Cotton Outlook Supply And Demand Forecasts: Lower Chinese Consumption Adds To 2012/13 Surplus

BIRKENHEAD, United Kingdom — September 20, 2012 — This month, Cotton Outlook has increased its
production forecasts for this season, with an addition of 48,000 tonnes, bringing the total to
25,276,000 tonnes. During the same period, the world consumption estimate for the season has been
lowered by 200,000 tonnes, to 21,980,000 tonnes, a change entirely attributable to China.

The adjustments result in a projected net increase in world stocks at the end of the season,
of no less than 3,296,000 tonnes.

Source: Cotlook Ltd.