Grupo Aval Acciones y Valores S A : 4Q 2019 Presentation

4Q19 and FY 2019 Consolidated Earnings Results

IFRS

Disclaimer

Grupo Aval Acciones y Valores S.A. ("Grupo Aval") is an issuer of securities in Colombia and in the United States.. As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-GAAP measures such as ROAA and ROAE, among others, are explained when required in this report.

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description.

When applicable, in this document we refer to billions as thousands of millions.

2

Consolidated key results for the year

	COP $tn	2018	2019	19 vs 18
	Gross Loans	$ 169.2	$ 179.4	6.0%
Balance	Deposits	$ 164.4	$ 175.5	6.8%
Sheet	Deposits/Net Loans	0.97 x	1.01 x	0.03 x
	Tangible Equity Ratio	8.4%	9.2%	74 bps
	90 days PDLs / Total	3.1%	3.3%	19 bps
	loans
Loan Quality
	Cost of risk	2.4%	2.2%	(17) bps
	Net interest margin	5.7%	5.7%	3 bps
	Fee income Ratio	23.6%	25.5%	191 bps
	Efficiency Ratio	45.7%	47.6%	187 bps
Profitability
	Attributable net income	$ 2.91	$ 3.03	4.2%
	ROAA	2.2%	2.0%	(14) bps
	ROAE	17.8%	16.4%	(143) bps

Gross loans excludes interbank and overnight funds. Tangible Equity Ratio is calculated as Total Equity minus Goodwill and other Intangibles divided by Total Assets minus Goodwill and other Intangibles. PDLs 90+ defined as loans more than 90 days past due. Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income . Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non-significant

3 figures.

Key results per region for the year

			Colombia				Central America(1)
			70% of Assets				30% of Assets
COP $tn	2018	2019	19 vs 18		COP $tn	2018	2018	19 vs 18

	Gross Loans
Balance	Deposits
Sheet	Deposits/Net Loans
	Tangible Equity Ratio

90 days PDLs / Total

$ 116.4	$ 124.2	6.6%
$ 113.7	$ 119.2	4.8%
0.99 x	1.00 x	0.02 x
7.7%	8.0%	39 bps
3.8%	4.0%	14 bps

	Gross Loans
Balance	Deposits
Sheet	Deposits/Net Loans
	Tangible Equity Ratio

90 days PDLs / Total

$ 52.8	$ 55.2	4.6%
$ 50.7	$ 56.3	11.1%
0.95 x	1.02 x	0.08 x
10.3%	12.0%	165 bps
1.3%	1.6%	27 bps

Loan Quality

loans

Loan Quality

loans

Cost of risk

Net interest margin

Fee income Ratio

Efficiency Ratio

Profitability

(2)

Attributable net income

ROAA

ROAE

2.4%	2.1%	(23) bps
5.4%	5.3%	(15) bps
19.0%	20.9%	193 bps
41.8%	43.3%	147 bps
$ 2.10	$ 2.11	0.4%
2.4%	2.2%	(20) bps
24.8%	23.3%	(156) bps

Cost of risk

Net interest margin

Fee income Ratio

Efficiency Ratio

Profitability

(2)

Attributable net income

ROAA

ROAE

2.4%	2.3%	(3) bps
6.3%	6.8%	42 bps
34.3%	34.9%	55 bps
54.8%	56.3%	157 bps
$ 0.81	$ 0.92	14.0%
1.7%	1.7%	0 bps
10.3%	9.8%	(50) bps

1. Central America refers to Leasing Bogotá Panamá (LBP) operation expressed in Colombian Pesos, at the exchange rate of each period. (2) Attributable net income for Grupo Aval of Ps 715.1 bn for 4Q19 corresponds to the Ps 433.6 bn of our Colombian operation plus Ps 409.6 bn of our Central American operation multiplied by 68.7%, our stake in Banco de Bogotá. Gross loans excludes interbank and overnight funds. Tangible Equity Ratio is calculated as Total Equity minus Goodwill and other Intangibles divided by Total Assets minus Goodwill and other Intangibles. PDLs 90+ defined as loans more than 90 days past due. Net Interest Margin includes net interest income plus net trading income from investment securities held for trading through profit or loss divided by total average interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non-significant figures. Equity for Central America is calculated as

4 LBP multiplied by our 68.7% stake in the company. Equity for Colombia is calculated as the difference between our consolidated attributable equity and the equity in Central America.

