Official KCA spot rates for local dealings in Pakistan rupees on Friday (February 13, 2004).

==========================================================================================================
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             3175.00             3651.25                  50                              3701.25
Equivalent          --------------------------------------------------------------------------------------
40 Kgs                3403.00             3913.45                  50                              3963.45
==========================================================================================================