Main Investments - Dic 2011

Relative weight over the commercial value of the portfolio as of December, 2011 came to USD$ 11.2 billion.

NOTE: Considering Suramericana at 2x P/BV and Proteccion at market price. Includes the commercial value of these investments at stock prices or its book value according to the accounting rules applied by the following investment companies: Grupo de Inversiones Suramericana S.A., Grupo de Inversiones Suramericana Panamá, Inversiones y Construcciones Estratégicas S.A., Inversiones Internacionales Grupo Sura and Grupo de Inversiones Suramericana España. Excludes the value of themselves.