ESCISION AGREEMENTEscision Agreement • June 30th, 2011 • Grupo Aval Acciones Y Valores S.A. • Commercial banks, nec
The undersigned Legal Representatives of GRUPO AVAL ACCIONES Y VALORES S.A., INVERSIONES ESCORIAL S.A. (hereinafter “Escorial”) and POPULAR SECURITIES S.A. (hereinafter “Popular”), companies domiciled in Bogotá D.C., taking into account that there is a willingness to engage in a partial escision, do therefore agree to submit to the consideration of their respective Shareholders Meetings, for their approval, the escision agreement that, upon due fulfillment of the requirements imposed by Article 4 of Law 222 of 1995, is incorporated in the following clauses:
