Consolidated revenues in 1Q15 grew 27% compared to 1Q14, reaching COP 1.7 trillion 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 2014. 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 = 1.000.000.000 and 1 trillion = 1.000.000.000.000

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 2014. 2 For the purpose of this report 1 billion = 1.000.000.000 and 1 trillion = 1.000.000.000.000

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 2014. 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 2015. 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.

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.

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 2015 2014 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$ 658 590 11,5 192 29,1 238 40,4-19,6 651 405 60,7 35 5,4 4 0,9 840,7 332 272 22,1 106 31,9 75 27,4 41,9 1.641 1.268 29,5 332 20,3 317 25,0 5,0 0 0 N/A -31 N/A -34 N/A N/A 12 28-58,3 6 50,7-8 -29,6 171,0 N/A N/A N/A 0 N/A -14 N/A N/A 1.653 1.295 27,6 307 18,6 261 20,1 17,9 266 294-9,4 78 29,1 119 40,5-34,8 264 202 30,8 14 5,4 2 0,9 670,5 134 135-0,5 43 31,9 37 27,5 15,2 5 14-67,0-10 -217,7-21 -147,6 54,4 N/A N/A N/A 0 N/A -7 N/A N/A 669 645 3,8 124 18,6 130 20,1-4,5 Note: Figures as of March 2015 under IFRS; figures as of March 2014 under COLGAAP

CASH FLOW AS OF MARCH 31 ST, 2015 (COP Billion 3 ): Initial Cash Jan. 2015 533 EBITDA 307 NOWK Var. - 89 Operating CAPEX Strategic CAPEX - 44-75 Tax - 41 Net Financial Expenses Net Dividends Net Other Non-Operating Net Financial Op. - 71-56 - 8 + 37 FX effect + 16 End Cash Mar. 2015 510 0 200 400 600 800 1000 3 For the purpose of this report 1 billion = 1.000.000.000 and 1 trillion = 1.000.000.000.000

INVESTMENT PORTFOLIO AS OF MARCH 31, 2015 4 : Company % Stake Price per Share (COP) Value (COP$ million)* Value (US$ million)* Grupo Suramericana 6.0% 33,560 945,830 367 Bancolombia 4.0% 24,500 500,710 194 Cartón Colombia 2.1% 4,825 11,141 4 Total 1,457,681 566 * Exchange Rate as of March 31, 2015: COP 2,576.05 / USD INDEBTEDNESS AND COVERAGE INDICATORS *: As of March 31 st, 2015, Cementos Argos consolidated financial debt rose to USD 1.987 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.

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 1.652.762 1.304.734 26,7 1.295.431 US$ Dollars 669 652 2,7 645 Variable costs 1.309.681 982.178 33,3 965.406 Cost of goods sold 1.189.142 891.781 33,3 888.420 Depreciation and amortization 120.539 90.397 33,3 76.986 Gross profit 343.081 322.556 6,4 330.025 Gross margin 20,8% 24,7% 25,5% Overheads 178.089 169.953 4,8 167.399 Administrative expense 104.751 101.645 3,1 99.659 Selling expense 53.559 46.817 14,4 46.669 Depreciation and amortization 19.779 21.491-8,0 21.071 Operating profit before impairment, restructuring 164.992 152.603 8,1 162.626 Operating margin 10,0% 11,7% 12,6% Other income and other expenses 1.919 (3.789) 150,6 0 Operating Profit 166.911 148.814 12,2 162.626 Operating margin 10,1% 11,4% -11,5 12,6% EBITDA 307.229 260.702 17,8 260.683 US$ Dollars 124 130-4,5 130 EBITDA margin 18,6% 20,0% -7,0 20,1% Financial, net (46.197) (16.688) -176,8 (27.893) Exchange rate differences, net 22.156 4.057 446,1 4.057 Pre-tax profit (loss) 142.870 136.183 4,9 138.790 Income tax 49.496 48.915 1,2 49.720 Profit (loss) from continuing operations 93.374 87.268 7,0 89.070 Minority interest 14.409 10.813 33,3 9.443 Net Income 78.965 76.455 3,3 79.627 US$ Dollars 29 38-24,8 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

