Excerpt from prepared text of Steve Wilson, CF Industries president and CEO, presented at Agricultural Retailers Association annual meeting and expo in Dec., 2010.

I want to take a few minutes to talk about CF Industries, the big changes we've gone through recently and how we plan to nurture mutually beneficial relationships with you, our retail customers. 

CF Industries was founded in 1946 as a regional cooperative that used its purchasing power to provide its members with an economical and reliable supply of fertilizer. Over the years, the company invested in fertilizer manufacturing and distribution assets that allowed it to serve its members more effectively.

In response to the difficult market environment of the late '90s and early 2000s, CF Industries retrenched and regrouped, implementing a new business model beginning in 2002. Under the new approach, CF Industries diversified its customer base by developing more relationships with non-member customers.

In 2005, CF Industries completed its initial public offering on the New York Stock Exchange. We've been very successful as a publicly traded company, and I wish I could say that all the credit goes to the great insight and effectiveness of our management. But much of our success is also due to a drastically improved market environment.

In April of this year, we acquired Terra Industries, and the combination has had a transformative effect on the company and the ways we do business. Retailers are now a very important customer group for us, and we look forward to serving you well for many years to come.

So ... who are we today? CF Industries is now the second-largest nitrogen manufacturer in the world, with the capacity to produce approximately 13.5 million tons of finished nitrogen fertilizer per year. We are the leading North American producer of all the major nitrogen products.

One way this benefits you as retailers is that we can be quite responsive to market changes, shifting our product mix to meet demand. Another is that this network of manufacturing facilities and distribution outlets through the middle of the country allows us to serve regional markets more effectively, since it brings all the benefits — including cost savings — of a shorter supply chain.

CF Industries is the third largest phosphate producer among public companies. Our phosphate operations include an integrated ammonium phosphate fertilizer complex in Plant City, Fla.; North America's most recently constructed phosphate rock mine and beneficiation plant in Hardee County, Fla.; and a terminal and warehouse operation at the Port of Tampa. These facilities benefit from economical and reliable access to raw materials and access to domestic and international fertilizer markets.

CF Industries now has seven nitrogen complexes that stretch from the Gulf of Mexico to Canada, through the heart of the most productive farmland in the world. We operate 13 ammonia plants. We also have one of the most extensive networks of nitrogen and phosphate terminal assets in North America.

As you know, CF Industries did not have nearly as large a presence among ag retailers before our acquisition of Terra earlier this year. We understand how important you are to our business, and I can assure you that we are going to work very hard to maintain the close ties you've built with your Terra contacts over the years, and continue to serve you in the manner to which you've become accustomed. We think we can do even better, since we now have greater resources and sales, supply chain and customer support organizations that we've designed around meeting your needs.

We've made no secret of our reasons for pursuing this acquisition. We saw the two companies as a great fit, and I think that's borne out by showing how the locations of our manufacturing and distribution facilities combine to fill in all the former gaps in the markets we serve. The acquisition was a decisive step to improve our long-term competitiveness, not only because it increased our size, but also because it represented many opportunities to improve efficiencies and cut costs.

We've been very pleased to confirm and even surpass all the assumptions we had about the potential synergies coming into the deal. And not incidentally, our greater product mix and supply chain flexibility have made us able to serve you, our retail customer base, better than either legacy company could do as a standalone.