Macroeconomic context - Colombia

( 1 | 3 )

GDP Growth (%)

6.1
	4.1	4.2	3.6	3.3	3.1	3.6	1.8	2.5	1.9	1.3	2.6	0.8	1.6	1.5	1.5	2.3	2.4	2.7	2.7	2.8	3.6	3.4	3.4
I		II		III		IV		I		II		III		IV		I		II		III		IV		I		II		III		IV		I		II		III		IV		I		II		III		IV
	2014					2015					2016					2017					2018					2019
	4.5					3.0					2.1					1.4					2.5					3.3

Source: DANE. Seasonally adjusted, constant prices of 2015 GDP

Inflation (%)

10.0%

Feb-20:

8.0%					3.72%
6.0%
					3.80%
4.0%
2.0%
0.0%
Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19

GDP Growth Expectations (%)

4.0				2020E		2021E

3.8												3.2%	3.2%
3.6
3.4
3.2
3.0
2.8
Dec-18	Mar-19	Jun-19	Sep-19	Dec-19	Mar-20

Source: Bloomberg Consensus

Inflation Expectations (%)

4.02020E 2021E

3.8												3.5%			3.2%
3.6
3.4
3.2
3.0
2.8
Dec-18	Mar-19	Jun-19	Sep-19	Dec-19	Mar-20

12-Month inflation	Lower target range	Upper target range
Source: Banco de la República de Colombia and DANE.	Source: Bloomberg Consensus

5

Macroeconomic context - Colombia	( 2 | 3 )
Central Bank's Monetary Policy

Real GDP growth	Inflation	Colombian Central Bank's Interest rate
10%
8%
5%		4.25%
		3.72%
3%		3.39%
0%

	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Feb-20
FY	4.5%	3.0%	2.1%	1.4%	2.5%	3.3%
GDP

Source: Banco de la República de Colombia and DANE. GDP as of December 2019. GDP Seasonally-adjusted, constant prices (2015 basis)

Colombian Central Bank's Interest rate (EoP)	DTF(1)	IBR(2)
8%

6%
						4.56%
4%						4.25%
					4.11%
2%
Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Mar-20

Source: Banco de la República de Colombia. (1)End of period DTF rate (2) End of period 3-month interbank (IBR) rate

		Unemployment (%)
					11.2%
			10.6%	10.8%
9.9%	9.8%	10.0%
				10.5%
			9.4%	9.7%
9.1%		9.2%
8.9%
			Jan-19Jan-20
				13.7%	12.9%
				12.8%	13.0%
2014	2015	2016	2017	2018	2019
	Average national unemployment	Average urban unemployment

6	Source: Banco de la República de Colombia. Urban unemployment defined as unemployment of 13 cities and their
metropolitan areas

Macroeconomic context - Colombia

( 3 | 3 )

Real and Projected Fiscal Deficit - Fiscal Rule ( % of GDP)

						(1.4)	(1.3)	(1.2)	(1.1)
					(1.5)
				(1.6)
			(1.8)
(2.4)		(2.5)	(2.2)
	(3.0)	(3.1)
		(3.6)
		(4.0)

2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027
		Real fiscaldeficit
		Projected fiscaldeficit (Jun-2019)

Source: Ministry of Finance. Projections start in 2020.

Current Account (% GDP, quarterly)

2.0%		Trade balance				Current Account Deficit
	2018	2019					2018	2019
		(2.7%)	(3.8%)				(3.9%)	(4.3%)
0.0%
(2.0%)
(4.0%)										(3.6%)
									(4.2%)
(6.0%)
(8.0%)				Dec-16		Dec-17
Dec-14	Jun-15	Dec-15	Jun-16	Jun-17	Jun-18	Dec-18	Jun-19	Dec-19
Oil Exports/Total Exports
2014:		2015:	2016:		2017:		2018:		2019:
52.8%		40.4%	34.0%		35.0%		40.2%		40.4%

Source: Banco de la República de Colombia.

