 0 6,505
0 0 0 2,745
0 310 330 1,715
0 0 165 165
360 445 495 14,205
Notes (1) 2012 Form 10-K, average annual capacity includes allowance for normal outages and planned maintenance shutdowns.
(2) (3)
Includes granular urea, urea liquor (UL), and Diesel Exhaust Fluid (DEF). Represents CF's 50% interest in the capacity of each of these facilities.
82
World Scale Phosphate Operations

Fully integrated system 1 million tons of P2O5 production annually
2 million tons DAP / MAP
Well-balanced operations (rock / beneficiation / chemical plant capacity)
12 years of fully permitted rock reserves
One of three draglines at the Hardee Phosphate Complex
In process to increase rock reserves by 10 years
Excellent location to serve domestic and export markets CF Industries advantaged vs. nonintegrated producers
Reclamation area post mining activities
83
Critical Factors Supporting Decision to Invest in New Nitrogen Capacity

Strong and growing nitrogen market
Fundamentals expected to sustain 2% average growth rate requiring about 5 new urea plants per year Global market with pricing determined by production from much higher cost regions North America large net importer of nitrogen
Reliable source of low cost natural gas feedstock

2.7 quadrillion cubic feet of expected future U.S. supply North America has worlds most developed natural gas production and distribution infrastructure Structural elements support long-term natural gas cost advantage versus many other regions
Lowest delivered cost, broadest reach

Largest nitrogen manufacturer in North America Largest manufacturing and distribution footprint Best logistics infrastructure Number of ship-from points minimizes transportation cost Multiple deep-draft docks at Donaldsonville allow for export of nitrogen products if desired
84
Critical Factors Supporting Decision to Invest in New Nitrogen Capacity, contd

Best capabilities
Outstanding sales and marketing team - well positioned to sell additional tons Sharing of best practices and cross training among 2,200 operating employees in multiple locations Able to pool/share spare parts
CF Industries expansion projects will be among the first new capacity in North America to come online
Spent or committed $500 million as of March 31, 2013 Air permits in public comment phase at both locations Long-lead-time equipment (rotating and high-pressure equipment) for both ammonia plants, both urea plants and the nitric acid plant have been ordered Expect to begin moving earth/constructing later this summer Projects expected to come online in 2015-2016
Attractive economics with expected returns significantly above the companys cost of capital
85
Capacity Expansion Projects

Expansion Projects Capacities and Typical Product Mix
Authorized expenditure of $3.8 billion

$2.1 billion at Donaldsonville $1.7 billion at Port Neal
Tons per Day
Annual Capacity
(thousand tons)
Typical Product Mix

(thousand tons)
Donaldsonville, LA - Ammonia 3,640 1,274 184
Combined annual production:

2.1 million tons of gross ammonia 2.0 2.7 million tons of urea Up to 1.8 million(1) tons of UAN
- Urea
- Nitric Acid - UAN Port Neal, IA - Ammonia - Urea
3,850
1,675 5,050
1,348
586 1,768
686
-1,768(1)
Contracted ThyssenKrupp Uhde for procurement and engineering services Draft air permits out for public comment in Louisiana and Iowa
2,425 3,850
849 1,348
81 1,348
(1) At 1.8M tons of UAN, 2.0M tons of granular urea can be produced. Granular urea production could be increased by decreasing UAN production.
Notes: All production volume shown as short tons. Production volume based on 350 operating days a year
86
Donaldsonville 2016 Worlds Largest Nitrogen Complex

Six ammonia plants Five urea plants Three UAN plants Five docks
Two deep water docks for ocean vessel loading Three floating docks for loading river barges
9,000 8,000 7,000 6,000 5,000 4,000 3,000
Donaldsonville Ammonia, Urea and UAN for Sale

(Thousands of Product Tons per Year)
2,000
1,000 Gran Urea UAN Net Ammonia 1UAN Max 2,248 4,349 1,320 2 2,336 4,228 1,320 3 2,378 4,168 1,320
Net Ammonia
Unit train capability NuStar ammonia pipeline Five natural gas pipelines
4 2,540 3,900 1,320

