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(Erratum) Daily Colombian Equities Bulletin and Fundamentals April 22, 2014

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April 23, 2014 (www.investorideas.com newswire) The Colcap index closed at 1,655 points (-0.84%).Total turnover reached USD 93 mn. The best performers were Canacol (+4.48%), Celsia (+2.94%) and PFAvianca Holdings (+2.37%). On the other hand, the worst performers were Ecopetrol (-6.53%), Fabricato (-4.12%) and BVC (-1.79%). Ecopetrol's fall was mainly attributed to the beginning of its Ex-dividend date. Since last Wednesday the stock has underperformed in near 8.5% (dividend yield at Wednesday prices' was 6.7%)

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Colombia Today

Odinsa:

In an attempt to expand their operations and capitalize the experience gained in the air terminals, Odinsa's CEO, Victor Cruz, expressed the company interest in participating in the tender of the International Airport of Santiago de Chile. The company is also interest in air terminal projects in Panama and Perú, and in real estate developments in Panama. Source: Dinero

Oil Industry:

The Colombian Oil Association (ACP) cut to 140 from 233 the 2014's target of drilling wells . So far this year, the country has explored 55 wells (10 drill) and is expected to close the year with 140 new wells explored (+20% YoY). According to ACP calculations, in order to maintain the long-term fiscal targets, the country should explore in the next five years 190 wells/year on average. Additionally, in the next three years, the company should increase exploratory activity in 60%.

Furthermore, it is calculated that the cease in production related to the Caño Limón pipeline attack last month, led to a loss of approximately USD 200 mn. Only in royalties, the government has failed to receive USD 41 mm. Although it is not yet confirmed, the Government expects to meet next Friday with the Uwa indigenous community. The latter given that the community has not allowed the pipeline's repair. Source: Portafolio

Construction Licenses:

Dane informed that in February the licensed area for construction in the country rose 1.8% YoY. This result was explained by i) a 9.5% increase in the area approved for housing and ii) a 20.8% decreased in the area approved for non-residential destinations. So far this year, the area approved for housing has grown 4.9% YoY, while in the last 12M the increase has been 9.4% YoY. Source: Dinero, DANE

EEB, ETB:

A Bogota's Court (Tribunal Superior de Bogotá) determined that the former mayor of the city, Gustavo Petro, shall be reinstated to his position within the following 48 hours. This could impact tomorrows ETB and EEB's performance in the Colombian stock market. Source: El Tiempo

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Corredores Asociados S.A. Comisionista de Bolsa is not responsible for investment decisions that may be derived from the information and analyses presented in this document. These decisions, their effects and consequences will be the sole responsibility of the investor. The information published is informative and has been taken from reliable sources, but Corredores Asociados S.A. does not guarantee that they are free of errors. Total or partial reproduction of this document is not allowed without the prior and express authorization of Corredores Asociados S.A.

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