Juan Recalde

Nicolas Riva

Yuri Fernandes

Aníbal Valdés

Daniel Mora

Gabriel Noriega

Jason Mollin

Maria Barriga

Natalia Casas

Nicolas Rivia

Sebastian Gallego

- Grupo Aval Acciones y Valores S.A. announced a **corporate reorganization** where its fiduciary subsidiaries, Fiduciaria Bogotá S.A., Fiduciaria de Occidente S.A., and Fiduciaria Popular S.A., will spin off their fiduciary business units to Aval Fiduciaria S.A..  **[1504764_0000950103-25-011512_dp234225_6k.htm:0]** **[1504764_0000950103-25-011512_dp234225_6k.htm:1]** 
- This strategic move aims to **consolidate fiduciary operations** under Aval Fiduciaria to enhance operational capacity, unify management policies, strengthen its equity base, and improve market positioning.  **[1504764_0000950103-25-011512_dp234225_6k.htm:1]** 
- Shareholders of the spun-off companies will receive shares in Aval Fiduciaria based on the exchange ratios provided in the table below.  **[1504764_0000950103-25-011512_dp234225_6k.htm:1]** **[1504764_0000950103-25-011512_dp234225_6k.htm:3]** 
- The transaction is contingent upon **approval by the general shareholders' meetings** of the participating companies and **prior authorization from the Financial Superintendence of Colombia**, neither of which has been met as of the notice date.  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]** 
- The book values of the spun-off equity and Aval Fiduciaria's equity as of **June 30, 2025**, are presented in the table below.  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]** 

| Metric | Exchange Ratio (Shares of Aval Fiduciaria S.A. per share) |
|:---|:---|
| Fiduciaria Bogotá S.A. | **1.9664**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |
| Fiduciaria de Occidente S.A. | **1.6213**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |
| Fiduciaria Popular S.A. | **0.0973**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |

| Metric | Q2 2025 (as of June 30, 2025) |
|:---|:---|
| Fiduciaria Bogotá S.A. Equity (COP) | **91,766,269,898**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |
| Fiduciaria de Occidente S.A. Equity (COP) | **50,859,704,583**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |
| Fiduciaria Popular S.A. Equity (COP) | **6,073,224,827**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |
| Aval Fiduciaria S.A. Equity (COP) | **62,880,734,027**  **[1504764_0000950103-25-011512_dp234225_6k.htm:3]**  |

Grupo Aval Announces Corporate Reorganization of Fiduciary Subsidiaries

Grupo Aval Acciones Y Valores (AVAL)