Annual Report 2023 (Grupo SURA)

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TABLE OF CONTENTS

Presentation

Glossary

Message from our Chief Executive Officer

G R U P O S U R A

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Chapter 1Corporate informationP. 7

P. 12Company profile

P. 16Our history

P. 20Our investment portfolio

P. 21The Company's shareholding structure

P. 22Our strategy

P. 24A portfolio firmly focused on the financial service sector P. 26The SURA-Bancolombia Financial Conglomerate

P. 27Relevant figures at year-end 2023

P.28Board of Directors - 2023

P.29Senior Management

P.30Our stakeholders

P.31Grupo SURA's materiality analysis and matrix

P.33Sustainability commitments

Chapter 2

Management Report from the

Board of Directors and Chief

Executive Officer

P. 36Capital management driving our growth

P. 37Consolidated financial statements

P. 41Portfolio investment performance

P. 44Implementation of the signed Framework Agreement P. 45Corporate governance.

P. 47Control architecture

P. 48Legal aspects

P. 48Perspectives as an investment manager P.50Our appreciation and gratitude

P.51Post-closing events

Complementary aspects

P. 188Contents of the Compliance Report - Annex No. 1 of the External Circular issued in December 2022 by the Colombian Superintendency of Finance. Independent Verification Report on Sustainability Indicators.

P. 190Materiality certification for the 2023 Year-End Periodic Report.

P. 190Independent verification report on the Company's sustainability indicators for 2023.

DIGITAL ATTACHMENTS (Forming an integral part of this Year-End Report for 2023)

Consolidated Financial Statements - 2023, with their corresponding Notes.Separate Financial Statements - 2023, with their corresponding Notes.Annual Corporate Governance Report - 2023.

Special Report on the SURA Business Group - 2023.

Detailed information regarding the risk exposure of Grupo SURA and its investments - 2023.

Environmental Performance Indicators for the SURA Business Group - 2023.

Financial inclusion and education initiatives deployed by the SURA Business Group - 2023.General Human Talent Indicators for the SURA Business Group - 2023.

GRI, SASB, TCFD tables of content and compliance with the Colombian Superintendency of Finance's Circular issued in December 2021 in Grupo SURA's Annual Report for 2023.

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Terms to bear in mind when reading this report:

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PRESENTATION

SURA Business Group. This refers to Grupo SURA as a whole, including the parent and its controlled Companies both in Colombia and abroad, namely Suramericana, SURA Asset Management and its respective subsidiaries in Latin America; as well as certain domestic investments such as Arus.

SURA-Bancolombia Financial Conglomerate. This group of companies both in Colombia and abroad is dedicated to providing their financial, insurance or stock market services, over which Grupo SURA, as its financial holding company, exerts either control or a significant in- fluence, according to that stipulated in Law 1870 of 2017.

Financial information. This is published under the standards of the Accounting and Financial Reporting Standards accepted in Colombia (NCIF for their acronym in Spanish). Accounting and financial information of this report and its attachments, have been audited by the firm Ernst & Young Audit S.A.S. (EY Colombia). The same firm has prepared a verification limited to some sustainability indicators reported by the Company in this Annual Report and its annexes.

Figures and percentages. Figures are stated in Colombian pesos (COP) using the North American numbering system, that is to say commas for separating thousands and dots for separating decimals. The percentage changes to the financial figures correspond to the values stated in Colombian pesos (COP). Figures in US dollars (USD) are restated in Colombian pesos (COP) using the following exchange rates:

Average exchange rate - 2023 Year-endexchange rate - 2023

Prioritized Sustainable Development Goals (SDGs)

Our business strategy and working model are aligned with the Sustainable Development Goals (SDGs) as approved by the United Na- tions. As an Organization belonging to the financial services sector, we are particularly focused on complying with SDG No. 8: Decent work and economic growth. However, we are prioritizing six of these where our performance as well as that of the Companies belonging to our investment portfolio could have the greatest impact.

