Economic, Industry and Market Research August 31, 2021 Breakfast with Bancolombia 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.