BVC 3Q17 Earnings Release. November 2, 2017

1 BVC 3Q17 Earnings Release November 2, 2017

2 Our Value Proposition Bolsa de Valores de Colombia We are the strategic partner of the financial and capital market sectors in technology, information, trading and post-trading services Our Regional Presence Our Strengths Z Z Z Capital Markets & Issuer Services Technology Solutions & Innovation Information Services Post-Trading Services Equities Fixed Income Derivatives FX OTC Issuer Services Trading Systems Electronic Access Consultancy: Core Banking Treasury Capital Markets Market Data Assets Valuation Risk Management Tools Clearing Settlement Custody Shareholding 50% 54% 100% 33% 31% 23% Corporate Integration BVC Deceval Expected closing 4Q17 Revenues Growth 12% CAGR 12-16 Diversified Revenues 31% 41% Capital Technology Markets Solutions LTM 3Q17 ROE Profitability LTM 3Q17 ROA 21% 15% Values for Shareholders 4.15% Dividend Yield 2016

3 Our Business Lines A complete service portfolio throughout the whole value chain Capital Markets & Issuer Services Technology Solutions & Innovation Information Services Post-Trading Services Growth Drivers Turnover - Interconnected Markets - Efficiency & Market Integrity Massification IT & Info Services that support Automation Regional Scope

4 Quarterly Consolidated P&L 3Q17 (COP Millions) Revenues growth totaled COP $116.517 Million (-1% YoY) 1Q17 2Q17 3Q17 YTD 3Q17 YTD 3Q16 Var% Var$ Revenues (1) 37.029 41.009 38.479 116.517 117.845-1% (1.327) Ordinary revenues 36.072 39.428 37.834 113.333 115.016-1% (1.683) Other revenues 958 1.581 645 3.184 2.828 13% 356 Costs* 10.440 10.005 11.143 31.588 26.451 19% 5.137 Expenses (2) 20.018 20.469 20.165 60.653 55.260 10% 5.393 Ordinary expenses 19.284 20.280 19.527 59.090 54.935 8% 4.155 Non ordinary expenses 735 190 639 1.563 325 381% 1.238 Operating Profit 6.348 9.143 7.164 22.655 33.630-33% (10.975) Exchange Rate Differences (468) 87 (284) (665) (1.176) -43% 511 Income from equity method associates 1.805 2.049 1.972 5.826 5.208 12% 618 Profit before taxes 7.908 12.670 8.859 29.437 40.165-27% (10.729) Income taxes 2.446 5.316 3.258 11.020 15.703-30% (4.683) Total comprehensive income for the period 5.462 7.354 5.601 18.416 24.462-25% (6.046) Results attributable to: Controlling Company 3.936 5.564 4.040 13.540 18.083-25% (4.542) Not to the Controlling Company 1.525 1.790 1.561 4.876 6.379-24% (1.504) 5.462 7.354 5.601 18.416 24.462-25% (6.046) Consolidated EBITDA 8.805 11.801 10.056 30.662 40.416-24% (9.754) EBITDA Margin 24% 30% 27% 27% 35% Operating Margin 18% 23% 19% 20% 29% Net Margin 15% 18% 15% 16% 21% 3Q17 Revenues totaled COP$ 116.517 million (-1% YoY) & (-6% QoQ) Non-trading revenues were COP$78.741 million (+1% YoY) Trading revenues were COP$37.776 million (-5% YoY) Subsidiary Ordinary Revenues were COP$68.995 million (+6% YoY) BVC Ordinary Revenues were COP$47.523 million (-9% YoY) 3Q17 Costs* totaled COP$31.588 million (+19% YoY) & (+11% QoQ) 3Q17 Expenses totaled COP$60.653 million (+10% YoY) & (-1% QoQ) Subsidiaries ordinary expenses were COP$20.415 million (+14% YoY) BVC ordinary expenses were COP$38.899 million (+9% YoY) 3Q17 EBITDA totaled COP$30.662 million (-24% YoY) & (-15% QoQ) 32.366 9.453 39.870 14.833 16.131 Quarterly Evolution 42.780 42.806 12.581 36.072 8.805 39.428 37.834 11.801 10.056 Ordinary revenues (-4% QoQ) (-15% QoQ) Consolidated EBITDA *Costs: all costs comes from Sophos and are direct linked to projects developments (1) See appendix for more details slide 28 Consolidated Financial figures in IFRS (COP Millions). (2) See appendix for more details slide 29 See appendix for more details slides 44-47

5 Total Revenues YTD 3Q17 Total revenues (-1% YoY) Stable performance from non-trading business lines (+1% YoY) 117.845-1.922-3.527 (-5%) (-23%) Listing Services: -69% Equities: -13% Derivatives: -4% (+8%) (+2%) +3.465 + 394-93 (-66%) (+13%) +355 116.517 Total Revenues Distribution by Business Lines 0% 15% 3% Total Revenues COP$116.517 32% Capital Markets Issuer Services Technology Solutions & Innovation Information Services 40% 10% Other Revenues 3Q16 Revenues Capital Markets Issuer Services Technology Solutions & Innovation Information Services Other Revenues Other Gains 3Q17 Revenues RECURRENT REVENUES 68% REVENUES TIED TO MARKET ACTIVITY 32% Issuer Services Information Services Technology Solutions and Innovation Capital Markets: Fixed Income Equities FX Derivatives OTC *Figures in COP$ Millions See appendix for more details slide 28

6 Capital Markets 3Q17 challenging results in all markets managed by BVC due to lower volatility in volumes Volume & Transaction Driven Revenue Business Line YTD 3Q17 3Q16 Var% Var$ (3) Capital Markets 37.776 39.698-5% -1.922 Fixed Income 9.385 9.295 1% 90 Equity Market 11.332 12.985-13% -1.653 Derivatives 11.519 12.028-4% -508 FX 5.540 5.390 3% 150 Performance in Capital Markets Business Line is driven by (3) : Fixed Income: traded volume totaled COP$782 trillion (-0,8% YoY) Equities: traded volume totaled COP$30,8 trillion (-4,1% YoY) Derivatives Total vol: COP$445 trillion (+8,3% YoY) OTC Vol: COP$349 Trillion (+14,7% YoY) Futures Vol: COP$96,4 trillion (-9,8% YoY) Futures contracts totaled 877K (-19,6% YoY) FX: traded volume totaled USD$196 billion (-11,1% YoY). Revenue Contribution YTD 3Q17 32% Capital Markets Revenue 12.757 13.835 13.106 12.437 12.701 13.087 11.988 Revenue growth Var QoQ: 3Q17/2Q17 Capital Markets Strategy: 3.962 1.787 4.090 1.817 3.975 1.786 3.725 3.877 1.850 1.949 3.778 1.794 3.864 1.797 Capital Markets: -8% Fixed Income: -6% Equities: -23% Derivatives: +2% FX: +0,2% Foster turnover liquidity Automate order management + interconnect markets Stimulate multi-market strategies 3.983 4.909 4.093 3.808 3.592 4.366 3.374 Improve market structure and quality 3.025 3.019 3.252 3.055 3.283 3.149 2.953 Reach more investors Fixed Income Equities FX Derivatives Capital Markets includes: Equities, Fixed Income (BVC and Set-Icap Securities), Derivatives (BVC s Futures and Set-Icap FX Swaps and Fwds) and FX (Set-Icap FX) *Figures in COP$ Millions (3) See appendix for more volume details slides 19-25