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It has always been one of Grupo SURA's priorities to adequately and opportunely attend to the information needs and expectations of all of our stakeholder groups. In this way, we strive to strengthen the bonds of trust we maintain with these, based on our principles of transparency, respect, responsibility and fair- ness. We hope that the information contained in this Annual or Year-End Report for 2023, as well as the digital attachments that form an integral part thereof, shall prove to be a useful starting point for a more comprehensive assessment of our performance.

Our Annual Report for 2023 addresses the more relevant aspects of the performance, progress, results and commitments on the part of Grupo de Inversiones Su- ramericana (Grupo SURA1) in its role as an investment manager firmly committed to its strategic objective of maintaining ongoing levels of sustainable profita- bility, which recognizes the importance of generating value for our shareholders by helping to drive a more harmonious level of development for society.

This publication addresses more specifically the progress made with our strategy through a well-ba- lanced, cross-cutting, and integrated handling of four capitals: economic, social, human, and natural, both from the Company's standpoint as well as our investment portfolio focusing on the financial service sector.

This Report includes the Company's consolidated and separate financial statements for this past year, with their respective notes, as well as all the measures taken on matters identified as relevant in our review of our Materiality Analysis. That is why we are addressing aspects relating to our human talent, corporate gover- nance, climate change, social investment and capital management among others, all this linked to being able to create added value based on a long-term vision for all our shareholders and other stakeholders.

Likewise, the environmental and social indicators contained in this Annual Report have to do with the performance of Grupo SURA, Suramericana and

SURA Asset Management in this regard in 2023. These indicators are disclosed on an annual basis and their consolidation approach is based on financial control and covers 94% of the Company's revenues.

As signatories of the United Nations Global Compact, we continue to pledge our commitment, throughout the region, to meeting the standards and indices that enable us to adopt best practices as a Business Group to continue enhancing the well-being and harmonious development for individuals, organiza- tions, and society at large. This report also serves as a means for reporting on the progress made as signatories of the Global Compact.

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As in previous annual reports, this year's version draws on the benchmark indicators defined by the Global Reporting Initiative (GRI) for preparing this type of report. About the reliability of this publication, the accounting and financial information It was audited by the independent firm EY Colombia; in relation to the non-financial information included In this Report, the same firm carried out a verification with limited scope that follows guidelines of the international standard ISAE 3000, whose evidenceIt is part of the digital version of this Annual Report.

This same printed version, which shall be distributed as part of the Annual Meeting of our General Assembly of Shareholders 2024, has also been made available at gruposura.com, together with the digital attachments listed in the Table of Contents and referenced in the relevant chapters later on. These digital attachmentsalso include the GRI, SASB, TCFD tables of content in compliance with Circular No. 031/2021issued by the Colombian Superintendency of Finance.

We hope that our Annual Report for 2023 shall facilitate an understanding of our strategy, the manner in which we strive to create value for our shareholders and how we continue to grow hand in hand with society at large both in Colombia and the rest of Latin America.

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KEY TERMS FOR A PROPER UNDERSTANDING

OF THIS ANNUAL REPORT 2023:

The terms defined below shall hereinafter have the meanings ascribed to them herein:

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A

Adjusted. Indicating the administrative calculations carried out to facilitate the comparability of the financial performance indicators for a given period. For the purposes of this Report, these were applied between 2022 and 2023, given one-off and non-recurring effects. Synonym: pro forma variations.

AFP. Acronym in Spanish for Pension Fund Management firm.

Alpha. Refers to a measure of performance of mutual funds or a pool or portfolio of investments compared to a benchmark or market index in general, after adjusting for the risk assumed.

Associate. Company in which an ownership interest of more than 20% and less than 50% is held, which indicates a significant influence being exerted.

AUM. Acronym for Assets under Management. This term is used to refer to all those assets that are managed as part of the operations carried out by the business units belonging to SURA Asset Management.

