FAQs

Almacenes Éxito S.A. has common shares listed on the Colombia Stock Exchange (bvc). Besides, the Company has listed ADRs Level II in the United States and BDRs Level II in Brazil (B3 - in delisting process).  Until January 2025, the Company also had ADRs Level II listed on the New York Stock Exchange (NYSE) and is pending deregistration from that market during 2026. 

Any person or entity interested in buying Éxito´s shares must get in contact with a stockbroker firm duly registered with the Colombia Stock Exchange. The stockbroker firm is in charge of providing the customer with all the necessary information about the purchasing process and the business conditions and who represents the person/entity in the same process through an entailment previous process.

Once the stockbroker buys the shares, the person/entity receives a receipt issued by the Colombia Stock Exchange to guarantee the acquired obligations.

It is an entity legally authorized to purchase and sale of securities that are issued on a stock exchange. It can conduct business on behalf of third parties, where the trader is in charge of making transactions between buyers and sellers of securities in exchange for a fee charged for this service. In Colombia, the stock brokerage firms are members of the Colombia Stock Exchange and are supervised by the Colombian Financial Superintendence.

Yes, each potential investor can choose the stock brokerage within the list published in the Colombia Stock Exchange.

The return obtained by investing in stocks or equities involves the periodic payment of dividends to shareholders and the valuations of the shares in the stock market. Dividends are approved annually by the General Shareholders Meeting and correspond to a percentage of Net Profit of the Company. The share valuation depends on the market expectations about the company's performance over a period of time or movements and fluctuations of supply and demand for the stock which can increase or decrease its value in a certain period of time

The General Shareholders' Meeting held on March 27, 2025, decreed to distribute as dividends, twenty seven thousand three hundred and ninety seven million nine hundred and sixteen thousand six hundred and eighteen pesos ($COP 27,397,916,618). The total amount declared corresponds to an annual dividend of twenty-one pesos and eleven cents ($COP 21,916,618). and eleven cents ($21.11), which will be paid in one installment on June 25, 2025.

For shareholders who are not tax residents in Colombia, the dividend will not be subject to income tax, dividend tax or industry and commerce tax.

By virtue of the application of the CHC regime (Colombian Holding Companies), for national shareholders the dividends will not be taxed with income tax, but will be taxed with dividend tax and industry and commerce tax at the corresponding rate for legal or natural persons as the case may be, and in accordance with the guidelines of the Tax Statute.

Dear Shareholders:
From now on, Almacenes Éxito will make the payment of Dividends and the issuance of certificates through Deceval and not through Bancolombia channels.
For any management or further information, please contact Deceval's Shareholder Service Area through:
- The national toll free line 01 8000 111 901.
- E-mail servicioalcliente@bvc.com.co
- In Bogota at (601) 3077127

- In Bogota at Carrera 7#71-21 Torre B, 12th floor. Hours: Monday to Friday from 9:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 4:00 p.m.

-Virtual office programming through line 601 3077127.

In accordance with the provisions of Decree 4766 of 2011 and the General Regulations of the Stock Exchange, the stock negotiations that take place between the first day of dividends payment and the four trading days prior to that date do not include the right to receive dividends (ex–dividend period).  

In accordance with the dividend payment date, the initial dates of the ex-dividend periods  will correspond to June 18, 2025. 

In order to update the data in the Issuer's Shareholders' Book and/or register an account for the payment of dividends, please fill in the F-ME-GQ-324 Format for payment of dividends in the link: https://www.bvc.com.co/documentos-post-negociacion?tab=formatos-accionistas, with the following documents:

- Copy of the shareholder's identity document

- Bank certification that contains at least the names and surnames of the account holder, type and number of document, type and number of bank account and bank branch code not older than 90 days of issuance.

- For Legal person, attach a certificate of existence and legal representation issued by a competent entity, as well as a copy of the legal representative ID.

If the investor is under-age:
- Copy of the identity document of the representative or tutor.

- Authentic, or authenticated, or simple copy with the declaration of having been taken from the original of the Civil Registry of Birth of the under-age with complementary number.

- Copy of identity card if older than 7 years.

Please note that the format must have recognition of signature, fingerprint and content before a Public Notary.

This documentation must be filed at any of Deceval offices located at:

✔ Bogotá: Carrera 7 #71-21 Torre B, 12th floor from Monday to Friday from 9:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 4:00 p.m.

✔ Medellín: Carrera 43 A 1 – 50 tower 3 office- 301 San Fernando Plaza on Tuesdays from 8:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 4:00 p.m.

As of 2019, the certificate is available on the Company's website (www.grupoexito.com.co/es/shareholdersandinvestors) to be downloaded by completing the required information.

Likewise, the shareholder can request the income certificate  directly from our Stock program administrator, through the following Deceval channels:

National toll-free 01 8000 111 901

From Bogota to (601) 3077127

By an email to servicioalcliente@bvc.com.co (the request must be made by the shareholder and attach a legible copy of the ID).

If the shares are dematerialized, the tax certificate can be requested from the Brokerage Firm managing your shares.

Since 2019, the certificate can be downloaded from the Company´s website ( https://www.grupoexito.com.co/en/download-your-tax-certificate) completing the requested information.   

As of November 15, 2022, shareholders can request the certificate through Exito´s shareholders book administrator, Deceval:

-Toll-Free line 01 8000 111 901
-Bogota at (601) 3077127
- servicioalcliente@bvc.com.co

As administrator of the Grupo Éxito´s shareholder´s book, Deceval is responsible for the comprehensive management of the shares.  

Deceval-bvc shareholder service

-Toll-free line 01 8000 111 901

- Bogota at (601) 3077127

- servicioalcliente@bvc.com.co

- Bogotá: Carrera 7 #71-21 Torre B, 12th floor. Monday through Friday from 9:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 4:00 p.m.

-Virtual office programming through the line (601) 3077127

If your concern or comment is related to Tarjeta Éxito, Fundación Éxito or a different issue for shareholders and investors, we ask you to contact customer service through:

Toll-free line: 018000 428 800

www.grupoexito.com.co/es/clientes/contactenos

In case of loss and/or misplacement of the security title(s), is not necessary to request its replacement as of November 15, 2022, due to the dematerialization process carried out by the Company.

If you need to request the certificate of shares, certificate of deposit and/or certificate of acceptance of offer, please contact Deceval:

-Toll-free line 01 8000 111 901

-From Bogota to (601) 3077127

-servicioalcliente@bvc.com.co (The request must be made by the shareholder and attach a legible copy of the ID).

The shareholder can communicate through the following Deceval channels:

● Toll-free line 01 8000 111 901

● From Bogota to (601) 3077127

● servicioalcliente@bvc.com.co (The request must be made by the shareholder and attach a legible copy of the ID).

If you require information on behalf of a third party, you must present the power of attorney granted by the shareholder with a valid note of no more than 30 days, jointly with a legible copy of the shareholder and proxy ID.

This documentation must be filed at Deceval office located at:

 ✔ Bogotá: Carrera 7 #71-21 Torre B, 12th floor. Monday through Friday from 9:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 4:00 p.m.

✔ Medellín: Carrera 43 A 1 – 50 tower 3 office- 301 San Fernando Plaza. On Tuesdays and Thursdays from 8:00 a.m. to 5:00 p.m. to 1:00 p.m. and from 2:00 p.m. to 4:00 p.m.

Since November 15, 2022, it is not necessary to carry out or request the immobilization of the shares, considering that they are already dematerialized before Deceval.

If you require financial information, you can find financial statements, operational results and strategic plans previously published to the market on a quarterly and annual base, under the following link:

https://www.grupoexito.com.co/en/financial-information

The merger between Almacenes Éxito S.A. (the “Company” or “Éxito”) and Cadenalco S.A. (“Cadenalco”) was completed at the Company´s Extraordinary Shareholders Assembly held on August 31, 2001, and through the public deed from November 9, 2001, registered on November 28, 2001. Given the above, Cadenalco´s shareholders must exchange their shares, at a factor of 1 Company´s share in exchange for 4.7 of Cadenalco´s shares.

