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Economic, Industry and Market Research August 31, 2021

Equities Bancolombia – Tables and Graphics Breakfast with Bancolombia Equity Market

Colcap Index Performance Latam Markets Performance*

1,800 YTD 1 YR Index Close 1 Day YTD 1 YR 1,700 USD USD 1,600 COLCAP 1,323 -0.2% -8.0% -17.6% 8.2% 5.9% 1,500 1,400 BOVESPA 119,740 -0.8% 0.6% 0.8% 19.9% 21.8% 1,300 1,200 IPSA 4,507 1.1% 7.9% -2.1% 14.7% 15.9% 1,100 1,000 SPBLPGPT 17,444 0.0% -16.2% -25.5% -4.9% -17.8% 900 800 MEXBOL 52,602 0.3% 19.3% 17.8% 39.3% 50.4% Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters *To last night’s closing level

Colcap vs Andean Region Colcap vs Bovespa & Mexbol

Colcap IPSA (Chile) SPBLPGPT (Peru) Colcap Mexbol (Mexico) Bovespa (Brasil) 140 150 130 140 130 120 120 110 110 100 100 90 90 80 80 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Aug-20 Nov-20 Feb-21 May-21 Aug-21

Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters

Colcap Best Performers* Colcap Worst Performers*

Equity Closing Price Daily Variation Equity Closing Price Daily Variation

Promigas 7,250 1.68% Grupo Bolivar 67,500 -2.17% Celsia 4,300 1.18% Grupo Argos 10,700 -1.74% Grupo Sura PF 17,930 0.73% Nutresa 21,880 -1.57%

Cementos Argos 5,880 0.68% Grupo Argos PF 8,155 -1.45% Bancolombia PF 31,440 0.45% Banco de Bogota 72,000 -1.36%

Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters *To last night’s closing level *To last night’s closing level Breakfast with Bancolombia Equity Market

Balance in REPOS on Local Shares REPOS and Total Shares Outstanding of the Underlying Stock Number of Shares in Shares 1,800 Equity % 1,600 Repos Outstanding 88,611,634 7,149,819,407 1,400 PFAVAL 1.2% CORFICOLCF 2,405,534 323,436,106 0.7% 1,200 CEMARGOS 6,175,963 1,151,672,310 0.5% 1,000 GRUPOARGOS 2,697,565 645,400,000 0.4% 800 BCOLOMBIA 1,849,644 509,704,584 0.4% 600 GRUPOSURA 1,601,836 469,037,260 0.3% Billions Billions COP 400 PFBCOLOM 1,380,225 452,122,416 0.3% 200 NUTRESA 1,400,900 460,123,458 0.3% 0 CELSIA 1,822,347 1,069,972,554 0.2% Aug-11 Aug-13 Aug-15 Aug-17 Aug-19 Aug-21 GEB 7,816,709 9,181,177,017 0.1% Source: Grupo Bancolombia, BVC Source: Grupo Bancolombia, BVC

Our Coverage Universe

2021 Target Price Approved Expected Total Equity 30-Aug Last review Dividend Dividend Recommendation Return Base Var (%) 2021 Yield

