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).