Consolidated revenues in 1Q15 grew 27% compared to 1Q14, reaching COP 1.7 trillion 1.

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1 CEMENTOS ARGOS S.A. Results report as of March 31 st, 2015 BVC: CEMARGOS, PFCEMARGOS ADR LEVEL 1: CMTOY / ADR 144A: CMTRY - Reg-S: CMTSY EXECUTIVE SUMMARY Consolidated revenues in 1Q15 grew 27% compared to 1Q14, reaching COP 1.7 trillion 1. The consolidated EBITDA as of 1Q15 increased by 18% when compared to 1Q14, reaching COP 307 billion. USA Regional Division registered an EBITDA of USD 14.1 million in 1Q15, which represents a year-over-year increase of 671%. Volumes as of 1Q15 recorded significant growth, with dispatches of 3.2 million metric tons of cement and 2.5 million cubic meters of ready-mix, representing increases of 18% and 7% respectively when compared to 1Q14. Net income for 1Q15 reached COP 79 billion, increasing 3% when compared to the same quarter of Note: For comparison purposes, the 2014 EBITDA was reclassified to the presentation under International Financial Reporting Standards. Figures under auditing process 1 For the purpose of this report 1 billion = and 1 trillion =

2 1Q15 RESULTS REPORT A solid first quarter is reported, with a strong performance of all regional divisions and high dynamism in the markets where the company operates. We highlight the double-digit increase in cement volumes, with price recovery in both Colombia and the United States. The consolidated EBITDA reached in the first quarter reflects a significant increase, supported in structural improvements in all regional divisions, where continuous achievements are highlighted in terms of operational efficiencies and discipline on all fronts of the organization. RESULTS PER REGIONAL DIVISION COLOMBIAN REGIONAL DIVISION VOLUMES AND MARKET PERFORMANCE Dispatched cement volumes for 1Q15 registered an increase of 19% compared to 1Q14, reaching a total of 1.5 million metric tons for the quarter. This result reflects a solid performance of this regional division, especially when compared to the cement volume of the market, which increased 8% as of March 2015, according to the Colombian National Administrative Department of Statistics (Departamento Administrativo Nacional de Estadística, DANE ). In the concrete business, a 7% decline is registered during the quarter when compared to 1Q14, reaching levels close to 800 thousand cubic meters. This outcome is product of the selectivity the company has been conducting in order to attend the market with higher levels of profitability, preparing itself for the dynamism expected from the infrastructure developments. FINANCIAL RESULTS Revenues for Colombia Regional Division totaled COP 658 billion 2 for 1Q15, increasing 11% when compared to the first quarter of For the purpose of this report 1 billion = and 1 trillion =

3 The regional division s EBITDA closed at COP 192 billion for 1Q15, representing a decrease of 20% when compared to 1Q14, and resulting in a margin of 29%, 142 bps above the result in 4Q14, confirming an improvement in the competitive situation experienced in Additionally, this result reflects non-recurring expenses related to the maintenance and expansion project in Rioclaro - Antioquia, and a temporary increase in distribution and logistics costs due to the transport strike during March USA REGIONAL DIVISION VOLUMES AND MARKET PERFORMANCE USA Regional Division cement dispatches increased by 39% in 1Q15, compared to 1Q14, reaching levels of 635 thousand metric tons. When analyzing the results without the volumes from our Florida operation, which was consolidated from March 8, 2014, the annual growth was 27%. In the ready-mix business, 1.6 million cubic meters were sold in 1Q15, increasing 18% when compared to 1Q14. When performing the same analysis without Florida, ready-mix volumes grew by 9%. FINANCIAL RESULTS USA Regional Division registered revenues for USD 264 million during 1Q15, representing an increase of 31% when compared to 1Q14, reflecting a healthy organic growth of this operation, as well as an efficient integration of Florida. Supported on price recovery and operational leverage, USA Regional Division reached an EBITDA of USD 14.1 million in 1Q15, increasing 671%, compared to 1Q14. This result represents an EBITDA margin of 5.4% for the period, 445 bps above that obtained in the first quarter of 2014.

