Quarterly Overview Firs Quarter 2010

Disclaimer

The forward-looking statements contained herein are based on Management’s current forecasts and outlook. For better illustration and decision-making, figures for Suramericana and its subsidiaries are administrative rather than accountant, and therefore may differ from those presented to entities officers. Thus, Grupo de Inversiones Suramericana assumes no obligation to update or correct the information contained in this presentation.

Content

1. Financial Review 2. Portfolio’s Main Figure

Financial Review

Balance Sheet Quarters Q. I 10

Q. I 09

Q. IV 09

Mar 10 / Mar 09

Mar 10 / Dic 09

Assets Current assets: Cash and cash equivalents Investments available for sale Accounts receivable Prepaid expenses Current assets Accounts receivable Permanent investments Property, plant and equipment - vehicle Other assets Reappraisal of investments Non current assets Total assets

2,417 354,970 238,216 126 595,729 7,824 9,744,103 84 82 5,031,850 14,783,944

36 82,137 329,258 126 411,558

5,445 161,390 42,218 173 209,226

6559.2% 332.2% -27.7% 44.7%

(55.6%) 119.9% 464.3% (27.2%) 184.7%

10,431 7,824 6,372,147 9,484,776 167 105 75 82 1,978,031 4,993,303 8,360,850 14,478,267

(25.0%) 52.9% (49.5%) 10.5% 154.4% 76.8%

2.7% (19.6%) 0.8% 2.1%

8,002,411

4,564,493

7,646,323

75.3%

4.7%

Financial obligations Commercial paper Other financial obligations Accounts payable Employee liabilities Unearned revenues Estimated liabilities and provisions Current liabilities

19,712 233,652 189,051 136,880 95 107,321 11,575 698,287

29,124 95,000 181,079 126,093 66 105,813 9,105 546,280

3,762 37,811 140 6,019 10,277 58,009

(32.3%) 145.9% 4.4% 8.6% 44.5% 1.4% 27.1% 27.8%

4925.0% 262.0% (31.8%) 1682.9% 12.6% 1103.8%

Financial obligations Bonds

36,750 250,000 286,750

--

49,000 250,000 250,000

0.0%

(25.0%) 0.0%14.7%

985,037

546,280

250,000

80.3%

294.0%

14,394,636

8,226,128 14,338,307

75.0%

0.4%

15,379,673

8,772,408 14,695,316

75.3%

4.7%

75.0%

0.4%

Liabilities and shareholders’ equity

Non current liabilities Total liabilities Total shareholders’ equity Total liabilities and shareholders’ equity Book value (USD)

Figures in million COP

30,689.7

17,538.3

30,569.7

Income Statement Quarter

Trim. I 10 Trim. I 09 Trim. IV 09 Operating revenues Dividends and interests Earnings from the equity method, net Earnings from sale of investments, net Appraisals at market prices, net Reinbursment provsion for investments

Operating administrative expenses Provision for investments Payroll expenses Operating expenses

Operating income Non operating expense (income) Adjustment for diff. in foreign-exchange Bank expenses - commissions Miscellaneous

Income before taxes Income and complementary taxes provision Net income

Figures in million COP

%Var T1-10/T1-09

%Var T1-10/ T4-09

25,709 271,190 30,884 (968) 464

25,852 75,622 23 1,181 491

43,912 109,026 6,891 (84) (959)

(0.6%) 258.6% 132450.6%

(41.5%) 148.7% 348.2%

327,278

103,169

158,787

217.2%

106.1%

-

-

(5.5%)

932 1,798

747 2,299

4,333 996 3,183

24.8% (21.8%)

(100.0%) (6.4%) (43.5%)

2,730

3,046

8,512

(10.4%)

(67.9%)

324,548

100,123

150,275

224.2%

116.0%

7,346 11,593 (0)

(688) 3,490 (86)

778 4,678 317

232.2% (99.7%)

18,939

2,715

5,772

597.6%

228.1%

305,609

97,408

144,503

213.7%

111.5%

(1,360)

(1,088)

(2,045)

24.9%

(33.5%)

304,249

96,319

142,458

215.9%

113.6%

-

-

-

-

-

-

0.0%

844.8% 147.8%

0.0% 0.0% 0.0%

GRUPOSURA

7.2% 2.0%

GRUPOSURA

35.4%

8.9%

200

$ 33,495

180

$ 30,140

160

$ 26,785

140

$ 23,430

Fondos de Pensiones y Cesantías

120

$ 20,075

Inversionistas Institucionales

100

$ 16,720

80

$ 13,365

Inversiones Argos y Filiales Colinversiones y Filiales GNCH y Filiales

31.7% 2.2%

Inversionistas Individuales Fondos Internacionales

M-09

J-09

S-09

GRUPOSURA Índice GRUPOSURA

12.7%

D-09

31-Mar-10 31-Mar-09 GRUPOSURA (USD)

