Grupo Aval Acciones Y Valores S.A. (ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory)

Authorized, issued and outstanding shares as of December 31, 2017 and 2016 consisted of the following:

	December 31, 2017		December 31, 2016
Authorized shares		120,000,000,000		120,000,000,000
Subscribed fully paid shares		22,281,017,159		22,281,017,159
Total outstanding shares		22,281,017,159		22,281,017,159

The outstanding shares are as follows:
Common voting shares ⁽¹⁾		15,173,180,765		15,254,876,823
Preferred non-voting shares ⁽¹⁾		7,107,836,394		7,026,140,336

(1) Since 2011, Grupo Aval allows its shareholders to convert their common shares into preferred shares. For the years ended December 31, 2017 and 2016, 81,696,058 and 12,086,836 common shares were converted into preferred shares, respectively. Preferred shares have the right to receive a preferential minimum dividend of one Colombian peso (Ps. 1) per semester per share. This preferential minimum dividend is only applicable when dividends declared for common shares are less than one Colombian peso (Ps. 1). Preferential minimum dividends are not cumulative.

Grupo Aval Acciones Y Valores S.A. | CIK:0001504764 |

ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory