CF Industries to File Schedule 14D-9 with Respect to Agrium Offer.

Cash and Stock Consideration Unchanged from Initial Proposal Rejected by CF Industries' Board of Directors

DEERFIELD, Ill. -- Agrium Inc. (TSX: AGU) (NYSE: AGU) today commenced an exchange offer for all outstanding shares of common stock of CF Industries Holdings, Inc. (NYSE: CF) providing for the same cash and stock consideration that was previously rejected by the CF Industries Board of Directors on March 9, 2009.

CF Industries will file the required Schedule 14D-9 with respect to the offer within 10 business days.

Morgan Stanley and Rothschild are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to CF Industries.

About CF Industries

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. The company also owns a 50 percent interest in KEYTRADE AG, a global fertilizer trading organization headquartered near Zurich, Switzerland. Additional information on CF Industries is found on the company's website at www.cfindustries.com.

Additional Information

This press release is neither an offer to purchase nor the solicitation of an offer to sell any securities. CF Industries Holdings, Inc. ("CF Industries") intends to file a solicitation/recommendation statement on Schedule 14D-9 with the Securities and Exchange Commission ("SEC") with respect to the exchange offer commenced by Agrium Inc. within 10 business days. Investors and security holders of CF Industries are urged to read the SOLICITATION/RECOMMENDATION STATEMENT and other relevant materials as they become available, because they will contain important information.

Investors and security holders will be able to obtain free copies of any documents filed by CF Industries with the SEC through the web site maintained by the SEC at www.sec.gov. Free copies of any such documents can also be obtained by calling Innisfree M&A Incorporated toll-free at [phone].