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Fiduciaria Corficolombiana

MANAGEMENT REPORT PATRIMONIO AUTONOMO

ESTRATEGIAS INMOBILIARIAS 2019

Fiduciaria Corficolombiana

MANAGEMENT REPORT PATRIMONIO AUTONOMO ESTRATEGIAS INMOBILIARIAS

YEAR 2019

MANAGEMENT REPORT PATRIMONIO AUTONOMO ESTRATEGIAS INMOBILIARIAS

YEAR 2019 Fiduciaria Corficolombiana SA, in its Capacity as Management Agent of Patrimonio Autonomo Estrategias Inmobiliarias - PEI, submits the management report for the year 2019, with the progress and results of the business during this period within the framework of action described in the Issuance and Placement Prospectus, the Commercial Trust Agreement and the instructions issued by the Trust Advisory Committee. Issuance and Placement Program of real estate securities, TEIs, up to a total amount of five trillion pesos ($5,000,000,000,000) Colombian legal tender. The following entities participate in the Securitization process: Settlor / Originator PEI Asset Managment S.A.S. Management Agent Fiduciaria Corficolombiana S.A. Real Estate Manager PEI Asset Managment S.A.S. Placement Agent Corredores Davivienda / Alianza Valores /

Casa de Bolsa / Valores Bancolombia / Ultraserfinco.

Investors Legal Representative Fiduciaria Colmena S.A. Issuance Program Manager Deceval S.A.

Contents

1. RATING AGENCY REPORT ............................................................................................................................... 6

1.1. Rating of PEI Securities ........................................................................................................................... 6

1.2. Portfolio Management Rating .............................................................................................................. 6

2. DEVELOPMENT OF THE BUSINESS ............................................................................................................. 9

2.1. Asset Acquisition ....................................................................................................................................... 9

2.2. Insurance Programme .......................................................................................................................... 14

2.3. Appraisals .................................................................................................................................................. 14

2.4 Distributable Cash Flow ....................................................................................................................... 17

2.5. Placement of Securities ........................................................................................................................ 18

2.6. Taxes ............................................................................................................................................................ 19

3. Resources of the Trust ................................................................................................................................... 22

3.1 Reacquisition Fund ................................................................................................................................ 22

3.2. Total interests (trust accounts) in Fondo de Inversion Colectiva Abierto Valor Plus I, and bank accounts ................................................................................................................................................ 22

3.3. Fiduciary Rights – Joint Operations ................................................................................................ 24

4. OTHER INVESTMENTS .................................................................................................................................. 30

5. ISSUANCE OF BONDS ..................................................................................................................................... 30

5.1. Second Bond Issue ................................................................................................................................. 30

5.2. Rating of PEI Bonds ............................................................................................................................... 31

5.3. Payment of Interest ............................................................................................................................... 31

6. FINANCIAL OBLIGATIONS ........................................................................................................................... 32

6.1. Short-Term Obligations ....................................................................................................................... 32

6.2. Long-Term Obligations ........................................................................................................................ 32

7. AGREEMENTS .................................................................................................................................................... 32

8. GENERAL INVESTORS’ ASSEMBLY ........................................................................................................... 32

9. RELEVANT INFORMATION .......................................................................................................................... 33

10. GENERAL ASPECTS .................................................................................................................................... 34

1

RATING AGENCY REPORT

1. RATING AGENCY REPORT 1.1. Rating of PEI Securities On April 9, 2019, the rating agency BRC Investor Services S.A. in a periodic review confirmed the ‘i AAA’ rating of the Equity Securities.

HISTORY OF PEI SECURITIES RATINGS DATE RATING TYPE OF REVIEW

12/12/2006 i - AA + Initial Rating 05/30/2007 i - AA + Half-Yearly Rating 10/12/2007 i - AA + Periodic Review 03/26/2008 i - AA + Half-Yearly Follow-up 09/05/2008 i - AA + Positive Outlook Periodic Review 04/07/2009 i - AA + Positive Outlook Half-Yearly Rating 06/18/2009 i - AA + Positive Outlook Initial Rating 08/27/2009 i - AA + Positive Outlook Periodic Review 01/15/2010 i - AA + Positive Outlook Half-Yearly Follow-up 06/17/2010 i - AA + Positive Outlook Periodic Review 01/25/2011 i - AA + Positive Outlook Half-Yearly Follow-up 06/16/2011 i - AAA Periodic Review 10/20/2011 i - AAA Extraordinary Review 06/15/2012 i - AAA Periodic Review 02/15/2013 i - AAA Half-Yearly Follow-up 04/16/2013 i - AAA Extraordinary Review 06/13/2013 i - AAA Periodic Review 02/27/2014 i - AAA Half-Yearly Follow-up 04/24/2014 i - AAA Extraordinary Review 06/13/2014 i - AAA Periodic Review 03/04/2015 i - AAA Half-Yearly Follow-up 06/12/2015 i - AAA Periodic Review 09/29/2015 i - AAA Extraordinary Review 06/10/2016 i - AAA Periodic Review 08/19/2016 i - AAA Extraordinary Review 04/18/2018 i - AAA Periodic Review 04/09/2019 i - AAA Periodic Review 1.2. Portfolio Management Rating On April 9, 2019, the rating agency BRC Investor Services S.A. in a periodic review confirmed the ‘G aaa’ rating for Portfolio Management Efficacy.

HISTORY OF PORTFOLIO MANAGEMENT EFFICACY DATE RATING TYPE OF REVIEW

12/12/2006 G-a Initial Rating 05/30/2007 G-a Half-Yearly Follow-up 10/12/2007 G-aa Periodic Review

03/26/2008 G-aa Half-Yearly Follow-up 09/05/2008 G-aaa Periodic Review 04/07/2009 G-aaa Half-Yearly Follow-up 06/18/2009 G-aaa Initial Rating 08/27/2009 G-aaa Half-Yearly Follow-up 01/15/2010 G aaa Half-Yearly Follow-up 06/17/2010 G aaa Periodic Review 01/25/2011 G aaa Half-Yearly Follow-up 06/16/2011 G aaa Periodic Review 10/20/2011 G aaa Extraordinary Review 06/15/2012 G aaa Periodic Review 02/15/2013 G aaa Half-Yearly Follow-up 04/16/2013 G aaa Extraordinary Review 06/13/2013 G aaa Periodic Review 02/27/2014 G aaa Extraordinary Review 04/24/2014 G aaa Periodic Review 06/13/2014 G aaa Half-Yearly Follow-up 03/04/2015 G aaa Periodic Review 06/12/2015 G aaa Extraordinary Review 09/29/2015 G aaa Periodic Review 06/10/2016 G aaa Extraordinary Review 08/19/2016 G aaa Periodic Review 04/18/2018 G aaa Periodic Review 04/09/2019 G aaa Periodic Review

2

BUSINESS DEVELOPMENT

2. BUSINESS DEVELOPMENT 2.1. Asset Acquisition 2.1.1. Assets Acquired in 2019: In compliance with paragraph (b) of section 4.1. of Clause Four of the Trust Agreement, during 2019 PEI acquired the assets detailed below:

No. Property

Name Seller Name Purchase

Date Property Address Acquisition Value

a) Sanitas Tequendama

Desarrolladora de Proyectos CA y CV S.A.S.

05/15/2019 Cali, Calle 5B No 43-05 Manzana Q Lote No 21

$ 18,404,101,652.00

b) One Plaza Piso 11

Fondo Cerrado Inmobiliario Alianza

08/28/2019 Medellin, Carrera 43A No. 5A - 113

$ 6,664,000,000.00

c)

Centro Comercial Nuestro Cartago

Fideicomiso Lote Nuestro Cartago y Fideicomiso Centro Comercial Nuestro Cartago, which manager is Alianza Fiduciaria S.A.