7 Issuer Services Bond Issuances increased by (+9% YoY) in 3Q17 Recurrent Revenue Business Line YTD Var% Var$ 3Q17 3Q16 Issuer Services 11.528 15.055-23% -3.527 Annual Listing Fees 9.663 9.010 7% 653 Listing Services 1.865 6.045-69% -4.180 Issuer Services Revenue Issuer Services Revenue as of 3Q17 is driven by (4) : Fixed Income Issuances totaled COP$8,5 trillion (+9% YoY) (Grupo Argos, Servicios Financieros S.A, Bancoldex, Banco Popular, Banco Caja Social, Grupo Sura, EEB, Titularizadora, Codensa, Davivienda, Inteconexión Eléctrica, Financiera de Desarrollo Territorial, Banco de Occidente, Banco Finandina, Grupo Aval, Corporación Financiera Internacional, Credifamilia) Tender Offers: totaled COP$165 Billion (-97% YoY). (Carvajal Empaques, Isagen, Biomax, Grupo Nutresa) Public offerings: totaled COP$ 603 billion (+38% YoY) (PEI - Patrimonio Estrategias Inmobiliarias) Revenue Contribution YTD 3Q17 10% 3.656 6.593 4.806 5.371 3.745 4.076 3.713 1.894 1.687 645 588 722 3.707 555 Revenue growth Var QoQ: 3Q17/2Q17 Issuer Services: -9% Annual Listing Fees: -6% Listing Services: -23% Issuer Services Strategy: Specific financing needs / liquidity on equities and fixed income Marketplace lending + equity for SMEs Innovation 3.011 2.880 3.119 3.477 3.157 3.354 3.153 Annual Listing Fees Listing Services *Figures in COP$ Millions Listing Services includes: Issuance sand public offerings, IPOs, Follow-Ons, Bond issuances, Tender Offers (4) See appendix for more issuance details slide 26

8 Technology Solutions & Innovation Sophos revenues growth increased by (+8% YoY) in 3Q17 Sophos is a regional player specialized in IT services for banking, capital markets and digital channels Revenue Contribution Recurrent Revenue Business Lines YTD 3Q17 3Q16 Var% Var$ Technology Solutions & Innovation 46.543 43.078 8% 3.465 Sophos Solutions 46.543 43.078 8% 3.465 8% growth in Technology Solutions Business Line: Driven by growth in Sophos revenue in Colombia (+17% YoY) Mexico (-16,7% YoY) and Chile (-6,4% YoY). Colombia represents 89% of total revenues, Mexico 6%, Chile 3% and Panama 1% 40% YTD 3Q17 Sophos Revenue 10.078 13.760 19.239 19.204 13.707 16.624 16.211 671 9.253 489-1.632 11.640 2.376 2.579 565 1.562 526 14.736 16.007 226 1.398 11.922 418 801 486 1.021 15.224 14.493 Revenue growth Var QoQ: 3Q17/2Q17 Sophos: -2% Colombia: -5% Chile: +16% Mexico: +28% Sophos Strategy: IT solutions to capital markets Deepen our presence in Colombia and increase our regional presence Strengthen our service offering and enhance our digital capabilities Colombia Mexico Chile Panama *Figures in COP$ Millions

GR Technology Solutions & Innovation Master Trader Project - BVC Trading Platform Upgrade All Markets in One Single Trading Platform G.R. Pre-Trade Phase 1: Nov 2017 Phase 2: 2Q18 Current Trading Infrastructure 78% Progress Master Trader: Fixed Income Market Master Trader: All Markets MEC Plus X-stream TW Fixed Income Public Debt Fixed Income Private Debt MEC Plus 8.1 Equities Derivatives X-stream CLASSIC Integrated Platform X-stream TW Fixed Income Public Debt* X-stream INET Fixed Income Private Debt MEC Plus 8.3 Equities Derivatives X-stream CLASSIC Integrated Platform Fixed Income Public Debt* Equities Derivatives MILA X-stream INET UTrader MILA Rapid Addition UTrader MILA Rapid Addition Optimized Trading Infrastructure Fixed Income Private Debt MEC Plus 8.3 *Includes: Primary and secondary market Migrating to: Nasdaq X-Stream INET New Features: Single trading platform for all Markets Pre-trade risk management Market monitoring capabilities Algorithmic and HFT protocols

10 Information Services Slight increase in revenues as of 3Q17 Recurrent Revenue Business Line YTD 3Q17 3Q16 Var% Var$ Information Services 17.438 17.044 2% 394 Terminals 2.045 1.927 6% 118 Intermediary Access 1.266 1.311-3% -45 Market Data 7.570 7.495 1% 75 Price Vendor (Infovalmer) 5.632 5.251 7% 381 Education 926 1.061-13% -135 Information Services Revenue Revenues in Information Services is driven by: ETF icolcap AUM: totaled COP$3,58 trillion (+133% YoY). As of September 2017 market data totaled 35 vendors Electronic orders 96% of the total routing Revenue Contribution 15% YTD 3Q17 5.862 5.598 5.584 5.704 5.911 5.579 5.949 314 366 380 351 254 234 438 1.990 1.540 1.720 1.714 2.077 1.670 1.885 2.458 2.617 2.420 2.592 2.484 2.571 2.515 444 441 425 407 426 427 413 655 634 638 640 671 677 698 Terminals Intermediary Access Market Data Price Vendor (Infovalmer) Education Revenue growth Var QoQ: 3Q17/2Q17 Information: +7% Terminals: +3% Intermediary Access: -3% Market Data: -2% Price Vendor: +13% Education: +87% Information Services Strategy: Financial information Hub Analytics and second-generation services Real time data for risk management and automated trading Broader access through education and digital channels *Figures in COP$ Millions

11 Post-Trading Services We are consolidating the Colombian capital markets value chain The transaction BVC - DECEVAL will bring greater financial soundness Operating Revenues LTM 3Q17 Revenue Distribution by business lines 76 232 156 10% 18% 22% Capital Markets 21% Issuer Services Technology Solutions & Innovation Information Services BVC DECEVAL Combined Pro-forma 29% Post-Trading Revenue Distribution by type Complementary businesses that bring: Greater scale and financial strength 22% Trading Revenues Resilient, attractive and diversified revenue distribution thanks to the diversification strategy Greater participation of non-trading revenues reducing its volatility 78% Non-Trading Revenues Expansion of recurrent revenues in post-trading, keeping the potential upside in trading revenues Greater profitability for shareholders: significant value creation from combined synergies in revenues and expenses Figures in COP$ Billions as of LTM 3Q17 Synergies not included

12 SFC: Financial Superintendence of Colombia (financial supervisor) SIC: Superintendence of Industry and Commerce (antitrust authority) * Implementation phase after transaction closing Post-Trading Services BVC DECEVAL Transaction: Timeline Follow Up After the approval from both Shareholders' Meetings, regulatory and corporate procedures, the closing of the Transaction is subject to regulatory approvals from SFC and SIC Mar 24/28 T1 + N1 T2 + N2 T3 + N3 T4 T4 + N4 N1: Days T1 T2 N2: SFC Time T3 N3: SFC and SIC Time N4: Days T5 Shareholders Meetings Regulatory Procedures Execution of Master Agreement Regulatory Review SFC and SIC Transaction Closing DECEVAL Extraordinary Meeting (Mar 24) Approval of corporate bylaws amendment BVC Ordinary Shareholders Meeting (Mar 28) Approvals: Transaction Corporate bylaws amendment Formal filing of the Issuance Rules before the SFC (Apr 6) Emission of the Issuance Rules by BVC s Board of Directors (Apr 26) Approval of the Issuance Rules by the SFC (Jun 1) Execution of master agreement (Jun 27) Acceptances by Deceval s shareholders (Jul 4) Launch of private offering of shares by BVC (Jul 6) Approval from SFC of the acquisition made by the BVC of the shares contributed by the current shareholders of DECEVAL Subscription of shares Registration in BVC s shareholders ledger Registration in the chamber of commerce Shares issuance Preemptive rights waiver Expected closing : 4Q17 Integration Project Phases with an International Consultant Company: Planning Implementation*