C

Capital (type of capital). In economics, it is the set of goods and resources that are managed to produce greater wealth and development. Grupo SURA, as an investment manager, recognizes that the integrated management of its four capitals allows it to move towards greater sustainable profitabi- lity:

• Economic capital: this is comprised of tangible and intan- gible resources as well as assets to enable wealth genera- tion in society as a whole. In our case, Grupo SURA receives financial resources from investors and creditors, which it manages by efficiently creating greater economic value and portfolio profitability while driving the growth of all those territories where it is present.
• Social capital: set of relationship networks and scopes of action that enable Grupo SURA to build trust and work with other people and institutions towards common goals.
• Human capital: a set of capabilities, knowledge, skills, abilities, attributes, experiences and competencies that encourage a more autonomous individual development. This does not only refer to the human talent of the SURA companies .
• Natural capital: a set of natural resources that interact with each other to create a flow of benefits for living beings.

Grupo SURA strives to help regenerate this type of capital that affects the sustainability of the planet, humanity and companies.

Claims rate. Refers to the number of claims submitted to the insurance company due to accidents, damages or losses occurring in a given period of time. Retained claims: claims for the account of the insurance company, after deducting of the proportion corresponding to the reinsurer.

Credit cost.

Credit cost. The ratio between the provisions recognized by an entity for a given period and the average loan portfolio during that period.

Corporate Citizenship. This is the recognition of the social and environmental responsibilities and rights on the part of companies that extend beyond creating economic wealth, and is evidenced in the way these behave.

Constant currencies. Refers to the use of fixed exchange rates to eliminate currency fluctuations when consolidating financial results.

D

Deleveraging. The process by which a company or individual reduces its level of indebtedness.

E

EPS. Acronym in Spanish for Entidad Promotora de Salud (Health Care Service Provider) whose function is to manage and guarantee the Mandatory Health Plan in Colombia. This term is used to refer to EPS SURA, a subsidiary of Surameri- cana.

ESG criteria. A set of environmental, social and corporate governance aspects that are incorporated into business management practices and evaluated when deciding on sustainable investments. The handling of these criteria ensures the long-term value generation capacity of any organization.

F

Framework Agreement. In the context of this Report, reference is made to this master agreement and its annexes regulating in detail the aspects, terms and conditions of a transaction entered into on June 15, 2023, between Grupo SURA, JGDB Holding S.A.S., ("JGDB"), Nugil S.A.S. ("Nugil"), International Capital Holding L.L.C ("IHC"), Grupo Nutresa S.A. ("Grupo Nutresa") and Grupo Argos S.A. ("Grupo Argos"). The purpose of this Agreement, once the pertinent corporate and regulatory authorizations are obtained, is: firstly, that JGDB, Nugil and IHC become controlling shareholders of Grupo Nutresa, with a

minimum of 87% of ordinary shares; secondly, that JGDB and Nugil cease to be shareholders of Grupo SURA; thirdly, that both Grupo Argos and Grupo SURA cease to be shareholders of Grupo Nutresa; and finally, that Grupo Nutresa ceases to be a shareholder of Grupo Argos and Grupo SURA.

Fund Member / Policy Subscriber. A natural or legal person who is a beneficiary of the SURA Companies' involvement in social protection systems (pensions, health care, occupational health, and safety).

G

GHG. Acronym for Greenhouse Gas Emissions.

H

Harmonious level of development. From Grupo SURA's perspective, this purpose consists of making a contribution to society through both its performance as well as through its portfolio investments in order to obtain sustainable levels of profitability. This relates to the measures we take that have a positive impact on a more inclusive level of development, this in our role as an investment manager well aware of our role as a corporate citizen.

I

Investment results. The results obtained by the investment portfolio.

L

Legal Reserves. Obligation on the part of institutions that manage pension funds in certain Latin American countries to invest using their own assets a determined percentage of the AUM managed for their fund members.

Liquidity margin. The amount of liquid assets a company holds to cover its immediate or short-term obligations, such as payments of claims or policy reimbursements.

M

Materiality. This is the threshold defined by a company for aspects that acquire sufficient importance to be ad- dressed, managed and reported, taking into account that they reflect significant economic, environmental and social impacts and given their level of influence on stakeholder assessments and decisions.

N

Net fund flow. Balance resulting from contributions and withdrawals on the part of members.

Net interest margin. Net interest income divided by the bank's average monthly interest-earning assets.

O

Operating model. Defines the form of interaction between human talent, technology, and the processes to achieve a company's operating and strategic objectives.