10/01/2019 Cartago, Carrera 2 Calle 33 Via Municipio de Anserma

$ 50,323,551,320.00

a. Sanitas Tequendama: On May 15, 2019, an agreement for the sale of fiduciary rights (the “Agreement”) was entered into with the companies Urbanizadora and Constructora Andes S.A.; Castañeda Vacca & CIA S.A.S. and Desarrolladora de Proyectos CA y CV S.A.S. (the “Sellers”), whereby the right of ownership over all the fiduciary rights of Patrimonio Autonomo Fideicomiso de Administracion FA - 4338 Desarrolladora de Proyectos CA y CV was transferred to PEI, which spokesperson and manager is Accion Sociedad Fiduciaria S.A.; a trust that, in turn, is the sole owner of the right of ownership and regular possession of the properties identified with real estate registration numbers 370-89831, 370-120866 and 370-47090 of the Public Instruments Registry Office of Cali (the “Properties”) and of the Clinic that was built on them, along with all their improvements, constructions, attachments, uses, customs and easements without any limitation (the “Transaction”). The foregoing, in accordance with the authorization issued by PEI Advisory Committee, as stated in Committee Minutes No. 177 dated October 17, 2017 and No. 199 dated January 21, 2019.

Developer Vacca & Cia Construandes

Acquisition value $ 18,404,101,652

b. One Plaza Piso 11: On August 28, 2019, PEI executed a public deed of purchase (the “Agreement”) with Fondo Cerrado Inmobiliario Alianza, which manager is Alianza Fiduciaria S.A. (the “Seller”), whereby the Seller transferred by way of sale to PEI, which acquired by way of purchase, the right of ownership and regular possession held and exercised by the Seller over the properties located in Edificio One Plaza – Propiedad Horizontal in the city of Medellin and identified with real estate registration numbers 001-1245062, 001-1245063, 001-1245064, 001- 1244930, 001-1244931, 001- 1244832, 001-1244833, 001-1244834, 001-1244765 , 001-1244780, 001-1244781, 001-1244782, 001-1244783, 001-1244784, 001-1244785, 001-1244760, 001-1244761, 001-1244762, 001-1244763 and 001-1244764 of the Public Instruments Registry Office of Medellin Sur. The foregoing, in accordance with the authorization issued by PEI Advisory Committee at its meeting of April 10, 2019, as recorded in Committee Minutes No. 203.

Acquisition value $ 6,664,000,000

c. Centro Comercial Nuestro Cartago: On October 1, 2019, a public deed of sale (the “Agreement”) was executed with the companies Promotora Nuestro Cartago S.A.S. and Alianza Fiduciaria S.A. as spokesperson of Centro Comercial Nuestro Cartago and Fideicomiso Centro Comercial Lote Nuestro Cartago, whereby Fideicomiso Centro Comercial Lote Nuestro Cartago transferred to PEI by way of sale the right of ownership and material possession of an interest equal to 70% (the “Interest”) over 124 commercial premises of the shopping center called Nuestro Cartago (the “Commercial Premises”), located at Carrera 2 Calle 33 Via municipio de Anserma Nuevo in the municipality of Cartago, Valle del Cauca. The foregoing, in accordance with the authorization issued by PEI Advisory Committee at its meeting of March 21, 2017, as recorded in Committee Minutes No. 167.

m2 17,710 m2 Acquisition value $ 50,323 MM

2.1.2. Assets under Development: On the other hand, the properties that as of December 31, 2019 were subject to contractual agreements and/or procedures for future acquisitions by PEI are detailed below:

No. Asset Name Document Executed

Effective Date of

Document Seller Name Acquisition Details

a) CM-MDE-PC EL TESORO ETAPA

IV-POBLADO

Trust Engagement Agreement

11/12/2013

Alianza Fiduciaria S.A. as Spokesperson of Fideicomiso el Tesoro Etapa

Interest of 26.423% in the fiduciary rights of Fideicomiso el Tesoro Etapa 4.

b)

CO-BOG-EDIFICIO ATRIO T NORTE-

CENTRO INTERNACIONAL

Promise to Purchase

Agreement 10/07/2015

Alianza Fiduciaria S.A. as Spokesperson of Fideicomiso Atrio Torre Norte

Purchase which purpose will be, instead of acquiring a private unit interest in the North Tower, the transfer by the Sellers to PEI of 100% of the fiduciary and benefit rights of the trust PA PEI Atrio Torre Norte, which underlying asset will be an interest in the private units of the North Tower of the Atrio project.

c) CO-BOG- BURÓ 26 -

FONTIBÓN

Partial Assignment

and Transfer Promise

Agreement

12/28/2017 Inversiones RMR 26 S.A.S.

Assignment of 67% of the fiduciary rights of Fideicomiso FAI RMR Calle 26, which spokesperson is Credicorp Capital Fiduciaria S.A.

d) CO-BOG-CC NUESTRO-

BOGOTÁ

Promise to Purchase


(i) Alianza Fiduciaria S.A. as Spokesperson of Fideicomiso Centro Comercial el Chigüiro (ii) Arquitectura and Concreto S.A.S. (iii) Jaguar Capital S.A.S.

Purchase of the interest in the ownership right over each of the commercial premises of Centro Comercial Nuestro Bogota.

e) ESP-MDE-CARRERA 43A 27A- ENVIGADO

Promise to Purchase


(i) Clinica del Sur S.A.S. (iii) Prabyc Ingenieros S.A.S.

Purchase of the share on 70% of the ownership rights over the properties corresponding to real estate registrations No. 001-630002, 001-109794 and 001-276377 of the Public Instruments Registry Office of Medellin Sur and of the building to be

built on them.

f) CC-BOG-CC JARDIN

PLAZA-SAN FRANCISCO

Fiduciary Rights

Subscription Promise

Agreement

08/25/2018

(i) Alianza Fiduciaria S.A. as Spokesperson of Fideicomiso Jardin Plaza Cucuta (iii) Proyecto Cucuta S.A.S.

Purchase of 50% of the fiduciary rights of Fideicomiso Jardin Plaza Cucuta.

g) ESP-CLO-CENTRO MÉDICO- CIUDAD

JARDÍN

Promise to Purchase


(i) Alianza Fiduciaria S.A. as Spokesperson of Fideicomiso CA CV 2 (ii) Urbanizadora y Constructora Andes S.A. (iii) Desarrolladora de Proyectos CA y CV S.A.S. (iv) Castañeda Vacca & Cia S.A.S.

Purchase of the right of ownership and regular possession of a property of 1,204.37 square meters to be divided from the property corresponding to real estate registration No. 370-891021 of the Public Instruments Registry Office of Cali, and of the Clinic to be built on it.

h) BO-IBE-PI

PROANDINA-LA MIEL Transfer Promise

10/23/2018 (i) Prabyc Ingenieros S.A.S. (ii) Sierra Pineda S.A.S.

Purchase of the ownership right over the property corresponding to real estate registration No. 350-250754 of the Public Instruments Registry Office of Ibague and the distribution center that will be built on it.

i) ESP-BRU-HOTEL

CALABLANCA- BARÚ

Fiduciary Rights

Subscription Promise

Agreement

12/19/2018 (i) Grupo Argos S.A. (ii) Arquitectura y Concreto S.A.S.

Accrual of 60% of the fiduciary rights of the Trust to be incorporated to carry out the construction of the project called Hotel Baru Calablanca.

j) BO-MDE-LA PAYA -VEREDA LA MOSCA

Promise to Purchase


Proinversiones ZFB S.A.S.

Purchase of the right of ownership and regular possession of the property resulting from the submission of the plot of land, corresponding to real estate registration No. 020-37011 of the Rionegro Public Instruments Registry Office, to the horizontal property regime

(the “Property”), and of the warehouse to be built on the Property, together with all its improvements, constructions, attachments, uses, customs and easements without any limitation.

k) ESP-CLO-CENTRO

MÉDICO- VERSALLES

Promise to Purchase


(i) Alianza Fiduciaria S.A. as Spokesperson of Fideicomiso CA y CV 3 (ii) Urbanizadora y Constructora Andes S.A. (iii) Castañeda Vacca & Cia S.A.S. (iv) Desarrolladora de Proyectos CA y CV S.A.S.

Purchase of 100% of the fiduciary rights of Fideicomiso de Administracion CA y CV 3.

l) CO-MDE-ED RIVANA

BUSINESS PARK-VILLA CARLOTA

Framework Investment Agreement

11/29/2019

Hares Nayib Esteban Neme Arango HNN Arango & Cía. S.C.A QBO Constructores S.A.S. B&B Constructores S.A. and Bienes & Bienes S.A.

Subscription of fiduciary rights and the fiduciary rights purchase agreement which underlying asset will be the property that is the subject matter of the Lease Agreement (the “Fiduciary Rights”).

