1. Financial Report 2011 February 2012

2.  Comments  Financial Statements  Other Matters

3.  Comments  Financial Statements  Other Matters

4. Comments  Revenues In second half the dollar strengthened against the Brazilian Real and revenues from investment increased.  Projects Two projects funded: 8th Brazilian Cotton Conference and the Book version of the Study of the Brazilian Cotton Chain  Expenses Completion of building work for IBA headquarters; Visual communication, graphical lay-out and IBA website development. Financial Operations Tax (IOF) expenses follow changes in dollar

5.  Comments  Financial Statements  Other Matters Balance Sheet Income Statement Administrative expenses Exchange Cash and Investments

6. Financial Statements BALANCE SHEET

7. Financial Statements INCOME STATEMENT

8. Financial Statements ADMINISTRATIVE EXPENSES

9. Financial Statements EXCHANGE RATE Exchange rate fluctuation up until 31/12/2011: 13.63% Source: Central Bank of Brazil

10. Financial Statements CASH AND FINANCIAL INVESTMENTS

11.  Comments  Financial Statements  Other Matters Projects

12. Other Matters PROJECTS

13. Executive President Administrative and Financial Directorate SHN QD 02 BLOCO F SALA 1426 ED. EXECUTIVE OFFICE TOWER 70.702-000 – BRASÍLIA – DF Tel: +55 61 3022-8300