EX-1.1 2 aval-20231231xex1d1.htm EX-1.1

Exhibit 1.1

B Y L A W S

GRU P O A V A L A CCI O N E S Y V A LOR E S S.A.

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LI S T OF D EE D S:

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No. D A T E NO T A R Y

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0043 | Ja n u a r y 7, 199 4 | 2 3 o f Bogotá
2691 | M a y 2 4, 199 4 | 23 of Bogotá
1636 | A p r il 20, 199 5 | 23 of Bogotá
4842 | O c t ob e r 6, 199 5 | 23 of Bogotá
2095 | A p r il 18, 199 7 | 23 of Bogotá
0036 | Ja n u a r y 8, 199 8 | 23 of Bogotá
2742 | J u ne 17, 1998 | 23 of Bogotá
5298 | D e ce mb e r 14, 199 8 | 23 of Bogotá
5358 | D e ce mb e r 16, 199 8 | 23 of Bogotá
94 1 | A p r i l 5, 1999 | 23 of Bogotá
3530 | O c t ob e r 12, 199 9 | 23 of Bogotá
4260 | O c t ob e r 24, 200 1 | 23 of Bogotá
1248 | A p r il 22, 200 2 | 23 of Bogotá
4335 | No v e m b e r 13, 2003 | 23 of Bogotá
0580 | M a r c h 6, 200 6 | 18 of Bogotá
1735 | A p r il 25, 200 7 | 18 of Bogotá
132 3 | A p r il 24, 200 9 | 36 of Bogotá
2 8 | Ja nu a r y 6, 201 1 | 73 of Bogotá
2781 | M a y 26, 2015 | 73 of Bogotá
5328 | Se p t e mb e r 24, 2015 | 73 of Bogotá
159 | Ja nu a r y 21, 2016 | 73 of Bogotá
1276 | M a r c h 29, 2016 | 73 of Bogotá
6367 | N o v e mb e r 25, 2016 | 73 of Bogotá
1907 ​ 3 | April 28, 2017 | 73 of Bogotá
305 | January 28, 2022 | 73 of Bogotá
​ | Abril _, 2024 | 73 of Bogotá

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C H A P T E R I. N A M E, D O M ICIL E, T E RM A ND P UR P O SE.

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A R T I CLE 1. N A M E A ND T Y PE. M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 1994,

45 5 of F e br u a r y 11, 1997, 209 5 of A pril 18, 199 7 a nd 0 0 3 6 of Ja nu a r y 8, 1998, a l l i ss u e d b y No t a r y 2 3 of Bogo t á. T he Com pany is a Colo m bian fo r-p r o fit jo i nt-stock co m pany le g ally na m ed GRUPO A VAL ACCIONES Y VALOR ES S.A.

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A R T I CLE 2. OFFICI A L DO M ICIL E: B R A NCH E S A N D A G E NC I ES. M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 199 4 a nd 12 4 8 of A pril 22, 2 00 2 i ss u e d b y No t a r y 2 3 of Bogo t á. T he Comp an y's o f ficial do micile is in the city of Bo g o tá D.C., but it m ay o v er the cou rse of its co r po r a te li fe establish b r an c hes and a g enci es an y w he re in Colo m b ia or a b r oad.

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A R T I CLE 3. T E R M. The Com pany has a te rm of f i fty (50) y ea rs f r om the da te of this docu m ent, alt hou gh t h is te rm m ay be e xtended or the Co m pany m ay be dissolv ed in ad v ance by a decisi on of the G ene r al S ha r ehold e rs' M eeting pu rsuant to the se b yla ws.

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A R T I CLE 4. COR P O R A TE P UR P O SE: M o di f i e d b y D ee ds No s. 269 1 of M a y 24, 1994, 27 4 2 of J une 17, 1998, 42 6 0 of O c t o b e r 24, 2001, a l l i s s u e d b y No t a r y 2 3 o f Bogo t á. T he C o m pa ny is p rim a rily en g aged in the f ollo wing acti viti es:

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a) T he pu rch ase and sa le of sha r e s, bonds, and secu rities of e ntities in the fin ancial syste m.

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b) T he pu rcha se a nd sale of sha r e s, b on ds, and s ecu rities of o t her co m m e rcial entities.

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P A R A G R A P H: As pa rt of the c o r po r a te pu rp ose, t he C o m pany m a y:

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a) Acq uire and tr ade any kind of secu rities f r eely circulating on the m a rket and secu rities in g ene r al.

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b) Cr eate any kind of c o m panies r e l a t ed to or co m p l e m en t a ry to the co rp o r a te pu r po s e.

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c) Rep r esent i ndividuals or co r po rate entities in v o l v ed in activities similar to or co m p l e m en t a ry of tho se described in p r e vio us pa r a gr aphs.

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d) Accept or gr ant m o neta ry loans with or without inte r e st, p l ed ge or give as collate r al its m o v ab le or im m o v able p ro pe rty, off er su r eti es and ass ume r esponsibilities to giv e, e x ecute or not e x e c ute t h em on b e ha lf of third pa rtie s; tr an s f e r, e n do rse, purchase acc ept, c ash, conte st, cancel or pay bills of e xcha n g e, checks, p r o misso ry notes, or a ny other secu rities or accept th em or g i ve them as pa y m ent and in g ene r al e x ecu te or enter in to e xcha nge contr acts in any of their f o r ms.

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e) Pu rcha s e, tr an s f e r, encu m be r, le ase, or a d minist er any ty pe of p r ope rty a nd chan ge its na t u r e.

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f) Endo r se or pu rch ase any class of s ha r es and tra n s f er the m, o wn sha r es in co m panies with similar or co m ple m en t a ry co r po r ate pu rp oses, a nd fr eely tr ansf er the s ha r es, s ha r es or i nte r est the r eo f.

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g) Settle, aband on a nd a p peal a r bitration or le g al decisions on m att e rs in v olving third pa rti es, ass ociates and e m plo y ees in w hich the Co m p any has an inte r e st.

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h) P r o vide se r vices in a r eas r elated to the a ctivities, e x pe rience and kno wled ge of the Co m pan y.

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i)And, in ge ne r al, sign and e x ecu te any type of do c u m ent or c ontr act dir ectly r elated to t he abo ve and w hose ulti m a te p u r pose is to e x e rcise the rig hts of or co m ply with the oblig ations a rising f rom t he C o m pan y's activity.

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C H A P T E R II. S H A RE C A P I T A L A N D S TO C K.

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A R T I CLE 5. A U TH O RIZ E D C A P I T A L. M o di f i e d b y D ee ds No s. 26 9 1 of Ma y 24, 199 4 a nd 5 3 5 8 of D ece m b e r 16, 1998, i ss u e d b y N o t a r y 2 3 of Bogo t á. The Co m pan y's autho r i z ed capital to t als ONE HUNDRED T W ENTY BIL L ION COLOM BIAN P ESOS (COP 1 20,0 00,000,000.00) r ep r e s en t ed by ONE HUNDRED T W E N TY BILLION (1 20,000,0 00,000) sha res, each w o rth a no m i nal v alue of ONE COLOM BIAN P ESO (COP 1.00).

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A R T I CLE 6. M odi f i e d b y D ee ds No s. 2 69 1 of M a y 24, 199 4 i ss u e d b y N o t a r y 2 3 of Bogo t á, 058 0 of M a r c h 6, 200 6

i ss u e d b y N o t a r y 1 8 of B ogo t á, a nd 2 8 o f Ja nu a r y 6, 201 1 i s s u e d b y N o t a r y 7 3 of Bogo t á. C L A SSE S OF S H A R ES. T he Co m pan y's sha r es a re no min ative and based on capital. T hey m ay be: a) co mm on, or b) p re f e rr ed without v oting rig hts. Sha r es with p re f e rr ed dividends but no v oting rig hts m ay be placed via a subscription of s ha res or a c on v e rsion of e xisting co mm on sha r es. Sha r es a re in divisible. As such, if a sha re belo n gs p ro i ndiviso to m ultip le peop l e, t he se peop le shall desig na te s o m eo ne to e x ecu te t he rig hts inhe re nt to t he sha r e, but f or m eeting oblig ations to the Co m pan y, they shall be j ointly r esp o nsible. Successi on sha r es s hall be s ubje ct to t he applicable la ws. Sha r es m ay circu l ate in ph ysical or electr onic f o rm as decid ed by the Co m pa n y's Boa rd of Dir ecto r s. All sha r es issu ed s hall ha ve the sa me n o minal v alue.

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Each c o m m on sha re s hall co n f er t he f ollo wing rig hts to its hold e r(s):

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1. T he rig ht to pa rticip ate in the delibe r ati ons of the G ene r al S ha re hold e rs' M eeting and to v ote as a m emb er of the Me etin g;

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2. T he rig ht to r e c eive a p r opo rtional s ha re of t he com pany p ro fits as establish ed in the y ea r ly b alance sh e ets;

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3. T he rig ht to f r eely tr a de sha r es as pe r mitted by law and these b y l a ws;

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4. T he rig ht to f r eely i nspect the Co m pan y's books and pape rs within the f i f t een (1 5) da ys p rior to the G e n e r al Sha re hold e rs' M e eting at w hich the y ea r-end bala n ce sheets a re e x a mined;

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5. In the e v ent of t he liq uidation of t he c o mp an y, the rig ht to r eceive a p r opo rti onal sha re of t he c o m pan y's assets on ce the Co m pan y's e xte r nal liabilities ha ve b e en paid.

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Each p r e f e r r ed sha re without v oting rig h ts s hall co n f er the f o llo wing rig hts to the holde r(s), in addition to tho se set f o r th in the s ubscription te r ms:

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1.T he rig ht to f r eely tr ade sha r es as pe r mitt ed by law and these b yla ws;

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2. T he rig ht to r eceive a minim um dividend as set f o r th in t he subscr i p tion te r ms that w ill be p r e f e r enti ally paid o v er tho se due f or co m m on sha r es, p r o vided that dividends h a ve been decla r ed on the basis of r e s ou rces le g ally a v ailable f or th is pu r po s e. T he dividend r eceiv ed by holde rs of co m mon sha r es s hall not e xceed that decla red f or t he p re f e rr ed dividends with o ut v oting rig hts. T he re shall be no accu m ulation of dividends.

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3. T he rig ht to o wn an eq ual p r opo rti on of t he co m m on sha r es of t he distribu t a b le p ro fits t hat re m ain after the min i m um dividend and t he dividend f or co m mon sha r es e q ual to t he m i nimum dividend ha ve be en deduct ed. In t his c ase, or w hen a dividend gr eater than the m i nim um dividend is decla r ed, s ha r es with p r e f e rred dividends and no v o ting rig hts shall not be eligible to r eceive the dividend decla r ed f or co m m on sha r es in additi on to t he min i m um dividend, but r ather only the dividend decla red f or co m m on sha r e s.

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4. T he rig ht to p r e f e r enti al r eim bu rse m e nt of i n v estm ents m a de on ce t he e xte r nal liabilities a re paid up on the diss olution of t he Co m pan y.

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5. All other rig hts p r o vided f or c o m m on s ha r es in A rticle 379 of t he Co mm e r ce Code, e xcept f or m e m be r s hip or v oting r i g hts in the S ha r eho l de rs' M eetin g. Sha re holde rs with p refe rr ed sh a r es without v oting rig hts shall, ho w e v e r, h a ve the rig ht to v ote in the situ ations set f o rth by la w.