2.2. Insurance Program During 2019, Patrimonio Autonomo Estrategias Inmobiliarias - PEI insured the properties, through policies taken with Sociedad Zurich Colombia Seguros S.A., which are listed below:

Policy No. Type of Coverage Term PMRA-841587-0 All risk for material damages, due to

unforeseen sudden accidental events. From 03/16/2018 to 03/15/2019

PMRA-4245032-0

All risk for material damages, due to unforeseen sudden accidental events.

From 03/16/2019 to 03/15/2020

LRCG-841927 Tort Liability, which covers economic damages due to civil liability of the insured in relation to third parties.

From 03/15/2018 to 03/14/2019

LRCG-4405293-1

Tort Liability, which covers economic damages due to civil liability of the insured in relation to third parties.

From 03/15/2019 to 03/15/2020

2.3. Appraisals The properties have an independent appraisal, which was prepared under the discounted cash flow methodology by a member of the Real Estate Association, or certified by such entity,

or carried out by an appraiser registered with the National Registry of Appraisers and approved by PEI Advisory Committee.

No. Property

Value of Last Accounting

Update 2019

Date of Last Accounting

Update 2019 1 CO-MZL-CARRERA 28 48-EL CAMPIN $ 29,659,000 02/08/2019 2 CM-BOG-CC ATLANTIS-CHICO $ 163,779,000 02/26/2019 3 CM-BOG-LC 81 13-CHICO $ 41,978,000 03/13/2019 4 BO-BOG-CALLE 11 60-PUENTE ARANDA $ 43,238,000 03/15/2019 5 CO-BOG-CALLE 76-NOGAL $ 21,038,000 03/15/2019 6 BO-MDE-CALLE 30 55-BARCELONA $ 94,340,000 03/15/2019 7 BO-FLA-CARRERA 11-VIA AL AEROPUERTO $ 18,895,000 03/27/2019 8 CO-BOG-CAPITAL TOWERS –CHICO $ 155,104,000 04/26/2019 9 CM-CLO-CC IDEO-CALIMA $ 27,857,000 04/26/2019

10 BO-CLO-KM 2 LT 4 Y 5-PALMIRA $ 12,096,000 04/26/2019 11 CM-MDE-LC CC SANTAFÉ4178 -EL POBLADO $ 14,481,306 04/26/2019 12 CM-MTR-CC NUESTRO-SAN JERONIMO $ 2,328,000 04/26/2019 13 BO-MTR-CALLE 30-VIA PLANETA RICA $ 10,600,000 04/26/2019 14 BO-NVA-PARQUE INDUSTRIAL PALERMO-PALERMO $ 2,762,250 04/26/2019 15 BO-PSO-JAMUNDINO-VEREDA SANTA HELENA $ 45,390,000 04/26/2019 16 BO-VUP-CARRERA 7 A-VIA AL AEROPUERTO $ 23,554,000 04/26/2019 17 BO-SBO-CITTIUM-TENJO $ 17,209,000 04/26/2019 18 CM-BOG-CC PLAZA CENTRAL-PUENTE ARANDA $ 160,350,000 04/26/2019 19 CO-MDE-CARRERA 43A 11 -EL POBLADO $ 76,890,000 04/26/2019 20 CO-BOG-AK 11 90 -CHICO $ 35,035,000 04/26/2019 21 CM-MDE-CARRERA 77 28-BELEN $ 125,070,000 05/10/2019 22 BO-BOG-AVENIDA 68-KENNEDY $ 45,967,000 05/10/2019 23 CM-MDE-CARRERA 50A 41-ITAGÜI $ 33,064,000 05/10/2019 24 CM-BOG-LC 80 13-CHICO $ 19,300,000 05/10/2019 25 BO-AGU-CARRERA 40-VIA SAN MARTIN $ 113,374,000 05/10/2019 26 CM-MDE-LC PC EL TESORO 1100-POBLADO $ 39,961,029 06/07/2019 27 CO-BOG-AMADEUS-SANTA BIBIANA $ 99,380,000 06/07/2019 28 CM-MDE-CALLE 10-POBLADO $ 44,985,000 06/07/2019 29 CM-CLO-CC JARDÍN PLAZA - SAN JOAQUIN $ 77,400,000 06/07/2019 30 CO-BOG-EDIFICIO 27 7-CENTRO INTERNACIONAL $ 28,203,000 06/07/2019 31 CO-BOG-CARRERA 65 10-PUENTE ARANDA $ 2,637,000 06/07/2019 32 CO-BOG-AK 7 74-PORCIUNCULA $ 7,594,000 06/11/2019 33 BO-BOG-CARRERA 70 99-MORATO $ 10,280,000 06/11/2019 34 CO-MDE-EDIFICIO GRAN AHORRAR-LA FLORIDA $ 9,063,000 07/18/2019 35 CM-CUC-AVENIDA CERO 13-LOS CAOBOS $ 41,330,000 07/18/2019 36 CM-SMR-CONDOMINIO PALMA REAL-AV LIBERTADOR $ 74,545,000 07/18/2019 37 CO-CUC-CONDOMINIO CENTRO AGROBANCARIO-CENTRO $ 28,325,000 07/18/2019 38 CM-NVA-CALLE 10 7-CENTRO $ 97,383,000 07/18/2019 39 CM-CLO-EDIFICIO BANCO BOGOTA-CENTRO $ 13,525,000 07/18/2019 40 CM-BGA-CALLE 35 17-CENTRO $ 33,995,000 07/18/2019 41 CM-VVC-CALLE 38 30A-CENTRO $ 123,199,000 07/18/2019 42 CM-BGA-LC CC CABECERA II 3 4 5-CABECERA $ 72,878,710 07/18/2019 43 CM-BAQ-CLL 76 49C -ALTO PRADO $ 58,194,000 07/18/2019 44 CM-CTG-LC ED ESCAPE PLAZA 1 01-BOCAGRANDE $ 792,396,990 07/18/2019 45 CM-BGA-CARRERA 23 104-PROVENZA $ 50,380,000 07/18/2019 46 CM-BAQ-LC CC PANORAMA 3-EL LIMON $ 61,258,000 07/18/2019 47 CM-MDE-LC CC SANTAFE 9110 -LOS BALSOS $ 7,385,000 07/18/2019 48 CM-MDE-CALLE 50 50A-COPACABANA $ 53,731,944 07/18/2019 49 CO-PEI-EDIFICIO BANCO CAFETERO-CENTRO $ 33,749,000 07/18/2019 50 CM-CTG-ED COLSEGUROS-CENTRO HISTORICO $ 19,680,000 07/18/2019 51 CO-CLO-EDIFICIO EL CAFE-CENTRO $ 5,178,000 07/18/2019 52 CO-MDE-EDIFICIO DEL CAFE-CENTRO $ 4,015,000 07/18/2019

