Rentech Nitrogen Partners, L.P.

Goldman Sachs Seventeenth Annual

Agribusiness Conference
Hunt Ramsbottom, CEO
February 26, 2013
Forward-Looking Statements

This presentation contains forward-looking statements. These statements are

based on management’s current expectations and actual results may differ
materially as a result of various risks and uncertainties. Other factors that
could cause actual results to differ from those reflected in the forward-looking
statements are set forth in the Company’s press releases and periodic public
filings with the Securities and Exchange Commission, which are available via
Rentech Nitrogen’s website at www.rentechnitrogen.com. The forward-looking
statements in this presentation are made as of the date of this presentation
Rentech Nitrogen does not undertake to revise or update these forward-looking
statements, except to the extent that it is required to do so under applicable
law.

2
Rentech Nitrogen Partners, L.P.

Publicly traded MLP with variable distribution

Two fertilizer production facilities with strategic
locations and premium product pricing

East Dubuque Facility Pasadena Facility

• Located in East Dubuque, IL
• Primary products: ammonia & UAN
• Customers in the heart of U.S. Corn
Belt
• Natural gas feedstock
• Expansion project underway
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• Located along the Houston Ship
Channel in Pasadena, TX
• Largest producer of synthetic
granulated ammonium sulfate in North
America; other products: ammonium
thiosulfate and sulfuric acid
• Customers primarily west of MS River
and in Brazil
• Several organic growth opportunities
identified
Diversified Markets

East Dubuque’s
Core Market1

Pasadena’s AS
Sales2
Color Volume Range (st)

Pasadena Facility
10,600 to 67,500
Location
8,400 to 10,600
5,100 to 8,400 Low-cost Gulf access to
1,000 to 5,100
Southwest and Central
0 to 1,000
Leased warehouse locations from marketers U.S. as well as export
1Core
markets
market is within a 200 mile radius of the East Dubuque facility.
2Based on historical sales at the Pasadena facility.
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Diversified Product Mix

• Rentech Nitrogen’s main products provide two of the most important

nutrients to crops
˗ Nitrogen - most important nutrient in determining crop yields
• Products: ammonia, UAN, ammonium sulfate, ammonium
thiosulfate, and urea
˗ Sulfur - helps crops efficiently utilize nitrogen and phosphate
• Products: ammonium sulfate and ammonium thiosulfate
• Other products: DEF, nitric acid and sulfuric acid

Ammonia Ammonium Sulfate

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Multiple Fertilizers for Diversified Crop Solutions

Corn Alfalfa Cotton Canola Potato Soybean Wheat

Ammonia, UAN, Ammonium Sulfate, Urea & Ammonium Thiosulfate

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Attractive Product Margins

• Ammonia margins have improved with the structural change in pricing of natural gas
• Ammonium Sulfate margins have been relatively stable through several ammonia cycles

$1,000

$800

Ammonia Corn Belt Margin(1)

(US$ / short ton)

$600

$400

Ammonium Sulfate Margin

Southern Plains(2)
$200

$0
2005 2006 2007 2008 2009 2010 2011 2012

Source: Green Markets, Bloomberg September 17th, 2012.

(1)“Corn Belt Margin” is calculated by subtracting the product of 35 times the spot price of Henry Hub Natural Gas from the Mid Corn Belt FOB Ammonia
price.
(2)“Raw Material Margin” is calculated by subtracting 25% of the price of Tampa FOB Ammonia and 25% of the price of Sulfur Central Florida from the
price of Southern Plains FOB Ammonium Sulfate.

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Growth Opportunities

Future growth opportunities at both facilities

• East Dubuque Facility

˗ Ammonia capacity and storage expansion: Completion expected 4Q13
• ~23% production increase

• Pasadena Facility
˗ Ammonium sulfate debottlenecking project: Completion expected in 2H14
• 20% capacity increase

˗ Cogeneration opportunity
˗ Terminalling opportunity

• Potential acquisition opportunities in fertilizer

and related industries
˗ Acquisition criteria:
• A significant portion of income qualifies for MLP treatment
• Assets we know how to operate and would provide geographic
diversification
• EBITDA in the range of $20-$50M

As of 10/8/12

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East Dubuque Facility
Location, Location, Location

