AUDIT COMMITTEE
                                                                                             74426
FROM: The Secretary, Audit Committee

                          Minutes of Meeting held on Wednesday, July 18, 2012
                                     at 2:35 p.m. in the Board Room

Present

Committee
Ms. Mokate (Chair)
Mr. Cipollone
Mr. Gooch (Acting Alternate)
Mr. Julia (Alternate)
Mr. Manao
Mr. Prasad
Mr. Studart
Mr. Whitehead

Other Executive Directors and Alternates
Messrs./Mmes. Alvarez, Baeten, Carmignani, Castro y Ortiz, Dufey, Fernando, Garcia, Hoven, Hua,
Inaka, James, Kalyalya, Kane, Kantor, Larose, Liu, Lumala, MacDonald, Maor Shavit, Mendes Dias,
Mihaylova, Mirjalili, Namjildorj, Nanu, Orlos, Ostos, Panov, Pasi, Pedro, Rissmann, Ruggiero, Schneller,
Souvannachoumkham, Szczuka, Thakur, Thompson, Ubelis, Vumendlini-Schalk and Zang

Officers and Staff
Messrs./Mmes. Bravery, Ceran, Cumming, Hemond, Hofman, Kaldany, Lauwers, Meddin, Philip,
Sundberg, Vovk and Berger (Committee Secretary)

External Auditors (KPMG)
Mr. Wheeler


Use of IFC's FY12 Net Income: Retained Earnings and Designation of Retained Earnings

1.      The Committee discussed the document entitled Use of IFC's FY12 Net Income: Retained
Earnings and Designated Retained Earnings (IFC/R2012-0254). The highlights and conclusions of its
discussion were circulated to the Board (AC/GS2012-0026).

Record of Previous Approvals

2.    The Committee recorded its approval of the minutes of the meetings of April 25
(AC/M2012-0012), May 16 (AC/M2012-0013), June 1 (AC/M2012-0015), June 8 (AC/M2012-0016;
BC/M2012-0015) and June 11, 2012 (AC/M2012-0017).

Other Business

3.        The Committee discussed the next steps in the process for the 5-Is report.

Date of Next Meeting

4.        The Committee was scheduled to meet on July 25, 2012.

Adjournment

5.        The meeting adjourned at 3:37 p.m.