53 CM-MZL-LC ED MANUEL SAENZ 4-CENTRO $ 22,215,000 07/18/2019 54 CM-PSO-LC CC PASAJE EL LICEO 100 202 A 204-CENTRO $ 48,640,200 07/18/2019 55 CO-CLO-EDIFICIO SEGUROS BOLIVAR-CENTRO $ 4,415,000 07/18/2019 56 CO-MDE-EDIFICIO TORRE EMPRESARIAL DAV-POBLADO $ 155,094,094 07/18/2019 57 CM-MDE-LC CC LA FRONTERA MALL PLAZA 3 114-DIAMANTE II $ 37,340,400 07/18/2019 58 CM-CTG-AV ALFONSO ARAUJO CLL26-MANGA $ 22,033,081 07/18/2019 59 CM-IBE-CARRERA 3 12-CENTRO $ 34,741,000 07/18/2019 60 CM-MDE-LC CC PREMIUM PLAZA 1166/72/75-LA CANDELARIA $ 171,650,000 07/18/2019 61 CM-MDE-CARRERA 76 33A-SANTA TERESITA $ 3,645,000 07/18/2019 62 CM-GIR-LC CC UNICENTRO 2 26-GIRARDOT $ 157,828,000 07/18/2019 63 CM-MDE-CALLE 1A 31-VISITACION $ 50,388,000 07/18/2019 64 CO-BOG-CE ELEMENTO-SALITRE $ 19,055,000 07/26/2019 65 CO-MDE-CE ONE PLAZA-MILLA DE ORO $ 33,364,000 07/26/2019 66 BO-BGA-PROVINCIA DE SOTO II-VIA GIRON $ 143,528,000 07/26/2019 67 BO-MED-LA ESTRELLA-VEREDA SEJOR $ 113,794,000 07/26/2019 68 BO-MDE-VILLA CARLOTA-EL POBLADO $ 42,751,000 07/26/2019 69 BO-SBO-MOSQUERA-PLANADAS $ 10,704,000 07/26/2019 70 BO-YBO-CARRERA 25-YUMBO $ 24,282,000 07/26/2019 71 CO-BOG-BURO 25-FONTIBON $ 37,067,000 07/26/2019 72 BO-CLO-CALLE 47 6-SALOMIA $ 9,070,000 08/12/2019 73 CM-AXM-CC CALIMA-AV CENTENARIO $ 5,385,000 08/20/2019 74 CM-CLO-ED OESTE-SANTA TERESITA $ 7,282,000 08/20/2019 75 CM-SBO-CC PLAZA MAYOR-CHIA $ 6,217,000 08/20/2019 76 CM-PEI-CC EL PROGRESO-DOSQUEBRADAS $ 7,976,000 08/20/2019 77 CM-IBE-CC LA ESTACION-AMBALA $ 5,748,000 08/20/2019 78 CO-BOG-CALLE 99 12-CHICO $ 4,923,000 08/20/2019 79 CM-VUP-LC CC UNICENTRO VALLEDUPAR 1 13-CARRERA 9 $ 4,829,000 08/23/2019 80 CO-BOG-EDIFICIO WORLD BUSINESS PORT-SALITRE $ 4,850,000 08/23/2019 81 CO-MDE-CE ONE PLAZA P11-MILLA DE ORO $ 4,206,000 08/28/2019 82 BO-BAQ-ZF LA CAYENA LT 1,2 -JUAN MINA $ 836,000 09/09/2019 83 ESP-MDE-CALLE 49 41-BOMBONA $ 3,813,000 9/09/2019 84 BO-YBO-CENTRO INDUSTRIAL EL CORTIJO-ACOPI $ 3,922,000 09/10/2019 85 BO-BOG-AK 39 18-PUENTE ARANDA $ 3,525,000 09/18/2019 86 BO-YBO-ZFP MANZANA B,G,H,J-YUMBO $ 3,751,000 09/18/2019 87 CM-CRC-CC NUESTRO-VIA ANSERMANUEVO $ 3,815,000 10/01/2019 88 CM-MDE-CC IDEO-ITAGÜI $ 2,546,000 10/11/2019 89 BO-CTG-PARQUIAMERICA LT 7 8 9 MANZANA D-MAMONAL $ 3,022,000 10/11/2019 90 BO-SBO-QUADRATTO-TENJO $ 3,131,000 10/11/2019 91 CO-BOG-TORRE EMPRESARIAL PACIFIC-USAQUÉN $ 3,190,000 10/11/2019 92 CM-BOG-CE PASEO REAL-SANTA BARBARA $ 2,386,000 11/18/2019 93 CO-BOG-AC 26 90-AV EL DORADO $ 2,420,000 11/18/2019 94 CO-BOG-FIJAR 93B-CHICO LAGO $ 2,929,000 11/18/2019 95 CO-BOG-CARRERA 29C 71-BARRIOS UNIDOS $ 2,040,000 11/19/2019 96 CM-BAQ-CC UNICO-BETANIA $ 1,397,000 12/16/2019 97 CM-CLO-CC UNICO-EL SENA $ 1,953,000 12/16/2019 98 CM-NVA-CC UNICO-LAS MERCEDES $ 1,748,000 12/16/2019 99 CM-VVC-CC UNICO LLANO-LA ALBORADA $ 1,341,000 12/16/2019

100 CM-YBO-CC UNICO -YUMBO $ 1,528,000 12/16/2019 101 BO-BAQ-ZF LA CAYENA LT 6,7,8-JUAN MINA $ 1,109,000 12/18/2019 102 CM-BOG-EDIFICIO SANTA CATALINA-ALHAMBRA $ 15,258,000 12/18/2019 103 BO-BOG-CARRERA 88A 64D-ALAMOS $ 602,000 12/18/2019 104 CM-BOG- LC ED EXCELSIOR 93 101 -RINCON DEL CHICO $ 1,223,000 12/18/2019 105 CO-BOG-ED CENTRO INTERNACIONAL-CENTRO $ 749,000 12/18/2019 106 CO-BOG-EDIFICIO DAVIVIENDA-PORCIUNCULA $ 11,345,000 12/18/2019 107 CM-BOG-LC CARRERA 66 A 63-ESTRADA $ 6,438,000 12/18/2019 108 CM-BOG-AV CALLE 53 63-NORMANDIA $ 4,062,000 12/18/2019 109 CM-BOG-LC ED SOLUZONA 101B-CENTRO INDUSTRIAL $ 16,014,000 12/18/2019 110 CO-BOG-CE METROPOLITANO-CIUDAD SALITRE $ 1,059,000 12/18/2019

111 CO-BOG-CENTRO DE COMERCIO INTERNACIONAL-CENTRO $ 1,024,000 12/18/2019 112 CO-BOG-CE METROPOLITANO-CIUDAD SALITRE $ 850,000 12/18/2019 113 ESP-CLO-CENTRO MÉDICO-TEQUENDAMA $ 23,560,000 12/18/2019 114 CO-BOG-TORRE ALIANZA-CHICO $ 1,177,000 12/18/2019 115 CM-BOG-CENTRO MEDICO ALMIRANTE COLON- CHICO $ 1,820,000 12/19/2019 116 CM-BOG-CARRERA 18 16-RESTREPO $ 582,000 12/19/2019 117 CM-BOG-CALLE 140 10A-CEDRITOS $ 2,914,000 12/19/2019 118 CM-BOG-LC CC ANDINO 3 43-EL RETIRO $ 2,970,000 12/19/2019 119 CM-BOG-LC CC CHICO 12 110-RINCON DEL CHICO $ 1,122,000 12/19/2019 120 CM-BOG-GALERÍAS CARRERA 28 -GALERIAS $ 6,888,000 12/19/2019 121 CM-BOG-LC ED SCOTIABANK 1-USAQUEN $ 2,035,000 12/19/2019 122 CM-BOG-LC CC ISERRA 100 108-LA CASTELLANA $ 1,990,000 12/19/2019 123 CM-BOG-LC CC MILENIO PLAZA 1 34 AL 37-TINTALITO $ 189,786 12/19/2019 124 CM-BOG-LC CC PLAZA DE LAS AMERICAS 16 07-KENNEDY $ 542,000 12/19/2019 125 CM-BOG-LC CC PLAZA IMPERIAL 158/9-SUBA $ 5,715,000 12/19/2019 126 CM-BOG-LC CC SALITRE PLAZA 1 14 A-CIUDAD SALITRE $ 5,575,000 12/19/2019 127 CM-BOG-LC CC SALITRE PLAZA 1 85 87 -CIUDAD SALITRE $ 1,418,000 12/19/2019 128 CM-BOG-LC TELEPORT BUSINESS PARK 123-SANTA ANA $ 9,603,000 12/19/2019 129 CM-BOG-LC CC TINTAL PLAZA 158-EL TINTAL $ 3,555,000 12/19/2019 130 CM-BOG-LC CC TUNAL 2 162-CIUDAD TUNAL $ 1,906,000 12/19/2019 131 CM-BOG-LC ED DAVIVIENDA CHAPINERO 1-CHAPINERO $ 2,973,000 12/19/2019 132 CM-BOG-LC ED COMERCIAL 97 1- CHICO RESERVADO $ 22,711,000 12/19/2019 133 CM-BOG-CALLE 140 18A-CEDRITOS $ 1,981,000 12/19/2019 134 CO-BOG-EDIFICIO SALUD TOTAL-SAN PATRICIO $ 52,889,200 12/19/2019 135 CM-BOG-CARRERA 11 82-EL RETIRO $ 1,827,000 12/19/2019 136 CM-BOG-CALLE 44 59-LA ESMERALDA $ 937,000 12/19/2019 137 CM-BOG-AK 24 42-LA SOLEDAD $ 1,046,000 12/19/2019 138 CM-BOG-LC MULTICENTRO 2 6-NVA AUTOPISTA $ 8,304,000 12/19/2019 139 CM-BOG-AV CALLE 116 60-PONTEVEDRA $ 185,390 12/19/2019 140 CM-BOG-CARRERA 27 1G-SANTA ISABEL $ 57,732 12/19/2019 141 CM-BOG-TRANSVERSAL 73D 39-TIMIZA $ 1,246,000 12/19/2019 142 CM-BOG-CALLE 168 45-TOBERIN $ 28,862 12/19/2019 143 CM-BOG-CARRERA 56 4A-TRINIDAD GALAN $ 361,275 12/19/2019 144 ESP-BOG-CITY U-LA CANDELARIA $ 85,651 12/27/2019

