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The Macquarie Group

Macquarie Bank Limited

and worldwide entities

Provides specialist investment, advisory and financial services in select markets around the world

Over 8,000 people in 18 countries

Macquarie Bank, the leading Australian investment bank, and its worldwide affiliated entities

The Macquarie Group

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• Stockbroking• Private banking• Financial planning • Portfolio management• Product distribution

via 3rd party advisers & direct

• Metals & mining• Agricultural

commodities• Energy• Foreign exchange • Debt markets• Futures• Treasury• Risk advisory• Capital management

• Banking• Margin Lending• Mortgages • Securitisation• Property investment

management• Property finance• Property investment

banking • Golf-related real estate

development

• Corporate finance• Structured finance• Infrastructure &

specialised funds• Cross-border leasing• Equity capital

markets• Lending & asset

financing• Institutional

stockbroking• Equities research

Banking (Aus)& Property

Equitymarkets

• Product issuance• Volatility trading• Structured deals• Cash trading• Equity finance

Fundsmanagement

• Full spectrum funds manager

• All major asset classes

• Enhanced indexing

Retail financial Services (Aus & NZ)

Investmentbanking

Treasury &Commodities

Major business activities

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Macquarie Bank Limited

Established in 1969 as Hill Samuel Australia

Acquired banking licence in 1985, became Macquarie Bank

Listed on Australian Stock Exchange 1996

Financial highlights at 31/03/2003:

market cap – €2.8 billion (USD 3.0 bn)

total assets – €18.0 billion (USD19.6bn)

total funds under mgmt - €29.0 billion (USD 31.6bn)

Solid credit ratings

Short-term Long-term

Fitch Ratings F1 A+

Moody’s Investors Service P1 A2

Standard & Poor’s A1 A

Macquarie Cotton

Laura Hopper

Senior Manager – Settlements Division

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New YorkCharleston

Sao Paulo~

London

SydneyMelbourne

Shanghai

An International Team

Macquarie Cotton

A broad array of products

Physical products

across various commodity classes

Cotton

Sugar

Grains – Wheat, Corn

Beans and Oilseeds

Coffee, Cocoa

Indices and baskets

Agricultural Commodities cont…

Physical growths:

US Cotton

Australian Cotton

Brazilian Cotton

West African Cotton

Cotton

The US is the largest exporter of cotton worldwide, producing 23.8 m bales and exporting 16.2 m bales of cotton per annum

Macquarie entered into a joint venture with Dyer Cotton Co. (Greenville, SC) in 2002 and in 2004 acquired 100% ownership.

Macquarie has been well received in the market and is currently one of the leading Cotton Merchants in the US.

We export over 500,000 bales of US cotton per annum, which is approximately 11,400 TEU / year.

Quality and specifications: All ranges from PIMA through to lowest traded US grades

US Cotton

We source across the cotton belt from California to Texas, the Delta States and the South East positions.

Our Supply Chain consists of Trucks, Rail and Ocean Vessels.

Ports we currently ship through: Los Angeles, Long Beach, Houston, Charleston and Savannah.

Export destinations include China, Turkey, India, Pakistan, Indonesia, Taiwan, Thailand, Colombia, Brazil, Vietnam and other worldwide destinations.

The Charleston, SC office is responsible for all Sales, Logistics and Settlements for US, Brazil and West African cotton.

US Cotton cont..

* Australian Cotton * Brazilian Cotton* West African Cotton

What We Stand For

Integrity

Client Commitment

Strive for Profitability

Fulfilment for our People

Teamwork

Highest Standards