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VALOR INMOBILIARIO

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With a strategy which is based in promoting

Colombia’s economic growth, Profesionales de Bolsa

impulses the new way of doing business, under the

creation of its Private Equity Funds, successfully

administrating a figure greater than COP

$550.000.000.000.

Under its private equity fund Real Estate Value,

Profesionales de Bolsa will develop an ambitious

industrial project with a very large scope in logistics

and industrial processes, being the first in its type in

Colombia: “Polígonos Industriales de

Colombia” . (Colombian Industrial Parks)

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Private Equity Funds

Real Estate Value is under the vehicle of a private equity fund, being a novel way to do business in Colombia by being an investment vehicle which allows the participation of plenty of investors in a same project and throughout its whole value chain, expecting to obtain superior profits than the market average. Advantages: • The fund’s equity is legally separated from the

assets of the Administrating Society, protecting therefore its assets

• It’s controlled by the “Superintendencia Financiera de Colombia” (the Colombian equivalent of the SEC)

• It’s a vehicle for collective investment, allowing for considerable economies of scale and scope

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FCP

Polígonos Industriales de Colombia

Monitoring Committee

Comité de

Inversiones

Tax Auditor

Sociedad

Administradora

Gerente

Contratistas

Authority Control Órganos de Administración

Asamblea de

Inversionistas Junta Directiva

Estructura del fondo

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The Fund is a channel for providing logistics that can give support to an

industrial ecosystem in Cartagena

Contains:

High impact industrial zone, logistics areas,

commercial areas, offices, hotel, dry port, mall

Location:

Cartagena.

Bolívar State, Colombia.

During the end of the funds duration period, a redemption of participations is generated in favor if investors through the sale of its assets

.

Duration: 10 years– 3 years in development

Total Investment:

$238.000.000.000

Fund’s Objectives:

• Terrain purchasing

•Urban development

•Sale.

Development area:

Total project area: 3.963.000 mts2

Selling area: 2.627.100 mts2

Construction starting date:

July 2015

Estages

Estage 1: July 2015 – July 2016

Estage 2: July 2016 – July 2017

Estage 3: July 2017 – July 2018

* Warning: The obligations of the administrating society are medium based and not result based.

Investment minimum: 5.000.000.000 COP

General Facts about the fund

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PIC Characteristics

The PIC has been design on a 396,6 hectares (3.96 million square meters / 13.011 million square feet). The land would be transform in to 19 blocks. The blocks are distributed by the following criteria: 17 blocks are destined for industrial uses and the other two will became an eco park. In addition the complex will have a perimeter forest for environmental protection which covers 16,3 million square meters. The main purpose of blocks • High impact industry / general industry. Secondary purpose: • Gas Station • Hotel • Medical area approved it by Colombia authorities. • 18 wheeler truck parking lot. • Commercial area.

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PIC characteristics

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PIC construction stages

Development process

Stage Total extension (Ha) Available area(Ha)

1 86,27 60,83

2 116.07 81,85

3 198.15 136,69

Total 396,3 279,37

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El Bosque pier

Inter. Airport

Contecar pier

TLC Cartagena

Reficar

Terminal Marítimo pier

From the PIC to:

Airport (Carretera i90 Via Bayunca, entrando

por el barrio Olalya Herrera carrera 50A

)……………… 20.7km

Maritimo Terminal pier (Carretera i90

Via Bayunca, Transversal 54 luego diagonal

22) ……….18.3km

El Bosque Piers (Carretera i90 Via

Bayunca, Transversal 54 luego diagonal 22,

diagonal 21) ……… 17.2km

Contecar pier (Carretera i90 Via Bayunca,

Variante Mamonal hacia Cartagena Carrera

56)………… 14.1km

TLC Cartagena (Carretera i90 Via

Bayunca, Variante Mamonal) …………

17.5km

Reficar (Carretera i90 Via Bayunca,

Variante Mamonal)………………..

19.9km

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Advantages of its location

Bayunca

The project´s location allows it to be close to some of Cartagena´s main developments, as are its airport, seaport and the Cartagena Oil Refinery (Reficar), while keeping a prudent distance form Cartagena´s urban development, which´s long term growth would limit the project´s optimal functions and efficiency. The fund´s location is at a strategic point on La Cordialidad road, which allows connections with a various national highways such us: Variante Mamonal – Gambote: Allows the acces to the Mamonal industrial area. Occidente Highway: This strategic highway connects Colombia´s Atlantic Coast with the center of the country. Vía al mar highway: It is the highway that connects all the Caribbean coast region and with the Sol highway which is the most important road in the country as run by its center.

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PIC Advantages

• Tax benefits

• Privileged location with access to different national highways such us: La Vía al Mar highway and Variante Mamonal – Gambote highway.

• The project location has a prudent distance from Cartagena downtown and industrial poles, thereby diminishing the provability to lose competitiveness

• Lands with natural soils what's makes them very stable, allowing to reduce the foundations cost.

• Industrial complex with high technical specifications.

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Tax Benefits

According with the 022 de 2014 agreement from the council of

the Municipio de Santa Rosa-Bolívar, the PIC has the following

tax benefits:

Commerce and industry tax:

The companies that stablish them self in the PIC would be

exempted for paying the commerce and industry tax to the

municipio of Santa Rosa, Bolivar. This benefit will spire ten

years after they register the company in the municipio de Santa

Rosa city hall.

Delineation urban tax:

The lands that would be sell inside the pic are exempt from the

delineation urban tax. The delineation tax is required to transact

the construction and urban license.

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Tax Benefits

According with the 022 de 2014 agreement from the council of

the Municipio de Santa Rosa-Bolívar, the PIC has the following

tax benefits: Real estate tax:

The properties that conform the PIC are exempted for paying

the real estate tax under the following conditions:

A. Lands identifying for a commerce or service purposes, or

agro-industrial production purpose will be excepted until 2025.

B. Lands identifying for industrial, commerce and services

purposes, will be excepted for ten years since the moment

when they registered their company in the municipio de Santa

Rosa de Bolivar city hall .

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Technical project characteristics

Access ways: Main access roads with dual carriageway having the capacity to withhold any vehicle including 18 wheeler trucks according to the law and INVIAS (C353). Secondary roads in single carriageway, 11 meter wide, with the capacity to withhold any vehicle, including 18 wheeler trucks according to the law and INVIAS (C353). Deceleration lane and maneuvering area according to town law. Complementary: Scale for weighing large vehicles, 80 tones capacity. Administration building and entrance building Would be equipped with access control systems, security office, maintenance & support office and classrooms designed to give capacitation's for the PIC users and workers.

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Technical project characteristics

Public services:

Sewage and waste disposal systems – with pond and canal

infrastructure, storage tanks and treated water pond.

Water treatment plants for both human consumption and for

waste disposal treatments.

General urban fire prevention system connected to water

source. The system will have pressure pumps.

These water systems are back up with a 3 water reservoirs

which covers 31,9 million squares meters. The reservoirs

have a capacity of 350 thousand m3.

Ducts for the installment with national communication services.

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Electronic security system C.C.T.V

Camera system for vigilance monitoring the internal and external

perimeter.

360 degree vision cameras (450 meters scope) and fixed

cameras.

Security camera system with 45 days for recovery according with

NFPA and NSR10 norms.

Central security office with permanent supervisor presence (24

hours).

Electronically access system.

Biometric software and card scanners (The system is connected

with the police date base)

Perimeter security

Closed perimeter with a metal fence, with a process of high

impact galvanizing

Security team

Permanent guard crew. .

Technical project characteristics

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Antonio Cogollo Ingeniería S.A.S., REF: Lote Proyecto PIC, Cartagena, Octubre 12 de 2014

Environmental:

Collection and treatment system for solid waste and industrial waste

managing.

Eco park with native vegetation based on a plan for environmental

adjustment to a government plan to order and mange the canal del

dique basin (POMCA) of the Cienaga de la Virgen area . The area cover

under this program is 32.2 million square meters and 31.9 million

square meters water reservoirs.

Perimeter forest reserve with a width range from 7 meter to 11,8 meter

planting with native vegetation according with the POMCA. Total area

cover 16.3 million square meters.

