<SEC-DOCUMENT>0000950103-21-019269.txt : 20211203
<SEC-HEADER>0000950103-21-019269.hdr.sgml : 20211203
<ACCEPTANCE-DATETIME>20211203151037
ACCESSION NUMBER:		0000950103-21-019269
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20211203
FILED AS OF DATE:		20211203
DATE AS OF CHANGE:		20211203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grupo Aval Acciones Y Valores S.A.
		CENTRAL INDEX KEY:			0001504764
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36631
		FILM NUMBER:		211469750

	BUSINESS ADDRESS:	
		STREET 1:		CARRERA 13 NO. 26A - 47
		CITY:			Bogota D.C.
		STATE:			F8
		ZIP:			00000
		BUSINESS PHONE:		57 1 241-9700

	MAIL ADDRESS:	
		STREET 1:		CARRERA 13 NO. 26A - 47
		CITY:			Bogota D.C.
		STATE:			F8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp163162_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report Of Foreign Private Issuer</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant To Rule 13a-16 Or 15d-16 Of</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt"><B>The Securities Exchange
Act Of 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of December 2021</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 000-54290</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grupo Aval Acciones y Valores S.A.</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carrera 13 No. 26A - 47</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bogot&aacute; D.C., Colombia</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%">
</TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">X&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">X&nbsp;</P></TD></TR>
  </TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 90%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call for bondholders&rsquo; assembly &ldquo;(relating to local Colombian law-governed bonds)&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report by Grupo Aval as the issuer of the bonds</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report by Alianza Fiduciaria S.A., the bondholders&rsquo;
    legal representative for certain bond issuances (2009 &ndash; 2016)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report by Fiduciaria Central S.A., the bondholders&rsquo;
    legal representative for certain issuances (2017 and 2019)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local rating agency&rsquo;s score report</FONT></TD></TR>
  </TABLE>

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<p></P>

<P STYLE="text-align: right">ITEM1</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_005.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>First Summoning for General Meeting of Ordinary
Bondholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="image_007.jpg" ALT=""><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grupo Aval Acciones y Valores S.A. (&ldquo;Grupo
Aval&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alianza
Fiduciaria S.A. (hereinafter &ldquo;Alianza Fiduciaria&rdquo;) and Fiduciaria Central S.A. (hereinafter &ldquo;Fiducentral&rdquo;), acting
as Legal Representatives of the Bondholders of Grupo Aval, as provided by Section 6.4.1.1.18 of Colombian Decree 2555 of 2010, as requested
by Grupo Aval, summon for the first meeting of the joint General Assembly of Bondholders of the issuances of 2009, 2016, 2017 and 2019.</FONT><SUP>1</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">This meeting will be held on December
16<SUP>th</SUP>, 2021 at 11:00 AM at the Assembly Hall of Banco de Bogot&aacute; located at Calle 36 No. 7-47, first floor in Bogot&aacute;
D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">For this First Meeting, The General
Assembly of Bondholders, with the approval of a plural number that represents the majority of the bondholders at the meeting and the Eighty
Percent (80%) of the total outstanding of the bonds called for this meeting and effectively present, may agree in the spin-off project
(<I>escisi&oacute;n</I>) that will be presented to such bondholders, in accordance with the provisions set forth Section 6.4.1.1.22 of
Colombian Decree 2555 of 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">If the quorum for deliberation and
decision is not reached in this First Summoning regarding the summoned topics on the announcement, a Second Summoning can be made whereas
will be possible to deliberate and decide validly within the approval of a plural number of bondholders that represents the majority of
the present bondholders and the 40% of the outstanding debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">If the quorum for deliberation and
decision is not reached neither in the Second Call, a new meeting can be called, in which the presence of any plural number of bondholders
for deliberate and decide will be sufficient, this is hereby informed visibly by means of this Summoning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"><B>ISSUER:</B> Grupo Aval Acciones
y Valores S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"><B>TRANCHES CALLED: </B>Issuances
of ordinary bonds of December 2nd, 2009 (Filing Code ANN COT29CBBO038), November 2nd, 2016 (Filing Code ANN COT29CBBO046), June 6th, 2017
(Filing Code ANN COT29CBBO054) and October 25<SUP>th</SUP>, 2019 (Filing Code ANN COT29CBBO062).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"><B>OUTSTANDING DEBT AMOUNT: </B>The
outstanding debt amount is One Trillion Hundred Twenty-Four Thousand and Five Hundred Twenty Million Pesos (COP$1,124,520,000) and is
described as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP><FONT STYLE="font-size: 10pt">The Colombian Issuances
of 2009, 2016, 2017 and 2019 with a total outstanding of $1,124,520,000,000 COP. </FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #002060">
    <TD STYLE="width: 22%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Year</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rate</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">Issuance 2009 (A Series &ndash; 15 years)</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">COP$ 124,520mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">IPC+5.20%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alianza Fiduciaria S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">Issuance 2016 (A Series &ndash; 10 years)<BR>
<BR>
Issuance 2016 (A Series &ndash; 20 years)</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">COP$ 93,000mm<BR>
<BR>
COP$ 207,000mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">IPC+3.86%<BR>
<BR>
IPC+4.15%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alianza Fiduciaria S.A.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">Issuance 2017 (A Series - 25 years)</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">COP$ 300,000mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">IPC+3.99%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (r</FONT>ating<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiduciaria Central S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">Issuance 2019 (C Series &ndash; 5 years)<BR>
<BR>
Issuance 2019 (A Series &ndash; 20 years)</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">COP $100,000mm<BR>
<BR>
COP $300,000mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40">6.42%<BR>
<BR>
IPC+3.69%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</FONT>2</TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiduciaria Central S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40"><B>TOTAL </B></FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #3E3D40"><B>$1.124.520mm</B></FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 28.35pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 28.35pt; text-align: justify"><B><I>The proposed agenda for
the abovementioned meeting is the following:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>1.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Election of President and Secretary for the meeting.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>2.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Quorum verification.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>3.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Special report prepared and signed by Grupo Aval, related with the spin-off
of the shareholding correspondent to the ownership over the 75% of BAC Holding International Corp. (before called Leasing Bogota S.A.
Panam&aacute;) and the listing of such Company in the Colombian and Panama Stock Exchanges. (Presentation). </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>4.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Information regarding the Report of the Legal Representatives of the Bondholders:</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><I>a.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Presentation of the Alianza Fiduciaria Report acting as a Legal Representative
over two tranches out of four. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><I>b.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Presentation of the Fiduciaria Central Report acting as a Legal Representative
over two tranches out of four. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>5.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Management report regarding the Report of BRC Ratings S&amp;P Global acting
as a local rating agency over the local bond issuances.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>6.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Voting and decision of the Bondholders regarding the spin-off proposal of Grupo
Aval Acciones y Valores S.A.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><I>7.</I></TD><TD STYLE="text-align: justify; padding-right: 16.65pt"><I>Drafting, reading and approval of the minutes of the meeting.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">Considering that the ordinary bonds
of Grupo Aval were issued dematerialized, Deceval S.A. will issue a global certificate for the representation of the rights, in which
the ownership of the bonds will be accredited. Whom intended to act on behalf of a Legal Entity, shall present in the meeting before Alianza
Fiduciaria and Fiducentral, in their condition of Legal Representative of the Bondholders, the Certificate of Incorporation and Incumbency
with a date of issue not exceeding thirty (30) days; if this is related to a individual investor, shall present the Citizen ID. The Bondholders
that are not able to assist personally may be represented by a proxy who must present, at the respective meeting, a power of attorney
duly granted in full compliance with legal requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">Bondholders are advised that, pursuant
to the provisions of Article 6.4.1.1.1.22 of Decree 2555 of 2010, the decisions adopted by the General Meeting of Bondholders subject
to the Law shall be binding even for those absent or dissenting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"><SUP>2</SUP><FONT STYLE="font-size: 10pt">Our
local bonds are listed in the Colombian Stock Exchange.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">The special report prepared by
Grupo Aval containing the information regarding the Spin-off and the analysis of the effects of such operation for Grupo Aval and
for the current Bondholders in compliance with Article 6.4.1.1.1. 18 of Decree 2555 of 2010, as well as the concept of the Legal
Representatives of the Bondholders on the proposal of Grupo Aval, the concept of the risk rating agency and the model of power of
attorney for individual inverstors or companies in the event that the Bondholder wishes to be represented by a proxy in the
meetings, are available to the Bondholders at: (i) Grupo Aval's offices located at Carrera 13 No. 26 A-47 Piso 23, Bogot&aacute;
D.C.; (ii) at Grupo Aval's website, www.grupoaval.com, in the &quot;Inversionistas&quot; section, subsection &quot;Asamblea General
de tenedores de Bonos&quot;; (iii) at the website of the Superintendencia Financiera de Colombia www.superfinanciera.gov.co into the
link &quot;Informaci&oacute;n Relevante&quot; by searching for the information published by Grupo Aval Acciones y Valores S.A.; (iv)
on the web page of the Colombian Stock Exchange www.bvc.com.co under the link &quot;Empresas&quot; by following this link
https://www.bvc.com.co/pps/tibco/portalbvc/Home/Empresas/PaginaPrincipal?action=dummy; (v) on the web page of Deceval in the
&quot;Other Documents&quot; section following this link
https://www.deceval.com.co/portal/page/portal/Home/Instructivos_boletines/otros_documentos/otrosdocs; (vi) on the web page of
Alianza Fiduciaria www.alianza.com.co, on the main page, in its capacity as Legal Representative of the Bondholders for the issues
described herein; (vii) on the web page of Fiducentral www.fiducentral.com following the link
https://www.fiducentral.com/productos-y-servicios/representacion-legal-tenedores-de-bonos, in its capacity as Legal Representative
of the Bondholders for the issues described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">Likewise, the relevant public information
regarding the spin-off is available to the Bondholders at Grupo Aval's Secretary General Office, at the above-mentioned address, or may
be requested through the e-mails asanchez@grupoaval.com or investorrelations@grupoaval.com
, proving the condition of Bondholder by means of its certification of deposit before DECEVAL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"><B>Date:</B> December 2, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">Sincerely yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">(S.D. Original)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(S.D. Original )</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Francisco Jos&eacute; Schwitzer Sabogal</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Carlos Mauricio Rold&aacute;n</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Alianza Fiduciaria S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fiduciaria Central S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Legal Representative of the Bondholders</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Legal Representative of the Bondholders</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: right">ITEM 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: center; text-indent: -35.4pt"><B>Report to the
General Meeting of Bondholders </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: center; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: center; text-indent: -35.4pt"><B>of Grupo Aval
Acciones y Valores S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: center; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: justify">In accordance with the provisions of
article 6.4.1.1.18 of Decree 2555 of 2010 (&quot;<B><U>Decree 2555</U></B>&quot;), the Legal Representative of Grupo Aval Acciones y Valores
S.A. (&quot;<B><U>Issuer</U></B>&quot; or &quot;<B><U>Grupo Aval</U></B>&quot;) has prepared this report, with the purpose of illustrating
to the General Meeting of Bondholders of the Issuer corresponding to the Ordinary Bond Issues of December 2, 2009, November 2, 2016, June
6, 2017 and October 25, 2019, (the &quot;<B><U>Issues</U></B>&quot;), in a broad and sufficient manner about the possible spin-off of
the portion of participation corresponding to the ownership of seventy-five percent (75%) of the company BAC Holding International, Corp.
(formerly Leasing Bogot&aacute; S.A., Panama) and its listing in the stock exchanges of Colombia and Panama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1</B></TD><TD STYLE="text-align: justify"><B>ISSUER&rsquo;S CURRENT ISSUES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Local Market</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2009 Bond Issue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #1F3864">
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 11%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Title</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Issue Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Expiration Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Tenor</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Amount issued (COP)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rate / Coupon</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; vertical-align: top; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Bondholders &nbsp;Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 2009</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">124,520,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPC + 5.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA / BRC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alianza Fiduciaria</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2016 Bond Issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #1F3864">
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Title</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Issue Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Expiration Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Tenor</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Amount issued (COP)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rate / Coupon</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; vertical-align: top; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Bondholders &nbsp;Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPC + 3.86%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA / BRC</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alianza Fiduciaria</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2036</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">207,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPC + 4.15%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA / BRC</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2017 Bond Issue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #1F3864">
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Title</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Issue Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Expiration Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Tenor</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Amount issued (COP)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rate / Coupon</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; vertical-align: top; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Bondholders &nbsp;Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2042</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPC + 3.99%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA / BRC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiduciaria Central</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2019 Bond Issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #1F3864">
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Title</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Issue Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Expiration Date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Tenor</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Amount issued (COP)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rate / Coupon</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; vertical-align: top; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Bondholders &nbsp;Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.42%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA / BRC</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiduciaria Central</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2039</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPC + 3.69%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA / BRC</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Total Local Issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 14%; background-color: #1F3864; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 86%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$1.124.520.000.000</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2</B></TD><TD STYLE="text-align: justify"><B>ISSUER&rsquo;S SPIN-OFF</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Current Status</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: justify">Grupo Aval Acciones y Valores S.A.
is the Financial Holding Company of Conglomerado Financiero Aval, one of the main financial groups in Latin America, with presence in
13 countries. We have positioned ourselves as the largest financial group in Colombia and the leading banking group in Central America
in terms of assets through the continuous evolution of our businesses, which, together with a successful history of acquisitions and mergers,
has allowed us to expand in Colombia and Central America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: justify">The Group's business model focuses
on profitable and sustainable growth, organically or inorganically. The portfolio of investments in subsidiaries consists mainly of six
entities in Colombia, dedicated to the provision of financial and pension services and to the investment and management of companies in
the real sector. The structure of this investment portfolio allows taking advantage of a multi-brand strategy, in which the strengths,
particular knowledge and best practices of each of the subsidiaries are capitalized in a cross-cutting manner. Below is the current ownership
structure of the conglomerate as of September 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="image_012.jpg" ALT="" STYLE="height: 377px; width: 581px"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BAC Holding International, Corp. (&quot;<B><U>BHI</U></B>&quot;,
formerly Leasing Bogot&aacute; S.A. Panam&aacute;), is a wholly-owned subsidiary of Banco de Bogot&aacute; S.A. (&quot;<B><U>BdeB</U></B>&quot;).
