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CF Industries Holdings, Inc. Reports Record Fourth Quarter Earnings

  CF Industries Holdings, Inc. Reports Record Fourth Quarter Earnings

             Strong Fall Ammonia Season Caps Record Setting 2012

Business Wire

DEERFIELD, Ill. -- February 19, 2013

CF Industries Holdings, Inc. (NYSE: CF):

Fourth Quarter Highlights

  *Record fourth quarter net earnings attributable to common stockholders of
    $470.7 million, or $7.40 per diluted share, compared to earnings of $438.9
    million, or $6.66 per diluted share, in the fourth quarter of 2011.
  *Record ammonia shipments from several terminals.
  *Announced approval of and began work on $3.8 billion nitrogen expansion
    program.

Full Year Highlights

  *Record net earnings attributable to common stockholders of $1.8 billion,
    or $28.59 per diluted share, compared to earnings of $1.5 billion, or
    $21.98 per diluted share, in 2011.
  *Record earnings before interest, taxes, depreciation and amortization
    (EBITDA) of $3.3 billion, compared to $3.0 billion in 2011.
  *Record net sales of $6.1 billion and record sales volume of 15.0 million
    tons.
  *Completed 2011 share repurchase program ahead of the expiration date with
    repurchase of 3.1 million shares for $500 million.
  *Approved new share repurchase plan of up to $3.0 billion through
    December31, 2016.
  *Announced agreement to purchase all of the outstanding interests in
    Canadian Fertilizers Limited (CFL) for C$0.9 billion.

Outlook

  *High anticipated 2013 corn planting, strong domestic fertilizer demand and
    favorable natural gas costs provide a positive operating environment for
    the first half of 2013.

CF Industries Holdings, Inc. today reported fourth quarter 2012 net earnings
attributable to common stockholders of $470.7 million, or $7.40 per diluted
share, compared to earnings of $438.9 million, or $6.66 per diluted share, in
the fourth quarter of 2011. Fourth quarter results included $13.1 million of
non-cash pre-tax mark-to-market gains on natural gas and foreign currency
derivatives, which increased after-tax earnings per diluted share by $0.13.
Fourth quarter 2011 results included a $49.7 million non-cash mark-to-market
loss on natural gas derivatives, which reduced after-tax earnings per diluted
share by $0.47.

EBITDA was $835.2 million in the fourth quarter of 2012, compared to $870.6
million in the fourth quarter of 2011.

Reported net sales in the fourth quarter were $1.5 billion, down 14 percent
from $1.7 billion in the same period last year. This decrease is due primarily
to the impact of a retroactive modification to the selling price calculation
methodology used for products sold by Canadian Fertilizers Limited (CFL),
which was made in connection with CF Industries’ pending acquisition of the
outstanding interests in CFL. This modification impacts the comparability of
the financial results between the two periods^1. Fourth quarter as adjusted
net sales were $1.6 billion in 2012, a decrease of 4 percent from the same
period last year, primarily due to lower average selling prices in the
phosphate segment.

^1 See explanation under “CF Industries Holdings, Inc.—Selected Financial
Information—Non-GAAP Disclosure Items—CFL Selling Price Modification” in the
tables accompanying this release. To facilitate period-to-period comparisons
of the company’s underlying operating performance, the company is presenting
in this release certain financial information on an adjusted basis as if the
modified selling price calculation methodology had been in effect on January
1, 2011. Financial information referred to in this press release as "adjusted”
refers to items in those tables.

Fourth quarter 2012 average selling prices in the nitrogen segment compared to
2011 were mixed. Adjusted average ammonia prices and average ammonium nitrate
(AN) prices were higher in the fourth quarter of 2012 compared to 2011 due to
strong fall application demand and a higher proportion of agricultural sales
volume. Adjusted average urea prices and average urea ammonium nitrate
solutions (UAN) prices were lower due to higher imports and lower demand,
respectively. Phosphate average selling prices in the fourth quarter of 2012
declined from the prior year period due to lower global demand and higher
supply from Saudi Arabia.

“With a strong ammonia market, favorable natural gas costs and excellent
execution, we again achieved record earnings for a quarter,” said Stephen R.
Wilson, chairman and chief executive officer, CF Industries Holdings, Inc.
“Economics for North American corn farmers are exceptionally attractive, and
this led to robust demand for nitrogen products, especially ammonia. As the
leading domestic producer of nitrogen plant nutrients, CF Industries has
responded to this demand, meeting our customers’ needs and delivering strong
results for our shareholders.”

Fertilizer markets during the fourth quarter were characterized by strong
North American demand for ammonia and phosphates. Weather that alleviated some
moisture concerns and an early harvest led to brisk fall application of
ammonia on fields across the Midwest and Plains states. Reduced off-shore
nitrogen production due to gas curtailments in several countries offset higher
than expected Chinese urea exports and helped support the global nitrogen
market. Lower phosphate demand in India and South America and higher supply
from Saudi Arabia resulted in weakness in global phosphate prices.

