World Energy Consumption by Source

500
450
400
Quadrillion BTUs

350
300
250
200
150
100
50
0
1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004
Petroleum NatGas Coal NetHydro Net Nuke Other

Louis Dreyfus Energy Services Confidential 1

 World Energy Consumption
Year-to-Year Changes

World Energy Consumption

Year-to-Year Change

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%
1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005
-1.0%

-2.0%

Louis Dreyfus Energy Services Confidential 2

 World Energy Consumption
Annualized Growth Rates

World Energy Consumption

Compound Annual Grow th Rate

4.00% 3.71%

3.50%

3.00%

2.50%

2.00% 1.87%

1.50%
1.50%

1.00%

0.50%

0.00%
1980-1991 1991-2002 2002-2005

Louis Dreyfus Energy Services Confidential 3

 Ethanol Use vs. Gasoline Demand
RFS Volumes, ‘Required’ Ethanol Volumes and Gasoline Demand

11,000
10,000
9,000
8,000
7,000
MB/D

6,000
5,000
4,000
3,000
2,000
1,000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012

Renew al Fuels Standard 'Required' Ethanol Use Gasoline Demand

Louis Dreyfus Energy Services Confidential 4

 Renewable Fuels Standard Volumes
as a Percent of Total Gasoline Demand

6%

5%

4%

3%

2%

1%
2006 2007 2008 2009 2010 2011 2012

Louis Dreyfus Energy Services Confidential 5

 U.S. Corn Usage: Total and Ethanol

13

11
Usage (bil bu)

9
Total Demand
7 Ethanol Demand
5
3

1
06

08

10
90

92

94

96

98

00

02

04

20

20
19

19

19

19

19

20

20

20

20

Louis Dreyfus Energy Services Confidential 6

 U.S. Corn Usage & Carry Out Stocks
14 2.5
13 2.0

12 1.5

Stocks (bil bu)

Usage (bil bu)

1.0 Total Demand

11
0.5 Stocks Trend Yield
10
0.0 Stocks Yield Failure
9
-0.5
8 -1.0
7 -1.5
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010

Louis Dreyfus Energy Services Confidential 7

 Nearby Futures (monthly)
$11.00

$9.00

$7.00 corn
$5.00 soybean

$3.00

$1.00
Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06
Louis Dreyfus Energy Services Confidential 8
 cents/lb

5
7
9
11
13
15
17
19
Jan-01
Apr-01
Jul-01
O ct-01
Jan-02
Apr-02
Jul-02
O ct-02

Louis Dreyfus Energy Services

Jan-03
Apr-03
Jul-03
O ct-03
Jan-04
Apr-04
Jul-04
O ct-04
Jan-05
Apr-05

Time Period
(FOB Brazil)

Jul-05
O ct-05
Jan-06
Apr-06

Confidential
Jul-06
O ct-06
Historical and Forward Sugar Values

Jan-07
Apr-07
Jul-07
O ct-07
Jan-08
Apr-08
Jul-08
9
Forward
Historical
 Energy Price Comparison – 2001 – 2006
(Monthly Average in $/MMBtu)
PAWS 22SEP06
Nat Gas NYMEX M1(Adj) C WTI NYMEX M1(Adj) C
Unleaded USG Pipeline Platt's

20 20

18 18

16 16
U
14 14
S
$
/ 12 12
m
m 10 10
B
t 8 8
u
6 6

4 4

2 2
2001 2002 2003 2004 2005 2006

LOUIS DREYFUS ENERGY JAN01 to SEP06

Louis Dreyfus Energy Services Confidential 10

 NYMEX WTI Futures Prices – 2001 - 2006

PAWS WTI NYMEX Mth1(Adj) 22SEP06

Max. 74.463 Min. 19.404 Mean 40.388 Std.Dev. 15.909 Last 64.733
80 80

70 70

60 60
U
S
$ 50 50
/
B
b 40 40
l
30 30

20 20

10 10
2001 2002 2003 2004 2005 2006

LOUIS DREYFUS ENERGY JAN01 to SEP06

Louis Dreyfus Energy Services Confidential 11

 Unleaded Gasoline USGC 2001 – 2006
Prices in Cents/Gallon
PAWS Unleaded USG Pipeline Platt's 22SEP06

Max. 234.45 Min. 49.81 Mean 113.87 Std.Dev. 47.33 Last 157.08
250 250

200 200

U
S 150 150
c
/
G
a 100 100
l

50 50

0 0
2001 2002 2003 2004 2005 2006

LOUIS DREYFUS ENERGY JAN01 to SEP06

Louis Dreyfus Energy Services Confidential 12