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A R T I CLE 7. C E RTIF I C A T ES. M odi f i e d b y D ee ds No s. 269 1 o f M a y 24, 199 4 i ss u e d b y No t a r y 2 3 of Bogo t á, 353 0 of O c t ob e r 12, 1 9 99, 12 4 8 of A pril 22, 20 0 2, a ll i ss u e d b y N o t a r y 2 3 of Bogo t á, a nd 058 0 of M a r c h 6, 200 6 i ss u e d b y N o t a r y 1 8 of Bogo t á. T he Co m pany shall iss ue sh are ce rtific ates to all s h a r ehold e rs. B efo re sha r es a re co m pletely paid, the Co m p any sh all on ly issue p r o visional ce rti ficates, w hich shall h a ve t he s a me cha r acte ristics as o f ficial c e rti ficate s. T he tra n s f er of the se p r o visional ce rtificates shall be subject to t he sa me co nditions as the tr an s f er of official ce rti ficate s, a nd bo th t he assig nor a nd the assig nee s hall be j ointly r esponsib le f or t he unpa id po rtio n. On ce sha r es a re paid in f ull, p r o visional ce rti ficates sha ll beco me official c e rtific ate s. C ertific ates c o r r espond i ng to sha r es p aid in ki nd s hall be issued once t he tra ditional contributi on has be en m ade. Ce rti ficates shall be issu ed in continuous se ries, with the sig natu r es of t he leg al r ep r esentative and the secr e t a r y, a nd they shall indica t e:

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1) T he n a me of t he C o m pan y; the Co m pan y's head q ua rte rs; the N ota r y; the n u m b er and date of t he i nco r p oration do c u m ents a nd t he r esolution of t he S u pe rinte nden ce app r o ving the inco r po r ation, as applicab l e.

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2) T he n u m ber of s h a res r ep r esented by each ce r t i ficate, t he n o minal v alue, the class and, if ne c ess ar y, an indication of w hether the c e rti fic a te is subject to tr ading r estrictions due to its p r e f e re ntial rig ht and the co nditions the r e o f.

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3) T he c o m plete n ame of the pe rson in w hose fa v or the ce rti ficate is be i ng issued.

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4) For p r e f e rr ed sha r es, t he rig hts inhe r ent the r eto shall be indica t ed on the back of the c e rtific ate.

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P A R A G R A P H 1: In t he e v ent of t he ft, t he Co m pany will r eplace the ce rti fica te by p r o viding a duplicate to the o w ner listed in t he S h a r eho l de rs Book once t he i ncident has been p r o v en to Co m pany ad ministra t o rs and a ce rti fied c opy of t he r e l e v ant police r epo rt is p r ese nted. W hen the sha r e h older r e q uests a dupli c ate in the e v ent of loss, he or she m ust p r o vide the g ua ra ntee req uir ed by the Boa rd of Dir ecto rs. For w ear and dete rio r ati on, the sha re holde r's r e q uest f or a du plicate m ust be acco m p anied by the original ce rtificates so t hat t he C o m pany can cancel th e m. For sha r es in electro nic f o r m, in the e v ent of t he ft or the l oss of a c e rti fic ation or ce rti fica te of d e posit, t he re will be no le g al action. T he sh a r eholder m ay r e q uest a new ce rtification or ce rti ficate th ro u gh his or her dir ect deposit o r.

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P A R A G R A P H 2: Ce r tificates issu ed by the Co m pany m ay be sto r ed in the Centr al Secu rities Deposito r y, in w hich case they shall be subject to t he r ele v ant r e g ulation s, na m ely: Law 27 of 19 90, Re g ulato ry Decr ee 4 37 of 1 9 92, and R esolution 1200 of 1995 of t he S ecu rities Supe rintenden ce and other c u rr ent or f utu re r e g ulations r ela t ed to this a r ea.

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P A R A G R A P H 3: If t he Com pany decid es to digiti ze its sha r es, they m ay be r ep r esented by a g l obal c e rti fica te t hat w ill be sto red u n der the cust ody a nd m ana ge m ent of the C entr al Se c u rities Dep osito r y, w hich shall m ake the s ubscriber annotati ons a nd k eep t he Sha re holde rs Book up to da t e. Sha r eholders m ay r e q uest a ce rtifica te th ro u gh the ir dir ect deposito r, w ho will v e rify the ir identity so that they can e x e rcise their inhe re nt rig hts.

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A R T I CLE 8. M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 199 4 i s s u e d b y No t a r y 2 3 of Bogo t á, a nd 2 8 of Ja nu a r y 6, 201 1 i ss u e d b y N o t a r y 7 3 of B ogo t á. I SS U A NC E, S UB S CRI P TION A ND CON VE R S ION OF S H A R ES. Restricted sha r es and sha r es subse q uently issued by the co m pe t ent decisio n-m aking body m ay be issued in acco r dance with the law and the se B yla ws.

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8.1 Subscripti on Rig ht.

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Co mm on s ha r es shall co n f er t he p r e f e re ntial rig ht to subscribe to n ew sha re issued in a q uantity p r opo rtional to t he a m o unt o w ned on the d ate on w hich the sha re subscription r e g ulation is app r o v e d, unle ss the S ha re holde rs' M e eting deci d es to place t hem without the rig ht of p r e f e re nce, in w hich case all applica ble la ws and b yla ws m ust be r esp ected. T he a f o r e m enti oned rig ht of p r e f e r en ce shall apply to t he sale of sha res re pu rch ased by the Co m pany w hen the B o ard of Dir ecto rs deci d es to put t h em back in to circulation.

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For sha r es with p re f e rr ed dividends with o ut v oting rig hts, it s hall be up to t he Sha re holde rs' M eeting to de t e r mine at t he ti me of their issue w he t her they shou ld be placed with or without the subscripti on rig ht. T h is decision shall be m ade by a m ajo rity v ote of those in atte nd ance at t he m eetin g.

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8.2 Subscripti on Re g ulatio n.

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T he Boa rd of Dir ecto rs shall app r o ve the subscription r e g ulations f or co mm on sha r e s. W h en s ha r es with p r e f e rr ed dividends with o ut v oting rig hts a re issued, the G ene r al Sha re holde rs' M e eting m ay autho rize the Boa rd of Dir e cto rs to app r o ve t he co rr esponding sha re s ubscription r e g ulatio n.

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8.3 Sha re C on v e rsion.

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Sha r es m ay on ly be t he object of a con v e r sion w hen app r o v ed or au t ho riz ed by the Gene r al Sha r e hold e rs' M eetin g.

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W h en t he S ha re hold e rs' M eeting o r de rs a con v e rsion of s ha r es subject to l e gal r e q uir e m ents, or w hen it au t ho riz es sha r eholde rs to, at their o wn discr etion, con v e rt co m mon s ha r es into sha r es with p re f e r r ed dividends without v oting rig hts, t he Sha re holde rs' M eeting m ust de f i ne t he c o rr esponding p r ocedu r e. T his p r oced u re m ust be de fin ed by the S ha r eholde rs' Meeting on an individual basis in the s ame decision that app r o v es or a utho riz es, as t he case m ay be, a s peci fic con v e rsion of co m mon s h a r es in to p r e f e rr ed s ha r es without v oting rig hts. In the d ecision, t he Gene ral Sha re holde rs' M eeting m ay dete r m i ne t he m a xim um a m ount up to w hich t he sha r eholde rs c an c on v e rt sha r es, a nd it may de fine any aspects dee m ed necessa ry to e x ecu te t he sha re c on v e rsion. For s uch pu r poses, the Sha re ho l de rs' M eeti ng m ay dele g ate to t he B oa rd of Dir ecto rs or t he P r esident t he r esp onsibility to app r o ve the f o r ms, c ontr a cts and other do c u m e nts t h at s ha r eholde rs m ust sign f or t he c on v e rsion of t he s ha r es.

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Any time co m m on shar es a re co n v e rted into sha r es with p r e f e rr ed dividends without v oting rig hts, each of t he f o r m er s hall entitle t he holder to one of the latte r.

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Each sha re with p r e f e r r ed dividends without v oting r i g hts shall pe rm anently entitle its o w ner to t he rig hts s et f o r th f or this ty pe of sh are

in A rticle Six (6) of th e se b yla ws. T h e re shall be no acc u m ulati on of dividend s.

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A R T I CLE 9. T R A DI N G S H A R ES. M odi f i e d b y D ee ds No s. 26 9 1 of M a y 24, 199 4 i ss u e d b y No t a r y 2 3 of Bog o t á, 353 0 of O c t ob e r 12, 1 99 9 i ss u e d b y No t a r y 2 3 o f Bogo t á, a nd 058 0 of M a r c h 6, 2 0 0 6 i ss u e d b y N o t a r y 1 8 of Bog o t á. T he Co m pan y's sha r es a re f re ely tr a d eable and t r an s f e ra ble under t he la w. T he tr an s f er shall occur m e r ely with the con s ent of t he contr acting pa rties, b ut in o r der f or this tr ansaction to be v alid be f o re t he Comp any and third pa rtie s, it m ust be r eco rd ed in the S t ock Led g er by m eans of a w ritten state m e nt issued by the tra n s f e r o r. T his o rder m ay be e x ecuted by endo rsing the r e s p ective ce rti ficate. To m ake the new r eco rd a nd issue t he ce rti fica te to the bu y e r, ce rtificates issued by the s eller m ust be canceled. Sh ar es that a re not f ully paid a re tr ansf e ra ble in the sa me w ay as p aid sha r es, but t he assig nor and t he subse q uent bu y e rs s ha ll be jointly r esponsible f or the unpa id po rtio n. To tr an s f er sha r es w hose o w n e r s hip is being disputed, pe r mission is r e q uir ed f r om the r espe ctive Jud g e. For s ha re lien s, the s eizing p a rty's a utho riz ation is also ne e ded. T he lien sha ll be r eco r d ed in the S ha r eholde rs B ook by m eans of a w ritten notice issu ed by the co m pe t ent official. T he pled ge shall not con f er the inhe re nt rig hts of sha re hold e rs to the cr editor unless a s peci fic stipulation or a gr ee m ent e xists stating othe r wise. Such a d e ed or docu m ent describing the co rr esp o nding agr ee m ent s hall suffice f or the cr editor to e x e rcise rig hts be f o re t he Co m p an y. Usu f r u ct con f e rs t he u s u f r uct u a ry all the in he r e nt rig hts of sha re holde rs, e xcept the rig hts to tr an s f er or en c u m ber sha re or the rig ht to r eim bu rse m e nt at the time of liq uidati on. Ne v e rtheless, the pa rti es m ay m ake other a rr an g e m e nts in w ritin g. Usu f r uct shall be v alid upon its r eco r ding in the Stock Led g e r. For each ca s e, the B o a rd of Dir ecto rs shall dete r m i ne w hether the Co m pany or t he sha re holde rs m ust p ay the r ele v ant ta x es or w hether th ey can e ncu m ber the sha re c e rti ficates as a llo w ed by la w.

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P A R A G R A P H 1: W h en the C o m pany inte nds to buy its o wn sha re s, it m u st m eet the f ollo wing r e q u i r e m ents:

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1. T he decision s hall be m ade by the G e ne ral Sha re holde rs' M eeti ng with a m ajo rity v ote of tho se p r esen t.

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2. To c o m plete the o p e ration, f u nds f rom the net p r o fits s hall be u s ed.