Full Year Results

For the full year 2012, net earnings attributable to common stockholders were
a record $1.8 billion, or $28.59 per diluted share, compared to $1.5 billion,
or $21.98 per diluted share, in 2011. EBITDA was $3.3 billion in 2012,
compared to $3.0 billion in 2011. Full year results for 2012 included a $74.6
million non-cash, mark-to-market gain on natural gas and foreign currency
derivatives, $15.2 million of accelerated amortization of capitalized
financing fees related to the termination of the company’s prior credit
facility, and a $10.9 million gain from a change in employee post-retirement
benefits. These items increased/(decreased) after-tax earnings per diluted
share by $0.72, ($0.15) and $0.10, respectively.

Net sales for the full year 2012 were $6.1 billion, essentially unchanged from
reported net sales for 2011, but represent an increase of 2 percent from 2011
adjusted net sales of $6.0 billion. Nitrogen volume was essentially unchanged
at 13.0 million tons for the full year 2012, and phosphate volume increased 6
percent from 1.9 million tons in 2011 to 2.0 million tons in 2012.

Prices for all of the primary nitrogen products except UAN were higher on
average for the year ended December 31, 2012, compared to the prior year due
to robust demand and tight downstream inventories. UAN average selling prices
decreased from 2011 to 2012 due to lower domestic demand. Phosphate prices
were lower for the full year 2012 as compared to 2011 due to lower demand from
India and increased exports from Saudi Arabia.

“This was an exceptional year for CF Industries. The company set records for
sales, EBITDA, earnings and earnings per share,” stated Wilson. “Our business
generated strong cash flow, which enabled us to complete the $1.5 billion
share repurchase program we had put in place in August 2011, buying back
approximately 9.6 million shares under the program. Our belief in the
sustainability of robust margins gave us the confidence to commit an
additional $7.7 billion of capital to strategic priorities including $3.0
billion to a new share repurchase program, C$0.9 billion to the pending
acquisition of CFL’s noncontrolling interests, and $3.8 billion to our
nitrogen capacity expansion projects.”

CF Industries continued to operate its production and distribution assets
exceptionally well. During the year, 4 of the company’s 13 ammonia plants set
production records, and 9 of the company’s 21 ammonia terminals set shipment
records, helping to set an ammonia shipping record for the company. These
records demonstrate CF Industries employees’ commitment to operational
excellence in meeting customer needs.

Capital expenditures for 2012 were $523.5 million, including approximately
$120 million of spending for the capacity expansion projects at Donaldsonville
and Port Neal announced in November.

Nitrogen Segment

Nitrogen segment reported net sales in the fourth quarter 2012 totaled $1.2
billion, a decrease of 16 percent from $1.5 billion in the fourth quarter
2011. Reported gross margin was $620.0 million in the 2012 fourth quarter, or
51 percent of sales, compared to $786.0 million, or 54 percent of sales, in
the 2011 fourth quarter. Nitrogen segment adjusted net sales were $1.4 billion
in the fourth quarter 2012, a decrease of 5 percent from adjusted net sales in
the fourth quarter 2011. Adjusted gross margin was $749.7 million in the 2012
fourth quarter, or 55 percent of sales, compared to an adjusted gross margin
of $742.3 million, or 52 percent of sales, in the 2011 fourth quarter. Cost of
sales decreased 11 percent from $677.1 million in the fourth quarter of 2011
to $605.6 million in 2012 due to lower realized natural gas costs compared to
the prior year period and a $5.0 million non-cash, mark-to-market gain on
natural gas derivatives compared to a $49.7 million loss in the prior year
period.

CF Industries sold 3.3 million tons of ammonia, granular urea, UAN, ammonium
nitrate (AN) and other nitrogen products during the fourth quarter of 2012,
down 2 percent from the prior year period.

In the fourth quarter of 2012, the company sold 905,000 tons of ammonia at a
reported average price of $567 per ton, or an adjusted price of $640, compared
to 874,000 tons at a reported average price of $633 per ton, or an adjusted
price of $609, in the fourth quarter of 2011. The 4 percent increase in volume
resulted from strong fall applications across the U.S. Corn Belt. The 5
percent increase in adjusted price per ton was due to the tight ammonia market
caused by the robust fall ammonia application season in preparation for high
corn plantings in 2013 coupled with disruptions in supply from off-shore
producers. The company’s ammonia plants in aggregate operated at approximately
98 percent of rated capacity during the quarter. For the full year, the
company sold 2.8 million tons of ammonia at an average price of $602 per ton,
compared to 2.7 million tons of ammonia in 2011 at a reported average price of
$586 per ton, or an adjusted average price of $558.

CF Industries sold 582,000 tons of granular urea at a reported average price
of $291 per ton, or an adjusted average price of $401, in the fourth quarter
of 2012, compared to 568,000 tons at a reported average price of $465 per ton,
or an adjusted average price of $426, in 2011. Granular urea volume increased
by 2 percent, while the adjusted average price decreased 6 percent year over
year due to higher imports in 2012 as compared to 2011. For the full year, CF
Industries sold 2.6 million tons of urea, about equal to the amount sold in
the 2011, but at a reported average price of $441 per ton in 2012 compared to
a reported average price of $411 per ton, or an adjusted average price of
$385, in 2011.

