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Corredores Davivienda S.A. Comisionista De Bolsa Registration 90879 – T Member of KPMG S.A.S

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Corredores Davivienda S.A. Comisionista De Bolsa Registration 90879 – T Member of KPMG S.A.S $033&%03&4%"7*7*&/%"4"$0.*4*0/*45"%&#0-4" '*/"/$*"-45"5&.&/54 "5%&$&.#&3 /05&4505)&'*/"/$*"-45"5&.&/54 "5%&$&.#&3 $033&%03&4%"7*7*&/%"4"$0.*4*0/*45"%&#0-4" '*/"/$*"-45"5&.&/54"5%&$&.#&3 /05&4505)&'*/"/$*"-45"5&.&/54"5%&$&.#&3 (FREE TRANSLATION OF THE REPORT PREVIOUSLY ISSUED IN SPANISH) STATUTORY AUDITOR’S REPORT To the Shareholders Corredores Davivienda Comisionista de Bolsa S.A.: Report on the financial statements I have audited the financial statements of Corredores Davivienda S.A. (the Stockbroker Company), which comprise the statement of financial position at December 31, 2017 and the statements of income and comprehensive income, the statements of changes in equity and cash flows for the year then ended and their respective notes that include the summary of significant accounting policies and other explanatory notes; in addition I audited the collective investment funds and private equity funds as indicated below, managed by the Stockbroker Company. Management's responsibility regarding the financial statements Management is responsible for the fair preparation and presentation of these financial statements in accordance with Accounting and Financial Reporting Standards accepted in Colombia. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Statutory Auditor’s responsibility My responsibility is to express an opinion on the financial statements based on my audit. I obtained the necessary information and carried out my audit in accordance with International Standards on Auditing accepted in Colombia. Such standards require that I comply with ethical requirements and plan and perform the audit to obtain a reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the statutory auditor's judgment, including the assessment of the risk of material misstatement in the financial statements. In making this risk assessment, the statutory auditor considers internal control relevant to the preparation and presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my audit opinion expressed below. 2 Opinion In my opinion, the above mentioned financial statements, taken accurately from books and attached to this report, present fairly, in all material respects, the financial position of the Company at December 31, 2017, the results of its operations, and its cash flows for the year then ended, in conformity with Accounting and Financial Reporting Standards accepted in Colombia, applied on a consistent basis with previous year. Other matters The financial statements and for the year ending December 31, 2016 are presented exclusively for the purpose of comparison, which were audited by me and in my report, dated February 6, 2017, I expressed an unqualified opinion thereon. Report about other legal and regulatory requirements 1. Based on the results of my tests, I believe during 2016: a) The Stockbroker Company´s bookkeeping has been performed in conformity with legal rules and accounting pronouncements. b) The operations recorded in the books are in conformity with the bylaws and decisions of General Shareholders’ Meeting. c) The correspondence, the vouchers of accounts and the books of minutes and record of shares have been properly maintained. d) The Company has fulfilled the standards and instructions of the Financial Superintendence of Colombia regarding to the appropriate implementation of the Risks Management Systems that apply. e) There are concordance between the financial statements attached and the annual report prepared by the Company management, which includes the constancy about the free circulation of commercial invoices from sellers or providers. f) The information contained in the contribution returns submitted to the Comprehensive Social Security System, specifically the information on affiliates and their salary base for determining contributions, has been prepared from the accounting records and supporting documentation. The Company is up to date in payment of contributions to the Comprehensive Social Security System. In compliance with the requirements of articles 1.2.1.2. and 1.2.1.5. of Single Regulatory Decree 2420 of 2015, modified by articles 4 and 5 of Decree 2496 of 2015, respectively, in development of the Statutory Auditor’s responsibilities contained in numerals 1 and 3 of article 209 of the Commercial Code, related to the evaluation whether the Stockbroker Company's management performance is in accordance with the bylaws and if there are and are adequate the internal control measures, preservation and custody of the Company´s 3 assets or third parties assets in its possession, I issued a separate report dated February 12, 2018. 