Lands

yellow brownish clays from the tertiary age with high density.

The capacity and strength of the soil are appropriate for constructions

and public works. Allowing the foundation process to be done with

superficial structures.

Technical project characteristics

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* Esta etapa comenzó a inicios de 2013.

Analyzing the development of projects in Cartagena which offer the urbanized areas: Two main developments are located in the area: • Parquiamérica, in Mamonal’s industrial area

• Zona Franca Parque Central, in the town of

Turbaco, on the road “La Cordialidad – Mamonal”

Both projects register good levels of occupancy. Within their facilities there are different types of industries: chemical, logistics, petro-chemistry -plastic, auto parts, shoes, gas, construction, metal and others.

Market Comparison

Parquiamérica

Beginning Date 2008

Size 42 Ha

Occupation 88%

Industrial lots (m2) Sales COP (m2)

4.337 450.000

10.804 450.000

4.546 450.000

Zona Franca Parque Central

Beginning Date 2011

Tamaño

Etapa 1: 64 Hectáreas

Etapa 2*: 51 Hectáreas

Total: 115 Hectáreas

Ocupación

Etapa 1: Zona Pyme (100%)

Z.F Permanente (85%)

Etapa 2*: Z.F Ampliación (40%)

Lotes Industriales (m2) Venta cop (m2)

4.817 380.000

15.111 379.988

9.791 300.000

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Industrial Park.

Definition

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Urbanized terrain which is subdivided in parcels, according to a general plan, which has: • Roads • Means of transportation • Utilities • Equipment It may or may not contain finished factories (beforehand). It sometimes has services and facilities which are of common use, and which is destined to be used by the industrial community. With the installment of an industrial park, the objectives are: • Providing order to industrial establishments • Making urban areas less concentrated with industry • Adequately using the terrain • Providing ideal conditions for efficient industrial

operations • Stimulate productivity in a comfortable environment

Source: Organización de las Naciones Unidas para el Desarrollo Industrial (ONUDI)

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Characteristics of the Industrial Park

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According to the environment’s needs, there’s different industrial parks which provide certain services such as: • Dedicated to the transformation of basic goods

• Which cluster organizations of the tertiary sector

(services)

• Destined for logistical activity such as warehouse and distribution

• Where a different and varied array of service providers are gathered (commercial establishments, food related, recreational, etc.)

Source: PAISAJES INDUSTRIALES/ POLÍGONOS INDUSTRIALES Y DE

ACTIVIDAD ECONÓMICA . Polígono Industrial La Cabezuela, España.

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Characteristics of the Industrial Park

From an operating point of view, an industrial park should have the following characteristics:

• Easy Access: Good connections which will

allow for the efficient mobility of goods and people

• Services Availability: Access to telecommunications, energy supply, availability of water, etc.

• Enough Space: Large tracts of land which allow for a viable minimum size and the growth of organizations throughout time.

• Quality Environment: A quality environment is value enhancing to the development of business and the wellbeing of people

• Strategic Location: Sharpness of the perimeter's enclosure, regularity in the road’s patterns, building volumetrics and large dimensions of roads

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Source: PAISAJES INDUSTRIALES/ POLÍGONOS INDUSTRIALES Y DE ACTIVIDAD ECONÓMICA

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Motives for the Industrial Park’s location

1. Cartagena’s port

2. Oil Refineries. Surrounding industrial sector development.

3. Cartagena Refinery (Reficar)

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Commerce in the harbor’s area.

Transportation of goods.

92% of the harbor’s commerce is generated through the ports of the Atlantic Ocean (Cartagena, Barranquilla, Santa Marta, Golfo de Morrosquillo and Guajira). With the exception of Golfo de Morrosquillo and Guajira given their nature (1), Cartagena mobilizes most the country’ cargo (22%), including Sociedad Portuaria, CONTECAR and Muelles el Bosque S.A.

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1.Golfo de Morrosquillo is Colombia’s main port with regards to hydrocarbons. Guajira is one of Latin America's larges coal ports.