• Customers within 200 mile radius Dakota Gasification Company (Beulah, ND)

of facility Niota, IL
Green Valley (Creston, IA)
Koch (Ft. Dodge, IA) Our Facility (East Dubuque, IL)
CF (Port Neal, IA)
• Core market: IL, IA and WI Koch (Beatrice, NE)
Acres of corn
Koch (Dodge City, KS)
PCS (Lima, OH) Not Estimated
• Nitrogen fertilizer consumption in CF (Woodward, OK)
CVR (Coffeyville, KS)
Terra Nitrogen (Verdigris, OK) <10,000
Koch (Enid, OK)
El Dorado (Cherokee, AL)
our market area exceeds 10,000–24,999
El Dorado (El Dorado, AR) CF (Yazoo City, MS) 25,000–49,999
production by: 50,000–99,999
Mosaic (Donaldsonville, LA) CF (Donaldsonville, LA)
100,000–149,999
˗ Ammonia: ~4.0x Potash Corp. (Geismar, LA)
150,000>
Nitrogen Fertilizer
Facilities
˗ UAN: ~1.4x
IL, IA, WI Nitrogen Consumption
• Ammonia and UAN consumption (Thousands of Product Tons)
in IL, IA and WI have increased 2,500
UAN
by 20% and 14%, respectively, 2,000

1,500
since 2000 Ammonia
1,000

500

0
2000 2002 2004 2006 2008 2010

Source: Blue Johnson and USDA

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 Location Provides High Avg. Net Sales Prices
• Prices in Mid Corn Belt are higher than other regions due to cost of freight and
proximity to customers

• Freight costs from Gulf Coast into Mid Corn Belt typically $80 - $120 / ton for
ammonia and $35 - $50 / ton for UAN

• Our customers typically pick up product from our facility by truck

Average Annual Net Ammonia Sales Prices Per Ton1 1st , 2nd, & 3rd Qtr. 2012 Ammonia Sales Prices Per Ton
4-Yr
Avg. 4-Yr
$558 4-Yr
$800 Avg. Avg.
4-Yr $800
726 $448 $441
Avg. $695
$673
$380
$620 $613
588 579
$600 $600 $568 $578
539
514 514 $517 $518
472 473 486 $478
467 $458
$436
377 365 $383
$400 $400
332 316
304
252

$200 $200

$0 $0
Rentech Nitrogen Terra Nitrogen CVR Partners Potash Corp. RNF TNH CVR POT
Partners

1st Qtr. Ammonia Price 2nd Qtr. Ammonia Price 3rd Qtr. Ammonia Price
2008 2009 2010 2011
(1) CF Industries and Agrium only report their respective average gross sales prices per ton of ammonia. Reported weighted average gross sales price per ton of ammonia
for the three years ended September 30, 2011 was $509 and $450 for CF Industries and Agrium, respectively.

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 Strong Margins: Low Input Costs

• Natural gas typically represents approximately 50% of our cost of goods sold

• Fertilizer prices have increased while natural gas prices have declined in the
U.S., increasing margins

• Low fixed costs; no need to maintain a fleet of trucks or railcars

• 3Q12 gross margin of 58%, up from 33% in 3Q11

U.S. Natural Gas Prices vs. Western Europe1 Ammonia vs. Natural Gas2
Natural Gas Price ($ per MMBtu) Ammonia Price ($ per ton) Natural Gas Cost ($ per MMBtu)
$18.00
$1,200 $16
Natural Gas Prices ($/MMBtu)

$16.00
$14
$14.00 $1,000
$10.60 $775 $12
$12.00
$800
$10.00 $10

$8.00 $600 $8
$6.00 $6
$400 $3.41
$4.00 $3.34
$4
$2.00 $200
$2
$0.00
Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 $0 $0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Henry Hub National Balancing Point (NBP)
Ammonia Nat Gas
Source: Green Markets, Bloomberg Source: Green Markets, Bloomberg
1 European prices converted from GBP/Therm to $/MMBtu, based on daily exchange rate
Historical Sources: NBP Weekly Spot Rate, Henry Hub Weekly Spot Rate 2 Ammonia and Natural Gas pricing through January 2013

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Current View

We currently have a different view than the USDA:

• Corn acres will be similar to last year; approx. 96M acres

• Drought conditions will continue in the western corn belt

• Yield recoveries of 150 – 155 bu/acre; not 163.6 bu/acre

• Don’t see world recovery of inventories in one year; will take multiple years

• Expect corn prices to range between $5 - $7/bu; not at $4.80/bu

• Dec. 2013 is currently $5.56; Dec 2014 is $5.45

• China placed an order for new crop corn, willing to pay $5.50/bu

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Completed Urea/DEF Expansion

Completed urea/DEF expansion: Increased capacity and created new

product line

• Increased urea production capacity by 15% or 21,900 tons annually

• Additional tons to be used for DEF production; Net U.S. DEF demand expected
to exceed 1.3 billion gallons in 20191

