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Natural Resources Investment Banking Dual Listing on Colombian Securities Exchange

Natural Resources Investment Banking Dual Listing on Colombian Securities Exchange. Interbolsa S.A. Sociedad de Inversiones (Interbolsa Group). 100%. Assets Under Management. 100%. 100%. 100%. 204 mll Outstanding shares. 100%. Listed at. 80%. 50%.

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Natural Resources Investment Banking Dual Listing on Colombian Securities Exchange

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  1. Natural Resources Investment Banking Dual Listing on Colombian Securities Exchange

  2. Interbolsa S.A. Sociedad de Inversiones (Interbolsa Group) 100% Assets Under Management 100% 100% 100% 204 mll Outstanding shares 100% Listed at 80% 50%

  3. Client segmentation and fund raising record Interbolsa S.A Broker Dealer: Fund Raising Fixed Income IPO’s Interbolsa has participated in the financing of more than 20 Bond issuers of different economic sectors such as the financial sector, Infrastructure sector, Airline sector, and the consumer goods sector. These funds have grown from 1 million USD to 150 million USD

  4. BVC: INTERBOLSA Interbolsa Group is a publicly traded company listed on the BVC SYMBOL INTBOL:CB/ITBLY:PINK InterBolsa´s Market Map as of October 6 2010 is USD$290 million ($485,000 million COP) Only company to have a Colombian ETF on the NYSE. Recently listed in US markets and currently seeking upgrade to the OTCQX.

  5. Local market updating Final Prospectus Preliminary prospectus Definition of listing Characteristics Collect documentation for RNVE Registration process at the Financial Superintendence of Colombia (SFC - RNVE) Colombian Deposit agreement Colombian Securities Exchange registration Negotiation Marketing Dual Listing Process International companies have two ways to access Colombian capital market as issuers. Listing for secondary trading or listing for an IPO process. We recommend an Advisory Meeting to start the process. An Advisory Meeting with Interbolsa staff is recommended to review listing requirement and to provide guidance on timing, prospectus contents, legal advisory if needed and other matters relating to dual listed companies Main activities: The listing process has 3 important components. -Financial Superintendence of Colombia -Central securities depository (DECEVAL), Colombian Securities Exchange (BVC) Month 2 Month 3 Month 4 Month 1

  6. Disclosure Obligations Key matters in regards to disclosure requirements Financial disclosure: Quarterly financial statements translated to Spanish (management prepared) and annual financial Statements translated to Spanish (with an auditor’s report). Time to file audited financial statements after year end: 60 days (can change) Time to file interim financial statements after end of interim period: 45 days (can change) Continuous disclosure requirements There are 5 categories of continuous disclosure requirements different from those in a financial quarterly disclosing: The Colombian laws identify the specific situations that would reasonably be expected to result in a significant change in the market price or value of the listed securities. Companies are required to file these situations to the Financial Superintendence of Colombia. Categories Changes in accounting or financial results, Legal situations, Working and commercial situations, Business crisis situations, Securities issuances, No technical Reports, No listing Requirements according to the sector.

  7. Costs depend on the Equity and Offering Size The Listing fees have 4 key components: - Colombian Securities Exchange (BVC) - Financial superintendence of Colombia (SFC) • Central securities depository (Deceval). - Investment Bankers and Legal advisory. For Fixed Income: Bond rating and Bond Holders´ Representative. Other costs can appear in the process.

  8. Participation of Interbolsa in secondary trading of foreign Issuers listed at BVC Market share on buying position (PREC) Interbolsa reached 60% of the buying positions of PREC a couple of days and 40% a dozen of times. Market share of total volume traded (PREC) In total volume traded in PREC, Interbolsa´s participation has ranged from 5% to 35%. . Source: Colombian Securities Exchange At the end of August 15th, 2010

  9. Participation of Interbolsa in secondary trading of foreign Issuers listed at BVC The 30% of shares traded in Pacific Rubiales are traded in Colombia Market distribution Since Inception to the Colombia capital market in 22/12/2010, PRE price has increased 38.8% most of it due to the company´s performance but also thank to the Colombian liquidity.. Source: Bloomberg

  10. Participation of Interbolsa in secondary trading of foreign Issuers listed at BVC Market share of Interbolsa intermediation of the total volume traded in CNEC In Canacol Energy (BVC: CNEC) case, Interbolsa Group gave an important push to the local liquidity for CNEC. Since inception to the Colombia capital market in 22/07/2010, the CNEC price has increased 26,6 %. Most of this increase due to the company´s performance as well as to the Colombian liquidity. Market distribution Source: Colombian Securities Exchange At the end of August 15th, 2010

  11. Transactional diagram of International Securities in Colombia • Cross border transactions are possible due to the fact that the Central Securities Deposit is connected to the DTCC trough BNY Mellon as an International Custodian. • The next diagram shows how the mechanism of buying a position in Canada and selling a positing in Colombia done by the same investor works.

  12. ALEJANDRO OCHOA DIRECTOR INVESTMENT BANKING NATURAL RESOURCES INTERBOLSA SECURITIES aochoa@interbolsausa.com T: 1-786-347.8700 LUIS FERNANDO MORALES DIRECTOR INTERNATIONAL ISSUERS INTERBOLSA S.A. COMISIONISTA DE BOLSA Luis.morales@interbolsa.com T: 57-1-3121177 JUAN FELIPE MEJIA SENIOR MINING ANALYST INTERBOLSA S.A. COMISIONISTA DE BOLSA jm@interbolsa.com T: 57-4-3197800

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