<SEC-DOCUMENT>0000950103-21-019939.txt : 20211217
<SEC-HEADER>0000950103-21-019939.hdr.sgml : 20211217
<ACCEPTANCE-DATETIME>20211217172641
ACCESSION NUMBER:		0000950103-21-019939
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20211217
FILED AS OF DATE:		20211217
DATE AS OF CHANGE:		20211217

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:		211502789

	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>dp163868_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</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>FORM 6-K<BR>
</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>Report Of Foreign Private Issuer</B></P>

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

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

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of December 2021</P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 000-54290</B></P>

<P STYLE="font: 12pt 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: 10pt 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>Carrera 13 No. 26A - 47</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bogot&aacute; D.C., Colombia</B></P>

<P STYLE="font: 12pt 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: 10pt 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">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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 8pt 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: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</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: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%">
</TD></TR>
  </TABLE>
<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">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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 8pt 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: 12pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; 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: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
</TD></TR>
  </TABLE>
<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">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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 8pt 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: 12pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; 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: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
</TD></TR>
  </TABLE><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">&nbsp;</P>
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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</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: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt">Second call for bondholders&rsquo; assembly &ldquo;(relating to local Colombian law-governed bonds)&rdquo;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Item 1</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 42px; width: 122px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 11pt"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 41px; width: 34px"></TD></TR>
  </TABLE>
<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>Second Summoning for General Bondholders Meeting</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: center"><IMG SRC="image_006.jpg" ALT="" STYLE="height: 92px; width: 230px"></P>

<P STYLE="font: 11pt 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>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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 second meeting
of the joint General Assembly of Bondholders of the issuances of 2009, 2016, 2017 and 2019<SUP>1</SUP>, since on December 16, 2021,
the first meeting was called without reaching the quorum required by the regulation.</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 16.65pt 0pt 0; text-align: justify">The second meeting will be held on
December 28, 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 second 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 forty
percent (40%) 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 neither in the Second Call, a new meeting can be called, in which the presence of any plural number of bondholders
is sufficient to validly deliberate; they may make decisions by any type of majority, a fact which is clearly stated in this notice.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
The Colombian Issuances of 2009, 2016, 2017 and 2019 with a total outstanding of $1.124.520.000.000 COP.</P>


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<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>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt 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-bottom: #DEE2E6 1.5pt solid; border-left: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: 8pt; color: #3E3D40">IPC+5.20%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Blue"><U>&bull;
                                            AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</U></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #3E3D40"><FONT STYLE="font-size: 8pt">https://www.grupoaval.com/documents/1028736/1114875/IV-<BR>
    2020-PEC-BONOS-GRUPO-AVAL-RP2021.pdf/0b9d06b1-<BR>
    7849-0b32-573b-6ac55eee9a83?t=1620064519016</FONT></P></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: 8pt"><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: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3E3D40">IPC+3.86%<BR>
    <BR>
    IPC+4.15%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Blue"><U>&bull;
                                            AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</U></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #3E3D40"><FONT STYLE="font-size: 8pt">https://www.grupoaval.com/documents/1028736/1114875/IV-<BR>
    2020-PEC-BONOS-GRUPO-AVAL-RP2021.pdf/0b9d06b1-<BR>
    7849-0b32-573b-6ac55eee9a83?t=1620064519016</FONT></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: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Alianza
                                            Fiduciaria S.A.</B></FONT></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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3E3D40">COP$
    300,000mm</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3E3D40">IPC+3.99%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Blue"><U>&bull;
                                            AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</U></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt">https://www.grupoaval.com/documents/1028736/1114875/IV-<BR>
    2020-PEC-BONOS-GRUPO-AVAL-RP2021.pdf/0b9d06b1-<BR>
    7849-0b32-573b-6ac55eee9a83?t=1620064519016</FONT></P></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: 8pt"><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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; 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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3E3D40">6.42%<BR>
    <BR>
    IPC+3.69%</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Blue"><U>&bull;
                                            AAA &ndash; BRC Ratings &ndash; S&amp;P Global S.A. (ratings)</U></FONT><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt">https://www.grupoaval.com/documents/1028736/1114875/IV-<BR>
    2020-PEC-BONOS-GRUPO-AVAL-RP2021.pdf/0b9d06b1-<BR>
    7849-0b32-573b-6ac55eee9a83?t=1620064519016</FONT></P></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: 8pt"><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: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3E3D40"><B>TOTAL
    </B></FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3E3D40"><B>$1.124.520mm</B></FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #DEE2E6 1pt solid; border-bottom: #DEE2E6 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 28.35pt; text-align: justify"><B>The proposed agenda for the
abovementioned meeting is the following:</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">1.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Election of President and Secretary for the meeting.</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">2.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Quorum verification.</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">3.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">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).</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">4.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Information regarding the Report of the Legal Representatives of the 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: 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">a.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Presentation of the Alianza Fiduciaria Report acting as a Legal Representative
over two tranches out of four.</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">b.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Presentation of the Fiduciaria Central Report acting as a Legal Representative
over two tranches out of four.</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">5.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Management report regarding the Report of BRC Ratings S&amp;P Global acting as
a local rating agency over the local bond issuances.</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">6.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Voting and decision of the Bondholders regarding the spin-off proposal of Grupo
Aval Acciones y Valores S.A.</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">7.</TD><TD STYLE="text-align: justify; padding-right: 16.65pt">Drafting, reading and approval of the minutes of the meeting.</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 an 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;</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 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
Our local bonds are listed in the Colombian Stock Exchange.</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">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 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, <FONT STYLE="color: Blue"><U>www.grupoaval.com</U></FONT>,
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 <FONT STYLE="color: Blue"><U>www.superfinanciera.gov.co</U></FONT> 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 <FONT STYLE="color: Blue"><U>www.bvc.com.co </U></FONT>under the link &quot;Empresas&quot; by following this link <FONT STYLE="color: Blue"><U>https://www.bvc.com.co/pps/tibco/portalbvc/Home/Empresas/PaginaPrincipal?action=dummy</U></FONT>;</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">(v) on the web page of Deceval in
the &quot;Other Documents&quot; section following this link <FONT STYLE="color: Blue"><U>https://www.deceval.com.co/portal/page/portal/Home/Instructivos_boletines/otros_documentos/otrosdocs</U></FONT>;
(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 <FONT STYLE="color: Blue"><U>www.fiducentral.com</U></FONT> following
the link <FONT STYLE="color: Blue"><U>https://www.fiducentral.com/productos-y-servicios/representacion-legal-tenedores-de-bonos</U></FONT>,
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 <FONT STYLE="color: Blue"><U>asanchez@grupoaval.com</U></FONT> or <FONT STYLE="color: Blue"><U>investorrelations@grupoaval.com</U>
</FONT>, 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 17, 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>

<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: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(S.D. Original)</FONT></TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(S.D. Original )</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francisco Jos&eacute; Schwitzer Sabogal</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos Mauricio Rold&aacute;n </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Representative </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Representative </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alianza Fiduciaria S.A.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiduciaria Central S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Representative of the Bondholders </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Representative of the Bondholders</FONT></TD></TR>
  </TABLE>





<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"></P>

<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; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt 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: 10pt 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 17, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: 10pt"><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: 10pt">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: 12%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><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>
  </TABLE>

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

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

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
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begin 644 image_006.jpg
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