<SEC-DOCUMENT>0000950103-22-005848.txt : 20220401
<SEC-HEADER>0000950103-22-005848.hdr.sgml : 20220401
<ACCEPTANCE-DATETIME>20220401163444
ACCESSION NUMBER:		0000950103-22-005848
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220401
DATE AS OF CHANGE:		20220401

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:		22798814

	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>dp170435_6-k.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: 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>UNITED STATES</B>&nbsp;</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"><FONT STYLE="font-size: 18pt"><B>FORM 6-K<BR>
</B></FONT></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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March 2022</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bogot&aacute; D.C., Colombia</B>&nbsp;</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 44%; 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">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X&nbsp;</FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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%"><FONT STYLE="font-size: 10pt">&nbsp;<!-- Field: Rule-Page --></FONT><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">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):</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 44%; 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%"><FONT STYLE="font-size: 10pt">&nbsp;<!-- Field: Rule-Page --></FONT><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">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):</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 44%; 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%"><FONT STYLE="font-size: 10pt"><!-- Field: Rule-Page -->&nbsp;</FONT><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X&nbsp;</FONT></P></TD></TR>
  </TABLE>
<!-- 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 -->


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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; 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: 10pt 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"><FONT STYLE="font-size: 10pt">Notice of Relevant Information dated March 31, 2022</FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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; text-align: right"><B>Item 1</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 79px; width: 211px"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Grupo Aval Acciones
y Valores S.A. (the &ldquo;Company&rdquo;) informs that the ordinary meeting of shareholders, held on March 30, 2022, adopted the following
decisions:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 22.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Approved
                                            the Company&rsquo;s financial statements, management report and other attachments, for the
                                            year ended on December 31, 2021. It further approved the following distribution of profits:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 0pt; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>PROPOSED DISTRIBUTION OF PROFITS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>FOR THE PERIOD BEGINNING ON JANUARY 1st AND ENDING
    ON DECEMBER 31st, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>GENERAL MEETING OF SHAREHOLDERS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt">&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-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<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="text-align: left; width: 67%">Net
Income</TD>
  <TD STYLE="text-align: right; width: 33%">3,502,757,886,033.29</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"></P>

<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: 72%">With tax benefit</TD>
  <TD STYLE="width: 28%">1,619,852,360,114.14</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Without tax benefit</TD>
  <TD><U>1,882,905,525,919.15</U></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt"><U>&nbsp;</U></FONT><U>&nbsp;</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Plus:</FONT></TD>
    <TD STYLE="width: 56%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Occasional reserve release
    at the disposal of the General</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Meeting of Shareholders</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,518,334,949,537.70</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-size: 10pt"><B>Year 2016 and previous years</B></FONT></TD>
    <TD STYLE="padding-left: 93.9pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;2,057,618,814,741.97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-size: 10pt">With tax benefit</FONT></TD>
    <TD STYLE="padding-left: 27.95pt"><FONT STYLE="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Without tax benefit</FONT></TD>
    <TD STYLE="padding-left: 23.4pt"><FONT STYLE="font-size: 10pt"><U>2,057,618,814,741.97</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-size: 10pt"><B>Year 2017 and following</B></FONT></TD>
    <TD STYLE="padding-left: 93.9pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;8,648,923,134,529.43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-size: 10pt">With tax benefit</FONT></TD>
    <TD STYLE="padding-left: 23.4pt"><FONT STYLE="font-size: 10pt">4,159,927,422,835.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-size: 10pt">Without tax benefit</FONT></TD>
    <TD STYLE="padding-left: 23.4pt"><FONT STYLE="font-size: 10pt"><U>4,488,995,711,694.43</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<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: 72%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Effect
of applying Decree 1311 of 2021:&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">To
be taken from unearned income for 2016 and&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">prior years.&#9;</FONT></P>
</TD>
  <TD STYLE="text-align: left; width: 21%; vertical-align: bottom">(188,206,999,733.68)</TD>
  <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>

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

<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: 47%">Adjustment in deferred tax due to change in income tax rate&#9;</TD>
  <TD STYLE="width: 46%"><U>(188,206,999,733.68)</TD>
  <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-size: 10pt"><B>Total Income available
    at the disposal of the General</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-size: 10pt"><B>Meeting of Shareholders:</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; padding-left: 0.2pt; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt"><B><U>14,021,092,835,571.00</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
    stock dividend at the rate of $54 per share on the 22,281,017,159 common and preferred shares outstanding as of December 31, 2021.
    These dividends will be paid in shares, at the rate of 1 share for every 13.72333 common or preferred shares, as of December 31,
    2021. The payment of the shares will be made on May 31, 2022, to whoever is entitled to it at the time the payment becomes due in
    accordance with current regulations. For this purpose, up to a total of 1,623,586,385 new shares of the same species held by the
    shareholder will be issued. The unit value of the shares will be 741.06.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0; text-indent: 3.25in"><FONT STYLE="font-size: 10pt"><B>1,203,174,926,586.00</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 3.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 3.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 3.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 3.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 3.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 0pt 134.65pt"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 134.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 11pt"><B>Occasional reserve at the disposal of the General Meeting of Shareholders for
    future distributions</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: top"><B>12,817,917,908,985.00</B><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37.65pt; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 53%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>

