Quarterly Overview. Fourth Quarter 2010

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2 Quarterly Overview Fourth Quarter 2010

3 Disclaimer The forward-looking statements contained herein are based on Management s current forecasts and outlook. For better illustration and decision-making, figures for Suramericana and its subsidiaries are administrative rather than accountant, and therefore may differ from those presented to entities officers. Thus, Grupo de Inversiones Suramericana assumes no obligation to update or correct the information contained in this presentation.

4 Content Financial Review Portfolio s Main Figure

5 Financial Review

6 Balance Sheet Quarters Dic-10 Dic-09 Sep-10 Dic 10 / Dic 09 Dic 10 / Sep 10 Assets Current assets: Cash and cash equivalents $ 118 5,445 5,716 (97.8%) (97.9%) Investments available for sale 81, , ,352 (49.2%) (88.6%) Accounts receivable 77,335 42, , % (70.8%) Prepaid expenses % 477.8% Current assets 159, , ,076 (23.7%) (83.9%) Accounts receivable - 7,824 7,824 (100.0%) (100.0%) Permanent investments 10,644,902 9,484,776 10,156, % 4.8% Property, plant and equipment - vehicle % 721.2% Other assets Reappraisal of investments 7,363,063 4,993,303 6,457, % 14.0% Non current assets 18,008,438 14,486,090 16,622, % 8.3% Total assets $ 18,168,072 14,695,316 17,614, % 3.1% Liabilities and shareholders equity Financial obligations 81, ,467 (69.2%) Commercial paper 233, ,652 - Other financial obligations - 3, ,204 (100.0%) (100.0%) Accounts payable 23,804 37,811 84,308 (37.0%) (71.8%) Employee liabilities % 120.0% Unearned revenues 7,099 6,019 38, % (81.4%) Estimated liabilities and provisions 10,784 10,277 7, % 38.7% Current liabilities 357,419 58,009 1,085, % (67.1%) Financial obligations - 49,000 - (100.0%) - Bonds 250, , , % - 0.0% - Non current liabilities 250, , ,000 (16.4%) - In million COP Total liabilities $ 607, ,009 1,335, % (54.5%) Total shareholders equity $ 17,561,191 14,338,307 16,279, % 7.9% Total liabilities and shareholders equity 18,168,610 14,695,316 17,614, % 3.1% Book value (USD) 37, , , % 7.9% 6

7 Income Statement Quarter Accumulated Q4-10 Q4-09 Q3-10 Var Q4-10 / Q4-09 Var Q4-10 / Q3-10 Q4-10 Q4-09 %Var Operating revenues Dividends and interests 43,652 43,912 38,969 (0.6%) 12.0% 155, , % Earnings from the equity method, net 67, , ,532 (38.3%) (47.7%) 567, , % Earnings from sale of investments, net 18,728 6, % % 51,410 25, % Appraisals at market prices, net 21,543 (84) (4,489) 19,971 7, % Derivatives 1,098 5,099 5,428 (78.5%) (79.8%) 6,526 5, % Reinbursment provsion for investments (1,419) (959) 1, % (90.5%) 150, , ,934 (7.9%) (11.2%) 800, , % Operating administrative expenses Provision for investments 67 4,333 (206) (98.5%) ,665 (99.5%) Payroll expenses 1, , % (2.4%) 4,949 3, % Operating expenses 2,576 3,183 1,710 (19.1%) 50.7% 7,932 11,272 (29.6%) 3,898 8,512 2,790 (54.2%) 39.7% 13,025 46,721 (72.1%) Operating income 146, , ,144 (5.4%) (12.1%) 787, , % Non operating expense (income) Adjustment for diff. in foreign-exchange 8, (8,818) 939.2% 7,845 7, % Bank expenses - commissions 5,925 4,678 13, % (57.4%) 46,776 11, % Amortized premium 23, ,574 - ADR call option compensation 5, ,113 - Miscellaneous (3) - (61.2%) (20.1%) 42,816 5,772 5, % 742.2% 83,427 18, % Income before taxes 104, , ,060 (30.4%) (35.7%) 703, , % Income and complementary taxes provision (2,713) (2,045) (2,133) 32.7% 27.2% (7,600) (5,439) 39.7% Net income 101, , ,928 (31.3%) (36.6%) 696, , % 7

