1 2017 First Quarter Financial Results May 3, 2017 NYSE: CF

Safe harbor statement All statements in this communication by CF Industries Holdings, Inc. (together with its subsidiaries, the “Company”), other than those relating to historical facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions. 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 the Company’s control, which could cause actual results to differ materially from such statements. These statements may include, but are not limited to, statements about strategic plans and statements about future financial and operating results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, the cyclical nature of the Company’s business and the agricultural sector; the global commodity nature of the Company’s fertilizer products, the impact of global supply and demand on the Company’s selling prices, and the intense global competition from other fertilizer producers; conditions in the U.S. and European agricultural industry; the volatility of natural gas prices in North America and Europe; difficulties in securing the supply and delivery of raw materials, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of transportation services and equipment; the significant risks and hazards involved in producing and handling the Company’s products against which the Company may not be fully insured; the Company’s ability to manage its indebtedness; operating and financial restrictions imposed on the Company by the agreements governing the Company’s senior secured indebtedness; risks associated with the Company’s incurrence of additional indebtedness; the Company's ability to maintain compliance with covenants under the agreements governing its indebtedness; downgrades of the Company’s credit ratings; risks associated with cyber security; weather conditions; risks associated with the Company’s ability to utilize its tax net operating losses and other tax assets, including the risk that the use of such tax benefits is limited by an “ownership change” (as defined under the Internal Revenue Code and related Internal Revenue Service pronouncements); risks associated with changes in tax laws and disagreements with taxing authorities; risks associated with expansions of the Company’s business, including unanticipated adverse consequences and the significant resources that could be required; potential liabilities and expenditures related to environmental, health and safety laws and regulations and permitting requirements; future regulatory restrictions and requirements related to greenhouse gas emissions; the seasonality of the fertilizer business; the impact of changing market conditions on the Company’s forward sales programs; risks involving derivatives and the effectiveness of the Company’s risk measurement and hedging activities; the Company’s reliance on a limited number of key facilities; risks associated with the operation or management of the strategic venture with CHS Inc. (the "CHS Strategic Venture"), risks and uncertainties relating to the market prices of the fertilizer products that are the subject of the supply agreement with CHS Inc. over the life of the supply agreement and the risk that any challenges related to the CHS Strategic Venture will harm the Company's other business relationships; risks associated with the Company’s Point Lisas Nitrogen Limited joint venture; acts of terrorism and regulations to combat terrorism; risks associated with international operations; and deterioration of global market and economic conditions. More detailed information about factors that may affect the Company’s performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF Industries Holdings, Inc.’s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.’s most recent annual and quarterly reports on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the Company’s website. Forward-looking statements are given only as of the date of this presentation and the Company disclaims 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.

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, adjusted EBITDA, adjusted net earnings, and adjusted net earnings per diluted share, and, on a segment basis, adjusted gross margin, which are non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. 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, adjusted EBITDA, adjusted net earnings, adjusted net earnings per diluted share, and adjusted gross margin included in this presentation may not be comparable to similarly titled measures of other companies. Reconciliations of EBITDA, adjusted EBITDA, adjusted net earnings, adjusted net earnings per diluted share, and adjusted gross margin to the most directly comparable GAAP measures are provided in the tables accompanying this presentation. EBITDA is defined as net (loss) earnings attributable to common stockholders plus interest expense (income)-net, income taxes, and depreciation 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 interests. The company has 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 the industry. Adjusted EBITDA is defined as EBITDA adjusted with the selected items included in EBITDA as summarized in the tables accompanying this presentation. The company has presented adjusted EBITDA because management uses adjusted EBITDA, and believes it is useful to investors, as a supplemental financial measure in the comparison of year-over-year performance. Adjusted net earnings is defined as net (loss) earnings attributable to common stockholders adjusted with the impacts of the selected items included in net (loss) earnings as summarized in the tables accompanying this presentation. The company has presented adjusted net earnings and adjusted net earnings per diluted share because management uses these measures, and believes they are useful to investors, as supplemental financial measures in the comparison of year-over-year performance. Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. The company has presented adjusted gross margin because management uses this measure, and believes it is useful to investors, as a supplemental financial measure in the comparison of year-over-year performance.

Table of contents Safe Harbor Statement/Note Regarding Non-GAAP Financial Measures 2-3 Overview of Financial Results 5-10 CF Well Positioned for Industry Recovery 11-21 Capital Allocation and Structure 22-23 Appendix 24-29 Cover Page: Donaldsonville Urea Conveyer Belt

Overview of Financial Results Donaldsonville Urea Warehouse

First quarter 2017 results See slide 25 for reconciliation of adjusted net earnings and adjusted net earnings per diluted share See slide 26 for reconciliation of EBITDA and adjusted EBITDA Q1 net loss of $23 million, or ($0.10) per diluted share. Q1 adjusted net earnings of $11 million, or $0.05 per diluted share(1) Q1 EBITDA of $218 million and Q1 adjusted EBITDA of $272 million(2) Tax refunds of approximately $800 million expected to be received in Q3 2017 Cash and cash equivalents of ~$1.3 billion on the balance sheet as of March 31, 2017 Financial Overview Safe and Efficient Operations 12-month rolling average recordable incident rate of 1.13 incidents per 200,000 work hours Q1 production levels were the largest for any quarter in company’s history Q1 gross ammonia production was 2.5 million, 25% higher than Q1 2016 Commercial Environment Average selling prices for Q1 2017 were lower than Q1 2016 due to greater global nitrogen supply availability Highest quarterly sales volume in company’s history of 4.75 million tons as increased supply met strong early season demand for ammonia and UAN in Southern Plains and Lower Midwest Exports of ammonia and UAN significantly higher year-over-year as company continues to develop a global portfolio of customers to optimize the overall business Urea exports from China during Q1 approximately 1.2 million metric tons, lowest quarterly volume since Q2 2013 CF continues to expect 5-6 million metric tons of total urea exports from China in 2017, a decline of up to 44 percent compared to 2016 and up to 64 percent compared to 2015

Financial results – first quarter 2017 Depreciation and amortization (excluding corporate) related to property, plant and equipment was $193 million for the three months ended March 31, 2017, and $136 million for the three months ended March 31, 2016 See slide 25 for reconciliation of adjusted net earnings and adjusted net earnings per diluted share See slide 26 for reconciliation of EBITDA and adjusted EBITDA Includes the cost of natural gas that is included in cost of sales during the period under the first-in, first-out inventory cost method Includes realized gains and losses on natural gas derivatives settled during the period. Excludes unrealized mark-to-market gains and losses on natural gas derivatives In millions, except percentages, per MMBtu and EPS 2017 Q1 2016 Q3 2016 Q1 2015 Q3 Net sales $ 1,037 $ 1,004 Gross margin(1) 106 217 - As percentage of net sales 10.2 % 21.6 % Net (loss) earnings attributable to common stockholders (23) 26 Adjusted net earnings(2) 11 100 Net (loss) earnings per diluted share (0.10) 0.11 Adjusted net earnings per diluted share(2) 0.05 0.43 EBITDA(3) 218 207 Adjusted EBITDA(3) 272 300 Diluted average shares outstanding 233.1 233.5 Natural gas (per MMBtu): Natural gas costs in cost of sales(4) $ 3.66 $ 2.51 Realized derivatives (gain) loss in cost of sales(5) (0.01) 0.80 Cost of natural gas in cost of sales 3.65 3.31 Unrealized net mark-to-market loss on natural gas derivatives 53 21

Items affecting comparability of financial results by line item Three months ended March 31, In millions, pre-tax amounts 2017 Pre-Tax 2016 Q3 2017 After-Tax 2015 Q3 2016 Pre-Tax 2016 Q3 2016 After-Tax 2015 Q3 Depreciation and amortization(1) $ 205 $ 128 $ 146 $ 91 Unrealized net mark-to-market loss on natural gas derivatives(2) 53 33 21 13 Transaction costs(3) - - 14 9 Loss on foreign currency transactions including intercompany loans(4) - - 45 44 Capacity expansion project expenses(4) - - 16 10 Strategic Venture with CHS: Noncontrolling interest(5) 8 8 17 17 Loss on embedded derivative liability(4) 1 1 - - Total Impact of Significant Items $ 267 $ 170 $ 259 $ 184 Included in cost of sales and selling, general and administrative expense in our consolidated statements of operations Included in cost of sales in our consolidated statement of operations Transaction costs relate to costs of various consulting and legal services associated with the company’s proposed combination with certain businesses of OCI and the company’s strategic venture with CHS Included in other operating-net in our consolidated statements of operations Included in net earnings attributable to noncontrolling interests in our consolidated statements of operations