Colombian Peso Exchange Rate

3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19
End of Period	2,392.5	2,598.4 2,598.7 3,086.8 3,149.5 3,000.6 2,919.0 2,880.1 3,000.7 2,885.6 3,050.4 2,936.7 2,984.0 2,780.5 2,930.8 2,972.2 3,249.8 3,174.8 3,205.7 3,477.5 3,277.1
Quarter Average 2,173.0	2,470.2 2,496.4 2,938.9 3,061.7 3,263.5 2,993.0 2,949.0 3,016.1 2,924.3 2,920.3 2,974.6 2,985.9 2,860.3 2,839.0 2,961.0 3,161.0 3,134.6 3,242.4 3,336.9 3,411.1
Yearly Average	2,000.7		2,746.47			3,053.42			2,951.15			2,956.55			3,282.39

Source: Banco de la República de Colombia.

4Q19 vs.	4Q19 vs.
4Q18	3Q19
0.8%	(5.8%)
7.9%	2.2%

7

Macroeconomic context - Central America

Growth Outlook - Real GDP

	5.5%			2019E			2020E
3.4%	3.0%	3.5% 3.5%		3.0%	3.5%	2.3% 2.3%
2.5%					2.1% 2.5%
								-0.8%
								-5.7%
Central
America(1)	Panamá	Guatemala	Honduras Costa Rica El Salvador Nicaragua

Source: IMF (WEO October 2019); (1) Aggregate growth of all the Central American countries.

Inflation per Country

CR

ES

GU

HO

NI

PA

Cenam

6.0%

6.1%

4.0%

4.0%

3.1%

2.0%

1.8%

1.2%

0.0%

0.4%

(0.4%)

(2.0%)

Feb-18

Apr-18

Aug-18

Oct-18

Feb-19

Apr-19

Aug-19

Oct-19

Feb-20

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Source: SECMCA. CR: Costa Rica, ES: El Salvador, GU: Guatemala, HO: Honduras, NI: Nicaragua, PA: Panamá, Cenam: Central America . Inflation of Nicaragua and Cenam as of December 2019, Panamá as of January 2020.

Regional Exchange Rates (100 = 12/31/2017)

140																											134
130
120																											111
110
																												105
100																											104
																										100
90
	Dec-17	Mar-18	Jun-18	Sep-18	Dec-18	Mar-19	Jun-19	Sep-19	Dec-19	Mar-20
				Colón				Quetzal				Lempira				Córdoba				TRM
Source: Bloomberg

Central Bank's Interest Rates

7.0%

6.0%

5.0%	5.25%
4.0%
3.0%	2.75%
2.0%	2.25%

1.0%

0.0%

Dec-17Jun-18Dec-18Jun-19Dec-19

Costa Rica		Guatemala		Honduras

Source: SECMCA.

8

Digital transformation

Strategy

• We are taking advantage of new digital technologies to improve customer experience, reach new customers, create new products and markets, and improve our efficiency
• We have launched a coordinated effort to digitalize our front and back offices, redesigning our core products, processes, and transactions
• Through analytics, we strive to better understand and serve our clients as well as improve our core activities such as risk, pricing and customer lifecycle management

Evolution

• Since their creation 3 years ago, our digitalization labs have yielded strong results. We now have:
• • 3.5 million (or 20%) of our clients are digital
  • 35% of our retail product sales are supported by our digital initiatives
  • 22 core products have been digitalized in our banks
  • 60% of our transactions are digital

2.4	2.9	3.5				940
				230
			(1)	121
		22				31
		Advanced
	15			14
5			Analytics
		2
2017	2018	2019		2017	2018	2019

(1) Includes 7,146 digital approval of mortgages in 2019.

9

Assets

Figures in Ps. Trillions

Total Assets

			Growth excl. FX movement of Central
				American Operations
		4Q19 / 3Q19 = 1.8%
				4Q19 / 4Q18 = 7.1%
4Q19 / 4Q18 = 7.4%
273.8		278.8	4Q19 / 3Q19 = 3.7%

259.7

4Q18

3Q19

4Q19

Assets Breakdown

	4Q18			3Q19			4Q19
			Foreign (1),					Foreign (1),					Foreign (1),
23.3%			30.2%	23.8%			31.0%	25.0%			29.7%
1.8%			2.0%				2.1%					Colombian
9.9%			Colombian	10.4%				62.4%
65.0%	63.7%		Colombian
		operations,
	operations,			operations,
			65.0%	1.8%		9.9%	10.5%			70.3%
			69.8%		69.0%
Net loans and leases(2)	Fixed income investments	Unconsolidated equity investments	Other

(1) Foreign operations reflect Central American operations. (2) Net loans and leases include interbank and overnight funds.