After the dematerialization process, it is not necessary to do any procedure, because the change is automatic. Those shareholders who still have shares of Cadenalco, will automatically receive their rights in Éxito shares. If the shareholders want to sell their shares at any time, they must do so through the Stock Exchange, and the transfer of the shares will be completed by book entry in Deceval. To do this, they must be linked to a stock brokerage company. 

The merger between Almacenes Éxito S.A. (the “Company” or “Éxito”) and Carulla Vivero S.A. (“Carulla Vivero”) was completed at the Company´s Extraordinary Shareholders Assembly held on May 24, 2010, and through the public deed from September 2, 2010, registered on September 2, 2010. Given the above, Carulla Vivero´s shareholders must exchange their shares, at a factor of 3.6 Company´s shares in exchange for 1 Carulla Vivero´s ordinary share.

After the dematerialization process, it is not necessary to do any procedure, because the change is automatic. Those shareholders who still have shares of Carulla will automatically receive their rights in Éxito shares. If the shareholders want to sell their shares at any time, they must do so through the Stock Exchange, and the transfer of the shares will be completed by book entry in Deceval. To do this, they must be linked to a stock brokerage company. 

The most recent issuance of common shares was in September 2011 for 114.270.684 shares with a subscription price of COP21,900/share for a total amount of COP$2,5 billion.

The Company invested USD 746 million for the acquisition of 100% of the shares of Spice Investment Mercosur SA, a holding company that owns 96.5% of Lanin SA and 62.5% of the Grupo Disco Uruguay SA, which own directly and indirectly the supermarket brands Disco and Devoto in Uruguay. The remaining proceeds have been used to accelerate the expansion strategy of the Company, the development of new commercial Real Estate projects, and internationalization of operations.

Any future resource needs will always be analyzed and if applicable a new issuance, it will be announced to the market in due course through the required and authorized by law channels.

It is a share that is not physically represented in a security title, but rather is represented in a book entry held by a central securities depository, which, in this case, is Deceval, who has in custody a macro title representative of the entire inssuance. The owner of the share is the one who appears registered in the Issuer's shareholders' book with its corresponding book entry in the system managed by Deceval.

That owner does not require a security title to exercise their political and economic rights; its annotation in the register managed by Deceval is enough. Now, if that owner wants a certificate stating that it appears in the registry, Deceval will issue that certificate, upon request to the corresponding Issuer or Direct Depositor, which will give an account of the values on deposit recorded in the account in favor of the investor, and may be used for the exercise of patrimonial and/or political rights, as appropriate. These certificates are enforceable but cannot circulate or serve to transfer ownership of the securities, which can only be transferred by book entry.

Specifically, the Company's Board of Directors approved on October 6, 2022 to do the necessary procedures to carry out the dematerialization of all its shares and, therfore, as of November 15, 2022 the Company's shares begun to circulate in a dematerialized way through the registry and book-entry carried by Deceval. Therefore, as of this date, the physical securities will no longer be valid, without the need to carry out any procedure whatsoever.

The shares dematerialization brings a series of advantages to the Company and its shareholders. In addition to bringing the Company up to global stock trading standards, it facilitates the operational implementation of corporate events (such as shareholders' meetings), reduces the risk of (physical) fraud, provides security over the number of shares held by each shareholder, and facilitates the negotiation processes.

The shareholder does not have to do anything to dematerialize their shares. The shares dematerialization is a process managed by the Company and coordinated by Deceval through the delivery by the Company of the duly updated shareholder registry book.

Specifically, the Company's Board of Directors approved on October 6, 2022 to do the necessary procedures to carry out the dematerialization of all its shares and, therefore, as of November 15, 2022 the Company's shares began to circulate in a dematerialized way through the registry and book-entry carried by Deceval. Therefore, as of this date, the physical securities will no longer be valid, without the need to carry out any procedure whatsoever.