Change in depreciation and amortization (D&A) by segment – 2014 to projected 2017 CF’s D&A by Segment: 2014 Actuals and Projected 2017 Run Rate $ Millions Includes D&A related to corporate PPE, loan cost amortization, and equity investment amortization CF’s purchase of Yara’s 50% ownership of GrowHow on July 31, 2015 Represents each segment’s reported D&A on a per ton basis Represents projected 2017 run rate D&A divided by average annual production capacity of net ammonia (excluding PLNL), urea, UAN, and AN as disclosed in CF’s 2016 Annual Report of Form 10-K. Actuals will be impacted by actual future capital spending, production rates, and product mix decisions The increase in D&A $/ton for urea is the result of the increased D&A for both ammonia and urea expansion project plants While total AN D&A increased relative to 2014, its D&A per ton is anticipated to decrease as total average annual production capacity relative to 2014 sales volumes increased by a higher percentage than the increase in total segment D&A Urea UAN AN Other Corporate(1) Acquisition of CF Fertilisers UK 2 Ammonia Plants in 2015(2) Completion of Donaldsonville Ammonia Plant in 2016 Completion of Port Neal Ammonia Plant in 2016 Completion of Donaldsonville Urea Plant in 2015 Completion of Port Neal Urea Plant in 2016 Completion of Donaldsonville UAN Plant in 2016 Acquisition of CF Fertilisers UK 2 AN Prills Plants in 2015(2) Reconfiguration of Yazoo City AN Plants in 2015/2016 Acquisition of CF Fertilisers UK Nitric Acid and NPK Plants in 2015(2) Product 2014(3) Projected 2017 Run Rate(4) Ammonia $23 $40 Urea(5) $15 $52 UAN $29 $38 AN(6) $49 $40 Significant Items Contributing to Change in D&A D&A $/Ton $393 ~$875

Unrealized loss on natural gas derivatives Segment adjusted gross margin Adjusted Gross Margin by Segment(1) $M See slide 27 for a reconciliation of adjusted gross margin to gross margin, the most directly comparable GAAP measure Represents depreciation and amortization included in cost of sales Segment gross margin as reported Ammonia Urea UAN AN Other Gross Margin(3) D&A(2) $91 $78 $91 $92 $142 $116 $36 $40 $14 $26 $M $M $M $M 0 20 40 60 80 100 120 140 160 2016 Q1 2017 Q1 0 20 40 60 80 100 120 140 160 2016 Q1 2017 Q1 0 5 10 15 20 25 30 35 40 2016 Q1 2017 Q1 0 5 10 15 20 25 30 35 40 2016 Q1 2017 Q1

Port Neal Nitrogen Complex CF Well Positioned for Industry Recovery

Chinese Marginal Producers: Continued Rising Costs and Decreased Production Changing Global Trade Flows North American Spring Demand Outlook Positive Market outlook Anticipate strong demand for nitrogen during spring application, driven by ~90 million acres of corn expected to be planted in the U.S. Wet and cold weather during March and April in Midwest stopped field work and delayed ammonia applications Upgraded products such as urea and UAN will be required to make up for ammonia not applied during fall or early spring application seasons Global nitrogen supply surplus continues to pressure marginal producers in China and other regions Chinese urea production costs estimated to be $15-20 per metric ton higher than mid-2016 due primarily to higher anthracite coal prices Published operating rates in China during Q1 averaged 57 percent and there have been significantly lower Chinese urea exports so far in 2017 India’s absence from global urea market through March created additional challenges for producers Even with significantly reduced Chinese urea exports, global trade flows are unsettled as nitrogen producers attempt to find new outlets for their production As nitrogen prices in North America rose through Q4 2016 into Q1 2017, imports into North America increased which, coupled with higher North American production and changing buyer behavior, drove prices down significantly as the quarter progressed CF anticipates uneven pricing environment to continue through 2017, with spring increase possible before prices return to seasonally low levels during summer