10

Loans and receivables

Figures in Ps. Trillions - Excluding interbank and overnight funds

Gross loans

			Growth excl. FX movement of Central
				American Operations
		4Q19 / 3Q19 = 0.1%
				4Q19 / 4Q18 = 5.7%
4Q19 / 4Q18 = 6.0%
				4Q19 / 3Q19 = 2.0%
179.3		179.4

169.2

4Q18

3Q19

Gross loans Breakdown

		4Q18	3Q19	4Q19
Microcredit	0.3%	0.2%	0.2%
Mortgages	11.0%	11.4%	11.3%
Consumer		32.8%	33.1%	33.4%
Commercial		56.0%	55.3%	55.1%

• Growth excluding FX movement of Central American Operations

4Q19

4Q19 / 4Q18	4Q19 / 3Q19
-3.6%	-3.6%	-0.8%	-0.8%
8.8%	8.2%	-1.0%	2.4%
7.9%	7.6%	0.9%	3.0%
4.4%	4.2%	-0.2%	1.3%

11

Loan portfolio quality

Quality

	30 days PDLs / Total loans
	90 days PDLs / Total loans
4.25%	4.55%	4.36%
3.07%	3.26%	3.26%

4Q18

3Q19

4Q19

Charge offs / Average 90+ PDLs

FY18	FY19
0.7x	0.9x

1.25x

0.70x0.63x

4Q183Q194Q19

Cost of Risk

		FY18	FY19
Impairment loss / Average loans	2.6%	2.4%
Impairment loss, net	/ Average loans	2.4%	2.2%
3.29%
	2.72%
3.09%		2.30%
	2.49%
		2.07%
4Q18	3Q19	4Q19

Coverage

Allowances / 90+ PDLs Allowance / 30+ PDLs

1.58x	1.53x	1.40x

		1.14x	1.10x	1.05x
		4Q18	3Q19	4Q19
Allowance /	4.84%	5.00%	4.56%
Gross loans

12

Loan portfolio quality

Figures in Ps. Billions			(1)			(2)
	30 days past due loans	90 days past due loans
	4Q18	3Q19	4Q19	4Q18	3Q19	4Q19
Commercial	3.88%	4.26%	3.94%	3.42%	3.67%	3.58%
Consumer	4.83%	4.87%	4.80%	2.66%	2.70%	2.76%
Mortgages	4.13%	4.78%	4.84%	2.25%	2.71%	2.97%
Microcredit	16.52%	17.36%	18.09%	12.30%	13.02%	13.60%
Total loans	4.25%	4.55%	4.36%	3.07%	3.26%	3.26%

30 days past due formation(1)

	4Q18	1Q19	2Q19	3Q19	4Q19
Initial PDLs	7,229	7,195	7,426	7,716	8,155
New PDLs	872	1,264	1,252	1,331	1,502
Charge-offs	(905)	(1,034)	(961)	(892)	(1,829)
Final PDLs	7,195	7,426	7,716	8,155	7,827
			90 days past due formation(2)
	4Q18	1Q19	2Q19	3Q19	4Q19
Initial NPLs	5,166	5,188	5,143	5,491	5,846
New NPLs	927	988	1,309	1,247	1,826
Charge-offs	(905)	(1,034)	(961)	(892)	(1,829)
Final NPLs	5,188	5,143	5,491	5,846	5,842

FY18 FY19

6,195 7,195

4,149 5,349

(3,149) (4,717)

7,195 7,827

FY18 FY19

4,382 5,188

3,955 5,370

(3,149) (4,717)

5,188 5,842

(1) Past Due Loans + 30 / Total Loans including interest accounts receivable

13 (2) Past Due Loans + 90 / Total Loans including interest accounts receivable. PDLs 90+ defined as loans more than 90 days past due.

