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Argos Innovation Center, EAFIT University, Medellin, Colombia Cementos Argos S.A Corporate presentation 2015 New presentation of grey and white cement of 1kg in Colombia This document contains forward-looking statements and information

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Cementos Argos S.A

Corporate presentation – 2015

Argos Innovation Center, EAFIT University, Medellin, Colombia

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DISCLAIMER DISCLAIMER

This document contains forward-looking statements and information related to Cementos Argos S.A. and its subsidiaries (together referred to as “Argos”) that are based on the knowledge of current facts, expectations and projections, circumstances and assumptions of future events. Various factors may cause Argos’ actual future results, performance or accomplishments to differ from those expressed or assumed herein. If an unexpected situation presents itself or if any of the premises or of the company’s estimations turn out to be incorrect, future results may differ significantly from the ones that are mentioned herein. The forward-looking statements are made to date and Argos does not assume any obligation to update said statements in the future as a result of new information, future events or any other factors.

New presentation of grey and white cement of 1kg in Colombia

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3

37.8% 42.9% 18.8% 0.5%

53% 46% 1%

Revenues by product 9M15

20 M MT

Installed cement capacity Installed ready-mix capacity

18 M m3

3

Regional Divisions

14 14

Countries

Leading pure cement player in our core geography…

13

Cement plants

9

Grinding stations

~390

RMX plants

Other Cement RMX

Market Leadership:

Colombia

#1

  • utright

Market leader

Caribbean & Central America USA

1 out of 2

leading producers

47%

share of the seaborne trade market for cement and clinker

2nd

largest cement producer in the Southeast

2nd

largest RMX producer in USA

Emerging Major: 5th largest producer in Latam

Revenues by geography 9M15

* 1 trillion (Tn) = 1,000,000,000,000 - FX as of December 31st, 2014 : COP 2,392.46 / USD: as of March 31st, 2015: COP 2,576.05 / USD

Revenues EBITDA

9M15

USD 2,191 M

COP 784 Bn

vs 9M14 ∆ -1%

vs 9M14 ∆ +41% vs 9M14 ∆ +35%**

COP 4.3 Tn*

vs 9M14 ∆ +4%

USD 404 M

Colombia USA Caribbean & Central America Other

2014

USD 2,908 M

COP 1.1 Tn

vs 2013 ∆ +9%

vs 2013 ∆ +8% vs 2013 ∆ +17%

COP 5.8 Tn*

vs 2013 ∆ +2%

USD 534 M

** Comparative vs 1Q14 IFRS figures Cementos Argos S.A. has a presence in Venezuela through its subsidiary Corporación de Cemento Andino C.A., which is currently a party to a legal proceeding regarding the expropriation by the Venezuelan government of its plant located in the state of Trujillo, Venezuela. Any compensation to which Cementos Argos S.A. or its subsidiary Compañía de Cemento Andino C.A. may be entitled to is subject to the decisions of the relevant courts in the Bolivarian Republic of Venezuela. Cementos Argos S.A. has written-down to zero its investment in the plant.
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4

…in more than 70 years of profitable and continuous growth

 Successful

share issuance

 Acquisition

  • f Lafarge

Honduras

 Included in

DJSI

 Spin-off of

non core assets to Grupo Argos

 Merger of 3

ready-mix concrete companies

 Commenced operations

at Cartagena plant

 Expanded operations in

Suriname

2009 2007 2010

Merger of

8 cement companies

Acquired

Southern Star Concrete Company

 Acquired

RMCC in US

 Acquired

Cementos Andino

1934:

Compañía de Cementos Argos (currently Grupo Argos) was founded

1944:

Cementos del Caribe (currently Cementos Argos) was founded

2011

 Duty free zone

is created in Cartagena

2008 2012 2006 2005 1934 1944

 Acquired

Holcim’s interest in a Caribbean JV and Caricement Antilles

 Divested non-

core coal asset to Vale

2013 2014

 Acquired

assets from Vulcan in Florida – USA

 Acquired

assets in French Guiana

 New

dispatch center in Cartagena plant in Colombia

 Acquired

assets from Lafarge in USA

Source: Cementos Argos  Ongoing

expansion projects in Colombia:

  • Rioclaro
  • Sogamoso

 Ongoing

Harleyville expansion

2015

 Acquired

cement terminal in Puerto Rico

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5

Investment drivers for Cementos Argos

1 2 3 4

Clear Corporate strategy Competitive advantages Experienced management with a proven track record Financial flexibility to grow

Ability to seize the unique growth

  • pportunities
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6

Clear Corporate strategy…

1

Continue to focus

  • n our core

business and consolidate market leadership in our existing markets Provide our customers with the best value proposition

1

Continue enhancing distribution & logistics network

2

Improve

  • perating

efficiencies and reduce production costs

3

Selectively pursue attractive

  • pportunities

4

Maintain emphasis

  • n innovation, our

people & sustainable development

5

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7

…focused on the advantages of three contiguous regions

1

Logistics synergies given our geographic area, port infrastructure and maritime know-how Countries with consumption per capita growth potential Economies with different market cycles. Balance between developed & emerging economies

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8

Competitive Advantages: Vertically integrated

  • perations optimize flexibility, stability and profitability

2

Limestone Clinker Aggregates Cement RMC Transport & logistics Energy

Colombia Regional Division Caribbean & Central America Regional Division

Vertical integration and interconnectivity boosted by our geographic footprint

USA Regional Division

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9

Competitive advantages: Strategically located assets and a broad logistics and distribution network enhances flexibility

2

Source: Cementos Argos

24

~70

~2.800

Dispatch facilities & warehouses Ports / Terminals Mixers

13

Cement Plants

~390 9

RMX Plants Grinding Stations

Enhanced flexibility and coverage capabilities to supply local and regional markets

