Cienaga, April 20th, 2016

We would like to inform all workers that the Company has made its first offer in furtherance of the collective bargaining negotiations currently being held with Sintradrummond, Agretritrenes and Sintramineros. This offer can be summarized as follows:

• Term of the collective bargaining agreements: 3 years
• Signing bonus: EIGHT MILLION FIVE HUNDRED THOUSAND PESOS ($8,500,000) subject to the signing of the collective bargaining agreements without a strike
• Wage increase: 1^st year: 6.77%; for the 2nd and 3rd year they will be increased by the CPI for 2016 and 2017, respectively
• Extra-legal bonuses: Remain the same (amount increases as a result of the wage increase)
• All benefits recognized to workers in cash are updated for the 1^st year: 6.77%; for the 2nd and 3rd year they will be increased by the CPI for 2016 and 2017, respectively
• The in-kind benefits to workers remain the same

As you can see, NONE of the benefits for workers will be reduced, much less eliminated, by the Company.

The Company has a principle of offering the same benefits to the workers that are covered by the scope of the collective bargaining agreements and/or arbitration award.

Regarding the union chapter, the Company will maintain the benefits granted, but they will be reallocated among the existing unions, depending on the particular circumstances of each one.

The Company reiterates its intention to reach collective bargaining agreements with all of the union organizations, bearing in mind the limitations that the current coal market imposes on the industry.

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FOR MORE INFORMATION

Pablo Urrutia – Mobile 57 (318) 735-7445, Tel. 57 (1) 587-1000 Ext. 5809

Margarita Saade – Mobile 57 (316) 312-4180, Tel. 57 (5) 571-9300 Ext. 8581

Wilma Calderón – Mobile 57 (310) 287-6085, Tel. 57 (1) 611-5014