Mar. 31 Dic. 31 2015 2014 Var. (%) Cash and cash equivalents 503.779 532.371 (5) Current investments 6.307 24.488 (74) Trade and other Receivables 1.020.913 876.796 16 Intercompany and associate account current receivables 4.803 4.811 (0) Inventories 618.081 556.712 11 Current tax assets, current 125.229 129.206 (3) Other non financial current assets 63.826 62.416 2 Total current assets different than the non current assets or group of assets for its disposition classified as non current assets held for sale 2.342.938 2.186.800 7 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 470 - Total current assets 2.343.408 2.186.800 7 Property, plant and equipment 8.180.499 7.874.195 4 Investment property 43.751 44.838 (2) Goodwill 976.690 1.296.051 (25) Intangible assets different from goodwill 1.122.414 1.079.584 4 Investment in subsidiaries, joint ventures, and associates 152.567 69.715 119 Non current biological assets 58.855 58.544 1 Trade receivables and other non current receivables 34.184 27.858 23 Intercompany and associate account non current receivables - 696.450 (100) Deferred tax assets 458.702 403.588 14 Other finalcial non current assets 1.366.457 1.724.296 (21) Other non financial non current assets 5.327 4.895 9 Total non-current assets 12.399.446 13.280.014 (7) Total assets 14.742.854 15.466.814 (5) Short-term financial liabilities 1.102.565 1.109.140 (1) Pension & other employee benefits current provisions 123.426 109.006 13 Current provisions 110.639 95.780 16 Total current provisions 234.065 204.786 14 Current trade and other payables 1.135.278 1.227.795 (8) Intercompany and associate account current payables - 29 (100) Deferred current tax 154.037 145.169 6 Other current financial liabilities 47.054 47.065 (0) Other current non financial liabilities 86.396 94.445 (9) Total current liabilities different than the liabilities included in the group of assets for its disposition classified as held for sale 2.759.395 2.828.429 (2) Tota current liabilities 2.759.395 2.828.429 (2) Long-term financial liabilities 1.830.694 1.955.247 (6) Pension & other employee benefits non-current provisions 250.906 255.234 (2) Other non current provisions 159.559 144.935 10 Total non current provisions 410.465 400.169 3 Long-term trade and other payables 164.808 174.955 (6) Deferred tax 10.777 6.888 56 Deferred current tax 836.916 679.272 23 Other Long-term financial liabilities 56.786 67.097 (15) Long term bonds 2.047.846 2.045.267 0 Other Long-term non financial liabilities 32.313 13.239 144 Total non-current liabilities 5.390.605 5.342.134 1 Total liabilities 8.150.000 8.170.563 (0) Common stock 8.547 8.547 - Treasury shares 113.797 113.797 - Additional paid-in capital 1.568.890 1.568.890 - Net Income 78.965 279.314 (72) Retained earnings 1.627.193 1.590.756 2 Other components of equity 1.640.722 1.882.032 (13) Reserves 140.781 140.781 - Other reserves 1.135.781 1.090.503 4 Equity attributable to shareholders 6.087.082 6.447.026 (6) Non-controlling interest 505.772 849.225 (40) Total equity 6.592.854 7.296.251 (10) Total equity and liabilities 14.742.854 15.466.814 (5) Figures under auditing process CEMENTOS ARGOS S.A. BALANCE SHEET COP million

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 #: 33096354 Telephone numbers: United States / Canada: (866) 837-3612 Colombia: 01 800 913 0176 Int'l/Local: (706) 634-9385 1Q15 results presentation and report are available from today Wednesday, May 27, 2015 at the Investor Relations website of Cementos Argos: www.argos.co/ir/en/financialinformation/reports IR CEMENTOS ARGOS - CONTACT INFORMATION Gustavo Uribe - IRO guribe@argos.com.co Manuela Ramirez - IR Director mramirezm@argos.com.co David Olano - IR Leader dolano@argos.com.co