13 BVC: Subsidiaries and Long Term Investments (3) $56.473 +5% YoY $48.901 +12% YoY $8.778-28% YoY $5.075-37% YoY $29.880 +4% YoY $17.928 +4% YoY Individual $44.796-11%YoY $1.045 22,98% $9.979-43%YoY $13.873-23%YoY $5.660 +8% YoY $2.346 +17% YoY $1.335 +15% YoY 54% 32,6% $11.967 +14% YoY $5.408 +11% YoY $3.631 +18% YoY Consolidated $113.333-1%YoY $30.662-24%YoY 100% 30,8% $18.416-25%YoY $6.304-16% YoY $1.950-26% YoY $15.869-0,5% YoY $8.351 +4% YoY $4.800 +2% YoY 50% 50% 50% 0,07% $1.668 +0,2% YoY $93-3% YoY $-386-4% YoY $1.140-2% YoY $-447 +1% YoY Subsidiaries Long Term Investments $226 +1222% YoY $176-3% YoY *Figures in COP$ Millions *As of 3Q17 (3) See appendix for more details slides 33-42

14 Total Expenses 3Q17 Total expenses increased by (+13% YoY) Costs* increased by (+19% YoY) and expenses by (+8% YoY) YTD 3Q17 3Q16 Var% Var$ Expenses 92.241 81.711 13% 10.530 Costs* 31.588 26.451 19% 5.137 Expenses from Ordinary Activities (4) 59.090 54.935 8% 4.155 Employee Benefit Expenses 29.580 25.712 15% 3.869 BVC 17.781 16.543 7% 1.238 Subsidiaries 11.800 9.169 29% 2.630 Depreciation & Amortization Expenses 8.007 6.786 18% 1.221 Depreciations 2.651 2.261 17% 391 Amortizations 5.356 4.525 18% 830 Other Ordinary Expenses 19.490 20.408-4% (918) Services and Manteinance 7.522 7.266 4% 256 Fees 3.774 4.493-16% (719) Taxes 2.453 2.470-1% (17) Marketing and Branding 1.102 1.092 1% 11 Other Expenses 4.639 5.087-9% (448) Projects Expenses 1.946 1.686 15% 260 Issuences Expences 66 343-81% (277) Projects 2.013 2.029-1% (17) Non-Ordinary Activity Expenses 1.563 325 381% 1.238 81.711 (+13%) (+15%) (+18%) (+381%) +5.137 + 3.869 + 1.221 + 1.238 92.241 3Q16 Expenses Costs Employee Benefit Expenses Depreciation & Amortization Expenses -918-17 (-4%) (-1%) Other Ordinary Expenses Projects Non-Ordinary Activity Expenses 3Q17 Expenses Acumulado / YTD CAPEX - BVC 3Q17 3Q16 Var% Var$ CAPEX - BVC 9.645 4.987 93% 4.658 Total Expense Distribution by Categories 2% 2% 21% Total Expenses 9% COP$92.241 32% 34% Costs Employee Benefit Expenses Depreciation & Amortization Expenses Other Ordinary Expenses Projects Non-Ordinary Activity Expenses (4) *Figures in COP$ Millions Consolidated Financial Statements in IFRS See appendix for more details slide 29 *Costs: all costs comes from Sophos and are linked to projects developments Other Expenses includes: leases, contributions, Insurances, travel expenses and sundries

15 Consolidated Balance Sheet 3Q17 (COP Millions) 3Q17 3Q16 Var% Var $ Total Assets (5) 175.024 182.043-4% (7.019) Current Assets 63.962 78.094-18% (14.132) Non Current Assets 111.062 103.949 7% 7.113 108.663 69.723 115.679 55.059 126.357 55.687 135.868 61.425 115.236 85.668 122.224 61.984 127.583 47.441 Total Liabilities (6) 47.441 55.687-15% (8.246) Current Liabilities 29.821 38.142-22% (8.320) Non Current Liabilities 17.620 17.545 0% 75 Total Stockholders' Equity (7) 127.583 126.357 1% 1.227 Liabilities + Stockholders' Equity 175.024 182.043-4% (7.019) 178.387 170.738 182.043 197.293 200.905 184.208 175.024 Total Assets Total Liabilities Total Stockholders' Equity Consolidated Financial Statements in IFRS (5) See appendix for more details slides 30 and 45 (6) See appendix for more details slides 31 and 46 (7) See appendix for more details slides 32 and 47

16 BVC Ownership Structure Foreign shareholders represents 47% of BVC s ownership Shareholders Distribution Universities 7% Real Sector 15% Retail Investors 3% Pension Funds 14% Brokerage Firms 14% Shareholder's Distribution Less Than 1% 926 Shareholders 26% Ownership Between 1% - 5% 15 Shareholders 33% Ownership Foreign Investment Funds 47% Between 5% - 10% 5 Shareholders 41% Ownership Total 946 Shareholders October 2017 BVC Stock: Listed since June 22th 2007. Free Float: 41%* Stock type: Common voting shares Shares outstanding: 18.672.822.217 Ownership Restriction: 10% shareholding restriction of the BVC according to Colombian law 510 of 1999. All brokers must have 91 million shares (0,48%) to trade at the Colombian market. Board of Directors 6 13 Members 7 *According to the article 2.36.3.4.1 of decree 2555

17 Thank You For further information please contact: Carlos Barrios Director of Investor Relations Office & Corporate Social Responsibility Bolsa de Valores de Colombia Tel. (+57 1) 3139800 Ext. 1167 Email: cbarrios@bvc.com.co

18 Appendix

19 Fixed Income BVC Market Highlights YTD 3Q17 Traded Volume* (COP Trillions) Equity Market Var YoY: -0,8% Var YoY: -4,1% 788 782 32 31 3Q16 3Q17 Includes: electronic, OTC and Set Icap Securities volumes. Derivatives Market 3Q16 3Q17 Includes: cash equities, repos and securities lending. FX (USD Billions) Var YoY: +8,3% Var YoY: -11,1% 411 445 221 196 3Q16 3Q17 3Q16 3Q17 Includes standardized and OTC Through the subsidiary Set Icap FX

20 Total Traded YTD* (COP Trillions) Total Traded Quarterly Volume Var YoY: -5% Var QoQ: -2,9% Var YoY: - 3,8 % 627 651 631 569 620 617 599 10 11 10 135 141 135 10 122 10 12 9 145 142 159 1.909 1.836 236 227 213 189 184 195 199 245 271 273 249 281 269 232 3Q16 3Q17 Volume Distribution Fixed Income FX Derivatives Equity Market Listing Services 31% Fixed Income Var YoY: -54% 2% 24% COP$ 1.836 43% Equity Market Derivatives FX 3Q16 20,3 3Q17 9,3 Includes: Equity Market (Cash equities, Repos and Securities lending), Fixed Income Market (Electronic, OTC and Set Icap Securities), Derivatives Market and FX. Includes issuances: Equity Market, Fixed Income Market, Public Offerings and State owned companies public offerings.

21 Fixed Income Market (COP Trillions) Total Volume 245 271 273 248 281 269 232 78 88 86 90 77 78 73 Var YoY: -14,8% Var QoQ: -13,6% Var YoY: -15,7% Var QoQ: -18,9% 2,8 3,1 3,0 ADTV 2,8 1,3 1,3 1,4 1,3 1,4 Var YoY: -11,6% Var QoQ: -13,8% 3,1 3,0 2,6 1,5 Var YoY: -13% Var QoQ: -21,5% 1,2 OTC Electronic 168 193 186 170 194 179 160 Var YoY: -14,4% Var QoQ: -10,9% Net Buyers 5% Banks OTC Electronic 1% 29% 9% 5% 10% 31% 10% Investment Funds Other Financial Institurions Foreign Investors Pension Funds Retail Investors Brokerage Firms Real Sector

22 Equity Market (COP Trillions) Total Volume 10,4 11,4 10,4 9,9 9,9 11,7 9,3 0,2 0,5 0,2 1,4 0,2 0,2 1,5 0,5 1,3 1,5 0,4 1,4 1,8 1,6 Var YoY: -10,7% Var QoQ: -20,8% Var YoY: +58,0% Var QoQ: -21,7% Var YoY: +7,6% Var QoQ: +3,9% 147 159 138 ADTV (COP Billions) 133 125 Var YoY: -12,8% Var QoQ: -27,1% 165 25 25 27 31 31 33 32 Repos + Sec Lending Equity 120 Var YoY: +18% Var QoQ: -5,2% 9 10 9 8 8 10 7 Var YoY: -15,5% Var QoQ: -24,6% 14% 3% Net Buyers 1% 4% Cash Equities Repos Sec Lending 24% 10% 16% 28% ADR Programs Others Mutual Funds Foreign Investors Pension Funds Real Sector Brokerage Firms Retail Investors

