Cementos Argos : Notices published by the Company

Cementos Argos informs that the retransmission of the separated financial statements c corresponding to the first quarter of 2017 was made again because of a technological problem on last Thursday, May 11th in the upload of the files in the Registro Nacional de Valores y Emisores, in which the date transmitted was December 31st of 2016 instead of March 31st of 2017.

Additionally, and by request of the Superintendence Financiera, we reiterate some statements of the analysis of our consolidated financial statements. Also, we complement the information with some indicators of the separated financial statements.

Revenues decreased 6% compared to 1Q16, and increased 4.7% in US dollars compared to those of 1Q16 because of the peso appreciation. Dispatch volumes increased in all our Regions, especially in the US, the main one in terms of revenues in the quarter. The cost of sold merchandise increased 3.9% compared to 1Q16, affected mainly by the depreciation in the US Region and some important maintenances in Colombia larger than the ones that took place in 2016. The SG&A decreased 7.3% and 0.5% respectively in comparison with 1Q16, as a result of the implementation of the efficiencies plan - BEST.

In the separated financial statements of Cementos Argos S.A. the income corresponds to the growth of dispatched volumes of cement that increased 10%, which represent an operational income of COP 360.465 millions and a decrease of 14.4% compared to 1Q16, explained by the cement market conditions in Colombia for 1Q17. The cost of goods sold rose 9.86%, based on the greater volumes sold and higher maintenance made on the operative plants of the company in comparison of 1Q16. On the other hand, the structure expenses decreased 5.6%. As a consequence of the latter, the obtained ebitda was COP 1.903 millions, it is important to mention that the separated financial statement includes the majority of expenses associated to the corporate structure which brings services to all the regionals, therefore the separated ebitda is not representative of the operation in Colombia. The net loss is COP 46.497 millions and the equity is COP 7.8 trillion

In compliance with Circular Letter 24 of 2017 and the regulation established in decree 2555 of 2010 and in virtue of what is stated in article 5.2.4.1.5, it is important to note that for the better understanding of the financial information disclosed by the Company, the consolidated and separated financial statements should be analyzed in conjunction, including their respective annexes and solvency ratios, profitability, liquidity and

indebtedness, which are detailed in the respective booklet transmitted to the Superintendencia de Colombia

Financial Indicators

Current ratio - times Current Assets / Current

liabilities

Asset indebtness Total liabilities / total assets

Leverage Total assets / equity

SEPARATED

Current ratio - times Current Assets / Current

liabilities

Asset indebtness Total liabilities / total assets

Leverage Total assets / equity

INFORMATIVE

Current ratio - times Current Assets / Current

liabilities

Indicates the company's ability to comply with its short-term debts, committing its current assets

Indebtdness: Reflects the degree of leverage that

Asset indebtness Total liabilities / total assets

Leverage Total assets / equity

corresponds to the participation of creditors in the assets of the Company

Represents the degree of assets which have been obtained with own funds