Market Review. Cementos Argos took control of Lafarge Cementos SA. 3/09/2013. Economic Research Department. Contents

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1 Market Review Economic Research Department 3/09/2013 Cementos Argos took control of Lafarge Cementos SA. Cementos Argos acquired cement assets in Central America for 232 million euros, equivalent to 53.3% of the shares of Honduran society Lafarge Cementos SA. Contents 1. LOCAL MARKET Equities Foreign Exchange Fixed Income... Error! Marcador no definido. 2. INTERNATIONAL MARKETS United States Equities Fixed Income Europe Asia Latin America COMMODITIES... 6 Market Review This report is available online at:

2 1. LOCAL MARKET 1.1 Equities COLOMBIA INDEXES LAST % 1D % 5D % 1M % YTD COLOMBIA COLCAP INDEX 1, (5.19) IGBC GENERAL INDEX 13, (0.05) 1.22 (0.37) (6.66) COLCAP COLOMBIA COL20 INDEX 1, (6.66) ISHARES COLCAP 17, (4.88) 1738 UPTURNS PRICE % 1D % 5D % 1M % YTD TABLEMAC SA GRUPO NUTRESA SA 28, BANCO DAVIVIENDA SA 24, DOWNTURNS PRICE % 1D % 5D % 1M % YTD 1732 CANACOL ENERGY LTD 7, (2.21) (2.91) (9.35) (19.74) PACIFIC RUBIALES ENERGY CORP36, (1.52) (2.40) (4.44) (19.07) MINEROS SA 3, (1.30) (1.28) (4.13) (18.72) 08:55 10:25 11:55 13: :55 The government and the miners reached an agreement and put an end to a strike that lasted 48 days. The agreement includes four points. The first is related to the criteria for the destruction of machinery that can be related to illegal mining. It also seeks to formalize the small mechanized mining. Cementos Argos cement assets acquired in Central America for 232 million Euros. With the $ 880 million resources earned by last May s IPO, it acquired 53.3% of the shares of Honduran society Lafarge Cementos SA. Duratex published at São Paulo Stock Exchange a statement of the Acquisition Public Offer to be made by the 15% of Tablemac s shares at a price of $ 8.6 per share. For this reason the shares were suspended today. The Stock Exchange of Colombia defined the composition of the index basket COLIR. The initial value of the index is 1,000 points at the opening August 30, Foreign Exchange Currency LAST % 1D % 5D % 1M % YTD Euro Spot (0.14) (1.64) (0.63) (0.14) British Pound Spot (4.24) Swiss Franc Spot (0.19) (2.00) (0.94) (2.22) Turkish Lira Spot (1.76) (1.04) (6.20) (13.32) Currency LAST % 1D % 5D % 1M % YTD Colombia Curncy Mkt COP Brazilian Real Spot (2.14) (12.94) Mexican Peso Spot (0.46) (1.21) (5.62) (4.06) Chilean Peso Spot (0.08) (6.06) Currency LAST % 1D % 5D % 1M % YTD Japanese Yen Spot (0.24) (2.55) (1.28) (12.88) China Renminbi Spot (0.01) Dollar In today's session the dollar had an increase of $ 3.50 pesos regarding of the opening, closing at $ , having reached a high of $ 1, and a low of $ 1, Facing ISM manufacturing data in the U.S. Euro The euro shows a decrease of (0.14%), at a price of (U.S. $ ). Because U.S. ISM and the crisis around Syria. 2

3 TES 4/2013 TES 11/2013 TES 1/2014 TES 5/2014 TES 9/2014 TES 11/2014 TES 10/2015 TES 11/2015 TES 6/2016 TES 10/2018 TES 7/2020 TES 5/2022 TES 7/2024 TES 8/2026 A&V Market Review 1.2 Fixed Income Public Debt Colombia FIXED INCOME - TES /2/2013 9/3/ Yields on securities maturing on June 2016 showed the biggest declines, falling 7.5 bp, followed by TES maturing on October 2015 which fell 7.1 pb. TES yields maturing on July 2024 that had a rise of 0.073% closing at 7.075%. MEC FIXED RATE (COP) REFERENCE Open High Low Close Volume Open High Low Close Volume 11/14/ , /15/ , /14/ , , /12/ , /11/ /28/ , , /11/ , /15/ , , /24/ , /24/ , /4/ , , /24/ , , /26/ , REFERENCE Open High Low Close Volume Open High Low Close Volume 2/25/ /17/ /10/ /23/ UVR SEN SEN s most traded securities during the day were the TES fixed rate maturing on October 2015 and June 2016 whose volumes traded were $ 519 billion and $ 627 billion pesos respectively. The most traded MEC title was the TES maturing on July 2024 which amount traded was $ 496 billion pesos. 3