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

<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="padding-left: 0.125in; width: 58%">Total with tax benefit:</TD>
  <TD STYLE="text-align: left; width: 23%">4,576,604,856,363.22</TD></TR>
</TABLE>

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

<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: top">
    <TD STYLE="width: 40%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 6.45pt"><FONT STYLE="font-size: 10pt">Year 2021</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 6.45pt"><FONT STYLE="font-size: 10pt">Year 2020</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="width: 19%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">1,619,852,360,114.14</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">1,524,244,600,639.30</FONT></P></TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 6.45pt; padding-left: 0pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">Year 2019</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-size: 10pt">1,432,507,895,609.78</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 6.45pt; padding-left: 0pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><BR STYLE="clear: both"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<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="padding-left: 0.125in; width: 58%">Total without tax benefit:</TD>
  <TD STYLE="text-align: left; width: 23%">8,241,313,052,621.80</TD>
  </TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"></FONT><TD STYLE="padding-left: 6.65pt; font-size: 11pt"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37.65pt; text-indent: 0.75in"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37.65pt; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.85pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt">Year 2021</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt">Year 2020</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.45pt"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">1,882,905,525,919.15</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">874,756,729,820.62</FONT></P></TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6.45pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">Year 2019</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-size: 10pt">1,426,041,296,499.94</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6.45pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">Year 2018</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-size: 10pt">1,323,914,957,506.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6.45pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">Year 2017</FONT></TD>
    <TD STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-size: 10pt">864,282,727,867.80</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6.45pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">Year 2016 and previous</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,869,411,815,008.29</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6.45pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.5pt; width: 85%; padding-left: 0.125in; font-size: 11pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: black 1pt solid; width: 15%; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt; text-underline-style: double"><B>14,021,092,835,571.00</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>NOTE:
Pursuant to the provisions of the paragraph of article 455 of the Colombian Code of Commerce, the payment of the dividend in shares requires
the express acceptance of the shareholder, which shall be given with respect to all the shares owned by the shareholder. Therefore, the
shareholder who opts for this alternative, must fill out the form found in the web page www.grupoaval.com (the only mechanism enabled
to explicitly express their acceptance to the payment of the dividend in shares), no later than April 29, 2022, until 11:59 p.m. (COL),
together with the documents required in the same web page according to the tax status of each shareholder.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>If
the shareholder remains silent, the dividend will be paid in cash on the date foreseen for the payment of the shares, deducting the withholding
tax applicable. Shareholders who opt for the payment of dividends in shares must consider that the fractions will be paid in cash against
occasional reserves.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>The
portion of preferred or common shares required to pay the dividend of those shareholders who have expressed their intention to receive
the dividend payment in preferred or common shares, will be released by the Board of Directors of the Company, no later than May 31,
2022, which will be issued against the authorized capital.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></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: 22.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Elected
                                            the following individuals as members of the Board of Directors for the period beginning on
                                            April 1, 2022, and ending on March 31, 2023:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>BOARD OF DIRECTORS
- GRUPO AVAL ACCIONES Y VALORES S.A.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022-2023</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>PRINCIPAL</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>ALTERNATE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Luis Carlos Sarmiento Angulo</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Mauricio C&aacute;rdenas M&uuml;ller</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Alejandro Figueroa Jaramillo</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlos Eduardo Upegui Cuartas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Mar&iacute;a Lorena Guti&eacute;rrez Botero</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Juan Camilo &Aacute;ngel Mej&iacute;a
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">&Aacute;lvaro Vel&aacute;squez Cock</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ana Mar&iacute;a Cu&eacute;llar
    de Jaramillo </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Fabio Castellanos Ord&oacute;&ntilde;ez
    (*)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Luis Fernando L&oacute;pez Roca
    (*) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Miguel Largacha Mart&iacute;nez</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C&eacute;sar Prado Villegas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Esther Am&eacute;rica Paz Montoya (*)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germ&aacute;n Villamil Pardo
    (*) </FONT></TD></TR>
  <TR>
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="font-size: 10pt">(*)
Independent Members</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 22.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Re-elected
                                            KPMG as Statutory Auditor of the Company. KPMG will appoint the individuals that will act
                                            as principal and alternate Statutory Auditor of the Company, on behalf of such firm.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 22.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In addition
                                            to the aforementioned decisions, the Company informs that the following will be the ex-dividend
                                            dates applicable to May 2022:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D0CECE">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding: 3pt; white-space: nowrap; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Ex-dividend
    Dates May 2022 (*)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D0CECE">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Month</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; white-space: nowrap; width: 38%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Initial
    ex-dividend date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; white-space: nowrap; width: 36%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Final
    ex-dividend date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">May
    2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt">24.05.2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt">31.05.2022</FONT></TD></TR>
  </TABLE>
<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"><FONT STYLE="font-size: 10pt">(*) Ex-Dividend
dates may vary subject to any determination of the Colombian Stock Exchange with respect to the business days for trading purposes.</FONT></P>

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</FONT></P></U></TD></TR>


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<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: March 31, 2022</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: 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: 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; padding-left: 0.875in; text-align: left"><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>&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 38%"><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: 0">&nbsp;</P>

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

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