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Sabemos  Cómo

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BOGOTÁ

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Fondo Inmobiliario

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With a strategy based on fostering the country´seconomic development, Profesionales de Bolsapromotes a new way of doing business through thecreation of its Private Equity Funds, successfullymanaging more than $ 550 billion COP.

Through the Real Estate Value Private Equity Fund,Profesionales de Bolsa began its project of logisticsterminals in Colombia with an estimated value of 400billion COP. This project promotes the logisticoperations in Colombia.

In 2013, the first logistic terminal of Colombia-Cartagena was consolidated with a value of 160billion COP, being the first step of the programcreated with its analogous terminals: TLC-Bogotá,TLC-Barranquilla and TLC-Cali.

Private Equity Fund-TLC Bogotá

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Fondo InmobiliarioPrivate Equity Fund- TLC- Cartagena

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Private Equity FundThe Real Estate Value Fund is constituted under aPrivate Equity Fund, representing a novel model inColombia: this figure allows for the participation ofseveral investors in the same project throughout itswhole value chain, expecting to generate higher yieldsthan the market average.

Advantages:

• Independent equity, separate from the assetsowned by the managing company

• Administered by a highly qualified professionalmanager

• Supervised by a market controller(Superintendencia Financiera de Colombia) undera legal framework, watching over adequatestructuring and management

• A collective savings vehicle, allowing foreconomies of scale

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The Fund, a realityTerminales Logísticos de Colombia (LogisticsTerminal of Colombia) – Bogotá is the secondstructured fund, counting with 4 terminals. The fundoffers a terminal with modular and flexible units forrent, which allow storage and/or redistribution ofmerchandise in extensive areas free of innercolumns, which are ideal for the support of logisticand industrial operations.

OPERATIONAL ACTIVITIES:• Cross Docking platform• Physical distribution of cargo•Warehouse management and control• Preparation of orders (“picking”)• Processes of re-exporting cargo• Added value operations for cargo• Operations for containers with refrigerated cargo• Loading and unloading of loose merchandise and trailertrucks.•Consolidation and deconsolidation of cargo in containers•Packaging, labeling (bar codes and others), palletizing andpacking

Cali

Barranquilla

Cartagena

Bogotá

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Private Equity Fund

It features: Logistics specialized storehouses, retail and offices.

Location: Siberia –Tenjo Road

.

Fund’s Estimated Duration:23 Years

2 years of development22 year of lease

Minimum Investment:500.000.000 COP.

Total investment:COP $120.000.000.000 (2014)

Start of constructionJanuary 2015

Development Areas: Total area of the lot: 187,469 m2

Ships: 79.982 m2

Office mezzanine: 11.540 m2

Retail Area: 5.657 m2

Real Estate Value Fund

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Location of the Private Equity Fund – Real Estate Value - TLC-Bogotá

1,6 Km of Vía Cota Funza / 2 min2,2 Km of Bogotá 80 Street / 3 min

12,2 Km of Bogotá 13 Street / 15 min16,8 Km of Chía / 22 min20,2 Km of El Dorado Airport / 30 min

Real Estate Value Fund

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Phases 0%

50%100% 100%

1   2   3   4  August 2014 July 2016 February 2017 July 2036

Purchase of the Lot

Construction

Assessment of the project

Lease for 22 years

Sale of the Project

RENT

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Private Equity Fund TLC Bogotá

Monitoring Committee

Investment Committee

Tax Auditor

Management Company

Manager

Contractors

Authority Control

Authority Control

Investors Assembly

Directors Board

Real Estate Value Fund

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Expected Profitability

Regulatory Setting

Periodical payments to the investor since year 3.At the end of the term, the total assets of the Fund are sold.

Expected Internal Yield with Sale: 15,94% P.A.C.A.*Estimated Internal Return Rate without Sale: 15,18% P.A.C.A.*• Expected Inflation: 3% • Appreciation: IPC +2%• Rental fee adjustments: IPC +1%• Construction: 50% year 1; 50% year 2

Occupation: – Year 2 - 60%– Year 3 - 80%– Year 4 - 95%– Subsequent years: 100%

*Warning: the obligations of the collective portfolio managing company with the management of the portfolioare of means and not of results.

Real Estate Value Fund

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Cost

According to a study carried out in the area,commercial values per m2 for warehouses arearound COP $1.750.000.