Source: Superintendencia de Puertos y Transporte. Cifras a Junio 2014 (Acumulado)

.

Harbor Traffic

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International trade by port

Cartagena represents 23.6% of Colombia’s total imports. Cartagena is a logistical hub for cargo which is traded in containers.

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Source: Superintendencia de Puertos y Transporte. Cifras a Junio 2014 (Acumulado). Does not includeMorrosquillo or La Guajira.

Cartagena. Cargo in containers

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Cartagena’s Port

Cartagena’s port is highly competitive with regards to the quality of its infrastructure and cargo management, specially with regards to containers, where 3 million containers are expected to be shipped in 2017. The port’s container division operator (Sociedad Portuaria Regional de Cartagena (SPRC)), continues having a great dynamic with regards to volume growth, serving local demand of imports and exports, as well as reshipment activities. It’s infrastructure with regards to cranes, dock lines and supporting team allows it to be able to supply different trade lines.

• January – June 2014.

• **According to Hamburg Süd.

Source: Superintendencia de Puertos y Transporte. Includes SPRC y CONTECAR

Cartagena. Container traded cargo

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Cartagena’s port excels at:

Concentrating most of Colombia’s container trade, adding up to 67% of total container trade. Registering a growth in container trade, with a raw growth rate of 483% between the years 2000 (mobilized 320,000 TEUs) and 2013 (mobilized 1,865,233 TEUs). Cartagena’s port is getting ready to service Post Panamax size ships with capacity of 12.000 TEU (Twenty-foot equivalent unit), once the widening project at the Panama canal is completed in December 2015.

Cartagena’s. Port

Conclusions

Puerto de Cartagena.

Figures up to March 2014.

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Refineries in the USA.

Houston, Texas.

Has 27 oil refineries which can process more than

4,7 million barrels per day.

The industrial development surrounding the

refinery at Baytown, one of Houston’s largest

metropolitan areas, withholds plenty of different

industries which are the following, among others:

Retail

Communications

Petro-chemical

Pharmaceutics

Source: Google Maps. Cálculos: CPB

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Refineries in México.

Salamanca.

The development of industries surrounding the

Salamanca refinery in México withholds diverse

industries such as:

Telecommunications

Retail

Car manufacturing

Source: Google Maps. Cálculos: CPB

Coca Cola FEMSA

Pemex Refinación

Mercedes Benz

Danone

Toyota

TelCel

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Around Cartagena’s refinery, a diverse array of

companies are located. These companies are related

to different economic sectors, such as:

Construction

Metal industry

Oil-chemical

Retail

Multi-sector

Refineries in Colombia.

Cartagena.

Source: Google Maps. Cálculos: CPB

Cementos Argos

Puerto Bahía.

Zona Franca Argos

Abocol.

Reficar

Biofilm

Gerdau Diaco

Cabot Colombiana.

Oiltanking

Productora Andina de Ácidos.

Ajover.

Brinsa.

Propilco

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Surrounding refineries, diverse industries tend to be

located. The most frequent industries are:

Chemical

Plastics

Construction

Retail

Car industry

Pharmaceutics

Telecommunications

As part of the reasons for the project’s location,

there’s: road infrastructure, economies of scale and

of scope, security. These aspects tend to be crucial

for most industrial parks around the world.

Refineries.

Conclusions.

Source: Google Maps. Cálculos: CPB Refinería de ExxonMobile en BayTown. Chevron Phillips Cedar Bayou Facility

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Cartagena’s Refinery.

Expansion and modernizing process.

Located at kilometer 10 (6,2 miles) Mamonal Road.

Cartagena’s industrial area.

Colombia will have one of the American continents'

largest and most modern refineries , which will have

the capacity to process heavy crudes in a cheaper

and more efficient fashion, producing cleaner fuels.

The expansion and modernizing process will occupy

140 hectares, including the present buildings and

technologies.

This project will double the refinery’s capacity from

80.000 barrels to 165.000 barrels on a daily basis and

the conversion rate to sellable goods will pass from

74% to 95%.

The project has an estimated budget of US $6.467

million.

.

Source: Reficar

Reficar Reficar expansion

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Cartagena’s Refinery.

