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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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  which the holder of this certificate by acceptance hereof assents. This certificate is not valid until countersigned by the Registrar. 

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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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 1 Signature must be guaranteed by an “eligible guarantor institution” (i.e., a bank, stockbroker, savings and loan association or credit union) meeting the requirements of the Registrar, which requirements include membership or participation in theSecurities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

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 2 Address where shares of Common Stock and any other payments or certificates shall be sent by the Corporation. 

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| DateofExchange | Amount of decrease innumber of sharesrepresented by thisGlobal Preferred Share | Amount of increase innumber of sharesrepresented by thisGlobal Preferred Share | Number of sharesrepresented by this Global Preferred Share followingsuch decrease or increase | Signature ofauthorized officerof Registrar |
|----------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|--------------------------------------------|
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