Corporate P resentation July 2012

1. Corporate Presentation July 2012

2. Our History CASA DE BOLSA S.A. is GRUPO AVAL’s brokerage firm and is the product of the merger in 2009 among Casa de BolsaCorficolombiana, Valores Bogotá, Valores Popular, and Valores de Occidente; all brokerage firms owned by the biggest financial holding of Colombia. The main purpose of such merger is to offer our clients and GrupoAval´s customers a wide array of financial products and portfolios to strengthen our trust and reputation.

3. EquityComposition 22.79% 25.78% 7.94% 5.51% 37.50% 13.40% 38.95%

4. IntroductiontoGrupo Aval • Grupo Aval is a Colombia-based company, which holds and controls a portfolio of majority-owned investments in the financial services industry, principally in Colombia and in Central America Grupo Aval’s Ownership(1) • Controls Via Direct Investments: 2nd largest bank in Colombia; universal bank offering a complete range of financial products 64.7% 5th largest bank in Colombia; focused on commercial and auto loans and financial leasing 68.2% Pioneer of, and market leader in, payroll loans; growing mid-market commercial lending 93.7% Niche focused bank that targets mid- and low- income consumer segments and SMEs 79.9% Colombia’s largest pension fund manager 20.0% / 100%(1) Colombia’s largest and most profitable merchant bank • Controls Via Indirect Investments(2) 56.4% One of the largest and most profitable regional banking groups in Central America 64.7% Trust companies/asset managers, bonded warehouses, and brokerage unit Other (3) Avg. 90% + (1) Ownership percentages correspond to voting rights; (2) Indirect control is exercised through banking subsidiaries which Grupo Aval controls; (3) Others include: Almaviva (95.8%), Alpopular (71.1%), Fidubogota (95.0%), Fiduciaria de Occidente (99.4%), Fidupopular (94.9%), Fiduciaria Corficolombiana (94.5%) and Casa de Bolsa (95.5%).

5. IntroductiontoGrupo Aval GrupoAval is Colombia’s largest and most profitable financial services group, with a leading presence in Central America Key Highlights Geographic Footprint • Through its holdings, Grupo Aval: • Manages over US$100bn in assets • Operates in 11 countries • Serves over 9.4 million clients through 8,800+ points of service • Controls market shares of approximately: • 30% in Colombia • 11% in Central America(1) • Employs over 54,000 people • Colombia: 39,000+ • Central America: 15,000+ • Average ROAE (2008/Sep-2011): 25% • Market capitalization of US$12.1bn(2). Over 125,000 shareholders • Investment grade ratings: • Baa3 (Moody’s) • BBB- (Fitch) • Colombia • Branches: 1,255 • Other points of contact: 3,452 • ATMs: 2,512 • Customers: 7.2mm • Central America • Branches: 224 • Other points of contact: 248 • ATMs: 1,172 • Customers: 2.2mm (1)Average gross loans market share for the six Central American countries in which BAC operates. (2)As of January 13, 2012, exchange rate Ps 1,842.47.

6. GrupoAval´s Core Strengths Market Share as of September 30, 2011 • GROSS LOANS Total System Gross Loans: US$98.5bn • DEPOSITS Total System Deposits: US$90.6bn (1) (1) (1) (1) Source: Company filings, as of September 30, 2011, Superintendency of Finance. Grupo Aval corresponds to the sum of its four Colombian banks. Does not include BAC Credomatic (1)Total banking system figures as of September 2011 were: commercial loans US$56.2bn; Consumer loans: US$27.4bn; checking accounts: US$16.2bn; saving accounts: US$45.7bn.

7. GrupoAval´s Core Strengths Market Share as of September 30, 2011 • ASSETS Total System Assets: US$146.9bn • BRANCHES(2) (²) Figures as of June 30, 2011.

8. Casa de Bolsa General Information Mission: Contribute to the development of Colombia’s Capital Market through a permanentclientsadviceformarketsecurities intermediation and for the attainment of funds. Vision: Casa de Bolsa S.A. seeks the highest profitability for its shareholders and investors by means of a sustainable growth and taking into account our customer’sinvestmentprofile.

9. Casa de Bolsa FinancialHighlights ASSETS USD$ Thousands • EQUITY • USD$ Thousands

10. Casa de Bolsa FinancialHighlights OPERATING REVENUE USD$ Thousands OPERATING EXPENSES USD$ Thousands

11. Casa de Bolsa FinancialHighlights NET INCOME USD$ Thousands

12. Organizational Structure General Assembly External Auditor Customer Advocacy Board of Director Compliance Officer Regulatory Control Presidency Legal Adviser Networks Vicepresidency Financial and Administrative Vicepresidency Investments Vicepresidency

13. Equity Desk • Previously the equity Desk had two traders that work as a team, handling institutional clients local and foreign Investors. • Casa de Bolsa has a new project for the DESK. • Have a better integration between grupoAval and the Brokerage Unit of the Group. • More presence in the international field. • Better Economic reports.

14. Previous Desk Chart Company CEO Head Trader Equity Trader For Local and Offshore Institutional Offshore - Local Clearing Analyst Offshore - Local Clearing Analyst

15. FutureDesk Chart Company CEO Head Trader Equity Trader For Offshore Institutional Equity Trader For Offshore and Local Institutional Equity Trader For Local Institutional Economic Analist Offshore Clearing Analyst Offshore Clearing Analyst Local Clearing Analyst

16. Our Clients and Our Strengths Strengths Clients • Flows • Best Executions • Manage Orders • VWAP - TVWAP • MOC • LMT • FIX Platforms • Tradeware • Marcopolo • EMSX • Local Institutional Investors. • Pension Funds • Trust Companies • Insurance Companies • Foreign Investors Brokers • U.S • Chile • Peru • Brazil

17. OurFlows

18. Our Economic Report • Due to the integration with AVAL, we can offer our clients • Bimestral Report from Banco de Bogota, analyzing economic data and indicators. • Weekly Report From Corficolombiana, in which we handle Economic topics that are important for Colombian Economy. • Monthly valuation of Colombian Companies from Casa de Bolsa, the brokerage Unit of Aval Group. • If client required, an introduction with a certain CEO or IR of a company that is listed in Colombian Stock Exchange companies, we can arrange it.

