Administradora de Fondos de Pensiones y Cesantias Proteccion SA (Proteccion) is a Colombia-based company engaged in the management of private pension funds. The Company’s activities include the investment and collection of its clients’ contributions, the management of individual capitalization accounts and the provision of life and disability benefits, payments of funeral expenses and senior retirement pensions. The Company operates a network of branches located in the departments of Antioquia, Cundinamarca, Tolima, Huila, Meta, Santander, Norte de Santander, Valle del Cauca, Cauca, Narino, Quindio, Risaralda, Caldas, Atlantico, Magdalena, Cesar, La Guajira, Bolivar, Cordoba and Sucre. In addition, the Company holds interests in Enlace Operativo SA and ITP SA. As of December 31, 2011, the Company held minor stakes in such entities as Enlace Operativo SA and ITP SA, as well as Grupo de Inversiones Suramericana SA was its majority shareholder.