28,280

15,900

Free Float: 49.8%

IGBC (Points)

12,118

8,023

International Funds: 88

COLCAP (Points)

1,441

874

Market Cap (billion COP): 13.3 Price/Book Value: 0.92

* Annual appraisal w ithout dividends - 12 months

Source: Shareholders'Registry as of Mar 31, 2010

M-10

IGBCIGBC Índice

Outstanding Shares: 469,037,260

** Last days appraisal w ithout dividends

GRUPOSURA Price (COP)

SHAREHOLDERS

COLCAP Índice COLCAP

% Var.*

28-Abr-10

% Var.**

77.9%

29,100

2.9%

51.0%

12,369

2.1%

64.8%

1,457

1.2%

Investments Portfolio

Estimated relative weight over the commercial value of the portfolio, which as of March 2010 came to 15.6 billion.

Source: GRUPOSURA Estimated value for Suramericana at 2x book value.

% & '(

)

!

" # $!

Including their commercial value pursuant to accountant standards and the stakes held in the following investment companies: Grupo de Inversiones Suramericana S.A., Portafolio de Inversiones Suramericana S.A., Grupo de Inversiones Suramericana Panama and Inversiones y Construcciones Estratégicas S.A. .

Portfolio’s Main Figures

Suramericana: Insurance and Social Security Investment sub-holding Breakdown of affiliate contributions to SURAMERICANA´S total revenues (March 31, 2010)

MAIN FIGURES

31-Mar-10

31-Mar-09

% Var.

Total assets Current assets Investments

1,195.1 36.7 1,158.4

1,047.8 74.8 963.0

14.1% -50.9% 20.3%

Total liabilites Shareholders'equity

20.7 1,174.4

70.5 977.3

-70.6% 20.2%

Operating income Earnings from Equity Method Operating expenses Net income

198.9 198.9 -2.2 195.7

MARKET SHARE

61.8 0.0 -1.9 59.6

221.9%

La Administradora Otras filiales 0.1% 7.6% Suramericana Panamá 2.3% ARP Sura 11.1%

EPS Y Medicina prepagada Sura 20.4% Generales Sura 25.9%

14.9% 228.5%

Source: Fasecolda

Suramericana 21.0% Other (22) 31.8%

Bolívar 10.1% Estado 4.4%

Liberty 7.7%

Alfa 4.4% Colpatria 5.6%

In thousand million COP

Mapfre 8.1%

Colseguros 6.8%

Vida Sura 32.6%

Life Property and Casualty Health Workers’ Compensation Suramericana Panama (P&C)

31-Mar-10 31-Mar-09 % Var. 268,584 235,446 14.1% 213,219 174,894 21.9% 167,859 155,009 8.3% 91,458 80,761 13.2% 19,320 18,451 4.7%

Insurance and Social Security

760,441

664,560

14.4%

Fixed funds Other affiliates Total

1,065 62,326 823,831

950 55,112 720,622

12.1% 13.1% 14.3%

Seguros Generales Suramericana: (P&C Company) MAIN FIGURES

Written premiums Retained premiums Claims Retained claims Direct operational result Operational expenditures Net operating result Investments result Net income Total assets Total liabilites Shareholders'equity

MARKET SHARE

31-Mar-10 31-Mar-09 % Var. 213.2 174.9 21.9% 144.2 138.3 4.2% -104.0 -99.8 4.1% -80.8 -77.6 4.0% 25.0 16.8 49.0% -33.8 -42.6 -20.8% -8.7 -25.8 -66.2% 109.3 32.3 238.3% 100.1 6.0 1581.2% 1,173.7 822.2 351.4

1,058.6 805.3 253.3

Source: Fasecolda

Other (16) 27.8%

Suramericana 15.9%

Liberty 10.3%

QBE Central 6.5% Bolívar 7.0%

10.9% 2.1% 38.7%

Mapfre 8.5%

Colseguros (Allianz Germany) 8.7% Estado 7.8% Previsora 7.4%

RATIOS

31-Mar-10 Claims ratio 48.8% Net claims ratio 56.0% Commission and brokerage expenses ratio 12.5% Combined ratio 107.1% Expenses ratio 15.8% ROE 33.1% Old ROE 165.9%