• Installed mixing, storage, & load-out equipment for DEF production

• Long-term contract with Yara for sale and distribution of DEF based on index
pricing

• Completed in 4Q12; Total capex of approximately $7M

Estimates as of 1/15/13
1 Engine Manufacturers Association

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Future Growth Opportunities

Ammonia Capacity & Storage Expansion: Completion expected in 4Q13

• Increasing ammonia production capacity by 23% or 70,000 tons annually,

bringing total ammonia production capacity to 370,000 tons

• Increasing on-site ammonia storage capacity by 20,000 tons, bringing total on-
site storage to 60,000 tons

• Increasing ammonia loading capacity by 50%

• Total capex approx. $100 million based on FEED engineering by Black &
Veatch; financed with multiple draw capex facility

Estimates as of 8/10/12
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Pasadena Facility
Facility Acquisition: Rentech Nitrogen Pasadena

• Rentech Nitrogen acquired Agrifos’ fertilizer production facility in

Pasadena, TX in 2012
˗ Largest producer of synthetic granulated ammonium sulfate in North
America
˗ Strategically located in the Houston Ship Channel
˗ Majority of sales in U.S. and Brazil
˗ Acquisition closed November 1st, 2012

• Expected to provide incremental cash flow1

˗ EBITDA expected to be approx. $25 million in 2013, before one-time
integration costs
˗ Accretive to per unit cash distributions beginning in 2013

• Diversifies the products, markets, location, and raw materials of our

East Dubuque Facility

1An explanation of EBITDA, a non-GAAP financial measure, and a reconciliation of projected EBITDA to operating income is included in our press release dated 11/1/2.
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Location, Location, Location

Rentech Nitrogen Pasadena plant site is located

on approximately 85 acres in Pasadena, Texas

• 6,200 feet of Houston Ship Channel frontage

• 2 deep-water docks, providing access for international deliveries Ammonium Sulfate Granulator Plant

˗ Low-cost barge access to the Mississippi waterway system

˗ Access to key waterways for international deliveries
˗ Significant supply of raw materials in the immediate vicinity

• Rail service by BNSF and Union Pacific

˗ Advantage for distributing product west of the Mississippi
˗ Unit trains allows for favorable transportation costs
Sulfuric Acid Plant
• Easy access to several interstate highways

Deep-Water Dock

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Pasadena Facility’s Products Overview

Primary Product: Ammonium Sulfate

• AS is a heavily utilized dual-nutrient fertilizer product: 21% nitrogen /
24% sulfur
• High quality solid fertilizer sold at premium pricing
• Multiple crop application including soybeans, wheat, corn, potatoes, cotton,
canola and alfalfa
• Less seasonable variability than Corn Belt ammonia and UAN
• Usually applied via broadcast blended application

Secondary Products: Sulfuric Acid and Ammonium Thiosulfate

Sulfuric Acid
• 33% sulfur / 65% hydrogen
• Made directly from elemental sulfur and suitable for most industrial applications

Ammonium Thiosulfate
• Co-product of the sulfuric acid production process: 12% nitrogen / 26% sulfur
• Liquid fertilizer, typically combined with UAN
• Helps increase nitrogen use efficiency in crops
• Typically applied via spraying or drip system

Note: Revenue represents year to date sales from January 1 - October 31, 2012.

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Rentech Nitrogen Pasadena’s High Quality AS Product

• Rentech Pasadena produces and sells a premium product in an industry dominated by lower quality
material
˗ Synthetic granulated AS product combines sulfuric acid and ammonia

˗ Majority of AS produced worldwide is a lower grade by-product of the caprolactam production process

• Only 20%-25% of AS production worldwide is of similar quality

• Physical characteristics and benefits of Rentech Pasadena’s AS product include:
˗ Sized to the specifications of other nitrogen, phosphate and potash fertilizer products

˗ Less segregation during the blending process

˗ Improved stability and enhanced shelf life

˗ Reduced caking during transportation and storage

Ammonium Sulfate as By-Product of

RNF’s Ammonium Sulfate
Caprolactam Production Process

Granular Material Direct Application Coarse (Mid-Granularity)

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Rentech Nitrogen Pasadena:
Major AS Producer in North America

Top 5 Ammonium Sulfate Producers in North America:

Synthetic AS Production Total AS Production

(synthetically & by-product)

Annual Annual Production

Company Production (tpy) Company (tpy)

1 ~575K 1 ~1,850K

2 ~385K 2
~725K

3 ~215K 3 ~575K

4 ~140K 4 ~385K

5 ~25K 5 ~315K

Source: Blue Johnson, except for Agrifos’ production, which is stated at nameplate capacity.
All producers listed produce ammonium sulfate for agricultural sale except for GAC Chemical Corporation which produces ammonium sulfate for industrial use.