No. The shareholders will not assume additional costs related to the dematerialization. If the shareholders want to sell their shares, they must assume those costs that derive from the negotiation of their shares in the secondary market.

The rights of the shareholders are not affected by the dematerialization. The shareholders will continue to have the same shares and the same rights that they had before the dematerialization.

Shareholders will be able to exercise their rights effectively without the need to have a physical security since their representation in meetings and some other procedures can be done with the exhibition of their identity document and without the need to present any other different support. 

It is not necessary to do any procedure, because the change is automatic. the Company will represent as a direct depositor before Deceval, all those shareholders who have physical shares and do not have a stockbroker as of this date.

If the shareholders want to sell their shares at any time, they must do so through the Stock Exchange, and the transfer of the shares will be completed by book entry in Deceval. To do this, they must be linked to a stock brokerage company. The foregoing means that the holders of physical shares will not be able to trade their shares and/or transfer ownership over them through mechanisms other than book entry, whose record must be updated upon request made to Deceval through its corresponding Direct Depositor or the Issuer, in the event that the latter holds said capacity or the entity designated by it.

It is not necessary to do any procedure, because the change is automatic. Those shareholders who still have shares in Cadenalco or Carulla will automatically receive their rights in Éxito shares. If the shareholders want to sell their shares at any time, they must do so through the Stock Exchange, and the transfer of the shares will be completed by book entry in Deceval. To do this, they must be linked to a stock brokerage company.

Shareholders who currently have a direct depositor, that is, a brokerage company with direct access to Deceval and its systems for registration purposes, will have their shares booked on the day of the dematerialization process in that same direct depositor.

 The Company will represent as a direct depositor before Deceval, all those shareholders who have physical shares and do not have a stockbroker as of this date.

The shareholder must go to the Issuer or whoever it designates and request the change from the depositor with whom the shareholder has previously been linked.

No, on the contrary, it facilitates it since the secondary sale of the shares can only be carried out with dematerialized shares.

Almacenes Éxito S.A. treats the personal data provided by the shareholder during its relationship as a shareholder, in order to comply with the legal duties that the company has towards the shareholder, generate the corresponding legal certifications, and carry out the contact and activities to guarantee the transparent flow of information that is of interest to the shareholder based on this quality, in compliance with the applicable legal regulations and in accordance with the provisions of the personal data processing policy of Almacenes Éxito S.A. Personal data may be processed by those in charge of processing for the development of the purposes described above, including the intermediary and/or centralized deposit that is in charge of managing the shares of Almacenes Éxito S.A. The data may be consulted in databases with a public vocation for risk management, and the shareholder is reminded that they can exercise their habeas data rights through the email protection.datos@grupo-exito.com. The personal data processing policy of Almacenes Éxito S.A. can be consulted at www.grupoexito.com.co 

It is an operation to divide the nominal value of a share. When carrying out a split, the number of shares (authorized and subscribed) of a company increases and their nominal value decreases. A split generates a change in the nominal value of a share and in the number of shares, but does not modify the value of the capital or the investment that each shareholder has in the issuer.

This implies for a shareholder that the number of shares he owns increases, but his investment will remain the same.

The split presented by Éxito consisted in modifying the nominal value per share established in article 5 of the bylaws, which decreased from $10 to $3.333333333340 per share.

By making this modification, the number of shares increased in the same proportion:

The effect for each shareholder was an increase in the number of shares representing their investment in the Company, but the value of their investment did not change. This procedure did not have any cost or involved additional paperwork for the shareholders. After the approval of the split, the shares began to circulate in a dematerialized way and the required electronic registration was carried out, without the need for the shareholders to carry out any procedure.

As a result of this process, the number of shares held by the shareholders was multiplied by 3 and the closing price of the share on the day immediately prior to which the BVC  implemented the Split was adjusted accordingly by dividing it by the same factor of 3 at the beginning of said day, in this way the negotiations in the market continued normally and freely.

Below, for illustrative purposes, is an example of the impacts that the number of shares and the share price of two ÉXITO shareholders had, which applyed to all shareholders.