COLCAP 1,323 Nov-20 1,490 12.7% 3.1%

Bogotá $ 72,000 Jul-21 $ 90,400 25.6% $ 3,336 4.6% 30.2% Overweight Canacol $ 10,000 Jul-21 $ 16,300 63.0% $ 547 5.5% 68.5% Speculative Overweight Celsia $ 4,300 Jul-21 $ 5,130 19.3% $ 262 6.1% 25.4% Overweight Cemargos $ 5,880 Jul-21 $ 7,800 32.7% $ 128 2.2% 34.8% Overweight Conconcreto $ 400 Jul-21 N.A N.A $ - N.A N.A Under Review Corficol $ 28,770 Jul-21 $ 31,200 8.4% $ 2,042 7.1% 15.5% Underweight Davivienda $ 32,480 Nov-20 $ 31,500 -3.0% $ - 0.0% -3.0% Underweight Ecopetrol $ 2,649 Restricted Restricted Restricted $ 17 0.6% Restricted Restricted El Cóndor $ 915 Jul-21 $ 3,130 242.1% $ 24 2.7% 244.7% Overweight ENKA $ 16 Jul-21 $ 25 59.5% $ - 0.0% 59.5% Overweight ETB $ 204 Jul-21 $ 340 67.1% $ - 0.0% 67.1% Speculative Overweight GEB $ 2,680 Jul-21 $ 2,450 -8.6% $ 178 6.6% -1.9% Underweight Grupo Argos $ 10,700 Jul-21 $ 17,400 62.6% $ 382 3.6% 66.2% Overweight Grupo Aval $ 1,096 Jul-21 $ 1,265 15.4% $ 54 4.9% 20.3% Market-weight ISA $ 22,700 Jul-21 $ 22,760 0.3% $ 1,303 5.7% 6.0% Underweight Nutresa $ 21,880 Jul-21 $ 29,900 36.7% $ 702 3.2% 39.9% Overweight Promigas $ 7,250 Jul-21 $ 7,420 2.3% $ 462 6.4% 8.7% Underweight Terpel $ 7,650 Jul-21 $ 11,330 48.1% $ - 0.0% 48.1% Overweight

Source: Grupo Bancolombia, Thomson Reuters Breakfast with Bancolombia Local Equity Market

Performance Multiples Closing 1 YR Mkt Cap Volume % Index/Stock Price PE (x) EV/EBITDA (x) ADTV (US$ mn) (US$) Volume 12 52 Weeks 52 Weeks (COP) 1 Day YTD (US$) Months Min Max 2021E 2022E 2021E 2022E