In thousand million COP

31-Mar-09 57.1% 56.1% 15.4% 119.7% 24.4% 1.9% 9.9%

Written premiums and claims by branches P&C INSURANCE

Written premiums

Automobile

94,715

23.0%

Fire

37,770

Soat

32,279

Claims 23.7%

65.5%

55.8%

8,218 449.0%

21.8%

12.9%

11,455 -25.5%

35.5%

Transport

5,848 -44.6%

2,249 -70.0%

38.4%

Engineering

7,676

18.5%

2,266 -79.5%

29.5%

Other P&C

34,932

24.5%

17,695

24.2%

213,219

21.9%

103,960

4.1%

TOTAL P&C INSURANCE

62,077

% Gross claims

48.8%

Written Premiums P&C Other P&C 16% Engineering 4%

Automobile 44%

65.5%

Written premiums

% Gross claims

21.8% 35.5%

Transport 4%

38.4%

Soat 15%

In million COP

Claims

Automobile

Fire 18%

Fire

Soat

Transport

29.5% Engineering

Seguros de Vida Suramericana: Life Company MAIN FIGURES

MARKET SHARE

Fuente: Fasecolda

31-Mar-10 31-Mar-09 % Var. Written premiums Retained premiums Claims Retained claims Direct operational result Operational expenditures Net operational result Investments result Net income

268.6 256.7 -172.4 -152.5 21.3 -41.5 -20.3 108.0 87.7

235.4 223.8 -152.3 -141.5 -7.1 -44.4 -51.6 83.0 28.5

14.1% 14.7% 13.1% 7.7%

Other (18) 26.1%

-6.5% -60.6% 30.2% 207.3%

Suramericana 26.5%

Solidaria 3.4% Alico (AIG China) 4.0%

Bolívar 12.7%

ACE 5.2%

Total assets Total liabilites Shareholders'equity

2,580.7 1,963.4 617.3

2,330.0 1,838.5 491.6

10.8% 6.8% 25.6%

Mapfre (Spain) 6.3%

Liberty 6.6%

Colseguros (Allianz Germany) 9.2%

RATIOS

31-Mar-10 31-Mar-09 Claims ratio 68.1% 67.6% Net claims ratio 64.2% 64.7% Commission and brokerage expenses ratio 9.2% 12.0% Expenses ratio 15.5% 18.9% ROE 15.8% 5.0% Old ROE 66.2% 24.9%

) In thousand million COP

Written premiums and claims by branches Mar-10 LIFE INSURANCE

% Var.

Written premiums

Mar-10

% Var.

Claims

Mar-10 % Gross claims

Individual life

61,224

13.1%

34,174

19.6%

55.8%

Health

79,863

18.9%

55,791

11.0%

69.9%

Group life insurance

42,974

12.5%

24,916

19.7%

58.0%

Other life insurance

11,509 -19.9%

7,977 -14.6%

69.3%

Total without annuities and pensions

195,571

12.5%

122,858

12.7%

62.8%

Social Security insurance

39,865

15.7%

38,205

20.2%

95.8%

Annuities and pensions

33,149

22.3%

12,080

4.5%

268,585

14.1%

173,143

13.6%

TOTAL LIFE INSURANCE Savings Fund

4,913 -65.3%

4,240 -69.5%

Written Premiums Life Annuities and pensions 12.3%

Individual life 22.8%

55.8%

Written premiums

Claims

% Gross claims

69.9%

Social Security insurance 14.8%

58.0% 69.3%

Other life insurance 4.3% Group life insurance 16.0% In million COP

Health 29.7%

Individual life

Health

Group life insurance

Other life insurance

Annuities and pensions

ARP Sura: Workers’ Compensation Company MAIN FIGURES

Fuente: Fasecolda Source: Fasecolda

MARKET SHARE Other (6) Liberty 6.6% 1.4%

31-Mar-10 31-Mar-09 % Var. Written premiums Claims Direct operational result Operational expenditures Net operational result Investments result Net income

91.5 -29.3 24.6 -17.4 7.1 13.5 20.7

80.8 -26.8 15.5 -14.6 0.9 24.2 25.1

13.2% 9.3% 58.2% 19.2% 681.1% -44.1% -17.7%

Total assets Total liabilites Shareholders'equity

719.9 572.0 147.8

634.8 519.1 115.7

13.4% 10.2% 27.7%

Bolivar 7.2%

Arp Sura 27.3%

Colpatria 13.9%

Colmena 17.2%

Positiva 22.3%

RATIOS

31-Mar-10 31-Mar-09 Accident rate 1.3% 1.2% Severity rate 0.1% 0.1% Days out of work 229,024 209,812 Average days out of work 12 13 Deaths caused by work accident 29 26

