CF Industries Holdings, Inc. Will Acquire 50 Percent Ownership In KEYTRADE AG, Leading Global Fertilizer Trader

CF Industries Holdings, Inc. (NYSE:CF) and KEYTRADE AG today announced that CF Industries has agreed to acquire a 50 percent ownership position in KEYTRADE AG, a 3 million tonne per year global fertilizer trading organization headquartered near Zurich, Switzerland. Purchase price for the acquisition, which is expected to close in the fourth quarter of 2007, will be CHF 30 million, or approximately U.S. $25 million. "We are excited to be combining the capabilities of CF Industries and KEYTRADE. CF Industries has had a long, constructive relationship with Melih Keyman, the chairman and chief executive officer of KEYTRADE, and with his partners and team,” commented Stephen R. Wilson, chairman and chief executive officer of CF Industries Holdings, Inc. "We look forward to working together to expand our businesses for the benefit of all our shareholders. This strategic partnership provides CF Industries with a global platform from which to pursue our objectives of growth and diversification,” Wilson added. "From KEYTRADE’s perspective, this partnership will help ensure growth potential beyond our trading activities. With our new strategic partner, we believe that KEYTRADE will be able to serve the needs of our trading partners much better with wider product support,” commented Melih Keyman, chairman and chief executive officer of KEYTRADE. "We, too, are excited at the prospect of combining our global trading system with CF Industries' strong production base and international aspirations,” Keyman added. Keyman, a founder of KEYTRADE, will continue as CEO of the company and will run the organization on a day-to-day basis together with his founding partners Andreas Vaterlaus, Sergei Rudakov, and Yang Baoheng. KEYTRADE, founded in 1997, buys fertilizer, primarily nitrogen products but also phosphate and potash, in 35 countries and markets it in 65 countries. The company has extensive commercial relationships in both fertilizer supply and market regions. Initially, CF Industries will work exclusively with KEYTRADE to export phosphate fertilizer and import UAN solution. The companies are exploring additional opportunities to work together, including sourcing other products to serve the North American market and establishing production, distribution, and/or marketing presence in attractive markets overseas. Closing of the acquisition is subject to certain foreign regulatory approvals and other customary closing conditions. Safe Harbor Statement Certain statements contained in this release may constitute "forward-looking statements" within the meaning of federal securities laws. All statements in this release, other than those relating to historical information or current condition, are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These risks and uncertainties include: the relatively expensive and volatile cost of North American natural gas; the cyclical nature of our business; our history of losses; the nature of our products as global commodities; intense global competition in the consolidating markets in which we operate; conditions in the U.S. agricultural industry; weather conditions; our inability to accurately predict seasonal demand for our products; the concentration of our sales with certain large customers; the impact of changing market conditions on our forward pricing program; the significant risks and hazards against which we may not be fully insured; reliance on third party transportation providers; unanticipated consequences related to future expansion of our business; our inability to expand our business, including the significant resources that could be required; potential liabilities and expenditures related to environmental and health and safety laws and regulations; our inability to obtain or maintain required permits and governmental approvals; acts of terrorism; difficulties in securing the raw materials we use; changes in global fertilizer supply and demand; loss of key members of management and professional staff; and the other risks and uncertainties included from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements. About CF Industries Holdings, Inc. CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, is the holding company for the operations of CF Industries, Inc. CF Industries, Inc. is a major producer and distributor of nitrogen and phosphate fertilizer products. CF Industries operates world-scale nitrogen fertilizer plants in Donaldsonville, Louisiana and Medicine Hat, Alberta, Canada; conducts phosphate mining and manufacturing operations in Central Florida; and distributes fertilizer products through a system of terminals, warehouses, and associated transportation equipment located primarily in the midwestern United States. About KEYTRADE AG KEYTRADE AG, headquartered near Zurich, Switzerland, is a leading global fertilizer trading organization. Through its eight offices worldwide, it buys fertilizer products in 35 nations, selling them in 65 nations. Founded in 1997, KEYTRADE trades approximately 3 million tonnes of fertilizer, primarily nitrogen, each year. The firm has subsidiaries in the U.S. (KEYTRADE North America Inc.) and, through KEYTRADE Poland, S.A., a subsidiary in Poland (KEYTRADE Polska).