MARKET CLOSURE. Economic Research Department Acciones & Valores

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1 MARKET CLOSURE Acciones & Valores

2 INTERNATIONAL MARKETS The main stock ended on mixed terrain on a day where investors expect the results of the negotiations between the leaders of the euro zone and the International Monetary Fund to provide further financial assistance to Greece, the country solve its debt crisis. Also, during the day they met no major economic data that help distract market fears facing the eurozone and therefore, investors were wary of riskier assets. UNITED STATES STOCK INDEX 23/11/2012 Ch% UNITED STATES Dow Jones 13009, ,37-0,33% S&P , ,29-0,20% NASDAQ 2966, ,783 0,33% U.S. stocks fell, following the Standard & Poor s 500 Index s biggest weekly gain since June, as lawmakers prepared to debate the so-called fiscal cliff and euro-area finance ministers discuss Greek aid. UnitedHealth Group Inc. (UNH) slumped 0.7 percent after providing a profit forecast below estimates. DreamWorks Animation SKG Inc. lost 5.2 percent as Rise of the Guardians opened in fourth place in cinemas over the Thanksgiving weekend. Best Buy Co. and EBay Inc. (EBAY) rallied at least 4.9 percent while Macy s Inc. (M) slumped 4.5 percent as retailers extended deals into Cyber Monday. Apple Inc. (AAPL) gained 3.2 percent as technology shares rebounded. The S&P 500 (SPX) fell 0.2 percent to 1, in New York, after the benchmark index jumped 3.6 percent last week. The Dow Jones Industrial Average slid points, or 0.3 percent, to 12, today. More than 5.3 billion shares traded hands on U.S. exchanges today, or 13 percent below the three-month average, according to data compiled by Bloomberg. DOW JONES S&P500 NASDAQ

3 EUROPE STOCK INDEX 23/11/2012 Ch% EUROPE STOXX , ,52-0,57% FTSE , ,72-0,56% DAX 7309, ,03-0,23% European stocks declined, following the benchmark Stoxx Europe 600 Index s biggest weekly rally this year, as euro-area finance ministers met for a third time this month on Greece s finances. Barclays Plc (BARC) dropped the most in almost five months as Qatar Holding LLC disposed of its remaining warrants in the U.K. lender. ThyssenKrupp AG (TKA) slid 5.1 percent after Credit Suisse Group AG lowered its recommendation on Germany s largest steelmaker. Straumann Holding AG rose 2.3 percent after Government of Singapore Investment Corp. increased its stake in the maker of dental implants to 14 percent. Spain Press reports the Spanish government would seek between 40,000 million and 42,500 million euros in financial aid to rescue the banks. This aid would be distributed to 37,000 million euros for the four nationalized entities (Bankia, Novagalicia, CatalunyaCaixa and Banco de Valencia), over 2,500 million to capitalize Sareb, and 3,000 additional millions nationalized entities that may not need public money. Greece Finance ministers from the euro zone and the International Monetary Fund for the third time trying to reach a deal to release a new aid package for Greece, however, officials reiterated their position that for now not discussed a reduction Greek debt. The finance minister of Greece, Yannis Stournaras said in a message of confidence to investors that ministers finally reached agreement after Greece has fulfilled its part of the agreement to implement tough austerity measures and economic reforms. Thus, the Commissioner of Economic and Monetary Affairs of the European Union, Olli Rehn, said it is vital to disburse the next tranche of 31,000 million euros in aid to calm some of the uncertainty that continues to Greece. DAX FTSE100 STOXX