The company sold 1.5 million tons of UAN in the fourth quarter of 2012, down 5
percent from the fourth quarter of 2011. UAN average realized prices were $307
per ton, compared to $354 per ton in the year-ago quarter. Sales volume
declined due to plant turnaround activity and a shift in production mix
favoring higher margin ammonia sales. The 13 percent lower average price was
due to a year-over-year decline in U.S. demand attributable to abnormally high
demand in the fall of 2011. For the full year 2012 the company sold 6.1
million tons of UAN at an average price of $308 per ton compared to 6.2
million tons at an average price of $319 per ton in 2011.

CF Industries sold 137,000 tons of AN at an average price of $300 per ton in
the fourth quarter of 2012, compared to 198,000 tons at an average price of
$258 per ton in the year-ago quarter. Sales volume decreased as plant
turnaround activity reduced production, while the price per ton increased due
to a higher proportion of agricultural sales. For the full year AN sales
volume was down from 953,000 tons in 2011 to 839,000 tons in 2012.

CF Industries’ realized natural gas cost averaged $3.61 per MMBtu in the
fourth quarter of 2012, compared to $4.06 per MMBtu during the fourth quarter
of 2011. Although the winter of 2011 – 2012 was the warmest on record in North
America, December 2012 was actually warmer than December 2011.

Phosphate Segment

Phosphate net sales totaled $255.8 million, essentially unchanged from $255.3
million in the 2011 fourth quarter. Gross margin was $36.2 million, down 54
percent from $79.2 million in the 2011 fourth quarter. The decrease in gross
margin was due to lower prices and higher phosphate production costs. Gross
margin as a percent of sales was 14 percent, down from 31 percent in the
year-earlier quarter.

The company sold 509,000 tons of phosphate products in the fourth quarter of
2012 compared to 439,000 tons in the fourth quarter of 2011. During the fourth
quarter of 2012, DAP and MAP average selling prices were $499 and $527 per
ton, respectively, compared to $576 and $604 per ton, respectively, in the
prior year period. The 16 percent increase in volume was due to higher
domestic sales to support strong fall application. Average prices for
phosphate declined from the prior year period due to higher global production
and lower off-shore demand.

CF Industries’ Plant City, Florida, Phosphate Complex operated at 89 percent
of capacity during the 2012 fourth quarter.

For the full year 2012, phosphate segment sales volume of 2.0 million tons was
6 percent higher than in 2011, with domestic volume up 5 percent and export
volume up 8 percent. Exports comprised 38 percent of total phosphate sales
volume, compared to the prior five-year average of 36 percent. Average price
realizations for DAP and MAP in 2012 were approximately 13 percent and 11
percent lower, respectively, than in 2011.

Full year 2012 phosphate segment sales of $1.0 billion were 7 percent lower
than the previous year due to lower average selling prices. Gross margin for
the segment was $199.7 million, or 20 percent of sales.

Environmental, Health & Safety Performance

The following company safety milestones were achieved during the fourth
quarter of 2012:

  *The Donaldsonville, Louisiana, Nitrogen Complex achieved 6 million hours,
    or approximately 10 years, without a lost time accident;
  *The Plant City, Florida, Phosphate Complex achieved 2 million hours, or
    approximately 2 years, without a lost time accident; and
  *The Hardee County, Florida, Mine achieved 1.5 million hours, or
    approximately 3 years, without a lost time accident.

Attainment of these milestones reflects the company’s ongoing programs to
identify hazards before they result in injuries and illustrate CF Industries
employees’ commitment to the company’s world-class safety standards.

Liquidity and Financial Position

At December 31, 2012, CF Industries’ cash and cash equivalents totaled $2.3
billion. Long-term debt outstanding was $1.6 billion.

Dividend Payment

On February 6, 2013, CF Industries’ board of directors declared the regular
quarterly dividend of $0.40 per common share. The dividend will be paid on
February 28, 2013, to stockholders of record as of February 19, 2013.

Outlook

Tight stocks-to-use ratios for corn, wheat and soybeans underpin our
expectation of high crop prices and continue to provide significant economic
incentives for farmers to plant a large number of acres and apply optimal
amounts of plant nutrients. The high prices for corn and other coarse grains
are supporting expectations that growers in North America, Europe, Ukraine and
China will plant very large areas to grain, which should create robust global
demand for plant nutrients, especially nitrogen, during the first half of
2013. A continuation of high prices for soybeans should lead to a large number
of planted acres in South America again in 2013 and strong demand for
phosphates in the first half of the year in support of that region’s fall
fertilization needs.

CF Industries projects that U.S. farmers will plant 97 million acres of corn
in 2013 with a forecasted yield of 160 bushels per acre, compared to actual
2012 of 97 million acres and a yield of 123 bushels per acre. These factors
should lead to corn prices that sustain demand while still allowing farmers to
earn attractive returns.

