Board Decision

The Board of Directors of Grupo de Inversiones Suramericana S.A. ("Grupo SURA"), decided by means of a majority stake not to sell the stake held in Grupo Argos S.A. ("Grupo Argos") in response to the tender offer launched on May 19, 2022 by Nugil S.A.S. for shares in Grupo Argos. This came after an evaluation of its strategy as well as its human, natural, financial, social and corporate governance capital management.

Grupo SURA believes that the proposed transaction does not warrant abandoning its medium and long-term strategy of generating sustainable profitability and contributing to the harmonious development of society.

The strategic inconvenience of this sale in the midst of the current conditions of economic uncertainty both at home and abroad was also taken into account, as well as the means proposed by the offeror (tender offers that are unsolicited, fractional and at prices that are mostly increased).

In making this decision, the Board of Directors conducted a detailed and diligent analysis and received the advisory services of BofA Securities regarding financial matters, Deloitte on evaluating ESG criteria and practices, the Company’s own internal sustainability team, as well as various renowned legal advisors regarding the corresponding legal matters.

* This free translation is for illustration purposes only. The Información Relevante published in Spanish on July 1, 2022 is the official version.