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3. T he sha r es m ust be fully paid. W hile th ey a re in the Co m pan y's possessio n, the rig hts inhe r ent to t h em s hall be su s pen de d.

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4. T he re pu rchase s hall be pe r f o r m ed t hr ou gh m e c hanis ms t hat g ua r an t ee e q uitable c onditi ons f or all sha r eholde rs. The p rice of the r epu r c hase shall be dete r min ed th r ou gh a study using technically v alid p r ocedu r e s.

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P A R A G R A P H 2: T he s ubse q uent tr an s f er of s ha r es re pu rcha s ed by the Co mp any shall be m ade th r o u gh m e c hanisms t hat g ua r antee e q uitable conditions for all sha r eholde rs. It will not r e q uire a sh a re subscription r e g ulati on.

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P A R A G R A P H 3: T he Co m pany m ay assign t he bookk eep i ng of the Sha re holde rs Bo ok to a ce ntr al secu rities deposit o r y. For electr o nic sha r es, an anno t ation in t he acco u nt and t he r eco rd in the Stock Led g er shall suffice f or the new sha r eho l der to e x e rcise his or her r i g hts, w hich shall be accr edited by a new ce rtif icate iss u ed by the centr al se c u rities deposito r y.

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A R T I CLE 10. M A N A G E M E NT BO D I ES. M odi f i e d b y D ee d No. 94 1 of A pril 5, 1999, i ss u e d b y N o t a r y 2 3 of Bogo t á. T he Co m pany has the f oll o wing m ana g e m ent and e x ecuti ve bodie s:

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a) Gene r al Sha r ehold e rs' M eetin g.

b) Boa rd of Dir ecto rs.

c) P r esiden t.

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C H A P T E R III.- G E N E R A L S H A R E HOLD E R S' M EE T I NG

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A R T I CLE 11. CO M P O S ITION OF THE G E N E R A L S H A R E HOLD E R S' M EE TING. T he Gene r al S ha re ho l de rs' M eeting is m ade up of the sha re hold e rs listed in t he bo ok entitled the "Stock L edg e r", or of their r ep r e s entativ es or p r o xies, as described in the p r o visions of t he f ollo wing b yla ws.

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A R T I CLE 12. DI V I S I ON OF R EP R ESE N T A T ION A N D V OT E S IN THE M EE T IN G. M odi f i e d b y D ee ds No s. 2,6 9 1 of M a y 24, 1994, 3,5 3 0 of O c t o b e r 1 2, 1 999, 4 3 3 5 of N o v e mb e r 13, 2003, a ll i ss u e d b y No t a r y 2 3 of Bog o t á. Ea ch sha r eholder m ay desig nate one or m o re r ep r e s en t ativ es f or the Gene r al S ha r ehold e rs' M eetin g, r e g a r dless of t he n um ber of s ha r es o w ned. T his does not apply to decisions ab out elections c onducted by v ote. T he sha reh older and his or her r ep r esen t ative or r ep r esentativ es m ust c ast t he s a me v ote with all of his or her s ha r e s. In o t her w o r ds, a ce rtain v ote m ay not be cast with ce r t ain s ha r es, a nd a no t her v ote ca st with oth er sha r es. W hen a pe rson re p r esents m ulti ple sha re holde rs, he or s he m ay v ote sepa r a t ely acco r ding to the instr uctio ns of t he

p rincipal or each pe rson or gr o up he or she re p r ese nts, dividing the v otes betw een each of t h em as inst r u cted. Sha r es c an be r ep r esen t ed th r ou gh a w ritten p o w er of a tto r ney that na m es the p r oxy or p r o xies, the pe r s on or people w ho can substitu te t he p r o xy or p r o xies, and the da te of the m eeting f or w hich the po w er is con f e rr ed. T he po w er of atto r ney m ay co v er t wo (2) or m o re m eeti n gs, p r o vid ed th at this is e x plicitly stated in the docume nt. E xcept in cases of le g al r ep r esentati o n, the Co m pan y's e x e c utiv es and e m plo y ees m ay not r ep r esent sha r es o t her th an t he ir o wn at the Gene r al Sha r eholde rs' Me eti ngs, nor m ay th ey seek r ep r esentati on f or their o wn sha r es. T h ey cannot v ote on the Co m pan y's en d-o f- y e ar balance sh eets or f i nanci al sta t e m ents, n or on liq uidati on.

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A R T I CLE 13. T Y PE S OF M EE TING S. M od i f i e d b y D ee d No. 35 3 0 of O c t o b e r 1 2, 1999, i ss u e d b y No t a r y 2 3 of Bogo t á. T he m eetin gs of t he Ge ne r al S ha r eho l de rs' M eeting m ay be o r din a ry or e xtr ao r dina r y. T hey a re p r esided o v er by the Chair of t he Boa rd of Dir ecto rs. In his or her ab s ence, t he Vice Chair of the Boa rd of Dir ecto rs shall p r eside. In t he Vice Chair's absence, a m ajo rity v ote of t he Ge ne r al Sha re holde rs' M eeting shall desi g na te so m e o ne to p r esid e. T he Secr eta ry of t he m eeting shall be t he S ecr e t a ry of t he Boa rd of Dir ecto rs or w ho m e v er the Sha re holde rs' M eeting desig nates. M eeti n gs shall be held at the Co m pan y's head q ua rte rs on t he da y, and at t he time a nd p l a ce n a m ed in the a n n oun c e m en t. Ne v e rtheless, m e etin gs m ay be held without p rior announ c em ent and a n y w he re all subscribed sha r es a re r ep r esented.

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A R T I CLE 14. ORDI N A R Y M EE TING S. M o di f i e d b y D ee ds No s. 2,69 1 of M a y 24, 1994, 4 84 2 of O c t ob e r 6, 1 995, 2 7 4 2 of J u n e 17, 19 9 8, 9 4 1 of A pril 5, 1999, a ll i ss u e d b y N o t a r y 2 3 of Bogo t á, 532 8 o f S e p t e mb e r 24, 2015, i s s u e d b y No t a r y 73 of B o g o t á, 127 6 of M a r c h 29, 2016, i ss u e d b y N o t a r y 7 3 of B o g o t á, 636 7 o f N o v e mb e r 25, 201 6 i ss u e d b y N o t a r y 7 3 o f B o g o t á and 1907 of April 28, 2017 issued b y N o t a r y 7 3 o f B o g o t á. Or dina ry m e etin gs of t he S ha r ehold e rs' M eeting shall be he ld o ne (1) ti me each y e ar no later than t he l a st business day of March in o rd er to r e view the Co m pan y's situati on, no min ate ad m i nistr ato rs and o t her officials f or ele cti on, set the e c o n o mic g uid elines f or the Co m pan y, app r o ve the state m ents and bala n c es of t he la st fisc al y e a r, m ake decisio ns a bout p r o fit s ha rin g, a nd a gree on any m easu r es necessa ry to en s u re t he f u l fillm ent of t he co r po ra te pu r po s e. If t he m eeti ng is not called, the S ha re hold e r s' M eeting shall au t o m atically con v ene on t he first (1) day of the m on th of Ap ril at ten o'clock in t he m o r ning (10:00 a.m.) at the head q ua rte rs w he re the Co m p an y's m ana g e m ent has its offices. M ana ge m ent s hall allow the sha re h olde rs or their r ep r ese ntativ es to in s pect t he Co m pan y's books a nd do c u m ents f i f t e en (15) busin ess da ys leading up to the m eetin g.

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P A R A G R A P H. T he separate and consolid ated f i nanci al state m e nts of the Co m p any must be sub mitted f or the co nside r ation a nd a p p r o v al of t he Sha re hold e rs in the annual ordinary meeting. However, exceptionally, when urgent or unforeseen needs so request, the consolidated financial statements of the Company may be submitted for consideration in a subsequent meeting which must take place as soon as such consolidated financial statements become available and in any case, within the next 90 days following the Shareholders’ ordinary meeting.

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A R T I CLE 15. EX T R A ORDI N A R Y M EE TI N G S. M odi f i e d b y D e e ds No s. 4,8 4 2 o f O c t ob e r 6, 1 9 95, 35 3 0 of O c t ob e r 12, 1 999, 433 5 of No v e m b e r 13, 2 003, a l l i ss u e d b y No t a r y 2 3 of Bog o t á. T he G ene r al S ha r eho l de rs' M eeting m ay be con v ened f or e xtr ao r d i na ry m eetin gs b y:

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a) T he P r esid en t.

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b) T he B oa rd of Dir ect o rs, on its o wn i nitiative or acco r ding to the te r ms established by the Co de of Go od Co rp o r ate G o v e r nance.

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c) T he Ce rti fied P ublic A ccoun t an t.

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d) T he S upe rinte n de nce, w hen autho r i z ed by L aw or w hen r e q ue sted by m ultip le sha r eholde rs r ep r e s e nting at le ast f i f t e en pe r c ent (15%) of t he subscribed sha r e.

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Like wise, the M eeting shall con v ene upon t he r e q uest of m ultiple sha r ehold e rs r ep r esenting no less than o n e-f ou r th of the sha re c apit al, in w hich case an announ c e m ent m ust be m ade by the Bo a rd of Dir ecto rs, Le g al Rep r esen t ative or Ce rtified Public Acc ou ntant.

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Du ring e xtr ao r dina ry m eeti n gs, the Sha r ehold e rs' M eeting m ay on ly m a ke decisions on topics included in the a g enda acco m pan ying t he m eeting announ c e m en t, alt h o u gh with a m ajo rity of t he v otes p r e s en t, t he M eeting m ay add r ess additional top ics a fter the a g enda h as b een co v e r ed.

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A R T I CLE 16. A NNO U NC E M E NT. M odi f i e d b y D ee ds N o s. 269 1 of M a y 24, 1994, 163 6 of A pril 20, 1 99 5, 484 2 of O c t ob e r 6, 1995, 35 3 0 of O c t o b e r 1 2, 19 9 9, 1 24 8 of A pril 22, 20 0 2 a n d 433 5 of No v e mb e r 13, 2 003, a ll i ss u e d b y N o t a r y 2 3 o f Bogo t á. All announ c e m ents shall be publis h ed in a widely a v ailab le ne wspap e r. T he announ c e m ent of Sha r ehold e rs' M eeting sha ll be m ade at lea st five (5) calendar da ys in ad v ance. For m ee tin gs du ring w hich the en d-o f-y ear f i nanci al state m ents will be app r o v ed, the anno unce m ent m u st be m ade at l ea st f i f t een (1 5) busin ess da ys in ad v ance. T he issuan ce of t he a nnoun c e ment shall be r eco rd ed in t he m i n utes of t he co rr esponding m eeting. Ne v e rtheless, the G ene r al S ha r eholde rs' M eeting m ay m eet without p rior announ c e m e nt w hen t he re is r e p r esen t ation of all the subscribed sha r e. If a m e eting is announced but not held due to l ack of q uo r u m, a n ew m eeting w ill be scheduled th at will be held a nd will m ake d ecisions as long as m u ltiple sha r eho l de rs a re p r esen t, r e g a r dle ss of the q uantity of the sha r es r ep r ese nted. T he new m eeting shall be ho ld no s oon er than ten (10) a nd no later than thirty (30) business da ys f r om the d ate sc h e duled f or t he first m eeti n g. W hen the Sha r ehold e rs' M eeting auto m atically con v enes at an o r dina ry m eeti ng on t he first busin e ss day in the m onth of Ap ril, it m ay also d e libe r a te a nd m ake decisions acc o r ding to the sa me te r m s.