In thousand million COP

EPS Sura: Health Company MAIN FIGURES

Revenues Claims Direct operational result Operational expenditures Net operational result Investments Result Net income Total assets Total liabilites Shareholders'equity

MARKET SHARE

31-Mar-10 31-Mar-09 % Var. 167.9 155.0 8.3% -151.6 136.2 12.4 14.0 -11.5% 0.0 -16.0 -100.0% -3.4 -1.6 112.8% 3.8 0.0 0.3 4.3 -94.0% 173.6 127.9 45.7

152.4 106.1 46.3

13.9% 20.6% -1.2%

Source: ACEMI

Humana Vivir 2.1% Compensar 4.1% Servicio Occidental De Salud 4.3% Sanitas 5.2%

Other (4) 6.6% Grupo Saludcoop 32.1%

Eps Sura 7.8% Famisanar 9.9%

Coomeva 17.7%

Salud Total 10.2% • Affiliates : POS: 1,268,421 Prepaid: 19,885 Complementary plans: 6,815 RATIOS

Net claims ratio Commission expenses ratio Technical equity (USD million) In thousand million COP

31-Mar-10 31-Mar-09 90.3% 87.9% 0.6% 0.7% 33.1 31.8

Suramericana Panama: P&C and Life Insurance Company MAIN FIGURES

Written premiums Retained premiums Net retained claims Direct operational result Operational expenditures Net operational result Investments result Net income Total assets Total liabilites Shareholders'equity

RATIOS

31-Mar-10 31-Mar-09 % Var. 19.3 18.5 4.7% 12.7 12.4 1.9% -6.4 -4.7 35.0% 1.2 2.8 -55.9% -3.0 -2.6 13.7% -1.7 0.2 0.5 0.2 98.2% -1.2 0.4 78.5 57.5 21.0

70.9 48.4 22.5

10.7% 18.8% -6.7%

Claims ratio Retained claims ratio Net operational results ratio Operational expenditures ratio

31-Mar-10 31-Mar-09 33.0% 25.6% 50.4% 38.0% 6.4% 15.3% 15.4% 14.2%

Revenues come mainly from automobiles and life insurance

* In thousand million COP

Bancolombia (individual): Universal bank MAIN FIGURES

31-Mar-10

31-Mar-09

31-Mar-10

31-Mar-09

% Var.

Assets

41,663.9

40,074.9

4.0%

26,508.1

26,302.7

0.8%

% Var.

Igresos por intereses

754.3

1,157.7 -34.8%

Egresos por intereses

167.4

343.7 -51.3%

Net leasing and Loans

Ingreso neto por intereses

523.0

696.6 -24.9%

Net investments

6,549.1

6,024.0

8.7%

Provisiones netas

-62.7

-210.5 -70.2%

Other assets

8,606.6

7,748.2

11.1%

Ingresos por comisiones y otros servicios, neto

239.9

225.2

6.5%

34,921.8

34,158.7

2.2%

Liabilities with cost

21,939.4

21,430.9

2.4%

Otros ingresos operacionales

329.6

220.4

49.6%

Shareholders'equity

6,742.1

7,176.1

-6.0%

1,002.8

906.8

10.6%

Egresos operacionales

522.7

496.4

5.3%

Utilidad operacional

480.1

410.4

17.0%

30.3

21.8

39.3%

429.8

362.2

18.7%

Total Ingresos

Ingresos (Egresos) no operacionales Utilidad neta

In thousand million COP

Liabilities

Proteccion: Management of pension funds FUNDS

MAIN FIGURES

31-Mar-10

31-Mar-09

31-Mar-10

% Var.

31-Mar-09

% Var.