4 6/6/ /14/ /30/ /15/ /30/ /30/ /30/ /30/ /15/ /15/ /15/ /15/2027 2/15/2031 5/15/ /15/2042 A&V Market Review 2. INTERNATIONAL MARKETS 2.1 United States Equities U.S. INDEXES LAST % 1D % 5D % 1M % YTD S&P 500 INDEX 1, (1.03) (4.09) DOW JONES INDUS. AVG 14, (0.75) (5.26) S&P NASDAQ COMPOSITE INDEX 3, (1.23) (2.09) S&P 500 SECTORS PRICE % 1D % 5D % 1M % YTD 1640 S&P 500 FINANCIALS INDEX (1.69) (5.97) S&P 500 INDUSTRIALS IDX (1.64) (4.10) S&P 500 ENERGY INDEX (2.07) S&P 500 UTILITIES INDEX (1.13) (1.37) (7.20) 4.87 S&P 500 INFO TECH INDEX (1.59) (2.16) :40 12:10 13:40 15: The ISM manufacturing index in the United States was higher than market expectations, as markets awaited a figure of 53.8 points, the index reached 55.7 in August. Indicating that the manufacturing sector is expanding at a faster pace. Highlights Microsoft bought the handset unit of Nokia, for 7,200 million. In order to gain ground in the smartphone market. Microsoft's share lost 4.94% while that of Nokia rose 31.28%. Construction spending in the U.S. was higher than market expectations in July, doubling the market consensus which stood at 0.3% of monthly variation. The manufacturing PMI fell 0.6 in August from the previous month, when it reached Fixed Income United States Treasures U.S. TREASURIES 9/2/2013 9/3/ U.S. treasuries price fell today. Yields on 10-year bonds closed at %, up 0.02%. Today seven-year notes auctioned. 4

5 2.2 Europe EUROPE INDEXES LAST % 1D % 5D % 1M % YTD DAX INDEX (0.77) (0.75) (2.69) 7.47 EURO STOXX CAC 40 INDEX (0.80) 0.13 (1.77) FTSE 100 INDEX (0.58) 0.43 (2.70) IBEX 35 INDEX (1.50) SWISS MARKET INDEX (0.32) (0.25) (1.23) FTSE MIB INDEX (0.28) FTSE EUROTOP 100 INDEX (0.53) 0.70 (1.16) 5.91 MSCI EUROPE (0.42) :15 04:45 06:15 07:45 09:15 10: The producer price index, excluding the construction sector, in the common area increased 0.3% in July compared to June. In terms of annual change, there was an increase of 0.2% from the same month last year. Highlights on the Region In the second quarter gross domestic product of Switzerland had the best year performance since the first quarter of GDP grew 2.5% over the same period of The PMI construction index in the UK was higher than market expectations. While the market consensus stood at 58.4 points, the index reached 59.1, indicating that the sector is expanding at a faster pace. European shares fell on Monday, offsetting the increase of 34% in the shares of Nokia. After John Boehner, state that support a military intervention in Syria, while others urged Congress to do the same. 5

6 2.3 Asia ASIA INDEXES LAST % 1D % 5D % 1M % YTD NIKKEI , (3.37) HANG SENG INDEX 22, (1.16) S&P/ASX 200 INDEX 5, TOPIX INDEX (TOKYO) 1, (3.93) KOSPI INDEX 1, (3.17) NIKKEI Australia kept unchanged the benchmark interest rate at 2.5%, after it reduced 25 bp at its previous meeting. The rate remains at record lows. Highlights of the Region Bank of America set at $ 1.5 billion sale of its stake in China Construction Bank Corp. With the sale of the shares, BoA ended with eight years of investment in the Chinese lender. The benchmark Nikkei index rose 3%, approaching a maximum of three weeks, the index was driven by the manufacturing PMI in China and Europe In a Bloomberg survey of 32 economists 19:40 21:10 23:30 01:00 22 foresee that if Prime Minister Shinzo Abe fails to impose the increase in the sales tax on April, financial markets would be negatively affected. 2.4 Latin America LATAM INDEXES LAST % 1D % 5D % 1M % YTD S&P MILA (2.50) (19.48) BRAZIL IBOVESPA INDEX 51, (0.40) (15.30) PERU LIMA GENERAL INDEX 16, (17.94) CHILE STOCK MKT SELECT 3, (0.70) 1.56 (5.41) (15.99) MEXICO IPC INDEX 39, (1.46) (0.29) (5.97) (9.53) ARGENTINA MERVAL INDEX 4, LATIN AMERICAN INTEGRATED MARKET - MILA UPTURNS PRICE % 1D % 5D % 1M % YTD EMPRESAS IANSA SA SOC QUIMICA Y MINERA CHILE-B 13, CORPBANCA DOWNTURNS PRICE % 1D % 5D % 1M % YTD COLBUN SA (3.37) (3.28) (19.01) (51.48) EMPRESAS COPEC SA 6, (2.40) (2.91) (18.65) (47.95) Wal-Mart de Mexico report a marginal growth in August, according to a Reuters survey. Supported by a favourable schedule, as there was an extra Saturday than it was the previous year s August. Highlights on the Region The Brazilian oil company Petrobras reported low production in July. The company informed of million barrels a day, which means a drop of 4.6% from June. A Reuters poll showed that the CPI in Chile have grown by 0.3% in August. The weakness of the Chilean peso and rising oil prices have generated inflationary pressures. S.A.C.I. FALABELLA 4, (2.35) (2.78) (16.02) (42.36) Industrial production in Brazil for the month of July, shrank more than expected by the market. The data was -2%, while the expectation of market was 1.2% according to a survey of 21 analysts.

