Board Resolution No. 014/2013

BOARD RESOLUTION NO. 014/2013 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVES THE PURCHASE OF GOLD IN THE NATIONAL MARKET DESTINED FOR INTERNATIONAL RESERVES.

HAVING SEEN: The Political Constitution of the State approved by referendum on January 25, 2009, and published on February 7, 2009. Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB). Law No. 2042 of December 21, 1999. Law No. 175 of October 11, 2011, which provides for the purchase of gold by the BCB destined for international reserves. Law No. 211 of December 23, 2011 Law No. 233 of April 13, 2012 Supreme Decree No. 1167 of March 14, 2012, which regulates Law No. 175 of October 11, 2011. Supreme Decree No. 29881 of January 7, 2009, on the regulation of budget modifications. Board Resolution No. 082/2006 of October 3, 2006. Board Resolution No. 160/2012 of August 28, 2012. Board Resolution No. 046/2012 of April 17, 2012. Board Resolution No. 010/2013 of January 23, 2013. The Regulation for the Administration of International Reserves approved by Board Resolution No. 075/2012 of June 26, 2012. Modification to the Regulation for the Administration of International Reserves approved by Board Resolution No. 156/2012 of August 28, 2012.

//2. B.R. No. 014/2013 The note MEFP/VPCF/DGPGP/UGPPP/N° 0123/2012 from the Ministry of Economy and Public Finance dated May 3, 2012. The Report from the International Operations Management BCB-GOI-SRES-INF-2013-2 of February 1, 2013. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2013-31 of February 8, 2013.

CONSIDERING: That Article 328 of the Political Constitution of the State establishes as one of the attributes of the BCB, in coordination with the economic policy determined by the Executive Branch, the administration of international reserves, constituted by various internationally accepted assets, including gold. That Law 1670 of October 31, 1995 provides that the BCB will administer and manage its international reserves in the manner it considers most appropriate for the fulfillment of its object and functions and for their adequate safeguarding and security. That Law No. 2042 establishes that any budget modification must be carried out as indicated in the Budget Modification Regulation. That Law No. 175 of October 11, 2011, authorizes the BCB to buy gold bars from State Mining Enterprises and from the Commercialization Center of Miners of the Mining Cooperatives Ltd. (COMERMIN), which will be destined to the increase of international gold reserves. That Law No. 317 (Financial Law) of December 11, 2012 approves the General State Budget (PGE) for the 2013 management period, which includes the Budget of the Central Bank of Bolivia. That Supreme Decree No. 1167 authorizes the Ministry of Economy and Public Finance (MEFP) to issue Fiscal Credit Notes (NOCRES) charged to the General State Budget of each management period in favor of the BCB, so that the Issuing Entity assumes the effective rate of the Value Added Tax (VAT) on the purchase of gold bars from State Mining Enterprises, destined for international reserves. That Supreme Decree No. 29881 establishes the procedures for drafting, presenting, approving, and registering modifications to the Budgets of entities in the Public Sector. That Board Resolution No. 082/2006 approves the Specific Regulation of the Budget System of the Central Bank of Bolivia.

//3. B.R. No. 014/2013 That Board Resolution No. 160/2012 approves the Annual Operations Program (POA) and the Budget of the Central Bank of Bolivia for the 2013 management period. That Article 8 of the Regulation for the Administration of International Reserves establishes that gold purchase or sale operations will be authorized by the Board through an express resolution. That Article 9 of the Regulation for the purchase of gold from State Mining Enterprises (EMIES) destined for international reserves provides that the Board of the BCB will establish the maximum volumes of gold purchases from EMIES semi-annually. That through note MEFP/VPCF/DGPGP/UGPPP/N° 0123/2012 the Ministry of Economy and Public Finance requests that, in accordance with the requirements established in Supreme Decree No. 29881 of January 7, 2009, the following documentation be sent to it: Board Resolution, Legal Report, and Technical Report with price projections and gold purchase volumes that justify the additional budget for the 2013 management period. That the Report from the International Operations Management BCB-GOI-SRES-INF-2013-2 recommends approving the purchase of up to 200 kilos of gold bars in the 2013 management period, with an effective VAT rate of Bs 12.4 million, an amount for which the issuance of NOCRES must be processed. That according to the Report from the Legal Affairs Management BCB-GAL-SANO-INF-2013-31, the proposal to purchase up to 200 kilos of gold bars from COMIBOL in its capacity as a State Mining Enterprise, with an effective VAT rate amount of Bs 12.4 million presented by the International Operations Management, is legally appropriate as it does not contravene the current legal framework.

THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES: Article 1.- Approve the purchase of up to 200 kilos of gold bars in the 2013 management period from State Mining Enterprises, with an amount of effective Value Added Tax rate of Bs 12.4 million. Article 2.- Authorize the Presidency and General Management of the BCB to carry out the corresponding procedures so that the Ministry of Economy and Public Finance makes an inter-institutional transfer to the Central Bank of Bolivia for the amount of Bs 12.4 million to request the issuance of Fiscal Credit Notes charged to the General State Budget, within the framework of what is established in Supreme Decree No. 1167. Article 3.- The Presidency and General Management are in charge of the execution and compliance of this Resolution.

La Paz, February 14, 2013

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Marcelo Zabalaga Estrada

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Gustavo Blacutt Alcalá Abraham Pérez Alandia

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Hugo Dorado Araníbar Rafael Boyán Téllez

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Rolando Marín Ibáñez