Strategically located assets Well established distribution network

  • Efficient cement plants with access to transport links,

both rail and sea

  • Potential to supply our Caribbean and Central America

markets via exports from the port in Mobile, Alabama

Low cost cement production & Export Potential

USA plants provide additional flexibility

Currently supplied from Cartagena Potential supply

Cartagena plant enhances regional linkages

State of the art facility

  • Efficient dry line, with production capacity of 2.3 mm

MTPA of cement

  • Efficient access to low cost limestone reserves & direct

access to a dedicated port

  • Operates in a zone with favourable tax rates and tariff

exemptions secured to 2028

Newberry Roberta Harleyville Cartagena

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Competitive advantages: Our value proposition, tailor-made business model for each customer segment

2

With proven results: Satisfaction and loyalty levels above industry averages Increasing market share in infrastructure

 Promote our customers’ business growth  Develop initiatives to create demand  Proximity and ease of access to our products  Recognition and use of our brand

 Tailor-made concrete solutions based on a unique understanding of each project  Access to technology and equipment (on-site plants, placement equipment)  Specialized technical assistance: Durability, concrete technologies  Lead time optimization

Our cement can be more than a commodity One High-value brand Differential service Commercial assistance Technical assistance Technological platform For retail customers

Value propositions offered include…

For industrial customers

Value propositions offered include…

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11

Experienced management with proven track record

3

Senior management Jorge Mario Velásquez CEO Since 1983 at Argos Board of Directors

7 Members 5 Independent*

José Alberto Vélez Chairman

Acquisitions

Examples:

  • Wetvan O. Puerto R: USD 18M
  • Lafarge Guayana F: USD 69 M
  • Activos Vulcan FL: USD 720 M
  • Lafarge Honduras: USD 305 M
  • Lafarge EEUU: USD 760 M
  • Holcim Caribe: USD 157 M
  • RMCC EEUU: USD 243 M
  • Cemento Andino: USD 192 M
  • SSC EEUU:

USD 245 M

+ 20

years of average experience in the industry

Completed organic growth

Examples:
  • Cartagena expansion: USD 560 M
  • Colombia power plants: USD 68 M
  • Panama grinding expansion: USD 65 M
  • Cartagena dispatch center: USD 35 M
  • White cement conversion: USD 23 M
  • Oil well cement development: USD 1 M

+

+ USD 3.5 Bn Funded & invested during the last 10 years

Focus & reorganization

Examples:

  • 2005: Merge of 8 cement

companies in Colombia

  • 2012: Spin-off of non core

assets

  • Divestitures of non core

assets

+

With a proven track record

18%

CAGR Revenues 2010-2014

18%

CAGR EBITDA 2010-2014

Caribbean & CA Regional Division

Mauricio Ossa

Since 1996 at Argos USA Regional Division

Eric Flesch

Since 1979 at Argos Legal and Institutional Affairs

Juan Luis Múnera

Since 2005 at Argos Talent and Organizational Architecture

Jorge I Acevedo

Since 2005 at Argos Technical

Victor Lizarralde

Since 1982 at Argos Innovation

Camilo Restrepo

Since 2005 at Argos Sustainability

María Isabel Echeverry

Since 1997 at Argos Finance and Shared Services

Carlos Yusty

Since 1996 at Argos Colombia Regional Division

Tomás Restrepo

Since 2007 at Argos Source: Cementos Argos * Two out of five independent members are certified following regulation related to BoD in Colombia
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12

Financial flexibility to grow organically and to selectively pursue strategic acquisitions

4

Strong operating cash flow generation

+ + +

Track record of accessing capital markets Proceeds from dispositions Current investment portfolio

 Defined core geography  Synergies targeted from:  Vertical integration  Market growth  Cost optimization

Planned organic growth

Our flexibility has been maintained by our operational strength and prudent management

Source: Cementos Argos

Potential growth

+

Funds from preferred shares issuance

  • Increase cement installed capacity

at Sogamoso plant located in Boyaca-Colombia :

  • + 2.3 M MTPA
  • Investment value: USD 450 M
  • Expected completion: 2018
  • Expansion of installed capacity at

3 cement plants in Colombia (Rioclaro, Nare and Cairo)

  • + 900,000 MTPA of installed

capacity

  • Investment value: USD93 M
  • Completed: 2Q2015
  • Additional mill at the SC plant:
  • Installed cement production

capacity from 1.0 mm to 1.5 mm MTPA

  • Savings from the use of

cementitious materials

  • Investment value US$48 mm
  • Completed: 2Q2015

Preparation for the USA comeback

  • Increase use of alternative fuels
  • Reduction of clinker / cement ratio
  • Energy matrix optimization
  • Distribution network optimization

Inorganic growth strategy

Other Initiatives

Expansion in attractive markets:

Antioquia Sogamoso

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13

Three regions, One interconnected strategic area

Cementos Argos S.A. has a presence in Venezuela through its subsidiary Corporación de Cemento Andino C.A., which is currently a party to a legal proceeding regarding the expropriation by the Venezuelan government
  • f its plant located in the state of Trujillo, Venezuela. Any compensation to which Cementos Argos S.A. or its subsidiary Compañía de Cemento Andino C.A. may be entitled to is subject to the decisions of the relevant
courts in the Bolivarian Republic of Venezuela. Cementos Argos S.A. has written-down to zero its investment in the plant.
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14 13 40 50 69 75 80 103 105 106 108 120 135 Spain Panama Chile Mexico Suriname Uruguay Costa Rica Peru Honduras Colombia Brazil Venezuela