In any case, both shareholder A and shareholder B retained the same degree of participation before and after the Split.

No, the share trading was not suspended at any time as a result of the split. The BVC carried out the corresponding operating procedures during the weekend of November 19 and 20, 2022 (non-stock days). In this way, at the beginning of the trading session on the first business day of the following week, November 21, 2022, the adjustment would  have already been made in the BVC's transactional systems.

There was no impact on the portfolio of each shareholder in terms of their participation in the Company; although, the value per share reduced and, therefore, said difference was compensated with the increase in the number of shares owned. This is  why the value of the portfolio or investment remained the same.

The value of the dividend is directly related to the annual generation of profits of the Company. It is important to clarify that the decrease in the nominal value is a statutory reform that does not interfere in the normal development of the Company's operations and, consequently, the percentage of the profit approved to distribute as a dividend will continue to be subject to approval by the Assembly, which will determine the future percentages to be distributed, based on the profits and the available cash generated by the Company and not based on the nominal value or number of shares.

Although the equity value of the share decreased, the number of outstanding shares (subscribed) increased, so the effect in terms of value for each shareholder is the same. No accounting entry was made as a result of the share Split; there was no movement in  the value of the capital paid by the shareholders or in the share placement premium that    is registered.

No. This process did not imply an increase or decrease in capital. The authorized and     subscribed capital of the Company remained the same; the only change that was made had to do with the decrease in the nominal value of each share and, therefore, in the number of shares, without affecting the participation of each shareholder in the Company.

The split did not entail a dilution or increase in the shares of the shareholders in the Company's capital, which remained unchanged. Only the number of shares owned by each shareholder changed. The exercise of the political and economic rights     of each shareholder remain the same.

As part of its long-term strategic vision, Grupo Éxito is analysing shareholder efficiency opportunities that benefit the company and maximize value for its shareholders. This is in line with the efforts being promoted by its current strategy: (i) a more efficient and agile structure, (ii) exploiting the Group's commercial potential, and (iii) improving returns and benefits for all shareholders.
 

Thus, the goal of the ADS delisting process in the U.S. and Brazil is to centralize all the float in the Colombian market and promote the correct formation of the stock price.

• May 8, 2025: JPMorgan will make a one-time payment to DTC on May 8. After this, it will be the responsibility of each broker to credit their clients' accounts. Therefore, if you have any questions about the payment to your specific account, you should contact your broker after May 8. For holders whose positions are maintained through a broker or another securities intermediary that is a participant in The Depository Trust Company ("DTC"), this process will be automatically completed on May 8, 2025. Registered holders whose positions are not maintained through DTC must deliver their ADS to JPMorgan before receiving the funds due to them.
• Once the delisting process is completely finished and the criteria required by the SEC are met, the company will file Form 15 to request deregistration, which will be effective after 90 days, at which point the SEC’s reporting requirements and other obligations will cease.
• The company will continue to comply with all SEC requirements and obligations until the final deregistration.

For the time being, yes.  Until such time as the Company is able to deregister its securities in the U.S., it will remain a reporting company in the U.S. and be required to file reports with the SEC, including an annual report on Form 20-F and ongoing reports on Form 6-K.

Once the company meets all the SEC requirements for cancelling the registration, the process will begin. At this point, the company cannot anticipate when this will happen, but it may take up to a year or more to cancel its registration.

The delisting from the NYSE will not impact the voting and dividend rights of ADR holders.  However, following termination of the ADR program, the Depositary will no longer solicit proxy voting; therefore, you will not be entitled to vote on any matters brought to shareholders. In addition, following termination of the ADR program, the depositary will hold on to any dividends distributed to which you are entitled as an ADR holder and distribute those dividends to you: (i) at the time you surrender your ADRs, which you are able to do so through March 3, 2025; or (ii) if you do not take any action by March 3, 2025, together with the proceeds from the sale of the underlying shares. 