BHI is the holding company of the BAC Credomatic banking group in Central America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Spin-off Description</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Spin-off of BHI at Grupo Aval's level</U>:</B>
Once BdeB completes the spin-off of 75% of its equity interest in BHI (as explained below), Grupo Aval, holder of 68.7% of BdeB's shares,
will spin off the interest it receives from BHI (approximately 51.5%) in favor of its own shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By virtue of this corporate reorganization, Grupo
Aval and BdeB intend to carry out the following operations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">As of September 30, 2021, BdeB holds a 100% equity interest in BHI (formerly Leasing Bogot&aacute; S.A.,
Panama), a company duly incorporated under the laws of the Republic of Panama.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">BdeB will carry out a spin-off by virtue of which it will transfer the ownership of shares issued by BHI,
currently owned by BdeB, representing 75.00000032281765% of the total capital of BHI (the &quot;<B><U>Business Unit</U></B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">The final objective of this transaction is to transfer the Business Unit to the shareholders of BdeB and
Grupo Aval. Such final objective will be achieved through the spin-off of the Business Unit in favor of a new company to be formed for
such purpose (the &quot;<B><U>Sociedad Beneficiaria Bogot&aacute; S.A.S.</U></B>&quot;) and the subsequent spin-off of Grupo Aval of its
pro rata share in the Business Unit in favor of a new company to be formed for such purpose (the &quot;<B><U>Sociedad Beneficiaria Aval
S.A.S.</U></B>&quot;), for corporate reorganization reasons, thus (the &quot;<B><U>Spin-Off Project</U></B>&quot;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">By means of the spin-off of BdeB, the equity block of the Business Unit will be separated from BdeB, which
will be spun off in favor of the Sociedad Beneficiaria Bogot&aacute; S.A.S., whereby the shareholders of BdeB will become shareholders
of the Sociedad Beneficiaria Bogot&aacute; S.A.S., in the same percentages that they hold in BdeB.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Once the Superintendencia Financiera de Colombia (&quot;<B><U>SFC</U></B>&quot;) has authorized the spin-off
of BdeB in accordance with the applicable regulations, the shareholders' meetings of BdeB and the Sociedad Beneficiaria Bogot&aacute;
S.A.S. shall be called to approve said spin-off, without prejudice to corporate meetings that shall be held to perfect the Spin-off of
BHI at the Grupo Aval and Merger levels.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">Likewise, BdeB shall convene the General Meeting of BdeB Bondholders in order to submit the Spin-Off Project
for their consideration.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">In turn, Grupo Aval shall convene the General Meeting of Bondholders of Grupo Aval in order to submit
the Spin-Off Project for their consideration. Likewise, Grupo Aval's management shall call a meeting of Grupo Aval's shareholders to approve
the spin-off of Grupo Aval (the &quot;<B><U>BHI Spin-Off at the Aval level</U></B>&quot;), by virtue of which the shares received by Grupo
Aval from the Sociedad Beneficiaria Bogot&aacute; S.A.S. shall be transferred en bloc in favor of the Sociedad Beneficiaria Aval S.A.S.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">Once the shareholders' meeting of Grupo Aval is held in which its spin-off is approved, Grupo Aval, as
provided for in the applicable regulations, shall request the SFC's authorization to perfect its spin-off.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">Once all the required authorizations have been received, it will proceed with (i) the execution of the
spin-off of BdeB, and (ii) immediately thereafter, with the execution of the spin-off of Grupo Aval, as shown in the following charts:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>This translation from the original Spanish
version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does
not assume any liability based upon it.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_013.jpg" ALT="" STYLE="height: 342px; width: 529px"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_014.jpg" ALT="" STYLE="height: 372px; width: 533px"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">Immediately after both the spin-off of BdeB and the spin-off of Grupo Aval are perfected, it is intended
to proceed with the merger of BHI, the Sociedad Beneficiaria Bogot&aacute; S.A.S. and the Sociedad Beneficiaria Aval S.A.S., with BHI
as the absorbing company of the merger (the &quot;<B><U>Merger</U></B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify">As a consequence of the Merger, the shareholders of BdeB, as well as the shareholders of Grupo Aval, will
receive shares of BHI, as shown in the following chart:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_015.jpg" ALT="" STYLE="height: 385px; width: 534px"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Once the Merger is completed, BHI, previously registered in the National Registry of Securities and Issuers
-RNVE- of the SFC, will list its shares in the Colombian Stock Exchange. Prior to such listing, the aforementioned company will be listed
on the Panama Stock Exchange (Latinex) and registered with the Superintendence of the Securities Market of Panama.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">j.</TD><TD STYLE="text-align: justify">The shareholders of BdeB and Grupo Aval that will participate in BHI will be the same shareholders of
BdeB and Grupo Aval prior to the completion of their respective spin-offs (the &quot;<B><U>Beneficial Shareholders</U></B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">k.</TD><TD STYLE="text-align: justify">As a consequence of the foregoing, the shareholding of the Beneficial Shareholders in BdeB and Grupo Aval
will be maintained in the same proportions as they have to date. Consequently, there will be no variation in the participation of Grupo
Aval's shareholders as a result of the Spin-Off Project.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Benefits of the Spin-off </B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main benefits of the Spin-off are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Simplify the corporate structure of BdeB and Grupo Aval to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facilitate the understanding of their financial
performance, credit and capital structure for investors and analysts. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eliminate the interdependence that exists between
the credit ratings of Aval, BdeB and BAC Credomatic.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Renew the investment thesis for Aval, BdeB and
BAC Credomatic, based on the particular attributes of each entity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">BdeB would strengthen its consolidated capital levels supporting its transition to Basel III.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">As a result of the deconsolidation
BHI's assets and liabilities will be deconsolidated from BdeB's (and Grupo Aval's) financial statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-weighted Assets (RWAs) decrease and therefore
the solvency margin increases.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The goodwill recorded in BHI will no longer be
subtracted from BdeB&acute;s Core Equity Tier 1 (CET1), improving solvency.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On the other hand, AT1 bonds would no longer
be part of BdeB&acute;s Tier 1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Senior Management teams would work independently focusing on their own markets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior Management teams fully dedicated to capture
growth opportunities independently in Colombia and Central America. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Increases adaptability to different competitive
dynamics and customer preferences in Colombia and Central America. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Optimizes the decision-making process within
each entity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Gives each entity flexibility to execute its business plan with a more efficient use of capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Allows Grupo Aval, BdeB and BHI to be strategically
prepared to capture future growth opportunities. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eliminates current capital restrictions allowing
each entity to be more independent in defining and executing its strategic plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Eliminates the current complexities of a multi-jurisdictional operation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reduces the accumulation of burdens associated
with multiple legal and regulatory environments. The impact of exchange rate volatility on BdeB's results and capital is mitigated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f)</TD><TD STYLE="text-align: justify">Investors would have separate direct access to two banks and a financial holding company with different
regional focuses listed on a stock exchange:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grupo Aval: Colombia's leading financial group,
parent entity of BdeB and 3 other banks, a Financial Corporation and a Pension Fund Administrator among other entities, with a focus on
the entire Colombian financial industry and exposure to the Colombian peso. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">BdeB: leading bank in Colombia, with main focus
in this country and exposure to the Colombian Peso.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">BHI: leading banking group in Central America;
the only banking group with a regional focus in Central America that is listed on a stock exchange, with exposure to the U.S. dollar.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Legal Aspects of the Spin-off</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.4.1</B></TD><TD><B>Authorization of the General Meeting of Bondholders</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because Grupo Aval is an issuer with securities
registered in the National Registry of Securities and Issuers (&quot;<B><U>RNVE</U></B>&quot;), the Spin-Off Project will require (i)
the approval by the General Meeting of Bondholders with the majorities established in Articles 6. 4.1.1.22 and 6.4.1.1.1.42 of Decree
2555 and Part III, Title I, Chapter I, Number 4 of the Basic Legal Circular of the SFC (&quot;<B><U>Basic Legal Circular</U></B>&quot;)
or (ii) alternatively, the implementation of any of the options provided in the same articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.4.2</B></TD><TD><B>Authorization of the SFC</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since Grupo Aval is an issuer with securities
registered in the RNVE, in addition to the approval of the General Meeting of Bondholders, it requires the authorization of its General
Shareholders Meeting, and of the SFC, to complete the Spin-Off Project, in accordance with Decree 2555 and Part III, Title I, Chapter
I, Number 4 of the Basic Legal Circular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the Spin-Off Plan is conditioned to obtaining
the SFC's authorization for the spin-off of BdeB, Grupo Aval depends on such prior authorization to complete its Spin-Off Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.4.3</B></TD><TD><B>Authorization to summon the General Meeting of Bondholders</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the provisions of Article 6.4.1.1.18
of Decree 2555 and Part III, Title I, Chapter I, Section 4 of the Basic Legal Circular, the SFC is responsible for authorizing Grupo Aval,
as bond issuer, to call the General Bondholders' Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.4.4</B></TD><TD><B>Authorization of the General Shareholders Meeting</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The execution of the Spin-Off Project will require
the approval of the General Shareholders' Meeting of Grupo Aval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Financial Statements</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the separate financial statements as
of June 30, 2021 (Exhibit 1) Grupo Aval has prepared the separate pro forma financial information adjusted for the accounting effects
of the Spin-off of BHI at the Aval level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma impact of the proposed spin-off
is presented as if they had occurred on June 30, 2021 for illustrative purposes only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma financial information does not necessarily
indicate the performance or financial position that Grupo Aval would have had if the transactions described had been completed as of June
30, 2021, nor is it intended to project Grupo Aval's financial position or results in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separate pro forma financial information is
attached in Exhibit 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>2.6</B></TD><TD STYLE="text-align: justify"><B>Financial Aspects of the Spin-Off </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Spin-off of BHI at the Aval level will be
carried out under the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General Conditions:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grupo Aval, BdeB and BAC Credomatic will continue
to operate under conditions equivalent to the current ones.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grupo Aval will maintain sufficient financial
capacity to meet its financial obligations in a timely manner and in full.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The rights of Grupo Aval's and BdeB's creditors
will remain unchanged.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer of assets, liabilities and assumption
of obligations: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grupo Aval will transfer a portion of its equity
corresponding to the approximately 51.5% interest in BHI in favor of its own shareholders, as a result of the spin-off of 75% of BdeB's
interest in BHI. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The loss of control in BHI is recognized in accordance
with the criteria established in IFRS 10. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The shareholders of Grupo Aval and BdeB will
become direct shareholders of BHI.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Estimated quantitative effects of the transaction:
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the transaction, Grupo Aval estimates
to reduce the value of its investments in subsidiaries and its equity by Ps. 6,237,618 million corresponding to the direct investment
in BHI, received as a result of the Spin-off of BHI at the BdeB level. These values will be transferred in favor of its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main effects are presented below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Grupo Aval<BR>
Separate Financial Statements<BR>
For the period ended as of june 30th 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 15%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Reported&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 14%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Transaction effect </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 15%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Proforma&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Stated in millions of Colombian pesos</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,026,981</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,026,981</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total current assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,026,981</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,026,981</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Investments in subsidiaries and associates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">23,544,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(6,237,618)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">17,306,982</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Accounts receivable with related parties</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Property and equipment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">6,324</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">6,324</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">107</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">107</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total non-current assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>23,551,031</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,313,413</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>24,578,012</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>18,340,394</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total current liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,138,752</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,138,752</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total long-term liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,550,861</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,550,861</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,689,613</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,689,613</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total shareholders' equity</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,888,399</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,650,781</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>24,578,012</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>18,340,394</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the semiannual income statement (pro forma),
the equity method, net would be affected as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ps 402.458 million are presented as discontinued
operations in the results of operations for the period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally, there is an Equity Method Gain,
Ps 1,022,112 million, resulting from the Gain on loss of control of subsidiaries in BdeB associated with the items that are reclassified
from the amounts accumulated in Other Comprehensive Income, in accordance with the requirements of the standards that gave rise to them.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Grupo Aval<BR>
    Separate Financial Statements<BR>
    For the accumulated period ended as of june 30th 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 9%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Reported&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 9%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Transaction
    effect </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 9%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Proforma&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Stated in millions of Colombian pesos</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Operating revenue</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Equity method income, net (1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,707,593</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">619,654</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,327,247</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Other revenue from ordinary activities</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">143,769</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">143,769</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total operating revenue</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,851,362</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>619,654</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,471,016</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Expenses, net</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(39,954)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(39,954)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Other expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(119)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(119)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Losses from exchange differences</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(16)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(16)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,811,273</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>619,654</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,430,927</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Financial expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(43,367)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(43,367)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Earnings before taxes</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,767,906</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>619,654</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,387,560</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(27,149)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(27,149)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net income from continued operations</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,740,757</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>619,654</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,360,411</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net income from discontinued operations</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>402,458</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>402,458</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net income</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,740,757</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,022,112</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,762,869</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(1) The transaction effect column reflects
Ps (402,458) from the discontinued operation and the deconsolidation gain of Ps. 1,022,112.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the information presented below, Grupo
Aval considers that it will maintain sufficient financial capacity to meet its financial obligations, including the payment of coupons
and principal of the bond issues made in 2009, 2016, 2017 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For illustrative purposes, the annualized profitability
as of June 30, 2021 was calculated before net gains from deconsolidation. Estimated post spin-off profitability ratios remain at attractive
levels: ROA of 14.6% and ROE of 17.1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 8pt; vertical-align: bottom; width: 52%; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt; vertical-align: bottom; width: 2%; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 8pt; width: 15%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Saldos reportados </B></FONT></TD>
    <TD STYLE="padding-top: 8pt; vertical-align: bottom; width: 2%; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 8pt; width: 12%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Efecto transacci&oacute;n </B></FONT></TD>
    <TD STYLE="padding-top: 8pt; vertical-align: bottom; width: 2%; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 8pt; width: 15%; border-bottom: black 1pt solid; background-color: black; font-size: 12pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt; color: white"><B>&nbsp;Saldos proforma </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Total shareholders' equity</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">21,888,399</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;6,237,618</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">15,650,781</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Total assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">24,578,012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;6,237,618</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">18,340,394</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Net income from discontinued operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,740,757</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402,458</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,338,299</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Key ratios annualized</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">ROA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">14.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">14.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">ROE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">15.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">17.1%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key debt metrics are presented below:&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Leverage ratios</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Grupo Aval Acciones y Valores S.A.</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: black">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Annualized ratios</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2016</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1H21</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1H21 Proforma</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Double leverage <SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.09x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.08x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.08x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities / Total assets</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.09x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.09x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net debt<SUP>2</SUP> / Total shareholders' equity</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.09x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.09x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08x</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.07x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.03x</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net debt<SUP>2</SUP> / Net income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60x</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.81x</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.56x</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.53x</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.64x</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.43x</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.56x</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Double leverage is calculated as investments in subsidiaries at
book value (excluding revaluations), subordinated loans to subsidiaries and goodwill as a percentage of shareholders' equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Net debt is calculated as total gross debt minus cash and cash
equivalents and fixed income investments&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(*) Net income in 2021 do not include the deconsolidation gain of 1
bn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 3 presents the combined key debt ratios
of Grupo Aval Acciones y Valores S.A. and Grupo Aval Limited &quot;GAL&quot;, a Cayman Islands subsidiary of Grupo Aval and wholly owned
by the same Financial Holding Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Estimated qualitative effects of the transaction:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the Spin-Off Project, no detriment
is generated for bondholders given that even though Grupo Aval estimates to reduce the value of its investments in subsidiaries and its
equity by Ps. 6,237,618 million, value corresponding to the direct investment of BdeB in BHI, and subsequently of Grupo Aval in BdeB,
received as a result of the Spin-Off of BHI at the BdeB level, as can be seen in the quantitative analysis, the indebtedness metrics continue
to be strong and Grupo Aval has a solid financial performance that allows and will allow it to meet and continue to meet its financial
obligations in a timely manner, maintaining the current credit quality both in terms of the payment of coupons originated by the bonds,
as well as for the repayment of the principal when the maturity date arrives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Accounting aspects of the spin-off:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separate pro forma financial information was
based on and should be read in conjunction with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Condensed interim separate financial statements
of Grupo Aval as of June 30, 2021 and its notes (Exhibit 1).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Separate and consolidated pro forma financial
information of Banco de Bogot&aacute;.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The separate pro forma financial information
represents the financial information reported in the financial statements as of June 30, 2021, adjusted with the accounting effects of
the transactions described in Note 1 of the Proforma Financial Statements (Exhibit 2), which are presented as if they had occurred on
June 30, 2021 for illustrative purposes only. The accounting effects of such transactions were determined based on accounting criteria
developed in </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">accordance with the Accounting and
Financial Reporting Standards accepted in Colombia and, where not provided for therein, considering the requirements of IAS 8 - Accounting
Policies, Changes in Accounting Estimates and Errors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the special purpose of the pro forma financial
information, it should not be understood as general purpose financial statements prepared under Accounting and Financial Reporting Standards
accepted in Colombia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The historical separate financial statements have
been adjusted to allow for the following pro forma events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Those that are directly attributable to the transactions
described;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Those that can be supported by facts; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Those related to the separate pro forma financial
information that are expected to have a continuing impact on the separate results. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma financial information does not necessarily
indicate the performance or financial position that Grupo Aval would have had if the transactions described had been completed as of June
30, 2021, nor is it intended to project Grupo Aval's financial position or results in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the main accounting
criteria applied to the transactions that have the most relevant impact on the pro forma financial information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Loss of control in subsidiaries:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss of control in subsidiaries is recognized
in accordance with the criteria established in IFRS 10 Consolidated Financial Statements, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">The investment in subsidiary is derecognized.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">The retained interest is measured at fair value and the difference with respect to its carrying value
is recognized in the statement of income for the period in which the loss of control occurs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">The amounts accumulated in Other Comprehensive Income related to such investments are realized in earnings
for the period as net gain on deconsolidation or in retained earnings, as appropriate, in accordance with the requirements of the standards
that gave rise to them, on the same basis as would have been required if the related assets or liabilities had been disposed of.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Income and expenses are presented as discontinued operations in the results of operations for the period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">The retained interest is classified in the appropriate category, which, by maintaining significant influence,
is presented as an investment in an associate. Subsequently, the investment in associate is recognized by the equity method.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Relevant judgments and estimates: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the preparation of the separate pro forma financial
information, judgments made in the application of accounting policies and in the sources and key assumptions of estimates with significant
effect on the pro forma financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3</B></TD><TD STYLE="text-align: justify"><B>EFFECTS OF THE SPIN-OFF ON THE BONDHOLDERS OF THE ISSUER</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Financial Effects</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Spin-Off Project does not generate a detriment
to the bondholders for the following reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">The financial conditions of the outstanding series in terms of term, rate and indexation characteristics
remain unchanged.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Grupo Aval has a solid financial performance that allows it to meet its financial obligations in a timely
manner, maintaining the current credit quality.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">The operation will allow the entities to focus their strategy on their respective markets, boosting their
growth.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Risks for bondholders of the issuer</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no risks to which bondholders may eventually
be exposed as a result of the Spin-Off Project, insofar as Grupo Aval will maintain the payment capacity to meet the payment obligations
derived from its current bond issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>3.3</B></TD><TD STYLE="text-align: justify"><B>Rating of the securities</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that the proposed transaction will
not generate changes in the local issues from the point of view of their rating, which are maintained at &quot;AAA&quot; by BRC Ratings
- S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES according to the report issued by the rating agency on November 8, 2021 (attached
as Exhibit 4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>3.4</B></TD><TD STYLE="text-align: justify"><B>Report of the Legal Representatives of Bondholders </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The legal representatives of the bondholders of
Grupo Aval, Alianza Fiduciaria in the 2009 and 2016 issues and Fiduciaria Central in the 2017 and 2019 issues, conclude in their reports</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">that the information provided is complete and
reflects that the Spin-Off Project will not affect the current issues of Grupo Aval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.4.1</B></TD><TD><B>Conclusions of the Alianza Fiduciaria Report:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B><I>Conclusions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>After analyzing the figures presented by Grupo
Aval, it is concluded that the spin-off under analysis would not have representative effects on its payment capacity, so that the credit
profile of the bonds in force would remain unchanged.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>It is worth noting that the impact assessment
exercise was carried out on the figures presented by the Group at the end of the first semester of 2021, so that the conclusions do not
correspond to projections on its future financial performance, but to considerations regarding the impact that the spin-off would have
if the internal and external conditions disclosed by the Conglomerate at the cut-off date mentioned above persist.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Having explained the financial effects and
the effects that the spin-off would have on the company issuing the bonds, Alianza Fiduciaria, in its capacity as legal representative
of the bondholders, considers that the spin-off proposed by the Issuer would not generate a significant financial impact for the bondholders
to the extent that the spin-off will not modify the main characteristics of the securities and the payment of interests or principal is
not at risk since the Issuer will continue developing the activities of its corporate purpose without generating a negative effect on
its payment capacity.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Finally, it is highlighted that in case of
obtaining the approval of the Bondholders' Meeting, the Issuer shall inform the market through the relevant information module of the
Superintendence of Finance of Colombia of such decision.</I>&quot;<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.4.2</B></TD><TD><B>Conclusions of the Fiduciaria Central Report: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B><I>7 Conclusion of Fiducentral as Legal
Representative of the Bondholders of the 2017 and 2019 issues.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The proposed transaction is not expected to
generate changes in the local issues from the point of view of their rating, which are maintained at &quot;AAA&quot; by BRC Ratings -
S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES according to the report issued by the rating agency on November 8, 2021.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Having exposed the financial effects and ratification
of BRC Ratings - S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES on the spin-off, Fiduciaria Central S.A. does </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Conclusions of the Alianza Fiduciaria Report, Pg. 6 (Complete
document attached).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>not find an adverse effect for the bondholders,
this to the extent that the credit and rating conditions established in the aforementioned issues are preserved, therefore, the valuation
effects of the corresponding securities are maintained, in addition to the facial conditions of the issue.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Finally, it is highlighted that in case of
obtaining the approval of the Bondholders' Meeting, the Issuer shall inform the market through the relevant information module of the
Superintendence of Finance of Colombia of such decision</I>.&quot; <SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attached are the reports of the legal representatives
of the bondholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit 5:</B> Report of Alianza Fiduciaria</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit 6:</B> Report of Fiduciaria Central</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><B>3.5</B></TD><TD STYLE="text-align: justify"><B>Conclusion</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grupo Aval will maintain sufficient financial
capacity to meet all its financial obligations in a timely manner, including local and international issues.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It will achieve the strategic benefits described
in paragraph 2.3 above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4</B></TD><TD STYLE="text-align: justify"><B>CURRENT STATUS OF THE SPIN-OFF PROJECT </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to holding the General Bondholders'
Meeting and obtaining the authorization of its bondholders, Grupo Aval will call its General Shareholders' Meeting and with the approval
thereof, will request authorization from the SFC for the Spin-Off Project. Likewise, both Grupo Aval and BdeB, once all the necessary
authorizations have been obtained and the necessary procedures to carry out the Spin-Off Project have been completed, will proceed with
its execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5</B></TD><TD STYLE="text-align: justify"><B>EXHIBITS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 84%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed interim separate financial statements of Grupo Aval as of June 30, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separate pro forma financial information of Grupo Aval as of June 30, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined key debt ratios of Grupo Aval Acciones y Valores S.A. and Grupo Aval Limited &quot;GAL&quot;.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Conclusions of the Fiduciaria Central Report, Pg. 8 (Complete
document attached).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This translation from the original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability based upon it.</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 84%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report issued by BRC Ratings - S&amp;P Global S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of the Legal Representatives of Bondholders - Alianza Fiduciaria.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of the Legal Representatives of Bondholders - Fiduciaria Central.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>(FREE TRANSLATION OF
THE REPORT PREVIOUSLY ISSUED IN SPANISH)</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>STATUTORY AUDITOR&rsquo;S
REPORT ON REVIEW OF</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>INTERIM FINANCIAL INFORMATION</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 26.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">To the Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Grupo Aval
Acciones y Valores S.A.:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Introduction</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">I have reviewed
the accompanying condensed separate financial information as at June 30, 2021 of Grupo Aval Acciones y Valores S.A. (the Company), which
comprises:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9pt 0pt 13.3pt; text-indent: -0.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The condensed separate statement of financial position as at
June 30, 2021;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The condensed separate statement of income for the three-month
and six-month periods ended on June 30, 2021.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The condensed separate statement of profit or loss and other
comprehensive income for the three-month and six-month periods ended on June 30, 2021.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The condensed separate statement of changes in equity for the
six-month period ended on June 30, 2021.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The condensed separate statement of cash flows for the six-month
period ended on June 30, 2021; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>The notes to the condensed financial information.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Management
is responsible for the preparation and presentation of this condensed separate financial information in accordance with the International
Accounting Standard (IAS 34) - Interim Financial Reporting included in the Accounting and Financial Reporting Standards accepted in Colombia.