Funding

Figures in Ps. Trillions

Total funding

Growth excl. FX movement of Central American Operations

4Q19 / 4Q18 = 6.6%

4Q19 / 3Q19 = 3.0%

Funding composition

Interbank borrowings

Bonds issued

Banks and others

Deposits

				4Q19 / 3Q19 = 1.2%
	4Q19 / 4Q18 = 6.8%
215.6		227.5		230.3

4Q18	3Q19	4Q19
3.2%	2.5%	4.0%
9.3%	9.4%	9.5%
11.3%	11.6%	10.3%
76.2%	76.5%	76.2%

		Total deposits							4Q19 / 3Q19 = 0.8%
Growth excl. FX movement of			4Q19 / 4Q18 = 6.8%
Central American Operations
164.4			174.0				175.5
	4Q19 / 4Q18 = 6.5%
	4Q19 / 3Q19 = 2.7%
		Deposit
		composition			4Q18		3Q19		4Q19
		Others			0.4%		0.2%			0.3%
		Time deposits			40.7%		43.8%			41.7%
		Checking accounts			24.2%		22.8%			24.2%
		Savings accounts			34.8%		33.2%			33.8%

	Deposits / Net loans*(%)			Cash / Deposits (%)
0.97x	1.00x		1.01x	17.3%		17.2%
	15.7%

4Q18	3Q19	4Q19	4Q18	3Q19	4Q19

(*) Net Loans equals gross loans plus interbank and overnight funds net of allowance for impairment of loans and receivables

14

Capital

Figures in Ps. Trillions

Attributable Equity + Minority Interest

			4Q19 / 3Q19 = 3.0%
	4Q19 / 4Q18 = 12.8%
29.6	32.4	33.3

Attributable Shareholders Equity

			4Q19 / 3Q19 = 2.8%
	4Q19 / 4Q18 = 11.6%
	19.9
17.8	19.3

	4Q18	3Q19	4Q19
Minority interest	11.8	13.0	13.5
Attributable equity	17.8	19.3	19.9

	4Q18	3Q19	4Q19
Total equity / Assets	11.4%	11.8%	12.0%
Tangible equity ratio	8.4%	8.9%	9.2%
(1)

Consolidated Capital Adequacy of our Banks (%)

	4Q18	3Q19	4Q19		4Q18 3Q19	4Q19		4Q18 3Q19 4Q19		4Q18 3Q19 4Q19
Primary capital (Tier 1)	8.9	9.6	9.1	10.2	10.2	9.6	7.7	8.7	8.5	9.9	10.2	9.7
Solvency Ratio	13.5	13.4	12.8	12.6	12.4	11.8	10.1	10.7	10.6	10.5	11.0	10.7

(1) Tangible Equity Ratio is calculated as Total Equity minus Goodwill and other Intangibles divided by Total Assets minus Goodwill and other Intangibles.

15

NIM - Net Interest Margin			Net interest income(1) (trillions)
	4Q18	3Q19	4Q19		4Q19 /	4Q19 /
					4Q18	3Q19
Net Interest Margin(1)		2.8	3.0	3.0		8.5%	1.5%
5.68%	5.63%
		5.60%
										FY18	FY19
										5.67%	5.70%
		4Q18	3Q19	4Q19						3.71%	3.74%
Cost of funds
3.72%	3.78%	3.78%

Loans Interest Margin(2)

	6.64%
		6.35%	6.36%
	4Q18	3Q19	4Q19
Avg. Yield on loans	10.52%	10.37%	10.38%

Net Investments Margin(3)

		2.33%	1.96%
	0.50%
Avg. Yield on fixed income 4Q18	3Q19	4Q19
and interbank & overnight	4.38%	6.35%	5.98%

funds

FY18 FY19

6.71% 6.40%

10.56% 10.36%

FY18	FY19
0.60%	2.28%
4.45%	6.24%

1. Net Interest Income and Net Interest Margin: Includes net interest income plus net trading income from investment securities held for trading through profit or loss divided by total average interest-earning assets. NIM without income from investment securities held for trading through profit or loss was 5.6% for 4Q19, 5.6% for 3Q19 and 5.7% for 4Q18.
2. Loans Interest Margin: Net Interest Income on Loans to Average loans and financial leases.
3. Net Investments Margin: Net Interest income on fixed income securities, net trading income from equity and fixed income investment securities held for trading through profit and on
   16 interbank and overnight funds to Average securities and Interbank and overnight funds.

