AUDIT COMMITTEE FROM: The Secretary, Audit Committee 74497 Minutes of Meeting held on Wednesday, October 31, 2012 at 10:07 a.m. in the Board Room Present Committee Ms. Mokate (Chair) Mr. Cipollone Mr. Julia (Alternate) Mr. Manao Mr. Prasad Mr. Solomon Mr. Studart Mr. Whitehead Other Executive Directors and Alternates Messrs./Mmes. Al-Sheikh, Alvarez, Azizyan, Banda, Bor, Castro y Ortiz, Dufey, Feidieker, Hassan, Hua, Kearns, Lutfi, MacDonald, Maor Shavit, Mirjalili, Mufarrij, Mukai, Nanu, Orlos, Pedro, Qureshi, Rissmann, Schalk, Souvannachoumkham, Szczuka, Tareque Thakur, Thompson, Ubelis and Zang Officers and Staff Messrs./Mmes. Brady, Bravery, Chiquier, Diagne, Frazier, Harwood, Jessee, Kibua, Lauwers, Lin, Lopez, McDonough, Obuya, O’Connell, Raghavan, Ramasamy, Saavedra, Shyam-Sunder, Silva, Sreeram, Sridharan, Srinivasan, Tan, Tilmes, Townsend, Troy, Tuanda, Tufan, Venner, von Friedeburg, Berger (Committee Secretary) External Auditor (KPMG) Messrs. McFaddin, Stephens, Sweeney and Ytzen Issuer-Driven Exchange Traded Funds Program - Revised 1. The Committee discussed the Issuer-Driven Exchange Traded Funds Program (R2012-0198/2), which was revised following the Committee meeting held on October 3, 2012. The highlights and conclusions of its discussion were circulated to the Board (AC/GS2012-0030). FY12 COSO Reports for IBRD/IDA and Trust Funds, IFC and MIGA; and KPMG FY12 Management Letter for the World Bank Group 2. The Committee discussed the IBRD/IDA and Trust Funds - FY12 COSO Report on Internal Control over External Financial Reporting (ICFR) and Other Internal Control Activities (AC2012-0054), IFC FY12 COSO Report on Internal Control over External Financial Reporting (ICFR) (AC2012-0057), MIGA FY12 COSO Report on Internal Control over Financial Reporting (AC2012-0056) and KPMG FY12 Management Letter for the World Bank Group (AC2012-0059). Date of Next Meeting 3. The Committee was scheduled to meet on November 13, 2012. Adjournment 4. The meeting adjourned at 12:49 p.m.