Colombia: Leader company in an attractive market

Leading market position Competitive advantages Market share as of Sep 2015

Cement sales volume RMX sales volume

Source: DANE – Cementos Argos
  • Only producer with national network serving

all major population centers

  • Vertically integrated operations
  • Ability to use low cost production and

dedicated port facilities for exports

  • Distribution network that allows us to reach

final consumers

  • Well positioned brand
  • RMC mobile plants to be able to serve

infrastructure projects in areas with difficult access

Best positioned to capture the opportunity

Residential and commercial construction

  • Government plan to build 1.2 mm houses during 2014-2018
  • Between 2005-2012, household units grew by 255,000 p.a.
  • Aprox. 145,000 houses were built each year
Source: Minister of Housing of Colombia – DANE -DNP

USD 72 Bn*

~1.7% of GDP Government investment

USD 66 Bn

~1.6% of GDP Private investments

0.6 M units

Quantitative deficit

1.1 M units

+60%

below 35 years old

0.0 2.0 4.0 6.0 0.0 2.0 4.0 6.0

0-4 10-14 20-24 30-34 40-44 50-54 60-64 70-74 80 + mm inhabitants

2020E 2012

  • Emerging middle

class

  • Emerging cities
  • Offices deficit

Growing and young population Infrastructure and housing plans 2014-2024 Housing deficit

(as of 2012)

Commercial need

1= best

Infrastructure deficit

Infrastructure development

Source: Global Competitiveness Report 2014-2015 (analysis of 144 countries) / ANIF, Infrastructure Commission, DNP, Ministry of Transportation.

Otros 57%

#1 43%

Otros 53%

#1 47%

* Calculated in 2014 with FX Rate of COP 1,920 / USD

Financial results 2011 2012 2013 2014 9M15

Cement volume sold (M MTPA) 5.0 5.1 5.4 5.5 4.6 RMC volume sold (M m³) 2.6 3.0 3.4 3.5 2.8 Revenues (USD M) 1,087 1,272 1,364 1,205 823 y-o-y Growth (y-o-y) 29% 17% 7%

  • 12%
  • 10%

EBITDA (USD M) 351 449 484 391 235 EBITDA Margin 34% 35% 35% 32% 29%

Qualitative deficit

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15

58 tunnels

4G’s 1st and 2nd waves already awarded: 18 projects = COP$22.8 tn* (~USD 8bn) 3.080kms

3 2 4 1 5 7 9 6 8 8 6 4 7 9 1 3 5 2

1st wave 2nd wave Argos’ Plants

 6 projects with financial closing  3 projects under pre-construction / initiation signed  7 projects under pre-construction / initiation signed  2 projects with contracts signed

7 projects in

Antioquia

 Future budgets assigned to 12 projects (COP 19tn); COP 29tn pending 310 bridges 29 tunnels 253 bridges

1st wave Capex Kms

1 Conexión Pacifico 2 1.3 98 2 Honda - Girardot - Puerto Salgar 1.0 190 3 Conexión Pacífico 1 1.8 37 4 Cartagena - Barranquilla 1.0 147 5 Conexión Pacifico 3 1.3 231 6 Perimetral del Oriente de Cundinamarca 1.1 153 7 Autopistas Conexión Norte 1.0 146 8 Mulaló – Loboguerrero 1.2 84 9 Autopista Rio Magdalena 2 1.3 150 Total - COP tn 10.8 1,236

2nd wave Capex Kms

1 Pasto - Rumichaca 1.6 80 2 Villavicencio - Yopal 1.9 264 3 Puerta de Hierro - Palmar de Varela 0.5 203 4 Santana - Mocoa - Neiva 1.5 447 5 Santander de Quilichao - Popayán 1.2 76 6 Bucaramanga - Barrancabermeja 1.8 212 7 Transversal del Sisga 0.5 137 8 Autopista al Mar 2 1.5 245 9 Autopista al Mar 1 1.5 180 Total - COP tn 12.0 1,844

FC FC FC FC FC FC FC * 1 billion = 1,000,000,000 - 1 trillion = 1,000,000,000,000 Source: ANI - DNP
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16

COP$11.2tn*

7 projects awarded = COP$7 tn

PPP from private initiative advancing successfully

Private Initiave PPP

Private Initiave PPP Capex Kms

1 Ibagué - Cajamarca 1.0 225 2 Chirajara - Villavicencio 1.9 86 3 Malla vial del Meta 1.3 325 4 Cesar - Guajira 0.4 350 5 Cambao - Manizales 1.3 256 6 Antioquia - Bolívar 1.1 491 7 Tercer Carril Bgt -Girardot 2.4 151 8 Neiva - Girardot 0.7 193 9 Vías del Nus 1.1 158 Total - COP tn 11.2 2,235

1 2 3 4 5 6 8 9 7

 6 projects under pre-construction / initiation signed  1 project award  2 projects under study and awarding process

(~USD$4.8 bn) 319 Private initiatives presented

14% Under feasibility study 53% Under pre-feasibility study 30% Rejected 3% Approved and advancing

PPP scope

Argos’ Plants

* 1 billion = 1,000,000,000 - 1 trillion = 1,000,000,000,000 Source: ANI - DNP
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17

Infrastructure developments moving forward

Source: ANI, INVIAS

New national roads program “Vías de la equidad”

57

Projects

COP 4.8 Tn

will be invested in:

433

KM of Primary Roads

543

KM of secondary Roads

Future Budget assigned:

Airports under renovation

  • Construction
  • Improvements
  • Rehabilitation
  • Maintenance

2016: $0.6 Tn 2017 :$1.1 Tn 2018: $1.1 Tn 2019: $1.0 Tn 2020: $0.7 Tn Boosting transport infrastructure in the short term

COP 2.8 Tn

to be invested in 2014 - 2018 Main projects under development / bidding

47

Airport infrastructure a priority to improve competitiveness

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18

Housing and infrastructure programs underway

Source: ANI, FDN, Minvivienda – Camacol

6

18

4G Program

First & Second wave awarded

Projects approved COP 11.2 Tn

Projects with financial closing

10

Pre-construction process

2

Financial sources materializing ~COP 36 Tn

COP 17 Tn Local Banks COP 7 Tn Private equity Funds COP 2 Tn Multilateral banks COP 6 Tn Government (FDN) COP 4 Tn Foreign Banks

