The Latin American Integrated Market 16/09/2012 MILA The Latin American Integrated Market looking to diversify, expand and improve the attractiveness of equity trading for the three countries, Colombia, Chile and Peru, has shown positive results establishing itself as the second largest market by market capitalization in the region to U.S. $ 629.162 million in its first year, multiplying investment alternatives and expanding demand titles and reaching a total of 548 companies listed for closure in May. During its first year of operation, the index S&P MILA-40, which tracks the price performance of the 40 most liquid stocks traded in the embedded market, reported one of the best behavior globally with an increase of 8.86%. One of the most important factors that gives instability to global markets is the global slowdown that has been occurring since some months ago, so, these integrated markets are affected by events both U.S. and European Union giving rise to transactions and low trading prices. Featured For the analysis of weekly closing September 14, 2012, in the Integrated Latin American Market, the stock most actively traded was oil company Ecopetrol SA negotiated a total of $ 1.775.479.108, in turn, the most valued title during the week was the Canadian company focused on the discovery of deposits of gold and base metals in Peru, Alturas Minerals Corp with growth (+28.57%); finally, the biggest drop in the stock market was the Canadian oil Petrominerales Ltd with decreased (-18.43%).
Millones The Latin American Integrated Market 16/09/2012 Colombia 3000 2400 1800 1200 600 0 ECOPETL CB PREC CB PFBCOLO CB ISA CB PMGC CB Top5 Ascensos de la Semana Diario Semanal Mensual YTD CEMENTOS ARGOS SA 2.80% 6.34% 8.73% 17.26% PACIFIC RUBIALES ENERGY CORP 2.58% 5.95% 4.79% -4.90% BANCOLOMBIA SA-PREF 0.66% 3.33% 3.96% -8.88% GRUPO AVAL ACCIONES-PFD 1.29% 2.61% 1.72% -7.45% GRUPO NUTRESA SA -0.65% 2.30% 2.79% -2.91% Top5 Descensos de la Semana Diario Semanal Mensual YTD PETROMINERALES LTD -1.47% -18.43% -11.18% -39.38% INTERCONEXION ELECTRICA SA -0.79% -6.89% -11.66% -14.82% EMPRESA DE TELECOM DE BOGOTA 3.58% -1.22% 1.50% -19.96% 360 180 90 30 7 Días COLOMBIA The most valued stock during the week to September 14, 2012 at MILA markets was the Cementos Argos S.A growth (+6.34%), followed by Pacific Rubiales with (+5.95%), Bancolombia SA with (+3.33%), Grupo Aval with (+2.61%) and Nutresa Group SA (+2.30%). For this period, the largest decline action in MILA markets was Petrominerales Ltd with a loss of (-18.43%), followed by Interconexion Electrica SA with (-6.89%) and Empresa de Telecomunicaciones de Bogota with (-1.22% ). The action of the largest cement firm of Colombia, Cementos Argos was the most valued during the week in the Integrated Latin American Market, in turn showing positive behaviors in the local stock market. The Supply Chain Company announced that the company extends the use of JDA (Supply Chain Strategist), through its sophisticated global network including an inventory analysis module that helps the company make better decisions about their investments in the chain supply. Additionally, remembering that it is the fifth largest cement producer in Latin America and the fourth largest concrete producer in the United States with exports to over 40 countries. Moreover, the action of the Canadian oil company Pacific Rubiales Energy, scored one of the most important growths during the week, because they announced a cash dividend of US$ 0.11 per common share, payable on September 28 this year and holders of Brazilian Depositary Receipts, BDR, enrolled the following September 14. The company expects to continue paying a quarterly dividend at this level for the remainder of the year which will be determined by the proceeds, levels of commodity prices and other conditions for the future. Finally, one of the most valued titles in the last sessions of the integrated market is to Bancolombia Bank who announced his entry into the Dow Jones World Sustainabily Index, a leading global indicators to monitor the performance of leading companies in terms of corporate sustainability, by firms with the best sustainability performance in a universe of 2,500 companies listed on international stock exchanges and are part of the Dow Jones global indicator. 