The North American nitrogen market is expected to be balanced-to-tight during
the first half of 2013. Demand is expected to be robust due to the anticipated
high number of corn acres to be planted. New nitrogen supply has been limited,
as there have been continued delays in completing a number of domestic and
international nitrogen projects. Additionally, gas curtailments and civil
unrest continue to impact nitrogen production in several regions of the world.

Midwest ammonia market conditions are expected to be tight-to-balanced during
the first half of 2013. CF Industries’ ammonia inventory at the beginning of
the first quarter was near record low due to strong fall shipments. The
company’s production flexibility and storage capacity have enabled it to react
quickly to market needs as it works to replenish ammonia inventory in
anticipation of strong spring demand.

The North American UAN market is expected to be tight through the spring.
Global UAN demand is benefiting from anticipated robust planting seasons in
North America and Europe. North American UAN imports have been limited, as
high prices and strong demand in Europe and the Ukraine have resulted in
nitrogen products flowing to those markets. Additionally, domestic UAN
projects that were expected to come online by the end of 2012 have been
delayed and are not expected to start up until later in the first half of
2013. CF Industries has experienced strong interest from customers for spring
UAN shipments.

Healthy demand is expected in the urea market in North America when the spring
application season begins. A large volume of U.S. urea imports is being offset
by lower North American production.

CF Industries has hedged natural gas costs for approximately 90% of its
anticipated nitrogen production needs through April 2013. The hedges in place
as of the middle of February primarily consist of call options which cap
prices well below $4 per MMBtu.

The global phosphate market is currently weak but is expected to improve over
the course of the first half of 2013. Seasonally low world demand for
phosphate has led some producers to curtail production. Demand should
materialize later in the first quarter as the North American and European
application seasons get underway, as South American buyers begin purchasing
for an expected strong soybean planting in the fall of 2013, and as India
returns to the market after working through its current inventory.

“Agricultural market conditions are as attractive today as at any time in
recent history, and give us confidence in the demand outlook for our
products,” said Wilson. “With the exceptional advantages provided by our North
American assets, we are well positioned to serve that demand. Our investments
to expand our production capacity will strengthen that position, and enable us
to generate long-term shareholder value.”

Capital expenditures in 2013 for the company’s announced capacity expansion
projects at Donaldsonville, Louisiana, and Port Neal, Iowa, are expected to be
in the range of $1.0 billion to $1.3 billion. Capital expenditures for the
company’s existing facilities are expected to be approximately $450 million.

Conference Call

CF Industries will hold a conference call to discuss these fourth quarter and
full year results at 10:00 a.m. ET on Wednesday, February 20, 2013. Investors
can access the call and find dial-in information on the Investor Relations
section of the company’s Web site at www.cfindustries.com.

About CF Industries Holdings, Inc.

CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, through
its subsidiaries is a global leader in manufacturing and distribution of
nitrogen and phosphate products, serving both agricultural and industrial
customers. CF Industries operates world-class nitrogen manufacturing complexes
in the central United States and Canada; conducts phosphate mining and
manufacturing operations in Central Florida; and distributes plant nutrients
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 plant nutrient manufacturer
in the United Kingdom; an ammonia facility in The Republic of Trinidad and
Tobago; and KEYTRADE AG, a global plant nutrient 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.

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally
accepted accounting principles (GAAP). Management believes that EBITDA, a
non-GAAP financial measure, provides additional meaningful information
regarding the company's performance, liquidity and financial strength.
Management believes that the presentation of net sales, nitrogen segment net
sales, gross margin, nitrogen segment gross margin, gross margin percentage,
nitrogen segment gross margin percentage and average selling prices per ton of
ammonia and urea on an as adjusted basis, as if all sales under CFL’s product
purchase agreements had been priced based on the amended pricing calculation
methodology (production cost plus an agreed upon margin) described in the
tables accompanying this release under “CF Industries Holdings, Inc. Selected
Financial Information Non-GAAP Disclosure Items—CFL Selling Price
Modifications” beginning January 1, 2011, and the presentation of
period-to-period percentage changes in certain of those adjusted items, all of
which adjusted items and percentage changes are non-GAAP financial measures,
provides investors with additional meaningful information to facilitate
period-to-period comparisons of the company’s underlying operating
performance. The adjusted items and percentage changes in those adjusted items
are provided only for the purpose of facilitating comparisons between the
company’s 2012 and 2011 full-year and fourth-quarter operating performance and
do not purport to represent what the actual consolidated results of operations
of the company would have been had the amendment to the CFL product purchase
agreements described in the tables accompanying this release under “CF
Industries Holdings, Inc.—Selected Financial Information—Non-GAAP Disclosure
Items—CFL Selling Price Modifications” been in effect beginning on January1,
2011, nor are they necessarily indicative of future consolidated results of
operations. Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the company's reported results prepared in
accordance with GAAP. In addition, because not all companies use identical
calculations, EBITDA and the adjusted items and percentage changes in adjusted
items included in this release may not be comparable to similarly titled
measures of other companies. Reconciliations of EBITDA and the adjusted items
to GAAP are provided in the tables accompanying this release under “CF
Industries Holdings, Inc.—Selected Financial Information—Non-GAAP Disclosure
Items.”

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 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 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.
SELECTED FINANCIAL INFORMATION
RESULTS OF OPERATIONS
                                                             
                         Three months ended          Twelve months ended
                         December 31,                December 31,
                          2012        2011        2012        2011    
                         (in millions, except per share amounts)
Net sales                $ 1,481.4     $ 1,718.4     $ 6,104.0     $ 6,097.9
Cost of sales             825.2       853.2       2,990.7     3,202.3 
Gross margin              656.2       865.2       3,113.3     2,895.6 
Selling, general and
administrative             40.2          36.8          151.8         130.0
expenses
Restructuring and          -             0.2           -             4.4
integration costs
Other operating - net     7.4         8.6         49.1        20.9    
Total other operating      47.6          45.6          200.9         155.3
costs and expenses
Equity in earnings of     7.5         9.5         47.0        50.2    
operating affiliates
Operating earnings         616.1         829.1         2,959.4       2,790.5
Interest expense           30.4          32.2          135.3         147.2
Interest income            (2.3    )     (0.2    )     (4.3    )     (1.7    )
Other non-operating -     (0.2    )    -           (1.1    )    (0.6    )
net
Earnings before income
taxes and equity
in earnings of
non-operating              588.2         797.1         2,829.5       2,645.6
affiliates
Income tax provision       242.2         301.8         964.2         926.5
Equity in earnings of
non-operating
affiliates - net of       9.3         6.9         58.1        41.9    
taxes
Net earnings               355.3         502.2         1,923.4       1,761.0
Less: Net (loss)
earnings attributable
to
noncontrolling             (115.4  )     63.3          74.7          221.8
interest
Net earnings                                                    
attributable to
common stockholders      $ 470.7      $ 438.9      $ 1,848.7    $ 1,539.2 
                                                                   
Net earnings per share
attributable to
common stockholders
Basic                    $ 7.48       $ 6.71       $ 28.94      $ 22.18   
Diluted                  $ 7.40       $ 6.66       $ 28.59      $ 21.98   
                                                                   
Weighted average
common shares
outstanding
Basic                     62.9        65.4        63.9        69.4    
Diluted                   63.6        65.9        64.7        70.0    
                                                                             

CF INDUSTRIES HOLDINGS, INC.
SELECTED FINANCIAL INFORMATION
SUMMARIZED BALANCE SHEETS
                                                              
                                                   December 31,   December 31,
                                                   2012           2011
                                                   (in millions)
Assets
Current assets:
Cash and cash equivalents                          $  2,274.9     $   1,207.0
Accounts receivable                                   217.4           269.4
Inventories - net                                     277.9           304.2
Deferred income taxes                                 9.5             -
Other                                                27.9           18.0
Total current assets                                  2,807.6         1,798.6
Property, plant and equipment - net                   3,900.5         3,736.0
Asset retirement obligation funds                     200.8           145.4
Investments in and advances to unconsolidated         935.6           928.6
affiliates
Goodwill                                              2,064.5         2,064.5
Other assets                                         257.9          301.4
                                                                  
Total assets                                       $  10,166.9    $   8,974.5
                                                                  
Liabilities
Accounts payable and accrued expenses              $  366.5       $   327.7
Income taxes payable                                  187.1           128.5
Customer advances                                     380.7           257.2
Notes payable                                         5.0             -
Deferred income taxes                                 -               90.1
Distributions payable to noncontrolling interest      5.3             149.7
Other                                                5.6            78.0
Total current liabilities                             950.2           1,031.2
Notes payable                                         -               4.8
Long-term debt                                        1,600.0         1,613.0
Deferred income taxes                                 938.8           956.8
Other noncurrent liabilities                          395.7           435.8
Equity
Stockholders' equity                                  5,902.2         4,547.0
Noncontrolling interest                              380.0          385.9
Total equity                                         6,282.2        4,932.9
                                                                  
Total liabilities and equity                       $  10,166.9    $   8,974.5
                                                                      

CF INDUSTRIES HOLDINGS, INC.
SELECTED FINANCIAL INFORMATION
STATEMENTS OF CASH FLOWS
                                                             
                        Three months ended          Twelve months ended
                        December 31,                December 31,
                         2012        2011        2012        2011     
                        (in millions)
Operating Activities:
Net earnings            $ 355.3       $ 502.2       $ 1,923.4     $ 1,761.0
Adjustments to
reconcile net
earnings to net cash
provided by operating
activities:
Depreciation,
depletion and             101.1         101.3         419.8         416.2
amortization
Deferred income taxes     (171.2  )     (49.3   )     (138.4  )     (32.9    )
Stock compensation        3.1           2.6           11.9          10.6
expense
Excess tax benefit
from stock-based          (6.1    )     (21.5   )     (36.1   )     (47.2    )
compensation
Unrealized (gain)         (17.3   )     49.7          (78.8   )     77.3
loss on derivatives
Loss on disposal of
property, plant and       1.5           1.4           5.5           8.8
equipment and
non-core assets
Undistributed loss
(earnings) of             44.1          38.0          (14.9   )     (13.5    )
affiliates - net
Changes in:
Accounts receivable -     121.0         (1.8    )     53.2          (35.5    )
net
Margin deposits           -             (3.0    )     0.8           1.4
Inventories - net         31.6          36.6          34.8          (38.5    )
Accrued income taxes      258.8         80.4          58.7          101.6
Accounts payable and      (38.5   )     (37.3   )     25.5          5.2
accrued expenses
Customer advances         (236.8  )     (621.1  )     123.3         (174.3   )
Other - net              (25.3   )    45.6        (13.1   )    38.7     
Net cash provided by     421.3       123.8       2,375.6     2,078.9  
operating activities
Investing Activities:
Additions to
property, plant and       (262.1  )     (78.0   )     (523.5  )     (247.2   )
equipment
Proceeds from the
sale of property,         5.4           3.4           17.0          54.7
plant and equipment
and non-core assets
Sales and maturities
of short-term and         17.4          1.0           48.4          37.9
auction rate
securities
Deposits to asset
retirement obligation     (53.2   )     (50.4   )     (55.4   )     (50.4    )
funds
Other - net              -           -           -           31.2     
Net cash used in         (292.5  )    (124.0  )    (513.5  )    (173.8   )
investing activities
Financing Activities:
Payments of long-term     -             -             (13.0   )     (346.0   )
debt
Advances from
unconsolidated            -             -             40.5          -
affiliates
Repayments of
advances from             (40.5   )     -             (40.5   )     -
unconsolidated
affiliates
Financing fees            -             -             -             (1.5     )
Purchase of treasury      -             (198.3  )     (500.0  )     (1,000.2 )
stock
Dividends paid on         (25.3   )     (26.1   )     (102.7  )     (68.7    )
common stock
Distributions to
noncontrolling            (19.0   )     (18.3   )     (231.8  )     (145.7   )
interests
Issuances of common
stock under employee      2.0           1.0           14.6          15.5
stock plans
Excess tax benefit
from stock-based         6.1         21.5        36.1        47.2     
compensation
Net cash used in         (76.7   )    (220.2  )    (796.8  )    (1,499.4 )
financing activities
Effect of exchange
rate changes on cash     1.5         1.3         2.6         3.6      
and cash equivalents
Increase (decrease)
in cash and cash          53.6          (219.1  )     1,067.9       409.3
equivalents
Cash and cash
equivalents at           2,221.3     1,426.1     1,207.0     797.7    
beginning of period
Cash and cash
equivalents at end of   $ 2,274.9    $ 1,207.0    $ 2,274.9    $ 1,207.0  
period
                                                                             

CF INDUSTRIES HOLDINGS, INC.
SELECTED FINANCIAL INFORMATION
NITROGEN SEGMENT DATA
                                                               
                         Three months ended          Twelve months ended
                         December 31,                December 31,
                          2012        2011        2012        2011    
                         (in millions, except as noted)
Net sales                $ 1,225.6     $ 1,463.1     $ 5,096.6     $ 5,012.1
Cost of sales             605.6       677.1       2,183.0     2,448.9 
Gross margin             $ 620.0      $ 786.0      $ 2,913.6    $ 2,563.2 
                                                                   
Gross margin percentage    50.6    %     53.7    %     57.2    %     51.1    %
                                                                   
Tons of product sold       3,279         3,344         12,969        13,002
(in thousands)
                                                                   
Sales volumes by product
(tons in thousands)
Ammonia                    905           874           2,786         2,668
Granular urea              582           568           2,593         2,600
UAN                        1,500         1,586         6,131         6,241
AN                         137           198           839           953
Other nitrogen products    155           118           620           540
                                                                   
Average selling prices
(dollars per ton)
Ammonia                  $ 567         $ 633         $ 602         $ 586
Granular urea              291           465           441           411
UAN                        307           354           308           319
AN                         300           258           266           260
                                                                   
Cost of natural gas
(dollars per MMBtu)      $ 3.61        $ 4.06        $ 3.39        $ 4.28
^(1)
                                                                   
Average daily market
price of natural gas
Henry Hub (dollars per   $ 3.39        $ 3.31        $ 2.75        $ 3.99
MMBtu)
                                                                   
Depreciation and         $ 84.0        $ 79.2        $ 334.6       $ 316.3
amortization
Capital expenditures     $ 238.8       $ 60.0        $ 431.3       $ 177.0
                                                                   
Production volume by
product (tons in
thousands)
Ammonia ^(2)               1,752         1,791         7,067         7,244
Granular urea              577           642           2,560         2,588
UAN (32%)                  1,571         1,603         6,027         6,349
AN                         151           191           839           952

^(1) Includes gas purchases and realized gains and losses on gas derivatives.

^(2) Gross ammonia production, including amounts subsequently upgraded on-site
into urea and/or UAN.