  • Local Pension funds

announced COP 3 Tn initially to total COP 4.5 Tn

  • Risk allocation is been

balanced among parties involved

  • Bonds issuance with a

possible “AA+” rating by Fitch Contracts signed

PPP – Private initiative

9

A reality under execution

7

Under bidding process

44

Projects under feasibility study

New Housing programs are just beginning

  • New home sales reached 126k units as of September

(+4.5%), Social housing (VIS) will rebound in the coming months as the hosing programs take place

11%

  • 4.3%

4.5%

  • Building permits rebound 46.1% in September,

50.2% for housing, 34% No VIS and 100.6% VIS

  • “Mi Casa Ya” program started the awarding

process in sept/2015

  • “Pipe 2 ” program will add 61k home units (VIS)

in 2016 and 69k in 2017

  • The second free housing program is moving

forward with land acquisitions. The first 100k free homes were all granted in Nov/2015

New home sales (Und)

Awarded 2

120,931 50,378 70,553 126,432 48,210 78,222 Total VIS No VIS sep-14 sep-15

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19

USA: Vertically integrated operations in attractive regions

USA installed capacity ~ 110 MTPA

Cement Plants RMC Areas Grinding Facilities Ports/Terminals

Leading position with vertically integrated operations

  • 2nd largest cement producer in

the Southeastern region1

  • 2nd largest RMX producer in

the US (#1 or #2 player in most RMC areas served)

  • Comprehensive logistics

network (sea, land and railway)

M MTPA Cement consumption (M MTPA) Share of cement consumption (%)2

States where we are present**

…and an increasing share of national cement consumption

Source: U.S. Census Bureau ¹ Virginia, North Carolina, South Carolina, Georgia, Alabama, Florida

Population annual growth

…we have operations in some of the most attractive US States

With superior demographics…

USA cement market is poised for rapid recovery… Ready for the US comeback

** Texas, Arkansas, Alabama, NC, SC, Virginia, Georgia , Florida

0.4% 0.9% 1.4% 2012E 2014E 2016E 2018E 2020E 2022E Southeast U.S. states¹ U.S. total

Source: PCA - Fall 2015 Forecast

2013 2014

26.1 29.5 33% 34%

Financial results 2011 2012 2013 2014 9M15

Cement volume sold (M MTPA) 0.6 1.6 1.8 2.8 2.5 RMC volume sold (M m³) 4 5.1 5.4 7.1 5.6 Revenues (USD M) 475 664 748 1,092 933 Growth 9% 40% 13% 46% 16% EBITDA (USD M)

  • 27
  • 7

14 68 86 EBITDA Margin 1.9% 6.2% 9.3%

128 128 117 97 71 68 70 76 80 86 90 94 99 105 111 117

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20

US market fundamentals remain strong

Source: Bloomberg - US Census Bureau

Labor market - indicator of a healthy economy Building permits – Signs of positive dynamics

Long term average : 1,190 Building permits (000)

  • Unemployment rate fell in Sept. to a seven-year low of 5%
  • 271k gain in payrolls (Sept) was de biggest this year
  • Wages rise 2.5%Y/Y in Sept, its highest in six years

Unemployment rate %

  • Building permits increased 4.1% Y/Y in Oct to 1.150k and 7.5% Y/Y

in south states reaching 587k permits.

Nonresidential Construction activity strong in the south states

  • ABI Index reached a score of 54.5 in the southern states in

Sept, above the USA average (53), remaining over 50 points so far this year

Transport infrastructure getting ready for a new start

  • House approved a multiyear highway bill that includes around

USD 300 billion in transportation and infrastructure programs to address the nation’s deteriorating roads and bridges

  • USD 261 billion will be spent in highways and USD 55 billion
  • n transit over six years
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21

Caribbean & Central America: High growth prospects and strategic interconnection of all regions

47%

Cemex

RMX

Geographic footprint

Other 5%

48%

Growth drivers

Profitable and growing interconnectivity

Honduras - Market share

Cement 53% 47%

  • One of 2 leading producers of

cement and RMC

  • Logistics platform, ports and fleet of

vessels gives unparalleled access to mainland and island markets

  • Control 47%¹ of the seaborne trade

market for cement and clinker

Cement volume sold

Haiti DR Suriname Panama Trading

Breakdown as of 9M15

  • Well-positioned in both, Panama

and Honduras, markets with great potential

  • Only cement producer in Haiti,

and Suriname

Honduras Otros

Panamá - Market share

Other 72%

28%

Honduras Panama

  • High Infrastructure needs: Projects undertaken for USD 1.6 bn,

including USD 680 M in road infrastructure

  • Housing Deficit: 30k housing units and ~ 800k1 in need of

improvements.