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A R T I CLE 17. M A J O R ITY TO D E LIB E R A TE A N D M A KE D E CI S ION S. M odi f i e d b y D ee ds No s. 2 69 1 of M a y 24, 1994, 3 53 0 o f O c t ob e r 12, 1 999, 4 33 5 of N o v e mb er 13, 2003, a ll i ss u e d b y No t a r y 2 3 o f B ogo t á. T he q uo rum to delibe r a te shall constit u te m ultip le sha r ehold e rs w ho r ep resent at le ast an ab s olute m a j o rity of subscribed sha r es, i.e., ha lf of the subscribed sha r es plus one. T he decisions of t he Gene r al Sha r eho l de rs' M eeting shall be m ad e, in g ene r al, by the m ajo rity of v otes p r esen t, e xcept f or the special m ajo rities de scribed in t he b yla ws a nd r e q uir ed by la w, in w hich case the latter shall take p r eceden c e. Decisions of a g e n e r al natu re m a de by the Sha r eho l de rs' M eeting in acco rd an ce with the law and t he b yla ws shall be binding f or all m e m be rs, including those w ho a re ab s ent or w ho dissent.

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P A R A G R A P H. T he delibe r ati ons of t he G ene r al Sha re holde r s' M eeting m ay be suspend ed and r e s um ed at a later ti me as m any tim es as decided by m ultip le atten d e es that t otal at least h a lf of the sha r es plus one r ep r e s en t ed at the m e etin g, but delibe r ati ons m ay not e xtend f or m o re t han t h ree (3) da ys unless a ll subscribed sha r es a re r ep r e s en t ed.

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A R T I CLE 18. E L E CTIO N S. T he electo r al q uotient system shall be applied w hen e v er two or m o re peop le a re up f or election f or t he s a me B oa r d, c om mitt e e, or colle gial bo d y.

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A R T I CLE 19. FUN C TIONS OF THE G E N E R A L S H A R E HO L D E R S' M EE TI N G. M odi f i e d b y D ee ds N o s. 26 9 1 of M a y 24, 1 994, 3,53 0 of O c t ob e r 12, 1 999, 12 4 8 o f A p ril 22, 2002, 43 3 5 of N o v e m b e r 13, 2003, a ll i ss u e d b y N o t a r y 2 3 of B og o t á, 132 3 of A pril 24, 200 9 i ss u e d b y N o t a r y 3 6 of Bo g o t á, 278 1 o f M a y 26, 201 5, i s s u ed b y No t a r y 7 3 of B o g o t á, 15 9 o f J a nu a r y 2 1, 201 6 i ss u e d b y No t a r y 7 3 o f B o go t á a nd 636 7 o f N o v e m b e r 25, 201 6 i ss u e d b y N o t a r y 7 3 of B o go t á. T he f ollo wing a re the f uncti ons of t he Gene r al Sha r ehold e rs' M eeti n g.

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1) Adopt m ea s u r es in the Co m pan y's inte r est.

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2) Elect and f r eely r e m o ve m e m be rs of t he Boa rd of Dir ect o rs.

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3) Elect a nd f r eely r e m o ve the CPA a nd his or h er alte rn ate.

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Sha re holde rs m ay n o mina te c andid ates for the post of t he Co m p an y's Ce rtif i ed Public Acc o un t ant (and alt e r na t e). T hese no minati ons s hall be discu ssed in t he Gene r al Sha r ehold e rs' M eetin g, and a fter an assessm en t, an ele ction will be held.

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4) Set t he c o m pen s ation for the m e m be rs of the Boa rd of Dir ecto rs a nd the Ce rti fied

Public Accoun t an t.

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5) Or der that app r op riate actions be ta k en a g a i nst M ana g e rs, Officia ls, E x ecuti v es or the C e rti fied Public Accounta nt.

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6) Re view the r epo rts of t he B oa rd of Dir ecto rs and t he CP A. E x a m i n e, app r o ve a nd challen ge the y ea r-end fin ancial sta t e m ents, a nd close or annota te the associated state m ents.

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7) Establish ne c essa ry r ese r v es b e y ond the le g al r ese r v e.

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8) Pu rsuant to the law a nd the se b yla ws, deci de on p r o fit s ha ring by dete r mining the a m o u nt of t he dividend, and the m eans and deadlines of its pa y m ent.

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9) A m e nd the se b yla ws with a m a j o rity v ote of t h ose p r e s en t.

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10)App r aise in-kind asse ts r eceiv ed as p a y m ent f or the s ubscription of sha r es with a m ajo rity v ote of t hose p r esent m i nus the s ha r es co rr esponding to the contrib uto r s, w ho m ay not v ote on t his m atte r.

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11)Rule th at a s peci fic issuance of comm on sha r es be p l a c ed n ot s ub j ect to subscription rig ht by m eans of a v ote of s e v en ty pe rcent (70%) of the sha r es p r esen t.

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12)Autho rize the issuan c e, w hen d e e m ed app r op riate, of p re f e rr ed s ha r es without v oting rig hts.

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13)Autho rize with a u na nim ous v ote of all s ubscribed s ha r es t he e ntry of t he Co m pany as a s ha reh older of a no t her collective co m pan y.

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14)E v aluate t he m ana g e m ent of t he C o m pan y's Boa rd of Dir ecto rs thr ou gh a r e view and app r o v al or r ejection of the a nn u al m an ag e m e nt r epo rt that m u st be sub mitted f or t he Sha r ehold e rs' M eetin g's conside r ati o n.

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15)To de t e r mine the m a x i m um a m o unt up to w hich the Co m p a ny can m ake d on atio ns that s u p po rt ch a ritab le cau s es for the co m m unity, or sp eci fic secto rs of the co m m u nity (f or e x a m ple, cau s es b e n e fiti ng health, e d ucatio n, cultu r e, r eligion, de m ocr acy, athletics; sci enti fic and t ech nolo gical r esea rch; ecolo gy and en vir on m e ntal p rotecti on; t he d efense, p r o t ection a nd p r o m otion of h u m an rig hts; le g al access, soci al d e v elop m e nt p r o gr a ms, disaster r elief, etc.) and th at h elp p r o m ote t he Co m p an y's im a ge as p a rt of its social r esp o nsibility. T he Ge ne r al Sha re holde rs' M eeting shall h a ve the p o w er to d ecide on the s peci fic s ecto rs to w hich these d o nati ons sha ll be m a d e. In ea ch m e etin g, the boa rd of dir ect o rs will sub mit to the con side r ation of the Ge ne r al Sha r ehold e rs' M eeting its r eco m m e nd ations with r espe ct to t he m a xim um a m ou nt up to w hich the Co m pany can m a ke d o n ations a nd t he speci fic secto rs to w hich t he se d on ations s hall be m a d e.

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P A R A G R A P H: T he m a xim um a m o u nt up to w hich the Co m p any is auth o riz ed to m ake d o nati ons s hall s u r v i ve until its co m ple te use.

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16)App r o ve t he g ene r al p olicy of ele ction a nd co m p e nsati on of t he B o a rd of Dir ect o r s.

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17)App r o ve the acq uisitio n, sale or liens of asse ts and s e gr e g ation tr a nsactions, also kno wn as Escisión I m p r opia, e xceeding 2 5% of the total ass ets of t he Co m p any calculated a g ainst the sepa r a te fin a ncial sta t e m e nts of the i m m ed i ately p r e vious pe riod.

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18)Other functi ons est a blished by law or the se b yla ws, not c o rr esp on ding to oth er co r po r a te b o dies.

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A R T I CLE 20. BOOK OF M INU T ES. T he v e rifications of q uo r u m, delibe ration s, election s, decre es, r e s olutions a nd any o t her of t he G ene r al Sha r e holde rs' M eetin g's activities sha ll be ch r onolo gically r eco r ded in a book of minu t es r e giste r ed with and nu m be red by the Bo g otá Cha m ber of Co m m e rce. T he Chair and the Secr e t a ry of t he Sha re holde rs' Me eting shall sign the r e s pective minute s.

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C H A P T E R I V. B O A R D OF DIR E CTORS

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A R T I CLE 21. CO M PO S ITION OF THE B O A RD. M odi f i e d b y D ee ds N o s. 94 1 of A p ri l 5, 199 9 i ss u e d b y N o t a r y 2 3 of B o g o t á, a nd 058 0 of M a r c h 6, 2 00 6 i ss u e d b y No t a r y 1 8 of Bo g o t á. T he B oa rd of Dir ecto rs shall be c o m p osed of nine (9) dir ecto rs. At least t w enty-five pe rcent (25%) of the m e m be rs of t he B oa rd of Dir e cto rs shall be in depe n dent in na t u r e. Dir e cto rs shall be elected by the G en er al Sha r eholde rs' M eeting t h r ou gh t he electo r al q uotient syste m. T he P r esi de nt shall attend the m e etin gs of t he Boa rd of Dir ector s. He or she is allo w ed to speak but not v ote, u nless he or she is a m e m ber of t he Boa r d, in w hich case he or she m ay speak and v ote. Dir ectors shall ha ve a te rm of one (1) y ear and m ay be r e-elected f or an in de f i nite n u m ber of t e r ms or f re ely r e m o v ed by the Gene r al Sha r eholde rs' M eeti ng be f o re the e x pir ation of the te r m. I f, at the e x p i r ation of t he t e rm, the S ha re hold e rs' M e eting has not held a new electio n, the p r e viously elected dir ecto rs shall re m ain in t heir p osition s.

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A R T I CLE 22. C H A I R A N D SE CR E T A R Y. T he B oa rd of Dir ecto rs shall h a ve a Cha ir elected f rom a m ong the dir ecto rs, as w ell as a Secr eta ry w ho m ay be a boa rd m e m ber or an other p e rson. In addition, for the election of the Secretary, the Board of Directors

will consider the following: (i) If the Secretary will be a solely purpose collaborator, the Board of Directors will appoint or remove at its discretion. (ii) If the candidate for Secretary holds an executive position within the Company, will be appointed by the Board of Directors upon proposal by the President of the Company.

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A R T I CLE 23. B O A R D M EE TING S. M odi f i e d b y D ee ds No s. 2 6 9 1 of M a y 24, 1 99 4 a nd 426 0 of O c t ob e r 24, 20 0 1 i ss u e d b y No t a r y 2 3 o f Bo g o t á. T he Boa rd of Dir ecto rs shall hold o r dina ry m eetin gs at least on ce a y ea r. It m ay also ho ld e xtr ao r dina ry m eetin gs w hen o r de r ed by the Chair or at least two of t he boa rd m e m be rs.

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T he B oa rd of Dir ecto rs' delibe r ations shall be v alid with a m ajo r ity of its m e m b e rs p r esen t. Decisio ns s h all be m a de by m e a ns of m a j o rity v ote. Delibe r ations and decisions shall be r e c o r ded in the m i nu t es kept in t he b ooks r e giste r ed with and nu m be red by the C ha m ber of Co m m e rce. Once t he min utes h a ve been app r o v ed, they shall be sig ned by the C hair and the Se c r eta r y.