UAN
5 2,698 3,430 1,416

Gran Urea
6 2,812 3,095 1,484
7Urea Max 3,039 2,413 1,641
Donaldsonville will have unmatched product upgrade flexibility
Donaldsonville project will increase UAN and urea product mix flexibility in a cost-advantaged location to serve domestic and international markets
87
Port Neal 2016 Expanded Capacity in Heart of the Corn Belt

Average Annual Capacity
(Thousand Tons)
Two ammonia plants Three urea plants Two nitric acid plants One UAN plant Unit train capability
2012
2016
Increase
Gross Ammonia
UAN Urea
380
800 50
1,229
800 1,398
849
1,348

Additional urea capacity in a region with significant demand
88
Operations and Capacity Expansion

CF Industries is a world-class fertilizer producer with a core focus on safe and environmentally responsible operations CF Industries maintains high capacity utilization through robust maintenance program and capital projects to increase production volumes and improve energy efficiency CF Industries is expanding nitrogen capacity with an attractive return profile based on strong market fundamentals and best existing set of assets and capabilities New production at Donaldsonville will increase product mix flexibility in a cost-advantaged location to serve domestic and international markets, and at Port Neal will add urea capacity in a region with significant demand

89
Agenda

90
Financial Management
Dennis Kelleher Chief Financial Officer

91
CF Industries Effective Financial Management
Delivered first quarter record net earnings and EPS

Earnings of $407 million Earnings per diluted share of $6.47
Solid fundamentals and operational excellence

Strong planting despite challenging weather Favorable ammonia and UAN price realizations First quarter record UAN shipments
Strong credit profile and flexible balance sheet

Investment grade credit ratings from each agency Utilization of balance sheet through $1.5 billion of new bonds
Execution of capital allocation plans
Returned $2.25 billion of cash to shareholders through repurchases since 2011 Closed acquisition of CFL interests Continued investments in capacity expansion projects ($500 million as of March 31, 2013)
Key value drivers support earnings profile

Feedstock, ammonia storage, transportation and production efficiency advantages Business model supports higher highs and higher lows
Significantly outperforming peers, yet trading at a discount
92
Strong Balance Sheet to Fund Strategic Priorities

1.2x
Free Cash Flow / Total Debt (1)(3)

1.0x 0.9x
CF Industries has a solid investment grade credit profile

1.0x 0.8x 0.6x 0.4x 0.4x
Modest leverage ratios Strong fixed charge coverage ratios
0.5x
Commitment to maintain investment grade metrics
0.2x 0.0x
Recent issuance of $1.5 billion of long-term bonds

2010
2011
2012
LTM (2)
$750 million of 3.45% notes due 2023 $750 million of 4.95% notes due 2043
2.0x 1.7x 1.6x
Total Debt / EBITDA(2)(3)
1.2x 0.9x
0.8x 0.5x 0.4x 0.0x 2010
(1) (2) (3) See slide 111 for definition of free cash flow. LTM includes CF Industries $1.5B debt from May 20, 2013. See slides 110-111 for reconciliation of non-GAAP financial measures
0.5x
2011
2012
LTM
(2)
93
History of Share Repurchases
$2.75 billion of cash returned to shareholders through repurchase of 21.9 million shares at an average price of $126/share

$300
$250
~$164 Average Price
Significant value accretion to remaining shareholders Programs completed well ahead of schedule
$200
~$153 Average Price
~$197 Average Price
Complete existing $3 billion program

$150
$2.25 billion remaining authorization as of April 30, 2013 Significant cash flow and available liquidity to fund repurchases
$100
~$59 Average Price
$1.0B
$500M
Closed C$910 million acquisition of CFL interests on April 30, 2013 $500 million spent or committed to capacity expansion projects as of March 31, 2013
$0 1/2/2008
1/2/2009
$500M
Executed share repurchases while investing in growth projects
$50
1/2/2010
1/2/2011
1/2/2012
1/2/2013
94
$750M
Capital Allocation Impact
Increased nitrogen volume over 150% since 2010
CF Industries Nitrogen Volumes and Shares Outstanding