Chinese urea exports responding to market dynamics Rolling 12-Month Chinese Urea Exports and Urea Pricing Million Metric Product Ton (Left Axis); Urea Price $/Metric Ton (Right Axis) Source: Fertecon, Profercy, CRU Chinese urea exports increased during 2013 and 2014 as global urea pricing remained near peak levels and capacity was added Rolling 12-month urea exports peaked at 16.2 million metric tons during June 2015, approximately the high point of nameplate capacity additions Rolling exports have decreased by approximately 50% since the peak as global pricing has decreased, capacity additions have come online, and Chinese shutdowns and turndowns have increased Rolling 12 month Chinese exports FOB NOLA

Significant urea shutdowns have been observed in China Shutdowns reported on a full year, nameplate basis Observed temporary shutdowns includes plants that have been reported by Baiinfo to be in shutdown. See slide 17 for list of plants Confirmed temporary shutdowns include plants that have reported a temporary shutdown to Fert.cn and/or Baiinfo. See slide 17 for list of plants Represents the cumulative time that has elapsed since the initial report of the temporary shutdowns. See slide 17 for additional data Includes two anthracite lump plants with unreported initial turndown dates Sources: Fertecon, CFMW, Baiinfo, Fert.cn, Industry Publications, CF analysis Chinese Urea Plants: Permanent Shutdowns and Plants Currently in Temporary Shutdown(1) Million Product Metric Tons >9 Months Duration of Chinese Temporary Shutdowns(4) 2.4 1.2 0.3 >9 Months 6-9 Months 3-6 Months Uncertain(5) Permanent Shutdowns Confirmed Temporary Shutdowns(3) Observed Temporary Shutdowns(2) 2.4 2.4 0.8 1.2 0.3 7.7 MMT 0.5 6-9 Months Permanent and Temporary Shutdowns Permanent Shutdown 0 2 4 6 8 10 12 14 2012 2013 2014 2015 2016 2017

Expected net new capacity additions well below projected global demand growth post 2017 CF Projected Global Gross Urea Capacity Additions(1) Thousand Product Metric Tons Sources: Fertecon, CRU, CFMW, Baiinfo, Fert.cn, Industry Publications, CF analysis 3% Growth: 5.3M 2% Growth: 3.5M See slide 16 for details of the 2017-2019 projected additions See slide 17 for details of the 2017-2019 assumed closures The Enid capacity addition includes approximately 200k metric tons of ammonia; the Borger and Beulah capacity additions are upgraded products only, representing no new nitrogen production Capacity additions and closures on a nameplate basis Wever Enid(3) Borger(3) (5,100) (8,800) (1,700) (3,300) (500) - 16,600 5,300 3,800 2,000 2,800 700 Closures(2): Net Additions: Sub-Sahara Africa - 1,300 10,600 Grand Total Beulah(3) (5,500) 16,100 2017-2021 Total 51,900 32,500 (19,400)

Projected new global urea plants (2017-2021) Subtotals rounded to nearest 100k Sources: Fertecon, CRU, CFMW, Baiinfo, Fert.cn, Industry Publications, CF analysis Country Company City/Province Feedstock Capacity – K Metric Product Tons(1) Year of Addition Bolivia Epihara Carrasco Natural Gas 700 2017 China Tonghua Chemical Co Jilin Anthracite powder 300 2017 China Henan Xin Lian Xin (XLX) Jiangxi Anthracite powder 600 2017 China Luxi Chem Shandong Anthracite powder 500 2017 China Shandong Ruixing Shandong Thermal 800 2017 Russia PhosAgro-Cherepovets Cherepovets Natural Gas 500 2017 United States Agrium Borger, TX Natural Gas 580 2017 United States Koch Nitrogen Co. Enid, OK Natural Gas 810 2017 United States Iowa Fertilizer Co. Wever, IA Natural Gas 710 2017 5,500 Subtotal Azerbaijan Azerkimya (SOCAR) Sumgayit Natural Gas 660 2018 China Yangmei Hebei Thermal 900 2018 China Haohua-Junhua Group Henan Thermal 520 2018 China Hualu-Hengsheng Shandong Thermal 1,000 2018 Indonesia PT Petrokimia Gresik II Gresik Natural Gas 660 2018 Iran Lordegan Petrochemical Lordegan Natural Gas 1,200 2018 United States Dakota Gasification Beulah, ND Natural Gas 360 2018 5,300 Subtotal China Yili Resource Inner Mongolia Anthracite powder 1,040 2019 China JAMG Jiangsu Thermal 520 2019 Turkmenistan Turkmenhimiya Garabogaz Natural Gas 1,160 2019 Uzbekistan JSC Navoiazot Navoi Natural Gas 580 2019 3,300 Subtotal Kazakhstan Kazazot Kazazot Natural Gas 700 2020 700 Subtotal Nigeria Dangote Edo State Natural Gas 1,300 2021 1,300 Subtotal 16,100 Grand Total

Country Company Feedstock Source Initial Report of Shutdown (1) Capacity – K Metric Product Tons Year of Assumed Closure China Cangzhou Dahua Group Natural Gas Fert.cn Apr, 2016 150 2017 China Asid Chemicals Ltd Anthracite Lump Fert.cn Jan, 2016 300 2017 China LTH (LuTianHua) Natural Gas Fert.cn Jan, 2016 650 2017 China Haolianghe Fertilizer Co Thermal Fert.cn July, 2016 80 2017 China Haolianghe Fertilizer Co Thermal Fert.cn July, 2016 100 2017 China Haolianghe Fertilizer Co Anthracite Powder Fert.cn July, 2016 110 2017 China Zhangqiu Riyue Chemical Industry Co Anthracite Lump Fert.cn July, 2016 160 2017 China Wulashan Chemical Fertilizer Co(2) Anthracite Lump Fert.cn Feb, 2017(2) 150 2017 1,700 2017 total China Chishui Chitianhua Natural Gas Fert.cn Dec, 2016 720 2018 China Jinxin Chemical Co Ltd Thermal Fert.cn July, 2016 800 2018 China Hebei Gaocheng Fertilizer Plant Anthracite Lump Baiinfo Sep, 2016 150 2018 China Jiangsu Jiangyan Fertilizer Anthracite Lump Baiinfo Sep, 2016 300 2018 China Liuguo Chemical Stock Co Ltd Anthracite Lump Fert.cn Unreported 230 2018 China Handan Jinan Chemical Co Anthracite Lump Fert.cn Unreported 100 2018 Kuwait PIC Natural Gas ICIS Jan, 2016(3) 1,000 2018 3,300 2018 total China China Guodian Corp Thermal Fert.cn Nov, 2016 500 2019 500 2019 total 5,500 2017-2019 Subtotal China Fujian Shunchange Fubao Industry Anthracite Lump Baiinfo Aug, 2016 140 N/A China Hebei Cangzhou Dahua Natural Gas Baiinfo Aug, 2016 450 N/A China Jilin Tonghua Anthracite Lump Baiinfo Aug, 2016 120 N/A China Ningxia Petrochemical Natural Gas Baiinfo Aug, 2016 700 N/A China Shandong Mingshui Danhua Group Anthracite Lump Baiinfo Aug, 2016 600 N/A China Shijiazhuang Zhengyuan Fertilizer Thermal Baiinfo Aug, 2016 400 N/A China Hubei Yihua Chemical Anthracite Lump Baiinfo Sep, 2016 400 N/A China Liaoning Benxi Anthracite Lump Baiinfo Oct, 2016 130 N/A China Zhejiang Juhua Anthracite Lump Baiinfo Oct, 2016 150 N/A China Hubei Yihua Xishui Anthracite Lump Baiinfo Nov, 2016 110 N/A 3,200 Subtotal 8,700 7,700 Grand Total Chinese Total Urea plants in permanent and temporary shutdown For those plants in observed temporary status, initial report date of Aug 2016 or prior Q1 2017 permanent shutdown Announced intention to close plant Sources: Fertecon, CFMW, Baiinfo, Fert.cn, Industry Publications, CF analysis Plants included in closure forecast: 5,500 K Tons 2017-2021 Chinese plants in observed temporary shutdown: 3,200 K Tons currently

Plants excluded from CF’s view of new global capacity (2017-2021) that CRU included in their forecast Subtotals rounded to nearest 100k Sources: Fertecon, CRU, CFMW, Baiinfo, Fert.cn, Industry Publications, Industry Sources, Industry Participants, CF analysis Country Company City/Province Feedstock Capacity – K Metric Product Tons(1) CRU Year of Addition Reason CF Excludes China Inner Mongolia Berun Chemical Co Inner Mongolia Coal 520 2017 Unable to verify China Shaanxi Heimao Coking Co., Ltd Shaanxi Coal 480 2017 Assumed delayed, no recent update available China Wulan Coal Group Erdos I Inner Mongolia Coke-Oven Gas 1,200 2018 Postponed, construction unlikely to start within next two years India Chambal Fertilizer - Gadepan III Gadepan Natural Gas 1,350 2020 Assume delayed, no update since Jan 2016. Not included in Fertecon forecast Russia Togliattiazot III Togliattiazot Natural Gas 730 2020 Assumed to start post-2021 Tajikistan ATZ Vakhsh Expansion Vakash Natural Gas 300 2020 Believe project delayed per industry source Iran Lavan Development Industry Company Lavan Natural Gas 540 2021 Delays due to previous embargo. Not included in Fertecon forecast Russia Uralchem Perm Expansion Perm Natural Gas 120 2021 Believe project delayed per industry source 5,200 Plants CF Excludes India Matix Panagarh Pernagah Coal Gas 1,300 2017 Plant complete in 2016 Iran Pardis III Pardis Natural Gas 1,070 2017 Plant complete in 2016 Romania Amonil Slobozia Slobozia Natural Gas 720 2017 Plant restart, not new capacity USA CF Port Neal II Port Neal, IA Natural Gas 1,230 2017 Started in 2016 Turkmenistan Turkmenistan Garabogaz Garabogaz Natural Gas 1,160 2018 Assumed to start in 2019 China Jiangsu Linggu Jiangyan Jiangsu Coal 800 2019 Plant completed in 2015 6,300 Timing/Definitional Differences Plants not assumed to be completed through 2021 Timing or definitional differences

U.S. and Canada combined remain a significant importer of nitrogen products U.S. imports, including from Canada, average approximately 1.8 million tons more than the combined U.S. and Canada import total shown on the chart above Sources: USDOC, TFI, CF Total U.S. and Canada Import Volume(1) Million Nutrient Tons – Calendar Year 0 2 4 6 8 10 12 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F

CF has the premier North American network CF Industries is the largest nitrogen producer in North America with flexible production and output and outstanding domestic and export logistical capability Primarily a pure play nitrogen manufacturing company, focused on North America Largest production base and distribution network in North America with seven manufacturing facilities, 24 owned plus additional leased distribution facilities Five of CF’s North American production facilities can shift product mix between UAN and urea This flexibility allows the company to rapidly react to evolving market conditions and changing pricing dynamics Product shipped via all modes: Deepwater vessel Barge (river and ocean) Unit train Pipeline Truck Each facility has access to more than one shipping mode Source: IFDC North America’s Largest Producer (Million Nutrient Tons, 2017) North American Potential Output (Million Product Tons, 2017) Aerial view of Donaldsonville docks UAN: 8.7 Urea: 4.8 NH3: 3.0 AN: 0.9 UAN: 5.2 Urea: 5.8 NH3: 3.7 AN: 1.0 Maximize UAN Maximize Urea Total: 17.4 Total: 15.7 0.0 2.0 4.0 6.0 8.0 All Others PCS Koch Agrium CF Industries

