Slide1: Recommended A$5.31 Cash Offer for Queensland Cotton by Louis Dreyfus Commodities 22 May 2007


Important information about this presentation: Important information about this presentation This presentation has been prepared by Louis Dreyfus Commodities BV (“LDC”) and Queensland Cotton Holdings Limited (“QCH”) for general information purposes only, without taking into account any investor’s objectives, financial position or needs. This presentation is not investment advice or a recommendation to any investor. In making an investment decision, each investor must rely on its own assessment of the information in this presentation and should consult with their own legal, tax, business and financial advisors about any investment decision. To the extent permitted by law, each of LDC and QCH, their respective subsidiaries and their respective directors, officers, advisers and representatives, disclaims any and all liability for any loss or damage (whether from negligence or otherwise) which arises from information contained in or omitted from this presentation. Any of the information in this presentation may change, without notice and without any obligation on the part of LDC or QCH to update the information. This information is not a prospectus, a PDS or an offer or invitation of shares for subscription or sale. This presentation may contain statements of a forward looking nature and identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’, and ‘project’ and similar expressions. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. LDC and QCH do not undertake any duty to publish any update or revision of any forward looking statements.


Superior offer for shareholders: Compelling Price: A$5.31 per share 58.5% premium over last day of trading before the announcement of the Olam offer Exceeds independent expert valuation range of A$4.65 to A$5.13 High level of certainty: Cash payment No conditionality on minimum level of acceptances: this optimises certainty of the Offer Fast timing / payment The Offer will follow quickly; expected to open no later than early June 2007 Offer will be declared either unconditional or lapsed under its conditions within 5 business days of FIRB approval being granted If unconditional, payment to accepting shareholders will be made within 5 business days Superior offer for shareholders


Superior offer for shareholders: Superior offer for shareholders Queensland Cotton Holdings unanimously recommends that you accept the superior offer from Louis Dreyfus Commodities in the absence of a superior proposal: Substantially higher price 11.8% premium to Olam’s A$4.75 offer price High certainty of outcome No minimum acceptance condition Path to rapid payment for acceptances


Great outcome for QCH & Australian Agribusiness: Great outcome for QCH & Australian Agribusiness A Strong Partner : Financial capacity is key to solving the current challenges, and to a successful long-term international marketing strategy Long term strategy vision and capability for the cotton and other agricultural sectors Economies of scale LDC will contribute to Queensland Cotton’s scale Benefits the Australian cotton growing community LDC’s track record in partnerships, including with growers The platform for building a diversified Australian operation Our long term commitment to Queensland Cotton, and to Australian agribusiness Building on Louis Dreyfus’ 94 year history as key partner to Australian agribusiness


Louis Dreyfus Commodities & Queensland Cotton: Louis Dreyfus Commodities & Queensland Cotton LDC and QCH are a natural fit: LDC is present in all major world markets, except Australia Queensland Cotton has the largest footprint and capacity in the Australian cotton industry LDC does not currently handle Pima cotton and is undersized in the Far West USA upland cotton market Queensland Cotton has a significant presence in the Far West USA, and handles both Pima and Upland cotton Queensland Cotton has developed valuable customer relationships which are highly complementary to the customer relationships of LDC


LDC & QCH – growing stronger together: LDC & QCH – growing stronger together Queensland Cotton’s Strengths Knowledgeable and respected management team, respected brand Ginning and grower services Significant handler of Pima cotton Largest non-government ginning operation in the world Significant presence in Australia Large presence in Far West USA Access to premium grades of cotton throughout the year Cotton seed merchandising Farm inputs Loyal customer base


LDC & QCH – growing stronger together: LDC’s Complementary Strengths Working capital availability/financial strength Long term strategy Transportation/Logistics functions Risk management and complex hedge strategies Thorough knowledge of futures and options markets Largest warehouse operator in USA Ability to identify and capture arbitrage opportunities within the world cotton market Superior research capabilities LDC & QCH – growing stronger together


LDC - Background of Cotton Platform : LDC - Background of Cotton Platform The power required for QCH to step up to the next level: Volume of approximately 7 million bales Annual turnover is approximately US $2 billion. The largest cotton merchant in the world Approximately 16.5% of free world trade. The largest supplier of imported cotton into China Our Beijing office continues to grow and now includes a full research staff. Significant presence in South America, particularly Brazil Total annual volumes traded in South America exceed 1 million bales.


Next Steps: Next Steps A Bidder’s Document and Target’s Statement will be sent shortly to Queensland Cotton’s shareholders; The directors of Queensland Cotton unanimously recommend that shareholders accept the Offer in the absence of a superior proposal; In order to be able to benefit from the superior offer from Louis Dreyfus, shareholders should immediately take advantage of their legal right to withdraw any acceptance of the Olam offer; We look forward to discussing further with Queensland Cotton’s stakeholders and partners the benefits of this transaction to them We are available to answer your questions