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Historical Ammonium Sulfate Pricing & Margin

Ammonium Sulfate Prices and Margin Over Raw Materials

($ per short ton)

$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
1/3/2005 1/3/2006 1/3/2007 1/3/2008 1/3/2009 1/3/2010 1/3/2011 1/3/2012
Ammonium Sulfate (Southern Plains) Margin over raw materials

Source: Green Markets

Notes on margin over raw materials calculation:

• Includes 25% of the indexed price of ammonia and 25% of the indexed price of sulfur.
• Reflects Tampa Ammonia and Central Florida sulfur indexed prices.

A $1/ton increase in ammonia pricing results in a $0.25/ton increase in ammonium sulfate raw materials cost

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Future Growth Projects

• Ammonium Sulfate Debottlenecking Project: Pre-financed through new debt

capacity1
˗ Plan to begin work in 2013 to increase AS capacity by 20% from 1,750 tpd to 2,100 tpd
• Engineering studies completed
• Additional production should contribute to distributions in 2H14
• SA available for sale (lowest margin product) will decline by over 50% to increase AS production (highest
margin product)

• Potential Cogeneration Project: May be financed through accordion feature of new

debt facilities2
˗ Can install steam turbine and use steam currently being vented from SA plant to produce
baseload power
˗ Facility could consume some of the power generated (electricity expense declines) with
remaining power exported and sold in deregulated TX market (revenue generation)

• Potential terminalling of fertilizer or other products using existing assets, deep

water docks and bulk solid and liquid storage capacity

Estimates as of 11/1/12
1Included in our financing package for this transaction.

2Accordion feature of debt financing package for this transaction requires additional lending commitments.

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Financial Forecast and Summary
Consolidated RNF Pro Forma Revenue & Gross Profit by
Major Product

Revenue by Major Product Gross Profit by Major Product

Ammonium Thiosulfate
Ammonium Thiosulfate Sulfuric Acid

Sulfuric
Acid
Nitric Acid Ammonium
Sulfate
Ammonia

Ammonia
UREA - Granulated &
Liquor

Ammonium Sulfate

UAN

UAN
UREA -
Granulated &
Liquor

Nitric Acid

25
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Snapshot: Rentech Nitrogen Partners, L.P.

Rentech Nitrogen Partners, L.P. (NYSE: RNF)

Market Capitalization1: $1.45B

Cash: $55.5M

Liquidity: Debt Capacity: $300M

Debt outstanding as of 11/1/12: $182M

Payout 100% of cash available for distribution

Distribution:
2012 distribution of $128M or $3.30 per unit2

Current Yield1: ~ 9%

Tax Shield3: 60% through 12/31/13

Rentech, Inc. (NYSE MKT: RTK) & owner of 60% of units

General Partner: No parent IDRs
Non-economic general partner

1As of 2/22/13
2As of 1/24/13
3As contained in RNF’s prospectus dated 11/3/11

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Rentech Nitrogen: Diversified Fertilizer Company

• The Pasadena facility buys approximately the same amount of

ammonia as East Dubuque sells
Ammonia Hedge • Captures ammonia premium between Tampa and Corn Belt
˗ Pasadena plant purchases ammonia based on lower Tampa prices
and East Dubuque sells ammonia at higher Corn Belt prices

• Ammonia margins benefit from the structural change in natural gas

• Ammonium sulfate margins have been relatively stable through
Attractive Product ammonia cycles
Margins • Ammonium sulfate prices historically correlate with prices of
ammonia and sulfur

• Corn, soybeans, potatoes, cotton, canola, alfalfa, and wheat

Diversified Crops & • Broad geographic coverage including Brazil
Markets • Demand is spread throughout the year

• Multiple locations mitigate impact of any site-specific events

Multiple Locations • Diversified location and products provide alternative revenue
streams

• East Dubuque Facility

Future Accretive Growth ˗ ~23% ammonia production capacity increase & storage expansion
• Pasadena Facility
Opportunities ˗ 20% increase in AS capacity through debottlenecking project
˗ Cogeneration and terminalling opportunities
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Rentech Nitrogen Partners, L.P.
Goldman Sachs Seventeenth Annual
Agribusiness Conference
Hunt Ramsbottom, CEO
February 26, 2013