Dunavant S.A., Geneva, a Swiss Corporation originally founded in December 1978, is a fully owned subsidiary of  Dunavant  Enterprises Inc., Memphis, Tennessee. U.S.A.

In its early stages, the Company was responsible to develop an agency network in Europe to promote and coordinate the Group’s sales efforts into Europe, Middle East and Africa.

Dunavant S.A. Geneva rapidly became involved in the trading of Raw Cotton from origins such as Tanzania, Turkey, Israel and Pakistan.

Today, Dunavant S.A. is handling in excess of 1.2 mio bales and has become the regional headquarter  for the Group responsible for sourcing as well as selling cotton in a territory, englobing Europe, Africa, the Middle East and all CIS countries.

In the late eighties, Dunavant SA began trading cotton with the Soviet Union and in 1991 soon after the symbolic fall of the Berlin wall, seized the opportunity of becoming a major player in all of the Central Asian Republics.

Dunavant S.A. is also one of the leading companies merchandising cotton from all West and East African producing countries.

With a view to securing an increased access to Eastern African origins, Dunavant S.A.’s recent strategy resulted in investments in out-growers programs and ginneries. Since the beginning of the year 2000, Dunavant SA owns and manages 6 ginning factories in Zambia with a total capacity of about 170,000 Mt of seed cotton, as well as an edible oil mill.

The Company recently also expanded its ginning activities acquiring 3 gins in Uganda and 1 in Mozambique, which completes it’s strategic investments in the South Eastern part of the African continent.

Dunavant S.A., with its worldwide network, leading industry position and through its privileged relationships, provides an unparalleled level of services to its customers and suppliers in the industry.

The Board of Directors of Dunavant S.A. (as at 1 January 2006)

Mr. Rickard Laurin, Chairman, Managing Director

Mr. Damase Büchi, Deputy Managing Director

Mr. Lucien Baruchel, Director

Mr. Pierre Chehab, Director

Mr. Philippe Muheim, Director

Mr. David Cavalleri, Director

Mr. Jean-Philippe Rochat, non- executive Director

Dunavant S.A. is an active member of the following association ICA (International Cotton Association, Liverpool), ACA ( African Cotton Association, Cotonou), BBB (Bremer Baumwollbörse, Bremen) and AFCOT (Association Française Cotonnière, Le Havre).