(Amounts in thousands of pesos) 2.4 Distributable Cash Flow In compliance with paragraphs 1.7.12. and 1.7.13, of the Equity Placement Prospectus of Patrimonio Autonomo Estrategias Inmobiliarias - PEI (the “Prospectus”), on February 14, 2019 and August 15, 2019, the Distributable Cash Flow was paid (as this term is defined in the Prospectus) as of December 31, 2018 and June 30, 2019, respectively. In accordance with the legal definition and the entry into force of the application of the international financial reporting standards (IFRS) on the Financial Statements of PEI, the distribution of the Distributable Cash Flow defined in the Prospectus was carried out in accordance with the accounting results recorded as of December 31, 2018 and June 30, 2019. Therefore, the Trustee, acting as Management Agent through DECEVAL, paid the Distributable Cash Flow to the Investors in proportion to their interests in PEI for the second half of 2018 and the first half of 2019. The payment information is detailed below:

Cut-off Date Payment

Date

No. Outstanding

Securities Distribution

of Profits Return on

Investment Withholding

Tax

ICA Tax (Bogota – Barranqu

illa – Pasto - Neiva)

Withholdings

(previous periods)

Amount Paid

New Face Value of Security

12/31/2018 02/14/2019 353,649 $ 28,635,313 $ 64,562,869 $ 267,523 $ 258,371 $ 2,681 $ 92,669,60

6

$ 1,573

06/30/2019 08/15/2019 431,422 $ 32,720,339 $ 91,854,058 $ 367,485 $ 340,422 $ 6,733 $ 123,859,7

57

$ 1,360

(Amounts in thousands of pesos) The corresponding Relevant Information was published on the SIMEV on the relevant payment dates of the Distributable Cash Flow of PEI. 2.5. Placement of Securities The Eleventh Tranche of Equity Securities of Patrimonio Autonomo Estrategias Inmobiliarias - PEI (“TEIs”) was issued in June 2019. The Public Offering notice for the issuance of the eleventh tranche of PEI was published on June 14, 2019 and the placement process was carried out through the Colombian Stock Exchange. The following are the characteristics of the Issuance and the results of the First and Second Round (without any payment in kind): Amount issued: $816,616,500,000. Subscription value: $10,500,000 No. of securities offered: 77,773. The First Round (without any payment in kind) was awarded for Preferential Subscription Right, the result of which was the vesting of 59,218 titles in the amount of $621,789,000,000.

Collective Portfolios First Round

(Vesting Preemptive Right) Securities Vested Value Vested Pension and Severance Funds 44,128 $ 463,344,000,00 Capitalization Companies 8,129 $ 85,354,500,00 Other Legal Entities 3,514 $ 36,897,000,00 Natural Persons 3,000 $ 31,500,000,00 Mutual Funds 367 $ 3,853,500,00 Financial Services Companies 42 $ 441,000,00 Collective Portfolios 38 $ 399,000,00 Total 59,218 $ 621,789,000,00 (Amounts in thousands of pesos) The percentage of equity securities of Estrategias Inmobiliarias (TEIs) demanded in the First Round without any payment in kind was 76.14% of the total offered, corresponding to 59,218 TEIs, in the amount of $621,789,000,000. Taking into account the above, on June 18, 2019, it was reported through the relevant publication that the number of securities available to be vested in the Second Round without any payment in kind was 18,555 TEIs in the amount of $194,827,500,000.

On the other hand, the Second Round (without any payment in kind) took place on June 20, 2019, where the remaining 18,555 TEIs in the amount of $194,827,500,000 were vested.

Second Round PEI Securities Second Round (Remaining) Securities Vested Value Vested

Natural Persons 10,583 $ 111,121,500,00 Other Legal Entities 6,469 $ 67,924,500,00 Pension and Severance Funds 514 $ 5,397,000,00 Capitalization Companies 480 $ 5,040,000,00 Financial Services Companies 278 $ 2,919,000,00 Mutual Funds 118 $ 1,239,000,00 Collective Portfolios 57 $ 598,500,00 Credit Institutions 56 $ 588,000,00 Total 18,555 $ 194,827,500,00 (Amounts in thousands of pesos) Thus, the issuance amount of the Eleventh Tranche of PEI was placed in its entirety on June 20, 2019, amounting to $816,616,500,000.00, leaving 431,422 TEIs outstanding. 2.6. Taxes ICA Tax: Fiduciaria Corficolombiana, as the manager of Patrimonio Autonomo Estrategias Inmobiliarias (PEI), in furtherance of the purpose of the trust, reported that as of December 31, 2019 it had carried out operations in the 31 cities mentioned below: Bogota, Barranquilla, Cali, Itagüi, Manizales, Medellin, Tenjo, Armenia, Palmira, Chia, Dosquebradas, Ibague, Valledupar, Yumbo, Aguachica, Mosquera, Bucaramanga, Neiva, Cartagena, Pasto, Copacabana, Girardot, Pereira, Cucuta, Villavicencio, Santa Marta, Florencia, La Estrella, Monteria, Palermo and Cartago. Likewise, in compliance with the current regulations for the Industry and Commerce tax in the municipalities where PEI receives income, it is indicated that for the year 2019, the formal and substantial obligation regarding this tax was complied with in the municipalities of Medellin, Itagüi, Ibague, Dosquebradas, Valledupar and Aguachica. Additionally, it is specified that PEI is a withholding agent of the Industry and Commerce tax for the income generated in the Trust by the cities of Bogota, Barranquilla, Pasto and Neiva to investors, and that it also makes withholdings in the municipalities where operations are carried out with suppliers, to the extent that the municipality has designated the Trust as a withholding agent. It is indicated that the certificates and information for the purposes of the tax responsibilities of investors, including the information corresponding to the municipalities where PEI does not have any formal and substantial obligations, are available from the trustee as the management company of PEI.

Presence of Patrimonio Autonomo Estrategias Inmobiliarias in 2019

3

TRUST RESOURCES

3. Trust Resources The resources of the Trust were managed through Fondo de Inversion Colectiva Abierto Valor Plus I. The movement of income and expenses of the accounts in which the resources of the Trust are managed is presented below: 3.1 Reacquisition Fund The Advisory Committee, in its meeting of March 18, 2019, referred to the provision for the Reacquisition Fund established in paragraph 1.7.11 of PEI Placement Prospectus, which indicates that PEI will annually provision the resources deemed necessary by the Committee Advisor to reacquire the reacquired Securities as of the fifth year of operation. Taking into account the behavior and characteristics of the TEIs in the secondary market and taking into account the best use of the funds available by PEI, the Advisory Committee ruled that it was not necessary to provision any amount during 2019, so the provision was equal to zero pesos for the Reacquisition Fund. Notwithstanding, and in accordance with the provisions of paragraph 1.7.11 of the Prospectus, the resources to be provisioned will be reviewed annually. 3.2. Total Interests (Trust Accounts) in Fondo de Inversion Colectiva Abierto Valor

Plus I, and Bank Accounts At the end of December 31, 2019, Patrimonio Autonomo Estrategias Inmobiliarias - PEI had twenty-one (21) accounts established in Fondo de Inversion Colectiva Abierto Valor Plus I, which include the Operating Fund, seventeen (17) Escrow accounts and three (3) Liquidity Management accounts. At the end of December 2019, the total amount in the trust accounts amounted to thirty-two billion fifty-seven million three hundred ninety-four thousand eight hundred three pesos and forty-four cents ($32,057,394,803.44). 3.2.1. Operating Fund The operating cash that must be maintained by the Trust to comply with all its obligations, costs and expenses. The income derived from the real estate for rent, shared services and default interest on the properties, or other income, and the expenses corresponding to the management of the Trust, will be recorded in this fund. The following is the detail of the behavior of income and expenses at the end of December 31, 2019 of account VPL-250020001313, established for the management of the resources of the operating fund:

Patrimonio Autonomo Estrategias Inmobiliarias - PEI

Year 2019 VPL - 110020903863

Previous Balance (December 31, 2017) $ 1,434,107 Additions $ 521,400,987 Additions for Leases $ 318,048,322 Additions for Shared Services $ 10,346,581

Additions for Default Interest $ 368,729 Additions for Centro Comercial Ideo Itagüi $ 12,879,420 Additions for Centro Comercial Atlantis Plaza $ 20,297,221 Other Additions $ 159,026,925 Net Returns $ 433,789 Withdrawals $ 501,828,632 Taxable Withdrawals $ 395,192,997 Withdrawal Tax 4x1000 $ 1,580,772 Exempt Withdrawals $ 105,054,864 Balance as of December 31, 2018 $ 21,006,462 (Amounts in thousands of pesos) Additions to this fund are collected through the bank accounts of the Trust, which are referenced, which allows identifying the amounts deposited. The resources received in the accounts from joint operations are also deposited in this fund. 3.2.2. Escrow Accounts The escrow deposits made by the Concessionaires of the properties of Patrimonio Autonomo Estrategias Inmobiliarias - PEI, which, at the end of December 2019, have a balance of ten billion nine hundred seven million six hundred thirteen thousand nine hundred ninety-one pesos and ninety-nine cents ($10,907,613,991.99). The following is the detail of balances:

Account No. Description Total Balance as of December 31, 2019

110020904146 ESCROW - EL MUNDO A SUS PIES $ 36,412 110020904594 ESCROW- AVENTTO MOBILI $ 6,160 110020904596 ESCROW- JUAN FERNANDO OSPINA $ 1,793 110020904622 ESCROW- META PETROLEUM COP SUCURSAL COLOMBIA $ 1,104,311 110020904665 ESCROW - CARROFACIL DE COLOMBIA S.A.S. $ 65,911 250020000025 ESCROW - HERNANDO HEREDIA $ 197,636 250020000692 ESCROW - NUTRESA PASTO $ 4,590,007 250020000693 ESCROW- NUTRESA MONTERIA $ 3,278,576 250020001055 ESCROW - FORTOX S.A. $ 3,214 250020001061 ESCROW - HADA $ 353,038 250020001191 ESCROW - HIDRATICA S.A.S. $ 5,140 250020001206 ESCROW - SISTEMAS COLOMBIA S.A.S. $ 150,738 250020001209 ESCROW- SISTEMAS COLOMBIA S.A.S. PISOS 18 - 19 - 20 - 21 $ 346,200 250020001231 ESCROW - FIRST DATA COLOMBIA LTDA. $ 38,512 250020001232 ESCROW - BANCOLOMBIA S.A. $ 131,186 250020001256 ESCROW - GENIUS SPORTS SERVICES COLOMBIA S.A.S. $ 279,990 250020001279 ESCROW - KM2 SOLUTIONS COLOMBIA S.A.S. $ 318,791 Total Escrow Accounts $ 10,907,614

(Amounts in thousands of pesos) 3.2.3. Liquidity Management Accounts The accounts intended to temporarily manage the resources derived from the issuance of securities (Placement Fund), for the Distribution of Distributable Cash Flow (Distribution Fund), and liquidity surpluses. The following is the detail of balances:

Account No. Description Balance as of

December 31, 2019 110020903853 PLACEMENT FUND $ 14,099 110020904042 DISTRIBUTION FUND $ 45,990 110020904094 ACQUISITION FUND $ 83,230 Total Accounts $ 143,319 (Amounts in thousands of pesos) 3.2.4. Bank Accounts In bank accounts the amount of one billion one hundred forty-four million four hundred seventy-nine thousand one hundred twenty-three pesos and three cents ($1,144,479,123.03). The following is the detail of balances:

Bank Accounts in the Name of Patrimonio Autonomo Estrategias Inmobiliarias Balance as of December 31,

2019 Account No. Bank Type of Account Name of the Account

001-91820-0 Occidente Savings Fiduciaria Corficolombiana S.A. PAEI – Operating Fund

$ 829,493

0008-35876-4 Bogota Checking Fiduciaria Corficolombiana S.A. PAEI – Collection account for C.C. Ideo Itagüi

$ 192,473

005-56326-6 Itau Savings Fiduciaria Corficolombiana S.A. PAEI – Collection account for C.C. Atlantis

$ 45,370

005-58861-4 Itau Savings Fiduciaria Corficolombiana S.A. PAEI – Renta Helm – liquidity surplus

$ 15

95010019290 Sudameris Savings Fiduciaria Corficolombiana S.A. PAEI – liquidity surplus

$ 2,672

482800005704 Davivienda Savings Loan disbursement account $ 56,697 031-829368-62 Bancolombia Savings Loan disbursement account $ 17,759

Total Bank Accounts $ 1,144,479

(Amounts in thousands of pesos) (*) Corresponds to the balance in the bank account statement of PEI at the end of December

31, 2019, said value includes items to be reconciled and deposits made for other items (leases, utilities or default interest) that were accounted for in the month of December 2019, and which bank transfers were carried out in the month of January 2020.

3.3. Fiduciary Rights – Joint Operations a) Fideicomiso Centro Comercial Jardin Plaza 2101 Cali Fideicomiso Centro Comercial Jardin Plaza 2101 Trust is an administration and payment trust that manages the resources derived from the agreements entered into on the properties (premises of Centro Comercial Jardin Plaza Cali), on the one hand by Patrimonio Autonomo Estrategias Inmobiliarias - PEI, with an interest percentage of 49%, and on the other hand Fideicomiso Vizcaya managed by Alianza Fiduciaria S.A., with an interest percentage of 51%, with a term of twenty (20) years from the execution date (May 26, 2015). The interest percentage of the settlors of Fideicomiso Centro Comercial Jardin Plaza 2101 is detailed below:

Fideicomiso Centro Comercial Jardin Plaza 2101 (interest)

Patrimonio Autonomo Alianza Fiduciaria S.A. - Fideicomiso Vizcaya Tax ID No. 830053963

Patrimonio Autonomo Fiduciaria Corficolombiana S.A. - Patrimonio Autonomo Estrategias Inmobiliarias PEI Tax ID No. 800256769

b) Fideicomiso de Operacion Central Plaza Fideicomiso de Operacion Central Plaza is an administration and payment, source of payment and guarantee trust that manages the resources derived from the agreements entered into on the properties (premises of Centro Comercial Plaza Central), on the one hand by Patrimonio Autonomo Estrategias Inmobiliarias - PEI, with an interest percentage of 77%, and on the other hand by Fideicomiso Becam managed by Itau Asset Management Sociedad Fiduciaria, with an interest percentage of 23%, with a term of two (2) years from the execution date (October 31, 2016). By means of Amendment No. 4 dated December 12, 2018, a validity term of one (1) year was established, automatically extendable as of November 1, 2018. The interest percentage of the settlors of Fideicomiso de Operacion Plaza Central is detailed below:

Fideicomiso de Operacion Plaza Central (interest)

Fideicomiso Becam Tax ID No. 830053963


c) Fideicomiso de Operacion City U Fideicomiso de Operacion City U is an administration and payment trust that manages the resources derived from the agreements entered into on the properties of City U (university premises and residences), as well as all other resources derived from the operation and exploitation of the properties of City U, with a term of three (3) years from the execution date (January 30, 2017) and which is automatically extended for the same period (January 20, 2023).