4 ASIA STOCK INDEX 23/11/2012 Ch% ASIA NIKKEY 9388,94 TOPIX 779,5 HANG SENG 21913, ,81-0,24% Asian stocks rose, with the benchmark regional gauge heading for its longest streak of gains in two months, as a weakening yen boosted the earnings outlook for Japanese exporters and U.S. consumer spending jumped during the Thanksgiving weekend. Toyota Motor Corp. (7203), Asia s largest carmaker, advanced 1.7 percent as the yen declined to a seven-month low against the dollar. Kangwon Land Inc. (035250) surged 13 percent in Seoul after the government approved plans for the casino and hotel operator to expand. Samsung Electronics Co. (005930) lost 2.3 percent, after closing at a record high in Seoul on Nov. 23, as Apple Inc. sought to add infringement claims over six more Samsung products to its multi-billiondollar patent lawsuit against the company. China Chinese stocks closed with losses before major economic data released as industrial profits tomorrow. Japan Japan s Nikkei 225 Stock Average (NKY) rose 0.2 percent, a third day of gains, as investors bet shares will extend gains after polls showed opposition leader Shinzo Abe, who backs unlimited monetary easing and the adoption of a higher inflation target to spur the economy, will win a Dec. 16 election. During the day, by the report of the BOJ was learned further strengthening the commitment of the Bank of Japan to adopt an ultra-flexible policy, at a time when pressure is intensified by the bank market for bolder action. Therefore, the governor of the Bank of Japan, Masaaki Shirakawa, reiterated his view that monetary easing alone cannot beat deflation, urging the Government to seek tax reform and deregulation to stimulate domestic investment. TOPIX NIKKEI HANG SENG

5 LATIN AMERICAN MARKETS STOCK INDEX 23/11/2012 Ch% LATIN AMERICA BOVESPA 57574, ,1-1,45% IPSA 4143, ,75-0,25% IGBVL 20227, ,52-0,08% Major Latin American markets closed in negative territory pending the finance ministers of the euro zone at least approve a temporary solution for Greece. IGBVL IPSA BOVESPA LOCAL MARKET STOCK INDEX 23/11/2012 Ch% COLOMBIA IGBC 14180, ,1-0,55% COLCAP 1743, ,06-0,48% COL , ,44-0,34% The IGBC index ended the day with impairment of (-0.55%) with a value of ( ) units, for his part, COLCAP index showed an impairment (-0.48%) in ( ) units. The shares more valued were TABLEMAC with (+4.88%) to ($ 8.39) and BCOLOMBIA with (+0.71%) to ($ 28,000).The shares more devalued were ODINSA with (-10.44%) to ($ 8.320) and ENKA with (-2.17%) to ($ 6.76). IGBC COLCAP COL

6 Rendimiento Market Closure FIXED INCOME United States Treasuries Y Y Y Y Y M Plazo (Años) Tasas Vto 11/26/2012 7/5/ /29/2012 USGG6M Index USGG2YR Index USGG5YR Index USGG7YR Index USGG10YR Index USGG30YR Index /26/2012 7/5/ /29/2012 The 10-year Treasuries rose as the U.S. fiscal problems and political uncertainty in Spain stoked investors' appetite for safe-haven assets during the day. Colombian Debt MEC SEN Millones TES TASA FIJA Apertura Mínimo Máximo Cierre Volumen Apertura. Minimo Maximo Cierre. Volumen. CUPON 6 04/17/ , ,000 CUPON 10 1/4 11/14/ , ,000 CUPON 9 1/4 05/14/ , ,000 CUPON 13 1/2 09/12/ , ,000 CUPON 8 10/28/ , ,000 CUPON 7 1/4 06/15/ , ,000 CUPON 11 1/4 10/24/ , ,000 CUPON 11 07/24/ , ,000 CUPON 10 07/24/ , ,000 CUPON 7 1/2 08/26/ , ,000 MEC SEN Millones de Unidades TES UVR Apertura Maximo Minimo Cierre Volumen Apertura. Maximo. Minimo. Cierre. Volumen. CUPON 5 1/4 03/20/ ,114 CUPON 7 02/25/ CUPON 4 1/4 05/17/ CUPON 4 3/4 02/23/ In SEN the most traded securities during the day were the TES fixed rate notes due June 2016 and May 2014 which amounts traded were $ million and $ million pesos respectively. In MEC the most traded securities were TES due July 2024 which amount traded was $ million.

