Minutes of the Meeting of the Board of Directors of Banco de la República Held on 30th September 20111

On 30th September 2011, the ordinary meeting of Banco de la República’s Board of Directors was held in the city of Bogota, attended by the Minister of Finance and Public Credit Mr. Juan Carlos Echeverry, the General Manager Mr. José Dario Uribe, and the exclusive full-time dedicated directors, Messrs. Carlos Gustavo Cano, Juan Jose Echavarria, Fernando Tenjo, Juan Pablo Zarate, and Cesar Vallejo, at which inflation and economic growth, and the perspectives for both situations were discussed, and decisions relating to the monetary policy were adopted.

The attached document is a summary of the major topics addressed at the meeting.