8 Precio GRUPOSURA GRUPOSURA Price (COP) GRUPOSURA SHAREHOLDERS GRUPOSURA 3.6% 8.8% 6.5% 37.6% INVERARGOS and Affiliates GNCH $ 42,667 $ 39, % 147 International funds 12.7% Pension Funds Institutional Investors Retail Investors International Funds F-10 M-10 A-10 N-10 F-11 $ 36,320 $ 33,147 $ 29,974 $ 26,800 $ 23,627 Índice GRUPOSURA Índice IGBC IGBC Índice COLCAP Free Float: 49.8% Market Cap (billion COP): 17.6 Price/Book Value: 1.0 Number of Shareholders: 7,651 Source: Shareholders' Registry as of Dic 31, 2010 * 03-Mar-11 % Var.** GRUPOSURA (COP) 37,480 24, % 36, % IGBC (Points) 15,497 11, % 15, % COLCAP (Points) 1,824 1, % 1, % * Annual appraisal without dividends - 12 months ** Last days appraisal without dividends

9 Investments Portfolio Inversiones Argos 25.5% Otros 0.6% Suramericana 12.1% NOTE: Considering Suramericana at 2x P/BV and Protección at market price (USD 30) the valuation for Suramericana has to be calculated by the different investors and analysts GNCH 23.2% Estimated relative weight over the commercial value of the portfolio, which as of December 2010 came to 18.8 billion. Protección - AFP 2.9% Bancolombia 35.6% Including their commercial value pursuant to accountant standards and the stakes held in the following investment companies: Grupo de Inversiones Suramericana S.A., Portafolio de Inversiones Suramericana S.A., en Liquidación, Grupo de Inversiones Suramericana Panama and Inversiones y Construcciones Estratégicas S.A.. 9

10 Portfolio s Main Figures

11 Suramericana: Insurance and Social Security Investment sub-holding MAIN FIGURES Total assets 1, , % Current assets % Investments 1, , % Total liabilites % Shareholders' equity 1, , % Operating income % Earnings from Equity Method % Operating expenses % Net income % MARKET SHARE Other (22) 31.4% Source: Fasecolda Suramericana 22.3% Bolívar 9.2% In thousand million COP Estado 4.0% Alfa 5.0% Mapfre (Spain) 7.8% Colpatria 6.0% Liberty (USA) 7.2% Colseguros (Allianz - Germany) 7.2% 11

12 Suramericana: Insurance and Social Security Investment sub-holding Breakdown of affiliate contributions to SURAMERICANA S total revenues (December 31, 2010) Life 1,320,160 1,108, % Property and Casualty 1,013, , % Health 733, , % Workers Compensation 402, , % Suramericana Panama (P&C) 76,193 75, % Suramericana Panama (P&C) 2.0% Workers Compensation 10.5% Other affiliates 7.1% Life 34.6% Insurance and Social Security 3,545,796 3,068, % Other affiliates 270, , % Total 3,816,610 3,339, % Health 19.2% Property and Casualty 26.6% Suramericana is in the process of acquiring two insurance companies Aseguradora Suiza Salvadoreña S.A. (ASESUISA) based in El Salvador, and Proseguros (Progreso Compañía de Seguros S.A.) in the Dominican Republic. ASESUISA is the leader in the insurance industry in El Salvador, with a 19% share of the property, casualty and life insurance market, and USD 88 million written premiums. PROSEGUROS is the third largest private owned insurance company and the fourth including the state owned company in such country, with an 11% share of the property, casualty and life insurance market and USD 72 million premiums issued per year In thousand million COP 12

13 Seguros Generales Suramericana: (P&C Company) MAIN FIGURES MARKET SHARE Source: Fasecolda Written premiums 1, % Retained premiums % Claims % Retained claims % Direct operational result % Operational expenditures % Net operating result Investments result % Net income % Total assets 1, , % Total liabilites % Shareholders' equity % RATIOS Other (16) 29.2% Bolivar 6.4% Colpatria 6.9% Mapfre (Spain) 7.1% Suramericana 16.7% Previsora 7.2% Colseguros (Allianz - Germany) 9.7% Liberty (USA) 9.5% Estado 7.3% 31-Dic Dic-09 Claims ratio 43.9% 42.7% Net claims ratio 51.8% 50.7% Commission and brokerage expen 12.2% 12.4% Combined ratio 95.8% 98.2% Expenses ratio 14.9% 16.3% 13 In thousand million COP

14 Written premiums and claims by branches P&C INSURANCE Automobile Fire SOAT Third party liabilities Transport Substracción Other P&C TOTAL P&C INSURANCE Dic-10 % Var. Dic-10 % Var. Dic-10 Producción Siniestros % Siniestralidad 440, % 264, % 60.0% 191, % 48, % 25.4% 139, % 51, % 36.8% 46, % 9, % 19.6% 36, % 11, % 31.5% 19, % 4, % 23.8% 140, % 55, % 1,013, % 445, % 43.9% Other P&C 14% Substraction 2% Transport 3% Third party liabilities 5% Written Premiums P&C Automobile 43% 60.0% Written premiums Claims % Gross claims 25.4% 36.8% 19.6% 31.5% SOAT 14% Automobile Fire SOAT Third party liabilities Transport In million COP Fire 19% 14

