Letter from the Chairman of the Board of Directors

ROSARIO CÓRDOBA
Chairman, Board of Directors

Letter from the Chairman of the Board of Directors

Dear shareholders:

(102-14) It is my pleasure to address you in order to present to you our management report as part of the corporate commitment of communication and transparency.

For the fourth consecutive year, we developed this report integrating financial results with the progress and challenges in social and environmental issues, following the Global Reporting Initiative guidelines, in its “Standard GRI” version, in accordance with the issues that are material or have special importance to the organization and the stakeholders with which we relate.

Throughout these pages you will learn fundamental aspects about the strategy of Grupo Argos, its role as active business manager, the steps taken in the consolidation of road and airport concessions as a third operational pillar and positioning of the holding company as one of the most relevant stakeholders within the infrastructure sector in the region.

Despite the complexity and uncertainty that characterized 2016, we are pleased to announce a positive balance, with significant accomplishments and facts, based on disciplined and consistent action of exceptional human talent, consistency in the execution of the vision, diversification of industries and geographies, simultaneous exposure to developed and emerging economies, proper management of risks, search for synergies and efficiencies and transfer of practices between businesses.

In compliance with our Sustainability Policy and taking into account the criteria of adhesion to the United Nations Global Compact and the willingness to contribute from our enterprise role to the fulfillment of the Sustainable Development Goals, the Board of Directors outlines goals and work plans to further the generation of economic, environmental and social value in the long term, in a framework of responsibility, good government, integrity and ethics.

It is very satisfying that Grupo Argos and Cementos Argos have been ratified for the fourth consecutive year in the Dow Jones Global Sustainability Index which recognizes the most outstanding companies in the world for their environmental, social and corporate governance best practices. In addition, along with Celsia, they were included in the 2017 Sustainability Yearbook of RobecoSAM, in which Grupo Argos received a Silver distinction and Cementos Argos obtained a Gold distinction, as the most sustainable cement company of the world.

I would like to conclude by acknowledging the support and collaboration of and permanent dialogue with our stakeholders, which help us strengthen, year after year, our performance as a sustainable business. We appreciate the trust they have placed in us to continue leading the Grupo Empresarial Argos.

We are optimistic about the future and we will work with discipline, passion and commitment to continue strengthening our focus on infrastructure, diversifying mature business with high-potential business, participating in their current development, their projection and growth, and always following the most solid principles of integrity and responsibility.

Many thanks,


ROSARIO CÓRDOBA
Chairman, Board of Directors