  • Urban Non residential construction demand (offices)
  • USD 5.2 bn Panama Canal expansion
  • USD13.6bn infrastructure investment plan for 2010-2014:

Expected to include the 1st underground transportation system in Central America and additional highways

  • Residential deficit in 2012 of 125k residential units

Haití Dominican Republic

Rest of Caribbean

  • Ongoing reconstruction in Haiti
  • Partially backed by the reconstruction fund set up by the

Haitian government, the UN, and the international community

  • Low income housing projects and infrastructure projects,

including:

  • Expansion of Santo Domingo’s underground transit system
  • Expansion of Bavaro-Miches road and Highway in

Santiago

  • Tourism and related infrastructure investments in the Caribbean

continue to rebound following the global economic crisis Cement

Source: Cementos Argos, INDESA, Contraloría General de la República de Panamá, and ADOCEM ¹ Estimates based on public information from maritime and customs agencies from the Caribbean

Financial results 2011 2012 2013 2014 9M15

Cement volume sold (MMTPA) 2.3 2.8 3.1 3.3 3.0 RMC volume sold (M m³) 0.46 0.5 0.5 0.5 0.3 Revenues (USD M) 335 398 448 543 409 Growth 5% 19% 12% 21%

  • 2%

EBITDA (USD M) 87 89 103 165 133 EBITDA Margin 26% 22% 23% 30% 33%

22% 23% 13% 10% 2% 7% 23%

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SLIDE 22 22

CCA markets continue showing positives dynamics

Panama

Outlook for the coming years remains positive

Honduras

Government economic initiatives are being effective

  • 8 projects totaling USD 1,250M leading the infrastructure

sector in 2015 and 2016, mainly in San Pedro and Tegucigalpa area

  • Increase in the budget execution of civil works led by the

public sector with focus on airports and roads

  • Cement market keeps showing the effect of positive

dynamics in infrastructure

GDP expectations USD bn

  • Canal works reduction and several projects put on hold

in 2015 are signs of a better sector performance in 2016

  • Canal expansion to be operational by 1H16 will increase

government revenues by 20%

  • Concrete demand from the second line of the Metro is

expected to start in 1Q16 (44 months of execution)

  • Social housing in Panama City and Colon under

construction

GDP expectations USD bn

Source: Co-alianza Honduras – Contraloría de Panama

6.2% 6.4% 6.8% 6.5% 5.4% 6.0% 6.1% 0% 1% 2% 3% 4% 5% 6% 7% 8%

10 20 30 40 50 60 70 80 90 100 2014 2015E 2016E 2017E 2018E 2019E 2020E

Nomial GDP, USDbn Real GDP growth 3.1% 4.1% 3.6% 3.6% 3.3% 3.1% 3.2% 0% 1% 2% 3% 4% 5%

5 10 15 20 25 30 2014 2015E 2016E 2017E 2018E 2019E 2020E

Nomial GDP, USDbn Real GDP growth

1,124k

1,263k

  • Sept. 2014
  • Sept. 2015

+12%

Increased of cement volumes YTD – Sept/2015

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SLIDE 23

Financial highlights

Concrete placement in project “Reserva del Río”, Medellín, Colombia

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SLIDE 24

24

Consolidated financial highlights

Cement volume1 (mm MTPA) RMC volume (mm m³) Revenues (COP$ bn) EBITDA (COP$ bn)

Source: Cementos Argos 1 Cement volume includes exports

7.3 5.3 5.9 7.0 8.5 9.4 11.1 2008 2009 2010 2011 2012 2013 2014 3,805 3,449 3,023 3,668 4,380 4,968 5,803 2008 2009 2010 2011 2012 2013 2014

USD$ M 2,152 1,951 1,710 2,075 2,437 2,656 2,908 335 369 305 385 447 524 USD$ M 534

591 651 539 682 791 978 1,060 15.6% 18.9% 17.8% 18.6% 18.1% 19.7% 18.3% 15.0% 20.0% 25.0% 30.0%

  • 200

400 600 800 1,000 1,200 2008 2009 2010 2011 2012 2013 2014 EBITDA Margen EBITDA

8.9 8.1 7.8 9.3 10.8 11.6 12.6 2008 2009 2010 2011 2012 2013 2014

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25

Consolidated financial highlights (cont.)

Consolidated ratios Dividends per ordinary share* (COP$) Capex

Source: Cementos Argos * 2015 Annual dividend based on proposal approved at 2015 General Shareholders´Meeting; Yield: Calculated as annual declared dividend / stock price at the end of the previous year; The dividend of the preferred share is COP 231 / share, as defined in the prospectus of preferred shares issuance of May 2013. According to this dividend and the value of the preferred share as of December 31, 2014 (COP $9.650 per preferred share), the Yield of this species is 2.4%

939 505 491 253 291 436 456 2008 2009 2010 2011 2012 2013 2014 Strategic Maintenance 3.7x 3.6x 3.9x 4.2x 3.5x 1.9x 3.8x 2.3x 2.3x 3.0x 3.7x 3.8x 6.0x 5.9x 2008 2009 2010 2011 2012 2013 2014 Neta Debt / (EBITDA + Dividends) EBITDA / Financial expenses 112 121 126 132 140 154 166 178 1.2% 1.8% 1.2% 1.2% 1.3% 1.5% 1.7% 1.7% 0.0% 0.5% 1.0% 1.5%

  • 50

100 150 200 250 300 350 2008 2009 2010 2011 2012 2013 2014 2015 Dividend Ordinary Share Yield

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SLIDE 26

CONSOLIDATED RESULTS

3Q15

Facade of the Argos Innovation Center, simulating the pages of books

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SLIDE 27

27 1,305 1,653 1,453 1,826 1,500 2,268 1,550

2014 2015

1T 2T 3T 4T

Revenues

COP billion

EBITDA

COP billion

Net Income

COP billion

EBITDA Margin

%

Net Margin

%

261 307 256 371 268 432 255

2014 2015

1T 2T 3T 4T

76 79 46 142 106 151 74

2014 2015

1T 2T 3T 4T

5,808 5,747 1,039 1,110 302 372

27% 18% 3% 26%

11% 3% 3% 10%

  • 2%

21%

  • 40%

80%

5%

132%

  • 5%
  • 30%

45% 211%

  • 4,258

35%

784

41% 63% 228

Note: 1Q14, 2Q14, 3Q14 and 2015 figures under IFRS; all other figures in ColGAAP

2014 2015 Var (bps) 1Q 5.9 4.8

  • 108

2Q 3.1 7.8 464 3Q 7.1 6.7

  • 39

2014 2015 Var (bps) 1Q 20.0 18.6

  • 139

2Q 17.6 20.3 268 3Q 17.9 19.0 120

3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

24%

51% 61%

17%

6%

43%

61% growth in EBITDA and 43% in Net Income result from focus on ROE improvement coming mainly from:

  • US recovery in volumes and profitability
  • Colombia regional performance with market share recapture
  • Organizational excellence program supports margin improvement

3Q15: Positive trends levered by a strong corporate strategy result in record figures

slide-28
SLIDE 28

28

32% 37% 27% 4% 43% 23% 28% 6% 44% 22% 27% 7%

Consolidated volume

2,740 3,238

3,286 3,605

3,338 3,843 3,213

2014 2015

1T 2T 3T 4T

2,376 2,538

2,892 2,923

3,001 3,224 2,782

2014 2015

1T 2T 3T 4T

Cement*

Ton 000

Concrete

m3 000

20% 2%

  • 4%

11% 18% 10% 7% 1% 22% 4%

  • 7%

15% 33% 34% 28% 5%

12,576 10,685

Colombia CCA USA Exports Colombia USA – South Central USA - Southeast CCA

2014 2015 2014 2015

11,051 8,685

(*) Includes grey cement, oil-well cement, white cement and cementitious products

9,363

14%

8,269

5%

3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

7% 10%

15% 7%

slide-29
SLIDE 29

29 1,252 1,484 1,301 1,434 1,486 1,687 1,498

2014 2015

1T 2T 3T 4T

Cement*

Ton 000

Concrete

m3 000

Colombia: Continuing positive trend with market share gains

856 796 866 909 903 1,063 828

2014 2015

1T 2T 3T 4T

5,537 4,606 3,453 2,767

19%

  • 7%

4% 14% 1%

1% 4%

  • 8%
  • 3%

10%

14%

5%

(*) Includes grey cement, oil-well cement, white cement and cementitious products

4,039

14%

2,625

5%

3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

18%

14%

17%

18%

  • Volume growth above the industry supported by our robust market approach “Argos Model”:
  • Cement dispatches grew by 14% vs. 7.5% of total market in 3Q15
  • RMX volume grew by 18% vs. 9.2% of total market in 3Q15
  • Volume growth in most areas of the country and within all segments, especially in the north and

northwest

slide-30
SLIDE 30

30

Colombia: EBITDA expansion with positive outlook

238 192 181 198 186 232 172

2014 2015

1T 2T 3T 4T

590 658 593 678 598 838 621

2014 2015

1T 2T 3T 4T

Revenues

COP Billion

EBITDA

COP Billion

EBITDA Margin

%

40 29 31 29 31 28 28 2014 2015

4T 3T 2T 1T

2,403

2,174

778

621

11%

  • 19.6%

1% 1% 4%

  • 24%

3%

  • 8%

3% 14%

3%

9%

1,782 606 22% 3%

Note: 2015 figures under IFRS; 2014 figures under ColGAAP 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

29% 34%

  • 5%

40% 25%

23% 17%

  • Record figures with focus on ROCE, supported on volume growth and improved competitive dynamics
  • Record EBITDA generation with increasing logistics and distribution unitary costs to support growth
  • RMX growth improves returns despite lower EBITDA Margin
slide-31
SLIDE 31

31

Regional USA: Positive market trends despite weather conditions

Cement

  • 19% increase in cement dispatches

ratifies positive trend despite adverse weather

  • Increased participation in the import

market through our terminals in Houston and Mobile RMX

  • 5% increase in RMX volume with

better weather conditions in the South center

  • Backlog for the South Central

zone increased by 10% y-o-y

1,382 1,631 1,899 1,910 1,956 2,050 1,844

2014 2015

1T 2T 3T 4T

455 635 811 910 806 958 727

2014 2015

1T 2T 3T 4T

2,799 2,502 7,081 5,591

Cement

Ton 000

Concrete

m3 000

39% 18%

78%

  • 1%
  • 10%

37% 3%

  • 6%

43%

12%

17%

1%

5,238

7% 21%

2,073

(*) Source: USGS; Argos’s states include shipments in : Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Texas 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

19% 5%

5%

7%

slide-32
SLIDE 32

32

1.8 14.1 24.0 34.7 26.5 37.5 15.8

2014 2015

1T 2T 3T 4T

Regional USA: Continuous recovery drives margin improvement

  • Positive results in a year challenged by adverse weather: 3Q affected by the backlash of hurricane

Joaquin, specially in the Carolinas

  • We continue to strengthen our production and logistics network with new mill in Harleyville, SC and

improvements to our port facility in Houston, TX

202 264 295 321 308 348 288

2014 2015

1T 2T 3T 4T

1,092 933

0.9 5.4 8.1 10.8 8.6 10.8 5.5

2014 2015

4T 3T 2T 1T

68.2 86.3

31% 671% 46% 4%

  • 7%

1210% 10%

  • 40%

22%

9% 44% 146%

Revenues

USD$ Million

EBITDA

USD$ Million

EBITDA Margin

%

804

16%

52.4

65%

Note: 2015 figures under IFRS; 2014 figures under ColGAAP 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

6.5% 9.3%

3%

13% 8% 41%

8%

slide-33
SLIDE 33

33

Cement

  • Honduras and Trading leading

volume growth

  • Volumes in Panama to recover in

2016 pending infrastructure developments currently on hold

139 112 126 105 141 110 110

2014 2015

1T 2T 3T 4T

826 951 898 1,104 791 943 754

2014 2015

1T 2T 3T 4T

3,269 2,998 516 327

Cement

Ton 000

Concrete

m3 000

15%

  • 19%

9%

  • 12%
  • 5%
  • 9%

12%

  • 22%

16%

23%

  • 7%
  • 17%

Caribbean and Central America: Diversification supports positive cement volume trend

3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

2,515

19%

  • 20%

407

3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

19%

  • 22%
  • 15%

5%

slide-34
SLIDE 34

34

28 32 30 35 31 31 33 2014 2015

4T 3T 2T 1T 135 134 141 138 141 136 127

2014 2015

1T 2T 3T 4T 37 43 42 48 44 43 42

2014 2015

1T 2T 3T 4T

543 409 165 133

0% 15%

  • Positive results of the organizational excellence program in Honduras continues to improve the EBITDA margin of

this highly efficient operation and offsets lower volumes in Panama.