4 CARIBBEAN AND CENTRAL AMERICAN REGIONAL DIVISION VOLUMES AND MARKET PERFORMANCE The Caribbean and Central American Regional Division commercialized close to 951 thousand metric tons of cement in 1Q15, an increase of 15% compared to 1Q14, and which highlights the positive dynamics in Honduras, the consolidation of French Guiana and general growth in the rest of the markets, offsetting the decline in volumes in Panama due to the completion of shipments to the Canal. As for the concrete business, volumes reached levels close to 112 thousand cubic meters in 1Q15, 19% below those recorded in 1Q14. This result is mainly explained by the temporary decline in ready-mix volumes in Panama, which impacted the regional during the period, despite the positive dynamics in markets such as Dominican Republic and Suriname, which registered a year-over-year growth of 23% and 162% respectively in 1Q15. FINANCIAL RESULTS The Caribbean and Central American Regional Division registered revenues above USD 134 million in 1Q15, which represents a decline of 0.5% compared to 1Q14. The EBITDA generated by this regional division in 1Q15 registered a year-over-year increase of 15%, reaching USD 43 million, which represented an EBITDA margin 434 bps above the one recorded in 1Q14, by getting to 32% during the quarter. This result reflects the healthy performance of the Honduras operation, the completion of dispatches to the Panama Canal, the synergies that have been achieved with the assets in French Guiana, and the efficiencies obtained as part of our organizational excellence program, with decreases in the cost per ton in Honduras, Haiti, and Dominican Republic, of 17%, 13% and 6% respectively.

5 SUMMARY OF RESULTS Below, a summary is presented of the main consolidated indicators per regional division, at the closing of March 2015: Revenues EBITDA COP$ billion Var (%) 2015 Mgn (%) 2014 Mgn (%) Var (%) Colombia USA Caribbean & CA Subtotal Corporate Other Businesses Florida closing expenses Consolidated Result US$ million Colombia USA Caribbean & CA Corp. & other buss Florida closing expenses Consolidated Result US$ , , ,4-19, ,7 35 5,4 4 0,9 840, , , ,4 41, , , ,0 5,0 0 0 N/A -31 N/A -34 N/A N/A ,3 6 50, ,6 171,0 N/A N/A N/A 0 N/A -14 N/A N/A , , ,1 17, , , ,5-34, ,8 14 5,4 2 0,9 670, , , ,5 15, , , ,6 54,4 N/A N/A N/A 0 N/A -7 N/A N/A , , ,1-4,5 Note: Figures as of March 2015 under IFRS; figures as of March 2014 under COLGAAP

6 CASH FLOW AS OF MARCH 31 ST, 2015 (COP Billion 3 ): Initial Cash Jan EBITDA 307 NOWK Var Operating CAPEX Strategic CAPEX Tax - 41 Net Financial Expenses Net Dividends Net Other Non-Operating Net Financial Op FX effect + 16 End Cash Mar For the purpose of this report 1 billion = and 1 trillion =

7 INVESTMENT PORTFOLIO AS OF MARCH 31, : Company % Stake Price per Share (COP) Value (COP$ million)* Value (US$ million)* Grupo Suramericana 6.0% 33, , Bancolombia 4.0% 24, , Cartón Colombia 2.1% 4,825 11,141 4 Total 1,457, * Exchange Rate as of March 31, 2015: COP 2, / USD INDEBTEDNESS AND COVERAGE INDICATORS *: As of March 31 st, 2015, Cementos Argos consolidated financial debt rose to USD million, of which 42% was denominated in Colombian pesos and 58% in US dollars. The average annual cost of debt in Colombian pesos closed at 8.4%, while in US dollars was of 2.9%. At a consolidated level, at the closing of March 2015, the debt coverage indicators continue to show adequate levels: the Net Debt / EBITDA + Dividends ratio registered a value of 3.56x; the EBITDA / Interest ratio closed at 5.97x; and the Net Debt / Equity ratio was of 67.82%. * Note: From this quarter, the net debt and the EBITDA will be calculated with the same exchange rate 4 The variations of the non-cement investment portfolio do not affect the income statement of Cementos Argos, but they do have an effect on the figures of the general balance sheet, through the account of valuations and depreciations. All of these companies periodically report their results, for which there is no detailed information about them in this report.

