The Importance of Investor Relations

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1 The Importance of Investor Relations 2013

2 What is Investor Relations? Investor Relations (IR) is a corporate strategy through which security issuers establish a communication channel that facilitates direct and close interaction between the company's management and its shareholders, investors and other stakeholders. The main objective of Investor Relations consists of generating a complete, accurate and transparent flow of information in order to obtain a grounded opinion regarding the securities issued by the company.

3 What qualities are required of the IR manager? Responding to the progressive development of the capital market and the increasing participation of qualified investors, the IR manager must have technical and communication skills that generate confidence and trust in the stakeholders. To this end, it is necessary for this person to have sufficient knowledge of the business, industry and the market. The IR manager must have direct access to senior management, so that he/she can properly communicate the company's strategic planning. Likewise, the IR manager must be a strategic adviser to management, given the position's ability to efficiently channel opinions and investor expectations.

4 What tools are used to achieve the IR objective? Investor Relations is promoted through adequate implementation of various tools, in addition to those required by current regulations, to provide information and address queries from individuals interested in investing in the company. IR teams use mechanisms such as the publication of corporate information on the issuer's website, conferences, private meetings, periodic events to report financial results and press releases, etc. To achieve the IR objective, Investor Relations teams are also in charge of reporting additional aspects of the company, such as corporate strategy, future projects, management's credibility and experience, and corporate governance and social responsibility practices.

5 Why is it so important to have an IR department? What are the benefits? Adopting better IR practices strengthens investor's trust and increases the possibilities of attracting greater investment, given that the information provided facilitates in-depth analysis of the company. This is due to the value that investors put on being able to use a direct communication channel to the company, in which their concerns can be addressed, avoiding misinformation, rumors or speculation altogether. Investor Relations are highly important during periods of uncertainty and volatility, when investors must make quick decisions to mitigate their exposure to risk. In such times, companies with IR programs developed and supported by management are exposed to less liquidation of investment positions and, therefore, to a significant drop of its securities prices.

6 Why is it so important to have an IR department? What are the benefits? Several academic studies mention the benefits obtained through implementation of effective Investor Relations programs. Such benefits include increases in analyst coverage, and monitoring of medium and large trading volumes. Additionally, the literature indicates that Investor Relations teams that adopt better international practices are considered more qualified by institutional and foreign investors. Also, they reduce the volatility of their securities and their borrowing costs. Some of these ideas come from the following documents: Investor Relations, Firm Visibility, and Investor Following (Bushee, Miller 2012) and The Impact of Effective Investor Relations on Market Value (Agarwal, 2008).

7 Find more information regarding the IR Recognition on en.bvc.com.co/ir Please send your comments and suggestions regarding the IR Recognition to Important Information: The IR Recognition granted by the Colombian Securities Exchange (Bolsa de Valores de Colombia S.A) is not a certification of the registered securities or the solvency of the issuer. Also, does not imply an opinion on the quality and accuracy of the content, it only denotes a verification of the existence of the information on the website of the issuer.

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