  • Continue to have structural margins above 30%
  • Trading business supports future growth in profitability

4% 0%

  • 10%

13% 5%

  • 4%
  • 2%

3%

11%

14%

Revenues

USD$ Million

EBITDA

USD$ Million

EBITDA Margin

%

Caribbean and Central America: Cash generation remains strong

  • 2%

417

123

8%

Note: 2015 figures under IFRS; 2014 figures under ColGAAP 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q 3Q 1Q 2Q 4Q

29.5% 32.6%

2%

  • 3%
  • 3%
  • 2%
  • 10%
slide-35
SLIDE 35

35

Strong balance sheet to maximize growth opportunities

16% 9% 54% 21% 12% 20% 27% 29% 12%

Assets Liabilities

Current Deferred and intangible PP&E

Permanent investments

Bonds LT financial obligations Other LT ST financial obligations Other ST

COP trillion* COP trillion

17.1 8.7

Figures as of September 30th, 2015

17.1 8.4 8.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 Assets

  • Liab. & Equity

COP Trillion Assets Shareholders' Equity Liabilities

* For the purposes of this presentation 1 billion = 1,000,000,000 and 1 trillion = 1,000,000,000,000
slide-36
SLIDE 36

36

36% 64% COP USD 79% 21% LT ST

Adequate indebtedness level and profile

Debt as of September 30th, 2015

Consolidated cost of debt

Net Debt EBITDA + Dividends EBITDA Financial expenses

Total gross debt = USD 1,842 million

7.3% 7.4% 7.7% 7.8% 8.1% 8.4% 8.3% 8.7% 9.0% 9.0% 8.9% 8.7% 3.0% 2.9% 3.0% 3.0% 3.0% 2.9% 2.8% 2.5% 2.5% 2.6% 2.5% 2.5% Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 COP USD

Net Debt Shareholder’ equity

* Note: For ratio Net debt to EBITDA + Dividends, Net debt and EBITDA are calculated with the same FX rate (since 1Q15)

= 3.45x = 4.78x = 64%

36%

COP 2,070 billion

64%

USD 1,179 million

slide-37
SLIDE 37

37

Short-term:

USD million

Long-term:

USD million 378 1,463

Adequate indebtedness level and profile (cont.)

Debt as of September 30th, 2015

82 172 29 1 16 1 1 1 9 1 1 1 50 100 150 200 250 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Bank Loans Bonds Infraestructure leasing 39 24 24 324 309 31 188 31 23 96 135 97 100 2 6 7 6 7 7 8 150 300 450 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Bank Loans Bonds Infraestructure leasing 26 37

slide-38
SLIDE 38

38

Consolidated cash flow

COP Billion – as September 30th, 2015

445

  • 28

+ 3

  • 57

+ 103

  • 196
  • 214
  • 237
  • 231
  • 189
  • 150

+ 1110 533 500 1000 1500 2000 2500 3000 Cash Flow at Sept 2015 Exchange rate effect Acquisitions Net Financial Op. Net Other Non-Operating Net Dividends Net Financial Expenses Taxes Strategic CAPEX Maintenance CAPEX Net Op. Working Capital EBITDA Cash Flow at Jan. 2015 EBITDA 1,109,656 (+) Working Capital Var. (150,481) (-) Maintenance Capex 188,547 (-) Strategic Capex

230,842

(-) Taxes

236,684

Total Free Cash Flow

303,102

Financial Cash Flow (+) Financial Contribution

(214,428)

(-) Net Dividends

(196,414)

(+) Net Other Operating

2,516

(+) Net Financial Op.

(54,787)

(+) Capitalization

(2,259)

(+) Acquisitions

(28,293)

(+) Divestitures

  • (+) Exchange rate effect

6,761

Total Financial Cash Flow (486,902) Total Cash Flow for the Period (183,800) (+) Initial Cash Flow 532,838 (+) Exchange rate effect 95,814 Final Cash Flow 444,852 Total Cash flow (COP Mill)

slide-39
SLIDE 39

39

4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 01/14 03/14 05/14 07/14 09/14 11/14 01/15 03/15 05/15 07/15 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 01/14 03/14 05/14 07/14 09/14 11/14 01/15 03/15 05/15 07/15
  • 5.9%

% YTD – Sept/2015

Vs.

  • 19.5% Colcap
  • 5.6%

% YTD – Sept/2015 +18.5% since issuance (May 2013)

Investment portfolio improves the company´s financial flexibility

67.1% 32.2% 0.7%

Grupo Sura Bancolombia Cartón Colombia

Ordinary Share

  • f Argos

CEMARGOS Preferred Share

  • f Argos

PFCEMARGOS

Price (COP)

Company

% Stake Price per Share (COP) Value (COP$ million)* Value (US$ million)* Grupo Suramericana 6.0% 35,880 1,011,215 324 Bancolombia 4.0% 23,720 484,769 155 Cartón Colombia 2.1% 4,600 10,621 3

Total 1,506,606 483

* FX Rate as of September 30th, 2015: COP 3,121.94 / USD

9,760

Price (COP)