Mandatory Pension Fund Afilliates (thousand) Market affiliates (thousand) Market Share

1,913 8,848 21.6%

1,883 8,715 21.6%

1.6% 1.5%

-6.7%

Fund value

21,165

15,746

34.4%

10,230.9

25.4%

122.8

-0.3%

82,819 25.6%

62,853 25.1%

31.8%

122.4

Market Fund Value Market Share

7,304.3

13,160.9

-44.5%

Operating Expenses

58,450.3

49,675.5

17.7%

Net Profit

15,327.8

29,250.4

-47.6%

Severance Payment Fund Afilliates (thousand) Market affiliates (thousand) Market Share

1,130 5,812 19.4%

1,188 5,434 21.9%

-4.9% 6.9%

Fund value

1,714

1,447

18.5%

6,553

5,669

15.6%

Operating income

82,591.5

92,992.5

-11.2%

Comissions and fees

75,287.2

79,831.6

-5.7%

Severance

10,511.3

13,921.4

-24.5%

Mandatory

51,821.6

55,556.5

Voluntary

12,832.0

Proteccion Vida Other operating income

Assets

454,272.0

379,866.6

19.6%

Market Fund Value

Equity

357,690.6

282,083.9

26.8%

Market Share

26.2%

25.5%

Voluntary Pension Fund Afilliates (thousand) Market affiliates (thousand) Market Share

109 353 30.7%

102 348 29.3%

6.5% 1.5%

Fund value Market Fund Value Market Share

2,462 8,234 29.9%

1,971 6,760 29.2%

24.9% 21.8%

25,341

19,164

32.2%

Total Funds Value In million COP

Enlace Operativo: BPO MAIN FIGURES

MARKET SHARE 31-Mar-10

31-Mar-09

%Var.

Operatinf income

4,976

3,413

45.8%

Income from Social Security Processing

3,650

2,900

25.8%

Income from document processing

1,269

485

161.8%

58

29

103.1%

142

41

245.8%

Operating income

5,118

3,455

48.2%

Administrative expenses

5,773

3,894

48.3%

-659

-445

47.9%

Income other lines of business Other income

Net income (loss) Assets

6,601

3,208

105.8%

Equity

4,073

923

341.1%

EVOLUTION OF SOCIAL SECURITY PROCESSING 31-Mar-10 Number of affiliates

31-Mar-09

%Var.

1,430,133

1,347,785

6.1%

Companies'affiliates

146,623

127,922

14.6%

Transactions through the website

185,677

152,503

21.8%

Payments through the website (Thousand USD

466,776

426,387

9.5%

17.2%

18.0%

Market share (affiliates) In million COP

Otras (15) 13.8% Banco Davivienda 2.7% Banco de Bogota 4.2% Bancolombia 7.3%

Asocajas 12.0% Gestion y Contacto 12.1%

Enlace Operativo 17.1%

Simple S.A. 16.9%

Compensar 13.8%

Grupo Nacional de Chocolates MAIN FIGURES

31-Mar-10 Consolidated revenues

% Var.

1,021.4

1,043.1

-2.1%

National Revenues

747.9

711.1

5.2%

International revenues

140.4

137.9

1.8%

Operational income

111.7

101.4

10.2%

Financial Expenses

-17.7

-31.3 -43.5%

By interests

-14.2

-24.9 -42.8%

-3.4

-6.4 -46.3%

Other

Adjustment for difference in foreign-exchange -3.0 Net Post Operatives Net income

-11.0

5.1 -35.3 -68.9%

69.5

44.3

57.0%

136.2

123.9

9.9%

13.3%

11.9%

Assets

7,078.6

5,740.9

Liabilities

1,608.2

1,832.1 -12.2%

EBITDA EBITDA margin

Financial Obligations Minority interest Shareholders'Equity In thousand million COP

31-Mar-09

23.3%

962.6

1,053.0

-8.6%

3.7

2.7

36.0%

5,466.7

3,906.1

40.0%

Inversiones Argos MAIN FIGURES

31-Mar-10

% Var.

Consolidated revenues

779.1

987.0

-21.1%

Gross profit

214.5

215.6

-0.5%

92.8

123.6

-24.9%

Operating income

121.7

92.0

32.3%

EBITDA

200.2

178.7

12.0%

50.0

63.4

-21.1%

2.2

-121.3

90.9

192.1

Operating margin

15.6%

9.3%

EBITDA margin

25.7%

18.1%

Net Profit margin

11.7%

19.5%

Administrative and selling expenses

Financial expenses Adjustements exchange rate Net income

31-Mar-10 Assets

31-Mar-09

-52.7%

% Var.

18,857.9

18,183.9

3.7%

5,248.1

5,288.0

-0.8%

2,070.5

2,119.1

-2.3%

818.7

758.1

8.0%

1,251.8

1,361.0

-8.0%

Minority interest

3,798.2

3,641.2

4.3%

Shareholders'Equity

9,811.6

9,254.7

6.0%

Liabilities Financial Debte Current Financial Debte Non Current Financial Debte

In thousand million COP

31-Mar-09

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