2
Millones The Latin American Integrated Market 16/09/2012 Chile 2500 2000 1500 1000 500 0 CENCOSUD CC CAP CC SQM/B CC BSAN CC Top5 Ascensos de la Semana Diario Semanal Mensual YTD AQUACHILE SA 2.22% 11.03% 2.23% -17.41% SALFACORP SA 2.44% 9.66% 21.70% -5.55% MASISA SA 2.70% 8.79% 7.00% -5.17% PARQUE ARAUCO S.A. 0.12% 4.46% 5.83% 9.07% LATAM AIRLINES GROUP SA 1.30% 4.04% 3.74% -11.03% Top5 Descensos de la Semana Diario Semanal Mensual YTD BANCO DE CHILE -1.65% -2.83% -3.26% -10.93% BANCO SANTANDER CHILE 1.53% -1.84% -7.62% -11.14% EMPRESA NACIONAL DE TELECOM -0.64% -1.48% -0.43% 2.40% EMPRESA NACIONAL DE ELECTRIC 0.18% -1.46% -3.99% -10.70% CIA SUD AMERICANA DE VAPORES -1.14% -1.33% -14.55% -15.99% 360 180 90 30 7 Días CHILE The most valued action during the week to September 14, 2012 in the MILA markets was to Aquachile SA with growth (+11.03%), followed by SalfaCorp SA with (+9.66%), Amasisa SA with (+8.79%), Parque Arauco SA with (+4.46%) and LATAM Airlines Group SA with (+4.04%). For this period, the largest decline in action MILA markets was the Banco de Chile with a loss (-2.83%), followed by Banco Santander Chile with (-1.84%), Empresa Nacional de Telecomunicaciones with (-1.48%), Empresa Nacional de Electricidad with (-1.46%) and Compañia Sudamericana de Valores with (-1.33%). One of the most valued stock in the week of Latin American Integrated Market is the LATAM Airlines Group, the conglomerate air operations including Chile's LAN and Brazil's TAM, which reported that in August passenger traffic increased by 9.1%, while capacity rose 1.3% over the same month in 2011, this reflected in support for good business performance and growth in the share of other markets. Meanwhile, although the Banco Santander de Chile presented a negative change in price during the week of MILA markets, made the announcement that underwent a successful operation that has issued U.S. $ 750 million (570 million euros) to 10 years in international markets. This bonus earned a rating of Aa3 from Moody's, A + by Fitch and A by Standard and Poor's, one of the highest ratings in Latin America. In June 2012, the bank is Chile's largest bank in terms of assets with U.S. $ 50.000 million (38.000 million) and assets of U.S. $ 4.000 million (3.040 million euros) and the end of June had a BIS ratio of 13.7% with a core capital ratio of 10.4%. Finally, the title of the Empresa Nacional de Telecomunicaciones SA, Entel, the largest mobile operator in Chile, won a significant decline during the week after it said it signed an international bank credit by US$400 million with a group of banks led by the Bank of Tokyo-Mitsubishi, with the participation of financial institutions Mizuho, HSBC and Scotiabank. The funds are intended primarily to prepay $ 340 million of loans and repayments of the years 2013 and 2014. 3