Million Nutrient Tons Million Shares Outstanding April 30, 2010
9
8
1.7
8.5
72.0
Projects approved in 2012 and underway will lead to total nitrogen volume increase of 225% since 2010
Share Count 7
3.6
6 5
0.1
Jan. 31, 2013
0.3
6.6
0.1
65.5
April 30, 2013
59.0
Share repurchase activity has reduced share count 17% since Terra acquisition
3 2 1
2.6
52.5
Jan. 29, 2010
Remaining share repurchase authorization of $2.25 billion as of April 30, 2013
0 2010 PreTerra Previously 34% CFL (2) Terra Acquisition Executed Acquisition (1) Debottlenecks Current Planned New Plants Debottlenecks (4) (3) Total 2016
46.0
(1) Excludes 34% of Canadian Fertilizers Limited (CFL) that was owned by Viterra. CFL operations were treated as a consolidated variable interest entity in CF Industries Holdings, Inc. financial statements. (2) Acquisition of all outstanding interests in CFL closed April 30, 2013. (3) Approved ammonia debottleneck projects that are in process. (4) New plant construction projects.
95
Key Value Drivers

Enduring feedstock cost advantage
Lower, less volatile natural gas prices Significant cost advantage to Chinese coal-based nitrogen production, Eastern European gas-based nitrogen production U.S. shale gas evolution difficult to replicate at scale elsewhere
Ammonia storage advantage

Storage terminals provide opportunity to realize both seasonal and regional price differences Allows CF Industries to maximize higher-margin agricultural sales and provides flexibility to negotiate better industrial sales
Transportation cost advantage

Facilities located near or in worlds most productive corn growing region Significant landed-cost differential versus imports and low-cost inland transportation options Transportation advantage exists for potential exports from Donaldsonville to Central and South American locations
Production efficiency advantage

High capacity utilization rates
Attractive investments in debottlenecking
Integrated phosphate advantage versus non-integrated producers

96
Robust Business Profile

Sensitivity of 2012 Nitrogen Segment Cash Operating Earnings to Gas and Urea Prices
(Billions of U.S. Dollars)
The fundamentals of global nitrogen product pricing and North American natural gas costs give CF Industries an attractive earnings profile
Urea Price ($/ton)
Natural Gas Cost ($/MMBtu) $3.00 $300 $325 $350 $375 $400 $425 $450 $475 $500
$1.5 $1.9 $2.2 $2.5 $2.8 $3.1 $3.5 $3.8 $4.1
$3.50
$1.4 $1.7 $2.1 $2.4 $2.7 $3.0 $3.3 $3.7 $4.0
$4.00
$1.3 $1.6 $1.9 $2.3 $2.6 $2.9 $3.2 $3.5 $3.8
$4.50
$1.2 $1.5 $1.8 $2.1 $2.4 $2.8 $3.1 $3.4 $3.7
$5.00
$1.0 $1.4 $1.7 $2.0 $2.3 $2.6 $3.0 $3.3 $3.6
The companys existing nitrogen business profile can be highly profitable across a broad range of industry conditions This analysis provides confidence for the new investments in nitrogen capacity
Source: CF Note: Based on 2012 actual nitrogen segment gross margins plus DD&A. Assumes that a $25 per ton change in urea price is equivalent to a $17.39 per ton change in UAN price and a $44.57 per ton change in ammonia price.
Higher Highs, Higher Lows

97
Excellent Execution
Gross Margin as % of Sales
60% 50% 40% 32 30% 20% 10% 0% 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 LTM LTM LTM LTM LTM 47 51 52 49 43 43 60% 50% 40% 32 28 28 49 45 45
EBITDA as % of Sales (1)

54 55 55
28 27 27
22
25
30% 21 20% 10% 0% 2011 2012 2011 2012 2011 17 16 16
27 28 23 20 20
2012
2011
2012
2011
2012 Yara 22 2012 Yara
LTM
LTM
LTM
LTM
CF Industries
Agrium
Mosaic
PotashCorp
Yara
(3) CF Industries
Agrium
Mosaic
PotashCorp
Return on Invested Capital (2)

40% 35% 30% 25% 20% 15% 10% 5% 0% 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 LTM LTM LTM LTM LTM (3) CF Industries
(1) (2) (3)
Return on Equity (2)

45% 40% 35% 34 33 39
34 34 34
31
27 21 22 21 21 14 15 21 21 19
23
19 14 14 22 14 13 17
30% 25%
15 15
14 14
20% 15% 10% 5% 0% 2011 2012 2011 2012 2011 2012 2011
2012
2011
LTM
LTM
LTM
LTM
Agrium
Mosaic
PotashCorp
Yara
(3) CF Industries
Agrium
Mosaic
PotashCorp
Calculated using Agrium, Yara and PotashCorp. self-reported EBITDA. Mosaic EBITDA calculated from its reported financials, consistent with the methodology used for CF Industries as described on slide 110. See slide 111 for a definition of invested capital, Return on Invested Capital and Return on Equity. See slides 110-111 for reconciliation of non-GAAP financial measures.
98
LTM
LTM
Accessing Low-Cost Debt

2.0x
Total Debt to EBITDA(1)(2)

1.8 1.5
1.6x
Increased utilization of CF Industries borrowing capacity through $1.5 billion bond issuance Balance sheet efficiency and leverage consistent with peers
1.2x 0.9 0.8x 0.5 0.5 0.4x 0.4 0.4 0.4 0.9 0.9
1.1 1.1
0.6 0.6 0.6
0.0x 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 Yara 2012 Yara LTM LTM LTM LTM
(3) CF Industries
Agrium (3)
Mosaic
PotashCorp
Total Debt to Equity Market Value(2)

40%
Movement toward more leverage demonstrates belief in sustainable nature of fertilizer industry economics
34 30% 27 22 20% 18 17 13 10% 7 13 12 12 4 13 14 27
0% 2011 2012 2011 2012 2011 2012 2011 2012 2011 LTM LTM LTM LTM (3) CF Industries (3) LTM
Agrium
Mosaic
PotashCorp
(1) Calculated using Agrium, Yara and PotashCorp. self-reported EBITDA. Mosaic EBITDA calculated from its reported financials, consistent with the methodology used for CF Industries as described on slide 110. (2) See slides 110-111 for definition of total debt to EBITDA and total debt to equity market value. (3) LTM includes CF ($1.5B) and AGU ($1B) debt from May 20, 2013 and May 28, 2013, respectively. Note: See slides 110-111 for reconciliation of non-GAAP financial measures.
99
LTM
Cash Returned to Shareholders

Dividends & Share Repurchases as % of Equity Market Value (1)
10% 8% 9 7 6 6%
$218 million of dividends since 2010 $2.25 billion of share repurchases since 2011 $2.25 billion remaining on 2012 ($3.0 billion) authorization as of April 30, 2013 Recognized for effectiveness of share repurchase program
4
4% 2% 0% LTM LTM LTM LTM 3 Yr Avrg. 3 Yr Avrg. 3 Yr Avrg. 3 Yr Avrg. 3 Yr Avrg. 14 3 Yr Avrg. LTM 19 16 13 LTM 3 3 2 2 3 2
(3)
CF Industries
Agrium
Mosaic
PotashCorp
Yara
Dividends & Share Repurchases as % of EBITDA (2)

50%
40
40% 30% 20% 10% 34 23 24 24
16
3 Yr Avrg.
3 Yr Avrg.
3 Yr Avrg.
(3)
CF Industries
(1) (2) (3)
Agrium
Mosaic
3 Yr Avrg.
0% LTM LTM LTM LTM
PotashCorp
Yara
See slide 110 for a definition of Equity Market Value. Calculated using Agrium, Yara and PotashCorp. self-reported EBITDA. Mosaic EBITDA calculated from its reported financials, consistent with the methodology used for CF Industries as described on slide 110. See slides 110-111 for reconciliation of non-GAAP financial measures.
100
Outperforming Peers Yet Trading at a Discount

