| SUN VALLEY INVESTMENTS AG | 195,974,623 | 65.38% |
| NEGOCIOS Y REPRESENTACIONES S.A.S. | 5,649,613 | 1.88% |
| FONDO BURSATIL HORIZONS COLOMBIA SELECT DE S&P | 5,384,325 | 1.80% |
| TORRADO TORRADO MARTHA EUGENIA | 2,645,670 | 0.88% |
| MARTDOS S.A.S | 2,518,607 | 0.84% |
| C.I.J. GUTIERREZ Y CIA. S.A. (EN TOMA DE POSESION) | 2,479,632 | 0.83% |
| VASQUEZ MERCHAN Y CIA S C A | 1,792,682 | 0.60% |
| FONDO BURSATIL ISHARES MSCI COLCAP | 1,470,397 | 0.49% |
| ESCOPIEDRA SAS | 1,300,000 | 0.43% |
| CAMBRIA GLOBAL VALUE ETF | 1,259,759 | 0.42% |
| MART INVERSIONES S A S | 1,232,283 | 0.41% |
| ESCOBAR RESTREPO CARLOS RICARDO RAMIRO | 1,115,357 | 0.37% |
| INVERSIONES SANIN PEREZ SAS | 1,035,299 | 0.35% |
| SELALHIS S.A. | 1,000,000 | 0.33% |
| ESCOBAR ROMERO JORGE ANDRES | 800,000 | 0.27% |
| ARANGO LOPEZ JORGE EUSEBIO | 799,604 | 0.27% |
| AYURA SAS | 754,323 | 0.25% |
| INVERSIONES SHAKA SAS | 681,259 | 0.23% |
| INVERSIONES EL YARUMO SAS | 671,640 | 0.22% |
| MEJIA HERNANDEZ OLGA | 663,507 | 0.22% |
| CORZO PINTO SORAYA | 593,500 | 0.20% |
| BALEN URRUTIA CARLOS EDUARDO | 523,330 | 0.17% |
| VELEZ LONDOÑO ANGELA MARIA | 500,000 | 0.17% |
| NIDO DE GULUNGOS SAS | 480,164 | 0.16% |
| HERNANDEZ SANCHEZ JORGE ELIECER | 480,000 | 0.16% |
| OTHER SHAREHOLDERS – COLOMBIA | 34,724,596 | 11.59% |
| CDS + OTHER SHAREHOLDERS – CANADA | 33,207,232 | 11.08% |
