X0202 4 2005-07-22 0 0000879575 TERRA NITROGEN CO L P /DE TNH 0001195239 BAILEY COLEY L 600 FOURTH STREET P.O. BOX 6000 SIOUX CITY IA 51102-6000 1 0 0 0 Phantom Unit 2007-11-01 4 J 0 2281.603 125.37 A 2281.603 D Phantom Unit 2007-11-01 4 J 0 2281.603 125.37 D 0 D Phantom Unit 0.00 2005-07-22 4 A 0 1250 29.80 A Common Unit 1250 1250 D Phantom Unit 0.00 2005-08-24 4 A 0 53.7 33.75 A Phantom Unit 53.7 1303.7 D Phantom Unit 0.00 2005-11-23 4 A 0 15.64 25.00 A Phantom Unit 15.64 1319.34 D Phantom Unit 0.00 2006-06-01 4 A 0 1250 21.26 A Phantom Unit 1250 2569.34 D Phantom Unit 0.00 2006-08-25 4 A 0 118.963 19.87 A Phantom Unit 118.963 2688.303 D Phantom Unit 0.00 2006-11-27 4 A 0 85.56 31.42 A Phantom Unit 85.96 2773.863 D Phantom Unit 0.00 2007-02-27 4 A 0 63.474 42.39 A Phantom Unit 63.474 2837.337 D Phantom Unit 0.00 2007-05-29 4 A 0 57.696 82.39 A Phantom Unit 57.696 2895.033 D Phantom Unit 0.00 2007-06-01 4 A 0 1250 86.60 A Phantom Unit 1250 4145.033 D Phantom Unit 0.00 2007-08-27 4 A 0 136.57 91.05 A Phantom Unit 136.57 4281.603 D Phantom Unit 0.00 2007-11-01 4 J 0 2281.603 0.00 D Phantom Unit 2281.603 2000 D This transaction represents the reporting person's right, pursuant to a special transition rule under Section 409A of the Internal Revenue Code and to the award agreement with Company, to convert a portion of the reporting person's outstanding Phantom Unis which are part of his director deferred compensation in an amount equivalent to the NYSE closing price on the date of the reporting person's election times the number of Phantom Units elected to be converted. Cash equal to such value will be paid to the reporting person on January 15, 2008. Phantom Units convert to the cash value of the Company's common units on a one-for-one basis. These units represent deferred director's compensation under the Company's deferred compensation plan for outside directors. The units are settled in cash after the reporting person ceases to be a director of the Company. These units represent cash distribution equivalents on deferred director's compensation under the Company's deferred compensation plan for outside directors. The units are settled in cash after the reporting person ceases to be a director of the Company. John W. Huey, By Power of Attorney for Coleman L. Bailey 2007-11-05