Breakfast with Bancolombia Equities Bancolombia – Tables & Graphics Economic, Industry and Market Research March 12, 2021 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 1,500 COLCAP 1,350 0.2% -6.1% -9.8% 4.2% 14.1% 1,400 1,300 BOVESPA 114,984 2.0% -3.5% -9.4% 22.3% 17.4% 1,200 IPSA 4,881 -0.2% 16.9% 16.3% 22.7% 44.6% 1,100 1,000 SPBLPGPT 22,739 0.2% 9.2% 7.0% 27.9% 26.7% 900 800 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 MEXBOL 47,674 0.3% 8.1% 4.4% 23.3% 27.9% 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 Mexbol (Mexico) Bovespa (Brasil) Colcap IPSA (Chile) SPBLPGPT (Peru) 140 150 130 140 120 130 110 120 110 100 100 90 90 80 80 70 70 60 60 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Mar-20 Jun-20 Sep-20 Dec-20 Mar-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 Celsia 4,799 1.70% ETB 218 -2.20% Bancolombia PF 30,740 1.45% Cementos Argos PF 4,150 -0.93% Grupo Argos 12,940 1.25% ISA 23,600 -0.84% Grupo Aval PF 1,172 1.03% Grupo Argos PF 9,810 -0.76% Cementos Argos 5,500 0.92% GEB 2,545 -0.62% 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 REPOS and Total Shares Outstanding of the Balance in REPOS on Local Shares Underlying Stock 1,800 Number of Shares in Shares Equity % 1,600 Repos Outstanding 1,400 PFAVAL 48,450,340 7,143,227,185 0.7% 1,200 CORFICOLCF 2,042,814 306,642,525 0.7% GRUPOARGOS 2,487,285 645,400,000 0.4% 1,000 CEMARGOS 3,712,427 1,151,672,310 0.3% 800 NUTRESA 1,060,445 460,123,458 0.2% 600 PFBCOLOM 956,831 452,122,416 0.2% Billions Billions COP 400 GRUPOSURA 764,531 469,037,260 0.2% 200 CELSIA 1,524,274 1,069,972,554 0.1% 0 GEB 4,308,301 9,181,177,017 0.0% Mar-11 Mar-13 Mar-15 Mar-17 Mar-19 Mar-21 BCOLOMBIA 219,503 509,704,584 0.0% Source: Grupo Bancolombia, BVC Source: Grupo Bancolombia, BVC Our Coverage Universe 2021 Target Price Expected* Expected Total Equity 11-Mar Last review Dividend Dividend Recommendation Base Var (%) Return 2021E Yield COLCAP 1,350 Nov-20 1,490 10.3% 3.2% Bogotá $ 78,180 Nov-20 $ 90,700 16.0% $ 3,336 4.3% 20.3% Overweight Canacol $ 10,350 Nov-20 $ 16,400 58.5% $ 547 5.3% 63.7% Speculative Overweight Celsia $ 4,799 Nov-20 $ 5,310 10.6% $ 262 5.5% 16.1% Market-weight Cemargos $ 5,500 Nov-20 $ 7,000 27.3% $ 128 2.3% 29.6% Overweight CLH $ 3,812 Feb-21 $ 7,950 108.6% $ - 0.0% 108.6% Overweight Conconcreto $ 480 Nov-20 N.A N.A $ - N.A N.A Under Review Corficol $ 32,370 Dec-20 $ 32,400 0.1% $ 2,042 6.3% 6.4% Underweight Davivienda $ 31,200 Nov-20 $ 31,500 1.0% $ 321 1.0% 2.0% Underweight Ecopetrol $ 2,368 Feb-21 $ 2,580 9.0% $ 17 0.7% 9.7% Overweight El Cóndor $ 1,080.00 Nov-20 $ 3,410 215.7% $ 24 2.2% 218.0% Overweight ENKA $ 14 Nov-20 $ 25 77.6% $ - 0.0% 77.6% Overweight ETB $ 218 Nov-20 $ 350 60.5% $ - 0.0% 60.5% Speculative Overweight GEB $ 2,545 Nov-20 $ 2,500 -1.8% $ 178 7.0% 5.2% Underweight Grupo Argos $ 12,940 Nov-20 $ 16,500 27.5% $ 382 3.0% 30.5% Overweight Grupo Aval $ 1,160 Nov-20 $ 1,270 9.5% $ 54 4.7% 14.1% Market-weight ISA $ 23,600 Nov-20 $ 23,250 -1.5% $ 1,303 5.5% 4.0% Underweight Nutresa $ 23,600 Nov-20 $ 31,600 33.9% $ 702 3.0% 36.9% Overweight Promigas $ 7,800 nov.