You will not incur any costs merely as a result of the delisting.  However, if you choose to surrender your ADRs and take ownership of the underlying Colombian shares on or prior to March 3, 2025, the depositary will charge you a cancellation fee of U.S.$5.00 for each 100 ADS (or portion thereof) cancelled, plus a cancellation transaction fee of U.S.$15.00 will be charged on ADSs surrendered.

ADR holders need to consult their tax advisor(s).

The Company is committed to maintaining the highest standards of corporate governance and transparency in its financial reporting. With the deregistration, the Company's reporting obligations under the Exchange Act and SOX compliance obligations will end. However, the Company will continue to publish on its website all relevant information to its shareholders as required by Colombian law.   

Maria Cecilia Salazar
Executive Director | Depositary Receipts – Latin America
cecilia.m.salazar@jpmorgan.com
Office phone: +1-212-622-5935
Mobile: +1-917-406-6235
The ADS notice to holders is published at: https://www.ADS.com/drprofile/02028M105.

1. Grupo Éxito has informed the market of the following activities regarding the delisting of its ADSs from the New York Stock Exchange:

• Dec 20, 2024: Market announcement of the voluntary delisting intention and deregistration of the ADS as per the Board of Directors’ minutes and notification to JPMorgan for the termination of the ADS program.
• Dec 30, 2024: Publication of relevant information regarding the filing of Form 25 with the SEC requesting delisting.
• Jan 9, 2025: Publication of relevant information regarding the effectiveness of the ADS delisting from the NYSE. The last day of ADS trading on the NYSE was January 8, and continued to trade in the OTC market until the program termination.
• Jan 21, 2025: Publication of relevant information about the termination of the ADS program. Holders will have until February 28 to convert their ADS to common shares, and the remaining ADS will be sold.
• Mar 3, 2025: Start of the stock sale period in Colombia due to ADS cancellation.
• May 5, 2025: Publication of relevant information about the completion of the stock sale period in Colombia due to the ADS program cancellation (Form 25). ADS holders must deliver them to receive payment, which will be available from May 8 (final net payment of 3.334110/ADS).

If you are a registered shareholder, you must submit your share certificate(s) to receive payment for the ADS sale.

As part of its long-term strategic vision, Grupo Éxito is analysing shareholder efficiency opportunities that will benefit the company and maximize value for its shareholders. This aligns with the efforts being promoted under its current strategy: (i) a more efficient and agile structure, (ii) exploiting the Group's commercial potential, and (iii) improving returns and benefits for all its shareholders.
 

Thus, the goal of the delisting process of receipts in the U.S. and Brazil is to centralize the entire share float in the Colombian market and promote the correct formation of the share price.

• Dec 20, 2024: Announcement to the market of the Board of Directors' approval to evaluate the company's performance as an issuer on the Brazilian stock exchange and determine alternatives for the BDS program.
• Feb 14, 2025: Announcement of the intent for voluntary delisting and deregistration of BDSs according to the Board's decision and notification to Itaú for the termination of the BDS program.
• Apr 16, 2025: CVM responds positively to the BDS delisting proposal.
• Apr 17, 2025: Relevant fact announcing CVM’s response to the BDS delisting proposal.
• Apr 22, 2025: Start of the definition period for holders and suspension of the issuance of new BDSs.

3. Holders will have 30 days, from April 22 to May 22, 2025, to give instructions to Itaú Depositary regarding their intention to transfer their investment to common shares on the BVC. With the remaining BDS base, the sale process in Colombia will begin according to the guidelines published within the delisting process.

• May 22, 2025: Relevant fact announcing the termination of the BDS program. End of the definition period for BDS holders. Last day for BDS trading. The depositary will calculate the number of common shares to be sold with the remaining BDS base.
• May 23, 2025: B3 will block the remaining BDS amount and register a provision for the sale value based on the closing price in Colombia on May 23. The market capitalization in reais will be reported as an estimated value (adjusted based on the final sale value).
• May 27, 2025: Start of the sale of shares on the BVC (for 90 days).
• Aug 25, 2025: End of the share sale process on the BVC.
• By Aug 29, 2025: Publication of relevant information reporting the total shares sold, average price, estimated payment date, and final value in reais after deducting costs.
• By Sep 8, 2025: Request for the cancellation of the program and deregistration of the BDSs before the CVM and B3.
  