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A R T I CLE 24. FUNCT I ONS OF THE B O A R D OF DIR E CTORS M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 1994, 94 1 of A pril 5, 1999, 35 3 0 of O c t o b e r 12, 19 9 9, 4 26 0 of O c t ob e r 24, 2 001, 124 8 of A pril 22, 2 002, 433 5 of No v e m b e r 1 3, 200 3, a l l i ss u e d b y No t a r y 2 3 of Bogo t á, 058 0 of M a r c h 6, 2 0 0 6 i ss u e d b y No t a r y 1 8 o f Bogo t á, 1 32 3 of A p r il 24, 20 0 9 i ss u e d by No t a r y 3 6 of Bo g o t á a n d 636 7 o f N o v e mb e r 25, 201 6 i ss u e d b y N o t a r y 7 3 o f B o g o t á. T he f ollo wing a re the f un ctio ns of t he Boa rd of Dir ect o rs.

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1. Establish the r u l es of p r ocedu re f or t he B oa rd.

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2. Est a blish t he necess a ry depa rtm ents f or the p r oper ope r ati on of the Co m pan y, assign the ir r esponsibilities and d ete r m i ne the f ee s.

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3. Appo i nt and f re ely r e m o ve t he P r eside nt, s et t he P r esid ent's c o m p ensati on, and m a ke decisions ab out t he P r esid ent's r esi g nation or te r m i nation.

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4. E v aluate t he P r esid ent's m a na g e m ent a nd that of t he other Co m pany e x ecuti v es by r e vie wing the m a n a g e m ent re po rt at t he end of ea ch y ear and on any o t her occasions r e q uir ed by l aw or the Boa rd of Dir ecto rs.

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5. Desig nate the P r esi dent's alte r na t es.

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6. Con v ene the Sha r e holde rs' M eeting so it can deci de on the r esi g nation of m e m be rs of the Boa rd of Dir ecto rs a nd of the CPA.

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7. Con v ene the Sha r e ho l de rs' M eeting f or a ny other p u r pose.

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8. Decide on m a tte rs sub mitted by the Chair of t he Boa rd.

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9. S u b mit an fisc al y ea r-end re po rt to t he G ene r al Sha r eho l de rs' M eeting along with state m e nts, bala nce sheets, in v ento ries, a nd a p ro fit sha ring p r oposa l. T he m ana ge m ent re po rt, w hich will be s ub mitted in c onju ncti on with the C o m pany M ana g e m ent, will inclu de a desc ription of t he Co m p a n y's p rim a ry risks, along with in f o r m ati on about inte rn al contr ol acti vities and any r ele v ant fin din gs, should t he re be an y.

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10. Autho rize bond iss uances.

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11. M ake decisions a b out sto ring ce rti ficates issued by the Co m p a ny in a Cen t ral

Secu rities Deposito r y.

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12. E x e rcise the po w e rs t hat, acco r d i ng to t he b yla ws, a re not a ssig ned to t he

Gene r al Sha r ehold e rs' M eetin g.

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13. E x a mine, w hen d e e m ed a pp r op ria t e, either dir ectly or indir ectly, the books, accounts, docum ents and c ash f l ow of the C o m pan y.

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14. Inte r p ret t he p r o visions of the b yla ws that give rise to unce rta i nties and de fine their m eanin gs b efo re the ne xt Gene r al Sha re hold e rs' M eeti ng so t hey can be sub mitted f or r e vie w.

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15. Dele g ate issues t he B oa rd dee ms app r o p ria te to t he P r esid en t, p r o vided that they can be dele g a t ed.

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16. Or der th at any action or contr a ct pa rt of t he co r po r a te pu r po se be e x ecute d, and m a ke the decisio ns necess a ry f or t he Co m pany to m e et its g oa ls.

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17. Autho rize ope r atio ns t he pu r po se of w hich is to acq uir e, tr a n s f e r, m o r t g a ge, encu m ber or limit imm o v able p ro pe r t y, r ece i ve m oney as a loan, a nd any other docu m ent or contr act w hose a m ount e xceeds T W E N TY THOUS AND (20,000) LEGAL MINIMUM M ONTHLY SALARIES and e m po w er the P resid ent to sign such contr acts or do c u m ents.

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18. Adopt s p eci fic m e asu r es r elated to t he g o v e r nan c e, condu ct a nd in f o r m ati on of the Com pany in o r der to en s u re the rig hts of tho se w ho in v est in s ha r es or any other secu rity issued a re r espected and t hat p r oper m ana g e m ent is e m plo y ed and that this m ana g e m ent is m ade public k no wled g e.

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19. Ov e rsee that t he r i g hts of all s ha r ehold ers and o t her in v esto rs a re r espe c t ed under the pa r a m ete rs set by m a r k et r e g ulating bodies.

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20. App r o ve and r e vise the Co de of G ood C o rp o r ate Go v e r nan c e, w h ich shall conta in all the r ules and m e c ha nisms r e q uir ed by the Gene r al S ha r ehold e rs' M eetin g, the B oa rd of Dir ecto rs, t he Co m p an y's Inte r nal Re g ulations a nd t he La w. Such po w er m ay be dele g ated to t he P r esident of t he Com p a n y.

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21. Ensu re c o m pliance with the Code of G o od C o r po r a te Go v e r nance.

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22. Resolve possible co n f licts of inte r est th at m ay a rise be t w een e m plo y ees and the Com pan y. T he p rocedu r es f or r e s olv i ng c o n flicts of i nte rest shall be describ ed in the Co de of G ood C o rp o rate Go v e r nance adop t ed by the Co m p a n y.

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23. Ov e rsee p r oper co m p liance with the Co m p an y's inte r nal con t r ol policies a nd p r ocedu r es.

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24. Acco r ding to the t e r ms establish ed in the Co de of G ood Co r po r a te Go v e r nance, m ake decisions about c ondu cting special audits r e q u ested by the Co m pan y's sha re holde rs or i n v esto rs t hat a re not initially accep t ed by the le g al r ep r esentativ e.

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25. App r o ve the s ha re s ubscription r e g ulations, w hich shall c onta i n: a) T he q uantity of sha r es to be off e r ed, w hich shall not be less than t h o se a l r eady issued; b) T he p ro po rtion and the w ay in w hich they can be subscribed; c) T he te rm of t he off e r, w hich shall not be less t h an f i fte en (1 5) da ys and not e xceed one (1) y e a r; d) T he p rice at w hich th ey w ill be off e re d; e) T he deadline for pa ying f or the sha r e s. To s et t he p rice at w hich the s ha r es will be off e re d, it shall not be necessa ry to c onduct t he te c hnic al study d escribed in A rticle 41 of Law 964 of 20 0 5.

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26. Desig nate the m em be rs of the Audit C om mitt ee f rom t he me m be rs o f t he Boa rd of Dir ecto rs.

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27. Respond to p rop osa ls sub mitt ed to t he Boa rd of Dir e ctors by m ultiple sha r eholde rs that repr esent at le ast five pe rcent (5%) of t he subscribed sha r es. T he r e f o re, ea ch p ro posal shall be r e ad at the follo w i ng o r din a ry m eeting of t he B oa rd. A Boa rd c o mmittee shall be desig nated to d r a ft a r espon s e, alt hou gh t he B oa rd m ay h a ve the m ana g e m e nt do so i nste ad. T he Secr eta ry of the B o a rd shall r esp ond in w riting to the petiti o ne rs, clea rly indicating the r ea s ons that m otiv ated t he d ecisions, p r o vided that t he ob j ect of the p rop osals is not r elated to indu stry secr ets or str ate gic Co m p a ny in f o r m ation.

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28. Autho rize the d on ations the Co m pany m a k es pu rsu ant to the autho riz ations gr anted by Gene r al S h a r ehold e rs' M eeting f or this pu r po s e.

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C H A P T E R V. P R ES ID E NT

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A R T I CLE 25. A PP O I NT M E NT A ND T E R M. M odi f i e d b y D ee ds No s. 9 4 1 of A pril 5, 1 9 9 9 a nd 1 24 8 o f A p ril 22, 2 0 0 2 i ss u e d b y No t a r y 2 3 of Bogo t á. T he P r esid ent shall be t he le g al r ep r esen t ative of the Com pany both in cou rt and outside of c ou r t. He or she shall be the pe rson r e s ponsib le f or m ana ging the Comp an y. T he P r esi d ent shall be appointed by the B oa rd of Dir ecto rs for the te rm of one (1) y e ar f r om t he ti me of electio n. T he P r esi dent m ay be r e-elect ed f or an in de f i nite nu m ber of t e r ms and m ay be f re ely r e m o v ed be f o re t he e x pir ation of t he te rm. T he P r esident shall ha ve two alte r na t es. In t he e v ent that the B oa rd of Dir ecto rs does not e l ect a P r esid ent or Alte r na t es w hen it should, t he p r e vious individuals sha ll continue in their positio ns until new ones a re a ppointed. Du ring pe r m anent or t e m po r a ry absences of t he P r eside nt, he or she s hall be r ep l aced by the alte rn ativ es in the o r der de t e r min ed by the Boa rd of Dir ect o rs up on their a ppoin t m en t.

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A R T I CLE 26. P O W E RS OF THE P R ES I D E NT M odi f i e d b y D ee ds No s. 26 9 1 of M a y 24, 1994, 94 1 of A pril 5, 1999, 4 2 6 0 of O c t ob e r 24, 2001, 124 8 of A pril 22, 2002, 433 5 of N o v e m b e r 13, 200 3, a ll i ss u e d b y No t a r y 2 3 of Bo go t á, 132 3 o f A p ri l 24, 200 9 i ss u e d b y N o t a r y 3 6 of Bo g o t á a nd 636 7 o f N o v e mb e r 25, 201 6 i ss u e d b y N o t a r y 7 3 of B o go t á. T he P r esid ent's f u nctions a re t ho se that c o rr espond to h im or her by natu re of the position within t he limits of t he co rp o r a te pu r pose a nd the se b yla ws, na m e l y:

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1) Use the Co m p an y's na me and r ep r e s ent it in cou rt a nd else w he re be f o re any autho rity, individual or co r po r ate e ntity, with t he po w e rs to no v ate, s ettle, en g a ge or abandon, a nd to pa rticipa te in r ulin gs to dispu te t he o w ne rship of p r ope rty or r i g hts.

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2) E x ecute or sign a ny t y pe of co ntr act or docu m e nt r elated to t he co r po r a te pu r po se in w hich the C o m pany has inte r e sts, sub j ect to t he limitati ons s et f o rth in the se b yla ws.

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3) Con v ene o r d i na ry and e xtr ao r dina ry s essi ons of t he Ge ne r al S h a re holde rs' M eeting and t he Boa rd of Dir ecto rs, a nd p r esent r epo rts on t he Co m pan y's business.

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4) Appo i nt and f re ely re m o ve Vice P r esid ents a nd Ma na g e rs of t he Co m pan y, outline their co m pen s ation, and m ake deci sions a b out t heir r esig nations and te r min ations; s upe r vise the p eople w ho shall desig nate the o t her e m plo y ees of the Co m pan y.

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5) Open bank accou nts in the Co m pan y's na me in o r der to ke ep Co m pany f un ds the r ein; m ake tr an s f e rs f r om the se acc ounts a nd tra de all ty pes of s ecu rities.

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6) E m po w er a g ents w ho will r ep r esent the Co m pany in and o ut of c ou rt and dele g ate to t h em t he functions or po w e rs d e e m ed necess a r y, to t he e xtent that they can be dele g a t ed.

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7) Sign notices of r e visions to the b yla ws.

