Cementos Argos S A : The attached file provides information on a reform to the Code of Good Governance

Cementos Argos S.A. informs that its Board of Directors approved an amendment to the company´s Code of Good Governance with the purpose of updating good governance practices related to the independence of directors, the negotiation of shares issued by the company, the composition of the Appointments and Remuneration Committee and other issues related to Shareholders´ rights, regulations on the functioning of the General Assembly of Shareholders and duties of the Board of Directors and the Sustainability and Corporate Governance Committee.

The modified text is as follows:

CODE OF GOOD GOVERNANCE

CHAPTER I. RELATIONS WITH SHAREHOLDERS AND OTHER INVESTORS

1. GENERAL RIGHTS FOR SHAREHOLDERS AND INVESTORS

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d. In the event that a merger, spin-off, segregation or operational transformation is to take place and which may lead to the dilution of the capital of minority shareholders, within the term for exercising the right of inspection, they must receive a detailed explanation of such operation. This is to be done with a report presented by the management and the Board of Directors, which must be accompanied by an opinion on the terms of the respective transaction, issued by an independent external adviser of fairness opinion. The advisor will be appointed by the Board of Directors.

CHAPTER II. REGULATIONS ON THE FUNCTIONING OF THE GENERAL ASSEMBLY OF SHAREHOLDERS

5. FUNCTIONING OF THE ASSEMBLY

For the purposes of the correct functioning during the meeting, the following rules for behavior must be respected:

1. The meeting will follow the agenda proposed in the notice strictly. Once the entire agenda has been covered, as per request of the Management or any Shareholder, new topics can be included, which can only be discussed if they are approved by a majority of votes of those present at the meeting.
2. All the members of the Board of Directors will attend the meetings of the Shareholders´ General Assembly.
3. When commissions must be formed to approve the minutes, to check votes or any similar events, if these are not elected unanimously, they must be formed by applying the electoral quotient system.
4. Once each of the points on the agenda has been presented and voted on, the CEO of the Company will give the Shareholders a chance to ask any questions or make any comments they consider relevant.
5. In order to ensure that all Shareholders can participate, their interventions must be limited to 10 minutes each.
6. If considered necessary, Shareholders can send the questions they would like to see answered during the meeting to the Investor Relations Department.
7. When a Shareholder is involved in any special interest situation or conflict of interest with the Company, related to a specific topic, they must report this upon registering to participate in the Assembly and restrain from participating in the analysis and the vote regarding said issue.
8. Holders of shares with preferential dividends and without voting rights that want to attend the meetings of the Assembly can do so as guests, without participating in the discussion or vote, except in case of ordinary meetings that, due to a legal

mandate, allow them to do so in order to exercise their rights.

1. In addition to the decisions whose adoption, in accordance with the Corporate Bylaws, are the responsibility of the Assembly of Shareholders, any spin-offs must also be voted on by said body, whether the company acts as the parent company or the beneficiary company.

CHAPTER III. REGULATIONS ON THE FUNCTIONING OF THE BOARD OF DIRECTORS

3. RESPONSIBILITIES OF THE BOARD OF DIRECTORS

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b. With regard to the Top Management, the Board of Directors, either directly or through its Appointments and Remuneration Committee, is responsible for: (i) appointing, evaluating, defining the remuneration of and removing the Company's CEO; (ii) approving the Top Management Appointment, Remuneration and Succession Policy; and (iii) appointing and removing the members of the Top Management and examining the evaluation of their performance. The Committee shall be allowed to execute the above duty upon express delegation by the Board of Directors.

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4. SELECTION CRITERIA FOR DIRECTORS

This paragraph shall be removed:

Paragraph: Independent Members will lose their membership status when they have maintained this role for ten (10) consecutive years. In any case, whoever has lost their independent member status may be elected as a member of the Board of Directors.

7. INCOMPATIBILITIES OF THE DIRECTORS

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Furthermore, in accordance with Colombian Law, the Director who belongs to more than 4 Board of Directors in addition to the Company may not be a Director. For the purposes of determining this limit, solely the participation in Boards and similar bodies of corporations will be taken into account.

20. SUPPORT COMMITTEES FOR THE BOARD OF DIRECTORS' MANAGEMENT

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These Committees will be made up by Independent or Equity Members of the Board. To appoint these, the Board will take into account the profile, knowledge and professional experience each Director could use to contribute to the purpose of each Committee.

Any Employee of the Company or external consultant can attend the Committee meetings, so as to provide support to the members in areas they specialize in.

All decisions, agreements and discussions of all these Committees must be recorded in minutes, which must be sent to all of the members of the Board of Directors.

In the event that during the course of the meeting, the President of the Assembly so requires, the chairmen of the Committees will inform the Shareholders´ General Assembly about specific aspects of the work carried out by those Committees.

20.2. APPOINTMENTS AND REMUNERATION COMMITTEE

20.2.1. Members

The Appointments and Remuneration Committee will be made up of three (3) members of the Board of Directors, of which at least one must be an Independent Member. The Vice President of Organizational Architecture or the General Secretary can act as Secretary to this Committee.

20.3. SUSTAINABILITY AND CORPORATE GOVERNANCE COMMITTEE.

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20.3.2. Functions

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g. Process within ten (10) calendar days from the date on which it receives, claims from Shareholders and Investors that believe that the Company does not fully apply its adopted Corporate Governance policies.

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CHAPTER VI. LEGAL PROVISIONS

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b. Negotiation of Shares by Directors and Employees i- Administrators

According to the provisions of the Law, the Board of Directors must approve any transaction carried out by Administrators regarding to shares issued by the Company, provided that they are unrelated to speculation.

This approval must be given before carrying out the transaction and it must be obtained through a vote in favor of two thirds of the members, excluding the vote of the requesting party. Requests for authorization must be presented through the General Secretary, where all transactions carried out by Administrators must be recorded, and which will inform the Sustainability and Corporate Governance Committee of the Board of Directors.

Administrators cannot carry out any operations regarding to shares issued by the Company once they are aware of the quarterly and year-end results or in case of relevant and imminent transactions, such as mergers, acquisitions, restructuring or the projects of material relevance, until these results have been disclosed to the market.

No authorization from the Board of Directors is required for purchases of primary issuances of the Company. The same goes when an Administrator invests through non- exclusive funds that contain, among others, shares of the Company and for purchases of shares through funds created in the context of a variable remuneration system.

ii- Employees

Employees non-Administrators can carry out transactions regarding to shares issued by the Company provided that they are unrelated to speculation and that they must be reported to the Business Conduct Officer

once the transaction is conducted and in the Annual Statement of Potential Sources of Conflicts of Interest.

It is the responsibility of each Administrator and/or Employee to comply with the aforementioned instructions, particularly the ones aimed at preventing any negotiations with speculative purposes and/or the use of privileged or confidential information.

The updated text of the Code of Good Governance can be consulted in the web page https://ir.argos.co/en/

December 4th, 2020