Minutes of Banco de la Republica Board of Directors’ Meeting of 30th January 2012

On 30th January 2012, in the city of Bogota, the ordinary meeting of Banco de la Republica’s Board of Directors was held with the presence of the Minister of Finance and Public Credit Mr. Juan Carlos Echeverry, the Governor and Managing Director 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, as well as the perspectives for both situations are discussed, and decisions relating with the monetary policy are adopted.

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