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Colcap Index Composition for 1Q14

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January 21, 2014 (www.investorideas.com newswire) The total change for Cemargos as a company will be 0.60%, since PFCemargos will increase 7.26% while the ordinary shares (6.66%) will be removed from the index.

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The changes in the index composition should generate an important cash flow coming from the IColcap ETF. In the case of PFCemargos, these inflows should total COP 208,000 mm (~USD 105 mm), while Ecopetrol should receive COP 73,000 mm (~USD 37 mm). Additionally, we estimate there will be COP 190,000 million (~USD 96 mm) in outflows from Cemargos (ordinary shares), and COP 28,000 mm (~USD 14.1 mm) out of PFBancolombia. PF Avianca should receive COP 15 million (~USD 7.6 mm); however, we believe that the market has already anticipated these flows, creating a temporary rally in this last stock price.

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