MARKET CLOSURE. Economic Research Department Acciones & Valores

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1 MARKET CLOSURE Acciones & Valores

2 INTERNATIONAL MARKETS The main stock ended on negative amid IMF pronouncements where European leaders sought to deepen financial and fiscal ties within the euro area, to restore lost confidence in the global financial system. However, in the U.S. Beige Book on economic conditions, showed that the twelve Federal Reserve Districts generally expanded modestly since the last report, creating a bit of relief from a slow recovery of the world's largest economy. UNITED STATES UNITED STATES Dow Jones 13473, ,97-0,95% S&P , ,56-0,62% NASDAQ 3065, ,783-0,43% The U.S. stock markets closed with losses, to a fourth straight day of losses after negative projections of major industrial commodities and energy, were greatly affected by fears of a global economic slowdown. The Beige Book on economic conditions, showed that the twelve Federal Reserve Districts generally expanded modestly since the last report. Meanwhile, the New York District noted a stabilization of economic activity; Kansas City noted a slowdown in the growth rate. Consumer spending was generally flat upward since last report. Estate conditions have improved since the last report. Most districts reported strengthening of existing home sales. In the manufacturing sector were mixed but generally have improved somewhat since the last report. In the nonfinancial services sector showed a modest improvement in the last period. Agricultural conditions were mixed, with the drought that is negatively affecting much of the nation's midsection. Activity in the energy sector, remained robust. Districts reported little change in prices for both finished goods and inputs. Prices of agricultural products and petroleum-based products, as a rule to be higher, while natural gas prices is said to be low or declining. Working conditions have changed little since the last report. DOW JONES S&P500 NASDAQ E

3 EUROPE EUROPE STOXX , ,54-0,63% FTSE , ,71-0,58% DAX 7234, ,23-0,41% European stock markets closed in negative for a third day amid concerns over the currency bloc economies, and pending the decision of the Prime Minister of Spain. Mariano Rajoy, who is evaluating the possibility of a redemption request. Italy Italian government after conducting a meeting, decided to reduce tax rates on income to people with the lowest incomes in the country, while promised meet budget targets agreed with the currency bloc. Spain International Monetary Fund expects the sovereign redemption request by Spain to help contain the debt crisis of the Iberian country, because the pessimistic growth forecasts for next year, where one might expect a contraction in GDP of 1 3% above that provided by the Government of Spain of 0.5%. France Industrial production for August showed an increase of 1.8 unexpectedly because the market expected a contraction of -0.7 Additional data was higher than in the last month of 0.9. Germany The main institutions of Germany forecast economic growth of 1% next year, reducing the data given in April, due to a worsening global economic outlook. As for the statement of Chancellor Angela Merkel, after meeting Greek Prime Minister, Antonis Samaras, said efforts are being made to help Greece worth corduroy, due to a small advance. In addition, the Chancellor said that much remains to be done and that Germany is willing to work together to meet the commitments accepted by the Greek nation. DAX FTSE100 STOXX

4 ASIA ASIA NIKKEY 8769, ,23-1,98% TOPIX 727,68 716,84-1,49% HANG SENG 20937, ,6-0,08% Asian stocks closed lower amid growing concerns over a slowdown in China's economy and its territorial dispute with Japan is significantly affecting corporate profits. In corporate behavior, Toyota Motor Corp. fell 1.9%, because the Japanese automakers have lost profits because the drop in sales in China. Steel & Tube Holdings Ltd fell 8.3% after the iron ore Arrium Ltd. sold its entire stake of 50.3% and Korea Electric Power Corp. fell 2.85% after the agency Yonhap news said the manager of the company expected a loss for the next quarter. China Chinese stocks fell amid speculation that the government may give new measures to boost consumer spending and economic growth has been showing a slowdown. Adding to the above, the main financial companies showed a decrease in the behavior of the action during the day. Meanwhile, the International Monetary Fund, said Central Bank Governor of China will not participate in the biannual meeting of the Fund, which may continue deteriorating trade relations between China and Japan over the territorial dispute over islands. Japan Japanese stocks fell, after filing a decrease in sales of automobile manufacturing in China, adding to concern the territorial dispute between the two countries greatly affects corporate profits. On the other hand, deputy director of the International Monetary Fund, said the Bank of Japan has more room for expansionary monetary policy to help boost the economy which has been affected by the sovereign debt crisis in Europe and the bilateral relations between China and Japan. TOPIX NIKKEI HANG SENG