   

The company will continue to comply with all requirements and obligations demanded by the Brazilian stock exchange B3 and CVM until its final deregistration. Once the delisting process is complete and the criteria required by the CVM are met, the company will request deregistration, and when this is finalized, reporting requirements and other obligations required by CVM and B3 will cease.

Yes, until the company can cancel its registration of securities in Brazil, it will continue submitting reports to the CVM, including the annual Reference Form and quarterly periodic reports.

Once the company meets all CVM requirements for cancellation of registration, the process will begin. At this time, the company cannot anticipate when this will happen; however, it may take up to a year for the company to cancel its registration.

You can give instructions to Itaú Depositário to cancel your BDSs and transfer them to common shares between April 22 and May 22, 2025. To complete this process, you will need a brokerage account in Colombia. If you take no action, the BDS cancellation and sale of underlying shares on the BVC will begin on May 27, 2025, over a 90-day period, which will end on August 25, 2025. The net proceeds from the sale will be distributed to each holder in Brazil after deducting costs and taxes.

The delisting from the Brazilian Stock Exchange will not affect the voting rights and dividends of BDS holders. However, after the BDS program ends, the depositary will no longer request voting by proxy; therefore, you will no longer have the right to vote on any matters presented to shareholders. Furthermore, after the BDS program ends, the depositary will retain any dividends distributed to which you are entitled as a BDS holder and will distribute them to you: (i) when you deliver your BDSs, which can be done until May 22, 2025, or (ii) if you take no action before May 22, 2025, together with the proceeds from the sale of the underlying shares.

You will not incur any costs simply as a result of the delisting. Some of the cancellation costs of the BDSs are related to the depositary's cancellation fee of BRL$0.12 per BDS, taxes in Brazil (0.38% tax IOF), and others associated with brokerage fees, which vary depending on the brokerage you choose. Other costs or expenses, such as exchange fees, will also be deducted from the net proceeds.

BDS holders should consult their tax advisors.

The company is committed to maintaining the highest standards of corporate governance and financial reporting transparency. With the deregistration, the company will continue to publish all relevant information to its shareholders on its website as required by Colombian law.

Contact information for Itaú Depositary:
• Phone: +55 11 4090 1481
• Email: dr.itau@itau-unibanco.com.br

• Investors must contact their broker in Brazil and request cancellation.
• The broker will send the cancellation request through the B3 system and an email with the completed spreadsheet.
• The DR team will send an email with the invoice for the cancellation fee (if applicable).
• The DR team will cancel the BDSs after payment confirmation (if applicable).
• The DR team will send instructions to the custodian to deliver the shares to the broker's indicated account.
• The cancellation and share delivery process will be completed on T+0, although it may extend to the next day depending on confirmations.
• Shares will be delivered to the investor’s custodian (broker) from the BNP Paribas account (custodian) DCVL account 3282434500.
• The deadline for the request is until 3:00 PM (Brazil time).

Contact information for BNP Paribas Custodian:
• Mailbox: colombia-ops@co.bnpparibas.com
PBX +57 601 6516420 ext 5718728
• Jorge Vargas: jorge.vargas@co.bnpparibas.com
PBX +57 601 6516420 EXT 5718702
Cell: +57 318-6127876
• Lina González: linapaola.gonzalez@co.bnpparibas.com
PBX +57 601 6516420 EXT 5718713
Cell: +57 318-3644771

• If you are a BDS holder and wish to convert them to common shares in Colombia, you must follow the procedure previously mentioned with Itaú Depositary and BNP Paribas Custodian before May 22, 2025.
• Additionally, you must select a brokerage firm in Colombia and a custodian if applicable.
• The following link to the Bogotá Stock Exchange provides a list of registered brokerage firms for you to contact and complete the respective registration process: BVC Broker List.