1. DEMATERIALIZED PROMISSORY NOTES

2. Main Statistics 2014 Participants: – 347 Issuers and 198 Depositors. Assets Under Custody – Value on deposit at December, 2014 – USD 176.3 Billion – 94.9% dematerialized Total Number of Transactions (both sides): 3.3 Million Value Transferred : USD 379.7 Billion Main Statistics 2014 Participants: – 347 Issuers and 198 Depositors. Assets Under Custody – Value on deposit at December, 2014 – USD 176.3 Billion – 94.9% dematerialized Total Number of Transactions (both sides): 3.3 Million Value Transferred : USD 379.7 Billion Mission: To contribute to the development of the Colombian capital market, and to facilitate the growth of the markets in which we interact. Vision: To efficiently manage the securities and other financial instruments life cycle in the financial market. Deceval - Overview Shareholders Banks: 66.17% Colombian Stock Exchange BVC: 22.98% Trust Companies: 6.64% Financial Corporations: 3.67% Brokers: 0.25% Others: 0.29%

3. What is a Dematerialized Promissory Note? A new asset class in the CSD custody business subject to the dematerialization process in Colombia´s financial market. The Dematerialized Promissory Note is a debt security electronically created (by virtue of the Law 527 of 1999) with an unconditional promise to pay an amount of money from writer or subscriber in favor of a particular person at a particular time and whose movement and trading is performed by book-entry.

4. The Market Needs Systems Development Value Proposition Culture Change Drivers Transformation Challenges

5. Our Principal Drivers Preparing the CSD for new product development Competition Income Diversification Response to the need of the Users New Value Proposition|

6. The Most Important Impacts Hours of operation: Not only financial and capital markets hours : Extended time Work Days: 365 days a year: Originators work seven days a week. We need to have the system available on weekends and holidays. Support teams need to be available during all hours of operation Training, training and training: An important need for all stakeholders - New culture with a move away from physical securities Systems resilience: The debtor needs to sign when doing business (Retail stores sales - Retail store credit cards – bank backed Business Requirements for the CSD

7. Law 27 of 1990: Legally acknowledges the functional equivalence of the circulation and trading of the securities issued, or their immobilization by means of book entry when they fulfill the conditions established under this law. Law 964 of 2005: Legally acknowledges legal certainty and the probative value and the authenticity of the certifications issued by DECEVAL for rights represented by the book entry. Also authorizes deposits to keep titles not registered in the national registry of securities and issuers (RNVE) Law 527 of 1999: Legally acknowledges the equivalence of data messages and the enforceability they have in front of the documents issued physically, when the assumptions established in this law are fulfilled. Law 3960 of 2010: Makes it possible to dematerialize other financial instruments as securities titles - Credit content or participation. Legal Framework

8. Business View Issuers and debt originator Banks Cooperatives Mutual Funds Trust Companies Employee Funds Enterprises Retail store financing Issuer Benefits Liquidity Securitization Collateral management Unfreeze capital commitments Debt purchases Debt sales Securitization – Primary securities issuance Garnishments Rights transfers Redemptions Legal collection certificates Transactions

9. Value Proposition Facilitates lifecycle management of the promissory note. Facilitates custody, trading and collections. Eliminates geographical barriers of your business. Improves promissory notes liquidity management Facilitates approval process and credit disbursement. Facilitates Credit Process: self-management. Reduces credit processing costs. Mitigates risk management of physical promissory note. Eliminates the probability of loss of the promissory notes. USE EFFORT RISK

10. Depository Certifications Document review Dematerialized Promissory Notes Instructions Letter Portfolio Massive Services Reports Endorsements (purchases, sales, exchange depositors, garnishments) Transfer of rights Cancelations Electronic Signature of the dematerialized promissory note Custody Creation of the debtor and the promissory note ISSUANCE AND DEMATERIALIZATION OF THE PROMISSORY NOTES TRANSACTIONS ON THE PROMISSORY NOTES INFORMATION SERVICES Processes of the Operation

11. Business Implementation

12. Notification of disbursement service Cancellation service Redemption service Sign out notification service Debtor creation service Promissory note creation service Signature service BASIC WEB SERVICES EXTRA WEB SERVICES Connection business –to business (B2B) Through the Information System of Deceval (B2C) Information on dematerialized promissory notes service

13. DIGITAL SIGNATURE FROM THE FINGERPRINT Identity check up by a credit institution Signs with FINGERPRINT by the Debtor