Grupo Aval director reports initial share holdings

Grupo Aval Acciones Y Valores S.A. director Esther America Paz Montoya has filed an initial statement of ownership.

Rhea-AI Filing Summary

Grupo Aval Acciones Y Valores S.A. director Esther America Paz Montoya has filed an initial statement of ownership. She reports direct holdings of 251,718 Common Shares linked to 251,718 underlying Preferred Shares and 423,076 additional Preferred Shares. The footnotes explain that each American Depositary Share currently represents 20 Preferred Shares and that Common Shares may be exchanged for Preferred Shares on a one-for-one basis, provided Preferred Shares do not exceed 50% of the company’s total subscribed share capital.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Paz Montoya Esther America

Role Director

Type	Security	Shares	Price	Value
holding	Common Shares	--	--	--
holding	Preferred Shares	--	--	--

Holdings After Transaction: Common Shares — 251,718 contracts (Direct); Preferred Shares — 423,076 shares (Direct)

Footnotes (2)

1. F1. The Preferred Shares may be represented by American Depositary Shares, each of which currently represents 20 Preferred Shares.
2. F2. Holders of Common Shares may exchange their Common Shares for Preferred Shares, on a one-for-one basis, provided that the Preferred Shares do not exceed 50% of the Issuer's total subscribed share capital.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Grupo Aval (AVAL) Form 3 filing show for Esther America Paz Montoya?

The Form 3 shows that director Esther America Paz Montoya directly holds 251,718 Common Shares and 423,076 Preferred Shares of Grupo Aval. It serves as an initial statement of her ownership position in both share classes as of the reported date.

How many Preferred Shares of Grupo Aval (AVAL) does Esther America Paz Montoya report?

She reports 423,076 Preferred Shares directly, plus 251,718 Preferred Shares underlying her 251,718 Common Shares. The Common Shares may be exchanged for Preferred Shares on a one-for-one basis, subject to limits on total Preferred Shares in the company’s capital.

How are Grupo Aval (AVAL) Preferred Shares represented by American Depositary Shares?

The filing notes that each American Depositary Share currently represents 20 Preferred Shares of Grupo Aval. This means investors trading ADSs in the U.S. are indirectly exposed to bundles of 20 underlying Preferred Shares per ADS, according to the stated ratio.

Can Grupo Aval (AVAL) Common Shares be exchanged for Preferred Shares?

Yes. Holders of Common Shares may exchange them for Preferred Shares on a one-for-one basis. This exchange is allowed only so long as Preferred Shares do not exceed 50% of Grupo Aval’s total subscribed share capital, as described in the filing footnote.

Does the Grupo Aval (AVAL) Form 3 indicate any insider buying or selling activity?

The Form 3 presents holdings rather than specific buy or sell trades. It lists the number of Common and Preferred Shares that director Esther America Paz Montoya directly owns after the reported date, without detailing individual purchase or sale transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 09:29 AM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Paz Montoya Esther America

(Last) (First) (Middle)

C/O GRUPO AVAL ACCIONES Y VALORES S.A.

CARRERA 13 NO. 26A - 47

(Street)

BOGOTA 110311

(City) (State) (Zip)

COLOMBIA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Grupo Aval Acciones Y Valores S.A. [ AVAL ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Preferred Shares(1)	423,076	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Shares	(2)	(2)	Preferred Shares	251,718	(2)	D

Explanation of Responses:

1. The Preferred Shares may be represented by American Depositary Shares, each of which currently represents 20 Preferred Shares.

2. Holders of Common Shares may exchange their Common Shares for Preferred Shares, on a one-for-one basis, provided that the Preferred Shares do not exceed 50% of the Issuer's total subscribed share capital.

	/s/ Javier R. Arias Correa, as attorney-in-fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)