CF ammonia terminal CF ammonia and UAN terminal Donaldsonville Woodward Verdigris Port Neal Courtright Medicine Hat Yazoo City Terre Haute Mount Vernon Albany Kingston Mines Fremont Garner Pine Bend Peru Aurora Blair Brandon Cowden Frankfort Glenwood Grand Forks Huntington Palmyra Ritzville Rycroft Spencer Vanscoy Velva Seneca UK CF urea warehouse CF nitrogen complex Location Key(1) Best North American distribution capabilities with a global reach Transportation Optionality Ammonia Pipeline Magellan Pipeline NuStar Pipeline Water River barge Ocean barge Ocean vessel Rail Courtright: CN, CSX Donaldsonville: UP Medicine Hat: CP Port Neal: UP Verdigris: BNSF Woodward: BNSF Yazoo City: CN Vessel Exports to South America and Asia, transport to West Coast United States Barge UAN to Texas coast Barge UAN to East Coast United States Vessel Exports to Europe and Africa Ability to export to mainland Europe Billingham Ince (1) Represents CF owned facilities

Port Neal Urea Load Out Capital Allocation and Structure

CF’s capital allocation philosophy Commitment to investment grade metrics over long term Pursue growth within strategic fairway, where returns exceed risk-adjusted cost of capital and investments are cash flow accretive on a per share basis Consistently return excess cash to shareholders in a timely fashion: historic bias towards share repurchases Philosophy remains unchanged Near-term priority: focus on liquidity ~$1.3 billion in cash on balance sheet as of March 31, 2017 $750 million undrawn revolver as of March 31, 2017(1) ~$800 million cash tax refund expected to be received in Q3 2017 New capital expenditures for 2017 are estimated to be in range of $400-450 million for sustaining and other As of December 31, 2016 and as of March 31, 2017, company had approximately $183 million in costs accrued for work completed in 2016 related to capacity expansion projects. Most of this unpaid amount is subject of disputes between company and certain contractors and vendors. Actual cash expenditures will reflect any payments for these capacity expansion project amounts if or when they are made Debt capital structure As of March 31, 2017, company was in compliance with all applicable covenant requirements under its debt instruments Next de-levering opportunity: $800 million of senior notes due May 2018 $695 million availability as of March 31, 2017 (net of $55 million of outstanding letters of credit)

Appendix Donaldsonville Ammonia

Non-GAAP: reconciliation of Net (Loss) Earnings and EPS to Adjusted Net Earnings and Adjusted EPS Three months ended March 31, In millions 2017 2016 Q3 2017 EPS Impact 2015 Q3 2016 2016 Q3 2016 EPS Impact 2015 Q3 Net (loss) earnings/EPS attributable to common shareholders(1) $ (23) $ (0.10) $ 26 $ 0.11 Selected Items included above: Unrealized net mark-to-market loss on natural gas derivatives 53 0.23 21 0.09 Transaction costs(2) - - 14 0.06 Loss on foreign currency transactions(3) - - 45 0.19 Capacity expansion project expenses - - 16 0.07 Unrealized loss on embedded derivative(4) 1 0.01 - - Gain on foreign currency derivatives - - (3) (0.01) Income tax adjustments(5) (20) (0.09) (19) (0.08) Total adjustments 34 0.15 74 0.32 Adjusted net earnings/adjusted EPS attributable to common shareholders $ 11 $ 0.05 $ 100 $ 0.43 EPS defined as net (loss) earnings per diluted share Transaction costs relate to costs of various consulting and legal services associated with the company’s proposed combination with certain businesses of OCI and the company’s strategic venture with CHS Loss on foreign currency transactions primarily relates to the unrealized foreign currency exchange rate impact on intercompany debt that has not been permanently invested Represents the change in fair value on the embedded derivative included within the terms of the company’s strategic venture with CHS Represents the adjustment to the GAAP basis tax provision reflecting the tax impact of the other non-GAAP adjustments