23 Millones Equity Market (COP Trillions) 115 110 105 INDEX YoY Var% YTD Var% QoQ Var% COLCAP 11,1% 10,5% 0,4% COLEQTY 11,2% 10,5% 0,6% COLIR 12,4% 11,5% 0,6% COLSC -2,0% -3,9% -1,2% BVC Indices 130 120 INDEX YoY Var% YTD Var% QoQ Var% IPSA 33,0% 28,8% 3,7% COLCAP 11,1% 10,5% 0,4% SPBLPGPT 21,1% 19,2% 5,2% MEXBOL 6,6% 10,2% -1,7% IBOV 25,6% 23,0% 2,8% LATAM Indices 100 110 95 100 90 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 313 COLCAP COLEQTY COLIR COLSC 308 304 Market Cap 311 303 319 Var YoY: +9,2% Var QoQ: +4,3% 333 90 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 COLCAP IPSA SPBLPGPT IBOV MEXBOL $ 25 MILA Volume (USD millions) $ 20 19 16 $ 15 $ 10 7 4 $ 5 22 Var YoY: +100,3% Var QoQ: -19,3% 18 14 $ 0 1Q16 2Q16 3Q16 4Q16

24 Derivatives Market (COP Trillions) 5 6 6 8 10 10 7 90 85 84 82 7 OTC Volume through Set Icap FX. OTC Volume 13 8 94 FWDs SWAPs IRS Standardized Volume 10 12 85 Var YoY: +26,7% Var QoQ: +17,8% 103 101 100 96 115 107 127 7 15 105 Var YoY: -8,1% Var QoQ: -5,1% 32 39 35 26 30 34 32 0,3 0,3 0,3 0,3 0,3 0,3 20 11 19 0,3 11 11 22 12 1,7 1,6 1,6 1,6 0,5 0,6 0,6 0,4 0,5 1,8 1,8 2,1 0,6 0,5 338.370 367.728 Futures # of Future Contracts 385.392 ADTV 312.074 324.339 OTC 294.756 Var YoY: +30,9% Var QoQ: +14% Var YoY: -5,1% Var QoQ: -8,3% Var YoY: -33% Var QoQ: -12,4% 258.346 11 19 16 14 19 23 21 Interest R. Futures USD Futures Stock Futures Traded Volume through BVC

25 Jan-16 Feb-16 Mar-16 Source: Colombian Central Bank Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 FX Market (USD Billions) Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Total Volume ADTV (USD Millions) Var YoY: -4,5% Var QoQ: -3,1% Var YoY: -7,6% Var QoQ: +0,2% 1.211 1.225 1.147 1.040 999 1.130 1.095 73 76 72 62 63 67 67 Exchange Rate Evolution 3.400 3.200 2.936,67 Sep-2017 3.000 Traded Volume through the subsidiary Set Icap FX. 2.800 2.600

26 Issuances (COP Billions) Bonds Issuances Public Offerings 4,1 3,0 3,0 3,2 6,5 0,7 1,8 1,9 1,2 3,0 0,2 1,8 0,8 0,1 0,4 0,7 0,1 0,6 Issue of Shares Tender Offers SOE-PO * SOE-PO : State Owned Enterprises public offering

27 332.376 336.111 330.509 405.200 453.750 461.219 470.555 18.166 13.144 58.013 21.144 BVC Stock 3Q17 (COP Millions) 12.818 11.675 11.435 Market Cap Var YoY: +42,4% Var QoQ: +2% Traded Volume Var YoY: -80,3% Var QoQ: -2,1% 921 ADTV BVC Stock Price (COP) Var YoY: +42,4% Var QoQ: +2% 303 212 352 Var YoY: -79,6% Var QoQ: -5,3% 203 198 187 17,8 18,0 17,7 21,7 24,3 24,7 25,2

28 Total Revenues 3Q17 (COP Millions) YTD Var% Var$ 3Q17 3Q16 Revenues 116.517 117.845-1% -1.328 33.101 26.835 44.148 43.568 37.029 41.009 38.479 Revenues from Ordinary Activities 113.333 115.017-1% -1.683 32.366 26.110 42.780 42.806 36.072 39.428 37.834 Capital Markets 37.776 39.698-5% -1.922 12.757 13.835 13.106 12.437 12.701 13.087 11.988 Fixed Income 8.347 8.128 3% 219 2.656 2.637 2.835 2.654 2.944 2.798 2.605 Equities 11.332 12.985-13% -1.653 3.983 4.909 4.093 3.808 3.592 4.366 3.374 Derivatives (Standardized) 2.932 3.049-4% -117 894 1.091 1.064 892 985 990 956 Derivatives Set Icap FX (OTC) 8.588 8.979-4% -391 3.068 2.999 2.912 2.833 2.892 2.788 2.908 FX 5.540 5.390 3% 150 1.787 1.817 1.786 1.850 1.949 1.794 1.797 Set Icap Securities 1.038 1.167-11% -130 368 382 417 400 339 350 348 Issuer Services 11.528 15.055-23% -3.527 3.656 6.593 4.806 5.371 3.745 4.076 3.707 Annual Listing Fees 9.663 9.010 7% 653 3.011 2.880 3.119 3.477 3.157 3.354 3.153 Listing Services 1.865 6.045-69% -4.180 645 3.713 1.687 1.894 588 722 555 Information Services 17.438 17.044 2% 394 5.862 5.598 5.584 5.704 5.911 5.579 5.949 Terminals 2.045 1.927 6% 118 655 634 638 640 671 677 698 Intermediary Access 1.266 1.311-3% -45 444 441 425 407 426 427 413 Market Data 5.915 5.994-1% -79 2.025 2.154 1.815 2.312 1.904 2.007 2.005 Price Vendor (Infovalmer) 5.632 5.251 7% 381 1.990 1.540 1.720 1.714 2.077 1.670 1.885 Information FX 1.654 1.501 10% 154 432 463 605 280 580 564 510 Education 926 1.061-13% -135 314 366 380 351 254 234 438 Technology Solutions & Innovation 46.543 43.078 8% 3.465 10.078 19.239 19.204 13.707 16.624 16.211 Sophos Solutions 46.543 43.078 8% 3.465 10.078 13.760 19.239 19.204 13.707 16.624 16.211 Other Revenues 48 141-66% -93 13 83 44 89 7 62-22 Other Revenues from Ordinary Activities 48 141-66% -93 13 83 44 89 7 62-22 Other Gains 3.184 2.828 13% 355 735 725 1.368 762 958 1.581 645 Consolidated Financial Statements in IFRS Capital Markets includes: Equities, Fixed Income (BVC and Set-Icap Securities), Derivatives (BVC s Futures and Set-Icap FX Swaps and Fwds) and FX (Set-Icap FX)