                                                             
CF INDUSTRIES HOLDINGS, INC.
SELECTED FINANCIAL INFORMATION
PHOSPHATE SEGMENT DATA
                                                                   
                             Three months ended      Twelve months ended
                             December 31,            December 31,
                              2012      2011      2012        2011    
                             (in millions, except as noted)
Net sales                    $ 255.8     $ 255.3     $ 1,007.4     $ 1,085.8
Cost of sales                 219.6     176.1     807.7       753.4   
Gross margin                 $ 36.2     $ 79.2     $ 199.7      $ 332.4   
                                                                   
Gross margin                   14.2  %     31.0  %     19.8    %     30.6    %
percentage
                                                                   
Tons of product sold           509         439         2,035         1,922
(in thousands)
                                                                   
Sales volumes by product
(tons in thousands)
DAP                            424         367         1,611         1,468
MAP                            85          72          424           454
                                                                   
Domestic vs. export
sales (tons in
thousands)
Domestic                       367         240         1,254         1,197
Export                         142         199         781           725
                                                                   
Average selling prices
(dollars per ton)
DAP                          $ 499       $ 576       $ 493         $ 565
MAP                            527         604         502           565
                                                                   
Depreciation,
depletion, and               $ 10.7      $ 14.9      $ 43.5        $ 50.7
amortization
Capital expenditures         $ 17.0      $ 12.5      $ 64.4        $ 52.0
                                                                   
Production volume by
product (tons in
thousands)
                                                                   
Hardee Phosphate Rock
Mine
Phosphate rock                 827         938         3,483         3,504
                                                                   
Plant City Phosphate
Fertilizer Complex
Sulfuric Acid                  622         664         2,530         2,633
Phosphoric acid as             236         249         975           1,005
P[2]O[5] ^(1)
DAP/MAP                        473         499         1,952         1,997

^(1) P[2]O[5] is the basic measure of the nutrient content in phosphate
fertilizer products.

                                                               
CF INDUSTRIES HOLDINGS, INC.
SELECTED FINANCIAL INFORMATION
NON-GAAP DISCLOSURE ITEMS
              
Reconciliation of net
earnings to EBITDA:
                                                                   
                             Three months ended      Twelve months ended
                             December 31,            December 31,
                              2012      2011      2012        2011    
                             (in millions)
Net earnings attributable to $ 470.7     $ 438.9     $ 1,848.7     $ 1,539.2
common stockholders
Interest expense (income) -    28.1        32.0        131.0         145.5
net
Income taxes                   241.9       306.4       963.8         932.0
Depreciation, depletion and    101.1       101.3       419.8         416.2
amortization
Less: other adjustments       (6.6  )    (8.0  )    (43.1   )    (47.2   )
                                                                   
EBITDA                       $ 835.2    $ 870.6    $ 3,320.2    $ 2,985.7 

Reconciliation of net earnings to EBITDA:

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. We have
presented EBITDA because management uses the measure to track performance and
believes that it is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in our industry.

Net earnings and EBITDA for the three and twelve months ended December 31,
2012 includes $13.1 million and $74.6 million, respectively, of mark-to-market
gains on derivatives.

Net earnings and EBITDA for the twelve months ended December 31, 2012 include
a $10.9 gain related to a change in employee post-retirement benefits.

Net earnings and EBITDA for the three and twelve months ended December 31,
2011 include ($0.3) million and $34.8 million, respectively, of impairment
charge related to the permanent shutdown and removal of the methanol plant at
our Woodward, nitrogen complex, $0.2 million and $4.4 million, respectively,
of restructuring and integration costs and a $49.7 million and $77.3 million,
respectively, of mark-to-market losses on derivatives.

Net earnings and EBITDA for the twelve months ended December 31, 2011 include
$34.5 million of gains on the sale of non-core assets.

Net earnings, interest expense (income) - net, and depreciation, depletion and
amortization for the twelve months ended December 31, 2012 includes $15.2
million of accelerated amortization of deferred fees related to the
termination of our 2010 Credit Agreement.

Net earnings, interest expense (income) - net, and depreciation, depletion and
amortization for the twelve months ended December 31, 2011 include $19.9
million of accelerated amortization of deferred loan fees related to
repayments of certain Terra acquisition financing.

CFL Selling Price Modifications

CF Industries, Inc. (CF Industries) currently owns 49% of the voting common
shares and 66% of the non-voting preferred shares of Canadian Fertilizers
Limited (CFL), an Alberta, Canada based nitrogen fertilizer manufacturer and
purchases 66% of the production of CFL. Viterra, Inc. (Viterra) holds 34% of
the equity ownership of CFL, purchases the remaining 34% of CFL’s production
and receives a distribution from CFL equal to 34% of the net earnings. CFL is
a variable interest entity that is consolidated in the Company’s financial
statements.

CF Industries and Viterra purchase nitrogen fertilizer products from CFL under
product purchase agreements. Under the provisions of these product purchase
agreements that were in effect until the fourth quarter of 2012, CFL’s selling
prices were based on market prices. An initial portion of the selling price
was paid based upon production cost plus an agreed-upon margin once title
passed as the product was shipped. The remaining portion of the selling price,
representing the difference between the market price and production cost plus
an agreed-upon margin, was paid after the end of the year. The sales revenue
attributable to this remaining portion of the selling price was accrued on an
interim basis. In the Company’s consolidated financial statements, the net
sales and accounts receivable attributable to CFL are solely generated by
transactions with Viterra, as all transactions with CF Industries are
eliminated in consolidation.