Fees and other operating income

Figures in Ps. Billions

Gross fee income

				4Q19/4Q18 = 10.0%
		4Q19/3Q19=9.2%
4Q19/4Q18=13.6%				4Q19/3Q19 = 8.2%

1,459.7	1,519.2	1,658.3	4Q19/4Q18	4Q19/3Q19
2.8%	2.6%	2.4%
	-2.4%			1.4%
17.4%	18.4%	17.7%
5.6%	5.7%	5.0%
	15.2%			4.8%
74.2%	73.2%	74.9%		1.6%			-5.1%
				14.7%			11.6%

Non-financial sector(1)

		4Q18	3Q19	4Q19	FY18	FY19
Energy & gas	114	193	143	588	665
Infrastructure	1,178	551	478	2,325	2,028
Hotels		13	8	9	37	32
Agribusiness	-10	-1	14	-5	14
Other	(2)	-89	-90	-105	-301	-363
Total		1,207	661	539	2,644	2,375

4Q18	3Q19	4Q19
Banking fees	Trust activities	Pension fees	Other

1. Net income from sales of goods and services
2. Reflects net NFS from Nexa BPO, Megalinea and Aportes en Línea call-centers and other subsidiaries

Growth excluding FX movement of Central American Operations

Other operating income

	4Q18		3Q19		4Q19		FY18		FY19
Foreign exchange gains (losses), net	-88	-208	337	283	312
Net income (loss) on financial derivatives	236	250	-179	248	20
Other trading income on derivatives	50		78		12		179		122
Derivatives and foreign exchange gains (losses), net (1)	198	120	170	711	454
Gains on valuation of assets	27	5	12	37	14
Net income from other financial instruments mandatory at FVTPL	29	55	55	206	218
Net gain on sale of investments and OCI realization	15	119	9	1	199
Gain on the sale of non-current assets held for sale	6	6	5	20	23
Income from non-consolidated investments (2)	66	68	57	269	314
Other income from operations	475		115		106	748	420
Total other income from operations	815	488	414	1,992	1,643

1. Includes income from trading and hedging derivatives reflected as part of the net trading income on the Statement of Profit or Loss.

17 (2) Includes share of profit of equity accounted investees, net of tax, and dividend income.

Efficiency ratios

Cost to income(1)

47.9%	52.1%
44.1%

Cost to assets(2)

4.3%	3.9%	4.1%

4Q18	3Q19	4Q19
FY18		FY19
45.7%		47.6%

4Q18	3Q19	4Q19
FY18		FY19
3.9%		3.8%

Cost to income efficiency ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, net income from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income.

1. Cost to income as previously reported would have been 41.8%, 43.8% and 46.3% for 4Q18, 3Q19 and 4Q19, respectively. 43.1% for FY18 and FY19.

Cost to assets efficiency ratio is calculated as annualized total other expenses divided by average total assets.

1. Cost to assets as previously reported would have been 3.8%, 3.5% and 3.6% for 4Q18, 3Q19 and 4Q19, respectively. 3.5% for FY18 and 3.4% for FY19.

18

Profitability

Figures in Ps. Billions
Net income attributable to controlling interest
850.7	743.2	715.1

		4Q18	3Q19		4Q19
EPS		$38.2	$33.4	$29.0	$32.1
	ROAA	(1)
		2.6%	2.0%
			2.0%		1.9%
		4Q18	3Q19		4Q19

FY18	FY19
2,912.7	3,034.4
$ 130.7	$ 136.2

FY18 FY19

2.2% 2.0%

ROAE (2)	15.8%
19.6%	15.8%	14.6%
		FY18	FY19
		17.8%	16.4%
4Q18	3Q19	4Q19

(1)ROAA for each quarter is calculated as annualized Net Income divided by average of total assets.

(2)ROAE for each quarter is calculated as annualized Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity.

19

20