CEPEA/ESALQ Cotton Price Index

Date	Cash Price	Daily %	Monthly %
09/20/12	80.52	-0.44 %	-1.91 %
09/19/12	80.88	-0.55 %	-1.48 %
09/18/12	81.33	-0.23 %	-0.94 %
09/17/12	81.51	-0.78 %	-0.71 %
09/14/12	82.15	-0.12 %	0.07 %
09/13/12	82.25	-0.12 %	0.19 %
Source: CEPEA Cents of Dollar per pound; Price tax convertion: NPR Price Series �

The elaboration of the CEPEA/ESALQ Index for cotton is carried out by daily prices collection through cotton farmers, traders, and textile mills, in the major producing areas in Brazil, to be delivered to Sao Paulo city.

The Index, previously nominated ESALQ/BM&F, started to be calculated in 1996, respecting an agreement with Sao Paulo Mercantile Exchange (BM&FBovespa). The main goal is to provide financial liquidation to the future contracts of this commodity.

The CEPEA/ESALQ Index for cotton has become a reference in the Brazilian cotton market. An expressive number of trades have been settled based on the Index. Cepea also publishes regional prices differentials measured by the Index.