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8) P r esent to the B o a rd of Dir ector a nd con stantly supe r vise co m plian ce with speci fic m ea s u r es r e l ated to the g o v e r nance, co nduct a nd in f o r m ation of t he Co m pany in o r der to e nsu re t he rig hts of t ho se w ho in v est in sha r es or a ny other s ecu rities issu ed a re r espect ed a nd t hat p ro per m a na g e m ent is e m p l o y ed and that this m ana g e m ent is m a de public k no wled g e.

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9) Ensu re that all sh a re holde rs and o t her s ecu rity in v esto rs a re r espected u nder the pa ra m e t e rs s et by m a rket r e g ulating bod i es.

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10) Supply the m a r k et with c o m plete, ti m ely and accu ra te in f o r m ati on a bout the Co m pan y's fin a ncial st ate m ents a nd t he Co m pan y's co r po r ate a nd a d m i nistr ative conduct, without p r eju dice to t he t e r ms of A r ticles 23 a nd 48 of Law 222 of 19 9 5.

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11) Co m pile all the reg u l ations and m echa nisms r e q uir ed by law in a Code of Good C o r po r a te Go v e r nan ce to be s ub m i tted to t he Boa rd of Dir ecto rs for app r o v al. T his Code s hall be a v ailable f or sh a re hold e rs and i n v esto rs to consult at t he C o m p a n y's p r e mises at all tim es.

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12) Decide on t he n eed to co nduct special a u dits acco r ding to the t e r ms of the Code of Good Co r po rate G o v e r nance.

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13) De f i ne t he policies and design the i nte r nal contr ol p r ocedu r es th at the Co m pany should ad opt; m onitor th at the se pr ocedu r es m eet the n eeds of t he Co m pan y.

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T hus, t he c o m pany sh all appoint an inte r nal audit or w ho shall be r esponsib le f or inte r n al c ontr ol tasks acc o r ding to the C ode of Go od Co r po ra te Go v e r nance.

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14) Sub mit a do c u m en t ed assess m ent of his or h er m ana g e m e nt on an annual basis and at any other tim es r e q uir ed by law or the Boa rd of Dir ect o rs.

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P A R A G R A P H. T he P r esident s hall ha ve e xte n ded po w e rs to e x e rcise the abo ve f uncti ons, e xcept f or acq uirin g, tr ansf e rring, m o rtg a gin g, encu m be ring or limiting imm o v able p r ope rty, r eceiving m on ey as a loan, or sig ning a ny other docu m ent or contr act w hose a m o u nt e xceeds T W E N TY THOUSAND (20,000) LEGAL MINIMUM MONTHLY S A L ARIE S, as these m ust be au t ho riz ed by the Boa rd of Dir ect o rs.

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C H A P T E R V I. A U DIT CO MM ITT E E

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A R T I CLE 27. S uppl e m e n t e d a nd modi f i e d b y P ublic D ee ds No s. 058 0 of M a r c h 6, 2 00 6 i ss u e d b y N o t a r y 1 8 of Bogo t á, a nd 2 8 of Ja nu a r y 6, 201 1 i ss u e d b y No t a r y 7 3 of Bogo t á. A U DIT CO MM ITT E E: T he A u dit Co mmitt ee shall be composed of at least t h r ee dir ecto rs including All in d e pend e nt m e m be rs. T he m e m b ers of t he Co mmittee sh all be appoin t ed by the B oa rd of Dir ecto r s, which willalso enact the Regulation of said Comimittee. T he Co m p an y's CPA shall also be pa rt of the Co mmitt e e. He or s he shall be entitl ed to s peak at m e etin gs but not v ote. Co mmitt ee m e etin gs m ay be sch e duled by any Co m pany offici al.

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P A R A G R A P H. T he A udit Co mmittee m ust m eet at lea st once e v e ry th r ee (3) m on t h s. T he decisi ons of the A udit Co mmittee s hall be do c u m en t ed in minutes, subject to t he p r o visions of A rticle 189 of the Com m e rce Co de.

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A R T I CLE 28. S uppl e m e n t e d a nd modi f i e d b y P ublic D ee ds No s. 058 0 of M a r c h 6, 200 6 i ss u e d b y N o t a r y 1 8 of Bogo t á, a nd 2 8 of Ja n u a r y 6, 201 1 i ss u e d b y No t a r y 7 3 of Bogo t á. FUNCTIONS OF THE A U D I T CO MM ITT EE.

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1. Su p po rt the B oa rd of Dir ecto rs to m ake d ecisions about inte rn al contr ol and its im p r o v e m ent.

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2. Supe r vise the Com p a n y's inte r nal contr ol structu re with the g oal of dete r m i ning w hether the p r ocedu r es r easonably p r otect the Co m p an y's assets.

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3. Ensu re tr an s pa re ncy in the p re pa r ation, p r esen t ation and disclosu re of t he fin ancial i n f o r m ation p r epa red by the Co m p an y.

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4. Re view the Co m p a n y's Financial Sta t e m en ts b e f o re t hey a re sub mitted to t he

Boa rd of Dir ecto rs and the Gene r al Sha re ho l de rs' M eetin g.

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5. C onsta ntly e v aluate establish ed p r o c ed ur es to de t e r mine the a de q ua cy of the inte r nal c ontr ol.

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6. Contr act ind ep e n d ent specialists f or speci fic cases in li ne with the Co m pan y's g ene r al contr acting po licies, as d e e m ed app r op riate.

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7. Re view and discuss fin ancial sta t e m e nts, q ua rte rly r epo rts, and any oth er fin ancial re po rts p r epa r ed by the Co m p any with m ana g e m ent and t he CPA.

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8. M ake r ecom m e nd ations to the G ene r al S ha r eholde rs' M e eting about t he appoin t m e nt a nd c o mp ensati on of t he Com p a n y's CPA.

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9. App r o ve t he CP A's m ana g e m e nt a ctivities on beha lf of t he Co m p an y, w hether or not the se in v olve audits.

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10. Discuss risk m a n ag e m ent policies with m a n a g e m en t.

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11. Issue re po rts to the B oa rd of Dir ect o rs on t opics d e e m ed r ele v ant.

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C H A P T E R V II. C E RTIFI E D P UBLIC A CCO U N T A NT.

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A R T I CLE 29. A PP O I NT M E NT A ND T E R M. M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 1994, 42 6 0 of O c t ob e r 24, 2001, 1 24 8 o f A pril 22, 200 2 a nd 4 33 5 of N o v e mb e r 13, 2 003, a ll i ss u e d b y No t a r y 2 3 of Bo g o t á. T he Ce rti fied P ublic Acco u nta nt and his or her alte rn ate s h all be e l ected by the Gene r al S ha re hold e rs' M eeting by a v ote of m ultip le sha re holde rs r ep r esenting at least half p l us one of t he s ha r es r ep r e s en t ed at t he m e etin g. All e l ections shall be con d uct ed by ballot, e xce pt with u n animity is r e q uir ed. T he CPA s h all be elected f or a te rm e q ual to t hat of the Boa rd of Dir e cto r s. T he election m u st ta ke le g al ineligibilities into acco unt. T he CPA m ay be r e-elected an in d e f i nite n u m ber of ti m es or f r eely re m o v ed b e f o re t he e x pir ation of t he te rm. T he CPA shall ha ve an Alt e r nate w ho shall re place h im or her f or pe r m anen t, t e m po r a ry or inad v e rtent ab s en c es. T he po w e rs and the oblig ations of t he CPA shall be:

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1. Ve rify that the op erations e x ecuted on the Co m pan y's beha lf r e s pect the b yla ws and t he decisions of the Ge ne r al Sha re holde rs' M eeting and the Bo ard of Dir e cto rs.

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2. I n f o rm t he Ge ne r al Sha re holde rs' M e etin g, the B oa rd of Dir ecto rs or the P r eside nt, as n e e ded, in w riting in a tim ely m anner of t he r e l e v ant find i n gs t h at occur du ring the f un cti oning of the Com pany as it ca rries out its business so t h at the ne c essa ry m ea s u r es can be t a k en. T he CPA m ay r e q uest that the Co m p a ny p r o vide in f o r m ati on ab out f i ndin gs r ele v ant to the m a rket and i n v esto rs th ro u gh the a v aila ble r epo rti ng m e c hanis m.

3. Collabo r a te with the g o v e r n m ental entity that e x e rcises contr ol o v er the c o m p any and p r o vide the nece ssa ry or r e q uested r ep orts.

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4. Ensu re that r eco r ds a re ca re f ully kept of t he Co m pan y's accoun ts and of t he minu t es of t he G ene r al Sha re holde rs' M eeting and of the B o a rd of Dir ector sessi ons; ensu re the p r oper c onse r v ation of Com pany co rr esponden ce a nd acco unt do c u m ents, issuing any instr uctions necess a ry f or t hese p u r poses.

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5. M eticulously inspect t he Co m pan y's p r ope r ties and ensu re t h at t he ne c essa ry conse r v ation or se c u rity m easu r es a re ta k en f or t his p ro pe rty and a ny o t her p r ope rty in its possessi on.

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6. Issue t he in str ucti on s, co n duct t he in s p ections a nd r e q uest t he re po rts th at a re necess a ry to establish constant c ontr ol o v er the C o m pan y's assets.

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7. Sign a nd au t ho rize any balance s heet iss ued as pa rt of h is or her r e view or co rr esponding r epo rt.

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8. Con v ene e xtr ao r dina ry sessions of t he G ene r al S ha re hold ers' M eeting w hen dee m ed necessa r y.

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9. Ensu re t hat Co m p an y's m ana g e m ent f u l fills the speci fic duties set f o rth by r e g ulato ry bodies, e s pecially duties r ela t ed to r epo rting and t he C o de of G ood C o r po r ate Go v e r nan c e.

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10. Co m ply with any other r esponsibilities req uir ed by law or the b yla ws and tho se le g ally con f e rr ed by the Gene r al Sha re hold e rs' M eeting or the Boa rd of Dir ect o rs.

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P A R A G R A P H. T he Ce rtified Public Accou ntant's r epo rt on the Gene r al Ba l an ce Sheets m ust i ndicate, at the l east:

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1) W h e t her he or s he obta i ned the ne c essa ry in f o r m ation to f u l fill his or her f uncti ons.

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2) W h e t he r, du ring the c ou rse of the r e vie w, he or she f ollo w ed t he r eco m m e nd ed auditing te c hniq ue p r ocedu r es.

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3) W h e t he r, in his or h er opinion, the acc oun ting w as condu cted in a cco r dan ce with le g al r e g ulations and accounting techniq ues, and if the ope r ati ons ca rried o ut co m ply with the b ylaws and t he decisions of the G ene r al Sha re ho l de rs' M eeti ng or of the Boa rd of Dir ecto rs, as app r op riate.

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4) W he t her t he balance sheet a nd t he i nco me sta t e m ent w e re ta k en f ait h f ully f r om the books and, in his or her opin i on, w he t her the fo r m er r eliab ly r ep r esent the Co m pan y's fin ancial situation at t he e nd of t he r e vie w ed p e riod a cco r ding to t he g ene r ally acc epted a ccounti ng r e g ulations, and w hether t he latt er re fle cts t he r esults f or s aid pe riod.

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5) Any unce rtainties or doubts a b out t he acc u r a cy of the f i nanci al st a t e m e nts. T he CPA's re po rt f or the Gene r al Sha re holde rs' M eeting m ust in dica t e:

1. W h e t her the acti o ns of the C o m pan y's m a n a g e rs co m ply with the b yla ws and the o r de rs or instr u ctions of the G ene r al Sha re ho l de rs' M eeting or Bo a rd of Dir ecto rs.