15 Seguros de Vida Suramericana: Life Company MAIN FIGURES MARKET SHARE Fuente: Fasecolda Written premiums 1, , % Retained premiums 1, , % Claims % Retained claims % Direct operational result % Operational expenditures % Net operational result % Investments result % Net income % Total assets 2, , % Total liabilites 2, , % Shareholders' equity % Other (18) 25.8% Colpatria 3.2% Alico (MetLife - USA) 3.5% ACE (USA) 5.0% Mapfre (Spain) 5.6% Suramericana 29.9% Bolívar 12.0% Colseguros Liberty (USA) (Allianz - 6.3% Germany) 8.7% RATIOS 31-Dic Dic-09 Claims ratio 62.1% 58.6% Net claims ratio 65.4% 59.1% Commission and brokerage expen 9.4% 10.2% Expenses ratio 12.3% 14.3% In thousand million COP 15

16 Written premiums and claims by branches Dic-10 % Var. Dic-10 % Var. Dic-10 LIFE INSURANCE Individual life Health Group life insurance Other life insurance Total without annuities and pensions Social Security insurance (Previsional) Annuities and pensions TOTAL LIFE INSURANCE Savings Fund Producción Siniestros % Siniestralidad 360, % 129, % 35.8% 346, % 235, % 68.1% 211, % 94, % 44.6% 60, % 36, % 60.3% 979, % 495, % 50.6% 192, % 264, % 137.6% 148, % 58, % 1,320, % 819, % 74, % 81, % Written Premiums Life Annuities and pensions 11.3% Social Security insurance (Previsional) 14.6% Individual life 27.3% 35.8% Written premiums Claims % Gross claims 68.1% 44.6% Other life insurance 4.6% Group life insurance 16.0% Health 26.2% Individual life Health Group life insurance Annuities and pensions 16 In million COP

17 ARP Sura: Workers Compensation Company MAIN FIGURES MARKET SHARE Fuente: Source: Fasecolda Fasecolda Written premiums % Claims % Direct operational result % Operational expenditures % Net operational result % Investments result % Net income % Liberty 6.8% Bolivar 7.1% Colpatria 14.0% Other (4) 5.1% Arp Sura 27.8% Total assets % Total liabilites % Shareholders' equity % Colmena 16.6% Positiva 22.6% RATIOS As of december 31, 2010 ARP Sura had 1,542,674 workers affiliated and 37,363 companies. 31-Dic Dic-09 Accident rate 5.0% 4.9% Severity rate 0.5% 0.5% Days out of work 889, ,289 Average days out of work Deaths caused by work accident In thousand million COP 17

18 EPS Sura: Health Company MAIN FIGURES MARKET SHARE Source: ACEMI Revenues % Claims % Direct operational result % Operational expenditures % Net operational result % Investments Result % Net income % Other (6) 12.6% Servicio Occidental De Salud 4.8% Sanitas 5.4% Famisanar 7.9% Grupo Saludcoop 33.4% Total assets % Total liabilites % Shareholders' equity % Eps Sura 8.0% Salud Total 10.4% Coomeva 17.6% Affiliates : POS: 1,342,255 Prepaid: 18,841 Complementary plans: 5,841 RATIOS 31-Dic Dic-09 Net claims ratio 89.6% 89.4% Commission expenses ratio 0.6% 0.7% Technical equity (USD million) In thousand million COP 18

19 Suramericana Panama: P&C and Life Insurance Company MAIN FIGURES RATIOS Written premiums % Retained premiums % Net retained claims % Direct operational result % Operational expenditures % Net operational result % Investments result % Net income Dic Dic-09 Claims ratio 32.2% 30.1% Retained claims ratio 50.3% 44.7% Net operational results ratio 1.8% 13.3% Operational expenditures ratio 15.9% 14.7% Total assets % Total liabilites % Shareholders' equity % Revenues come mainly from automobiles and life insurance In thousand million COP 19

20 Bancolombia (individual): Universal bank MAIN FIGURES 30-Sep Sep-09 % Var. Interest income Interest expenses Net interest income 3, , % , % 2, , % Assets Financial leasing and loan interests 48, , % 32, , % Net provisions % Net investments 6, , % Fees and income from services, net Other operating income Total income Operating expenses 1, % % 3, , % 2, , % Other assets Liabilities Shareholders' equity 8, , % 40, , % 22, , % 7, , % Net operating income 1, , % Non-operating income (expense) % Net income 1, , % 20 In thousand million COP

