Investing in Colombia - A Guide for Successful Investors

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1 INVESTOR S GUIDE 2 Investing safely and reliably Shortcuts Step by step to invest Collective Portfolios New tool for stock purchase Training courses for isa s shareholders General Information for Inquiries ISA, aware of its commitment with its shareholders, desires to continue contributing with this Investor s Guide for further understanding of the stock exchange world and provide you with tools for you to carry out investments according to your investment capacities through the mechanisms existing nowadays in the market. In this guide you will find information about the various options to invest with minimum amounts of money, through broker firms or by using the collective portfolio of such firms. Additionally, other mechanisms are included as the stock purchase through the internet-supported "E-trading" system. Finally, further below you will find certain recommendations for handling these matters. Thus, the Company keeps it s Corporate Social Responsibility -CSR- commitment to its shareholders, which consists in Growing with profitability and value generation and, in compliance thereof, this publication is for informative purposes only, where you can consult aspects of your interest. STOCK INVESTMENT When making the decision to invest in the stock market, remember that you can choose one of two kinds of investment as it best fits your profile, possibilities and interests. They are: 1. Individual investment on stock: As an investor through a Stock Broker Company, you can directly choose the securities (shares) to be acquired and managed. 2. Through collective portfolios: You join a group of people that gather certain money amount, which may be invested on different securities. This investment is managed by the Stock Broker Company of your choice. As investor, you are the owner of a portion of the Fund equal to the money amount provided, in accordance with the specific rules of each Fund. the mode selected, as well as the price of the securities (shares) you desire to acquire and the Stock Broker Company SBC- of your choice. The minimum amount of the investment required to participate in the Stock Market will depend on continued on next page

2 continued on previous page Each mode may vary depending on the Stock Broker Company: from one (1) million pesos for individual stock and from 50 thousand pesos for collective portfolios. Step by step to invest Individual investment on stock Through collective portfolios 1. Open an account at the Stock Broker Company 1. From all the funds available in the market of your choice. 2. Define the investment according to your preferences. determine which meets your expectations of return. 2. Open an account in the Stock Broker 3. The Stock Broker Company makes the Company that manages the chosen collective portfolio. investment based on the money made available by you, your profile and the best opportunity in the market. 3. The Stock Broker Company manages the 4. The certificates acquired are entered into your 4. Keep yourself informed on how the account from the relevant security deposit. securities from the collective portfolio. investment evolves in the portfolio. 5. Be aware of your investment in detail and manage the same with the advice of the Stock Broker Company.

3 Collective Portfolios WHAT ARE COLLECTIVE PORTFOLIOS? A collective portfolio is a mechanism of collecting resources to invest in shares from different market issuers, the contributions of which are made by a group of people and on which a collective economic yield is expected. There are several types of collective portfolios, which you must first consult considering your time of investment and the need for the resources: In open collective portfolios, you may redeem your investment at any time, depending on the particular requirements of each stock broker firm. In closed collective portfolios, you will only receive all your investment and returns by the end of the term of duration of the portfolio. In the case of stepped collective portfolios, the redemption of the amount of your investment and returns is made after certain term set in the rules conforming the collective portfolio have elapsed, where the minimum term is 30 days. POSITIVE ASPECTS OF COLLECTIVE PORTFOLIOS Your chances of having returns are increased by investing in diverse stock from different companies. Investments are made on various market issuers, allowing you to diversify your investment and its risks, as the ups and downs in the market are offset and the investment is not at risk under a single stock. There are different types of portfolios and options that may best fit your risk profile and preferences on securities and companies to invest on.

4 New tool for stock purchase INTERNET E-TRADING It is an automated platform to buy and sell shares listed on the Bolsa de Valores de Colombia-BVCthrough Internet, which allows you to directly make electronic trading with high level of performance and stability, designed for investors who wish to operate directly from the web. With this system, you can enter the Colombian stock market quickly, transparently, efficiently and without intermediaries. Benefits: Direct access to real-time market. Placement of stock purchase and sale orders that automatically enter into the trading market. Also, you may track in live the stock trading and your stock portfolio second by second. Reduced transaction costs. It is imperative for you as an investor to have sufficient knowledge to make direct investment decisions through this mechanism. For further information on Stock Broker Companies that currently have this investment mechanism, consult the following link: We recommend you to inquire with the various Stock Broker Companies providing this service about the costs that will be incurred by you when using this mechanism, as these may vary according to each firm. For further information on the minimum amounts to trade through e-trading, please visit the following link where you can review the SBCs providing this service and the required amounts for joining and trading:

5 TRAINING COURSES FOR ISA S SHAREHOLDERS For people interested in learning more about the stock market and stock trading, the Bolsa de Valores de Colombia offers a series of training courses that will allow investors to become more active and have stronger skills to manage their investments. For ISA s shareholders, the Bolsa de Valores will offer a 15% discount for the whole To use this opportunity, you may contact in Bogota the Investor Individual, Carolina Muñoz (cmunoz@bvc.com.co) to phone number +57 (4) Ext If you are interested, you can find the dates and schedules at the website of the Bolsa de Valores de Colombia. Some of the courses offered are: Basic Level: How to invest in stock The course How to invest in stock is aimed to disseminate the basic knowledge required to plan investments in the Colombian stock market. This course allows people to learn the structure of capital markets in Colombia, identify the benefits of being a shareholder of a company, identify the best investment options in the Colombian capital market and develop basic criteria for the analysis of stock investment, among others. Intermediate Level: Investing in Stock The course Investing in stock is focused on the use of technical analysis tools and critical for making successful investment decisions. This course allows people to learn how to interpret the balance sheets of publicly traded companies and make decisions based on these movements, have the tools to adopt investment strategies for short, medium and long term based on the local and global macroeconomic outlook and develop an average knowledge on technical tools for price analysis and examine the creation of technical strategies for making decisions in the stock market. Advanced Level: Investment Portfolios The course Investment Portfolios is focused on risk management, in order to achieve adequate diversification of investments, and planning for a portfolio according to the needs and profile of the investor. This course allows people to identify and learn about different investment assets, diagnose the level of risk exposure in a stock portfolio, structure with basic risk tools on personal investment portfolios, implement tools for measuring and monitoring the behavior of portfolios and develop strategies for the restructuring of their portfolios. For more information, go to the website of the Bolsa de Valores de Colombia

6 General Information for Inquiries National toll-free shareholder s assistance line: Local Medellín +57 (4) accionesisa@isa.com.co Fax: +57 (4) Shareholder s assistance office Medellín Calle 12 Sur No , ISA, Bloque 3- Piso 2. Tel: +57 (4) Fax: +57 (4) El Poblado, Medellín-Colombia Carrera 48 No , Torre Sur, Piso 5D Avenida Los Industriales, Barrio Colombia Tel: +57 (4) Fax: +57 (4) El Poblado, Medellín-Colombia Bogotá Shareholder s Assistance Office Calle 30A No Piso 19. Tel: +57 (1) Fax: +57 (1) Bogotá Colombia Please consult ISA S webpage for correspondence receipt offices at the different cities. As mutually agreed with the Colombian Stock Exchange, ISA has implemented the on-line Market under its webpage where the market stock movements are updated each three (3) minutes. Bolsa de Valores de Colombia (Colombian Stock Exchange) BVC Assistance Sites: Operating Hours 8 a.m. 5 p.m. Bogotá Cra. 7 No , primer piso. Tel: +57 (4) ext Medellín Cra. 43a No. 1-50, local 301, San Fernando Plaza Tel: +57 (4) Universidad de Medellín Cra. 87 No Bloque 14 - Laboratorio Financiero Tel: +57 (4) Cali Calle 22 N No. 6AN-24, Of. 203, Edificio Santa Mónica Central ICESI, Calle 18 No Tel. +57 (2) ext. 868/869/872/873 UNIVERSIDAD AUTÓNOMA DE OCCIDENTE Bucaramanga UNAB, Calle 48 No , Ed. Armando Puyana, primer piso, Tel: +57 (7) ext. 404 Barranquilla Uninorte, Km. 5 vía Puerto Colombia, Edificio posgrados piso 2 Operating hours: 8 a.m. 2 p.m. At BVC assistance sites you will find training courses, internet access, phone contact with Stock Broker companies and informative screens. The following s may be contacted for further information: formacion@bvc.com.co nuestrabolsa@bvc.com.co LINKS OF INTEREST At the following sites you may find stock-market information: STOCK MARKET TRADING HOURS Stock trading at BVC is at any business day between 9 a.m. to 1 p.m..