29 Expenses from Ordinary Activities 3Q17 (COP Millions) BVC YTD 3Q17 3Q16 Var% Var$ Expenses from Ordinary Activities 38.899 35.629 9% 3.270 Employee Benefit Expenses 18.025 16.985 6% 1.039 Depreciation & Amortization Expenses 4.280 3.207 33% 1.074 Depreciations 2.377 2.021 18% 356 Amortizations 1.903 1.185 61% 717 Other Ordinary Expenses 16.594 15.437 7% 1.157 Services and Manteinance 5.684 5.708 0% (24) Fees 4.657 3.930 19% 727 Taxes 1.228 1.634-25% (406) Marketing and Branding 1.049 1.066-2% (17) Other Expenses 3.975 3.099 28% 876 SUBSIDIARIES YTD 3Q17 3Q16 Var% Var$ Expenses from Ordinary Activities 20.415 17.958 14% 2.457 Employee Benefit Expenses 11.799,64 9.587,10 23% 2.213 Depreciation & Amortization Expenses 808,68 545,63 48% 263 Depreciations 274,14 239,33 15% 35 Amortizations 534,55 306,30 75% 228 Other Ordinary Expenses 7.806,20 7.825,21 0% (19) Services and Manteinance 2.332,73 2.609,10-11% (276) Fees 2.565,05 2.400,10 7% 165 Taxes 1.224,84 692,46 0,77 532,38 Marketing and Branding 85,65 84,65 1% 1 Other Expenses 1.597,93 2.038,90-22% (441) Intangible Amortization 2.959 3.114-5% (154) Expenses Distribution by Company 1% 4% BVC 44% 8% 43% Sophos Set Icap FX Set Icap Securities Infovalmer SOPHOS YTD 3Q17 3Q16 Var% Var$ Expenses from Ordinary Activities 8.214 5.238 57% 2.976 Costs 31.588 26.451 19% 5.137 Total Expenses 39.802 31.690 26% 8.113 Expenses from Ordinary Activities YTD 3Q17 3Q16 Var% Var$ Set Icap FX 7.862 8.187-4% (325) Set Icap Securities 935 1.168-20% (233) Infovalmer 3.403 3.362 1% 41 Invesbolsa 1 - n/a 1 Total Expenses 12.202 12.718-4% (516) Intercompany Transactions (3.182) (1.765) 80% (1.417) Non-Ordinary Activity Expenses 1.563 325 381% 1.238 Total Expenses 60.653 55.260 10% 5.393 Costs* 31.588 26.451 19% 5.137 *Costs: all costs comes from Sophos and are linked to projects developments Intangible Amortizations: Good will from Sophos transaction Consolidated Financial Statements in IFRS Other Expenses includes: leases, contributions, Insurances, travel expenses and sundries

30 Total Assets 3Q17 (COP Millions) 3Q17 3Q16 Var% Var$ Total Assets 175.024 182.043-4% (7.019) Current 63.962 78.094-18% (14.132) Cash and cash equivalents 25.576 21.377 20% 4.199 Trade debtors and other accounts receivable 20.648 21.591-4% (942) Current Tax Assets 2.172 11.332-81% (9.160) Related parties 4.068 3.932 3% 136 Other Current Financial Assets 11.498 19.863-42% (8.365) Non-Current 111.062 103.949 7% 7.113 Property and equipment 27.417 22.801 20% 4.617 Other intangible assets 22.137 18.655 19% 3.482 Deferred Tax Assets 429 3.400-87% (2.971) Investments held under equity method 37.811 34.665 9% 3.147 Intangible Assets by Value Added 21.613 21.371 1% 243 Other non-current financial assets 282 466-40% (185) Other non-current non-financial assets 1.372 2.592-47% (1.220) 22% Cash and cash equivalents Current Tax Assets 0% Other Current Financial Assets Other intangible assets Assets Distribution 12% 13% 1% 0% 15% Total Assets COP$175.024 16% 12% 1% 2% 6% Trade debtors and other accounts receivable Related parties Property and equipment Deferred Tax Assets Indemnity Asset Intangible Assets by Value Added Investments held under equity method Other non-current financial assets Other non-current non-financial assets Consolidated Financial Statements in IFRS

31 Total Liabilities 3Q17 (COP Millions) Liabilities Distribution 3Q17 3Q16 Var% Var$ Liabilities 47.441 55.687-15% (8.246) Current 29.821 38.142-22% (8.320) Trade creditors and other accounts payable 7.885 6.492 21% 1.392 Employee benefits 6.454 12.232-47% (5.778) Dividends Payable 11.029 1.019 982% 10.010 Income taxes and CREE 119 14.331-99% (14.212) Deferred Income 3.856 3.825 1% 31 Current tax liabilities 479 243 97% 236 Non-Current 17.620 17.545 0% 75 Employee benefits 1.399 1.091 28% 307 Financial Liabilities 2.658 895 197% 1.763 Estimated Liabilities 5.774 1.296 345% 4.477 Payable Future Payments - 9.398-100% (9.398) Non current defferred taxes 7.790 4.864 60% 2.925 0% 12% 6% 3% 1% 16% 17% Total Liabilities COP$47.441 0% Trade creditors and other accounts payable Dividends Payable Deferred Income Employee benefits Estimated Liabilities Non current defferred taxes 23% 14% Employee benefits Income taxes and CREE Current tax liabilities Financial Liabilities Payable Future Payments Consolidated Financial Statements in IFRS

32 Stockholders Equity 3Q17 (COP Millions) Stockholders Equity Distribution 3Q17 3Q16 Var% Var$ Equity Attributable to the Parent Company Owners 114.933 111.694 3% 3.240 Subscribed and paid-in capital 18.673 18.673 0% - Reserves 48.957 41.992 17% 6.965 Results from prior period 342 206 66% 136 Results for the period 13.540 18.083-25% (4.543) Other Results 12.326 11.644 6% 682 Capital surplus 21.096 21.096 0% - Non-Controlling Interest 12.650 14.663-14% (2.013) 11% 12% 18% 16% Stockholders Equity COP$127.583 0% 43% Total Stockholders Equity 127.583 126.357 1% 1.227 Total Liabilities + Stockholders' Equity 175.024 182.043-4% (7.019) Subscribed and paid-in capital Results from prior period Other Results Reserves Results for the period Capital surplus Consolidated Financial Statements in IFRS

33 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Subsidiaries P&L YTD 3Q17 YTQ 3Q16 VAR % VAR $ Revenues 49.621 44.375 12% 5.247 Ordinary Revenues 48.901 43.662 12% 5.240 Other Revenues 720 713 1% 7 Costs 31.588 26.067 21% 5.521 Expenses 9.274 6.507 43% 2.767 Ordinary Expenses 8.890 5.620 58% 3.270 Non-Operating Expenses 384 887-57% - 503 Operating Profit 8.423 11.974-30% - 3.551 Profit Before Taxes 8.759 11.800-26% - 3.041 Income Tax 3.685 3.777-2% - 92 Net Profit 5.075 8.024-37% - 2.949 - - EBITDA 8.778 12.168-28% - 3.390 EBITDA Margin 18% 28% Net Margin 10% 18% BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 27.028 27.483-2% - 454 Liabilities 15.604 13.541 15% 2.063 Equity 11.424 13.941-18% - 2.517 Total Liabilities & Equity 27.028 27.483-2% - 454 Sophos as of 3Q17 presents a (+12% YoY) growth in revenues. By country Colombia represents 89% of total revenues, Mexico 6%, Chile 3% and Panama 1%. BVC increased its shareholding in Sophos from 51% to 54,19% and paid in cash $483M for 63.739 shares (3,19%) 10.180 1.902 13.962 3.079 Quarterly Evolution 19.520 19.664 7.187 6.164 14.359 1.954 17.563 16.980 4.166 2.658 Ordinary Activity Revenues EBITDA

34 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Subsidiaries P&L YTD 3Q17 YTQ 3Q16 VAR % VAR $ Revenues 16.380 16.509-1% - 130 Ordinary Revenues 15.869 15.955-1% - 87 Other Revenues 511 554-8% - 43 Expenses 8.029 8.369-4% - 339 Ordinary Activity Expenses 7.862 8.187-4% - 325 Non-Operating Expenses 167 182-8% - 14 Operating Profit 8.007 7.768 3% 238 Profit Before Taxes 8.350 8.141 3% 210 Income Tax 3.550 3.437 3% 113 Net Profit 4.800 4.703 2% 97 EBITDA 8.351 7.994 4% 357 EBITDA Margin 53% 50% Net Margin 29% 28% In 3Q17, the traded volume in the USD cash market through Set-Icap FX totaled USD$ 196 billion (-11,1% YoY). On the OTC derivatives side, forwards totaled COP$284 trillion (+9,5 YoY), Swaps COP$35,5 trillion (+28,6 YoY) and IRS totaled COP$30 trillion (+70,5% YoY). 5.306 5.317 5.332 2.859 2.742 Quarterly Evolution 4.993 2.393 2.553 5.450 5.175 5.244 2.868 2.735 2.749 BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 9.343 10.860-14% - 1.517 Liabilities 3.799 5.413-30% - 1.614 Equity 5.544 5.447 2% 97 Total Liabilities & Equity 9.343 10.860-14% - 1.517 Ordinary Activity Revenues EBITDA

*Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation 35 Subsidiaries P&L YTD 3Q17 YTQ 3Q16 VAR % VAR $ Revenues 1.222 1.465-17% - 243 Ordinary Revenues 1.140 1.167-2% - 27 Other Revenues 81 298-73% - 217 Expenses 940 1.185-21% - 245 Ordinary Activity Expenses 935 1.168-20% - 233 Non-Operating Expenses 5 17-69% - 12 Operating Profit 205-1 24169% 206 Profit Before Taxes 281 280 1% 2 Income Tax 105 98 8% 8 Net Profit 176 182-3% - 6 EBITDA 226 17 1222% 209 EBITDA Margin 20% 1% Net Margin 14% 12% BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 2.558 2.734-6% - 176 Liabilities 156 351-55% - 195 Equity 2.402 2.383 1% 19 Total Liabilities & Equity 2.558 2.734-6% - 176 In 3Q17 the traded volume in the OTC fixed income totaled COP$5,4 trillion (-3,5% YoY). 368 382 Quarterly Evolution 417 14 2 1 520 207 369 380 391 69 92 65 Ordinary Activity Revenues EBITDA

36 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Subsidiaries P&L YTD 3Q17 YTQ 3Q16 VAR % VAR $ Revenues 5.715 5.312 8% 403 Ordinary Revenues 5.660 5.257 8% 403 Other Revenues 55 55-1% - 0 Expenses 3.495 3.394 3% 101 Ordinary Activity Expenses 3.403 3.362 1% 41 Non-Operating Expenses 92 32 187% 60 Operating Profit 2.257 1.895 19% 362 Profit Before Taxes 2.220 1.918 16% 302 Income Tax 885 761 16% 124 Net Profit 1.335 1.157 15% 178 In 3Q17 Infovalmer reported a (+7,6% YoY) growth in revenues. Quarterly Evolution EBITDA 2.346 2.002 17% 343 EBITDA Margin 41% 38% Net Margin 23% 22% 1.993 1.543 1.721 1.764 2.082 1.680 1.899 BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 3.616 3.260 11% 356 Liabilities 1.515 1.253 21% 263 Equity 2.100 2.007 5% 93 Total Liabilities & Equity 3.616 3.260 11% 356 918 829 711 569 722 676 599 Ordinary Activity Revenues EBITDA

37 Long Term Investments P&L YTD 3Q17 YTD 3Q16 VAR % VAR $ Revenues 59.265 57.171 4% 2.094 Ordinary Revenues 56.473 53.775 5% 2.697 Other Revenues 2.792 3.396-18% - 604 Expenses 29.660 28.810 3% 850 Ordinary Activity Expenses 28.730 27.230 6% 1.499 Non-Operating Expenses 931 1.580-41% - 649 Operating Profit 27.743 26.545 5% 1.198 Profit Before Taxes 29.605 28.361 4% 1.244 Income Tax 11.677 11.063 6% 614 Net Profit 17.928 17.298 4% 630 EBITDA 29.880 28.705 4% 1.175 EBITDA Margin 53% 52% Net Margin 30% 30% BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 113.653 102.840 11% 10.814 Liabilities 39.038 32.552 20% 6.486 Equity 74.616 70.288 6% 4.328 Total Liabilities & Equity 113.653 102.840 11% 10.814 As of 3Q17, the private Colombian CSD, securities under custody for COP$483 trillion (+8,5% YoY), the dematerialized issuances totaled COP$468 trillion (+8,7% YoY), Securities Administration reached COP$30,7 trillion (-7,5% YoY) and the DVP transactions totaled 124K (-4,2% YoY). 17.018 17.894 8.985 9.282 Quarterly Evolution 18.864 19.194 18.660 18.711 19.102 10.438 11.107 9.770 10.077 10.033 Ordinary Revenues EBITDA *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Other Revenues Includes: Certificates, affiliations, subscriptions and dematerialized promissory notes Source: Deceval Other Expenses includes: leases, contributions, Insurances, travel expenses and sundries - Source: SFC

38 Long Term Investments Operating Revenues: 17.018 17.893 18.865 19.194 18.660 18.712 19.102 753 7.667 702 7.844 706 732 739 681 676 8.366 8.662 7.973 8.046 8.569 1.280 1.458 1.276 1.173 1.264 1.309 1.159 2.108 2.316 2.579 2.617 2.693 2.446 2.350 5.209 5.572 5.938 6.010 5.991 6.230 6.349 Operating Expenses: Custody Securities Administration Transactions Deposit of Issuances Others Expenses from Ordinary Activities 8.762 9.013 9.455 8.833 9.597 9.305 9.787 Employee Benefit Expenses 4.514 4.256 4.043 4.258 4.340 4.459 4.422 Depreciation & Amortization Expenses 689 735 736 746 726 708 703 Depreciations 478 522 523 530 485 491 489 Amortizations 211 213 213 216 241 217 214 Other Ordinary Expenses 3.559 4.022 4.676 3.830 4.531 4.138 4.662 Services and Manteinance 30 44 53 46 2.058 2.110 2.332 Fees 461 759 1.024 843 1.429 799 1.250 Taxes 264 318 280 304 276 268 312 Other Expenses 2.805 2.900 3.319 2.637 767 961 768 Income Tax 3.511 3.556 3.995 4.192 3.252 3.487 3.239 CAPEX 156 1.329 146 558 7 0 341 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Other Revenues Includes: Certificates, affiliations, subscriptions and dematerialized promissory notes Source: Deceval Other Expenses includes: leases, contributions, Insurances, travel expenses and sundries - Source: SFC

39 Long Term Investments Custody Statistics (COP Trillions): Transactions Statistics: (Thousands) 31 31 33 30 33 35 27 400 416 431 426 436 454 468 40 45 44 38 40 46 38 335 352 314 301 336 306 294 415 430 445 440 450 468 483 Securities under Custody Dematerialized Securities Securities Administration LP Transactions DVP Transactions

40 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Long Term Investments P&L YTD 3Q17 YTD 3Q16 VAR % VAR $ Revenues 13.925 12.318 13% 1.607 Ordinary Revenues 11.967 10.500 14% 1.467 Other Revenues 1.959 1.818 8% 140 Expenses 7.779 7.204 8% 575 Ordinary Activity Expenses 7.140 6.915 3% 225 Non-Operating Expenses 639 289 121% 350 Operating Profit 4.826 3.585 35% 1.241 Profit Before Taxes 6.146 5.114 20% 1.032 Income Tax 2.516 2.049 23% 467 Net Profit 3.631 3.065 18% 566 As of 3Q17 CRCC cleared and settled 1.5 million contracts in standardized derivatives (+55% YoY). The value of open interest totaled COP$45 trillion (+49% YoY) through 42 members of the derivatives market. In the OTC derivatives the CCP cleared and settled NDFs in USD by UDS$66 billion (+78% YoY) and in OIS and IBR (interest rates) totaled COP$28 trillion (+73% YoY). Quarterly Evolution EBITDA 5.408 4.878 11% 530 EBITDA Margin 45% 46% Net Margin 26% 25% 3.238 4.199 3.619 3.644 3.879 3.888 3.307 BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 48.516.317 29.377.571 65% 19.138.746 Liabilities 48.472.065 29.338.106 65% 19.133.959 Equity 44.253 39.466 12% 4.787 Total Liabilities & Equity 48.516.317 29.377.571 65% 19.138.746 1.738 2.146 1.683 1.955 1.770 994 334 Ordinary Activity Revenues EBITDA