21 Proteccion: Management of pension funds MAIN FIGURES FUNDS Operating income Comissions and fees Severance Mandatory Voluntary Proteccion Vida Other operating income Operating Expenses Net Profit 367, , % 316, , % 43, , % 217, , % 55, , % % 50, , % 238, , % 85, , % Mandatory Pension Fund atorias Afilliates (thousand) Market affiliates (thousand) Market Share Fund value Market Fund Value Market Share Severance Payment Fund Afilliates (thousand) Market affiliates (thousand) Market Share 1,974 1, % 9,270 8, % 21.3% 21.7% 25,274 20, % 98,900 79, % 25.6% 25.4% 1,003 1, % 5,401 4, % 18.6% 20.5% Assets Equity 508, , % 439, , % Fund value Market Fund Value Market Share 1,452 1, % 5,720 4, % 25.4% 25.3% Protección is in the process of acquiring the pension fund manager, AFP Crecer, domiciled in El Salvador.. Voluntary Pension Fundtarias Afilliates (thousand) Market affiliates (thousand) Market Share Fund value Market Fund Value Market Share % % 30.7% 29.2% 2,924 2, % 9,760 8, % 30.0% 29.9% In million COP Total Funds Value Source: Asofondos 29,650 23, % 21 illones de pesos.

22 Enlace Operativo: BPO MAIN FIGURES Income from services Income from Social Security Processin Income from other services Other income Operating income Administrative expenses Net income (loss) Assets Equity EVOLUTION OF SOCIAL SECURITY PROCESSING Number of affiliates Companies' affiliates Transactions through the website Payments through the website (Thousand USD Market share (affiliates) In million COP 23,253 17, % 17,012 13, % 6,241 3, % % 23,554 17, % 25,868 19, % -2,362-1, % 8,294 7, % 5,385 4, % 1,575,927 1,436, % 148, , % 186, , % 568, , % 16.8% 17.0% MARKET SHARE 2.4% 13.4% 4.0% 17.4% Simple S.A. Enlace Operativo Gestion y Contacto 7.0% 16.8% Compensar Asocajas Bancolombia 12.6% Banco de Bogota Banco Davivienda 12.6% 13.8% Other (15) Enlace Operativo has started to carry out the legal proceedings necessary to obtain the authorization by the Colombian Superintendencia de Industria y Comercio to and consequently acquire 100% of Compuredes S.A., a Colombian corporation in outsourcing business and technological solutions. This acquisition is in accordance with Grupo de Inversiones Suramericana s growth strategy in the service sector, mainly in Business Processes Outsourcing - BPO. 22

23 Grupo Nacional de Chocolates Grupo Nacional de Chocolates reached an agreement with the shareholders of Helados Bon S. A. to purchase a 73.11% stake in the Company s capital. Helados Bon is the leading company in the Dominican Republic s ice cream market with an 80% market share. The Company manufactures and sells its products under the BON brand, which enjoys substantial recognition throughout the country, and is marketed through a robust network of 337 ice cream parlors, freezer units in the traditional retail channel and 655 ice cream carts in its mobile channel. Bon is also the master franchiser of the Yogen Früz brand in the Dominican Republic, whose products are sold in 92 of the Company s ice cream parlors. MAIN FIGURES Consolidated revenues National Revenues International revenues Operational income Financial Expenses Net Post Operatives Net income EBITDA EBITDA margin Assets Liabilities Financial Obligations Minority interest Shareholders' Equity 4, , % 3, , % % % % % % % 12.1% 12.0% 8, , % 1, , % 1, , % % 6, , % In thousand million COP 23

24 Inversiones Argos MAIN FIGURES Ingresos operacionales Utilidad bruta Gastos de admininitración y ventas Utilidad operacional EBITDA Egresos financieros netos Diferencia en cambio Utilidad neta Margen operacional Margen EBITDA Margen neto 5, , , , % 31.1% 6.7% 31-Dic-10 4, , , , % 34.6% 20.2% 31-Dic % 5.2% 24.0% -2.2% 4.6% 0.0% -57.2% % Var. Activos Pasivo Obligaciones Financieras Obligaciones Financieras Corrientes Obligaciones Financieras No Corrie Intereses Minoritarios Patrimonio 24, , , , , , , , , , , , % 38.7% 47.8% 1.3% 73.7% 80.8% 12.2% In thousand million COP Inversiones Argos was able to further consolidate it investment strategy in the cement and energy sectors by acquiring a majority stake in Compañía Colombiana de Inversiones (Colinversiones). With these acquisitions, Inversiones Argos investment portfolio came to more than COP 13 billion pesos, divided up as follows: 61% corresponding to the cement sector, 19% the energy sector and the remaining. 24

25 For more information about our ADR program, please contact The Bank of New York Mellon at: New York New York BNYM-Latin America BNYM-Sell-Side Lauren Puffer Michael Ludwig Telephone Telephone New York BNYM-Buy-Side Tanya Amaya Telephone London BNYM-Sell-Side/Buy-Side Joseph Oakenfold Telephone Investor Relations: Luis Eduardo Martínez Phone number: (574)