My responsibility is to express a conclusion on this condensed separate financial information based on my review.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Scope
of Review</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">I conducted
my review in accordance with the International Standard on Review Engagements 2410, &ldquo;Review of Interim Financial Information Performed
by the Independent Auditor of the Entity&rdquo;, included in the Information Assurance Standards accepted in Colombia. A review of interim
financial information consists of making inquiries, primarily with the persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review has a substantially narrower scope than an audit conducted in accordance with
the International Standards on Auditing accepted in Colombia, and consequently does not enable me to obtain assurance that I would become
aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.75pt 0pt 14.1pt; text-indent: -0.8pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Conclusion</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Based on
my review, nothing has come to my attention that causes me to believe that the Company&rsquo;s accompanying condensed separate interim
financial information as of June 30, 2021 is not prepared, in all material respects, in accordance with the International Accounting
Standard (IAS 34) - Interim Financial Reporting included in the Accounting and Financial Reporting Standards accepted in Colombia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9pt 0pt 13.3pt; text-indent: -0.8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gloria
                                            Andrea S&aacute;nchez S&aacute;nchez&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statutory
Auditor of Grupo Aval Acciones y Valores S.A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registration
No. 146962 - T&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Member
of KPMG S.A.S.</FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">August 13,
2021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">GRUPO AVAL ACCIONES Y VALORES S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Statement of Financial Position&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Stated in millions of Colombian pesos)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 6%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Notes</U></B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; width: 14%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; width: 15%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,970</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130,353</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trading assets</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts receivable from related parties</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">857,750</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343,448</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other accounts receivable</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">163</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,094</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-financial assets</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,026,981</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>476,124</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in subsidiaries and associates</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,544,600</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,761,045</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,324</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,817</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,849</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,551,031</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,769,711</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,578,012</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,245,835</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings at amortized cost, current</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103,395</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,644</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding bonds at amortized cost, current</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,870</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,579</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payable</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,004,733</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">435,219</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee benefits</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,113</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,208</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax liabilities</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,427</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,990</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other non-financial liabilities</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,214</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,214</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,138,752</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>473,854</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Long-term liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings at amortized cost, current</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426,341</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">526,735</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding bonds at amortized cost, current</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,124,520</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,124,520</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total long-term liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,550,861</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,651,255</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,689,613</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,125,109</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subscribed and paid capital</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,281</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,281</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Paid-in capital</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,612,936</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,612,936</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,519,153</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,324,442</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,740,757</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,399,001</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other equity accounts</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">993,272</FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">762,066</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,888,399</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,120,726</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,578,012</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,245,835</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&#9;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
accompanying notes are an integral part of the separate financial statements.&#9;&#9;</FONT>&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">GRUPO AVAL ACCIONES Y VALORES S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Statement of Income</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Stated in millions of Colombian pesos, except shares
outstanding and earnings per share)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three-month periods ended</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six-month periods ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Notes</U></B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating revenue</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; width: 48%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity method income, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 2%; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 1%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 2%; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">927,615</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 2%; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,789</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 1%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,707,593</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 2%; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,037,949</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other revenue from ordinary activities</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71,436</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,688</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143,769</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144,015</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating revenue</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>999,051</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>408,477</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,851,362</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,181,964</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expenses, net</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,949</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,960</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,954</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,715</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Losses from exchange differences</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>979,988</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>389,518</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,811,273</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,143,205</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,965</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,190</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,367</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,168</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings before taxes </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>958,023</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>360,328</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,767,906</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,084,037</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 0.125in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,819</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,508</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,149</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,522</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>944,204</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>356,820</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,740,757</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,065,515</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shares outstanding</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,281,017,159</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,281,017,159</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,281,017,159</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,281,017,159</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Earnings per Share</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42.38</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.01</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78.13</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>47.82</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
accompanying notes are an integral part of the separate financial statements.&#9;&#9;</FONT>&#9;&#9;&#9;&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">GRUPO AVAL ACCIONES Y VALORES S.A.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Statement of Other Comprehensive Income</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Stated in millions of Colombian pesos)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three-month periods ended</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six-month periods ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 61%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 2%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; width: 10%; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 2%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; width: 10%; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 1%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; width: 10%; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 2%; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; width: 10%; font-size: 12pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">944,204</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356,820</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,740,757</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,065,515</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; font-size: 12pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors participation in other comprehensive income reported using the equity method</FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106,574</FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142,643</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">231,206</FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,923</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; font-size: 12pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Comprehensive income, net</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,050,778</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>499,463</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,971,963</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,433,438</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
accompanying notes are an integral part of the separate financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">GRUPO AVAL ACCIONES Y VALORES S.A.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Statement of Shareholders&rsquo; Equity</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Stated in millions of Colombian pesos, except cash
dividends and outstanding shares)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Retained
    earnings (losses)</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 32%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 6%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Subscribed
    and paid capital</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 6%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Paid-in
    Capital</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-bottom: black 1pt solid; width: 5%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Legal
    reserve</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-bottom: black 1pt solid; width: 5%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Occasional
    reserve</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-bottom: black 1pt solid; width: 5%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Changes
    in accounting policies</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-bottom: black 1pt solid; width: 6%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Earnings
    (losses) in first-time adoption</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 5%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Net
    Income</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 6%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other
    equity accounts</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; width: 2%; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 6%; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Shareholders'
    equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance
    as of December 31st, 2019</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>22,281</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8,612,936</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>11,140</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>7,816,340</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(445,544)</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>256,878</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3,031,238</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,029,585</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>20,334,854</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Constitution
    of reserves for future distributions net income 2019</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,031,238</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3,031,238)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">To distribute a cash dividend
    of $ 5,00 per share per month <BR>
    from April 2020 to March 2021 including those two months, <BR>
    over 22,281,017,159 outstanding shares as of the date of this meeting. </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,336,861)</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,336,861)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Application
    of the equity method</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">367,923</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">367,923</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Dividends
    witholding tax</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,080)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,080)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Net Income</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,065,515</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,065,515</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance
    as of june 30th 2020</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>22,281</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8,612,936</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>11,140</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>9,510,717</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(446,624)</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>256,878</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,065,515</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,397,508</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>20,430,351</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance
    as of december 31 st. 2020</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>22,281</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8,612,936</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>11,140</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>9,510,717</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(454,293)</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>256,878</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,399,001</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>762,066</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>21,120,726</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Constitution
    of reserves for future distributions net income 2020</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2,399,001</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2,399,001)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">To distribute a cash dividend
    of $ 4,50 per share per month from <BR>
    April 2021 to March 2022 including those two months, over 22,281,017,159 outstanding shares as of the date of this meeting. </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,203,175)</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,203,175)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Application
    of the equity method</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">231,206</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">231,206</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Dividends
    witholding tax</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,115)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,115)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Net Income</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,740,757</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,740,757</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 1pt solid; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance
    as of june 30th 2021</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>22,281</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8,612,936</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>11,140</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>10,706,543</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(455,408)</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>256,878</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,740,757</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>993,272</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; font-size: 12pt; text-align: center; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>21,888,399</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The accompanying
notes are an integral part of the separate financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GRUPO
    AVAL ACCIONES Y VALORES S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Individual
    Statement of Cash Flow</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six-month periods ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash flow from operating activity:</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Income</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,740,757</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,065,515</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjustments to reconcile net profit with net cash </B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>used in operating activities</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,149</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,522</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">909</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">873</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity method earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,707,593)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,037,949)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Changes in operating assets and liabilities:</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in trading securities</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in receivables</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,686</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,167)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of permanent investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(55,269)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; text-indent: 0pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in other assets and liabilities, net: prepaid taxes, prepaid expenses; taxes, accounts payable,<BR>
employee liabilities, estimated liabilities and provisions.</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,337)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,790)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in interests payable</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">984</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(616)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest payment by lease agreements IFRS 16</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(232)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends received by subsidiaries</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">637,372</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">678,410</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income Tax paid</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,770)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,901)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net cash used in operating activities</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>669,770</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>683,870</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of property and equipment</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(33)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(630,518)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(665,686)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of loans</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment liabilities by lease agreements</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(635)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(547)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds Payment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(100,000)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net cash from financing activities</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(631,153)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(666,233)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,617</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,604</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents as of the beginning of the period</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130,353</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,299</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash and cash equivalents as of the end of the period</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>168,970</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68,903</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Additional information:</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment of Interest</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,384</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,698</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The accompanying notes are an integral part of the separate financial statements.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42pt">(1)</TD><TD STYLE="text-align: justify"><U>Reporting Entity</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0pt">Grupo Aval Acciones
y Valores S.A. (hereinafter the &quot;Company&quot; or &quot;Grupo Aval&quot;) is a corporation established by Public Deed number 0043
of January 7, 1994; its domicile is located at Carrera 13 No. 26A - 47, Bogot&aacute;, D.C., Colombia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Its corporate purpose is directed to
the purchase and sale of shares, bonds and securities of entities belonging to the financial system and other commercial entities. At
the same time, the Company may acquire and negotiate all kinds of securities, of free circulation in the market, and securities in general;
promote the creation of all kinds of related or complementary companies with the corporate purpose; represent natural or legal persons
engaged in similar or complementary activities and those already mentioned; give or take money in loans with or without interest; to pledge
or administer its real or personal property; to draw, endorse, acquire, accept, collect, protest, cancel or pay bills of exchange, checks,
promissory notes, or any other securities or accept or give them in payment and to execute or execute in general the exchange contract
in all its manifestations, in all its modalities or related, parallel and/or complementary activities. The total employees as of June
30, 2021 and December 31, 2020 was 126 and 122 respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The expiration of the Company established
in the bylaws is until May 24, 2044, but it may be dissolved or extended before that term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Law 1870 of 2017 aims at defining,
supervising and regulating financial conglomerates with the purpose of ensuring the stability of the financial system and in its Article
3&ordm; defines the scope and responsibility of financial holding companies such as Grupo Aval. This regulation specifies that these entities
will be subject to inspection and oversight by the Superintendency of Finance and, therefore, all regulatory provisions related to risk
management, internal control, disclosure of information, conflicts of interest and corporate governance that they must apply will be applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.5pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-style: normal"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-style: normal"><B>Other events</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Covid-19</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The effects originated by COVID 19
in the financial statements of the entities in which the Company has an interest are reflected in the value of the investment, through
the calculation and recognition of the equity method and in the changes in the ORI of its subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The impact on the entities&rsquo; financial
statements corresponds to the impairment of financial instruments-credit portfolio, other accounts receivable and others, which are based
on the increase in credit risk and exposure at risk, macroeconomic aspects considered in the calculations of provisions, where the variables
reflect the expected economic recovery, as a result of the progress in vaccination worldwide.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><U>Clients credit reliefs</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">During the second quarter of 2021,
the actions taken or suggested by the governments of the countries where the Group operates, continued to be taken into consideration,
promoting and monitoring the generation of client&rsquo;s reliefs in relation to loans or loan agreements in force.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><U>Other matters</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">As of June 30, 2021, no additional
issues were identified than those already revealed in the Financial Statements as of December 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 39pt"><B>(2)</B></TD><TD STYLE="text-align: justify"><B><U>Basis of preparation of the consolidated financial statements and summary of significant accounting
policies </U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The consolidated condensed interim
financial information has been prepared in accordance with International Accounting Standard, contained in the Accounting and Financial
Information Standards accepted in Colombia (NCIF) established in Law 1314 of 2009, regulated by the single regulatory decree 2420 of 2015
modified by decree 2496 of 2015, 2131 of 2016, 2170 of 2017, 2483 of 2018, 2270 of 2019 and decree 1432 of 2020 issued by the national
government.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">The interim financial statements do
not include all the information required for a complete set of IFRS financial statements and should be read in conjunction with the Group&rsquo;s
last annual consolidated financial statements as of and for the year ended December 31, 2020. In accordance with IAS 34 Interim Financial
Reporting, the accounting policies used for interim periods are the same as those applied in the preparation of the annual financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">Grupo Aval presents stability in the
recognition in the results of each quarter, since in the different periods disclosed above there is no evidence of seasonality or cyclical
effects in its disclosed results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(3)</TD><TD STYLE="text-align: justify"><U>Critical accounting judgments and estimates in the application of accounting policies</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">In preparing these
interim condensed consolidated financial statements, management has made judgements and estimates that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and expense.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The significant judgements made by management
in applying the Group&rsquo;s accounting policies and the key sources of estimation were the same as those described in the last annual
financial statements ended on December 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(4)</TD><TD STYLE="text-align: justify"><U>Measurement of fair values</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">The fair value of
financial assets and liabilities traded in active markets (such as financial assets in debt and equity securities and derivatives actively
traded on stock exchanges or in interbank markets) is based on 'dirty' prices provided by an official price suppliers authorized by the
Colombian Financial Superintendency, which are determined through weighted averages of transactions occurring during the trading day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">An active market is
a market in which transactions for assets or liabilities take place with sufficient frequency and volume to provide price information
on an ongoing basis. A 'dirty' price is one that includes accrued and outstanding interest on the security from the date of issue or last
interest payment to the date of fulfillment of the purchase and sale transaction. The fair value of financial assets and liabilities that
are not traded in an active market is determined using valuation techniques determined by the price suppliers or by Grupo Aval entities&acute;
management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">The Company may use
internally developed models for financial instruments that do not have active markets. Such models are generally based on valuation methods
and techniques generally standardized in the financial industry. Some inputs to these models may not be observable in the market and are
therefore estimated based on assumptions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The output of a model is always an estimate
or approximation of a value that cannot be determined with certainty, and the valuation techniques employed may not fully reflect all
factors relevant to the Company's positions. Therefore, valuations are adjusted, if necessary, to allow for additional factors, including
country risk, liquidity risk and counterparty risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value hierarchy has the following
levels:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level 1 inputs are quoted prices (unadjusted)
in active markets for assets or liabilities identical to those which the entity can access as of the date of measurement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level 2 inputs are inputs different than quoted
prices included in Level 1 that are observable for the asset or liability, whether directly or indirectly in non-active markets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level 3 inputs are unobservable inputs for the
asset or liability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The level in the fair value hierarchy
within which fair value measurement is classified in whole is determined based on the input of the lowest level that is most significant
for measuring its total fair value. For such purpose, the relevance of an input is assessed in connection with to measurement of the total
fair value. Financial instruments that are listed in markets that are not deemed active, but which are valued based in accordance with
quoted market prices, quotes from price suppliers or alternative price sources supported by observable inputs, are classified in Level
2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If a fair value measurement uses observable
inputs that require significant adjustments based on unobservable inputs, this measurement is classified as Level 3. The assessment of
the importance of a particular input to the measurement of fair value in whole requires judgment, considering specific factors of the
asset or liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Determining what is deemed as 'observable'
requires a significant judgment by Grupo Aval. Grupo Aval considers as observable data the market data, which is already available, distributed
or updated by the price suppliers, and it is reliable and verifiable, with no property rights, and provided by independent sources which
are actively involved in the reference market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Fair
value measurements on a recurring basis</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Fair value measurements on a recurring
basis are those required or permitted by IFRS accounting standards in the statement of financial position at the end of each accounting
period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Marketable investments are carried at
fair value using the value of the unit, provided by the fund management company, which reflects the fair value of the underlying assets,
incorporating all the risks to which the assets are exposed, in accordance with IFRS 13. The managing entity, based on observable market
data, reflects the credit risk associated with the asset; consequently, the Company does not analyze or monitor impairment indicators.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of the underlying assets
is calculated based on market observable inputs, either directly or indirectly, which can be substantially corroborated by observable
market data, for this reason, such investments were classified in level 2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of investments primarily
reflects changes in market conditions due mainly to changes in interest rates and other economic conditions in the country in which the
investment is held. As of June 30, 2021 and December 31, 2020, the Company considers that there have been no material losses in the fair
value of investments due to credit risk impairment conditions of such assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table analyzes, within
the fair value hierarchy, the Company's financial assets and liabilities (by class) measured at fair value at June 30, 2021 and December
31, 2020 on a recurring basis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trading investments at fair value</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Total recurring assets at fair value &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trading investments at fair value</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Total recurring assets at fair value&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-style: normal"><B>Fair
value disclosures of financial liabilities carried at amortized cost determined solely for disclosure purposes</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following is a detail of how the
financial liabilities recorded at amortized cost and measured at fair value were valued solely for purposes of this disclosure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.05pt 0pt 35.45pt">Financial obligations and other liabilities</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.05pt 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For financial obligations and other liabilities,
their fair value was determined using cash flow models discounted by risk-free interest rates adjusted by the entity's own risk premiums.
For outstanding bonds, their fair value was determined according to their quoted prices on stock exchanges.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table presents the summary
of the Company's financial liabilities at June 30, 2021 and December 31, 2020 not measured at fair value on a recurring basis, compared
to their fair value for which it is practicable to calculate fair value:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carrying value</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fair Value</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance of principal and interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>December 31, 2020</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>December 31, 2020</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank loans <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524,480</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">523,904</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">528,598</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">537,425</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding Bonds <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,390</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,099</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,116,197</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,234,899</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,654,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,654,003</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,644,795</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,772,324</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><SUP>(1)</SUP></TD><TD>The fair values of bank loans are calculated taking the credit spread (margin); at the same time, the rates of paper indexed to the
DTF and IBR are calculated in the market, and to these are added the implicit rate in the SWAP curve DTF - Fixed Rate, quoted in Precia
(Infovalmer). At June 30, 2021 and December 31, 2020 the average discount rates used were 3.9605% and 3.2914%, respectively, and are classified
in level 2 of hierarchy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><SUP>(2)</SUP></TD><TD>For the calculation of the fair value of outstanding bonds, Precia (Infovalmer) prices were used for each one of the periods, calculated
with an estimated price, which corresponds to the &quot;dirty&quot; price, obtained as a result of the present value of the flows of a
security, discounting them with the reference rate and the corresponding margin; likewise, they are classified in level 2 of the hierarchy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(5)</TD><TD STYLE="text-align: justify"><U>Cash and cash equivalents</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: -0.55pt">Cash and cash
equivalents balances comprise the following as of June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; text-indent: -0.55pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>In Colombian pesos</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banks and other financial institutions on demand </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,764</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129,739</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>168,768</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>129,743</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>In foreign currency</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banks and other financial institutions on demand <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">610</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>168,970</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>130,353</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Includes a balance in U.S. dollars in checking accounts at Banco de Bogot&aacute; Panama for US$ 1,001.44
and at Banco de Bogot&aacute; Miami Agency for US$ 52,804.86 as of June 30, 2021, converted at the closing TRM of Ps.3,748.50 per dollar.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">Of the total cash, the Company has earmarked
Ps.1,214 as of June 30, 2021 and December 31, 2020, to cover the repayment of unallocated contributions in shares of the 2011 issuance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following is a detail of the credit
quality determined by independent risk rating agents of the main financial institutions in which the Company maintains cash funds:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Credit quality</B></FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment grade</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,772</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129,746</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unqualified or not available</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>168,970</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>130,353</B></FONT></TD></TR>
  </TABLE>
<p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(6)</TD><TD STYLE="text-align: justify"><U>Accounts receivable </U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">The following is the accounts receivable balance as of June
30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends Receivable from Subsidiaries <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855,913 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341,611 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other accounts receivable from related parties</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,837 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,837 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal accounts receivable from related parties</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857,750 </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343,448 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Suppliers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,861 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal other accounts receivable</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,094 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total accounts receivable</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857,913 </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345,542</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">In March 2021, the companies in which Grupo Aval held direct investments declared dividends of Ps. 1,208,437.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.9pt">(7)</TD><TD STYLE="text-align: justify"><U>Investments in subsidiaries and associated companies</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying value of investments in
subsidiaries and associates as of June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Participation percentage</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Number of Shares</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Book value</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 28%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">June 30, 2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">December 31, 2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">June 30, 2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">December 31, 2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">June 30, 2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">December 31, 2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Subsidiaries</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Banco de Bogot&aacute; S.A.</TD>
    <TD STYLE="text-align: right">68.74%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">68.74%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;227,710,487</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;227,710,487</TD>
    <TD STYLE="text-align: right">Ps.</TD>
    <TD STYLE="text-align: right">&nbsp;14,339,809</TD>
    <TD STYLE="text-align: right">Ps.</TD>
    <TD STYLE="text-align: right">&nbsp;13,537,163</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Banco de Occidente S.A.</TD>
    <TD STYLE="text-align: right">72.27%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">72.27%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;112,671,465</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;112,671,465</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;3,489,641</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;3,504,883</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Banco Comercial AV Villas S.A.</TD>
    <TD STYLE="text-align: right">79.86%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">79.86%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;179,459,557</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;179,459,557</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;1,422,419</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;1,451,616</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Banco Popular&nbsp;&nbsp;S.A.</TD>
    <TD STYLE="text-align: right">93.74%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">93.74%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;7,241,936,738</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;7,241,936,738</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;3,263,251</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;3,227,944</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Corporaci&oacute;n Financiera Colombiana S.A. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1) y (2)</SUP></FONT></TD>
    <TD STYLE="text-align: right">8.50%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8.42%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,030,710</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,270,567</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;1,063,634</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985,898</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Sociedad Administradora de Fondos de Pensiones y&nbsp;&nbsp;Cesant&iacute;as Porvenir S.A. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: right">20.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,842,531</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,842,531</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517,371</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564,256</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Grupo Aval Limited</TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553,611)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512,644)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Subtotal Subsidiaries</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;23,542,514</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;22,759,116</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Associates</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">ADL Digital Lab S.A.S</TD>
    <TD STYLE="vertical-align: middle; text-align: right">34.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">34.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,086</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,929</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Subtotal Associates</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,086</TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,929</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total permanent investments</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">Ps.</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;23,544,600</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">Ps.</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;22,761,045</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 20.7pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">In May 2021, 1,760,143 shares were received from Corporaci&oacute;n Financiera Colombiana S.A. for Ps.55,269
(Ps.55,686 Dividend - Ps.417 Withholding at source) corresponding to the payment of dividends in shares, increasing the participation
by 0.085668%, thus increasing the total participation from 8.415274% to 8.500942%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In July 2020, 2,906,987 shares were
received from Corporaci&oacute;n Financiera Colombiana S.A. for Ps.63,837 corresponding to the payment of stock dividends, increasing
the participation by 0.201328%, thus increasing the total participation from 8.213946% to 8.415274%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">On June 21, 2016, a shareholders' agreement was formalized in which Corficolombiana &rsquo;s control was
transferred to Grupo Aval.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Grupo Aval is the controlling company of Sociedad Administradora de Pensiones y Cesant&iacute;as Porvenir
S.A. because it has a direct investment of 20% and an indirect investment of 55.67% through its subsidiaries Banco de Bogot&aacute; and
Banco de Occidente.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Investments&rsquo;
restrictions</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">As of June 30, 2021
and December 31, 2020, there was a restriction on 7,500,785 shares of Banco de Occidente S.A., granted as a pledge to guarantee financial
obligations with Banco de Bogot&aacute; S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">As of June 30, 2021,
and December 31, 2020, there was a restriction on 772,532,650 shares of Banco Popular. Granted as a pledge to guarantee financial obligations
with Banco de Bogot&aacute; S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">As of June 30, 2021,
and December 31, 2020, there was a restriction on 1,593,570 shares of Corficolombiana. Granted as a pledge to guarantee financial obligations
with Banco de Bogot&aacute; S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">The guarantees mentioned
cover loans for Ps.522,406. Included in Note 10 - Financial obligations at amortized cost.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Subsidiaries
and associates</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following is a detail of the assets,
liabilities and equity of the subsidiaries and associates accounted by the equity method as of June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subscribed capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital surplus (deficit)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income for previous years</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Bogot&aacute; S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;110,062,703 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;89,841,212 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,313 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;13,764,588 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;7,454,423 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,581,079)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,580,246 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,221,491 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;43,139,882 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;38,443,493 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,677 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;3,621,013 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700,829 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101,905</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267,965 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;4,696,389 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Comercial AV Villas S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;16,835,107 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;15,053,888 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,473 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,218,737 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,785 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">311,712</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,512 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,781,219 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Popular S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;27,940,405 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;24,841,787 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,253 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;2,539,755 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,856)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299,213</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,253 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;3,098,618 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporaci&oacute;n Financiera <BR>
Colombiana S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;20,560,102 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;10,250,232 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,415 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;3,488,544 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;6,033,681 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(280,735)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,064,965 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,309,870 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sociedad Administradora de Fondos de Pensiones y Cesant&iacute;as Porvenir S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,928,952 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,534,524 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109,211 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862,764 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,181,389 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59,979)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301,043 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;2,394,428 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grupo Aval Limited</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,059,970 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,613,581 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(128,320)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(434,774)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,483 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(553,611)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;229,527,121 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;187,578,717 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,342 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;25,495,401 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;15,350,931 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,643,737)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;3,525,467 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;41,948,404 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADL Digital Lab S.A.S</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,877 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,741 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,200 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,249 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,136 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,877 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,741 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,200 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,249 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,136 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;229,556,998 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;187,602,458 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221,542 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;25,495,625 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;15,350,931 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,639,488)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;3,525,930 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;41,954,540 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subscribed capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital surplus (deficit)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income for previous years</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Bogot&aacute; S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;106,316,117 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;87,262,343 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,313 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;12,658,701 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;6,761,800 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,628,570)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;2,258,530 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;19,053,774 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;41,447,791 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;36,719,396 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,677 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;3,410,147 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797,512 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">177,464</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338,595 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;4,728,395 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Comercial AV Villas S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;16,530,505 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;14,712,723 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,473 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,155,074 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,730 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">274,061</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165,444 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,817,782 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Popular S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;27,200,985 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;24,140,032 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,253 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;2,432,096 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,050 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277,423</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235,131 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;3,060,953 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporaci&oacute;n Financiera <BR>
Colombiana S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;17,751,503 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,260,425 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,241 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;2,524,528 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;5,618,296 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(300,567)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,645,580 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;9,491,078 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sociedad Administradora de Fondos de Pensiones y Cesant&iacute;as Porvenir S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,938,638 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,309,785 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109,211 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805,546 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,197,888 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(61,568)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577,776 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;2,628,853 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grupo Aval Limited</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,431,776 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,944,420 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,869)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(376,321)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(58,454)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(512,644)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;219,617,315 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;179,349,124 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,168 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;22,986,092 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;14,537,407 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,638,078)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;5,162,602 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;40,268,191 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADL Digital Lab S.A.S</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,347 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,674 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,200 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,484 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,673 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,347 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,674 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,200 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,484 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,673 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;219,642,662 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;179,368,798 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221,368 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;22,986,092 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;14,537,407 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,638,089)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;5,167,086 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;40,273,864 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">As a result of
the impairment assessment performed as of June 30, 2021 and December 31, 2020, taking into consideration the market value of these investments
or the financial results of the subsidiary companies, the Company's management does not consider it necessary to establish any provision
for impairment of these investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(8)</TD><TD STYLE="text-align: justify"><U>Property and equipment</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following is the movement in the
carrying amount of property and equipment during the periods ended at June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For own use</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Right of use</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total </B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost or fair value:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2019</B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,570 </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,555 </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,125 </B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchases or capitalized expenses (net)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,907 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,093 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withdrawals / Sales (Net)</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(113)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,938)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,051)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,643 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,524 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,167 </B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchases or capitalized expenses (net)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">416</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withdrawals / Sales (Net)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of June 30, 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,641 </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,940</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,581</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated depreciation:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,579 </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,195 </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,774 </B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation of the year charged against profit or loss</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,271 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,754 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withdrawals / Sales (Net)</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(113)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,065)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,178)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,949 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,350 </B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation of the year charged against profit or loss</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">647</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">909</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withdrawals / Sales (Net)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of June 30, 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,209</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,048</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,257</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tangible Assets, net:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,694 </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,123 </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,817 </B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of June 30, 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,432</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,892</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,324</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-style: normal"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-style: normal"><B><U>Property and equipment for own use </U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following is the detail of the
balance as of June 30, 2021 and December 31, 2020 by type of property and equipment for own use:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 43%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carrying</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>amount</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Office equipment and accessories</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">920</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(715)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information technology equipment </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,186</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,887)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Improvements in leaseholds properties <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,535</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,607)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">928</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of June 30, 2021</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,641</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,209)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,432</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carrying</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>amount</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Office equipment and accessories</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">920</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(688)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">232</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information technology equipment </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,188</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,783)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Improvements in leaseholds properties <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,535</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,478)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,057</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2020</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,643</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,949)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,694</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 17.85pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">This item corresponds to adjustments made to Gupo Aval&rsquo;s offices</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-style: normal"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-style: normal"><B><U>Property and equipment by right of use </U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Company adopted
IFRS 16 from January 1, 2019, the leases are recognized as a right-of-use asset and a liability on the date the asset is leased and available
for use by the Company. Right-of-use assets are depreciated on a straight-line basis through the end of the lease term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The following is the
detail of the balance as of June 30, 2021 and December 31, 2020, by type of right-of-use property and equipment:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Right of use</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 5%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carrying</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>amount</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente 22 and 23 floors <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,940</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,048)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,892</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of June 30, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,940</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,048)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,892</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Right of use</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost</B></FONT></TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carrying</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>amount</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente 22 and 23 floors <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,524</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(401)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,123</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as of December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,524</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(401)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,123</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 18pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">The Nominal interest rate to establish the Interest and Depreciation of the Right of Use on the date of
adoption of IFRS16, was established during 2020 at 0.58% per month. On January 4, 2021, a quotation and validation of rates was made and
a new nominal rate of 0.35% per month was established for the year 2021, generating a variation in the right of use due to a rate adjustment
of Ps.328.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 67.65pt; text-align: justify">On April 1, 2021, the lease fee for
the 22nd and 23rd floors of the Banco de Occidente Building were increased, due to the adjustment of the CPI 2020 of 1.61%, generating
a variation in the right of use due to an increase in the fee of Ps.88.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 67.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 67.65pt; text-align: justify">On September 01, 2020, the lease fee