The interest percentage of the settlors of Patrimonio Autonomo de Operacion City U is detailed below:

Fideicomiso de Operacion City U (interest)

Alianza Fiduciaria S.A. Patrimonios Autonomos Fideicomiso QBO TAX Id No. 830053812


Alianza Fiduciaria S.A. Patrimonios Autonomos Fideicomiso NAPI TAX Id No. 830053812 Alianza Fiduciaria S.A. Patrimonios Autonomos Fideicomiso HNN City U TAX Id No. 830053812 d) Patrimonio Autonomo de Operacion Ideo Cali Patrimonio Autonomo de Operacion Ideo Cali is an administration and payment trust that manages the resources derived from the agreements entered into on the properties (premises and warehouses of Centro Comercial Ideo Cali), as well as all other resources derived from the operation and exploitation of the properties owned by the settlors; on the one hand by Patrimonio Autonomo Estrategias Inmobiliarias PEI, with an interest percentage of 60%, and on the other hand by Universa Inversiones Inmobiliarias S.A.S., with an interest percentage of 40%, with a term of three (3) years from the execution date (August 16, 2017). The interest percentage of the settlors of Patrimonio Autonomo de Operacion Ideo Cali is detailed below:

Patrimonio Autonomo de Operacion Ideo Cali (interest)

Universa Inversiones Inmobiliarias Tax ID No. 900454236


e) Patrimonio Autonomo de Operacion Nuestro Monteria Patrimonio Autonomo de Operacion Nuestro Monteria is an administration and payment trust that manages the resources derived from the agreements entered into on the properties (premises of Centro Comercial Nuestro Monteria), as well as all other resources derived from

the operation and exploitation of the properties owned by the settlors; on the one hand by Patrimonio Autonomo Estrategias Inmobiliarias PEI, with an interest percentage of 70.29% and, on the other hand by Patrimonio Autonomo Bolsa de Arriendos, with an interest percentage of 29.71%, with a term of three (3) years from the execution date (September 29, 2017). The interest percentage of the settlors of Patrimonio Autonomo de Operacion Nuestro Monteria is detailed below:

Patrimonio Autonomo de Operacion Nuestro Monteria (interest)

Patrimonio Autonomo Alianza Fiduciaria S.A. – Fideicomiso Bolsa de Arriendos Monteria Tax ID No. 830053812


f) Patrimonio Autonomo de Operacion Centros Comerciales Outlets Patrimonio Autonomo de Operacion Centros Comerciales Outlets is an administration and payment trust that manages the resources derived from the agreements entered into on the properties (premises of Centros Comerciales Outlets - UNICO), as well as all the other resources derived from the operation and exploitation of the properties owned by the settlors; on the one hand by Patrimonio Autonomo Estrategias Inmobiliarias PEI, with an interest percentage of 80% and, on the other hand by Operadora de Comercio S.A.S., with an interest percentage of 20%, with a term of five (5) years from the execution date (November 30, 2018). The interest percentage of the settlors of Patrimonio Autonomo de Operacion Centros Comerciales Outlets is detailed below:

Patrimonio Autonomo de Operacion Centros Comerciales Outlets (interest)

Operadora de Comercio S.A.S. Tax ID No. 900498132


g) Patrimonio Autonomo de Operacion Nuestro Cartago Patrimonio Autonomo de Operacion Nuestro Cartago is an administration and payment trust that manages the resources derived from the agreements entered into on the properties (premises of Centro Comercial Nuestro Cartago), as well as all other resources derived from the operation and exploitation of the properties owned by the settlors; on the one hand by Patrimonio Autonomo Estrategias Inmobiliarias PEI, with an interest percentage of 70% and, on the other hand by Patrimonio Autonomo Lote Nuestro Cartago, with an interest percentage of 30%, with a term of three (3) years from the execution date (September 30, 2019). The interest percentage of the settlors of Patrimonio Autonomo de Operacion Nuestro Cartago is detailed below:

Patrimonio Autonomo de Operacion Nuestro Cartago (interest)

Patrimonio Autonomo Alianza Fiduciaria S.A. – Fideicomiso Lote Nuestro Cartago Tax ID No. 830053812


4

OTHER INVESTMENTS

4. OTHER INVESTMENTS In accordance with the instructions issued by PEI Asset Management S.A.S. in its capacity as Real Estate Manager of PEI, during 2019 PEI made the following treasury investments:

Fund Name Investment No. Financial Entity

Balance as of December 31, 2019

Fondo Abierto Interes 800256769-9-13 Corredores Davivienda S.A. $ 169,144 Fondo de Inversion Colectiva Fiducuenta

126002001195 Fiduciaria Bancolombia S.A. $ 7,133

Fondo de Inversion Colectiva Occirenta 1001201004577 Fiduciaria de Occidente S.A. $ 467,059 Fondo de Inversion Colectiva Sumar 60002002810861 Fiduciaria Bogota S.A. $ 394,037 Fondo de Inversion Colectiva Sumar 60002002884764 Fiduciaria Bogota S.A.

(Hermando Heredia) $ 175

Fondo de Inversion Colectiva Sumar 60002004406037 Fiduciaria Bogota S.A. $ 671,502 Fondo de Inversion Colectiva Efectivo 301000265349 Fiduciaria Old Mutual S.A. $ 2,022,785 Total $ 3,731,835

(Amounts in thousands of pesos) 5. BONDS ISSUANCE 5.1. Second Bond Issue Patrimonio Autonomo Estrategias Inmobiliarias - PEI, published on November 6, 2019 the Public Offer Notice of the ordinary bond issuance and placement program of PEI. The total amount of the second issuance of ordinary bonds was five hundred billion pesos (COP 500,000,000,000), which was carried out under the best-effort placement modality and the placement mechanism used was the Dutch auction. The second Issuance of Ordinary Bonds of PEI took place on November 7, 2019 and was carried out through Bolsa de Valores de Colombia S.A. The placement agents who placed the ordinary bonds were Corredores Davivienda S.A. (as lead placement agent), Alianza Valor S.A., Casa de Bolsa S.A. and Bolsa Bancolombia SA .; Ultraserfinco S.A.; Scotia Securities S.A. The following are the characteristics of the second Issuance of Ordinary Bonds of PEI: Total amount of the first issue: Up to $500,000,000,000.00 Number of Bonds offered: 400,000 Face Value of the Ordinary Bonds: $1,000,000.00 Series and redemption term of the ordinary bonds: The issue consisted of a series which characteristics are described in paragraph 1.31 of the Ordinary Bonds Information Prospectus and are detailed below: Series A: Issued in pesos and which will accrue interest based on a fixed effective rate per annum and its principal will be fully redeemed upon maturity. For the issue, the following Sub-series of Series A were offered for issue with the redemption terms indicated below:

Sub-Series Maturity Maximum Rate Offered A5 5 years Effective rate of 6.5% per annum A10 10 years Effective rate of 7.28% per annum

Series C: Issued in pesos and which will accrue interest based on a CPI benchmark floating rate and its principal will be fully redeemed upon maturity. The following Sub-series of Series C were offered for issue with the redemption terms indicated below:

Sub-Series Maturity Maximum Rate Offered C25 25 years CPI + 3.79%

The results, due to the awarding through the Dutch Auction of the Second Issuance of Ordinary Bonds of the Patrimonio Autonomo Estrategias Inmobiliarias - PEI were the following:

Sub-Series Amount Requested Amount Vested A5 $ 140,340,000.00 $ 122,000,000.00 A10 $ 311,810,000.00 $ 226,000,000.00 C25 $ 192,800,000.00 $ 152,000,000.00

Total Vested $ 500,000,000.00

Based on the foregoing, the amount of the second ordinary bond issue of PEI, amounting to 500,000,000,000.00, was fully placed. 5.2. Rating of PEI Bonds On October 15, 2019, the rating agency BRC Investor Services S.A., in an extraordinary review, affirmed the ‘AA+’ rating of the Ordinary Bonds of Patrimonio Autonomo Estrategias Inmobiliarias - PEI.

History of PEI Bond Ratings Date Rating Type of Review

06/12/2015 AA+ Initial Rating 08/25/2015 AA+ Extraordinary Review 06/10/2016 AA+ Periodic Review 06/02/2017 AA+ Periodic Review 04/24/2018 AA+ Periodic Review 04/24/2019 AA+ Periodic Review 10/15/2019 AA+ Extraordinary Review

5.3. Payment of Interest At the end of December 31, 2019, the Trust made interest payments for the first bond issue through DECEVAL, in the amount of $35,619,732,520.00 The next payment of interest to PEI Bondholders must be made on February 7, 2020, the payment corresponding to the first quarter of the second bond issue, and on February 28, 2020, the payment corresponding to the fifth quarter of the first bond issue.