7 4/1/2012 8/14/ /27/2014 5/10/2016 9/22/2017 2/4/2019 6/18/ /31/2021 3/15/2023 7/27/2024 Rendimiento Rendimiento Market Closure Mar 13 Feb 15 UVR May 17 Feb Abr 13 Deuda Publica Interna Jul 20 Oct 18 Oct 15 Jun 16 May 14 Jul 22 Jul 24 Ago Plazo 11/26/ /19/ /29/ Plazos (Años) 11/26/ /19/ /29/2012 The TES fixed rate curve showed a contraction during the day, with yields on securities maturing in January 2013 which showed the largest declines falling 39.0 bp. The TES maturing in July 2024 had an opening in 6.028% up to 6.029%, a minimum of 5.987% and 6.025% closure. For next time, we hope that these titles are between 5.94% and 6.04% with intermediate levels between 5.99% and 6.02%. 8 6 Globales 4 Feb May 24 Sep 37 Ene Mar 19 Jul 21 Ene Dic Ene 13 Tasas duración 11/26/ /19/ /29/2012 COLOM /15/2013 Govt COLOM /22/2014 Govt COLOM /27/2017 Govt COLOM /18/2019 Govt COLOM /12/2021 Govt COLOM /21/2024 Govt COLOM /15/2027 Govt COLOM /18/2037 Govt COLOM /18/2041 Govt Plazo (Años) 11/26/ /19/ /29/2012

8 CURRENCIES Currencies 23/11/2012 Ch% EUROPE EUR 1,2976 1,2971-0,04% GBP 1,6028 1,6027-0,01% CHF 0,9282 0,9277-0,05% TRY 1,7938 1,7961 0,13% LATIN AMERICA COP 1823, ,75 0,00% BRL 2,0815 2,0814 0,00% MXN 12, ,02 0,43% CLP 478,77 481,62 0,60% ASIA JPY 82,4 82,03-0,45% CNY 6,2283 6,2255-0,04% Dollar The dollar ended the day unchanged at ($ ), after recording an opening ($ ), maximum ($ ) and minimum ($ For next day is expected greenback is between ($ 1,821) and ($ 1,828). Euro The euro has devaluations of (-0.05%) to (U.S. $ ) in the event that Greece is close to getting the financial support allows you to pay your debts. For next day is expected that the common currency is between (U.S. $ ) and (U.S.$1.2970). COMMODITIES Commodity 23/11/2012 Ch% Crudo WTI (Futuro) 88,28 87,79-0,56% Crudo BRENT (Futuro) 111,38 110,86-0,47% Gas (Futuro) 3,901 3,738-4,18% Oro ,7-0,25% Cobre ,68% Crude has fallen amid fears that Spain older may defer the request for a bailout and while European finance chiefs meet during the day to discuss additional financial funds for Greece. On the other hand, gold falls introduced following weak stocks and other commodities, at a time when investors expect the finance ministers of the euro zone to agree financial aid for Greece.

9 Global Disclaimer This document is informative. Acciones & Valores is not responsible for the interpretation of such information. But it does not cover all aspects that an investor may consider necessary or desirable to analyze their decision to participate in the transaction here mentioned, because it is presented in abbreviated form. Therefore, it is necessary for investors who intend to participate in transactions, and for purposes of having full and absolute accuracy, consult all the documents provided by the promotion. Similarly, investors they should, on their own legal and financial analysis for purposes of taking any investment decision. Values and numbers entered here are obtained from market sources believed to be reliable such as Bloomberg, Reuters and the Issuers. The scores made in the report should not be considered investment advice nor as substitutes for the grades given by certified credit agencies such as Moody's or Standard & Poor's. These ratings are only quantitative, not qualitative factors include and depend on the financial information available on the market in time to be prepared. The opinions, estimates and projections in this report reflect the current judgment of the author to the report date, and clarifies that the content of the information contained herein may be subject to change without notice. The remuneration of the authors is not associated with the results of the report or the recommendations made. The presentation and any preliminary paper on the products mentioned here do not constitute a public offer binding, therefore, both presentation and any other document may be supplemented or corrected Acciones & Valores S.A. Héctor Wilson Tovar García Análisis Macroeconómico Head of Research wtovar@accivalores.com (0571) (1300) Roberto Carlos Paniagua Análisis MILA Junior Analyst Investigaciones@accivalores.com Ana Milena Franco Análisis Renta Fija Fixed Income Analyst Ana.franco@accivalores.com (0571) (1833) Kelly Mateus Análisis MILA Junior Analyst Investigaciones@accivalores.com Cristian Camilo Lancheros Análisis Mercados Internacionales International Markets Analyst Cristian.lancheros@accivalores.com (0571) (1306) Alejandro Alayón Análisis MILA Junior Analyst Investigaciones@accivalores.com Jorge Eduardo Bello Análisis Renta Variable Equity Analyst jorge.bello@accivalores.com Rocio Alayón Análisis MILA Junior Analyst Investigaciones@accivalores.com