The services performed by Profesionales deBolsa as administrators, structuring agents andmanagers of TLC Bogotá allow the m2 forwarehouse construction to be estimated in COP$1.300.000.

Real Estate Value Fund

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Reasons to invest in TLC Bogotá

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Advantages of investing in TLC - Bogotá

• Partaking in the whole value chain• Long term lease contracts• Purchase of the plot, and construction at cost price

(vertical integration)• Privileged geographical location with logistic node• Distribution of income from year 3• Bogotá has the main functional transport corridors in

the country• Between 2009 and 2013, the Bogota’s imports have

doubled• Bogotá generates 10% of the national cargo and

demands 17%• Roads of access to the main logistics hubs of the

country• Short distance to main cargo airport of the country

Real Estate Value Fund

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Investment in Logistics

• Fundamentals: WarehousesBogotá shows a high level of profitability withregard to big global markets.

• Fundamentals: OfficesBogotá is amongst the three most profitablemarkets of Latin America and the world.

Source:  Colliers.

CAP RATE: is the coefficient obtained by divinding the net income produced between the value of the property.

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Economic FoundationsBogotá - GDP

• Bogotá is regarded as the metropolis with thehighest contribution to Colombia’s GDP (26%),which makes it the fundamental core for thecountry’s economy

• The Bogotá’s GDP achieved an annuallycompound growth rate of 4.6 % in the years2000-2012.

Source: DANE

Regions'  input  into  national  GDP  (2012)

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Economic FoundationsBogotá – Trade Balance

Source:  DANE

Regarding external trade in Colombia’s tradebalance, Bogotá stands out as one of the maincomponents of external sales (exports) as well as fordemand of foreign products (imports).

Export wise, keeping in mind the high incidence ofthe industrial sector in Bogota’s external sales, itstands out together with regions with high volumes ofgoods exported from diverse economic sectors.

On the other hand, regarding imports, Bogotádemands close to 50% of the products that enterthe country, showing the Colombian Capital’simportance to trade.

Regions'  input  into  exports

Regions'  input  into  imports

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Economic FoundationsBogotá – Logistics Hub

Bogotá is the main logistics hub in the center ofthe country, with the highest concentration ofconsumption and industrial activity.

Its location allows intercommunication withlogistics hubs at the northern part of the country(Caribbean Coast and border with Venezuela(Maicao and Cucuta).

As with the hub at Cauca Region and the PacificCoast (Buenaventura) and the border withEcuador at the south (Ipiales).

Source:  Política  Nacional  Logística.Ruta  del  Sol

Real Estate Value Fund

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At Bogotá, El Dorado Airport is the main cargo hubin Colombia, with the biggest participation in thetransport of cargo at a national and internationallevel.

At a international level, it transports more than80% of the air freight that enters and exitsColombia.

Bogotá is strategically located at the center of thecontinent, with a high frequency of flights todifferent locations: Five hours to New York,Mexico City and Sao Paulo, with an excellent airconnectivity and numerous daily direct flights todifferent locations.

Economic FoundationsBogotá – Air Freight

Source: Aerocivil. Invest in Bogotá

National  Cargo  shipments

International  Cargo  shipments

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Among the main entrances and exit corridors forcargo vehicles in Bogotá, we can highlight 13th

street, “Autopista Norte” and 80 street, which addup to approximately 74% of vehicle traffic in thesurroundings of the city, reflecting the importanceof the western and northern areas of the city forcargo transport.

The external boroughs of the city allow theentrance of more than 19 thousand vehicles inaverage, and the exit of more than 18 thousandcargo vehicles during a working day.

Source: Colfecar - Steer Davies Gleave Study. CPB Calculations

Economic FoundationsBogotá – Cargo transport by land

Traffic  Distribution  in  Bogotá

Real Estate Value Fund

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• In line with a high concentration of thepopulation, Bogotá has the greatestworkforce of Colombia, with more than 4million people employed

• This is how a higher population implies,together with a higher level of income, ahigher purchase power by the inhabitants ofthe city, which generates great interest fromcompanies belonging to different economicsectors

Source:  DANE

Economic FoundationsBogotá - Employment

Labor  Force

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Among the main specialized segments of theindustry in Bogotá are the following sectors:

• Automotive• Auto parts• Pharmaceutical• Cosmetics• Plastics• Chemicals• Electronics

Source:  DANE.  Secretaría  Distrital  de  Planeación.

