Port of Seattle to Continue as Major U.S. Grain Exporter

Louis Dreyfus Corp. Sees Strong Growth in the Future

SEATTLE -- The Port of Seattle Commission today approved a long-term lease with Louis Dreyfus Corporation to take over operation of the Port's Terminal 86 grain export facility on Elliott Bay effective immediately.

Under terms of the lease with Louis Dreyfus, the Port is making a 20-year commitment to the grain export business at a time when Asian economies are rebounding, increasing potential markets for U.S. grain. In 1999, the Port of Seattle handled 1.9 million metric tons of grain exports at Terminal 86, up from 1.3 million tons the previous year.

"This agreement is very good news for U.S. grain exporters, the 200 people whose jobs are generated by Terminal 86 and the Port of Seattle," said Port of Seattle Commission President Jack Block. "We welcome this partnership with Louis Dreyfus which is a global leader in grain merchandising and trading."

The Louis Dreyfus Group is an international organization of companies owned by Paris-based S.A. Louis Dreyfus & CIE. The principal activities of Louis Dreyfus are worldwide trading and merchandising of agricultural and energy commodities, crushing and refining, citrus processing, and petroleum refining and marketing.

"Louis Dreyfus Corporation sees tremendous potential for long-term future growth in grain exports from America's Midwest and Northwest regions to both existing and new world markets, and this Port of Seattle facility is perfectly positioned to take advantage of those opportunities," said Don Carlson, vice president and regional manager for Louis Dreyfus Corporation.

The Commission authorized the assignment and assumption of an existing lease with Cargill, Inc., following U.S. Department of Justice (DOJ) approval of the proposed deal on March 1, 2000. Cargill had been ordered by the DOJ to divest its interest in Terminal 86,which it has operated since 1968, as part of Cargill's acquisition of Continental Grain.