Cementos Argos in the United States: A Success story

This document contains forward-looking statements and information related to Cementos Argos S.A. and its subsidiaries (together referred to as "Argos") that are based on the knowledge of current facts, expectations and projections, circumstances and assumptions of future events.

Various factors may cause Argos' actual future results, performance or accomplishments to differ from those expressed or assumed herein.

If an unexpected situation presents itself or if any of the premises or of the company's

estimations turn out to be incorrect, future results may differ significantly from the ones that are mentioned herein.

The forward-looking statements are made to date and Argos does not assume any obligation to update said statements in the future because of new information, future events or any other factors.

All the discussions on the financial and operational results held during the call, will be based on the adjusted figures, excluding non-recurring and non-core operations. For a detail on the reconciliation and the adjustments please refer to the annexes of our quarterly report.

Juan Esteban Calle		Felipe Aristizábal		Maria Isabel Echeverri
CEO		CFO		VP of Legal Affairs

c. 50% return in less than a year (vis-a-vis $36 at combination with Summit)

per share of Summit

	▪	Equivalent to COP 10,000 per share of Cementos Argos
	▪	In addition to these $2.9b, Argos USA had distributed more than $3.7b of cash to
for its 31% stake in Summit		Cementos Argos, most of them over the past 5 years

The $3bn in acquisitions since 2005 required total equity contributions of c. $1bn. With the acceleration of profitability in the late 2010s, Argos was able to multiply

Multiple of equity contributions its equity by a factor of 4.7x, achieving an overall IRR of 20%

With a strengthened balance sheet and deep knowledge of the US market, Argos will continue to leverage its

strategic position in Latam to capture value opportunities across the Americas

• Following 50+ years of exports to multiple US markets, Argos decides to vertically-integrate into the RMX segment with the acquisition of 9 of RMX clusters in:

▪ Texas

▪ North and South Carolina

• • Arkansas
  • Georgia
• Ports in Houston, Savannah and Wilmington

770									14.0%
670									12.0%
570									10.0%
470									8.0%
370									6.0%
270									4.0%
170									2.0%
70									0.0%
-30									-2.0%
2007	2008			2009	2010
			Revenues		EBITDA		EBITDA Margin

Despite the financial crisis headwinds, Cementos

Argos maintains its long-term vision of value creation

• First cement acquisition in 2011 marks a turning point in the strategy of the company, becoming an established and vertically integrated player in the US
• 4 Cement Plants and 3 grinding stations
• +150 RMX plants
• 3 Ports in Alabama and Florida

1,400												15.0%
1,200
1,000												10.0%
800												5.0%
600
400												0.0%
200												-5.0%
0
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
-200												-10.0%
					Revenues		EBITDA		EBITDA Margin

Double-down on our expansion strategy to

capitalize on M&A opportunities arising from the financial crisis, establishing a vertically integrated player in high-growth markets

• 10 divestitures of RMX clusters in:
• • Arkansas
  • Florida
  • Carolinas

1800																				25.0%
1600																				20.0%
1400
1200																				15.0%
1000																				10.0%
800
600																				5.0%
400																				0.0%
200
0																				-5.0%
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
-200																				-10.0%
							Revenues			EBITDA		EBITDA Margin

After a period of expansion, the focus shifts towards profitability via operational excellence in cement and divestments of non-strategic RMX clusters

2021

We announce our intention to pursue an IPO for our U.S. operations

2022 - 1H23

Preparation process to launch the IPO

SEPTEMBER 2023

Unlock value through asset combination with Summit Materials

The combination between Argos USA and Summit creates a leading building materials platform with national scale, generating synergies for $130m, of which $40m were captured in the first year of the integration

States with significant presence

Both

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

This transaction, together with the execution of SPRINT, has unlocked value for our shareholders a TSR of >310%

$3b of total investments	Revenues increased by	EBITDA increased by
3+ times	4+ times

$445m of distributions	$1.2b	$2.9b
Cash consideration from	Cash consideration from
between 2022 and 2023
combination with Summit	sale to Quikrete