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 Stock market Frequently Asked Questions

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Stock market FAQ

What is a share?

  • A share is a security that represents the capital of a company. For this reason, when we acquire securities, we become a shareholder of such company. They can be ordinary, preference, or preferred shares. ISA shares are ordinary shares that grant the following rights:
  • Economic: freely trading shares, dividend participation and valuation; receiving a part of the issuer’s assets if the company is liquidated.
  • Political: participating and voting in the Shareholders’ Meeting and review the company’s books within the deadlines set forth.
    Further details about the rights of ISA’s shareholders are included in Article 14 of the Bylaws.

What is a dividend?

  • If the issuer generates profits during the corresponding period, then the Shareholders’ Meeting may decide to distribute a part or all profits, whereby the shareholders will receive dividends. For this purpose, the Meeting should define the amount, periodicity, and payment method thereof, which may be in money or shares.

What is a dematerialized share?

  • It is a share that is not physically represented as a security. ISA's shares are dematerialized.

What is Deceval?

  • DECEVAL is the Centralized Deposit of Securities of Colombia, where securities to be negotiated in the market are held, administered, and deposited. It allows physical securities to be immobilized in high-security vaults so they can circulate through electronic records. When an investor purchases or sales securities, an electronic record is made which certifies the amount of securities the investor has received or delivered. Deceval is the entity that manages how many securities are held by each investor.

What is a direct depositor?

  • These are legal entities who represent the shareholder before the Centralized Deposit of Securities (DECEVAL S.A.) and through which all stock market transactions such as purchase, sale, dividend payment, among others, are carried out.

As a shareholder, do I need a direct depositor?

Yes, since direct depositors are the entities that, according to the operation regulations of DECEVAL S.A., can have direct access to these services and have entered into the securities deposit contract, either in their own name and account and/or in the name and at the expense of third parties.

Can I change my direct depositor? Is there a cost?

  • Yes, you can. There are no restrictions on staying with your current Direct Depositor. The costs of the change vary depending on the Direct Depositor. To make the change, you must:
  • 1. Inform your Direct Depositor of your intention and say who is the new Depositor. 2. Follow the instructions given by your current Depositor and send the documentation requested.

¿Qué régimen de contratación rige para ISA?

De conformidad con lo dispuesto en el Artículo 32 de la Ley 142 de 1994, el parágrafo del Artículo 8, en concordancia con el Artículo 76 de la Ley 143 de 1994, el régimen legal aplicable a los actos y contratos de la Empresa es el del derecho privado. Para la contratación se observarán las normas previstas en el Reglamento para la contratación de bienes y servicios en concordancia con las Políticas Empresariales y en los aspectos no contemplados se seguirán las disposiciones del Código Civil, del Código de Comercio o las normas que le fueren aplicables.

Do all Direct Depositors charge the same fees and expenses?

Each direct depositor has its own fees. Direct depositor costs and expenses are legally authorized (heading 24, book 9, part 2 of Decree 2555). Link:

What can an issuer do about costs and expenses of a direct depositor?

The issuer cannot do anything about this since, in accordance with provisions of applicable Colombian regulations, Stock Exchange Commissioners (direct depositors that manage the investment portfolios) are entitled to charge a fee for this management (heading 24, book 9, part 2 of Decree 2555).

As a shareholder of ISA, do I have to pay Custody and Administration to the Centralized Deposit of Securities (DECEVAL)?

No. ISA assumes these charges. Direct Depositors shall not charge these fees to shareholders, nor shall these fees be included in the "administration services periodic fee".

What is a stockbroker?

Stockbrokers are professional legal entities specialized in purchasing and selling securities, advising, and making transactions on their own behalf or on behalf of interested third parties. Also, they can be intermediaries in the stock market.

How can I purchase and sell ISA shares?

You can do this at any time in the secondary market through a direct depositor or a brokerage firm.


What should I do if I have other questions?   

  Who shou​ld I contact?

Shareholder Service

 Free line: 01-8000-115-000


 Medellín: Calle 12 Sur No. 18 - 168, Bloque 3, Piso 2

 Check here the contact details of your Stock Broker Company (Direct Depositors)

Preventive Note​

Certain statements contained in this report constitute "forward-​looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements reflect our current views regarding future events and are based on assumptions and are subject to risks and uncertainties. In addition, these forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our continuing obligation to disclose important information, as required by federal securities laws, we do not intend to update them in connection with any future revisions to forward-looking statements to reflect events or circumstances that occur after the date hereof. report.

Values ​​expressed in US dollars are for information purposes only, and do not reflect generally applicable accounting conversion techniques.

The quarterly figures are not audited and are expressed in millions of Colombian pesos ($). The consolidation process involves the inclusion of 100% of the companies where ISA has control, in accordance with the application of international financial reporting standards - IFRS - that apply in Colombia as of January 1, 2015.

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