Expansion and Modernizing

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Source: Reficar

The expansion is based on 16 new units of

production, which will supply a growing demand of

different oil based products like: gasoline, diesel and

propylene.

The refinery will produce: regular and premium

gasoline, low sulfur diesel, marine diesel, coke,

sulfur, virgin naphtha, jet A1, propylene, liquefied oil-

based gas (GLP) and butane.

The expansion and modernizing of Reficar provides

the country with oil risk hedging, guaranteeing its

supply with national products, and generating basic

goods for the petro-chemical industry and fuels for

consumption.

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Oil derivatives

The outcome of the process of Cartagena’s refinery is

a portfolio of intermediate and final products:

1. Fuels:

Regular and Premium Gasoline: Consumption in

internal combustion engines

Diesel: Trucks, buses, electricity generating plants,

ships

Jet A1: Designed for airplane jet turbines. This

product has a large added value

Virgin Naphtha: For the production of greases and

lubricants

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Source: Reficar. Reficar. Hidrotratadora de Nafta.

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Oil Derivatives

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Source: Reficar.

2. Industrials:

Sulfur: For producing sulfuric acid, oleum and its

derivatives (sulfurs, sulfides, etc). Used directly in:

Pharmaceutic products

Rubber vulcanization

Some types of metal industries

Fertilizers and fungicides

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Oil Derivatives

Sulfur Derivatives:

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Sulfur Sulfuric Acid Ammonium sulfide

Biological Treatment plants. As a nutrient for bacterial growth

Chemical industry. As a nutrient for microorganisms and enzyme production

Metal industry. Agent for treating certain minerals

Additive for color in bathroom surfaces and fire proof textiles

For processes with regards to the textile industry

Leather industry

Paper industry

Pharmaceutical industry - As a nutrient for microorganisms

Ammonium bisulfite

Conservative (antioxidant ) for foods and beverages

For sterilizing equipment

As an agent for whitening process - Works as a colorant

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Oil Derivatives

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2. Industrials:

Propylene:

It’s directly commercialized to produce

polypropylene, which:

Has properties with regards to maximum traction

resistance, elongation, flexion and transparency

One of the hardest plastics, heat resisting and water

resisting

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Oil Derivatives

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Source: Reficar.

3. Industrial Gases:

Domestic fuel

Also utilized as fuel in ovens, dryers and boilers

Use in internal combustion engines and in gas

turbines for generating electrical energy.

Ethylene comes from natural gas, and is utilized in

plenty of productive processes

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Oil Derivatives.

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Fuente: PDVSA

Ethyl acetate

Aromatizing products

Pharmaceutical products

Cosmetics

Synthetic flavor Foods

Solvent

Artificial leather manufacturing Textile

2, Styrene plastics (polystyrene)

Toys.

Radio and TV cases.

Car parts.

Medical instruments.

Refrigerator interiors.

Ethylene based products:

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Conclusions.

Cartagena Refinery’s importance

Reficar is Colombia’s most ambitious refining project

ever and one of the most modern refineries in the

American Continent.

Will process heavy crudes in more efficient manners,

refining higher volumes and yielding higher rates of

final products

Will generate basic goods for the petro-chemical

industry and fuels for export and internal

consumption

The expansion of the refinery is the propeller of the

development of the modern oil industry. Cartagena

made a bet to become a dynamic axis of the national

economy generating jobs in the region, through the

arrival of new industries and corporations.

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Source: Reficar

Sabemos Cómo 04/06/2015

"Las obligaciones de Profesionales de Bolsa como la sociedad administradora de la cartera colectiva relacionadas con la gestión del portafolio son de medio y no de resultado. Los dineros entregados por los inversionistas a la cartera colectiva no son depósitos, ni generan para la sociedad administradora las obligaciones propias de una institución de depósito y no están amparados por el seguro de depósito del Fondo de Garantías de Instituciones Financieras FOGAFíN, ni por ninguno otro esquema de dicha naturaleza. La inversión en la cartera colectiva está sujeta a los riesgos de inversión, derivados de la evolución de los precios de los activos que componen el portafolio ".

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