5 LATAM MARKETS LATIN AMERICA BOVESPA 58939, ,28-0,82% IPSA 4266, ,53% IGBVL 21399,3 Latin American markets closed in negative amid the advance of foreign markets lower on concerns over global growth prospects given by the International Monetary Fund and pending pronouncements of Prime Minister Mariano Rajoy on the possibility of seeking an international bailout. BOVESPA IPSA IGBVL LOCAL MARKET COLOMBIA IGBC 14228, ,06-0,12% COLCAP 1695, ,16 0,13% COL , ,84 0,15% The IGBC ended the day with impairment of (-0.12%) with a value of (14,212.06) units, meanwhile the COLCAP showed a recovery of (0.13%) to ( ) units. The shares most valued were TABLEMAC with more (+9.0%) to ($ 1,096) and ENKA with (+3.22%) to ($ 9.03). The shares presented significant impairments were INTERBOLSA with (-5.31%) to ($ 1,695) and ISAGEN with (-1.96%) to ($ 2,500). IGBC COLCAP COL

6 Rendimiento Market Closure FIXED INCOME United States Treasuries Y Y Y Y Y M Plazo (Años) Tasas Vto 10/10/2012 7/5/2012 9/12/2012 USGG6M Index USGG2YR Index USGG5YR Index USGG7YR Index USGG10YR Index USGG30YR Index /10/2012 7/5/2012 9/12/2012 The 10-year Treasuries showed increases in the middle of the meeting that took place between Prime Minister Mariano Rajoy Spanish and French President Francois Hollande in Paris to assess whether the Iberian country must apply for a sovereign bailout and before the Federal Reserve publish its Beige Book business survey. Therefore, investors were more appetite to shelter assets. Colombia Fixed Income 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/ , ,657,000 CUPON 13 1/2 09/12/ , ,000 CUPON 8 10/28/ , ,264,000 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/ 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 May 2014 and October 2015 which amounts traded were $ 3.65 billion and $ 2.26 billion pesos respectively. In MEC the most traded securities TES due July 2024 which amount traded was $ 763,000 million pesos.

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 4 UVR Deuda Publica Interna Mar 13 Feb 15 May 17 Feb Abr 13 Oct 15 May 14 Jun 16 Oct 18 Jul 20 Jul 22 Jul 24 Ago Plazo 10/10/ /3/2012 9/12/ Plazos (Años) 10/10/ /3/2012 9/12/2012 The curve TES fixed rate swelled during the day, with yields on securities maturing in November 2013 which showed the greatest promotions of 6.5 pb. The TES maturing in July 2024 showed a 6.12% opening, up to 6155%, a minimum of 6096% and 6131% closure. For next time, we hope that these titles are between 6.04% and 6.20% with intermediate levels between 6.12% and 6.15%. 8 6 Globales 4 Feb May 24 Sep 37 Ene Mar 19 Jul 21-4 Ene 17-6 Dic Ene 13 Tasas duración 10/10/ /3/2012 9/12/2012 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) 10/10/ /3/2012 9/12/2012

8 CURRENSIES Currencies 09/10/ /10/2012 Ch% EUROPE EUR 1,2885 1,2896 0,09% GBP 1,6003 1,601 0,04% CHF 0,9402 0,9385-0,18% TRY 1,8246 1,8176-0,38% LATIN AMERICA COP 1799, ,7-0,03% BRL 2,0355 2,0409-0,26% MXN 12, ,9506 0,58% CLP 474,95 475,43 0,10% ASIA JPY 78,26 78,17-0,12% CNY 6,2884 6,2989 0,17% Dollar The dollar ended the day with Desvariaciones of (-0.03%) in ($ ), having registered an opening ($ 1,801), up to ($ ) and minimum ($ ), the Colombian peso ends with a trend revaluation. For the next day is expected to be between green currency ($ 1797) and ($ 1,803). Euro The euro had devaluations of (-0.69%) to (U.S. $ ) due to Increased uncertainty about Spain and Greece after the International Monetary Fund warned That The Economic slowdown will worsen the next day overall. That is expected for the common currency is between (U.S. $ ) and (U.S. $ ). COMMODITIES Commodity 09/10/ /10/2012 Ch% Crudo WTI (Futuro) 92,39 91,41-1,06% Crudo BRENT (Futuro) 114,5 114,48-0,02% Gas (Futuro) 3,467 3,479 0,35% Oro 1764,3 1763,15-0,07% Cobre ,73% Oil has fallen given reversing early gains, amid speculation by the market that U.S. crude inventories may increase after a three-week low. Gold falls amid concerns over the euro zone economies; meanwhile copper has fallen due to continuing concerns about the weakness in demand from top consumer China metal.

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 prod ucts 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) Ana Milena Franco Análisis Renta Fija Fixed Income Analyst Ana.franco@accivalores.com (0571) (1833) Cristian Camilo Lancheros Análisis Mercados Internacionales International Markets Analyst Cristian.lancheros@accivalores.com (0571) (1306) Jorge Eduardo Bello Análisis Renta Variable Equity Analyst jorge.bello@accivalores.com Roberto Carlos Paniagua Análisis MILA Junior Analyst Investigaciones@accivalores.com Kelly Mateus Análisis MILA Junior Analyst Investigaciones@accivalores.com Alejandro Alayón Análisis MILA Junior Analyst Investigaciones@accivalores.com Rocio Alayón Análisis MILA Junior Analyst Investigaciones@accivalores.com