9,130

slide-40
SLIDE 40

APPENDIX

SUMMARY PER REGIONAL DIVISION / OTHER BUSINESSES/ OPERATING PROFIT AND EBITDA (IN COP AND USD) / EXPORTS

Improving mobility in Colombian cities with Argos’ value added products and services

slide-41
SLIDE 41

41

COP billion 2015 2014 Var (%) 2015 Mgn (%) 2014 Mgn (%) Var (%) 2,174 1,866 16.5 621 28.6 580 31.1 7.2 2,463 1,566 57.3 228 9.3 99 6.3 130.2 1,079 805 34.0 352 32.6 238 29.6 48.1 5,716 4,236 34.9 1,201 21.0 916 21.6 31.1

  • 2
  • 4

N/A

  • 103

N/A

  • 114

N/A 10.1 32 25 30.1 11 34.8

  • 3
  • 13.4

439.0 N/A N/A N/A N/A

  • 14

N/A N/A 5,747 4,258 35.0 1,110 19.3 784 18.4 41.5 USD million 823 960

  • 14.2

235 28.6 298 31.1

  • 21.1

933 806 15.8 86 9.3 51 6.3 69.7 409 414

  • 1.4

133 32.6 122 29.6 9.0 12 11 5.1

  • 35
  • 301.0
  • 61
  • 552.2

42.7 N/A N/A N/A N/A

  • 7

N/A N/A 2,176 2,191

  • 0.7

420 19.3 404 18.4 4.1 Subtotal Revenues EBITDA Colombia USA Caribbean & CA

  • Corp. & other buss

Consolidated Result USD Corporate Other Businesses Consolidated Result Colombia USA Caribbean & CA Florida closing expenses Florida closing expenses

Appendix

Summary per regional division / other businesses

Note: All figures under IFRS
slide-42
SLIDE 42

42

Appendix

Operating profit and EBITDA (COP and USD)

USD

million

COP

billion

2015 2014

Var (%)

2015 2014

Var (%)

3Q YTD

Ingresos 2,268 1,500 51 5,747 4,258 35 Costos y gastos 1,965 1,323 49 5,037 3,780 33

  • Ut. Operacional

285 175 63 691 465 49 EBITDA 432 268 61 1,110 784 41 Margen EBITDA % 19.0% 17.9% 19.3% 18.4% Ingresos 775 785 (1) 2,176 2,191 (1) Costos y gastos 671 692 (3) 1,907 1,945 (2)

  • Ut. Operacional

97 92 6 262 239 9 EBITDA 147 140 5 420 404 4 Margen EBITDA % 19.0% 17.9% 19.3% 18.4% Revenues Costs and expenses Operating profit EBITDA EBITDA margin (%) Revenues Costs and expenses Operating profit EBITDA EBITDA margin (%)

Note: Figures under IFRS
slide-43
SLIDE 43

43

207 168 277 157 254 255 234

2014 2015

1T 2T 3T 4T

Cement and clinker

Ton 000

971 580

Appendix

Exports

  • 6%

62%

  • 8%
  • 19%
  • 43%
  • 6%

737

  • 21%
3Q 1Q 2Q 4Q

0% 62%

slide-44
SLIDE 44

44

13.1 14.8 16.0 17.7 18.9 23.0 25.0 26.3 26.3 28.9 30.0 31.8 34.9 40.9 44.4 290 297 308 325 340 388 402 408 425 453 471 491 514 532 552 4.5% 5.0% 5.2% 5.4% 5.6% 5.9% 6.2% 6.4% 6.19% 6.39% 6.36% 6.47% 6.80% 6.84% 6.84% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

  • 100.0

200.0 300.0 400.0 500.0 600.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E

Colombia: Growth potential with improving fundamentals

Total and construction GDP

Baa2/BBB/BBB**

Investment grade since 2011

4.6% GDP 2014

2015E – 3.0%

48 M

inhabitants

2013 2020

8%

Population growth

660 390 316 278 271 267 248 245 245 229 227 225 213 205 205 200 135 105 Panama Ecuador Mexico Venezuela Brazil Costa Rica Peru Puerto Rico Chile Argentina Bolivia Colombia Honduras Guatemala El Salvador Uruguay Paraguay Nicaragua

Latin America cement consumption per capita - 2012 (Kg / capita)

Colombia’s cement consumption per capita is low and leaves room for growth

Source: Cementos Argos’ estimates ** Rating Colombia: Moody´s / S&P / Fitch

COP Trillion * GDP Construction GDP / GDP

* 1 trillion (Tn) = 1,000,000,000,000

Construction GDP

slide-45
SLIDE 45

45

Competitive Advantages: Vertically integrated operations

  • ptimizes flexibility, stability and profitability

Sourcing Colombia USA Panama and the Caribbean & CA

Limestone / clay

40 years of proven and probable reserves 75 years of proven and probable reserves 570 years of proven and probable reserves

Clinker (for grinding units

  • nly)

N/A N/A Panama Rest of the Caribbean From own plants, trading network, 3rd parties

Aggregates (for RMC

  • perations)

49% from own quarries From 3rd parties Panama Rest of the Caribbean From 3rd parties

Cement for our RMC

  • perations

100% from own plants From own plants in SE 100% from own plants

Electricity

89% generation from own sources From 3rd parties From 3rd parties + own backup generation

Fuel / Alternative fuels

From 3rd parties

Transport via shipping and trading

 Fleet of vessels for trading and raw materials flow  Largest logistic network in Colombia  Terminals and rail road network in the US

Source: Cementos Argos

42% from own plants 35% from own plants

         

slide-46
SLIDE 46

CONTACT INFORMATION

GUSTAVO URIBE

IRO guribe@argos.com.co

CARLOS YUSTY

CFO cyusty@argos.com.co

www.argos.co/ir

This recognition, called Reconocimiento Emisores – IR is given by the Colombian Stock Exchange, Bolsa de Valores de Colombia S.A. It is not a recognition that certifies the quality of registered stock , nor does it guarantee the solvency of the issuer.