Project Ice - DCF Assumptions

Below are the primary DCF assumptions:

1. WACC = 11%

2. EBIT from existing business was calculated as an average of 1999 and 2000
with certain adjustments. Growth rate is 4% per annum.

3. Financial trading earnings estimates as per John Nowlan are as follows
(urea and ammonia only):
Yr 1 - $0.5MM
Yr 2 - $2.5MM
Yr 3 - $5.0MM
Yr 4 - $7.8MM
Yr 5 and future - $10.3MM per year

4. Origination earnings estimates as per John Nowlan are as follows (all
products):
Yr 1 - $5MM
Yr 2 - $10MM
Yr 3 - $20MM
Yr 4 - $25MM
Yr 5 - $30MM
Future - $5MM incremental earnings every year

5. Working capital requirements continue to grow at the same pace (ie. no
efficiency in working capital assumed).

6. $2MM of capex every three years for capital improvements (in addition to
annual maintenance items that are expensed on the Income Statement.)

Raul