1. Profile CF industries is one of the leading Nitrogen fertilizer Producers in the U.S. CF is a significant producer of Phosphate fertilizer products as well. About 62% of sales were made domestically; Nondomestic sales were to Canada with the an increasing percentage overseas through a 50% owned Swedish distributor

2. Profile For the year ended December 31, 2012, CF sold 13 million tons of nitrogen fertilizers and 2.2 million tons of phosphate fertilizers, generating Total net sales of $6 billion. CF is headquartered in Deerfield, IL (near Chicago)

3. Company Products CF Industries operates in two business segments, Nitrogen Fertilizers and Phosphate based fertilizers. Principal Nitrogen Products: Ammonia Urea UAN Principal Phosphate Products: DAP MAP Phosphate

4. Major Events The company was founded in 1946; Public IPO was August 2005; For the moment, CF has warded off a multiple attempts To be taken over by Agrium, a Canadian competitor.

5. Major Events Terra Finally Accepts CF Industries ’ Takeover Bid March 12, 2010, After more than a year, the Forever War is over.Forever War CF Industries Holdings CF Industries Holdings will acquire Terra Terra Industries Industries, a rival fertilizer maker, for $4.7 billion, the two companies said in a joint statement on Friday,joint statement ending one of the longest takeover battles in recent memory. The announcement came after Yara Intl of Norway said earlier in the day that it was not goingnot going to increaseto increase its $4.1 billion bid for Terra.

6. Principal Assets the largest nitrogen fertilizer complex in North America (Donaldsonville, Louisiana) a 66% economic interest in the largest nitrogen fertilizer complex in Canada (CFL) one of the largest ammonium phosphate fertilizer complexes in the US (Plant City, Florida); the most-recently constructed phosphate rock mine and plant in the US (Hardee Co, Florida); an extensive system of terminals, warehouses and associated transportation equipment (located primarily in the Midwestern United States) a 50% interest in KEYTRADE AG (Keytrade), a global fertilizer trading company headquartered near Zurich, Switzerland.

7. Competitors Markets for the company’s products are intensely competitive, based primarily on delivered price and to a lesser extent on customer service and product quality and product availability and delivery time.

8. Competitors In the nitrogen segment, the primary North American-based competitors are Agrium, Koch Nitrogen. One former major competitor, Terra Industries was acquired. There is also significant competition from product sourced from regions of the world with lower natural gas costs. Urea is a widely-traded fertilizer product and there are limited barriers to entry. Competition from foreign- sourced product is particularly acute with respect to urea.

9. Competitors In the phosphate segment, the primary North American-based competitors are Agrium, Mosaic, Potash Corp. and Simplot. Historically, imports have not been a significant factor. The United States is a large net exporter of phosphate fertilizers.

10. Raw Materials The primary raw material (and source of fuel) for Nitrogen-Based products is Natural Gas. The primary raw materials for Phosphate based products are ammonia, sulfur and phosphate. Ammonia is produced By the Nitrogen segment, sulfur is purchased domestically and phosphate is mined at a facility in Florida.

11. Financial Overview Year ended December 31, 2012 201120102009 2008 (in millions, except per share amounts) Net sales 6,104 6,097 3,965 Cost of sales 2,991 3,202 2,786 Gross margin 3,113 2,896 1,180 Operating earnings 2,9592,791 896 Net earnings (loss) attributable to common stockholders 1,9231,761441 Cash dividends per common share 1.60 1.00 0.40

12. Common Stock Company stock is mostly Institutionally owned; The stock currently trades just < $200, peaking at $233 this year; The common stock (no preferred) has a Beta just < 2.00 indicating high volatility. About 2.5% of the stock is sold short

13. Analysts For some time now, the company’s stock has Been rated mostly as a “HOLD”. The current price target is around $210

14. Analysts Past earnings have grown at 43% annually. Analysts expect future earnings to grow at 5 to 6%. The Forward P-E ratio is 9, in line with the S&P. The historcial P-E is around 7 with a P-B just 2.3.