LimaNovember 2011

Latin American Roundtable on Corporate Governance

Colombian Market

Listing requirements

(Section 1.3.3.2. General Regulation BVC)

Real Beneficiary>10%

1. At least ten percent (10%) of total outstanding shares, must belong to people different than those that make the same real beneficiary

Number of Shareholders >1002. Issuer must have at least one hundred (100) shareholders

Equity (COP $)>7.000

millions3. Equity greater than seven billion pesos (COP $7.000.000.000)

Operation Period >3 years4. The period of operation of the company may not be inferior to three (3) years

Operational ProfitsPrevious 3

Fiscal Periods

5. Issuer must have operational profits in at least one of the previous three (3) fiscal periods

Web Page

6. Issuer must have a web page with the information required by the BVC

Corporate Governance Report

7. Commitment to submit an annual report of Corporate Governance.

BVC Corporate Governance

Associated Companies: Inversiones Nacional de Chocolates, Suramericana de Inversiones, CementosArgos, ECOPETROL, EMGESA, EDATEL, Sociedades Bolívar, I.S.A., COOMEVA E.P.S., E.T.B.

Main Topics: Web Page, Board of Directors, The Responsibilities of the Board, Audit Committee andMaterial Information.

Inversión Colombia

Non Cooperation Agreement

2002-2008

Increase de Corporate Governance Standards in the Colombian Firms (listed or not listed)

PILOT PROGRAM

1. Support for new issuers• Helping non-listed companies to access the Colombian capital marketthrough the issuance of shares, certificates or debt.

Colombia Capital

2. Development of informational tools

related to the capital market

• Generating promotional mechanisms and educational material andactivities for the program participants.

Colombia Capital is the result of the technical cooperation agreement made between the ColombiaStock Exchange (BVC) and the Inter-American Development Bank (IDB) in 2005. Its purpose is tocontribute for the development of the Colombian Capital Market.

Activities with associated companies

-Training: Financing mechanisms, stock market benefits, regulatory issues, structuring, corporate governance.

-Reviewing of international experiences: BOVESPA (2007); Mexican Stock Exchange (2008); Santiago (Chile) StockExchange (2009 - 2010); BME, Madrid (2011)

-Following up (Accompanying) 1 to 1: Individual trainings; procedures.

-Governance support: Training in topics of Corporate Governance (regulation amendments, corporate governancecodes, family protocols, and some others)

- Good Governance implementation assistance – CAF project

Eligibility criteria

•Not having issued through the BVC

•Having been in operation 3 (fiscal)periods

•Debt ratio (index) not greater than70%

•Operational profits in at least one ofthe previous 3 (fiscal) periods

•Equity greater than $20 thousandmillion COP

•Subscription of Memorandum ofUnderstanding

•Commitment of assistance to theconferences

Results

Bond Issuances

Equity Issuances

Private Equity

Investments

Securitization

As of November of 2011, the program has 55 companies associated

Corporate Governance Project for the Colombian Market: CAF-BVC Agreement

Objective

Support a group of colombian companies with the diagnosis, design, application and/or improvement of

good governance practices across the time

BVC is one of the leaders in Colombia in the implementation of

best corporate governance practices*

*According to the “Código País” survey made by the SFC

First Phase

Second phase

Diagnosis of the company in terms ofCorporate Governance

Design of good governancepractices

Documents delivered to

the company

•Diagnosis Report•Good Governance Code•Statutory reform proposal•Regulation proposal for

General Shareholders AssemblyBoard of DirectorsAudit CommitteeSelection and remuneration CommitteeCorporate governance Committee

Phases of the Program

María José RamírezCommercial Vicepresidentmramirez@bvc.com.co(+57 1) 3139800 Ext. 1237

http://www.bvc.com.co/empresas

BogotáCarrera 7 No. 71-21 Torre B Piso 12PBX (57-1) 3139800

MedellínCarrera 43A No. 1-150 Local 301PBX (57-4) 3112244

CaliCalle 22 No. 6AN-24, Piso 2 Oficina 203PBX: (57-2) 6672727

Thanks