2. In accordance with the paragraphs 3.3.3.2.6.10 and 3.3.3.7 of Chapter Ill, Title I, Part I of the Legal Basic Circular Letter 029 of 2014 of the Financial Superintendence of Colombia, I have audited the financial statements of the collective investment funds as of December 31, 2017 detailed below, whose reports I have issued independently. Unqualified reports Collective Investment Funds Fondo de Inversión Colectiva Acción Fondo de Inversión Colectiva Balanceado Activo Fondo de Inversión Colectiva Interés Fondo de Inversión Colectiva Inmobiliario Desarrollo Colombia I Fondo de Inversión Colectiva Multiescala Fondo de Inversión Colectiva Inmobiliario Renta Davivienda Corredores Cartera Colectiva Abierta con Pacto de Permanencia Factor Futuro - en Liquidación Private Equity Funds Fondo de Capital Privado Altra FCP I Fondo de Capital Privado Altra FCP II Fondo de Capital Privado Corredores Capital I Fondo de Capital Privado Fondo Energético Andino Fondo de Capital Privado Fondo Energético Andino Compartimento C Fondo de Capital Privado Inversor Fondo de Capital Privado Teka Colombia I Fondo de Capital Privado TC Latam Fondo de Capital Privado TC Latam Compartimento E Fondo de Capital Privado FG - en liquidación 3. I carried out monitoring to the answers about the recommendation letters addressed to the Company´s management and there are no outstanding material issues that can affect my opinion. Original signed by Gustavo Adolfo Roa Camargo Statutory Auditor of Corredores Davivienda S.A. Comisionista de Bolsa Registration 90879 – T Member of KPMG S.A.S. February 12, 2018 CORREDORES DAVIVIENDA S. A. COMISIONISTA DE BOLSA Financial Statements (In thousands of Colombian pesos) December 31 December 31 December 31 December 31 Note 2017 2016 Note 2017 2016 ASSETS LIABILITIES Cash -8 $ 31,061,012 22,714,512 Financial liabilities -16 $ 135,238,390 144,360,989 Payables -17 2,211,330 440,835 Money market transactions -9 59,003,262 44,471,461 Current tax liabilities -18 4,296,534 3,561,912 Deferred tax liabilities -19 891,148 601,363 Investments and transactions with derivatives -10 113,578,821 136,905,827 Employee benefits -20 5,727,801 4,169,291 Income received in advance -21 361,867 436,734 Investments in subsidiaries -2 5,847,536 3,528,618 Total liabilities 148,727,070 153,571,124 Receivables, net -11 8,797,876 4,938,063 Current tax assets -12 3,153,979 3,381,043 EQUITY Deferred tax assets -19 - 41,540 Capital -22 20,451,542 20,451,542 Reserves -23 18,307,041 10,781,144 Properties and equipment, net -13 1,156,423 1,010,730 Share placement premium 25,694,590 25,694,590 Previous years accumulated profit 305,709 305,709 Intangibles -14 1,127,625 1,447,535 Adjustment for convergence (65,541) (65,541) Other comprehensive income (ORI) 827,408 791,422 Other non-financial assets, net -15 1,106,679 854,683 Net earnings of the period 10,585,395 7,764,023 Net equity of shareholders 76,106,144 65,722,888 TOTAL ASSETS $ 224,833,214 219,294,012 TOTAL LIABILITIES AND EQUITY $ 224,833,214 219,294,012 See notes accompanying the financial statements. Alfonso Durán Villegas Maritza San Martín Rincón Gustavo Adolfo Roa Camargo Legal Representatative Accountant Corredores Davivienda S.A. Comisionista de Bolsa Tax Auditor T. P. 82387 - T TP 90879-T Member of KPMG S.A.S. (See my report dated February 12, 2018) CORREDORES DAVIVIENDA S. A. COMISIONISTA DE BOLSA Statement of Income and Other Comprehensive Income (In thousands of Colombian pesos, except for the basic earning per share) Years ended on December 31: Note 2017 2016 Commissions: Commission Agreement $ 12,445,670 13,298,216 Equity funds, third-party portfolio and securities 36,491,050 24,930,907 management Correspondent agreement and securities placement 8,580,399 8,928,427 Foreign exchange market 5,907,862 6,068,059 Revenue from ordinary activities -25 63,424,980 53,225,609 Own revenue -26 25,023,675 24,499,943 Other revenue -27 353,071 109,520 88,801,727 77,835,072 Operating expenses - brokerage service -28 3,255,879 3,325,690 Administrative expenses -29 61,704,555 55,097,910 Depreciation and amortization
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