Share Price Performance (1/1/2009 3/31/2013)
CF +255% 350% AGU +168% MOS +62% POT +52% YAR +64%
300%
Enterprise Value / EBITDA(1)
250%
CF Industries
3.3x
200%
Agrium
Mosaic
6.7x
7.9x 10.0x 4.3x
150%
Potash Corp.
100%
Yara
50%
0% 1/2/2009 -50%
1/2/2010
1/2/2011
1/2/2012
1/2/2013
(1) EV/ LTM EBITDA as of 3/31/2013. See slide 110 for calculation. See footnote 1 on slide 110 regarding EBITDA.
101
Financial Management
Solid fundamentals, effective management and operational excellence as demonstrated through record earnings
Strong cash flow supports an investment grade credit profile and flexible balance sheet, and enables execution of capital allocation plans
Key value drivers support an attractive earnings profile that demonstrates higher highs and higher lows
Industry-leading execution, balance sheet utilization and cash returns to shareholders have provided exceptional stock price appreciation

102
Agenda

103
Summary
Steve Wilson Chairman and Chief Executive Officer

104
Investment Thesis
Strategy Tightly Focused On Core Strength As a Nitrogen and Phosphate Producer
Long-Term Industry Growth Favorable Industry Environment
Demand growth underpinned by population growth, higher protein diets Search for higher yields leads to consistent consumption
North America (Canada and the U.S.) imports almost 40% of its nitrogen needs
Long-term North American natural gas costs estimated to be $3-$5/MMBtu

Significant offshore capacity operates at the high end of the cost curve Positioned to serve the worlds largest and most productive corn growing area
Operational Advantages
Extensive North American production and distribution footprint

Transportation assets provide logistical flexibility Peer-leading financial performance Disciplined capital allocation decisions Experienced talented management team
Excellent Execution
105
History of Value Creation
Management track record of bold and disciplined actions

2005: Initial Public Offering at $16/Share 2008: Announced and completed $500M share repurchase program 2009: Bid for Terra Industries 2010: Closed Terra Industries acquisition 2011: Expenditure of $1B for share repurchase program 2012: Expenditure of $500M to complete $1.5B share repurchase program; Announced C$0.9B agreement to purchase outstanding interests in CFL; Authorized new $3B share repurchase program; Announced $3.8B capacity expansion project 2013: Expenditure of $750M for share repurchases under the $3B authorization (as of April 30); Completed acquisition of all outstanding interests in CFL
Tightly focused strategy based on thorough study and analysis
Disciplined decisions based on rigorous DCF analysis and stress testing

Effective execution demonstrated by financial results and share price performance
CF Industries shareholders have been rewarded by managements disciplined strategic decisions

106
Summary
CF Industries has posted record earnings per share for 10 consecutive quarters. How?
We have done what we said we were going to do and we have done those things effectively
We are committed to executing flawlessly and continuing to build value for shareholders
107
Thank You!
108
For more information, please visit www.cfindustries.com
Reconciliation of non-GAAP Measures CF Industries