19. Back Office Objetives • Run the operating instructions of customers in an efficient, timely and with the controls established by the Company. • Comply fully with the transactions in transactional systems, in compliance with regulatory standards for this purpose. • Manage in accordance with the rules and risk management guidelines and compliance of operations with foreign funds. • Building trust to partners based on process management. • Support the volumes of orders received by minimizing operational risks. • Generate value to the overall process as a competitive factor.

20. Area Chart Back Office – Director Fernando Cubides H fcubides@casadebolsa.com.co For foreign-Funds Trades, Casa de Bolsa has a team of trained exclusively for this service who knows the total process. Middle Office Analyst Trades Confirmations Mario Trujillo mtrujillo@casadebolsa.com.co Alfredo Castillo fcastillo@casadebolsa.com.co Back Office Settlements Team Status Instructions Vanessa Gomez vgomez@casadebolsa.com.co Back Office Settlements Team Local Custodian Settlements Jesus Combariza jcombariza@casadebolsa.com.co Back Office Settlements Team Local Custodian Settlements Juan Jimenez Juan.jimenez@casadebolsa.com.co Back Office Settlements Team BVC Settlements Juan Escobar Jescobar@casadebolsa.com.co

21. Back Office Process T+3 T+2 • Deliver Funds to Local Custodian. • Receive Shares from Local custodian to Settle them. • Deliver Shares to Local Custodian. • Receive Funds from Local Custodian. T+1 • Check Status of Instructions with Citibank Tampa. • Amend instructions between CdB, Broker and Citibank Tampa. • Send alerts over the incorrect instructions. • Ask the Brokers the missing NIT#. • Send the pending trade confirmations. • Check Status of Instructions with Citibank Tampa. • Deliver trades information to the Local Custodian. T+0 TRADE B/S Confirmation

22. Back Office Objetives • Experienced staff in back office procedures with Foreign • Investors Trades. • Immediate delivery of the information of the executed • trades. • Solid Financial support by GrupoAval. • Excellent relationship with the Local Custodians and • Citibank Tampa, which enables us to have effective • control of the trades before the settlement date.

23. Products and Services With Casa de Bolsa customers have access to the bid and offer of the various investment alternatives within the domestic and international financial markets through the following agreements: • Foreign Exchange • Shares • Global Markets • Funds • Third Party Portfolio Administration • Margins Accounts • Placement and Structuring • Fixed Income

24. Products Portfolio Foreign Exchange: The buying and selling of currencies is a product developed in Casa de Bolsa to solve the exchange needs of natural or legal persons, whereby they can make payments abroad of imports and other concepts, as well as monetize their resources product of their exports. Our customers will always have qualified professional advice and competitive prices. Casa de Bolsa also offers coverage of future dollar flows through "Future TRM“, administered by the BVC and compensated and liquidated by the Cámara de Riesgo Central de Contraparte. Shares: Casa de Bolsa offers the possibility to acquire shares of companies listed in the public securities market operated by the Stock Exchange of Colombia. With this tool, our customers become owners of some of the most profitable companies in the country with the objective that this profitability is reflected in the share price and dividends to which the shareholder has the right.

25. Products Portfolio Global Markets: Through the Bogota Panama Bank, our customers have the possibility to diversify and expand their investment options in different markets worldwide. Funds: The funds are the ideal vehicle for our customers to participate in capital markets with the advantages that the big players have. Our clients participate with their resources in collective portfolios strategically managed by a dedicated team. The funds offered by Casa de Bolsa seek to cover all asset classes of financial markets.

26. Products Portfolio Third Party Portfolio Management: The third party portfolio management is the right product for our clients seeking to invest their surplus and patrimony in the capital market through the formation of an investment portfolio that allows you to maximize returns subject to its investment policies and risk profile. Margins Accounts: Speculative product focused on maximizing the profitability of our customers by way of a leveraged exposure in treasury securities of the national government, TES, and shares listed on the Stock Exchange general index of Colombia IGBC.

27. Products Portfolio Placement and Structuring: Today, companies have understood the various alternatives offered by the capital markets when it comes up to obtaining financing resources, reducing cost of capital, and to increase their assets’ productivity. To achieve what is stated above, Casa de Bolsa structures solutions taking into account capital markets current conditions.

28. Products Portfolio Fixed Income: Casa de Bolsa offers fixed income instruments that give our customers a fixed return duration of their investment and according to their risk profile. Within the universe of products we find public and corporative debt bonds denominated in local or foreign currency, certificates of deposit (CDTs) and commercial papers, among others.

29. IMPORTANT DISCLOSURE Though the information provided in this document is reliable, the user assumes complete risk of the information. The data contained does not represent neither an offer nor a bid/purchase of any of the mentioned products. Furthermore, the document does not represent an intention of Casa de Bolsa S.A. to participate at any transaction. All the estimations and points of view included are covered as of the date of the document and can change without notice. This document is not a personal recommendation, is distributed for informational purposes only, and the interpretations and/or decisions made based on this document are not Casa de Bolsa S.A. responsibility. This document is confidential and intended exclusively to the document’s recipients. If you are not a recipient, or have received this document by error, please notify the sender immediately, delete it from your system and do not copy, reproduce and/or distribute any part of it.