Non-GAAP: reconciliation of Net (Loss) Earnings to EBITDA and Adjusted EBITDA EBITDA is defined as net (loss) earnings attributable to common stockholders plus interest expense (income)-net, income taxes, and depreciation 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 interests. Adjusted EBITDA is defined as EBITDA adjusted with the selected items included in EBITDA as summarized in the table above. The company has presented EBITDA and adjusted EBITDA because management uses these measures to track performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry Transaction costs relate to costs of various consulting and legal services associated with the company’s proposed combination with certain businesses of OCI and the company’s strategic venture with CHS Loss on foreign currency transactions primarily relates to the unrealized foreign currency exchange rate impact on intercompany debt that has not been permanently invested Represents the change in fair value on the embedded derivative included within the terms of the company’s strategic venture with CHS In millions 2017 Q1 2016 Q3 2016 Q1 2015 Q3 Net (loss) earnings attributable to common stockholders $ (23) $ 26 Interest expense (income) - net 79 37 Income tax (benefit) provision (13) 15 Depreciation and amortization 205 146 Less: other adjustments (30) (17) EBITDA(1) $ 218 $ 207 Selected items included above: Unrealized net mark-to-market loss on natural gas derivatives $ 53 $ 21 Transaction costs(2) - 14 Loss on foreign currency transactions(3) - 45 Capacity expansion project expenses - 16 Unrealized loss on embedded derivative(4) 1 - Gain on foreign currency derivatives - (3) Total Adjustments $ 54 $ 93 Adjusted EBITDA(1) $ 272 $ 300

Non-GAAP: reconciliation of gross margin to adjusted gross margin In millions Gross Margin(1) 2016 Q3 Unrealized Loss on Natural Gas Derivatives Depreciation and Amortization(2) 2016 Q3 Adjusted Gross Margin(3) 2015 Q3 Ammonia 2016 Q1 $ 63 $ 7 $ 21 $ 91 2017 Q1 17 17 44 78 Urea 2016 Q1 60 6 25 91 2017 Q1 25 14 53 92 UAN 2016 Q1 78 6 58 142 2017 Q1 35 16 65 116 AN 2016 Q1 13 1 22 36 2017 Q1 19 2 19 40 Other 2016 Q1 3 1 10 14 2017 Q1 10 4 12 26 Segment gross margin as reported Represents the depreciation and amortization included in cost of sales Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. The company has presented adjusted gross margin because management uses this measure, and believes it is useful to investors, as a supplemental financial measure in the comparison of year-over-year performance

2017 urea price range forecast is ~$210-245 per ton at the US Gulf; 2018 projected higher 2017 Monthly Delivered U.S. Gulf Urea Cost Curve(1)(2) Y-axis: USD/short ton, X-axis: Monthly Production Capacity at 95% Operating Rate, million short tons Assumptions on demand growth, exchange rates, coal, gas, and oil prices included in slide 29 Slide previously published as part of the ‘CF Industries Fall/Winter 2016 Investor Presentation’ dated November 15, 2016 and ‘2016 Full Year and Fourth Quarter Results’ dated February 15, 2017 20 0 5 10 15 Appx. 2017 Price Range Energy (N.G.) Other Cash Freight/Load Shipments: 16.8 MM ST Avg Appx. Monthly Range China – Advanced Inland High Energy (N.G) Other Cash Freight/Load Energy (Coal) 0 100 200 300 $400 North America Latin America MENA Other FSU Russia South Asia Indonesia China – Advanced Inland Low India Western Europe China – Advanced Coastal Ukraine Southeast Asia Eastern Europe Lithuania China – Natural Gas Low China – Anthracite Low China – Anthracite High China – Natural Gas High

Location Source 2015 2016 2017F Henry Hub NYMEX 2.63 2.51 3.07 TTF ICE 6.42 4.49 5.47 WEU-Russia Oil Index 7.30 4.35 5.37 Brent Crude NYMEX 54 44 55 Thermal SX Coal / 49 51 68 Anthracite Powder Woodmac 83 78 86 Anthracite 124 115 113 RMB/USD Bloomberg 6.28 6.63 6.85 USD/EUR Bloomberg 1.11 1.11 1.10 USD/GBP Bloomberg 1.53 1.36 1.27 Annual Average Energy Cost - Actual and Forecast(1) Gas Prices ($/MMBtu) Exchange Rates China Coal ($/tonne) Oil ($/Bbl) 2017 cost curve assumptions Slide previously published as part of the ‘CF Industries Fall/Winter 2016 Investor Presentation’ dated November 15, 2016 and ‘2016 Full Year and Fourth Quarter Results’ dated February 15, 2017 Demand Growth Fertecon, IFA, AAPFCO, Fertilizers Europe, ANDA, CF Industries 0.3% 3.3% 1.5%