Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Wednesday (December 31, 2003).

==========================================================================================================

The KCA Official Spot Rate for Local Dealings in Pak Rupees

----------------------------------------------------------------------------------------------------------

FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"                             MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

==========================================================================================================

                                        Ex-Gin Prices          Up-country             Spot Rate Ex-Karachi

Rate                   Ex-Gin             Including            Expenses                          Including

for                    Price            Sale Tax @ 15%                                     Sales Tax @ 15%

==========================================================================================================

37.32 Kgs             3225.00             3708.75                  50                              3758.75

Equivalent          --------------------------------------------------------------------------------------

40 Kgs                3456.00             3974.40                  50                              3024.40

==========================================================================================================