of the 22nd and 23rd floors of the Banco de Occidente Building were increased by a CPI 2019 adjustment of 3.8%, generating a variation
in the right of use by increase of the fee of Ps.230.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 67.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -28.35pt">(9)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Income taxes</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Income tax expense is recognized based
on management's best estimate of both current and deferred income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company's effective tax rate in
respect of continuing operations for the six months ended June 30, 2021 was 1.54% and for the six months ended June 30, 2020 was 1.71%,
while for the three months ended June 30, 2021 and 2020 was 1.44% and 0.97% respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The variation in the effective tax
rate of 0.17% on a semi-annual basis and 0.47% on a quarterly basis is not significant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(10)</TD><TD STYLE="text-align: justify"><U>Obligations at amortized cost</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.55pt">The balances of
financial obligations as of June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Short term</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank loans <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,073</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,498</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,322</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,146</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>103,395</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,644</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding bonds <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,870</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,579</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total short term</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>109,265</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,223</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Long term</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank loans <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,407</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Ps. </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">522,406</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,934</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,329</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>426,341</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>526,735</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding bonds <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,124,520</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,124,520</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total long term</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,550,861</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,651,255</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Financial Obligations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,660,126</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,659,478</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 2.25pt double">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><SUP>(1)</SUP></TD><TD>Obligations acquired with Banco Bogot&aacute; S.A. for two years, with only one final principal payment:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial obligations - agreed interest rates</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 38%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loans at:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IBR + 2.0 % quarterly compounded</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IBR + 2.60 % quarterly compounded</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">amount: </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps. 235,599</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps. 286,807</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
the first quarter of 2021, Banco de Bogot&aacute; S.A. and Grupo Aval Acciones y Valores S.A., agreed to extend the term to two years
of the loans for Ps.132,199 and instead established as new maturity date the first quarter of 2023 and spread of 2.0%.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On April
26, May 24 and June 24, 2021, Banco de Bogot&aacute; S.A. and Grupo Aval Acciones y Valores S.A. signed a debt novation agreement generating
new loans for Ps.161,199, Ps.34,400 and Ps.40,000 maturing on April 26, May 24 and June 24, 2023, and spread of 2.0%.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 81.8pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
the second half of 2020, Banco de Bogot&aacute; S.A. and Grupo Aval Acciones y Valores S.A., agreed to extend the term to two years of
loans for Ps.129,255 and instead established as new maturity date the second half of 2022 and spread of 2.60%.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On June
30, 2020, the Company acquired debt with Banco de Bogot&aacute; for Ps.100,000, a two-year obligation, with a single final principal
payment and a spread of 2.60%.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On July
8 and October 23, 2020, Banco de Bogot&aacute; S.A. and Grupo Aval Acciones y Valores S.A. signed a debt novation agreement generating
new loans for Ps.48,255 and Ps.27,052 with maturity on July 8 and October 23, 2022, respectively, and spread of 2.60%</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 14.2pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Corresponds to the capital lease liability generated by the adoption of IFRS 16 of Ps.5,891 less amortization
of right of use of Ps.635.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Nominal interest rate to establish the Interest and Depreciation of the Right of Use on the date of adoption of IFRS16 was established
during 2020 at 0.58% per month. On January 4, 2021, the rates were quoted and validated, and a new nominal rate of 0.35% per month was
established for the year 2021, generating a variation in the right of use due to a rate adjustment of Ps.328.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On April
1, 2021, the lease fee for the 22nd and 23rd floors of the Banco de Occidente Building were increased, due to the adjustment of the CPI
2020 of 1.61%, generating a variation in the right of use due to an increase in the fee of Ps.88.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On September 01, 2020, the lease fee of the 22nd and 23rd floors of the Banco
de Occidente Building were increased by a CPI 2019 adjustment of 3.8%, generating a variation in the right of use by increase of the fee
of Ps.230.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 14.2pt"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">On June 30, 2020, principal was paid on the sixth issue of Series A Bonds subseries A3 - 3 years ISIN:
COT29CB00120, maturing on June 28, 2020 for Ps.100,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">The loans obtained by Grupo Aval with
its subsidiary Banco de Bogot&aacute; S.A. are secured by share guarantee contracts as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify"><FONT STYLE="font-style: normal"><B><U>Guarantees
on obligations as of June 30, 2021</U></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Loan Value</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of collateral shares</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issuer of the shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,155</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">772,532,650</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Popular</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,579</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,500,785</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente <SUP>(1)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,672</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,593,570</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corficolombiana <SUP>(1)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>522,406</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>781,627,005</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<p></p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 13.6pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">On February 17, 2020, the pledge of Banco de Occidente and Corporaci&oacute;n Financiera Colombiana for
2,253,505 and 1,188,036, respectively, for the obligations cancelled on November 18, 2019 for Ps.100,000, was lifted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On June 30, 2020, a pledge agreement
on shares of Banco de Occidente S.A. and Corporaci&oacute;n Financiera Colombiana for 1,900,000 and 1,593,570 shares was executed to cover
the obligation acquired for Ps.100,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The composition of principal and interest of the financial
obligations is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Obligation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">522,406</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,074</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524,480</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">522,406</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,498</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">523,904</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,124,520</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,870</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,390</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,124,520</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,579</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,099</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,646,926</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,944</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,654,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,646,926</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,077</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,654,003</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying value and fair value of
financial obligations at amortized cost (calculation methodology included in note 5 - Estimated fair values in the Financial obligations
and other liabilities section), are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carrying value</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fair value</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance of principal and interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524,480</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">523,904</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">528,598</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">537,425</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,390</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,099</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,116,197</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,234,899</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,654,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,654,003</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,644,795</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,772,324</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify"><FONT STYLE="font-style: normal"><B></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify"><FONT STYLE="font-style: normal"><B></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-style: normal"><B></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify"><FONT STYLE="font-style: normal"><B><U>Maturities
of obligations as of June 30, 2021</U></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 27%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2036</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2039</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2042</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial obligations <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,074 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;286,807 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;235,599 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524,480 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,870 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;224,520 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;93,000 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;207,000 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;300,000 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;300,000 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;1,130,390 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,944 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;286,807 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;235,599 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;224,520 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;93,000 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;207,000 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;300,000 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;300,000 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;1,654,870 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 14.2pt"><SUP>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</SUP>Include principal and interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: 42.55pt">Contractual maturities
are presented in accordance with Appendix B11C of IFRS 7.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: 42.55pt">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt"><FONT STYLE="font-style: normal"><B><U>Maturities
IFRS 16 to June 30, 2021</U></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 25%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>More than 1 and less than 3 years</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,322</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,934</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,256</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,322</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,934</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,256</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify"><FONT STYLE="font-style: normal"><B><U>Currency
of financial obligations</U></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 36%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colombian pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,660,126</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,659,478</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,660,126</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,659,478</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify"><FONT STYLE="font-style: normal"><B><U>Annual
interest rates on financial obligations</U></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Colombian pesos</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Minimum rate</B></FONT></TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maximum rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.71%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.35%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.67%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Colombian pesos</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Minimum rate</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maximum rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.07%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.24%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The detail of debt bond liabilities at
June 30, 2021 and December 31, 2020 by issue date and maturity date is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issue Date</B></FONT></TD>
    <TD STYLE="text-align: center; width: 5%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>June 30,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>2021</B></P></TD>
    <TD STYLE="text-align: center; width: 5%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Expiration </B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Date</B></P></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest Rate</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="6" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grupo Aval Acciones y Valores S.A <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dec-09</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,520</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dic-24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IPC + 5.20%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nov-16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nov-26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IPC + 3.86%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nov-36</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IPC + 4.15%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">jun-17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">jun-42</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IPC + 3.99%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nov-19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nov-24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.42%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nov-39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IPC + 3.69%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,124,520</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,124,520</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-weight: normal; text-decoration: none"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; text-decoration: none">Outstanding capital</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(11)</TD><TD STYLE="text-align: justify"><U>Employee benefits</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Under Colombian labor legislation, the
contracts signed with the Company's employees grant them rights to short-term benefits such as salaries, vacations, legal bonuses, severance
and severance interest, and there are no long-term benefits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Likewise, according to Colombian regulations,
companies and their employees must make pension contributions to the defined contribution funds established by the general pension and
social security health system, in accordance with Law 100 of 1993. Therefore, the Company is not responsible for long-term pension benefits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following is the balance for employee
benefits as of June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Ps. </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,208 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(12)</TD><TD STYLE="text-align: justify"><U>Accounts payable and other liabilities</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Accounts payable and other liabilities
comprise the following items as of June 30, 2021 and December 31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends payable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,002,288</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">432,089</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Suppliers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">698</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withholdings and other labor contributions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">880</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">860</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commissions and fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,352</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,279</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other accounts payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">175</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">278</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,004,733</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>435,219</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes<SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,427</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,990</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-financial liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,214</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,214</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Other Liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,027,374</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>463,423</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends payable</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Taxes payable</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VAT tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,523</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,201</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,857</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,290</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withholding tax</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,718</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,874</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VAT withholdings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">156</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Industry and Commerce withholdings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Industry and commerce tax</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,198</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,461</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,427</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,990</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(13)</TD><TD STYLE="text-align: justify"><U>Shareholder&rsquo;s equity</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Mandatory and voluntary reserves are
determined during Shareholders' Meetings. The following is a detail of retained earnings (losses) as of June 30, 2021 and December 31,
2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 54%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Retained earnings</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal reserves</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,140</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,140</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occasional reserve at the disposal of the General Meeting of Shareholders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,706,543</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,510,717</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,717,683</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,521,857</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings from first-time adoption</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">256,878</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">256,878</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impact of changes in accounting policies <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(431,200)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(431,200)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Withholding tax on dividends <SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,208)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,093)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,519,153</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,324,442</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Grupo Aval Acciones y Valores S.A. adopted IFRS 16 on January 1, 2019 and IFRS 9 and IFRS 15 on January
1, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">In accordance with paragraph 65A of IAS 12, which establishes that the value of withholding tax on dividends
has been recognized in equity for (Ps.24,208), of which (Ps.21,694) corresponds to the participation (MPP) in the withholding tax recognized
by the entities where Grupo Aval has control and (Ps.2,514) corresponds to the net between the withholding tax transferred by its subsidiaries
to Grupo Aval for (Ps.6,384) and the withholding tax transferred by Grupo Aval to its shareholders for Ps.3,870. ) correspond to the net
between the withholding transferred by its subsidiaries to Grupo Aval for (Ps.6,384) and the withholding transferred by Grupo Aval to
its shareholders for Ps.3,870, in accordance with the provisions of Art.242-1 ET, as amended by Law 1943 of 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Declared
dividends</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">Dividends are declared and paid to shareholders based on
the occasional reserves available to the highest corporate body. Beginning in 2017, the Company performs an annual accounting review.
Dividends declared were as follows for the results of the years ended December 31, 2020 and 2019:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,<BR>
2020</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,<BR>
2019</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unconsolidated net income for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,399,001</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,031,238</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends paid in cash</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At the meeting held in March 2021, Ps. 54.00 per share was declared payable in twelve installments of Ps. 4.50 per share, from April 2021 to March 2022.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At the meeting held in March 2020, Ps. 60.00 per share was declared payable in twelve installments of Ps. 5.00 per share, from April 2020 to March 2021.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding common shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,130,764,982</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,135,161,111</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding preferred shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,150,252,177</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,145,856,048</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total shares outstanding</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,281,017,159</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,281,017,159</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total declared dividends</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,203,175 </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,336,861 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Adjustments
in the first-time application of IFRS</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The company recognized the net positive
differences that are generated when supervised institutions adopt for the first time IFRS in 2015. The net positive differences that are
generated when supervised institutions adopt IFRS for the first time may not be distributed to cover losses, nor may they be capitalized,
distributed as profits/ dividends, or recognized as reserves. They may be used only when effectively realized with third parties, other
than related parties, and in accordance with IFRS principles</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Net positive differences generated
when adopting IFRS for the first time may not be used to comply with prudent requirements on regulatory capital, which is the minimum
amount required to operate, depending on the nature of each institution supervised by the Financial Superintendence of Colombia. If the
first-time adoption of IFRS generates net negative differences, they will be deducted from regulatory capital</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Other
shares in equity</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The equity method as of June 30, 2021
and December 31, 2020 is detailed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 0.5in; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,<BR>
2021</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,<BR>
2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Surplus equity method</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Bogot&aacute; S.A.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,289,654 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811,978 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57,933) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,840 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Popular S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50,968)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,531)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Comercial AV Villas S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87,053)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22,979)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporaci&oacute;n Financiera Colombiana S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,482 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,919 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sociedad Administradora de Fondos de Pensiones y Cesant&iacute;as Porvenir S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,463)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,164)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grupo Aval Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139,447)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88,997)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>993,272</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>762,066</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Capital
management</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company at an individual level is
not subject to any minimum equity requirement for the development of its operations; therefore, the management of the Company's capital
is oriented to satisfy the minimum capital requirements of the subsidiary financial institutions in accordance with the parameters established
in the Colombian legislation, in such a way that the Company may maintain and even increase its participation in the equity of such entities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -28.35pt">(14)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contingencies</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-style: normal"><B>a.
Commitments</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt">1.</TD><TD STYLE="text-align: justify">As of June 30, 2021, the loans obtained by the Company with its subsidiary Banco de Bogot&aacute; S.A.
are guarantee with 7,500,785 shares of Banco de Occidente S.A., 772,532,650 shares of Banco Popular, and 1,593,570 shares of Corficolombiana.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt">2.</TD><TD STYLE="text-align: justify">The Company guarantees irrevocably and unconditionally Grupo Aval Limited&rsquo;s (144A / Reg S) 2022
(USD 1.0 billion) bonds and Grupo Aval Limited&rsquo;s (144A / Reg S) 2030 (USD 1.0 billion) bonds under its respective indentures, as
detailed:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On September 2012, the Company issued Senior Notes
for a total value of US $ 1 billion, the notes will mature on September 2022, with a coupon of 4.75%, a deduction of 39.3 basis points,
price of 99.61%.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On February 2020, the Company issued Senior Notes
for a total value of US $ 1 billion, the Notes will mature on February 2030, with a coupon of 4.375%, a deduction of 56.8 basis points,
price of 99.43%.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-style: normal"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-style: normal"><B>Other matters</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-style: normal"><B>Investigation
by the Superintendency of Industry and Commerce in relation to the Ruta del Sol Sector 2 Project</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Through Resolution No. 67837 of September
13, 2018, the Deputy Superintendent for the Protection of Free-Competition (&ldquo;Antitrust Division&rdquo;) of the Superintendency of
Industry and Commerce (&ldquo;SIC&rdquo;) ordered the opening of an investigation and formulation of charges against a number of entities
that had participated in the Ruta del Sol Sector 2 project, and related individuals. This included Grupo Aval Acciones y Valores S.A.
(&ldquo;Grupo Aval&rdquo;), its subsidiary, Corporaci&oacute;n Financiera Colombiana S.A. (&ldquo;Corficolombiana&rdquo;), Estudios y
Proyectos del Sol S.A.S. (&ldquo;Episol&quot;), a company 100% owned by Corficolombiana, and Concesionaria Ruta del Sol S.A.S (&ldquo;CRDS&rdquo;),
the company that was awarded the project and in which Episol holds a 33% non-controlling interest, as well as charges against certain
officers of Grupo Aval and Corficolombiana.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Antitrust Division&rsquo;s charges
were based on an alleged violation of the Colombian legal regime of free economic competition that occurred in the bidding process of
the Ruta del Sol Sector 2 project.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In October 2018, Grupo Aval, Corficolombiana
and Episol, as well as the charged officers, submitted their defense accompanied by documentary evidence and requests for additional evidentiary
proceedings. On July 23, 2020, the Antitrust Division released a report (&quot;Informe Motivado&rdquo;) with a recommendation to the Superintendent
of Industry and Commerce: (i) to dismiss the charge N&deg; 2 related to the alleged conflict of interest with respect to all parties charged&mdash;including
Grupo Aval and its officers, Corficolombiana and its officers, and Episol&mdash;based on the applicable statute of limitations, and (ii)
to impose fines on all the investigated entities and individuals with respect to charge N&deg; 1 of &ldquo;payment of a bribe&rdquo;&mdash;including,
Corficolombiana, Corficolombiana&rsquo;s former President Jos&eacute; El&iacute;as Melo Acosta, and Episol&mdash;arguing, in the case
of Corficolombiana and Episol, an alleged knowledge by Jos&eacute; El&iacute;as Melo Acosta of the conduct confessed by Odebrecht.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">On December 28, 2020, the Superintendent
of Industry and Commerce issued Resolution No. 82510 of 2020, consistent with the recommendations in the Informe Motivado. The Superintendent
decided to close the investigation with respect to all parties charged with the alleged &ldquo;conflict of interest&rdquo;, including
Grupo Aval, Corficolombiana and their and officers and Mr. Melo Acosta</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">For Charge N&deg; 1, the Superintendent
decided to impose fines on all the investigated entities and individuals. Corficolombiana and Episol were fined Ps. 55,565 and Ps. 33,827,
respectively. Former Corficolombiana&rsquo;s President, Jos&eacute; El&iacute;as Melo Acosta, was also fined Ps. 394.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">On January 28, 2021, Corficolombiana
and Episol filed an appeal against Resolution No. 82510 of 2020 before the Superintendent, seeking reconsideration of its decision to
fine them in connection with Charge N&deg; 1, appeal that was resolved on May 20, by Resolution 30343 of 2021 confirming Resolution No.
