Board Resolution No. 125/2013

BOARD RESOLUTION NO. 125/2013

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT — EXPORT OF LOCALLY PURCHASED GOLD FOR REFINING AND INVESTMENT ABROAD.

HAVING REVIEWED:

The Political Constitution of the State approved by referendum on January 25, 2009, and published on February 7, 2009.

Law No. 1670 of the Central Bank of Bolivia (BCB) of October 31, 1995.

Law No. 175 of October 11, 2011.

Supreme Decree No. 1167 of March 14, 2012, which regulates Law No. 175.

The Regulation for the Administration of International Reserves approved by Board Resolution No. 075/2012 of June 26, 2012, modified by Board Resolution No. 156/2012 of August 28, 2012.

The Regulation for the purchase of gold intended for international reserves approved by Board Resolution No. 046/2012 of April 17, 2012, modified by Board Resolution No. 155/2012 of August 28, 2012.

The purchase of 19 gold bars from the Bolivian Mining Corporation (COMIBOL) — Bolivian Gold Company (EBO).

The Report from the International Operations Management BCB-GOI-SRES-INF-2013-15 of September 3, 2013.

The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2013-304 of September 6, 2013.

CONSIDERING:

That Article 328 of the Political Constitution of the State establishes, as one of the attributes of the Central Bank of Bolivia (BCB), in coordination with the economic policy determined by the Executive Branch, the administration of international reserves.

That Law No. 1670 of October 31, 1995, provides that the BCB will administer and manage its international reserves in the manner it deems most appropriate for the fulfillment of its purpose, its functions, and for their adequate safeguarding and security, and that international reserves are immune from attachment, cannot be subject to precautionary, administrative, or judicial measures, nor can they be subject to any state tax or contribution.

That Law No. 175 of October 11, 2011, authorizes the BCB to purchase gold bars from State Mining Enterprises and COMERMIN intended to increase international reserves.

Supreme Decree No. 1167 of March 14, 2012, regulates Law No. 175 for the purchase of gold from COMIBOL-EBO.

That the Regulation for the purchase of gold intended for international reserves approved by Board Resolution No. 046/2012 of April 17, 2012, establishes the characteristics, conditions, and procedures for the purchase of gold bars intended for international reserves.

That Board Resolution No. 155/2012 of August 28, 2012, authorizes the contracting abroad of a transport company and a gold refining company, through a procedure approved by the Presidency of the BCB.

That the BCB purchased 19 gold bars from COMIBOL — EBO for approximately 176.2 kilos of fine gold, which require refining to obtain the status of London Good Delivery Bar, which will permit its investment abroad.

That in July 2013, the BCB signed the Standard Terms and Conditions Refining Agreement with the Swiss company MKS-PAMP.

That the International Operations Management in Report BCB-GOI-SRES-INF-2013-15 indicates that to obtain the good delivery status of the locally purchased gold and invest it in international financial markets, it is necessary to transport and refine the gold abroad, an exit from international reserves that requires the issuance of a Board Resolution of the BCB, which will permit the management of the issuance of a Ministerial Resolution from the Ministry of Economy and Public Finance.

That the Legal Affairs Management in Report BCB-GAL-SANO-2013-304 establishes that this Board Resolution does not contravene the current legal framework.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize the export abroad of the 19 locally purchased gold bars, with an estimated weight of 176.2 kilos of fine gold, for refining in Switzerland.

Article 2.- Authorize the investment of the refined gold in Switzerland in international financial markets in accordance with what is established in the Regulation for the Administration of International Reserves.

Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, September 10, 2013

Reynaldo

yuira Segal