In the fourth quarter of 2012, the CFL Board of Directors approved an
amendment to the product purchase agreements. The amendment modifies the
selling prices that CFL charges for products sold to Viterra and CF
Industries. The modified selling price is based on production cost plus an
agreed-upon margin and is effective retroactive to January 1, 2012. As a
result of the January 1, 2012 effective date of the amendment, the Company has
recognized in its fourth quarter 2012 consolidated statement of operations a
reduction in net sales to Viterra of $129.7 million and a corresponding
reduction in net earnings attributable to the noncontrolling interest to
reverse the interim market price accruals recognized in the first three
quarters of 2012. These items had no impact on the Company’s net earnings
attributable to common stockholders, but they did reduce net sales, gross
margin, operating earnings, earnings before income taxes and net earnings
attributable to noncontrolling interest by $129.7 million in the fourth
quarter. The selling price modification also had no impact on the Company’s
net cash flows as the selling price modification was entirely offset by a
change in the distributions payable to the noncontrolling interest.

In order to provide comparable information for the periods presented, the
company has provided certain financial information adjusted as if the modified
CFL pricing calculation methodology had been in effect beginning on January 1,
2011. The following table reflects and adjusts for the impact of the change on
our consolidated net sales, gross margin, gross margin as a percent of sales
and net earnings attributable to noncontrolling interest.


CONSOLIDATED RESULTS    Three months ended          Twelve months ended
                         December 31,                December 31,
                         2012          2011          2012        2011
                         (in millions, except as noted)
Net sales
As reported              $ 1,481.4     $ 1,718.4     $ 6,104.0   $ 6,097.9
Impact of selling         129.7       (43.7   )    -          (142.6  )
price adjustment
As adjusted              $ 1,611.1     $ 1,674.7     $ 6,104.0   $ 5,955.3
Gross margin
As reported              $ 656.2       $ 865.2       $ 3,113.3   $ 2,895.6
Impact of selling         129.7       (43.7   )    -          (142.6  )
price adjustment
As adjusted              $ 785.9       $ 821.5       $ 3,113.3   $ 2,753.0
Gross margin
percentage
As reported                44.3      %   50.3      %   51.0    %   47.5      %
Impact of selling         4.5      %  (1.2    ) %  -       %  (1.3    ) %
price adjustment
As adjusted                48.8      %   49.1      %   51.0    %   46.2      %
Net earnings
attributable to
noncontrolling
interest
As reported              $ (115.4  )   $ 63.3        $ 74.7      $ 221.8
Impact of selling         129.7       (43.7   )    -          (142.6  )
price adjustment
As adjusted              $ 14.3        $ 19.6        $ 74.7      $ 79.2
                                                                             

In addition, the table below reflects and adjusts for the impact of the change
in the CFL pricing calculation methodology on nitrogen segment net sales,
gross margin, gross margin as a percent of sales and average selling price per
ton of ammonia and urea.


NITROGEN SEGMENT DATA     Three months ended        Twelve months ended
                           December 31,              December 31,
                           2012        2011          2012        2011
                           (in millions, except as noted)
Net sales
As reported                $ 1,225.6   $ 1,463.1     $ 5,096.6   $ 5,012.1
Impact of selling price     129.7      (43.7   )    -          (142.6  )
adjustment
As adjusted                $ 1,355.3   $ 1,419.4     $ 5,096.6   $ 4,869.5
Gross margin
As reported                $ 620.0     $ 786.0       $ 2,913.6   $ 2,563.2
Impact of selling price     129.7      (43.7   )    -          (142.6  )
adjustment
As adjusted                $ 749.7     $ 742.3       $ 2,913.6   $ 2,420.6
Gross margin percentage
As reported                  50.6    %   53.7      %   57.2    %   51.1      %
Impact of selling price     4.7     %  (1.4    ) %  -       %  (1.4    ) %
adjustment
As adjusted                  55.3    %   52.3      %   57.2    %   49.7      %
Average selling prices
(dollars per ton)
Ammonia
As reported                $ 567       $ 633         $ 602       $ 586
Impact of selling price     73         (24     )    -          (28     )
adjustment
As adjusted                $ 640       $ 609         $ 602       $ 558
Granular urea
As reported                $ 291       $ 465         $ 441       $ 411
Impact of selling price     110        (39     )    -          (26     )
adjustment
As adjusted                $ 401       $ 426         $ 441       $ 385
                                                                             

In August 2012, CF Industries entered into an agreement to acquire Viterra’s
interest in CFL (including its rights under its product purchase agreement
with CFL) for a total purchase price of C$0.9 billion, subject to certain
adjustments. Upon completion of this transaction, CF Industries will be
entitled to purchase 100% of CFL’s nitrogen fertilizer production. The
completion of the transaction is subject to the receipt of regulatory
approvals in Canada and other terms and conditions in the definitive
agreements.

Contact:

CF Industries Holdings, Inc.
Dan Swenson
Senior Director, Investor Relations & Corporate Communications
847-405-2515
dswenson@cfindustries.com