82510 of 2020. Payment of these fines will have an impact of Ps. 35,739 in the attributable net income of Grupo Aval. Notwithstanding
the foregoing, Corficolombiana and Episol may then appeal the Superintendent&rsquo;s final decision before Colombia&rsquo;s administrative
courts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In relation to the Class Action before
the Administrative Tribune of Cundinamarca connection with the Ruta del Sol Sector 2 Project and the Investigations by United States authorities,
do not show changes with respect to what was disclosed as of December 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(15)</TD><TD STYLE="text-align: justify"><U>Operating income</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Below is a detail of the operating income
for the three-month and six-month periods ended June 30, 2021 and 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three-month periods ended June 30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six-month periods ended June 30</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity method income <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927,516 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335,221 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,707,436 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,037,420 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity method income from associates <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other revenues from ordinary activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,443 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,199 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commissions and fees</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,731 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,731 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141,462 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141,462 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,340 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,340 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Indemnities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total other revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,436 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.688 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143,769 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,015 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999,051 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408.477 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,851,362 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,181,964 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Investments in entities where the Company has control are Banco de Bogot&aacute; S.A., Banco de Occidente
S.A., Banco Comercial AV Villas S.A., Banco Popular S.A., Corporaci&oacute;n Financiera Colombiana S.A., Grupo Aval Limited, Sociedad
Administradora de Fondos de Pensiones y Cesant&iacute;as Porvenir S.A., these are called &ldquo;Investments in subsidiaries&rdquo; and
are accounted by the equity method in accordance with IAS 28.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Corresponds to the associated company ADL Digital Lab S.A.S. and is accounted by the equity method in
accordance with IAS 28.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Calculation of the Equity Method
Income</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following is the basis to calculate
the equity method for the quarters and semesters ended June 30, 2021 and 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three-months periods ended </B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Participation percentage</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income for the calculation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity method income</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>of equity method income</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Bogot&aacute; S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.74%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.74%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">858,544</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">441,467</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">590,133</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303,449</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.27%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.27%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">148,942</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,096</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,642</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,297</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Comercial AV Villas S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79.86%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79.86%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65,409</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,137</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,233</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,894</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Popular&nbsp;&nbsp;S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93.74%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93.74%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93,301</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,689</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,463</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,395</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporaci&oacute;n Financiera Colombiana S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.50%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.21%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">538,718</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195,338</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,638</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,044</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sociedad Administradora de Fondos de Pensiones y&nbsp;&nbsp;Cesant&iacute;as Porvenir S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">187,582</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120,866</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,517</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,174</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grupo Aval Limited</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,890</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,032)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,890</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,032)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,899,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>754,561</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>927,516</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>335,221</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADL Digital LAB S.A.S.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">290</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,669</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">568</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>290</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,669</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>99</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>568</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total permanent investments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,899,676</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>756,230</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>927,615</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>335,789</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six-months periods ended </B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Participation percentage</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income for the calculation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity method income</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>of equity method income</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Bogot&aacute; S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.74%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.74%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,580,246</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,176,700</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,086,205</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">808,822</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Occidente S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.27%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.27%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">267,965</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,122</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">193,663</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80,309</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Comercial AV Villas S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79.86%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79.86%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,512</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,562</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,854</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,183</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Popular&nbsp;&nbsp;S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93.74%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93.74%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">194,253</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,763</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">182,098</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82,271</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporaci&oacute;n Financiera Colombiana S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.50%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.21%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,064,965</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">627,690</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89,923</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,558</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sociedad Administradora de Fondos de Pensiones y&nbsp;&nbsp;Cesant&iacute;as Porvenir S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301,043</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,769</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,210</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,555</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grupo Aval Limited</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,483</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(54,278)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,483</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(54,278)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,525,467</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,153,328</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,707,436</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,037,420</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADL Digital LAB S.A.S.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.00%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,555</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">529</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>463</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,555</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>529</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total permanent investments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,525,930</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,154,883</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,707,593</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,037,949</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(16)</TD><TD STYLE="text-align: justify"><U>Administrative and Financial Expenses</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Below is a detail of the administrative
and financial expenses for the three-month and six-month periods ended June 30, 2021 and 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three-month periods ended June 30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six-month periods ended June 30</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Administrative expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Personnel expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,213 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,721</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps,</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,262 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,624</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fees</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,570 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,905</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,340 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,624</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Taxes:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Industry and trade tax</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,407 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,206</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,659 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,219</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,378 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,902</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,894 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,493</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commissions for sales</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contributions and affiliations</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">612</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases (Rent)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Services</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">267</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">488</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation of PPE</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">439</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">873</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maintenance and adequation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">169</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travel expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other administrative</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total administrative expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,949 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,960 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,954 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,715 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total other expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gains (losses) from exchange differences</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains from exchange differences</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Losses from exchange differences</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Foreign Exchange gains (losses), net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banking services</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps,</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses from commissions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest expense:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds issued</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,434 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,445 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,208 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,153 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings from Banks and others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,414 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,486 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,924 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,511 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From lease liabilities (IFRS 16)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,906 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,047 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,250 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,896 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total financial expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,965 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,190 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,367 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,168 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<p></P>

<P></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes to the Separate Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Stated in millions of Colombian pesos, except net income per share and outstanding shares)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(17)</TD><TD STYLE="text-align: justify"><U>Related parties</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Under IAS 24, a related party is a person
or an entity that is related to the reporting entity if that person has control, joint control, or significant influence over the entity
or is a member of its key management personnel The definition of related party includes individuals and/or family members related to the
entity, entities that are members of the same group (parent and subsidiary), associates or joint ventures of the entity or group entities,
and post-employment benefit plans for the benefit of employees of the reporting entity or a related entity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The related parties&rsquo; guidelines that the Company applies
are the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;
</B>Individuals who exercise control or joint control, i.e., who own more than a 50% interest in Grupo Aval; additionally, includes close
relatives who could be expected to influence or be influenced by that person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;
</B>Individuals who are key members of the management and have authority and responsibility of plan, direct, control the entity&rsquo;s
activities, members of Board of Directors, President and Vice-presidents and Senior Management from Grupo Aval; as well as includes close
relatives who could be expected to influence or be influenced by that person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;
</B>Companies that are part of the same group, includes the controlling company, subsidiaries, and other subsidiaries from the same controlling
company of Grupo Aval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;
</B>Associates and joint Ventures from which the company has significant influence, (which is generally considered when the Company has
between 20% and 50% share of capital).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 17.85pt"><B>5.</B></TD><TD STYLE="text-align: justify; padding-right: 1.15pt">This category includes entities that are controlled by the individuals included
in items 1 and 2.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 59.8pt; text-align: justify; text-indent: -17.85pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;
</B>This item includes entities in which the individual included in item 1 and 2 exercise significant influence.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GRUPO AVAL ACCIONES Y
VALORES S. A.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>Notes to the Separate Financial Statements</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">(Expressed in millions of pesos, except net earning per share and outstanding
shares)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Balances as of June 30, 2021 and December 31, 2020
with related parties, are detailed in the following tables:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 25%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Categories</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Individuals<BR>
with<BR>
control<BR>
over Grupo<BR>
Aval</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Key management personnel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Companies that are part of the same group</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities controlled by individuals included in categories 1 and 2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities with significant influence by individuals included in categories 1 and 2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,966</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets in investments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,542,514</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,086</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts receivable </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">857,906</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">770,491</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial obligations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524,946</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Categories</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Individuals<BR>
with<BR>
control<BR>
over Grupo<BR>
Aval</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Key management personnel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Companies that are part of the same group </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities controlled by individuals included in categories 1 and 2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities with significant influence by individuals included in categories 1 and 2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130,349</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets in investments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,759,116</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,929</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts receivable </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343,604</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">316,288</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial obligations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524,370</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GRUPO AVAL ACCIONES Y
VALORES S. A.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>Notes to the Separate Financial Statements</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">(Expressed in millions of pesos, except net earning per share and outstanding
shares)</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Transactions for the three- months ended June 30,
2021 and June 30, 2020 with related parties comprise:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">a. Sales of goods, services and transfers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="13" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three - months ended June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 23%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Categories</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Individuals<BR>
with<BR>
control<BR>
over Grupo<BR>
Aval</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Key management personnel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Companies that are part of the same group </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities controlled by individuals included in categories 1 and 2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities with significant influence by individuals included in categories 1 and 2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Income</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">704</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,420</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">416</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee income and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,731</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee expenses and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the three - months ended June 30, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Categories</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Individuals<BR>
with<BR>
control<BR>
over Grupo<BR>
Aval</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Key management personnel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Companies that are part of the same group </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities controlled by individuals included in categories 1 and 2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities with significant influence by individuals included in categories 1 and 2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Income</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">617</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,573</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,761</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee income and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,731</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee expenses and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">244</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GRUPO AVAL ACCIONES Y
VALORES S. A.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>Notes to the Separate Financial Statements</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">(Expressed in millions of pesos, except net earning per share and outstanding
shares)</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Transactions for the six- months ended June 30,
2021 and June 30, 2020 with related parties comprise:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">a. Sales of goods, services, and transfers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="13" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six - months ended June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 23%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Categories</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Individuals<BR>
with<BR>
control<BR>
over Grupo<BR>
Aval</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Key management personnel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Companies that are part of the same group </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities controlled by individuals included in categories 1 and 2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities with significant influence by individuals included in categories 1 and 2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Income</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,443</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,936</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">818</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee income and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141,462</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee expenses and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">250</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">753</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the six - months ended June 30, 20210</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Categories</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Individuals<BR>
with<BR>
control<BR>
over Grupo<BR>
Aval</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Key management personnel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Companies that are part of the same group </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities controlled by individuals included in categories 1 and 2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entities with significant influence by individuals included in categories 1 and 2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest Income</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,199</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,683</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,334</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee income and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141,462</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee expenses and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">733</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GRUPO AVAL ACCIONES Y
VALORES S. A.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>Notes to the Separate Financial Statements</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">(Expressed in millions of pesos, except net earning per share and outstanding
shares)</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.5pt">Compensation of key management personnel</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.5pt; text-align: justify">The compensation received by the key
personnel of the management comprises the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three-months ended in </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Six-months ended in</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,347</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,974</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,343</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,779</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 35.4pt; text-indent: -35.4pt; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short term benefits for employees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">431</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">932</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">837</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,847</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,405</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,275</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,616</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The compensation received by the key
personnel of the management includes salaries, vacations, severance, and payroll tax contributions to the Colombian Government designated
agencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Key personnel have not received long
term benefits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.35pt">(18)</TD><TD STYLE="text-align: justify"><U>Subsequent Events</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">There were no
events occurred after the period ended on June 30, 2021and up until the date when the financial statements were approved that need to
be disclosed</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This translation from the original spanish
version is provided for convenience purpose only. No representation is made as to the accuracy of this document and the company does
not assume any liability based upon it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROFORMA FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE SEPARATE PRO FORMA FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS OF JUNE 30, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Stated in millions of Colombian pesos)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; width: 43%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; width: 15%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reported balances</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; width: 15%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transaction effect (1) &nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; width: 15%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proforma balances</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,026,981</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ps.</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,026,981</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,026,981</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,026,981</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in subsidiaries and associates</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,544,600</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,237,618)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,306,982</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment </FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,324</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,324</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total non-current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23,551,031</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17,313,413</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24,578,012</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,340,394</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,004,733</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,004,733</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-financial liabilities</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134,019</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134,019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,138,752</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,138,752</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-term liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings at amortized cost, non current</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">426,341</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">426,341</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding bonds, non current</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,124,520</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,124,520</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total long-term liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,550,861</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,550,861</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,689,613</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,689,613</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscribed and paid capital</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,281</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,281</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Paid-in capital</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,612,936</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,612,936</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained earnings</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,519,153</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,607,990)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,911,163</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,740,757</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,022,112</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,762,869</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other equity accounts</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">993,272</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(651,740)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">341,532</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21,888,399</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15,650,781</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24,578,012</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(6,237,618)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,340,394</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) See notes 1 and 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The attached notes are an integral part of the
proforma financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This translation from the original spanish
version is provided for convenience purpose only. No representation is made as to the accuracy of this document and the company does
not assume any liability based upon it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROFORMA FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE SEPARATE PRO FORMA FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS OF JUNE 30, 2021 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Stated in millions of Colombian pesos)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; width: 42%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Reported balances</TD>
    <TD STYLE="text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Transaction effect <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">(1) &nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Proforma balances</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating revenue</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Equity method income, net<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">(2)</FONT></TD>
    <TD STYLE="text-align: center; font-weight: bold">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,707,593</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">619,654</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,327,247</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other revenue from ordinary activities</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">143,769</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">143,769</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total operating revenue</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">1,851,362</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">619,654</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">2,471,016</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Expenses, net</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Administrative expenses</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(39,954)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(39,954)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other expenses</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(119)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(119)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Losses from exchange differences</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(16)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(16)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating income</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,811,273</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">619,654</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2,430,927</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Financial expenses</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(43,367)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(43,367)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Earnings before taxes&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,767,906</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">619,654</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,387,560</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income tax expense</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(27,149)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(27,149)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net Income</TD>
    <TD STYLE="text-align: center; font-weight: bold">Ps.</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,740,757</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">619,654</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,360,411</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;Net income from discontinued operations&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">402,458</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">402,458</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net Earnings per Share</TD>
    <TD STYLE="text-align: center; font-weight: bold">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,740,757</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,022,112</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,762,869</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) See note 1 and 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The Transaction effect column includes Ps.
(402,458) resulting from the discontinued operation and the deconsolidation gain of Ps. 1,022,112.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The attached notes are an integral part of the
proforma financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This translation from the original spanish
version is provided for convenience purpose only. No representation is made as to the accuracy of this document and the company does
not assume any liability based upon it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROFORMA FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE SEPARATE PRO FORMA FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS OF JUNE 30, 2021 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Stated in millions of Colombian pesos)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOTE
1. TRANSACTIONS</B></FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DESCRIPTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separate proforma financial information of
Grupo Aval (hereinafter &quot;the Group&quot;) has been prepared to provide the effect of the following transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Spin-off of BHI at the Grupo Aval level: Grupo Aval will carry out the spin-off of the direct participation
of approximately 51.5% in BAC Holding in favor of Grupo Aval&rsquo;s shareholders, resulting from the spin-off of the 75% of Banco de
Bogot&aacute;'s stake in BAC Holding as described below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">BdeB will carry out a spin-off through
which it will transfer the ownership of fifty-eight million eighty-two thousand three hundred twenty-six (58,082,326) shares issued by
BAC Holding International Corp. owned by Banco de Bogot&aacute;, representing 75.00000032281765% of the total capital of BAC Holding International
Corp. (the &quot;Business Unit&quot;) to the shareholders of BdeB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2. PREPARATION BASIS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separate pro forma financial information was
based on and should be read in conjunction with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Condensed interim separate financial statements
of Grupo Aval as of June 30, 2021 and its attached notes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Separate and consolidated pro forma financial
information of Banco de Bogot&aacute;.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The separate pro forma financial information
represents the financial information reported in the financial statements as of June 30, 2021, adjusted with the accounting effects of
the transactions described in Note 1, which are presented as if they had occurred on June 30, 2021 for illustrative purposes only. The
accounting effects of such transactions were determined based on accounting criteria developed in accordance with the Accounting and Financial
Reporting Standards accepted in Colombia and, where not provided for therein, considering the requirements of IAS 8 - Accounting Policies,
Changes in Accounting Estimates and Errors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the special purpose of the pro forma financial
information, it should not be understood as general purpose financial statements prepared under Accounting and Financial Reporting Standards
accepted in Colombia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The historical separate financial statements have
been adjusted to allow the following pro forma events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Those that are directly attributable to the transactions
described;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Those that can be supported by facts; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Those related to separate pro forma financial
information that are expected to have a continuing impact on separate results.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proforma financial information does not necessarily
indicate the performance or financial situation that Grupo Aval would have had if the transactions described had been completed as of
June 30, 2021, nor is it intended to project Grupo Aval's financial situation or results in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the main accounting
criteria applied to the transactions that have the most relevant impact on the proforma financial information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This translation from the original spanish
version is provided for convenience purpose only. No representation is made as to the accuracy of this document and the company does
not assume any liability based upon it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loss of control in subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loss of control in subsidiaries is
recognized in accordance with the criteria established in IFRS 10 Consolidated Financial Statements; as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">a) The investment in a subsidiary is
derecognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">b) The retained interest is measured
at fair value and the difference with respect to its carrying value is recognized in the statement of income for the period in which the
loss of control occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">c) The amounts accumulated in Other
Comprehensive Income related to such investments are realized in earnings for the period as net gain on deconsolidation or in retained
earnings, as appropriate, in accordance with the requirements of the standards that gave rise to them, on the same basis as would have
been required if the related assets or liabilities had been disposed of.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">d) Income and expenses that do not
continue as discontinued operations are reclassified to profit or loss for the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">e) The retained interest is classified
in the appropriate category, which, by maintaining significant influence, is presented as an investment in an associate. Subsequently,
the investment in associate is recognized by the equity method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>NOTE
3. PROFORMA ADJUSTMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separate proforma financial information reflects
the essential adjustments to give effect to the transactions described in Note 1, which mainly includes the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Presentation as a discontinued operations of
68.74% of the income generated by BAC Holding from the participation in the results of the first half of 2021, which are included in the
results of Banco de Bogot&aacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Presentation in the results of continued operations
of the 68.74% participation over the remaining 25% of BAC Holding in the results of the first half of 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Full derecognition of the investment in BAC
Holding at its book value and transfer to investment in associate of the book value attributable to the remaining interest of 25%, with
its corresponding net effect on equity, when reducing the 100% interest in the investment in BAC Holding to 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Remeasurement effects of the remaining investments
in BAC Holding, classified as investments in associates, as detailed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Loss of control of BAC Holding (LBP) (in process):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Recognition of the remaining 25% investment
in BAC Holding at fair value. For purposes of the preparation of the proforma financial information, the book value of the remaining 25%
in BAC Holding was considered, taking in consideration that the valuation study of BAC Holding is in the process of being prepared by
external specialists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Reclassification of the amounts accumulated in Other Comprehensive Income, in accordance with the requirements
of the standards that gave rise to them. These items include mainly the realization of the cumulative effects of hedging strategies for
accounting hedges of net investment abroad, both the balances of the hedged items and the balances of the hedging instruments, adjustments
for conversion of financial statements of foreign subsidiaries of BAC Holding, valuation and adjustments for impairment of debt instruments
and their corresponding tax effects. The above effects were measured using the equity method.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annex 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Combined leverage ratios of Grupo Aval Acciones y Valores S.A. and
Grupo Aval Limited &ldquo;GAL&rdquo;, subsidiary in Cayman Island from Grupo Aval and solely owned by the same Financial Holding Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Grupo Aval Acciones y Valores S.A. + Grupo Aval Limited </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; width: 40%; border-top: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>Annualized ratios</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2016</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2019</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2020</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>1H21</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>1H21 Proforma</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Double leverage <SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.15x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.16x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.15x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.14x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.18x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.19x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.26x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total liabilities / Total assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.23x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.23x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.23x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.21x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.30x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.32x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.40x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net debt<SUP>2</SUP> / Total shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.24x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.24x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.21x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.20x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.28x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.31x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.43x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net debt<SUP>2</SUP> / Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.69x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.99x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.33x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.32x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.49x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.92x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.50x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) Double leverage is calculated as investments in subsidiaries at book value (excluding revaluations), subordinated loans to subsidiaries and goodwill as a percentage of shareholders' equity.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) Net debt is calculated as total gross debt minus cash and cash equivalents and fixed income investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*) Net income in 2021 do not include the deconsolidation gain of 1 bn</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P></P>

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<P></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 59%"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">This translation from the original Spanish version is
provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume
any liability based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">&nbsp;</P></TD>
  <TD STYLE="text-align: right; width: 41%"><IMG SRC="image_037.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt; text-align: justify">November 22, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 64pt 0pt 65.8pt; text-align: center">REPORT OF ALIANZA FIDUCIARIA
S.A.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 64pt 0pt 65.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 63.65pt 0pt 65.85pt; text-align: center">in his capacity of</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 63.65pt 0pt 65.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 64pt 0pt 65.85pt; text-align: center">LEGAL REPRESENTATIVE OF THE
HOLDERS OF ORDINARY BONDS ISSUED BY GRUPO AVAL S. A. - ISSUES 2009-2016</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 64pt 0pt 65.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">Pursuant to the provisions of Section
6.4.1.1.18 of Colombian Decree 2555 of 2010 (&ldquo;Decree 2555&rdquo;), the Legal Representative of Grupo Aval Acciones y Valores S.A.