In millions, except percentages and share price EBITDA Calculation Net Earnings Attributable to Common Stockholders Interest Expense (net) Income Taxes Depreciation, depletion and amortization Less: other adjustments EBITDA (1) Sales EBITDA as a % of Sales Enterprise Value Calculation Shares Outstanding Share Price (2) Equity Market Value Debt Cash Enterprise Value Enterprise Value / EBITDA (3) Total Debt / EBITDA Debt Senior Unsecured Notes Issued May 23, 2013 Adjusted Debt (4) Total Debt / EBITDA Dividends & Share Repurchases as % of EBITDA Dividends Share Repurchases Dividends & Share Repurchases as % of EBITDA (5) Dividends + Share Repurchases of % of Equity Market Value Daily Average Equity Market Value Dividends + Share Repurchases of % of Equity Market Value (6) CF Industries (in USD) 12 Mnths 12 Mnths 12 Mnths 3 Year 3 Mnths Ending Ending Ending Avg as of Ending 12/31/10 12/31/11 12/31/12 12/31/12 3/31/12 3 Mnths Ending 3/31/13 LTM Ending 3/31/13
349 220 277 395 (114) 1,127
1,539 146 932 416 (47) 2,986 6,098 49%
1,849 131 963 420 (43) 3,320 6,104 54% 2,478
368 31 207 103 (7) 702 1,528
407 37 107 107 (7) 651 1,337
1,887 137 863 424 (43) 3,268 5,913 55%
We have presented EBITDA, EBITDA as a % of sales, Enterprise Value to EBITDA, total debt to EBITDA, Dividends & Share Repurchases as a % of EBITDA and Dividends & Share Repurchases as a % of Equity Market Value because management uses these measures to track the companys performance in comparison to its peers and believes that these are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Notes: (1) EBITDA is defined as net earnings attributable to common stockholders plus interest expense (income)-net, income taxes, and depreciation, depletion and amortization. Other adjustments include the elimination of loan fee amortization that is included in both interest and amortization, and the portion of depreciation that is included in noncontrolling interest. (2) Share price as of the end of the applicable period. (3) Enterprise value to EBITDA is defined as enterprise value divided by EBITDA. Enterprise value is defined as equity market value as of the period ending date plus debt minus cash. Equity market value is defined as shares outstanding multiplied by share price. (4) Adjusted Debt includes the $1.5 billion of senior notes issued May 20, 2013. (5) Dividends & Share Repurchases as a percent of EBITDA is defined as average dividends paid and share repurchases for the specified time period divided by average EBITDA for the specified period. (6) Dividends & Share Repurchases as a percent of Equity Market Value defined as average dividends paid plus share repurchases for the specified time period divided by the daily average equity market value for the specified time period.
65.4 144.98 9,482 1,618 (1,207) 9,893 3.3x
63.0 203.16 12,799 1,605 (2,275) 12,129 3.7x
60.6 190.37 11,536 1,605 (2,210) 10,931 3.3x
1,959
1,618
1,605
1.7x
0.5x
0.5x
1,605 1,498 3,103 0.9x
26 -
69 1,000
103 500
66 500 23%
26 -
25 500
102 1,000 34%
9,636 6%
12,796 9%
110
Reconciliation of non-GAAP Measures CF Industries

In millions, except percentages Total Debt / Equity Market Value Total Debt Senior Unsecured Notes Issued May 23, 2013 Adjusted Debt (1) Equity Market Value Total Debt / Equity Market Value (2) Free Cash Flow to Total Debt Operating Cash Flow Capital Expenditures Dividends Noncontrolling Interest Free Cash Flow Free Cash Flow / Total Debt (3) ROIC Calculation Operating Income Tax @ 35% Net Operating Income After Tax Cash Short Term Borrowing Notes Payable Current Portion of LT Debt Noncurrent Notes Payable Long-term Debt Non-Controlling Interest Stockholders Equity Invested Capital ROIC (4) Return on Equity Calculation Net Earnings Attributable to Common Stockholders Stockholders Equity ROE (5) 12 Mnths Ending 12/31/10 12 Mnths Ending 12/31/11 CF Industries (in USD) 12 Mnths 3 Mnths Ending Ending 12/31/12 3/31/12 3 Mnths Ending 3/31/13 LTM Ending 3/31/13
1,959
1,618
1,605
9,482 17%
12,799 13%
1,605 1,498 3,103 11,536 27%
We have presented Total Debt to Equity Market Value, Free Cash Flow to Total Debt, Return on Invested Capital (ROIC) and Return on Equity (ROE) because management uses these measures to track the companys performance in comparison to its peers and believes that these are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Invested capital, stockholders equity and each of their components are period-end amounts and not average amounts. Notes: (1) Adjusted Debt includes the $1.5 billion of senior notes issued May 20, 2013. (2) Total Debt to Equity Market Value is defined as total debt divided by Equity Market Value. Total debt is defined as all debt for the specified time period. Equity Market Value is defined as shares outstanding multiplied by the share price. (3) Free Cash Flow to Total Debt is defined as operating cash flow minus capital expenditures, dividends paid and minority interest divided by all debt. (4) ROIC is defined as after tax operating income divided by invested capital. After tax operating income is defined as operating income times the net of 1 minus a standard tax rate of 35% (operating income x (1- tax rate of 35%)). Invested capital is defined as net debt plus stockholders equity. Net debt is defined as all debt plus minority interests (Non-controlling Interest) minus cash. (5) ROE is defined as net earnings divided by stockholders equity. (6) Share price as of the end of the applicable period. (7) Enterprise value to EBITDA is defined as enterprise value divided by EBITDA. Enterprise value is defined as equity value plus debt minus cash. Equity value is defined as shares outstanding multiplied by share price.
1,194 (258) (26) (117) 793 0.4x
2,079 (247) (69) (146) 1,617 1.0x
2,376 (524) (103) (232) 1,517 0.9x
603 (64) (26) (21) 492
679 (153) (25) (17) 484
2,452 (613) (102) (228) 1,509 0.5x
2,791 (977) 1,814 (1,207) 5 1,613 386 4,547 5,344 34%
2,959 (1,036) 1,923 (2,275) 5 1,600 380 5,902 5,612 34%
671 (235) 436
628 (220) 408 (2,210) 5 1,600 385 5,732 5,512
2,916 (1,021) 1,895 (2,210) 5 1,600 385 5,732 5,512 34%
1,539 4,547 34%
1,849 5,902 31%
368
407 5,732
1,887 5,732 33%
111