8 CEMENTOS ARGOS S.A. CONSOLIDATED P&L STATEMENT As of March 2015 In COP million or USD million As of March 2015 IFRS As of March 2014 IFRS Var. (%) As of March 2014 COLGAAP Operating revenues , US$ Dollars ,7 645 Variable costs , Cost of goods sold , Depreciation and amortization , Gross profit , Gross margin 20,8% 24,7% 25,5% Overheads , Administrative expense , Selling expense , Depreciation and amortization , Operating profit before impairment, restructuring , Operating margin 10,0% 11,7% 12,6% Other income and other expenses (3.789) 150,6 0 Operating Profit , Operating margin 10,1% 11,4% -11,5 12,6% EBITDA , US$ Dollars ,5 130 EBITDA margin 18,6% 20,0% -7,0 20,1% Financial, net (46.197) (16.688) -176,8 (27.893) Exchange rate differences, net , Pre-tax profit (loss) , Income tax , Profit (loss) from continuing operations , Minority interest , Net Income , US$ Dollars ,8 39 Net Margin 4,8% 5,9% 6,1% For comparison purposes, the 2014 EBITDA was reclassified to the presentation under International Financial Reporting Standards. Figures under auditing process

9 Mar. 31 Dic Var. (%) Cash and cash equivalents (5) Current investments (74) Trade and other Receivables Intercompany and associate account current receivables (0) Inventories Current tax assets, current (3) Other non financial current assets Total current assets different than the non current assets or group of assets for its disposition classified as non current assets held for sale or held for distribution to the shareholders Non current assets or group of assets for your disposition classified as held for sale of held for distribution to the shareholders Total current assets Property, plant and equipment Investment property (2) Goodwill (25) Intangible assets different from goodwill Investment in subsidiaries, joint ventures, and associates Non current biological assets Trade receivables and other non current receivables Intercompany and associate account non current receivables (100) Deferred tax assets Other finalcial non current assets (21) Other non financial non current assets Total non-current assets (7) Total assets (5) Short-term financial liabilities (1) Pension & other employee benefits current provisions Current provisions Total current provisions Current trade and other payables (8) Intercompany and associate account current payables - 29 (100) Deferred current tax Other current financial liabilities (0) Other current non financial liabilities (9) Total current liabilities different than the liabilities included in the group of assets for its disposition classified as held for sale (2) Tota current liabilities (2) Long-term financial liabilities (6) Pension & other employee benefits non-current provisions (2) Other non current provisions Total non current provisions Long-term trade and other payables (6) Deferred tax Deferred current tax Other Long-term financial liabilities (15) Long term bonds Other Long-term non financial liabilities Total non-current liabilities Total liabilities (0) Common stock Treasury shares Additional paid-in capital Net Income (72) Retained earnings Other components of equity (13) Reserves Other reserves Equity attributable to shareholders (6) Non-controlling interest (40) Total equity (10) Total equity and liabilities (5) Figures under auditing process CEMENTOS ARGOS S.A. BALANCE SHEET COP million

10 INFORMATION REGARDING RESULTS TELECONFERENCE The conference call to discuss 1Q15 results will be held on Wednesday, May 27, 2015 at 10:00 a.m. Local Time (11:00 am Eastern Time). Conference ID #: Telephone numbers: United States / Canada: (866) Colombia: Int'l/Local: (706) Q15 results presentation and report are available from today Wednesday, May 27, 2015 at the Investor Relations website of Cementos Argos: IR CEMENTOS ARGOS - CONTACT INFORMATION Gustavo Uribe - IRO Manuela Ramirez - IR Director David Olano - IR Leader

Consolidated EBITDA totalized COP$ 1,5 trillion (US$ 799 million), an increase of 14% in pesos and 11% in dollars. EBITDA margin stood at 26%.

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