(&ldquo;Issuer&rdquo; or &ldquo;Grupo Aval&rdquo;) has prepared this report, with the purpose of illustrating to the General Meeting of
Bondholders of the Issuer, corresponding to the Ordinary Bonds Issuances of December 2, 2009 and November 2, 2016 (the &ldquo;Issues&rdquo;),
in a broad and sufficient manner about the proposal of a spin-off of the equity part correspondent to the ownership of seventy five percent
(75%) of BAC Holding International Corp. (formerly Leasing Bogot&aacute; S.A. Panama) over the prorate of the shares of BAC Holding from
Grupo Aval to its shareholders and its listing in the Stock Exchanges of Colombia and Panama.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">Our opinion issued in this report refers
to the following aspects:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">The Issuer submits for consideration
and approval of the Bondholders&rsquo; Meeting the following:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><U>Authorization to the Issuer.</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.05pt 0pt 8pt; text-align: justify">The Issuer at this meeting has requested
the authorization and directions of the Bondholder&acute;s Meeting to take the necessary steps to carry out the spin-off.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.05pt 0pt 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><U>Alianza Fiduciaria Opinion.</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt">This opinion was made based on the following documents:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD>Special Report prepared by the issuer dated November 9, 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD>Issuer&acute;s certified Financial Statements as of June 30, 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">Confirmation of the rating of the bonds issued by BRC Ratings-S&amp;P Global S.A.,
as securities rating company dated November 8, 2021 by means of which is mentioned that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><I>1.</I></TD><TD STYLE="text-align: justify"><I>On September 15, 2021, Grupo Aval announced that its subsidiary Banco de Bogot&aacute; intends to spin
off 75% of its shareholding in BAC Holding International, vehicle through which the bank exercises ownership over BAC International Bank's
banking operation, in favor of the Bank's shareholders, including Grupo Aval, and Grupo Aval intends to spin off the corresponding pro
rata in favor of its own shareholders. The shares of BAC Holding International will be listed in the Colombian Stock Exchange and the
Panama Stock Exchange. The completion of the transaction is subject to the approval of the competent regulatory authorities. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><I>2.</I></TD><TD STYLE="text-align: justify"><I>Based on the information provided by Grupo Aval, the Technical Committee of BRC Ratings - S&amp;P Global
S.A. SCV, in an extraordinary review on November 5, 2021, analyzed the spin-off </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 59%"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">This translation from the original Spanish version is
provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume
any liability based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">&nbsp;</P></TD>
  <TD STYLE="text-align: right; width: 41%"><IMG SRC="image_037.jpg" ALT="">&nbsp;</TD></TR>
</TABLE></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-align: justify"><I></I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-align: justify"><I>project and the effects it would
have on Grupo Aval's credit profile. As a result, we confirmed the rating, as the proposed transaction would not have a significant impact
on Grupo Aval's ability to pay, and therefore the payment capacity of Grupo Aval, and therefore on its bond issues. The rationale for
this decision are available for consultation on the rating agency's website: <U>www.brc.com.co</U></I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.85pt">Bondoholders&acute; legal representation agreement dated November 23, 2009 entered
between the Issuer and Alianza Fiduciaria as legal representative of the bondholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 175.85pt"></TD><TD STYLE="width: 36.05pt">I.</TD><TD>PRELIMINARY INFORMATION</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.1.</B></FONT></TD><TD><B>Background and Main Characteristics of the Issues: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 26pt"><B>2009 Bond Issue </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 26pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #002060">
    <TD STYLE="width: 14%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Name</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Issuance date</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Maturity date</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Tenor</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Rate</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">Ordinary bonds</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">December 2009</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">December 2024</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">15</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">COP$ 124,520mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">IPC+5.20%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Alianza Fiduciaria S.A.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 26pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 26pt"><B>2016 Bonds Issues</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 26pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #002060">
    <TD STYLE="width: 14%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Name</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Issuance date</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Maturity date</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Tenor</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Rate</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Rating</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: #DEE2E6 1pt solid; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Legal Representative</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">Ordinary bonds</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">November 2016</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">November 2026</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">10</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">COP$ 93,000mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">IPC+3,86%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Alianza Fiduciaria S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; border-left: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">Ordinary bonds</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">November 2016</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">November 2036</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">20</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3E3D40">&nbsp;</P></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">COP$ 207,000mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3E3D40">IPC+4,15%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Alianza Fiduciaria S.A.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">II.</TD><TD>OPINION OF THE LEGAL REPRESENTATIVE OF THE HOLDERS OF ORDINARY BONDS ISSUED BY GRUPO AVAL S.A. - ISSUES 2009-2016</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">Taking into account the Spin-off process
proposed by the Issuer by means of which the Issuer proceeds to portion its participation corresponding to the ownership of seventy five
percent (75%) of the company BAC Holding International, Corp. (formerly Leasing Bogot&aacute; S.A., Panama) and its listing in the stock
exchanges of Colombia and Panama. Once BdeB completes the spin-off of 75% of its shareholding in BHI (as explained below), Grupo Aval,
holder of 68.7% of BdeB's shares, will spin off the shareholding it receives from BHI (approximately 51.5%) in favor of its own shareholders.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">According to the last, under the understanding
that the operation corresponds to a corporate reorganization, Grupo Aval and BdeB will carry out the following operations:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 59%"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">This translation from the original Spanish version is
provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume
any liability based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">&nbsp;</P></TD>
  <TD STYLE="text-align: right; width: 41%"><IMG SRC="image_037.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">(i) As of September 30, 2021, BdeB
has a 100% shareholding in BHI (formerly Leasing Bogot&aacute; S.A., Panama), a company duly incorporated under the laws of the Republic
of Panama.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">(ii) BdeB will carry out a spin-off
by virtue of which it will transfer the ownership of shares issued by BHI; currently owned by BdeB, representing 75.00000032281765% of
the total capital of BHI (the &quot;<B>Business Unit</B>&quot;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">(iii) The final objective of this transaction
is to transfer the Business Unit to the shareholders of BdeB and Grupo Aval. Said final objective will be achieved through the spin-off
of the Business Unit in favor of a new company to be formed for that purpose (the &quot;<B>BdeB Beneficiary Company</B>&quot;) and the
subsequent spin-off of Grupo Aval of its pro rata share in the Business Unit in favor of a new company to be formed for that purpose (the
&quot;<B>Aval Beneficiary Company</B>&quot;), for corporate reorganization reasons, thus (the &quot;<B>Spin-Off Project</B>&quot;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.1.</B></FONT></TD><TD><B>FROM AN ACCOUNTING POINT OF VIEW:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt"><B>Regarding the Balance Sheet</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">After analyzing the pro forma financial
information of Grupo Aval Acciones y Valores S.A. as of June 30, 2021, and as indicated in Note 2 to the separate pro forma statements,
the figures are adjusted with the accounting effects as if they had occurred on June 30, 2021, it is observed in the pro forma financial
statement prepared by the Issuer, that the asset item would decrease by 25.38% equivalent to $6,237,618 million. Regarding the equity,
it would present a decrease of 28.5% equivalent to $6,237,618 million, while the liabilities would not have any variation.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #1F487C">
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: black 2.25pt solid; padding-left: 44.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>Item</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt solid; padding-left: 14.1pt; text-indent: 11.95pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Reported Balances</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt solid; padding-left: 16.05pt; text-indent: 6.75pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Proforma Balances</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt solid; padding-left: 24.35pt; text-indent: -10.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Variation</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1.5pt solid; border-bottom: black 2.25pt solid; padding-left: 24.35pt; text-indent: -10.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Percentual Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24,578,012</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">18,340,394</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,237,618)</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 21.15pt; text-align: center"><FONT STYLE="font-size: 10pt">-25.38%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Liabilities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,689,613</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,689,613</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 21.15pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 2.25pt solid; padding-left: 1.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21,888,399</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,650,781</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,237,618)</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 2.25pt solid; padding-left: 21.15pt; text-align: center"><FONT STYLE="font-size: 10pt">-28.50%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt"><B>Regarding to the Income Statement</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">Once the proforma statement of separate
results for the semester ended June 30, 2021 of Grupo Aval Acciones y Valores S.A. has been analyzed, mainly the income by net equity
method would be affected, with which the following most representative variations are highlighted under the spin-off scenario:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">With respect to income by equity method,
net, would present an increase of 36.29% equivalent to $619.654 million and operating income would increase by 33.47% affected by the
increase in income by equity method, net; while net expenses would not have any variation. Operating profit would present an increase
of 34.21% equivalent to $619,654 million and net profit would increase by 58.72% equivalent to $1,022,112 million. The difference between
operating income and net income would correspond to the 100% increase in net income from discontinued operations, equivalent to $402,458
million.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 59%"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">This translation from the original Spanish version is
provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume
any liability based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">&nbsp;</P></TD>
  <TD STYLE="text-align: right; width: 41%"><IMG SRC="image_037.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></p>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #1F477B">
    <TD STYLE="border-top: black 1pt solid; width: 35%; border-right: black 1.5pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Item</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Balances</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19.1pt; text-align: left; color: white"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Reported</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.6pt; text-align: left; color: white"></P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Balances</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 16.85pt; text-align: left; color: white"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Proforma</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 16.1pt; text-align: left; color: white"></P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center; color: white"><B>Variation</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.25pt 0pt 13.4pt; text-align: center; color: white"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center; color: white"><B>Net</B>&nbsp;</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1.5pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Variation</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19.05pt; text-align: left; color: white"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Percentage</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.3pt; text-align: left; color: white"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity method income, net</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,707,593</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,327,247</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">619,654</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 22.9pt; text-align: center"><FONT STYLE="font-size: 10pt">36.29%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,851,362</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,471,016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">619,654</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 22.9pt; text-align: center"><FONT STYLE="font-size: 10pt">33.47%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net expenses</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">40,089</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">40,089</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 22.9pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating profit</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,811,273</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,430,927</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">619,654</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 22.9pt; text-align: center"><FONT STYLE="font-size: 10pt">34.21%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income from discontinued operations</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">402,458</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">402,458</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 22.9pt; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1.5pt solid; padding-left: 2.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Income</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,740,757</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,762,869</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,022,112</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 22.9pt; text-align: center"><FONT STYLE="font-size: 10pt">58.72%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.25pt">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.25pt">2.2 FROM A FINANCIAL POINT OF VIEW:</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.25pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt"><B>Opinion on the payment capacity of Grupo Aval after
the spin-off</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.35pt 0pt 8.05pt; text-align: justify">Grupo Aval will continue to develop
its operation under conditions equivalent to the current ones, without conceptual deviations from its corporate purpose and protected
by the same financial muscle of its shareholders. It is estimated that after the spin-off, the Financial Conglomerate will keep its
ability to meet all of its contractual commitments, including those related to its financial obligations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.35pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.65pt 0pt 8.05pt; text-align: justify">The main adjustment in the balance
sheet corresponds to the equity reduction of Grupo Aval, which will transfer to its shareholders a portion of its equity, corresponding
to the 51.5% stake in BHI, as a result of the spin-off of 75% of Banco de Bogot&aacute;'s stake in BHI.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.65pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_039.jpg" ALT="" STYLE="height: 293px; width: 556px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 59%"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">This translation from the original Spanish version is
provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume
any liability based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">&nbsp;</P></TD>
  <TD STYLE="text-align: right; width: 41%"><IMG SRC="image_037.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_040.jpg" ALT="" STYLE="height: 354px; width: 700px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.6pt 0pt 8.05pt; text-align: justify">The spin-off would not have a significant
impact on the Group's liquidity indicators. As the reduction of assets would take place in the long-term item, the current ratio would
remain unchanged. On the other hand, it is estimated that Grupo Aval's cash generation will remain at comfortable levels, a circumstance
that would allow it to continue fulfilling its financial monetary commitments.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.6pt 0pt 8.05pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.1pt 0pt 8.05pt; text-align: justify">Although the indicators of debt
over assets and equity would reflect a slight increase after the spin-off, no warning signs are foreseen in terms of indebtedness. On
the other hand, the reduction of shareholders' equity, added to the consistent generation of net profits resulting from the normal development
of the corporate purpose, would result in better profitability rates.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.1pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt">CONCLUSIONS</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.3pt 0pt 8.05pt; text-align: justify">After analyzing the figures presented
by Grupo Aval, it is concluded that the spin-off under analysis would not have representative effects on its payment capacity, so that
the credit profile of the bonds in force would remain unchanged.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.3pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.1pt 0pt 8.05pt; text-align: justify">It is worth noting that the impact
assessment exercise was carried out on the figures presented by the Group at the end of the first semester of 2021, so that the conclusions
do not correspond to projections on its future financial performance, but to considerations regarding the impact that the spin-off would
have if the internal and external conditions disclosed by the Conglomerate at the cut-off date mentioned above persist.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.1pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8.05pt; text-align: justify">Having explained the financial effects
and the effects that the spin-off would have on the company issuing the bonds, Alianza Fiduciaria, in its capacity as legal representative
of the bondholders, considers that the spin-off proposed by the Issuer would not generate a significant financial impact for the bondholders
to the extent that the spin-off will not modify the main characteristics of the securities and the payment of interests or principal is
not at risk since the Issuer will continue developing the activities of its corporate purpose without generating a negative effect on
its payment capacity.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 8.05pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 59%"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">This translation from the original Spanish version is
provided for convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume
any liability based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD">&nbsp;</P></TD>
  <TD STYLE="text-align: right; width: 41%"><IMG SRC="image_037.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.55pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.55pt 0pt 8.05pt; text-align: justify">Finally, it is highlighted that
in case of obtaining the approval of the Bondholders' Meeting, the Issuer shall inform the market through the relevant information module
of the Superintendence of Finance of Colombia of such decision.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.55pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.9pt 0pt 8.05pt; text-align: justify">The information required to be published
by Alianza Fiduciaria S.A. as legal representative of the bondholders will be through the web page www.alianza.com.co.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.9pt 0pt 8.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">This document is signed in Bogot&aacute;, on the 22nd day
of November 2021.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">Sincerely yours,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">FRANCISCO JOSE SCHWITZER SABOGAL</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">Alianza Fiduciaria S.A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">As Spokesman and Administrator of RLTB Grupo Aval Acciones
y Valores S.A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt">&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Lina Guevara</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0"><IMG SRC="image_013.gif" ALT="" STYLE="width: 16px; height: 16px"></P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0"></P>
<P STYLE="text-align: right">ITEM 4</P>
<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>REPORT OF FIDUCIARIA CENTRAL
S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>IN ITS CAPACITY OF</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>LEGAL REPRESENTATIVE OF
GRUPO AVAL ACCIONES Y VALORES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>S.A. BONDHOLDERS</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>- ISSUES 2017 AND 2019 -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>NOVEMBER 22, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.85pt 0pt 168.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;<IMG SRC="image_024.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
1of 8</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> cliente@fiducentral.com</FONT></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Content</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">1</TD>
  <TD STYLE="width: 90%">Authorization to the Issuer</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right; width: 5%">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>2</TD>
  <TD><P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif">Documents under study</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>3</TD>
  <TD>Preliminary information</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>3.1</TD>
  <TD>Characteristics of the Issue</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">Bond Issues 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></TD>
  <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Bond Issues 2019</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</TD>
  <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>4</TD>
  <TD>Analysis of the Legal Representative of the Bondholders of Ordinary
Issued by Grupo Aval Acciones y Valores S.A. - 2017 and 2019 issues</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>5</TD>
  <TD>Financial Effects of the Issuer in respect of the Spin-Off</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>5.1</TD>
  <TD>Estimated effects of the transaction</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>6</TD>
  <TD>Effects of the Spin-Off on the Bonds and Bondholders</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>6.1</TD>
  <TD>Financial Effects</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>6.2</TD>
  <TD>Risks of the Spin-Off Process for Bondholders</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>7</TD>
  <TD>Conclusions of Fiducentral as Legal Representative of the Bondholders
of the 2017 and 2019 issues</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD>
  <TD STYLE="text-align: right">8</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><IMG SRC="image_024.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
2 of 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 85.05pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 85.05pt; text-align: center"><B>REPORT OF FIDUCIARIA CENTRAL
S.A. IN ITS CAPACITY OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 85.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 92.15pt; text-align: center">LEGAL REPRESENTATIVE OF
THE ORDINARY BOND HOLDERS ISSUED BY GRUPO AVAL - ISSUES 2017 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 92.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">The following
document is prepared by Fiduciaria Central S.A. (&quot;Fiducentral&quot;), in its capacity of legal representative of the holders of ordinary
bonds of the issues 2017 and 2019 issued by Grupo Aval Acciones y Valores S.A. (&quot;Grupo Aval&quot; or the &quot;Issuer&quot;), pursuant
to the provisions of the Decree 2555 of 2010, by which compiled the rules regarding the financial, insurance and securities market sector
and other provisions and the Circular Externa 029 of 2014 issued by the Superintendence of Finance of Colombia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">The opinion issued in this report refers to the following
aspects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">The Issuer submits for consideration and approval of the
Bondholders' Meeting the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.6pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>Authorization to the Issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">Grupo Aval
owns 68.7% of the shares of Banco de Bogot&aacute; S.A. (&quot;BdeB&quot;) and BdB owns 100% of the shares of BAC Holding International,
Corp. (&quot;BHI&quot;, formerly Leasing Bogot&aacute; S.A. Panam&aacute;). As such, Grupo Aval indirectly owns approximately 51.5% of
the shares of BHI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.8pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">BdB intends
to spin off 75% of BHI in favor of shareholders, and Grupo Aval, being one of BdB's shareholders, intends in turn to spin off the corresponding
pro rata (51.5%) in favor of its own shareholders, for which purpose it intends to carry out the transactions described in the report
prepared by the Issuer dated November 9, 2021 (&quot;Special Report&quot;), which serves as support for this opinon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.8pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">By virtue
of this, the Issuer at this meeting has requested an authorization and instruction of the Bondholders' Meeting to take the necessary steps
to carry out the spin-off described in the Special Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.6pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Documents under study.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">This opinion was made based on the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 84.3pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD>Issuer's Special Report</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 84.3pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD>Issuer's certified financial statements as of June 30, 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_024.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
3 of 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 84.3pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify; padding-right: 101.55pt">Confirmation of the bond rating issued by BCR RATINNGS, as securities rating
company dated November 8, 2021 through which it mentions that &quot;(...) <B><U>the Technical Committee of BRC Ratings - S&amp;P Global
S.A. SCV, in an extraordinary review on November 5, 2021, analyzed the spin-off project and the effects it would have on Grupo Aval's
credit profile. As a result, we confirmed the rating, as the proposed transaction would not have a significant impact on Grupo Aval's
ability to pay, and therefore the payment capacity of Grupo Aval, and therefore on its bond issues.</U></B>&quot; (Bold and underlined
outside the original text).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.2in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Preliminary information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 328.5pt 0pt 87.1pt"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Characteristics
of the Issues 2017 Bond Issue</FONT></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 328.5pt 0pt 87.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #528135">
    <TD STYLE="width: 12%; border: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.35pt"><B>Title</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.35pt">&nbsp;</P></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 18.6pt; text-align: center; text-indent: -18.6pt"><B>Date</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 18.6pt; text-align: center; text-indent: -18.6pt"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 18.6pt; text-align: center; text-indent: -18.6pt"><B>of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 18.6pt; text-align: center; text-indent: -18.6pt"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issue</B></P></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 24.95pt; font-size: 11pt; text-indent: -16.1pt"><FONT STYLE="font-size: 10pt"><B>Expiration date</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tenor</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issued</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(COP)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rate/coupon</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-align: center"><B>Rating</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal Representative of the Bondholders</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.85pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.75pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">June, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt">June, 2042</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center">25</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">300,000,000,000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">IPC + 3.99%</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt">AAA / BRC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 30.6pt; font-size: 11pt; text-indent: -4.45pt"><FONT STYLE="font-size: 10pt">Fiduciaria Central</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt"><B>Source: Fiducentral.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.1pt"><B>2019 Bond Issues</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #528135">