Millones The Latin American Integrated Market 16/09/2012 Perú 3 2.5 2 1.5 1 0.5 0 VOLCABC1 PE MINSURI1 PE FERREYC1 PE ALICORC1 PE RELAPAC1 PE 360 180 90 30 7 Días PERU The most valued stock during the week to September 14, 2012 in the MILA markets was the Alturas Minerals Corp with growth (+28.57%), followed by Rio Cristal Resources Corp with (+16.67%), Minsur SA Investment with (+14.60%), Cementos Pacasmayo SAA with (+14.04%) and Compañía Minera Atacocha SA with (+13.16%). Top5 Ascensos de la Semana Diario Semanal Mensual YTD ALTURAS MINERALS CORP 12.50% 28.57% 28.57% -10.00% RIO CRISTAL RESOURCES CORP 16.67% 16.67% 16.67% -30.00% MINSUR SA-INVERSIONES 5.28% 14.60% 15.11% -0.38% CEMENTOS PACASMAYO SAA-CMN 3.36% 14.04% 17.71% -3.78% CIA MINERA ATACOCHA SA-B 2.38% 13.16% 22.86% -14.00% For this period, the largest decline in action MILA markets was to Panoro Minerals LTD with a loss (-5.88%), followed by Empresa Agroindustrial Pomalca with (-2.04). Top5 Descensos de la Semana Diario Semanal Mensual YTD PANORO MINERALS LTD 0.00% -5.88% -2.44% 26.98% EMP AGROINDUSTRIAL POMALCA-C -2.04% -2.04% 4.35% -14.29% The energy sector is of great influence on the local economy and therefore in equity markets, during the week was revealed to August the total electricity production in Peru grew 5.9% year on year, according to Ministry of Energy and Mines (MEM) total output power nationally would have been 3454 gigawatt hours (GWh) in August this year, an increase of 5.9% over the same month of 2011. What allows a fortress in the actions associated with it, with expectation of new attractions for investors. Furthermore, although the company Minera Atacocha SA presented a significant increase in its price in the Integrated Latin American Market during the week it was learned that the Agency Assessment and Environmental Control (OEFA) is preparing to sanction mining by Huallaga river pollution, this due to a spill caused by the discharge of untreated wastewater from the plant that the company processes in Cerro de Pasco. Finally, Panoro Minerals Ltd., Canadian mining company, released a new resource for Cotabambas project in Peru, which will double copper and gold content including a new resource generates silver. These results improve project development, where both the copper and the gold and silver resources are significant as a potential source of funding for new projects. Although the action of the company generated a decrease in price during the week, the company is creating new investment expectations generating projects that stimulate growth and generation of new investors. 4
The Latin American Integrated Market 16/09/2012 WEEKLY SUMMARY Top10 Acciones Más Negociadas en la Región (USD) Compañía 360 Días 180 Días 90 Días 30 Días 7 Días ECOPETROL SA 2,155,050,498 2,789,468,642 2,393,716,666 1,636,516,546 1,775,479,108 CENCOSUD SA 1,464,133,202 1,508,126,996 2,049,351,015 1,680,960,657 1,660,399,731 PACIFIC RUBIALES ENERGY CORP 2,308,615,069 2,218,819,179 1,747,812,594 1,504,205,175 1,626,459,448 CAP SA 645,677,350 579,977,221 588,501,715 825,906,904 1,367,602,807 SOC QUIMICA Y MINERA CHILE-B 1,149,263,315 883,857,858 911,689,163 932,841,455 1,355,772,017 BANCOLOMBIA SA-PREF 955,162,290 1,186,067,841 1,173,256,734 1,548,467,223 1,148,504,687 BANCO SANTANDER CHILE 919,022,266 777,994,886 560,887,055 544,756,824 1,033,799,100 LATAM AIRLINES GROUP SA 2,299,379,410 2,397,954,041 2,984,561,297 1,666,368,820 1,018,612,456 EMPRESAS COPEC SA 730,485,928 686,823,444 621,788,598 598,048,884 802,006,408 EMPRESAS CMPC SA 574,264,271 573,128,273 506,500,044 500,534,886 736,048,900 Mayores Ascensos en la Región Mayores Descensos en la Región Compañía Semanal Mensual Compañía Semanal Mensual ALTURAS MINERALS CORP 28.57% 28.57% VINA CONCHA Y TORO SA -1.00% 1.51% RIO CRISTAL RESOURCES CORP 16.67% 16.67% SM-CHILE SA-B -1.06% -5.74% MINSUR SA-INVERSIONES 14.60% 15.11% EMPRESA DE TELECOM DE BOGOTA -1.22% 1.50% CEMENTOS PACASMAYO SAA-CMN 14.04% 17.71% CIA SUD AMERICANA DE VAPORES -1.33% -14.55% CIA MINERA ATACOCHA SA-B 13.16% 22.86% EMPRESA NACIONAL DE ELECTRIC -1.46% -3.99% AQUACHILE SA 11.03% 2.23% EMPRESA NACIONAL DE TELECOM -1.48% -0.43% REFINERIA LA PAMPILLA SA 10.34% 6.67% BANCO SANTANDER CHILE -1.84% -7.62% FERREYCORP SAA 10.09% 7.14% EMP AGROINDUSTRIAL POMALCA-C -2.04% 4.35% MINERA IRL LTD 10.00% 27.54% BANCO DE CHILE -2.83% -3.26% EMPRESA SIDERURGICA PERU SAA 9.84% 1.52% PANORO MINERALS LTD -5.88% -2.44% SALFACORP SA 9.66% 21.70% INTERCONEXION ELECTRICA SA -6.89% -11.66% SOCIEDAD MINERA CERRO VERDE 9.01% 10.54% PETROMINERALES LTD -18.43% -11.18% The S&P MILA-40 for week of September 14, is trading at 1303.67 points showing a minimum of 997.52 points and a maximum of 1364.52 points. The stock of Petrominerales Ltd, obtained the sharpest decline in the local market and therefore in the integrated market of Latin America, as reported by the Canadian oil, production fell 8% to 25,235 barrels a day in August, after approximately 27,000 per day reached last month, so far this year the title has lost more than 46% of its value, making investors are highly uncertain due to disappointing expectations offering such stock, in the wake of this, CIBC World Markets analysts changed their recommendation from "hold" to "buy". Meanwhile, the stock more traded during the week in the embedded market Latinoamericado was the Colombian oil company, Ecopetrol SA, which announced it began overtaking a number of actions to prevent future spills of oil into the pipeline in Norte de Santander, where there is pollution. Additionally, the oil obtained approval from the Registry of Madrid on the registration of the contribution of its entire equity interest in Ecopetrol del Peru SA to Ecopetrol Global Energy SLU, from the change in share ownership Ecopetrol has a 100% direct stake in Ecopetrol Global Energy, and indirect 100% in Ecopetrol del Peru SA. Finally, it was learned that Ecopetrol production in the Gulf of Mexico was not affected by Hurricane Isaac. 5
The Latin American Integrated Market 16/09/2012 Global Disclaimer This document is informative. Acciones & Valores is not responsible for the interpretation of such information. But it does not cover all aspects that an investor may consider necessary or desirable to analyze their decision to participate in the transaction here mention ed, because it is presented in 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 promotion. Similarly, investors they should, on their own legal and financial analysis for purposes of taking any investment decision. Values and numbers entered here are obtained from market sources believed to be reliable such as Bloomberg, Reuters and the Issuers. The scores made in the report should not be considered 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 qu antitative, not qualitative factors include and depend on the financial information available on the market in time to be prepared. The opinions, estimates and projections in this report reflect the current judgment of the author to the report date, and clarifies that the content of the information contained herein may be 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 publi c offer binding, therefore, both presentation and any other document may be supplemented or corrected. 2012 Acciones & Valores S.A. Héctor Wilson Tovar García Análisis Macroeconómico Head of Research wtovar@accivalores.com (0571) 325 78 00 (1300) Ana Milena Franco Análisis Renta Fija Fixed Income Analyst Ana.franco@accivalores.com (0571) 325 78 00 (1833) Cristian Camilo Lancheros Análisis Mercados Internacionales International Markets Analyst Cristian.lancheros@accivalores.com (0571) 325 78 00 (1306) Jorge Eduardo Bello Análisis Renta Variable Analyst jorge.bello@accivalores.com Roberto Carlos Paniagua Kelly Mateus Alejandro Alayón Rocio Alayón 6