Mr. Luis Carlos Sarmiento Angulo informed the General Shareholders' Meeting of Grupo Aval of his decision to activate the succession plan designed several years ago and his intention to retire from the Board of Directors of the company after having chaired it for many years. Consequently, at the General Shareholders' Meeting, a new list of candidates was presented, made up of nine members, among which Mr. Luis Carlos Sarmiento Gutiérrez was included, a list that was approved by the shareholders. In announcing his intention to retire, Mr. Sarmiento Angulo gave a summary of his professional career, as well as the evolution of the main investments controlled by Grupo Aval, such as the Bogotá, Occidente, Popular and AV Villas banks, Corporación Financiera Colombiana and AFP Porvenir, and other important investments of the Sarmiento Angulo Organization, including Seguros Alfa, El Tiempo and Construcciones Planificadas.

He also highlighted the number of employees of the companies of the organization, which exceed 120 thousand, and the contributions that these companies make to Colombia's economy, including the taxes generated in benefit of the Nation and the regions. In his presentation, Mr. Sarmiento Angulo also highlighted the philanthropic work developed during his tenure as Chairman of the Board of Directors of Grupo Aval, among which currently stands out the Cancer Treatment and Research Center or Centro de Tratamiento e Investigación del Cáncer - CTIC - opened in 2022, as well as other contributions in the fields of education, health and emergency aid. As part of the aforementioned succession plan, the Board of Directors of the Company met on March 20, 2024 to learn of the resignation presented by Dr. Sarmiento Gutiérrez as President of the company, which was accepted.

Subsequently, the new Board appointed Mr. Sarmiento Gutiérrez as Chairman of the Board, replacing Mr. Sarmiento Angulo. Additionally, Mr. Sarmiento Gutiérrez proposed the name of Ms. María Lorena Gutiérrez Botero as the new President of Grupo Aval, whom the Board proceeded to appoint. Ms. Gutiérrez will occupy the position as of April 1, 2024.