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2. W he t her the co rresp ondence, do c u m e n ts, accounts, books of min utes and t he Stock Led g er h a ve b e en p ro pe rly kept.

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3. W he t her inte r nal c ontr ol m ea s u r es a nd m e asu r es to con s e r ve and p rotect t he Co m pan y's p r ope rty e xist and a re ade q ua t e. The CPA s hall be ab le to s peak, b ut not v ote in the delibe r ations of t he G ene ral Sha r eholde rs' M eeti n g. T he s ame shall be tr ue w hen the CPA is in vited to the B oa rd of Dir ecto rs s essi ons. T he CPA shall also ha ve the r i g ht to inspect t he Co m pan y's accounting b o oks, books of minu t es, c o rr espond ence, sta t e m e nts and any other do c u m ents at a ny tim e.

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C H A P T E R V III. B A L ANCE S H EE T A ND DI V ID E ND S.

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A R T I CLE 30. A NN U A L FI N A N C I A L S T A T E M E NT S. M odi f i e d b y D ee ds N o s. 269 1 of M a y 24, 1994, 2,74 2 of J une 17, 1 998, 94 1 of A pril 5, 1999, 124 8 of April 22, 2002, a l l i s s u e d by No t a r y 2 3 of Bogo t á a nd 636 7 o f No v e m b e r 25, 201 6 i s s u ed b y N o t a r y 7 3 of B og o t á. On Decem ber 31 of e v e ry y ea r, state m en ts will be m ade a v aila ble to p r epa re and r e l ease the Gene r al Financial S t a t e m en ts of t he r e s pective fin anci al pe riod. T he Financi al Sta t e m ents, the m i nu t es, t he b o oks and any other m ate rial s uppo rting the re po rts s hall be k e pt at t he Gene r al Secre t a r y's office f i f t e en (1 5) busi ness da ys b e f o re the sc heduled da te of t he m e eting of t he G ene r al Sha r eholde rs' M eeti ng so that they can be e x a mined by the sha r eh olde rs.

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A R T I CLE 31. A PP R O V A L OF THE B A L A N CE S H EE T S. M o d i f i e d b y D ee d N o. 124 8 of A pril 22, 20 0 2, i ss u e d b y No t a r y 2 3 of Bogo t á. T he B alance She ets m u st be sub mitt ed to t he G ene r al Sha re holde rs' M eeting by the Boa rd of Dir ecto rs a nd t he Le g al Rep r esentative pu rsuant to t he r e q uir e m ents of A rticle 4 46 of the Comm e rce Code (Decr ee 4 10 of 1 971) a nd any other ap plicable le gislation.

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A R T I CLE 32. S T A T U TORY R ESE R VE. M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 199 4 a nd 1 24 8 of A pril 22, 2 0 0 2 i s s u e d b y No t a r y 2 3 of Bo g o t á. T he sta t uto ry r ese r ve shall be e sta blished with ten pe rcent (1 0%) of t he p r o fits of ea ch fin ancial y e ar until an a m ount eq ual to 50% of t he subscribed capital has be en set asid e. O n ce this r ese r ve r eaches t his f i fty pe rcent (5 0%), t he Co m p any shall no l on g er be r e q uired to r ese r ve ten pe rce nt (10%) of t he net p r o f i ts. If the v alue of t he r ese r ve decr ea s es, ho w e v e r, the Co m p any m ust r esu me s etting aside ten pe rce nt (10%) of its p r o f its until the m i n i m um is on ce ag ain m e t.

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P A R A G R A P H. T he G ene r al S ha re holde rs' M eeting m ay m anda te the f o r m ati on of occasional or v olunta ry r ese r v es f or speci al pu r pose s; the se m ust be a pp r o v ed acco r ding to t hese b yla ws and the la w. Occasional r ese r v es m and a t ed by the Gene ral Sha re hold e rs' M eeting sh all on ly be m anda t o ry f or t he fiscal y ear in w hich they a re established. T he Gen e r al Sha re ho l de rs' M eeting m ay chan ge their pu rp ose w hen it dee ms a pp r op riate.

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A R T I CLE 33. P ROFIT S H A RING. M odi f i e d b y D ee ds No s. 269 1 of M a y 24, 1994, 353 0 of O c t ob e r 1 2, 1 9 9 9, 1 2 4 8 of A p ril 22, 20 0 2, a l l i ss u e d b y N o t a r y 2 3 of B ogo t á a nd 636 7 o f N o v e m b e r 25, 201 6 i ss u e d b y N o t a r y 7 3 of B o g o t á. Once the G ene r al S ha re holde rs' M eeting has app r o v ed t he in v en t o ry and the ba l ance of t he f i nancial y ea r, it w ill p r oceed to m a ke app r op riations to r ese r v es and m a ke d ecisions about p r o f it sha rin g. Unless deci d ed othe r wise, at lea st f i fty pe rcent (50%) of the p ro fits ea r n ed du ring each y ea r, or t he bala nces the reof sh all be distributed as dividends if l osses f or p r e vious y ear m ust be offset. T h is pe rcen t a ge shall be incr eased to s e v enty pe rcent (70%) if t he s u ms of sta t uto ry or v olunta ry r ese r v es e xceed one hund red pe rce nt (100%) of the s ubscribed capit al. T his pe rcenta g e, ho w e v e r, m ay be decr ea s ed or t he re m ay be no p ro fit s ha ring if app r o v ed by the Ge n e r al Sha re hold e rs' M ee ting with se v en ty eig ht pe rcent (78%) of the s ha r es r ep r e s en t ed at the m eetin g. If t he re a re p ro fits, t hey s hall be distribu t ed p r opo rti onally to the n u m ber of sh a r es subscribed by each of t he Co m pan y's sha r eholde rs. Dividend pa y m ents s hall be m ade in ca sh to a ll sha r eholde rs at t he ti me t he pa y m ent is d ue, within t he ti me f r a me set f o r th by the Ge ne r al S ha re holde rs' M eeting at the ti me dividends a re decla red pa y able. W hen Co m p any sha r es a re listed on t he stock e xchan g e, ho w e v e r, the ex dividend pe riod m u st be h o no re d. T he dividend m ay be pa id in Co m p any sha r es if su ch a p r opo s al is app r o v ed by r ep r esentativ es of eig hty pe r c ent (80%) of t he sha r es p r e s ent at t he m eetin g. In t he e v ent that this m ajo rity is not m et, s ha r es shall only be distributed to sha r eholde rs as dividends to tho se w ho acce pt t h e m.

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PA R A GR AP H. T he Gene r al Sha re holde r s' M eeting m ay decla re the pa y m ent of dividends f or sha r es issued and p l aced du ring a speci fic fisc al y ear based on t he p r o fits of p r e vious y ea rs f or sha r es that ha ve not be en s ubscr i bed, p r o vided that r ese r v es e xist to pay the m.

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C H A P T E R I X. B Y L A W A M E ND M E NT S.

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A R T I CLE 34. A M E N D M E NT S. M od i f i e d b y D e e ds No s.9 4 1 of A pril 5, 1 99 9 a nd 353 0 of O c t ob e r 12, 1 9 9 9 i s s u e d b y N o t a r y 2 3 of B ogo t á. A m e n d m e nts of t he co r po r a te b yla ws m u st be a pp r o v ed by the Gene r al S ha re holde rs' M eeting with a m ajo rity of t he v otes p r esen t. T he Le g al Rep r esentative is r esp onsible f or le g ally e x ecuting the a gr ee m ents on t he B ylaw A m e n d m e nts app r o v ed by the Gene ral Sha re holde rs' Me etin g.

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C H A P T E R X. DI SS OLUTION A N D L IQUI D A TION.

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A R T I CLE 35. GROUNDS FOR DI SS OLUTI O N. T he Co m pany shall be diss olv ed:

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a) Upon the e x pir ation of its contr act ual t e rm if n ot e xtended p rior to e x pir ation.

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b) By the r eduction of the n u m ber of its associates to l ess th an that r e q uir ed by law f or its est ablis h m e nt or f uncti on.

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c) By a decision of the G ene r al Sha re hold e rs' M eeting with the m ajo rity stipulated in the b yla ws.

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d) W hen losses occur that r edu ce t he Co m p an y's net w o rth to less th an f i fty pe rcent (50%) of the s ubscrib ed capit al.

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e) W hen n i n ety-five pe rce nt (95%) or m o re of t he subscr i bed s ha r es belong to a sin gle sha r eholde r.

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f) By any other le g al gr ounds.

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A R T I CLE 36. LIQUI D A T ION. M od i f i e d b y D ee d No. 4 2 6 0 of O c t ob e r 24, 200 1, i ss u e d b y N o t a r y 2 3 of Bogo t á. In the e v ent of t he Co m pan y's d issolutio n, t he Co m pan y's p r ope rties shall be liq uida t ed and distribu t ed acc o r ding to the p r o visions of the G ene r al S ha reh olde rs' M eeting and the la w. T he pe rson or p eople desig na t ed by the Gene r al Sha re hold e rs' M eeting sha ll ca rry out the liq uidation. If t he M e eting does not n a me a liq uida t o r, the P r esid ent of t he Co m pany at the ti me of t he liq uidation shall ca rry out t his r ole. T he B oa rd of Dir ecto rs shall se r ve as the A d viso ry Boa rd of t he liq uida t or or liq uidato rs. In-kind p r ope rty shall be sold to a w a rd cash to the associate s, unless the G ene r al S h a re ho l de rs' M eeti ng d ecid es to a w a rd the in- kind p ro pe rty to the sha r ehold e rs.

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A R T I CLE 37. O PE R A T ION OF THE G E N E R A L S H A R E HOLD E R S' M EE TING. Du ring the liq uidation pe riod, the G ene r al S ha reh olde rs' M eeting m ay hold o r dina ry and e xtr ao r dina ry sessions pu rsu ant to t he se b y l a ws. T he M eeti ng sh all ha ve all r ele v ant f uncti ons f or t he liq uidation, e s pecially those r elated to f re ely cha n ging and r e m o ving liq uidato rs and alte rn ates, a gr eeing with t hem the p rice f or t h eir se r vices, a nd app r o ving the final liq u i dato rs' r epo rt a nd the distribution docu m e nt.

