Grupo Aval Acciones y Valores S A : J.P. Morgan Southern Cone & Andean Opportunities Conference

Corporate Presentation

April 2023

Disclaimer

Grupo Aval Acciones y Valores S.A. ("Grupo Aval") is an issuer of securities in Colombia and in the United States ("SEC"). As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others, are explained when required in this report.

Banco de Bogotá executed a spin-off of a 75% equity stake in BAC Holding International Corp ("BHI"); to its shareholders and Grupo Aval subsequently spun-off its equity interest to its shareholders on March 29, 2022. Prior to the spin-off, Banco de Bogotá was the direct and only parent of BHI. Furthermore, on December 19, 2022, Banco de Bogotá sold 20.89% of the outstanding investment of BHI through a tender offer. As of December 31, 2022, Banco de Bogotá held 4.11% of BHI. This investment is reflected as an investment at fair value through other comprehensive income.

As a result, for comparability purposes, we have prepared and present supplemental unaudited pro forma financial information for the twelve months ended December 31, 2021, that assumes the spin-off was completed on January 1, 2021. As a result of the sale of 20.89% of BHI, in this presentation we have reclassified the BHI's equity method to discontinued operation for the second and third quarter of 2022.

The supplemental unaudited pro forma financial information does not purport to be indicative of our results of operations or financial position had the relevant transactions occurred on the dates assumed and does not project our results of operations or financial position for any future period or date. The pro forma financial information is unaudited and the completion of the external audit for the year ended December 31, 2022, may result in adjustments to the unaudited pro forma financial information presented herein any such adjustments may be material.

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description.

When applicable, in this document we refer to billions as thousands of millions.

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Table of contents

1. About Grupo Aval
2. Financial Results
3. Macro Overview

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Table of contents

1. About Grupo Aval
2. Financial Results
3. Macro Overview

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Grupo Aval key highlights

Key Figures (as of December 31, 2022)
Balance Sheet	US$ billions
Total Assets	$61.5
Net Loans	$37.2
Deposits	$36.0
Attr. Net Income (US $ mm)	$516

Key Ratios (12M 2022)

ROAA (1)	1.6%
ROAE (1)	14.0%
Tangible Equity Ratio (2)	9.1%
Efficiency	45.8%
Deposits to Net Loans Ratio	96.8%

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Business Composition

By Assets (as of December 31, 2022)				By Net Income (for 12M22)
										)
Geographic			Type of Business			Geographic		Type of Business
Central				Pension Fund						Pension Fund
								Manager
America 8.5%	Merchant /	Manager 1%			Central America
				5%
	Investment Bank					Merchant /
		23%
	18%		Investment Bank
								28%
								Colombia
	Colombia	Commercial	&		77%
	91.5%			Retail Banks
				81%

Source: Consolidated company f ilings

Note: Peso amounts were conv erted to U.S. dollars using the representativ e market rate as computed and certif ied by the Superintendency of Ps $4,810,2 per U.S. $1.00 as of December 30, 2022.

1. Calculated as annualized net income div ided by the av erage of assets f or the f iv e quarters ending December 31, 2022 div ided by f iv e. (1) Calculated as annualized net income attributable to owners of the parent div ided by the av erage of attributable equity f or the f our quarters ending December 31, 2022 div ided by f ive. (2) Calculated as total equity minus intangible assets (goodwill plus other intangible assets) div ided by total assets minus intangible assets.

Commercial &

Retail Banks

67%