Cotlook Estimates; Lower Production And Higher Consumption Do Little To Reduce Surplus

MEMPHIS, Tenn. — December 20, 2012 — Adjustments to Cotton Outlook’s world supply and demand
estimates during the past month imply a surplus of 3,617,000 tonnes at the end of the 2012/13
season, compared to 3,683,000 indicated a month ago.

The global production forecast has been lowered by 28,000 tonnes, owing principally to
reductions from the US and some smaller producers, which more than offset higher figures for the
African Franc Zone. Global consumption has been revised upwards by 38,000. This change is
attributed to Brazil and the Indian subcontinent.

Posted on December 20, 2012

Source: Cotlook Ltd.