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A R T I CLE 38. FI N A L LIQUI D A TION S T A T E M E NT A ND DO C U M E NT. Once the e xte r nal liabilities ha ve be en paid off, t he f i n al liq uidation sta t e m ent and the do c u m ent distributing the ba l an ce to the s ha re hold e rs shall be p r epa r ed. In t he m anner s et f o r th in these b yla ws, the liq uidato rs shall co n v ene the G e ne r al Sha reh olde rs' M eeting to app r o ve the liq uida t o r s' state m ents a nd t he distribution of t he a f o rem enti on ed balan c e. If no ass oci ates atte nd the first duly anno u nced m eeti n g, the liq uida t o rs shall call a se c ond m eeting to occ ur within the ne xt 10 d a ys. If no o ne a ttends this second m eeting eithe r, the liq uid ato rs' st ate m e nt shall be d e e m ed app r o v ed. It s ha ll not be possible to contest it the rea f t e r. O n ce the f i nal liq uidation st ate m e nt has be en app r o v ed, ass o ciates shall r eceive w hat is due to th e m. If t he re a re a bsences or if the re a re m any asso ciates, t he liq uida t o rs shall call th em via announ c e m ents t h at shall be p u blished no less than th ree (3) tim es at inte r v als of eig ht (8) to t en (10) da ys in a ne wspaper th at circulates w he re t he C o m pan y's h ead q ua rte rs is loca t ed. A f t er the last a nn o un c e m ent is m a de and t en (10) da ys a f t er the l ast publication, the liq uidato rs s hall sub mit to t he depa r t m e ntal w elf a re b oa rd of the place w he re t he Co m pan y's head q ua r t e rs is loca t ed o r, in su ch an entity's absence, t he close st su ch bod y, the p r ope rties be l on ging to associates w ho w e re not p r esent to r eceive it. T hey m ay on ly claim said p r ope rti es within the f ollo wing y e a r. A f t er that tim e, t he p r ope rty shall be c o me t he p ro pe rty of t he w elf a re entity, and f or w hich t he liq uida t or shall p r o vide the necess a ry tr an s f er docu m ents. T he r ele v ant r e g ulati ons of t he C ode of Co mm e rce s hall apply f or the C o m pan y's liq u i dation.

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C H A P T E R X I. M I S C E L L A N E OUS P RO V I S ION S.

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A R T I CLE 39. A RBI T R A TION C L A U SE. M odi f i e d b y D ee d No. 124 8 of A pril 22, 2002, i ss u e d by N o t a r y 2 3 of Bogo t á. Disp utes t hat a rise b etw een sha re hold e rs or betw een sha r ehold e rs and t he Co m pany r e s ulting f rom t he e x ecution of t he co r po ra te b yla ws or the Co m pa n y's liq uidation shall be r esolv ed by the A r bitr ation T rib un al loca t ed in Bo g otá D.C. a nd shall be m ade up of t h r ee (3) Colo m bian la w y e rs w ho shall issue a le g al decision. T he a p poin t m ent of the a r bit e rs shall be m ade by joint a gr ee m e nt betw een the pa rties within ten b usiness da ys f r om t he ti me t he applic ati on is su b mitt ed by one pa rty to the o t h e r. If an a gr ee m e nt is not r eached, the Ce nter f or A r bitr ation a nd Reco nciliation of t he Bo g o tá Ch a m b er of Com m e rce shall a p point t he a r bite rs acco r ding to its inte r n al r e g ulatio ns. T he a r bit r ation p r o c ess shall p r oce ed pu rsu ant to t he r e l e v ant le g al r e g ulatio ns and t he rules of the Ce nter f or A r bitr ation a nd R econciliation of t he B o g otá Ch a m ber of Co mm e r c e.

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A R T I CLE 40. CO M P L I A NCE W ITH T H E CODE OF GOOD COR P O R A TE GO VE R N A NC E. S u p pl e m e n t e d b y D ee d No. 433 5 of N o v e m b e r 13, 2 003, i ss u e d b y N o t a r y 2 3 of Bo go t á. Pa r a gr a ph s uppl e m e n t e d b y D ee d No. 15 9 of J a n u a r y 21, 2016, i ss u e d b y N ot a r y 7 3 o f B o go t á. T he Co m pan y's sha r eho l d e rs and in v esto rs m ay m a ke r espect f ul i n q uiries w hen they belie ve a b r each of t he Co de of Good Co rp o r a te Go v e r nance has occu r r ed.

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T he Co m p any shall establish an office to se r ve sh a r ehold e rs and in v esto rs under the dir ection of an offici al with this re mit. S a id office s hall se r ve as a link b etw een sha r eholde rs and in v esto rs and the C o m p an y's g o v e r nance bodies, and it s hall ca r ry out t he ne c essa ry m a na g e m ent to m eet the needs a nd r e q uir e m e nts of sha re holde rs and i n v esto rs in a tim e ly m anne r.

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P A R A G R A P H. Notwithsta n ding its v oluntary natu r e, co r po r a te g o v e r nance best p r actices and r ecom m e n dati ons ad o pted by the Co m p an y, sh all be m a nd ato ry for Gr upo A v al, its office rs and e m plo y ees.

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A R T I CLE 41. M E C H A NI S M S T H A T E N S URE THE E QUI T A TI V E TR E A T M E NT OF THE CO M P A N Y'S S H A R E HOLD E RS A N D IN VES T OR S. S up p l e m e n t e d b y D ee d No. 433 5 of No v e m b e r 13, 20 0 3, i ss u e d by No t a r y 2 3 o f Bog o t á. T he C o m p a ny shall give the sa me atte ntion to petitions, claims a nd in f o r m ati on s u b mitt ed by sha r eholde r s, r e g a r dless of the v alue of t heir sha r es, as to those su b mitted by in v esto rs, r e g a r dless of the v alue of t heir in v estm ents.

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A m ong the speci fic m echanisms f or sha reh olde rs and in v esto rs t hat g ua ra ntee t heir e q uitative tr eatm ent: (i) Re q uesting sessions of t he Gene r al Sh are holde rs' M eeting acco r ding to p r o visions of the b yla ws; (ii) D e m anding c o m pliance with the C o de of Good C o r po r a te Go v e r nance, (iii) Being se r v ed a nd in f o rmed with the sa me l e v el of d etail and p ro m p t ness such t hat their rig hts a re p r o t ecte d. S e r vice a nd i n f o rm ati on shall be p r o vided to s ha r ehold e rs and in v esto rs th r ou gh the Co m p an y's speci fic office f or sha re hold er a nd in v est or se r vices.

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A R T I CLE 42. CONTROL BY CO M PE T E NT A UTHORITI ES. S uppl e m e n t e d b y D ee ds No. 4 3 3 5 of N o v e mb e r 13, 20 0 3 i ss u e d b y N o t a r y 2 3 of Bog o t á, a nd M odi f i e d b y P ubl i c D ee d N o. 0 5 8 0 of M a r c h 6, 2 0 0 6 i ss u e d b y N o t a r y 1 8 of B ogo t á. As long as the Co m p a ny issues secu rities p u rsuant to line 2 of p ar a gr aph 3 of a rticle 75 of Law 9 64 of 2 005 and a rticle 73 of Decr ee 4327 of 2 0 05, the Fi nancial Supe rinte nden ce s hall e x e rcise e x clusi ve contr ol o v er the Co m pan y.

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A R T I CLE 43. R E S OLUTION OF CO N FLICTS OF INT E R ES T B E T WEE N A N EXE CUTI V E OR M A N A G E R A ND THE C O M P A N Y. S uppl e m e n t e d b y D ee d N o. 433 5 of N o v e mb e r 1 3, 2003, i ss u e d b y Not a r y 2 3 of B ogo t á. W h en an e x ecutive or m ana g er is in a sit uati on t hat en t ails a c o n fli ct of inte r est with the C o m pan y, he or s he m ust c on v ene t he G e ne r al Sha r eho l de rs' M eeting to p r e s ent his or her case. He or she m ust p r o vide this body with a ny in f o r m ation that m ay be r ele v ant f or m aking a decision. T he e x ecutive or m ana g er shall be e xcluded f rom t he r e s ulting v ote if he or she is a sha re hold e r. The G e ne r al Sha re hold e rs' M eeti ng m ay on ly r ule on s uch m a tte rs w hen they do not je opa r dize the inte r ests of t he C o m p an y.

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A R T I CLE 44. R ES OLUTION OF CONF L ICTS OF INT E R ES T B E T W E E N A N EXE CUTI V E OR M A N A G E R A N D A S H A R E HOLD E R. S uppl e m e n t e d b y D ee d N o. 433 5 of N o v e mb e r 13, 200 3, i ss u e d b y No t a r y 2 3 of Bog o t á. E x ecuti v es or m ana g e rs m ay not claim ig no r ance o f, limit or r estrict in any w ay the rig hts of any sha r eholde r. S ha re ho l de rs ha ve all the po w e rs gr anted to them by law to e x e rcise their rig hts. W h en a co n flict of i nte r est a rises betw een an e x ecutive or a m ana g er and a sha r eholde r, c o m pli ance with the r ele v ant r egulations and the inte rests of t he Co m pany shall p r e v ail.

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ARTICLE 45. ARTICLE 46. RIGHT OF WITHDRAWAL. Supplemented by Deed No. 305 of January 28, 2022, issued by Notary 73 Bog o t á. When a transformation, merger or spin-off of the Company imposes on the shareholders a greater responsibility or entails a decrease in their equity rights, the absent or dissenting shareholders shall have the right to withdraw from the Company. They shall also have the right to withdraw if there is a voluntary cancellation of the registration in the National Securities and Issuers Registry or in the stock exchange.

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It shall be understood that there is a decrease of the shareholders' equity rights in the following cases:

| 1. | When the shareholder’s percentage ownership in the Company’s capital decreases. |

| 2. | When the equity value of the share decreases or its nominal value is reduced, as long as the foregoing results in capital decrease. |

| 3. | When the possibility of negotiating the shares is limited or reduced. |

FIRST PARAGRAPH - Within eight (8) business days following the date on which the respective transformation, merger or spin-off decision is adopted, the absent or dissenting shareholders must notify the Company of their desire to exercise the right to withdraw ("Notice of Withdrawal ").

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If Notices of Withdrawal have been received within the term set forth in the preceding paragraph, once the Management of the Company has verified that the legal requirements for the exercise of the right of withdrawal have been met, it will calculate the shares to be offered to the other shareholders prorrata to their participation in the capital of the Company, together with the amount to be paid, as set forth in Paragraph Two, and the payment instructions ("Prorrata Offering").

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The Prorrata Offering will be made no later than the fifth (5th) business day following the expiration of the deadline for submitting the Notice of Withdrawal to the registered shareholders of the Company at the close of business on the day immediately preceding the day on which the Prorrata Offering is notified.

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The shareholders interested in exercising the option to purchase the shares offered by the shareholders who intend to exercise the right of withdrawal will have fifteen (15) business days from the date on which the Prorrata Offering has been notified, to indicate to the Company their intention to purchase the offered shares and to pay the price thereof ("Exercise of the Purchase Option").

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When the shareholders do not acquire all the shares offered by the shareholders who exercised the right of withdrawal, the Company, within five (5) business days following the expiration of the period for the Exercise of the Purchase Option, shall repurchase them provided that there are liquid profits or statutory reserves constituted for such purpose.

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In the event that the Company does not have liquid profits or statutory reserves that allow it to repurchase the shares, it shall proceed with their reimbursement within two (2) months after the expiration of the term for the Exercise of the Purchase Option. The Company's Legal Representative shall determine the date on which the reimbursement shall be made within the aforementioned term, as well as the means through which the payment thereof shall be made. The term of two (2) months may be extended up to twelve (12) months subject to the approval of the Superintendency of Finance of Colombia.

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SECOND PARAGRAPH - The price for the repurchase or reimbursement of the shares will be determined in a technical study prepared by an independent professional who shall comply with the provisions of the Circular Básica Jurídica of the Superintendency of Finance of Colombia. In the event that the technical study has not been performed, the Company shall hire an independent professional to prepare a technical study to determine the price in compliance with the provisions of the Circular Básica Jurídica of the Superintendency of Finance of Colombia.

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THIRD PARAGRAPH - For purposes of carrying out the notices related to this article, the Company shall use means that ensure wide dissemination, including, but not limited to newspapers of wide national circulation, notices on its website or through the Relevant Information mechanism.