2009 NAFTA

Mexico Sugar Update &

Prospects for GrowthPedro L. Figueroa

ED&F MAN SUGAR, INC.

E. D. & F. MAN – At a glance….British company originating back - Established 1783

Global leading supplierSugar, Coffee, Cocoa, Molasses, Cane Ethanol, Bio-Fuels

Recognized branded Industrial client base

Logistical and marketing link for growers

Reliable uninterrupted supply of high quality product for manufacturers

+5,000 employees worldwide in over 75 countries

British company originating back - Established 1783

Global leading supplierSugar, Coffee, Cocoa, Molasses, Cane Ethanol, Bio-Fuels

Recognized branded Industrial client base

Logistical and marketing link for growers

Reliable uninterrupted supply of high quality product for manufacturers

+5,000 employees worldwide in over 75 countries

Annual Revenues: US$ 8B

Sugar Investments / Market Participation - Mexico

Source: WASDE - USDA, Office of the Chief Economist

NAFTA 2009: The Current Picture, Part I (US)

NAFTA 2009: The Apparent Picture, Part II (Mexico)

Beginning Stocks: 940k MT

Production: 5,350k MT

Imports: 140k MT

Total Supply: 6,430k MT

Consumption: 4,900k MT

Exports: 750k MT

Ending Stocks: 780k MT

Total: 6,430k MT

MXN Demise – The Peso Story

Relative stability trading between 10 – 11 during 07/08 Significant USD strength Q4 08 through 1Q 09 – 30% devaluation USD expected to remain strong against other currencies on the back

of USD repatriation and Euro/Sterling weakness

Mexican Peso vs US Dollar

9

9.5

10

10.5

11

11.5

12

12.5

13

13.5

14

14.5

15

MXN

Mexican Sugar Exports & Projections

Exports to US for 07/08 at 0.5MMT Exports projected to rise to between 700KMT – 800KMT in 08/09 Sales to US driven by stronger returns in Pesos

Total 07/08 Mexican Exports vs 08/09 Projected Sugar Exports

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

1000000

08/09 07/08

Increase in domestic prices on the back of weaker Peso Export Refined Values app. $510-$520, Estandar $385-$395/MT Ex

Mill

MXN/50kg USD/Mt

Refined 285 542.85

Estandar 240 457.14

Mexican Domestic Prices (Aug 08) Ex-Mill Purchase

MXN/50kg USD/Mt

Refined 305 428.07

Estandar 250 350.87

Ex-Mill Purchase

Mexican Domestic Prices (Feb 09)

Logistics & Q.C. – Key to the Export Program

Bulk Rail Transfer Capabilities – Fixed Asset Investment (Mexico)

Foodservice Packaging Format, Specialty Sugars, Blends

Health & Food Safety/Accreditations

Rail vs. Maritime Freight Flexibility

Warehousing/Carry/Distribution

2009 Summary: What to expect…. Exports: +750k MT forecasted Refined vs. Non-refined imports Further consolidation in Mexico √ - Currency volatility Improved Logistics Enhanced QC Methods Closer to production marketing Wider array - products Closer transparency between

Mexican & US standards Reliable & continued

consistency in supply