CF Industries Holdings (CF)

Contractual Obligations

        As of September 30, 2007, the annual amounts of purchase obligations for 2007, 2008 and 2009 are higher by $210.0 million, $100.7 million and $55.6 million, respectively, as compared to the amounts shown in Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2006 Annual Report on Form 10-K. Of the $210.0 million increase for 2007, approximately $144.9 million relates to the first nine months of the year and approximately $65.1 million relates to the last three months of the year. These changes primarily reflect higher volume commitments to purchase nitrogen products for resale and ammonia and sulfur for use in phosphate production. These commitments are based on spot prices as of September 30, 2007 and actual prices may differ.

        As of September 30, 2007, the annual amounts of transportation obligations for 2007, 2008 and 2009 are higher by $19.8 million, $38.6 million and $20.0 million, respectively, as compared to the amounts shown in Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2006 Annual Report on Form 10-K. Of the $19.8 million increase for 2007, approximately $9.5 million relates to the first nine months of the year and approximately $10.3 million relates to the last three months of the year. The $19.8 million increase for 2007 reflects a new requirements-based arrangement to transport finished product that allows for reductions in contract usage should actual transportation needs decrease. These amounts are based on normal transportation needs and contracted prices.

Contractual Obligations

As of June 30, 2007, the annual amounts of purchase obligations for 2007, 2008 and 2009 are higher by $161.5 million, $89.8 million and $45.0 million, respectively, as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2006 Annual Report on Form 10-K. Of the $161.5 million increase for 2007, approximately $102.8 million relates to the first six months of the year and approximately $58.7 million relates to the last six months of the year. These changes primarily reflect higher volume commitments to purchase ammonia and sulfur for use in phosphate production. These commitments are based on spot prices as of June 30, 2007 and actual prices may differ.

As of June 30, 2007, the annual amounts of transportation obligations for 2007, 2008 and 2009 are higher by $16.9 million, $33.9 million and $17.2 million, respectively, as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2006 Annual Report on Form 10-K. The $16.9 million increase for 2007 relates to the last six months of the year. These changes reflect a new requirements-based arrangement to transport finished product that allows for reductions in contract usage should actual transportation needs decrease. These amounts are based on normal transportation needs and contracted prices.

Contractual Obligations

As of March 31, 2007, the annual amounts of purchase obligations for 2007 are higher by $89.9 million as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2006 Annual Report on Form 10-K. Of the $89.9 million increase for 2007, approximately $40.4 million relates to the first three months of the year and approximately $49.5 million relates to the last nine months of the year. These changes reflect primarily higher per unit prices for commitments to purchase natural gas and ammonia for use in phosphate production and ammonia, urea and UAN purchased for resale in our markets, as well as higher quantities for commitments to purchase sulfur for use in phosphate production. These commitments are based on spot prices as of March 31, 2007 and actual prices may differ.

As of March 31, 2007, the annual amounts of transportation obligations for 2007, 2008 and 2009 are higher by $15.0 million, $28.6 million and $13.5 million, respectively, as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2006 Annual Report on Form 10-K. The $15.0 million increase for 2007 relates to the last nine months of the year. These changes reflect a new requirements-based arrangement to transport finished product that allows for reductions in contract usage should actual transportation needs decrease. These amounts are based on normal transportation needs and contracted prices.

Contractual Obligations

As of September 30, 2006, the annual amounts of purchase obligations for 2006 and 2007 are lower by $172.3 million and $41.4 million, respectively, as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2005 Annual Report on Form 10-K. Of the $172.3 million reduction for 2006, approximately $107.3 million relates to the first nine months of the year and approximately $65.0 million relates to the last three months of the year. These changes reflect primarily lower per unit prices for commitments to purchase natural gas, ammonia and sulfur for use in phosphate production and ammonia, urea and UAN purchased for resale in our markets, as well as lower quantities for commitments to purchase ammonia for resale. These commitments are based on spot prices as of September 30, 2006 and actual prices may differ.

Contractual Obligations

As of June 30, 2006, the annual amounts for purchase obligations for 2006 and 2007 are lower by $176.2 million and $42.1 million, respectively, as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2005 Annual Report on Form 10-K. Of the $176.2 million reduction for 2006, approximately $120.6 million relates to the last six months of the year. These changes reflect primarily lower per unit prices for commitments to purchase natural gas, ammonia and sulfur for use in phosphate production and ammonia, urea and UAN purchased for resale in our markets, as well as lower quantities for commitments to purchase ammonia for resale. These commitments are based on spot prices as of June 30, 2006 and actual prices may differ.

Contractual Obligations

As of March 31, 2006, the annual amounts for purchase obligations for 2006 and 2007 are lower by $87.9 million and $12.4 million, respectively, as compared to the amounts shown in Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity in our 2005 Annual Report on Form 10-K. Of the $87.9 million reduction for 2006, approximately $74.3 million relates to the last nine months of the year. These changes reflect lower per unit prices for commitments to purchase natural gas, ammonia for use in phosphate production and ammonia, urea and UAN purchased for resale in our markets. These commitments, the level of which has not changed significantly from December 31, 2005, are based on spot prices as of March 31, 2006 and actual prices may differ.

Contractual Obligations

        The following is a summary of our contractual obligations as of December 31, 2005:

⁽¹⁾

Based on debt balances and interest rates as of December 31, 2005. All our long-term debt was repaid on August 17, 2005. See the "Overview" section of this discussion and analysis for further information on the transaction.

⁽²⁾

Represents notes payable to the CFL minority interest holder. While the entire principal amount is due December 31, 2009, CFL may prepay all or a portion of the principal at its sole option.

⁽³⁾

Includes anticipated expenditures under certain requirements contracts to transport raw materials and finished product between our facilities. The majority of these arrangements allow for reductions in usage based on our actual operating rates. Amounts set forth above are based on normal operating rates and contracted or spot prices, where applicable, as of December 31, 2005 and actual operating rates and prices may differ.

⁽⁴⁾

Includes minimum commitments to purchase natural gas based on prevailing NYMEX forward prices at December 31, 2005. Also includes minimum commitments to purchase ammonia, urea and UAN for resale in our markets and commitments to purchase ammonia and sulfur for use in phosphate fertilizer production. The amounts set forth above for these commitments are based on spot prices as of December 31, 2005 and actual prices may differ.

⁽⁵⁾

Liquid markets exist for the possible resale of the natural gas, ammonia, urea and UAN purchased for resale in our markets and ammonia and sulfur purchased for use in phosphate fertilizer production under the majority of these commitments, but gains or losses could be incurred on resale.

⁽⁶⁾

Purchase obligations do not include any amounts related to our financial hedges associated with natural gas purchases.

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CF INDUSTRIES HOLDINGS, INC.