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| Effective Date    | $5.00  | $7.50  | $10.00 | $12.40 | $13.64 | $14.88 | $20.00 | $30.00 | $40.00 | $50.00 | $60.00 | $70.00 |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| November 7, 2007  | 7.3042 | 6.9479 | 6.7563 | 6.6672 | 6.6425 | 6.6270 | 6.6119 | 6.6349 | 6.6521 | 6.6607 | 6.6648 | 6.6670 |
| November 15, 2008 | 7.6380 | 7.2375 | 6.9545 | 6.7986 | 6.7497 | 6.7158 | 6.6624 | 6.6673 | 6.6780 | 6.6827 | 6.6846 | 6.6854 |
| November 15, 2009 | 7.9582 | 7.6717 | 7.2946 | 7.0139 | 6.9143 | 6.8416 | 6.7160 | 6.6981 | 6.7010 | 6.7020 | 6.7024 | 6.7026 |
| November 15, 2010 | 8.0645 | 8.0645 | 8.0645 | 8.0645 | 7.3314 | 6.7204 | 6.7204 | 6.7204 | 6.7204 | 6.7204 | 6.7204 | 6.7204 |

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|   |  NOTICE:   The Signature to this Assignment Must Correspond with the Name As Written Upon the Face of the Certificate in Every Particular, Without Alteration or Enlargement or Any Change Whatever. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|           | Stock Price |
|----------------|-------------|
| Effective Date | $5.75       | $8.00 | $10.00 | $12.00 | $14.00 | $16.00 | $18.00 | $20.00 | $22.00 | $24.00 | $26.00 | $28.00 | $30.00 | $32.00 |
| June 22, 2009  | 27.7676     | 19.9580 | 15.9664 | 13.3053 | 11.4046 | 9.9790 | 8.8702 | 7.9832 | 7.2574 | 6.6527 | 6.1409 | 5.7023 | 5.3221 | 4.9895 |
| June 15, 2010  | 27.7676     | 19.9580 | 15.9664 | 13.3053 | 11.4046 | 9.9790 | 8.8702 | 7.9832 | 7.2574 | 6.6527 | 6.1409 | 5.7023 | 5.3221 | 4.9895 |
| June 15, 2011  | 27.7676     | 18.2770 | 14.2340 | 11.7298 | 10.0061 | 8.7368 | 7.7586 | 6.9796 | 6.3436 | 5.8143 | 5.3668 | 4.9832 | 4.6510 | 4.3602 |
| June 15, 2012  | 27.7676     | 13.4514 | 9.9233 | 7.9967 | 6.7645 | 5.8885 | 5.2237 | 4.6975 | 4.2690 | 3.9126 | 3.6114 | 3.3534 | 3.1298 | 2.9342 |
| June 15, 2013  | 27.7676     | 7.9810 | 4.4364 | 3.1299 | 2.5393 | 2.1885 | 1.9377 | 1.7422 | 1.5834 | 1.4513 | 1.3397 | 1.2440 | 1.1611 | 1.0885 |
| June 15, 2014  | 27.7676     | 4.1617 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| June 15, 2015  | 27.7676     | 4.1617 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| June 15, 2016  | 27.7676     | 4.1617 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| June 15, 2017  | 27.7676     | 4.1617 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| June 15, 2018  | 27.7676     | 4.1617 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| June 15, 2019  | 27.7676     | 4.1617 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |

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| MCMORAN EXPLORATION CO. |
|-------------------------|
| By:                     |   |
|                    | Name: | Kathleen L. Quirk |
|                    | Title: | Senior Vice President and Treasurer |

| ATTEST: |
|---------|
| By:     |   |
|    | Name: | Douglas N. Currault II |
|    | Title: | Assistant Secretary |

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| MCMORAN EXPLORATION CO. |
|-------------------------|
| By:                     |   |
|                    | Name: |   |
|                    | Title: |   |

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| BNY Mellon Shareowner Services,as Transfer Agent |
|--------------------------------------------------|
| By:                                              |   |
|                                             | Name: |   |
|                                             | Title: | Authorized Signatory |

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| Dateof Exchange |   | Amount of decrease in number of shares represented by this Global Preferred Share |   | Amount of increase in number of shares represented by this Global Preferred Share |   | Number of shares represented by this Global Preferred Share  following such decrease or increase |   | Signature of authorized officer of Registrar |
|-----------------|--------|-----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|
|            |   |                                                                              |   |                                                                              |   |                                                                                                       |   |                                         |
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|            |   |                                                                              |   |                                                                              |   |                                                                                                       |   |                                         |
|            |   |                                                                              |   |                                                                              |   |                                                                                                       |   |                                         |

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