Grupo Aval Announces Pricing of Initial Public Offering

Grupo Aval Acciones y Valores S.A. (“Grupo Aval” or the “Company”) today announced the pricing of its initial public offering of 1,629,629,640 preferred shares, par value Ps 1.00 per share, issued in the form of American Depositary Shares (“ADSs”), at a price of U.S.$13.50 per ADS. Each ADS represents 20 preferred shares of the Company. The ADSs are expected to begin trading on the New York Stock Exchange on September 23, 2014 under the ticker “AVAL.” All of the ADSs are being offered and sold by Grupo Aval. In addition, Grupo Aval has granted the underwriters a 30-day option to purchase up to 12,222,223 additional ADSs to cover over-allotments, representing 244,444,460 preferred shares at the initial public offering price.

J.P. Morgan Securities LLC and Goldman, Sachs & Co. are acting as global coordinators and joint book-running managers for the offering. Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering will be made only by means of a prospectus, copies of which may be obtained, when available, from J.P. Morgan Securities LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 866-471-2526, e-mail: prospectus-ny@ny.email.gs.com ,Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146), or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014, telephone: 866-718-1649, e-mail: prospectus@morganstanley.com.

About Grupo Aval

Grupo Aval is the largest banking group in Colombia and in Central America, in each case, based on total assets. Grupo Aval provides a comprehensive range of financial services and products ranging from traditional banking services, such as making loans and taking deposits, to pension and severance fund management.

Bio Luis Carlos Sarmiento Gutiérrez

Luis Carlos Sarmiento Gutiérrez, President of Grupo Aval Shares and Securities S.A. since 2000, with 30 years of professional experience in Colombia and United States (24 years with the Sarmiento Group entities). Chairman of the Board of Directors of the Banco de Bogota since 2004, Corficolombiana since 2006 and BAC Credomatic since 2010. Under the leadership of his father, Mr. Sarmiento Angulo, Luis Carlos Sarmiento Gutiérrez has led the process of internationalization of Grupo Aval, launched in 2010. Under their administration there have been milestones such as the purchase of BAC Credomatic in 2010, the registration of Grupo Aval with the SEC of the United States in 2011, the execution of two bond issuances in international markets in 2012, two issues of shares in the local market, in 2011 and 2013, and the purchase of AFP Horizonte, BBVA Panama and Grupo Financiero Reofrma, all during 2013.

Bio Luis Carlos Sarmiento Angulo

Luis Carlos Sarmiento Angulo is a civil engineer from the Universidad Nacional de Colombia, where he graduated with honors in 1954 at age 21. His first occupation after graduation was as a contractor of public works. In 1959, he began a long and illustrious career as a real estate developer. Over the last ten years he has also become involved in the construction of office buildings and shopping malls. In total, Mr. Sarmiento Angulo has built more than 6 million square meters.

In 1970, he extended his activities into banking. Throughout his life he has founded and / or acquired more than 20 financial institutions. In 1996, he founded Grupo Aval to optimize the management of the financial institutions he controlled. Currently all these acquisitions have been merged into 4 main banks: Bogota, Occidente, Popular and AVVillas. Through Grupo Aval he also controls a pension fund (Porvenir), a merchant bank (Corporación Financiera Colombiana) and a bank in Central America (BAC Credomatic). BAC Credomatic was acquired in 2010 from GE Capital and represented Grupo Aval’s first transformational acquisition internationally. Grupo Aval has approximately 30% market share of the Colombian financial system and is the largest financial conglomerate in Central America.

Grupo Aval currently has Assets Under Management of over US$86 billion. From his position as Chairman of the Board of Grupo Aval, a position Mr. Sarmiento Angulo has held since the founding of the company, he controls and directs the operations of Grupo Aval, as well he leads the development and construction of all of the projects in the group. Mr. Sarmiento Angulo is the largest shareholder of Grupo Aval.

Mr. Sarmiento Angulo is married to Fanny Gutiérrez de Sarmiento and they have five children and eleven grandchildren.