-20 $ 7,700 -1.3% $ 462 5.9% 4.6% Underweight Terpel $ 7,800 Nov-20 $ 11,470 47.1% $ - 0.0% 47.1% Overweight Source: Grupo Bancolombia, Thomson Reuters Breakfast with Bancolombia Local Equity Market Performance Multiples Closing Mkt Cap Volume % 1 YR ADTV Index/Stock Price PE (x) EV/EBITDA (x) (US$ mn) (US$) Volume 12 52 Weeks 52 Weeks (US$) (COP) 1 Day YTD Months Min Max 2021E 2022E 2021E 2022E COLCAP 1,350 81,980 - - 0.2% -6.1% 4.2% 880.7 1,468.2 - Bancolombia 30,160 8,237 784,878 3.4% 0.1% -13.8% 0.9% 17,700 35,800 28.7x 15.5x N.A. N.A. 2,055,353 Bancolombia PF 30,740 8,237 2,980,038 12.8% 1.5% -12.4% -4.8% 17,760 35,700 28.7x 15.5x N.A. N.A. 6,600,547 Banco de Bogota* 78,180 7,288 39,960 0.2% 0.0% 3.4% -4.7% 58,000 83,400 9.7x 10.2x N.A. N.A. 214,740 BVC 12,120 206 78,627 0.3% 0.2% 2.0% 21.3% 8,000 12,870 9.6x 17.2x 6.9x 7.6x 116,531 Canacol* 10,350 520 261,152 1.1% 0.9% -0.5% -4.2% 7,810 11,490 8.8x 8.9x 4.0x 3.6x 511,185 Celsia* 4,799 1,445 308,566 1.3% 1.7% 1.3% 9.7% 3,450 4,899 20.7x 17.9x 7.9x 7.6x 259,669 Cementos Argos* 5,500 2,027 294,830 1.3% 0.9% -11.0% 24.2% 2,415 6,275 31.6x 22.5x 7.8x 7.3x 671,390 Cementos Argos PF* 4,150 2,027 24,090 0.1% -0.9% -7.8% -1.0% 2,220 4,690 31.6x 22.5x 7.8x 7.3x 81,990 Corficol* 32,370 2,920 30,149 0.1% 0.5% -0.1% 10.0% 19,600 33,000 6.5x 7.1x N.A. N.A. 525,761 Corficol PF* 25,820 2,920 9,531 0.0% 0.4% -1.4% 5.4% 19,500 27,600 6.5x 7.1x N.A. N.A. 161,812 Davivienda PF* 31,200 948 4,247,460 18.3% 0.3% -14.3% -7.4% 22,040 37,400 8.1x 7.2x N.A. N.A. 1,006,910 Ecopetrol* 2,368 27,400 5,969,844 25.7% -0.2% 5.5% 6.2% 1,300 2,491 11.6x 10.7x 6.0x 5.4x 6,152,701 ETB* 218 218 32,635 0.1% -2.2% 0.5% -0.9% 169 248 -12.7x -14.4x 1.6x 1.9x 55,606 GEB* 2,545 6,576 730,229 3.1% -0.6% -4.0% 15.2% 1,745 2,890 11.8x 10.9x 11.3x 10.5x 1,207,529 Éxito 13,570 1,709 704 0.0% 0.0% -2.3% -11.2% 9,800 16,700 26.2x 13.3x 6.5x 2.4x 59,875 Grupo Aval PF* 1,172 7,298 1,506,361 6.5% 1.0% -1.8% -3.1% 700 1,210 9.4x N.A. N.A. N.A. 2,607,503 Grupo Sura 22,440 3,591 1,848,806 7.9% -0.3% -11.2% -7.3% 14,900 26,470 45.4x 7.9x 12.2x 13.4x 1,681,979 Grupo Sura PF 19,800 3,591 1,170,473 5.0% 0.0% -10.0% -8.7% 10,920 22,650 45.4x 7.9x 12.2x 13.4x 454,329 Grupo Argos* 12,940 2,935 69,563 0.3% 1.3% -6.9% -2.7% 7,000 14,500 20.7x 14.9x N.A. N.A. 1,220,082 Grupo Argos PF* 9,810 2,935 54,533 0.2% -0.8% -6.6% -11.8% 5,500 11,000 20.7x 14.9x N.A. N.A. 122,197 ISA* 23,600 7,356 1,523,516 6.5% -0.8% -8.2% 38.8% 11,000 29,250 13.7x 13.4x 9.2x 9.1x 2,212,945 Nutresa* 23,600 3,056 234,086 1.0% 0.4% -1.7% 7.3% 16,800 25,000 16.7x 15.2x 8.9x 8.2x 906,598 Promigas* 7,800 2,491 296 0.0% 0.0% -7.1% -0.6% 6,500 8,400 10.2x 9.4x 11.4x 10.3x 109,421 Mineros 4,150 306 39,652 0.2% -0.2% -0.4% 32.0% 2,170 4,485 3.0x 3.0x 1.7x 1.7x 133,210 Terpel* 7,800 398 18,321 0.1% 0.0% -9.3% -21.6% 6,300 9,160 6.2x 3.7x 5.0x 3.7x 74,620 Non-index: CLH* 3,812 2,130,361 128 0.2% 0.0% -17.7% 16.0% 1,360 5,090 13.2x 7.1x 6.6x 5.6x 322,005 Conconcreto 480 153 14 0.0% 0.0% 9.3% 22.8% 302 543 23.5x N.A.