6. FINANCIAL OBLIGATIONS The following is the summary of PEI’s financial obligations at the end of December 2019. Below is the detail of the principal owed on short and long-term obligations: 6.1. Short-Term Obligations

Financial Entity Balance as of

December 31, 2019 Banco de Bogota S.A. $ 11,088,000 Banco de Occidente S.A. $ 54,654,321 Bancolombia S.A. $ 99,000,000

Total $ 164,742,321 (Amounts in thousands of pesos) 6.2. Long-Term Obligations

Financial Entity Balance as of

December 31, 2019 Banco de Bogota S.A. $ 164,196,405 Bancolombia S.A. $ 76,816,420 Banco Itau $ 26,692,751 Banco Scotiabank Colpatria $ 66,500,904

Total $ 334,206,480 (Amounts in thousands of pesos) In compliance with paragraph 2.3.4, of the Equity Securities Placement Prospectus of Patrimonio Autonomo Estrategias Inmobiliarias - PEI (the “Prospectus”), as of December 31, 2019 the total amount of assets of Patrimonio Autonomo Estrategias Inmobiliarias - PEI was $6,277,130,061,343.34, and the total amount of indebtedness on the same date was $1,535,604,684,777.28, therefore the indebtedness percentage was 24.46%, i.e. it does not exceed forty percent (40%) of the total value of the assets of Patrimonio Autonomo PEI. 7. AGREEMENTS Fiduciaria Corficolombiana S.A., carried out activities corresponding to its management duties as Spokesperson of Patrimonio Autonomo Estrategias Inmobiliarias, and has entered into leases, concession agreements and other legal documents related to PEI. During 2019, 40 agreements were entered into and 144 leases and concession agreements were extended. 8. GENERAL INVESTORS’ ASSEMBLY Meetings of the Ordinary Investors’ Assembly In accordance with the Call Notice published on March 29, 2019, for the Ordinary Investors’ Assembly of Patrimonio Autonomo Estrategias Inmobiliarias – PEI, the Ordinary meeting of the General Investors’ Assembly of PEI was held on Thursday April 11, 2019 at 09:00 am,

(first call), in which the following topics were discussed and approved, taking into account the quorum indicated in paragraph 4.8.7 of PEI Placement Prospectus:

The Assembly unanimously approved the agenda provided in the call notice.

The Assembly appointed the President and Secretary of the meeting, as well as the Committee to approve the Minutes.

The Assembly approved the Annual Report prepared by the Real Estate Manager, Pei

Asset Management S.A. as of December 31, 2018.

The Assembly approved the 2019 Strategic Plan submitted by PEI Advisory Committee.

The Assembly approved the Management Report of the Trust submitted by the

Management Agent, Fiduciaria Corficolombiana S.A., as of December 31, 2018.

The Assembly approved PEI’s status report for the year as of December 31, 2018 - Financial Statements, submitted by the Management Agent, Fiduciaria Corficolombiana S.A.

Additionally, during the course of the Assembly, the Investors Legal Representative read his opinion in relation to the assignment of the contractual position of the Originator and Settlor in the Trust Agreement whereby PEI was incorporated, in accordance to which the company Inversiones y Strategias Corporativas S.A.S. (in liquidation) will assign said position to PEI Asset Management S.A.S. (the “Assignment”). Likewise, during the meeting of the Assembly the Management Agent submitted its report in relation to the Assignment and informed the Investors and the market in general that the Assignment will be carried out during 2019 and will be timely informed as relevant information. The assignment of the contractual position of the Originator and Settlor in the Trust Agreement whereby PEI was incorporated was entered into on November 5, 2019. On the corresponding dates, the relevant information was published according to the facts submitted. 9. RELEVANT INFORMATION Fiduciaria Corficolombiana S.A., as Management Agent of the Securitization of Patrimonio Autonomo Estrategias Inmobiliarias - PEI, issuer of the TEIs, discloses the relevant information not contained in the previous sections of the report and which was published during 2019 on the SIMEV:

During June 26 and 27, 2019 with the resources received by PEI as a result of the Issuance and Placement of the Eleventh Tranche of PEI Equity Securities Issuance and Placement Program, payments were made upon termination of the financial obligations with credit institutions for principal in the amount of $790,408,781,078.10 and interest in the amount of $7,906,345,247.86, for a total payment of $798,315,126,325.96, which represented a relevant variation in the liability greater than 5%.

During the month of September 2019, through Resolution No. 1246 of September 23, 2019 issued by the Finance Superintendence of Colombia, an increase in the global quota of the Issuance and Placement Program of Ordinary Bonds of Patrimonio Autonomo Estrategias Inmobiliarias - PEI was authorized, in the amount of one trillion pesos (COP$1,000,000,000,000), to obtain a new global quota for the Ordinary Bonds of PEI of one trillion five hundred billion pesos (COP$1,500,000,000,000).

On November 5, 2019, the agreement for the assignment of the contractual position of

the settlor and originator (the “Agreement”) in the trust agreement whereby Patrimonio Autonomo Estrategias Inmobiliarias - PEI was incorporated (the “Trust Agreement”) was entered into. The assignment of the contractual position of the settlor and originator of the Trust Agreement was carried out between Inversiones y Estrategias Corporativas S.A.S. in liquidation, as assignor, and PEI Asset Management S.A.S., as assignee.

During November 8, 2019, the debt substitution process was carried out with the

resources received as a result of the second bond issue, which is why payments were made to extinguish financial obligations with credit institutions for principal in the amount of $492,950,950,722.02, and interest in the amount of $4,232,352,025.97, for a total payment of $497,186,302,747.99, which represented a relevant variation in the liability greater than 5%.

During December 2019, the Real Estate Manager of PEI, PEI Asset Management S.A.S.,

for business reorganization reasons, absorbed its subsidiary Terranum Inc. 10. GENERAL ASPECTS As management agent, we indicate that the following have been fully complied with:

(a) The Trustee has complied with the rules of decree 2555/2010 regarding the securitization of Real Estate Assets.

(b) The Trustee processed the updating of the registration of the Securities with the

National Registry of Securities and Issuers. (c) In accordance with the purpose of the Trust Agreement, the Trustee entered into the

leases and Purchase Agreements indicated by the Real Estate Manager or by the Advisory Committee.

(d) In accordance with the provisions of the Trust Agreement, the Trustee, as the

Spokesperson of PEI, timely paid the Foundation Benefit to Centro Rural Sofia Koppel de Pardo.

(e) The Trustee kept the assets and resources of the Trust separate from its own assets

and resources, as well as from other assets and resources managed by the Trustee from third parties.

(f) The Trustee sent monthly financial reports of the Trust to the Settlor, the Advisory

Committee, the Real Estate Manager, and the Securities Rating Agency.

(g) The Trustee sent monthly accounts of the Trust to the Settlor, the Advisory Committee

and the Real Estate Manager. (h) The Trustee has kept the accounts of the Trust in accordance with the generally

accepted accounting principles in Colombia and the relevant standards. (i) The Trustee carried out the valuation of the Securities and the Trust, in accordance

with the methodology provided in section 19 of the Trust Agreement. Information on the value of the securities resulting from the valuation of the Trust at the end of each day was reported to registered Investors by email. This information was also published on the following website: www.fiduciariacorficolombiana.com, path: products and services - Trust businesses - Asset securitization trust - Patrimonio Autonomo Estrategias Inmobiliarias PEI.

(j) The Trustee carried out the activities corresponding to its management duties as

Spokesperson of Patrimonio Autonomo Estrategias Inmobiliarias, and executed the purchase minutes, promise to purchase agreements, leases, concession agreements, and other legal documents related to PEI.

(k) The Trustee issued the certificates to the Investors of Patrimonio Autonomo

Estrategias Inmobiliarias – PEI, as follows: Detail of income from the Trust, monthly frequency; Industry and Commerce Certificate of the City of Bogota, bimonthly periodicity; Certificate of Equity Rights; Withholding tax certificate; Industry and Commerce Certificate of the City of Barranquilla; Industry and Commerce Certificate of the City of Pasto and Industry and Commerce Certificate of the City of Neiva; annual periodicity. Sincerely, [signed] EDWIN ROBERTO DIAZ CHALA Legal Representative Fiduciaria Corficolombiana S.A. Spokesperson for Patrimonio Autonomo Estrategias Inmobiliarias - PEI

http://www.fiduciariacorficolombiana.com/

fiduciaria - pei.com.co

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