Economic FoundationsBogotá - Industry

Industrial  Production

Real Estate Value Fund

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In Bogotá, there are 3 main areas where industryis concentrated: Fontibón, Puente Aranda andKennedy.

There are several problems with regards to theseareas:

• High concentrations of population• Restricted roads• Inefficient transport of goods

Source: DANE. Secretaría Distrital de Planeación.

Economic FoundationsBogotá – Limited offer of land

Urban  Industrial  Areas  

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The industrial areas of Bogotá, among which wecan find high impact industries, are surrounded byneighborhoods which are:

• Urban centers• Residential neighborhoods• Resources hubs

These provides industries with a minimum marginof expanding infrastructure as well as activitiesrelated to its business areas.

Source:  Secretaría  Distrital  de  Planeación.

Economic FoundationsBogotá – Industrial Zones in Bogotá

Real Estate Value Fund

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Zone 1: Allows the free transit of cargo transportfor 24 hours a day. Includes the “Zona Franca”(trading area with a special legal regime), ElDorado Airport, the industrial zones ofMontevideo, Fontibón and Puente Aranda.

Zone 2: Restriction for vehicles wi th loads higherthan 7 tons. Areas: On the north: Avenida Calle170; south: Avenida Primero de Mayo; and east:border of the city.

Zone 3: Restriction for cargo vehicles wi th 3 ormore axles. Involves the urban area of the city.The restrictions for load transport in Bogota forcethe industries to move outside the city.

Source: Secretaria de Planeación de Bogotá. Cargo Decree 520 of 2013.

Economic BasesBogotá. Cargo Transport Regulation

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According to the baseline study carried out byCamacol:

If the intentions of companies are acted upon,adding the short and medium term (untilSemester I of 2014), we estimate a totaldemand of 897.138 mts2.

While considering square meters offered and inopening, we will have 556.125 mts2 available inthe market.

And thus, there’s an additional demand ofmore than 341.000 mts2.

This is for an average warehouse size biggerthan 1.400 mts2.

Economic BasesBogotá – Warehouse demand

Source: Camacol. Perspectivas de Corto Plazo en Sector Edificador. I Semester 2013.

Source: DNP

Warehouse  Demand

Warehouse  Supply

m2

m2

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ConclusionsValue ChainParticipation in the whole appreciation process,from the purchase of the land to production ofrent for 22 years.

Warehouse supply deficitBogotá and i ts surroundings have high defici ts insquare meters for warehouses.

LocationTLC Bogotá is located in a privileged place, closeto the main exi t and access roads of the capital ofthe country.

ExperienceProfesionales de Bolsa has extensive experiencein PEF management, included Real EstateFunds.

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The authomatic enrollment in the National Registry of Securitiesand Issuers of the securities issued by the Private Capital Fund,according to provisions of article 1.1.2.9. of Resolution 400 of2005, do not imply certification by the Financial Superintendenceon the Fund´s performance or safety of their investments. TheFinancial Superintendence of Colombia warns potential investorsthat the Private Capital Fund is a risk poroduct, so, before makingyour investment decision it is necessary to carefully read all theinformation and make sure about its correct, complete andadequate understanding”.

“The obligations of the management company of collective portfoliorelated to the portfolio management are of means and not of result.The money delivered by investors to the collective portfolio are notdeposits and do not generate for the management society theobligations of a depositary institution, are not covered by thedeposit insurance of the Guarantee Fund of Financial Institutions(FOGAFIN), or by any other scheme of this nature. The collectiveportfolio investment is subject to the investment risks derived fromthe evolution of the prices of assets comprising the portfolio of therespective collective portfolio.”

MedellínCalle 2 No 20-48

PBX: (574) 215 63 00Fax: (574) 317 34 94

BarranquillaCra. 53 No.82-86 Oficina 602

PBX: (575) 356 91 44Fax: (575) 356 87 71

CaliCalle 25N No. 6N-67PBX: (572) 668 8100Fax: (572) 668 70 90

PereiraAvda. Circunvalar No. 8B-51 Of 302

PBX: (576) 333 22 95Fax: (576) 333 22 86

BogotáCalle 93B No. 12-18 Piso 2,4 y 5

PBX: (571) 646 33 30Fax: (571) 635 88 78

Warnings:28