41 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Long Term Investments P&L YTD 3Q17 YTD 3Q16 VAR % VAR $ Revenues 7.215 7.682-6% - 467 Ordinary Revenues 6.304 7.515-16% - 1.211 Other Revenues 912 167 446% 745 Expenses 4.500 4.964-9% - 465 Ordinary Activity Expenses 4.459 4.923-9% - 465 Non-Operating Expenses 41 41 1% 0 Operating Profit 1.845 2.591-29% - 746 Profit Before Taxes 2.716 2.717 0% - 2 Income Tax 1.047 1.053-1% - 6 Net Profit 1.668 1.665 0% 4 EBITDA 1.950 2.632-26% - 682 EBITDA Margin 31% 35% Net Margin 23% 22% BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 8.348 7.304 14% 1.044 Liabilities 1.602 1.532 5% 70 Equity 6.746 5.772 17% 975 Total Liabilities & Equity 8.348 7.304 14% 1.044 As of 3Q17 CCDC cleared USD$206 billion (-11,5% YoY) with 303K transactions (-23,7% YoY) and ended with a liquidity saving of 84,0% (-2,0% YoY). 2.440 487 Quarterly Evolution 2.578 2.497 1.076 1.069 2.309 789 1.847 452 2.412 897 2.044 601 Ordinary Activity Revenues EBITDA

42 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Long Term Investments P&L YTD 3Q17 YTD 3Q16 VAR % VAR $ Revenues 99 98 1% 1 Ordinary Revenues 93 96-3% - 3 Other Revenues 6 2 184% 4 Expenses 545 542 1% 4 Ordinary Expenses 494 515-4% - 21 Non-Operating Expenses 51 26 95% 25 Operating Profit - 401-419 -4% 18 Profit Before Taxes - 447-444 1% - 3 Income Tax - - Net Profit - 447-444 1% - 3 0% EBITDA - 386-404 -4% 18 EBITDA Margin -417% -421% Net Margin -454% -453% Derivex as of 3Q17, the traded volume totaled COP$9,25 billion (-55,0% YoY) with 461 contracts (-4,2% YoY) and with an energy volume of 56,1 Gwh (-49,3% YoY). 16 19 Quarterly Evolution 61 42 25 15 52 BALANCE SHEET 3Q17 3Q16 VAR % VAR $ Assets 2.213 1.850 20% 363 Liabilities 1.490 1.364 9% 126 Equity 723 486 49% 237 Total Liabilities & Equity 2.213 1.850 20% 363-150 -140-114 -139-137 -166 Ordinary Activity Revenues EBITDA -110

43 *Figures in COP$ Millions *EBITDA = Operating Profit + Amortization + Depreciation Other Revenues includes: Other gains + Equity method See appendix for more details slides 50-53 BVC Individual Financial Ratios P&L YTD 3Q17 YTD 3Q16 VAR % VAR $ Revenues 59.440 62.741-5% - 3.301 Ordinary Activity Revenues 44.796 50.065-11% - 5.269 Other Revenues 14.644 12.676 16% 1.968 Expenses 40.117 35.823 12% 4.294 Ordinary Activity Expenses 38.899 35.629 9% 3.270 Non-Operating Expenses 1.218 194 527% 1.024 Operating Profit 5.897 14.436-59% - 8.539 Profit Before Taxes 19.324 26.918-28% - 7.595 Income Tax 5.450 8.945-39% - 3.494 Net Profit 13.873 17.974-23% - 4.101 EBITDA 9.979 17.509-43% - 7.530 EBITDA Margin 22% 35% Net Margin 23% 29% 14.783 3.894 Quarterly Evolution 18.983 16.299 16.812 14.679 8.067 5.548 3.538 2.868 15.792 4.282 14.325 2.829 Balance Sheet 3Q17 3Q16 VAR % VAR $ Assets 143.988 141.832 2% 2.156 Liabilities 30.127 31.350-4% - 1.223 Equity 113.861 110.482 3% 3.379 Total Liabilities & Equity 143.988 141.832 2% 2.156 Ordinary Activity Revenues EBITDA

44 Consolidated Income Statement 3Q17 (COP$ Millions) CONCEPTO / CONCEPT Sep-17 Sep-16 VAR $ % Ingresos / Revenues 116.517 117.845 (1.328) -1% Ingresos ordinarios / Ordinary revenues 113.333 115.016 (1.683) -1% Otras Ganancias / Other Gains 3.184 2.828 355 13% Costos / Costs 31.588 26.451 5.137 19% Gastos / Expenses 60.653 55.260 5.393 10% Gastos ordinarios / Ordinary expenses 59.090 54.935 4.155 8% Otras Pérdidas / Other Losses 1.563 325 1.238 381% Utilidad/Pérdida Método de Participación Asociadas Income/Loss From Equity Method Associates 5.826 5.208 618 12% Diferencia en Cambio / Exchange Rate Differences (665) (1.176) 512 157% Utilidad o pérdida antes de impuestos / Profit before taxes 29.437 40.165 (10.728) -27% Impuesto de Renta y Complementarios y CREE / Income taxes 11.020 15.703 (4.682) -30% Utilidad o pérdida neta del ejercicio / Net profit for the period 18.416 24.462 (6.046) -25% Total Resultado Integral / Total Comprehensive Income for the Year 18.416 24.462 (6.046) -25% Resultados Atribuibles a la Controlante / Results Attributable to the Controlling Company Resultados No Atribuibles a la Controlante / Results Not Attributable to the Controlling Company 13.540 18.083 (4.543) -25% 4.876 6.379 (1.503) -24% Consolidated Financial Statements in IFRS

45 Consolidated Balance Sheet 3Q17 (COP$ Millions) ACTIVOS / ASSETS CONCEPTO / CONCEPT Sep-17 Sep-16 VAR $ % Activo corriente / Current assets Efectivo y Equivalentes al Efectivo / Cash and Cash Equivalents 25.576 21.377 4.199 20% Otros Activos Financieros Corrientes / Other current financial assets 11.498 19.863 (8.365) -42% Transacciones entre partes relacionadas / Related parties 4.068 3.932 136 3% Deudores Comerciales y otras Cuentas por Cobrar / Trade Debtors and Other Accounts Receivable 20.648 21.591 (942) -4% Activos por Impuestos Corrientes / Current Tax Assets 2.172 11.332 (9.160) -81% Total Activo Corriente / Total Current Assets 63.962 78.094 (14.132) -18% Activo no Corriente / Non-Current Assets Otros Activos Financieros no Corrientes / Other Non-current Financial Assets 282 466 (185) -40% Otros Activos no Financieros no Corrientes / Other Non-Current Non-Financial Assets 1.372 2.592 (1.220) -47% Garantias Operación / Transaction Guarantees - - - N/A Inversiones bajo Método de Participación / Investments Held under Equity Method 37.811 34.635 3.176 9% Inversiones en subsidiarias y negocios conjuntos / Investments in subsidiaries and joint ventures - 30 (30) -100% Activos intangibles distintos del Goodwill / Other Intangible Assets 22.137 18.655 3.482 19% Activos Intagibles por Plusvalía / Intangible asstes by Value Added 21.613 21.371 243 1% Propiedades y Equipo / Property and Equipment 27.417 22.801 4.617 20% Activos por Impuestos Diferidos / Deferred tax assets 429 3.400 (2.971) -87% Total Activo no Corriente / Total Non-Current Assets 111.062 103.949 7.113 7% TOTAL ACTIVOS / TOTAL ASSETS 175.024 182.043 (7.019) -4% Consolidated Financial Statements in IFRS