COLCAP 1,323 77,728 - - -0.2% -8.0% 8.2% 1,103.6 1,468.2 -

Bancolombia 31,330 7,799 678,171 4.3% 0.4% -10.4% 16.8% 23,320 35,800 62.2x 10.3x N.A. N.A. 1,873,354 Bancolombia PF 31,440 7,799 2,088,474 13.2% 0.5% -10.4% 15.9% 23,330 35,700 62.2x 10.3x N.A. N.A. 4,628,261 Banco de Bogota* 72,000 6,275 25,143 0.2% -1.4% -4.8% 4.4% 64,080 83,400 9.0x 9.5x N.A. N.A. 240,690 BVC 9,720 154 27,223 0.2% -1.1% -18.2% -16.8% 9,345 12,870 14.0x NULL 8.5x NULL 133,645 Canacol* 10,000 464 990,579 6.3% 0.4% -3.8% -4.2% 9,040 11,490 7.9x 8.1x 3.7x 3 427,292 Celsia* 4,300 1,180 90,217 0.6% 1.2% -9.2% -8.7% 3,765 4,899 18.7x 16.1x 7.4x 7 223,479 Cementos Argos* 5,880 2,001 285,782 1.8% 0.7% -4.9% 19.2% 4,010 6,275 36.8x 25.6x 8.2x 8 683,006 Cementos Argos PF* 4,195 2,001 109,433 0.7% 0.1% -6.8% 9.8% 3,294 4,690 36.8x 25.6x 8.2x 8 64,594 Corficol* 28,770 2,511 285,546 1.8% 0.4% -11.2% 8.2% 25,180 33,250 5.7x 6.3x N.A. N.A. 574,367 Corficol PF* 22,330 2,511 31,579 0.2% -0.3% -14.7% 1.8% 20,450 27,600 5.7x 6.3x N.A. N.A. 81,992 Davivienda PF* 32,480 912 334,343 2.1% -0.2% -10.8% 14.3% 25,000 37,400 8.4x 7.6x N.A. N.A. 1,002,078 Ecopetrol* 2,649 28,383 2,610,348 16.5% -0.4% 18.0% 23.1% 1,615 2,875 13.0x 12.0x 6.6x 6 5,795,187 ETB* 204 188 4,147 0.0% 0.0% -6.2% -3.6% 181 248 -11.6x -13.1x 1.4x 2 31,745 GEB* 2,680 6,421 652,045 4.1% -0.6% 1.1% 10.0% 2,165 2,890 12.4x 11.5x 11.7x 11 1,043,698 Grupo Bolívar 67,500 1,416 0 0.2% -2.2% 0.7% 4.3% 60,000 82,500 11.0x NULL 7.5x NULL 199,328 Grupo Aval PF* 1,119 6,389 2,594,375 16.4% -0.6% -6.3% 21.2% 863 1,210 8.9x N.A. N.A. N.A. 1,894,490 Grupo Sura 19,330 2,882 1,154,262 7.3% -0.3% -23.5% -11.5% 16,900 26,470 13.6x 8.9x 13.7x NULL 1,456,314 Grupo Sura PF 17,930 2,882 83,582 0.5% 0.7% -18.5% -1.1% 15,510 22,650 13.6x 8.9x 13.7x NULL 315,048 Grupo Argos* 10,700 2,313 199,396 1.3% -1.7% -23.0% -8.5% 9,000 14,500 17.1x 12.4x N.A. N.A. 578,802 Grupo Argos PF* 8,155 2,313 61,002 0.4% -1.5% -22.3% -6.0% 7,200 10,750 17.1x 12.4x N.A. N.A. 78,815 ISA* 22,700 6,554 1,296,124 8.2% -0.4% -11.7% 3.8% 19,500 29,250 13.1x 12.9x 8.9x 9 1,977,356 Nutresa* 21,880 2,654 400,049 2.5% -1.6% -8.8% 2.8% 20,200 25,000 16.2x 14.7x 8.7x 8 800,814 Promigas* 7,250 2,100 60,261 0.4% 1.7% -13.7% 1.7% 6,210 8,400 9.3x 8.6x 10.8x 10 102,210 Mineros 3,739 253 130,024 0.8% 0.4% -10.3% -2.7% 3,550 4,485 2.6x 2.6x 1.5x 2 137,364 Terpel* 7,650 361 15,165 0.1% -0.1% -11.0% 4.5% 6,600 8,940 6.1x 3.6x 5.0x 4 67,502 Non-index: CLH 3,604 1,990,076 15 0.0% 0.1% -22.2% 60.0% 2,155 5,090 11.6x 6.2x 6.2x 5.3x 166,434 Conconcreto 400 118 4,492 0.0% 0.0% -8.9% 9.6% 302 543 10.8x N.A. 21.5x N.A. 52,201 Grupo Aval* 1,096 6,389 6,239 0.0% 0.1% -5.1% 18.8% 863 1,300 8.9x N.A. N.A. N.A. 19,908 El Cóndor* 915 136 11,323 0.1% 0.0% -23.7% -12.4% 845 1,214 5.4x 9.5x 13.9x 16.3x 11,493 Enka* 16 48 4,144 0.0% -0.6% 32.9% 109.3% 7 17 6.9x 3.6x 3.1x 3.0x 13,843 HCOLSEL 12,470 397 12,907 0.1% -0.2% -8.8% 8.3% 10,560 13,820 N.A. N.A. N.A. N.A. 765,422 Fabricato 6 14 32,310 0.2% 0.0% 30.1% 16.3% 4 7 NULL N.A. NULL N.A. 3,381 Avianca Holdings PF 218 19 978 0.0% -0.9% 9.5% 26.4% 80 350 N.A. N.A. NULL NULL 20,000 Éxito 12,490 1,451 0 0.1% 0.0% -10.1% 8.6% 10,300 14,420 16.8x 15.1x 6.6x 7.3x 38,377 *Stocks under coverage *P/E and EV/EBITDA estimated by Bancolombia Source: Grupo Bancolombia, Thomson Reuters Breakfast with Bancolombia Sovereign Bonds & FX Market

FX Performance– USD/COP and USD/BRL Fixed Income – TES Yield Curve (%)

23-Aug-21 30-Aug-21 USDCOP USDBRL 8.00% 4,100 6.20 7.60% 7.00% 7.43% 4,000 6.00 7.20% 6.69% 6.80% 6.98% 7.33% 3,813 6.67% 3,900 5.80 6.40% 6.09% 6.00% 6.09% 3,800 5.60 5.60% 5.20% 5.18 4.88% 3,700 5.40 4.80% 4.40% 4.88% 3,600 5.20 4.00% 3.60% 3,500 5.00 3.20% 2.00% 2.80% 3,400 4.80 2.40% 2.02% 2.00%