    <TD STYLE="width: 9%; border: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt"><B>Title</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt">&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 18.1pt; font-size: 11pt; text-indent: -6pt"><FONT STYLE="font-size: 10pt"><B>Date of issue</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 21.8pt; font-size: 11pt; text-indent: -16pt"><FONT STYLE="font-size: 10pt"><B>Expiration date</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt; font-size: 11pt; text-indent: -2.4pt"><FONT STYLE="font-size: 10pt"><B>Tenor</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.8pt 0pt 6.7pt; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.8pt 0pt 6.7pt; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.8pt 0pt 6.7pt; text-align: center"><B>Issued</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.8pt 0pt 6.7pt; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.7pt; text-align: center"><B>(COP)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.7pt; text-align: center"></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt"><B>Rate/coupon</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt">&nbsp;</P></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt"><B>Rating</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">&nbsp;</P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal Representative of the Bondholders</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.85pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 9.2pt; font-size: 11pt; text-align: center; text-indent: -3.5pt"><FONT STYLE="font-size: 10pt">November, 2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.85pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">November, 2024</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.75pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.75pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">100,000,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.75pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">6.42%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.8pt; font-size: 11pt; text-align: center; text-indent: 3.45pt"><FONT STYLE="font-size: 10pt">AAA / BRC</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: center">Fiduciaria</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: center">Central</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.85pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">Ordinary Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 9.2pt; font-size: 11pt; text-align: center; text-indent: -3.5pt"><FONT STYLE="font-size: 10pt">November, 2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.85pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">November, 2039</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center">20</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 4.75pt; text-align: center">300,000,000,000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 4.75pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center">IPC + 3.69%.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.8pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">AAA / BRC</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt"><B>Source:
Fiducentral.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><IMG SRC="image_024.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
4 of 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> <FONT STYLE="font-size: 10pt; color: #0462C1">fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> <FONT STYLE="font-size: 10pt; color: #0462C1">cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>



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  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.2in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify; padding-right: 104.3pt">Analysis of the Legal Representative of the Ordinary Bondholders Issued by Grupo
Aval Acciones y Valores S.A. - 2017 and 2019 issues.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">According
to the legal and contractual powers of this trust company acting in its capacity as Legal Representative of the Bondholders of the issues
corresponding to the years 2017 and 2019 made by Grupo Aval Acciones y Valores S.A., we will proceed to start the analysis, emphasizing
the operation that the Issuer intends to carry out and that will be subject to the review and decision of the Bondholders, as well as
the possible impact and consequences that it may be implicit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.6pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">In that
virtue, we will begin the analysis of the intended operation, which must be understood as the one described at the beginning of this document
and in detail in the Issuer's Special Report, which serves as support for the present opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.6pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.65pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">Therefore,
once analyzed and compared the effects of the intended operation, which are fully contemplated in the Code of Commerce, Law 222 of 1995,
the Tax Statute and other regulations applicable to this type of reorganization transactions, Fiducentral, in its capacity as legal representative
of the bondholders, developed this opinion based on the information provided by the Issuer, together with the confirmation of the rating
issued by BRC Ratings - S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES dated November 8, 2021, on which it is based to issue the
following opinion in relation to the proposed spin-off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.65pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.2in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Financial Effects of the Issuer in respect of the Spin-Off.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.05pt"></TD><TD STYLE="width: 19.85pt">5.1</TD><TD>Estimated effects of the transaction:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">As a result
of the transaction, Grupo Aval estimates to reduce the value of its investments in subsidiaries and also its equity by Ps. 6,237,618 million
corresponding to the direct investment in BHI, received as a result of the Spin-off of BHI at the BdeB level. These values will be transferred
in favor of its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115.55pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt; text-align: justify">The main effects are presented below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Grupo Aval<BR>
Separate Financial Statements<BR>
For the period ended as of june 30th 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%; background-color: black; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Reported&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 14%; background-color: black; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Transaction effect </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%; background-color: black; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Proforma&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Stated in millions of Colombian pesos</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Current assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,026,981 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,026,981 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,026,981 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,026,981 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Non-current assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: 11pt"><FONT STYLE="font-size: 11pt">Investments in subsidiaries and associates</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,544,600 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,237,618)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,306,982 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: 11pt"><FONT STYLE="font-size: 11pt">Accounts receivable with related parties</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: 11pt"><FONT STYLE="font-size: 11pt">Property and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,324 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,324 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: 11pt"><FONT STYLE="font-size: 11pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,551,031 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,237,618)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,313,413 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,578,012 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,237,618)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,340,394 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,138,752 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,138,752 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total long-term liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,550,861 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,550,861 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,689,613 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,689,613 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total shareholders' equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,888,399 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,237,618)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,650,781 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,578,012 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,237,618)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,340,394 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><IMG SRC="image_024.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
5 of 8</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> <FONT STYLE="font-size: 10pt; color: #0462C1">fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> <FONT STYLE="font-size: 10pt; color: #0462C1">cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 84.35pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 84.35pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.65pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">In the
semiannual income statement (pro forma), the net equity method income, would be affected as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.65pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 101.7pt">It would be reclassified Ps 402,458 million, corresponding to revenues and expenses
that are discontinued and recorded as discontinued operations in the results of the period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 101.65pt">Additionally, there is an Equity Method Gain, Ps 1,022,112 million, as a result
of the Gain on loss of control of subsidiaries in BdeB associated with the items that are reclassified from amounts accumulated to Other
Comprehensive Income, in accordance with the requirements of the standards that gave rise to them.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>



<p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Grupo Aval<BR>
Separate Financial Statements<BR>
For the accumulated period ended as of june 30th 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 14%; background-color: black; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Reported&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 14%; background-color: black; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Transaction effect </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 14%; background-color: black; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Proforma&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Stated in millions of Colombian pesos</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Operating revenue</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Equity method income, net (1)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">1,707,593 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;619,654 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,327,247 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Other revenue from ordinary activities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143,769 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143,769 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Total operating revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,851,362 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619,654 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,471,016 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39,954)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39,954)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Other expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Losses from exchange differences</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,811,273 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619,654 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,430,927 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,367)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,367)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Earnings before taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,767,906 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619,654 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,387,560 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,149)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,149)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Net income from continued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,740,757 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619,654 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,360,411 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Net income from discontinued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402,458 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402,458 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,740,757 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,022,112 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,762,869 </B></FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.9pt 0pt 168.4pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>&nbsp;(1)
The transaction effect column reflects Ps (402,458) from the discontinued operation and the deconsolidation gain of 1,022,112.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.9pt 0pt 168.4pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.9pt 0pt 168.4pt; text-align: center"><B>SOURCE: Grupo Aval Acciones
y Valores S.A as of June 30, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.9pt 0pt 168.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115.5pt 0pt 84.35pt; text-align: justify; text-indent: 0.5pt">Based on
the information presented as follows, Grupo Aval considers that it will maintain sufficient financial capacity to meet its financial obligations,
including the payment of coupons and principal of the bond issues made in 2009, 2016, 2017 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115.5pt 0pt 84.35pt; text-align: justify; text-indent: 0.5pt">For
illustrative purposes, the annualized profitability was calculated as of June 30, 2021 before net deconsolidation earnings. The
profitability ratios estimated post spin-off, remain at attractive levels: ROA of 14.6 and ROE of 17.1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;<IMG SRC="image_024.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
6 of 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>



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  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P>&nbsp;</P>

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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 51%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%; background-color: black; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Saldos</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; color: white"><B>reportados </B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 13%; background-color: black; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Efecto</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; color: white"><B>transacci&oacute;n </B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%; background-color: black; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; color: white"><B>&nbsp;Saldos</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; color: white"><B>proforma </B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Total shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,888,399 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">-&nbsp;&nbsp;6,237,618 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,650,781 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Total assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,578,012 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">-&nbsp;&nbsp;6,237,618 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,340,394 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">Net income from discontinued operations</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,740,757 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402,458 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,338,299 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Key ratios annualized</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">ROA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 11pt">14.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 11pt">14.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 11pt">ROE</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 11pt">15.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 11pt">17.1%</FONT></TD></TR>
  </TABLE>

<P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 108.75pt 0pt 92.15pt; text-align: center"><B>SOURCE: Grupo Aval Acciones
y Valores S.A as of June 30, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 108.75pt 0pt 92.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Key debt
metrics are presented below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Leverage ratios</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Grupo Aval Acciones y Valores S.A.</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>Annualized ratios</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2016</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>1H21</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: white"><B>1H21 Proforma</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Double leverage <SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.10x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.11x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.10x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.09x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.08x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.08x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.11x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total liabilities / Total assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.11x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.11x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.10x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.11x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.15x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net debt<SUP>2</SUP> / Total shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.10x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.08x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.07x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.03x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.05x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net debt<SUP>2</SUP> / Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.60x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.81x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.56x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.53x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.64x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.43x</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.56x</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) Double leverage is calculated as investments in subsidiaries at book value (excluding revaluations), subordinated loans to subsidiaries and goodwill as a percentage of shareholders' equity.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) Net debt is calculated as total gross debt minus cash and cash equivalents and fixed income investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*) Net income in 2021 do not include the deconsolidation gain of 1 bn</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.9pt 0pt 168.4pt; text-align: center"><B>SOURCE: Grupo Aval Acciones
y Valores S.A as of June 30, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 184.9pt 0pt 168.4pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.2in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Effects of the Spin-Off on the Bonds and Bondholders</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.05pt"></TD><TD STYLE="width: 32.7pt"><B>6.1</B></TD><TD><FONT STYLE="font-size: 10pt"><B>Financial Effects</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 101.8pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">Thus, once
the corresponding analysis has been made by Fiducentral in its capacity as Legal Representative of the Bondholders of the issues described
above, the aforementioned trust company, based on the reports that serve as a foundation to the present opinion, does not evidence adverse
financial effects resulting from the operation that the issuer intends to perform since:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 101.8pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.85pt 0pt 138.35pt; text-indent: -0.5in"><B>i.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Regarding to the characteristic terms of term, rate and indexation of the outstanding series, no variant will be presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.85pt 0pt 138.35pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.85pt 0pt 138.35pt; text-indent: -0.5in"><B>ii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>With the performance of the described operation, no detriment or decrease is evidenced as regards the issuer's financial performance,
evidencing that there</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><IMG SRC="image_024.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
7 of 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 85%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This translation from the original Spanish version is provided for
convenience purposes only. No representation is made as to the accuracy of this document and the company does not assume any liability
based upon it.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P></TD>
  <TD STYLE="text-align: right; width: 15%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.85pt 0pt 138.35pt; text-indent: 0in">will be no hindrance whatsoever
in the attention of its financial obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.85pt 0pt 138.35pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.05pt"></TD><TD STYLE="width: 19.75pt">6.2</TD><TD>Risks of the Spin-Off for Bondholders<FONT STYLE="font-weight: normal">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.35pt; text-align: justify">Regarding the described operation,
there is no evidence of risks associated to the same with respect to which the Bondholders may be exposed, which is based on the arguments
put forward both by the Issuer and BRC Ratings - S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES, as rating agency, in their respective
reports, where it is foreseen and supported with the necessary figures that the operation to be carried out will not have negative effects
on the Issuer, and therefore, it will maintain its payment capacity to meet the obligations derived from its issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.55pt 0pt 84.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.2in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="padding-right: 113.6pt">Conclusion of Fiducentral as Legal Representative of the Bondholders of the 2017 and 2019 issues.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.65pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">The proposed
transaction is not expected to generate changes in the local issues from the point of view of their rating, which are maintained at &quot;AAA&quot;
by BRC Ratings - S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES according to the report issued by the rating agency on November
8, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.65pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">Having
exposed the financial effects and ratification of BRC Ratings - S&amp;P Global S.A. SOCIEDAD CALIFICADORA DE VALORES on the spin-off,
Fiduciaria Central S.A. does not find an adverse effect for the bondholders, this to the extent that the credit and rating conditions
established in the aforementioned issues are preserved, therefore, the valuation effects of the corresponding securities are maintained,
in addition to the facial conditions of the issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.7pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.75pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">Finally,
it is highlighted that in case of obtaining the approval of the Bondholders' Meeting, the Issuer shall inform the market through the relevant
information module of the Superintendence of Finance of Colombia of such decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.75pt 0pt 84.85pt; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt; text-align: justify">This document is signed in Bogot&aacute;
D.C., on November 12, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt; text-align: justify">Sincerely yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.05pt"><B>CARLOS MAURICIO ROLD&Aacute;N</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.05pt"><B>Legal Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.05pt"><B>Fiduciaria Central</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><IMG SRC="image_024.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Page
8 of 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #385522"><B>Bogot&aacute;
</B></FONT>Av El Dorado No 69 A 51 Torre B Piso 3 PBX (57) 601 - 4124707 Fax (57) 601 - 4124757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #385522"><B>Medell&iacute;n
</B></FONT><FONT STYLE="font-size: 10pt">Carrera 43 C No 7D - 09 PBX (57) 604 - 4449249</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">email:</FONT> fiduciaria@fiducentral.com
</FONT><FONT STYLE="font-size: 10pt">service to</FONT> cliente@fiducentral.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">www.fiducentral.com</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <TD STYLE="width: 50%"><IMG SRC="image_022.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_023.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right">ITEM 5</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4472C4"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4472C4"><B><I>This translation from the
original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and
the company does not assume any liability based upon it.</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4472C4"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_038.jpg" ALT="" STYLE="height: 89px; width: 174px"></FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Carrera 19A No. 90-13</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Oficina 708</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Bogot&aacute;, Colombia</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Tel&eacute;fono 57 (1) 3904259</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Fax: 57 (1) 3906405</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt; text-align: justify">http://www.brc.com.co</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt; text-align: justify"></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Bogota D.C., November 8, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mr.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>DIEGO SOLANO SARAVIA</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Bogot&aacute; D.C.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mr Solano:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In attention to your request for a concept from the rating agency BRC
Ratings - S&amp;P Global S.A. SCV regarding the eventual effect on the credit quality of the ordinary bonds of Grupo Aval Acciones y Valores
S.A. following the announcement of Banco de Bogot&aacute; to spin off 75% of its shares in BAC Holding International (formerly Leasing
Bogota Panama), we state the following:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-indent: -0.25in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>On September 15, 2021, Grupo Aval announced that its subsidiary Banco de Bogot&aacute; intends to spin off 75% of its shareholding
in BAC Holding International, vehicle through which the bank exercises ownership over BAC International Bank's banking operation, in favor
of the Bank's shareholders, including Grupo Aval, and Grupo Aval intends to spin off the corresponding pro rata in favor of its own shareholders.
The shares of BAC Holding International will be listed in the Colombian Stock Exchange and the Panama Stock Exchange. The completion of
the transaction is subject to the approval of the competent regulatory authorities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-indent: -0.25in">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Based on the information provided by Grupo Aval, the Technical Committee of BRC Ratings - S&amp;P Global S.A. SCV, in an extraordinary
review on November 5, 2021, analyzed the spin-off project and the effects it would have on Grupo Aval's credit profile. As a result, we
confirmed the rating, as the proposed transaction would not have a significant impact on Grupo Aval's ability to pay, and therefore the
payment capacity of Grupo Aval, and therefore on its bond issues. The rationale for this decision are available for consultation on the
rating agency's website: www.brc.com.co</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.4pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If you have any questions, please do not hesitate
to contact us.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Kind regards,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>/s/ MAR&Iacute;A CAROLINA BAR&Oacute;N BUITRAGO</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Director</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4472C4"><B><I>This translation from the
original Spanish version is provided for convenience purposes only. No representation is made as to the accuracy of this document and
the company does not assume any liability based upon it.</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4472C4">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_038.jpg" ALT="" STYLE="height: 89px; width: 174px"></FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Carrera 19A No. 90-13</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Oficina 708</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Bogot&aacute;, Colombia</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Tel&eacute;fono 57 (1) 3904259</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt">Fax: 57 (1) 3906405</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt; text-align: justify">http://www.brc.com.co</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.55pt; text-align: justify"></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The current rating regulation establishes that BRC Ratings - S&amp;P
Global S.A. SCV issues its opinion in which risks are analyzed according to the methodology applied in each case. risks are analyzed according
to the methodology applied in each case. This procedure includes study of the data and the changes made in each of the elements that govern
the Ordinary Bonds and that affect the level of risk; but it is not possible to measure the impact of the impact of possible decisions
to be taken in the future.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>A risk rating issued by BRC Ratings - S&amp;P Global is a technical
opinion and at no time is it intended to be a to buy, sell or hold a particular investment and/or security, nor does it imply a guarantee
of payment of the security, but rather an assessment of the likelihood that the principal of the security and its yields will be repaid
on a timely basis. The information contained in this publication has been obtained from sources believed to be reliable and accurate,
accordingly, we do not assume responsibility for errors or omissions or for results derived from the use of this information.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">SIGNATURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Date: December 2, 2021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 12pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Jorge Adri&aacute;n Rinc&oacute;n Plata</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Jorge Adri&aacute;n Rinc&oacute;n Plata</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
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begin 644 image_021.jpg
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<DOCUMENT>
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begin 644 image_024.jpg
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<DOCUMENT>
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<FILENAME>image_022.jpg
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begin 644 image_022.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