46 Consolidated Balance Sheet 3Q17 (COP$ Millions) PASIVOS / LIABILITIES CONCEPTO / CONCEPT Sep-17 Sep-16 VAR $ % Pasivo Corriente / Current liabilities Otros Pasivos Financieros Corrientes / Other Current Financial Liabilities - - - N/A Beneficios a Empleados / Employee Benefits 6.454 12.232 (5.778) -47% Dividendos por Pagar / Dividends Payable 11.029 1.019 10.010 982% Acreedores Comerciales y Otras Cuentas por Pagar / Trade Creditors and Other Accounts Payable 7.885 6.492 1.392 21% Pasivos por Impuestos Corrientes / Current Tax Liabilities 479 243 236 97% Impuesto de Renta y Complementarios y CREE / Income Taxes and CREE 119 14.331 (14.212) -99% Ingresos Recibidos por Anticipado / Deferred Income 3.856 3.825 31 1% Total Pasivo Corriente / Total Current Liabilities 29.821 38.142 (8.320) -22% Pasivo no corriente / Non-Current Liabilities Beneficios a Empleados / Employee Benefits 1.399 1.091 307 28% Obligaciones Financieras / Financial Liabiliities 2.658 895 1.763 197% Pasivos estimados / Estimated Liabiliities 5.774 1.296 4.477 345% Pagos Futuros Comprometidos / Payable Future Payments - 9.398 (9.398) -100% Impuestos Diferidos no Corrientes / Non-Current Deferred Taxes 7.790 4.864 2.925 60% Total Pasivo no Corriente / Total Non-current Liabilities 17.620 17.545 75 0% TOTAL PASIVOS / TOTAL LIABILITIES 47.441 55.687 (8.246) -15% Consolidated Financial Statements in IFRS

47 Consolidated Balance Sheet 3Q17 (COP$ Millions) CONCEPTO / CONCEPT Sep-17 Sep-16 Patrimonio Atribuible a los Propietarios de la Matriz / Equity Attributable to the Parent Company Owners VAR $ % Capital Suscrito y Pagado / Subscribed and Paid-in Capital 18.673 18.673-0% Superávit de Capital / Capital Surplus 21.096 21.096-0% Reservas / Reserves 48.957 41.992 6.965 17% Resultados del Ejercicio / Results for the Period 13.540 18.083 (4.543) -25% Resultados de Ejercicios Anteriores / Results from Prior Period 342 206 136 66% Otros Resultados Integrales / Other Comprehensive Income 12.326 11.644 682 6% Total Patrimonio Atribuible a los Propietarios de la Matriz / Total Equity Attributable to Parent Company Owners 114.933 111.694 3.240 3% Participación no Controlada / Non-Controlling Interest 12.650 14.663 (2.013) -14% TOTAL PATRIMONIO / TOTAL SHAREHOLDERS EQUITY 127.583 126.357 1.227 1% TOTAL PASIVO Y PATRIMONIO / TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 175.024 182.043 (7.019) -4% Consolidated Financial Statements in IFRS

48 Individual Income Statement 3Q17 (COP$ Millions) CONCEPTO / CONCEPT sep-17 sep-16 VAR $ % Total Ingresos / Total Revenues 53.230 57.273 (4.042) -7% Ingresos ordinarios / Ordinary revenues Servicio Transaccional y de Registro / Trading & OTC Services 44.796 50.065 (5.269) 25.987 27.491 Renta Fija / Fixed Income 8.412 8.219 Renta Variable / Equity Market 11.332 12.985 (1.505) (1.653) Derivados / Derivatives 2.932 3.049 (117) Terminales / Terminals 2.045 1.927 Conexión SAE / SAE (Access Services for Intermediaries) 1.266 1.311 (45) Total Servicios a Emisores e Información / Total Issuers & Market Data Services 18.809 22.574 (3.764) Publicación y Suscripcion de Información / Market Data 6.067 6.138 (71) Inscripción y Sostenimiento de Titulos / Annual Listing Fees 9.663 9.010 Operaciones Especiales / Listing Services 1.865 6.045 (4.180) Educación / Education 926 1.061 (135) Servicios IT / IT Services 288 320 (32) Otras Ganancias* / Other Gains 8.434 7.208-11% -5% 193 2% -13% -4% 118 6% -3% -17% -1% 653 7% -69% -13% -10% 1.227 17% Individual Financial Statements in IFRS

49 Individual Income Statement 3Q17 (COP$ Millions) CONCEPTO / CONCEPT sep-17 sep-16 VAR $ % Total Gastos / Total Expenses 40.046 35.823 4.223 12% Gastos ordinarios / Ordinary expenses 38.899 35.629 3.270 9% Gastos de Personal / Personnel Expenses 18.025 16.985 1.039 6% Honorarios / Fees 4.657 3.930 727 19% Impuestos / Taxes 1.228 1.634 (406) -25% Arrendamientos / Leases 1.228 847 380 45% Contribuciones y Afiliaciones / Contributions & Affiliations 659 653 6 1% Seguros / Insurances 248 253 (5) -2% Servicios y Mantenimiento / Services & Manteinance 5.684 5.708 (24) 0% Divulgacion y Publicidad / Marketing 1.049 1.066 (17) -2% Relaciones publicas / Public Relations 110 110 0 0% Utiles, Papeleria y Fotocopias / Stationery & Fotocopies 21 20 1 7% Asambleas y Simposios / Assemblies & Symposiums 144 139 5 3% Gastos Legales / Legal Expenses 54 18 36 199% Adecuacion e Instalacion / Reconditioning & Instalation 41 23 18 80% Gastos de Viaje / Travel Expenses 1.044 658 386 59% Depreciaciones / Depreciations 2.179 1.887 292 15% Amortizaciones / Amortizations 1.903 1.185 717 61% Diversos / Sundries 427 379 48 13% Deterioro de Cartera / Impairment Loss on Trade Receivables 198 134 64 48% Gastos Actividades No Ordinarios / Other Non Ordinary Expenses 1.148 194 953 490% Diferencia en Cambio / Exchange Rate Differences (71) (646) 575 111% Método de Participación / Equity Method 6.210 6.114 96 2% Utilidad o pérdida antes de impuestos / Profit before taxes 19.324 26.918 (7.595) -28% Impuesto de Renta y Complementarios y CREE / Income taxes 5.450 8.945 (3.494) -39% Utilidad o pérdida neta del ejercicio / Net profit for the period 13.873 17.974 (4.101) -23% Individual Financial Statements in IFRS

50 Individual Balance Sheet 3Q17 (COP$ Millions) ACTIVOS / ASSETS CONCEPTO / CONCEPT sep-17 sep-16 VAR $ % Activo corriente / Current assets Efectivo y Equivalentes al Efectivo / Cash and Cash Equivalents 10.995 7.831 3.164 40% Otros Activos Financieros Corrientes / Other current financial assets 12.542 18.969 (6.427) -34% Transacciones entre partes relacionadas / Related Parties 6.674 4.507 2.167 48% Depósitos recibidos en Garantía / Deposits Received for guarantees 967 894 72 8% Deudores Comerciales y otras Cuentas por Cobrar / Trade Debtors and Other Accounts Receivable 5.120 6.473 (1.353) -21% Activos por Impuestos Corrientes / Current Tax Assets - 5.107 (5.107) -100% Total Activo Corriente / Total Current Assets 36.298 43.781 (7.483) Activo no Corriente / Non-Current Assets Otros Activos Financieros no Corrientes / Other Non-current Financial Assets 221 204 17 8% Otros Activos no Financieros no Corrientes / Other Non-Current Non-Financial Assets 986 2.469 (1.483) -60% Inversiones bajo Método de Participación / Investments Held under Equity Method 30.913 30.071 842 3% Inversiones en Subsidiarias y Negocios Conjuntos / Investment in Subsidiaries and Associate Businesses 38.785 37.865 920 2% Activos intangibles distintos del Goodwill / Other Intangible Assets 16.541 8.694 7.848 90% Propiedades y Equipo / Property and Equipment 20.244 18.572 1.672 9% Activos por Impuestos Diferidos / Deferred tax assets - Total Activo no Corriente / Total Non-Current Assets 177 107.690 98.051-17% (177) -100% 9.639 10% TOTAL ACTIVOS / TOTAL ASSETS 143.988 141.832 2.156 2% Individual Financial Statements in IFRS