3,300 4.60 1.60%

- -

3,200 4.40 -

Jul

Jun

Apr

Sep

Aug

May

Jul

Jul Jul

Jul Var bp

Jun

Aug

May

- -

7 2 0 0 -2 -2 -10

24 31

Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters

Commodity Prices by Category (Base 100, 12 months) Commodity Prices by Category (var %)

Agricultural Precious Metals Units 30-Aug-21 Daily YTD Industrial Metals Energy Reference Index 180 CRB Index unit 219.5 0.2% 30.8% Energy 170 WTI US$/bbl 69.2 0.7% 42.6% 160 Brent US$/bbl 73.4 1.0% 41.7% 150 Coal US$/tn 171.4 0.2% 112.9% 140 Industrial Metals 130 Copper US$/lb 4.4 1.0% 24.1% Precious Metals 120 Gold US$/oz 1809.0 -0.4% -4.4% 110 Silver US$/oz 24.0 -0.4% -9.0% 100 Agriculture 90 Arabica Coffee cent US$/lb 197.4 4.2% 53.9% 80 Wheat cent US$/bu 708.8 -1.4% 10.7% Aug-20 Nov-20 Feb-21 May-21 Aug-21 Corn cent US$/bu 540.3 -3.2% 11.6% Sugar US$/lb 20.2 0.9% 30.5% Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters Economic, Industry and Market Research Juan Pablo Espinosa Arango Chief Economist and Head of Economic, Industry and Market Research [email protected]

Economic Research Industry Research Equity Research Arturo Yesid González Peña Jhon Fredy Escobar Posada Jairo Julián Agudelo Restrepo Quantitative Specialist Head of Agroindustry Research Head of Equity Research [email protected] [email protected] [email protected]

Juan Camilo Meneses Cortes Nicolás Pineda Bernal Diego Alexander Buitrago Aguilar Macroeconomic Specialist Head of Commerce Research Utilities Analyst [email protected] [email protected] [email protected] +571 7463984 Juan Manuel Pacheco Perez Mateo Andrés Rivera Arbeláez Andrea Atuesta Meza Markets and Central Banking Analyst Commerce Industry Analyst Financial Sector Analyst [email protected] [email protected] [email protected] Paolo Betancur Montoya Santiago Espitia Pinzón Juliana Aguilar Vargas, CFA Agroindustry Analyst Macroeconomic Analyst Cement & Infrastructure Analyst [email protected] [email protected] [email protected]

Bryan Hurtado Campuzano Javier David Villegas Ricardo Andrés Sandoval Carrera International and Regional Analyst Real Estate and Hotels Analyst Oil & Gas and Airlines Analyst [email protected] [email protected] [email protected]

Deiby Alejandro Rojas Cano Valentina Gómez Garzón Valentina Martínez Jaramillo Macroindustry Analyst Commerce Sector Analyst Consumer & Industry Analyst [email protected] [email protected] [email protected] Laura Natalia Capacho Camacho Luisa Daniela Espejo Rodríguez Juan Esteban Echeverri Agudelo Administrative Assistant Junior Sector Analyst Intern [email protected] [email protected] [email protected] Andrés Camilo Chacón Briceño Simón Londoño Duque Intern Intern [email protected] [email protected]