7 3. COMMODITIES ENERGY LAST % 1D % 5D % 1M % YTD WTI CRUDE FUTURE Oct BRENT CRUDE FUTR Oct GASOLINE RBOB FUT Oct (0.87) NY Harb ULSD Fut Oct GAS OIL FUT (ICE) Oct NATURAL GAS FUTR Oct METALS LAST % 1D % 5D % 1M % YTD Gold Spot $/Oz 1, (0.14) 8.46 (15.65) Silv er Spot $/Oz (0.79) (19.99) Platinum Spot $/Oz 1, (0.17) Palladium Spot $/Oz (3.28) (1.79) 2.22 LME ALUMINUM 3MO ($) 1, (3.38) 1.11 (11.77) LME COPPER 3MO ($) 7, (1.66) 3.33 (8.74) AGRICULTURE LAST % 1D % 5D % 1M % YTD WTI Oil prices rose to U.S. $ dpb, valuing 0.83% from the previous day. In turn, the benchmark Brent crude advanced to U.S.$ dpb, rising 1.21%. Oil prices rose despite President Barack Obama was endorsed by several politicians, however he continues to seek congressional support for military intervention in Syria. Gold rose 1.69% in New York, after some U.S. politicians supported a military intervention in Syria. That increased the demand for the precious metal as a hedge asset. CORN FUTURE Dec (1.40) (5.04) 2.48 (20.76) WHEAT FUTURE(CBT) Dec (1.03) (2.92) (3.83) (21.14) SOYBEAN FUTURE Nov 13 1, (0.20) COFFEE 'C' FUTURE Dec (0.47) (3.18) (25.09) SUGAR #11 (WORLD) Oct (0.84) (1.91) (17.90) COTTON NO.2 FUTR Dec (0.93) (2.58) (2.67)

8 Global Disclaimer This report is for general informative purposes only. Acciones y Valores S.A. is not liable for the interpretation of such information. However, it does not cover all aspects that an investor should consider necessary or desirable to analyze their decision to participate in the transaction mentioned here, since it is presented in an abbreviated form. Therefore, it is necessary for investors who intend to participate in transactions, and for purposes of having full and absolute accuracy, consult all the documents provided by the report. Similarly, investors should disclose themselves the legal and financial analysis in order to make any investment decision. Values and numbers entered here are obtained from believed to be reliable market sources such as Bloomberg, Reuters and the Issuers. The scores made in the report should not be considered as an investment advice nor as substitutes for the grades given by certified credit agencies such as Moody's or Standard & Poor's. These ratings are only quantitative, not qualitative factors include and depend on the financial information available on the market in time to be prepared. Opinions, estimates and projections in this report reflect the current judgment of the author to the report date, and clarify that the content comprised here is subject to change without notice. The remuneration of the authors is not associated with the results of the report or the recommendations made. The presentation and any preliminary paper on the products mentioned here do not constitute a public offer binding; therefore, both presentation and any other document may be supplemented or corrected Acciones & Valores S.A. ECONOMIC RESEARCH DEPARTMENT Hector Wilson Tovar Garcia Macroeconomic Analysis Research Director wtovar@accivalores.com (0571) (1233) Ana Milena Franco Fixed Income Analysis Ana.franco@accivalores.com (0571) (1833) Carolina Avendaño (0571) (1254) Iván Cuéllar (0571) (1254) Linamaria Carrillo (0571) (1306) Jorge Eduardo Bello Equity Research Analysis jorge.bello@accivalores.com (0571) (1300) Cristian Camilo Lancheros International Markets Research cristian.lancheros@accivalores.com (0571) (1308) Ricardo Piraquive (0571) (1254) Cristian García (0571) (1238) Laura Catalina Moreno (0571) (1238) Omar Suárez (0571) (1306) 8