CF Industries Investor Day 11 Jun 2013

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CF Industries Holdings, Inc.

A tightly focused strategy well executed

Safe Harbor Statement

Steve Wilson Chairman and Chief Executive Officer

A tightly focused strategy well executed

8:00am 8:20am 8:50am 9:20am 9:30am

Steve Wilson Doug Hoadley Phil Koch Break Bert Frost

A tightly focused strategy well executed

Long-Term Industry Growth Favorable Industry Environment

Long-term North American natural gas costs estimated to be $3-$5/MMBtu

Extensive North American production and distribution footprint

Tightly Focused Strategy

Core strength as a nitrogen and phosphate producer

Dedicated to safety and operational excellence

Integrated logistics system

Strong sales and marketing presence

Prudent financial management

CF Industries Has Consistently Outperformed Peers

A tightly focused strategy well executed

A tightly focused strategy well executed

A tightly focused strategy well executed

A tightly focused strategy well executed

A tightly focused strategy well executed

A tightly focused strategy well executed

A tightly focused strategy well executed

30% 21 20% 10% 0% 2011 2012 2011 2012 2011 17 16 16

2012 Yara 22 2012 Yara

Return on Invested Capital (2)

Return on Equity (2)

Cash Returned to Shareholders

Dividends & Share Repurchases as % of EBITDA (2)

A tightly focused strategy well executed

0% LTM LTM LTM LTM

History of Value Creation

Management track record of bold and disciplined actions

Tightly focused strategy based on thorough study and analysis

Disciplined decisions based on rigorous DCF analysis and stress testing

CF Industries shareholders have been rewarded by managements disciplined strategic decisions

Capital Allocation Impact

Increased nitrogen volume over 150% since 2010

CF Industries Nitrogen Volumes and Shares Outstanding

April 30, 2013

Jan. 29, 2010

Remaining share repurchase authorization of $2.25 billion as of April 30, 2013

A tightly focused strategy well executed

CF Industries Share Price Performance

(1) Share price appreciation from IPO through 3/31/13

8:00am 8:20am 8:50am 9:20am 9:30am

Steve Wilson Doug Hoadley Phil Koch Break Bert Frost

A tightly focused strategy well executed

Agriculture and Fertilizer Background

Doug Hoadley Director, Agri-Business Analysis

A tightly focused strategy well executed

Agricultural and Nitrogen Themes

World nitrogen demand shows consistent 2% growth

Corn Prices Moderating In the Near Term

$0.00 2000 2002 2004 2006 2008 2010 2012E

Economics Favor Corn Planting

U.S. Farmer Anticipated Returns over Variable Costs