Research Assistant

Alejandro Quiceno Rendón Research Editor [email protected] Terms of Use: This report has been prepared by Analysis Bancolombia a research and analysis department at Grupo Bancolombia. It shall not to be distributed, copied, sold, or altered in any way without the express permission of Grupo Bancolombia, nor be used for any purpose other than to serve as background material which does not constitute an offer, advice, recommendation, or suggestion by Grupo Bancolombia for making investment decisions or conducting any transactions or business. The use of the information provided is solely the responsibility of the recipient. Before making an investment decision, you should assess multiple factors such as the risks of each instrument, your risk profile, your liquidity needs, among others. This report is only one of many elements that you should consider in making your investment decisions. In order to extend the content of this information, we ask you to contact your business manager. We recommend you not to make any investment decision until fully understanding all factors involved in such decisions. Fixed income and equity securities, interest rates, and other information found here are purely informational and are not an offer or firm demand to perform transactions. Also, according to the applicable regulations, our opinions or recommendations do not constitute a commitment or guarantee of return for the investor. The information and opinions in this research report constitute a judgment as of the date indicated and are subject to change without notice. The information may therefore not be accurate or current. Future projections, estimates, and forecasts are subject to several risks and uncertainties that prevent us from ensuring that they will prove correct or accurate, or that the information, interpretations, and knowledge on which they are based will be valid. In that sense, actual results may substantially differ from the forward-looking statements contained here. You should be aware of the fact that investments in securities or other financial instruments involve risks. Past results do not guarantee future performance. The entities that are part of Grupo Bancolombia may have acquired and maintain at the time of preparation, delivery or publication of this report, for their own position or that of their clients, the securities or financial assets to which the reports refers. Grupo Bancolombia has risk policies to avoid a concentration in their own positions and those of their clients, which contributes to avoid conflicts of interest. As regards to conflicts of interest, we declare that (i) Valores Bancolombia S.A. Comisionista de Bolsa and/or Banca de Inversión Bancolombia S.A. Corporación Financiera have participated in structuring or underwriting/placing equity securities for Bancolombia S.A., (ii) Grupo Bancolombia is the beneficial owner of 10% or more of the shares issued by Valores Simesa S.A., and Proteccion S.A., (iii) Bancolombia is one of the biggest shareholders of Fondo Inmobiliario Colombia – FIC, and (iv) Valores Bancolombia S.A. Comisionista de Bolsa is a wholly owned subsidiary of Bancolombia S.A. Nevertheless, it has been prepared by our Analysis Bancolombia department team based on strict internal policies that require from us objectivity and neutrality, as well as independence from our areas of brokerage and investment banking. The information contained in this report is not based, does not include nor has been structured based on privileged or confidential information. Any opinions or projections contained herein are solely attributable to the author and have been prepared independently and autonomously in the light of the information available at the time. The content of this message does not constitute a professional recommendation to make investments according to the terms of article 2.39.1.1.2 of the Decree 2555 of 2010 or the regulations that modify, replace or complement it.

Rating System: The investment recommendation on the issuers under coverage by Analysis Bancolombia is governed by the rating system presented below, subject to the following criteria: The upside potential is the percentage difference between the target price of securities issued by a particular issuer and their market price. The target price is not a forecast of the price of a stock, but a fundamental independent valuation made by Analysis Bancolombia, which seeks to reflect the fair price the market should pay for the shares on a given date. Based on an analysis of the relative upside potential amongst the securities of companies under coverage and the COLCAP index, the ratings of the assets are determined as follows: •Overweight: when the upside potential of a stock exceeds by 5% or more the return potential of the COLCAP index. •Market Weight: when the upside potential of a stock does not differ by more than 5% from the return potential of the COLCAP index. •Underweight: when the upside potential of a stock is 5% or more below the return potential of the COLCAP index. •Under Review: the company’s coverage is under review and therefore there’s no rating or target price. Additionally, at the discretion of the analyst, the speculative qualification that complements the recommendation will continue to be used, taking into account the risks seen in the performance of the asset, its future development and the volatility the movement of the stock may show. The fundamental potential of the index is determined based on the methodology established by the BVC for the calculation of the COLCAP index, considering the target prices published by Analysis Bancolombia. This will be made with the Colcap basket on the dates of calculation May and November of every year. For the companies part of the index but not covered, the consensus of market analysts will be used.

Currently, Analysis Bancolombia has 18 companies under coverage, distributed as follows:

Overweight Market Weight Underweight Under Review Restricted

Number of issuers with ratings of: 10 1 5 1 1

Percentage of issuers with ratings of: 55.5% 5.5% 28% 5.5% 5.5%