P

Premium. A payment to an insurance company made by the holder of an insurance policy in exchange for access to a corresponding coverage. Written premiums: reflect the price of issued insurance policies. Retained earned premiums: net value received, net of ceded premiums and technical reserves.

R

Reinsurance. A means by which an insurer transfers part of the risk assumed in its insurance policies to another (the rein- surer) in exchange for a premium.

Revenues obtained via the equity method. Accounting procedure by which an investment is recognized in a company associate or subsidiary over which significant influence is held.

S

Savings and Retirement. Name of the business unit belonging to the subsidiary SURA Asset Management, which includes its pension fund management subsidiaries and the insurance company Asulado.

Solution(s). In the context of Suramericana's lines of busi- ness, this refers to the integral offering that involves issuing an insurance policy and that, as a whole, allows capabilities to be delivered to both individuals and companies.

Subsidiary Company. Company in which a stake of more than 50% is held.

Subsidiary(ies). Company in which the Company has an ownership interest of more than 50%. In the case of Grupo SURA, this term subsidiaries refers mainly to Suramericana and SURA Asset Management; ARUS is also a subsidiary of the Company.

T

Technical reserves. Funds that guarantee future coverage of insurance claims. These are based on estimated future losses and are used to ensure that the reinsurer has enough capital to pay customer claims.

Technical result. Refers to the operating profit of the insurance activity. includes income and expenses from insurance and reinsurance activities.

W

Wage base. Refers to the amount of salaries and wages on which the mandatory pension fund contributions are calculated in the case of both employers and employees. 

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MESSAGE FROM OUR CHIEF

EXECUTIVE OFFICER

Gonzalo Pérez Rojas, Grupo SURA's Chief Executive Officer would like to share with all our shareholders and all those recipients of our Annual Report for 2023 his vision on the Company's strategic issues, this based on last year's performance.

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"Having witnessed the last 42 years of the Organization's track record, I have no doubt that it has been our philosophy in the way of doing business and our corporate culture based on our principles, that has allowed Grupo SURA and its subsidiaries to contribute to what SURA represents today for Latin America".

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¿How has Grupo SURA advanced with developing its strategy as an investment manager?

We have expanded our understanding of value creation for our share- holders, portfolio companies and other stakeholders. This has been a topic of conversation with investors and other players both in Colombia and other countries throughout the region, in order to identify capital management opportunities for the Company's ongoing growth and sustainability as well as those of society as a whole. So, we have drilled down on our knowledge with regard to conducting overviews or our portfolio, performing a more comprehensive analysis of our risk management function including elements of all types of capital, as well as advancing in our role as corporate citizens.

On the other hand, and as one of the achievements of the Framework Agreement we signed in June 2023 governing the Nutresa share swap, we expect to see our portfolio focusing more on the financial service sector in the long term, which will drive our ability to create added value for our shareholders as well help drive a more harmonious level of development in Latin America.

We have also accompanied our subsidiaries in their capital allocation deci- sions, as was the case of Suramericana with the sale last year of its operations in

El Salvador and Argentina.

¿What would you like to underscore regarding the performance of all those Companies belonging to Grupo SURA's investment portfolio?

The first thing is to thank all those people and companies that have placed their trust in our portfolio Com- panies, these including our customers, employees, suppliers, advisors, in short, all those who allow our companies to continue growing and developing new opportunities for the markets in which they are present. The fact that we continue to post sound growth rates is the best proof of the confidence we have built up over many decades.

More specifically we would like to highlight the ability of both Suramer- icana and SURA Asset Management to continue growing with a focus on profitability, and to do so in the midst of adverse situations for some of its lines of business in terms of the business environment in Latin America. All of this is reflected in an increase in consolidated revenues in excess of organic growth.

¿Why is it important for Grupo SURA to consolidate an integrated management of its economic, social, human, and natural capital?

A joint vision of these four types of capitals is directly and strategically

linked to the sustainability not only of the Company, but of society as a whole, since we strive to ensure a harmonious level of growth. So, we understand that an integrated capital management is not only important for Grupo SURA, but should be for any organization that recognizes its role in society.

When we integrate this well-balanced view of our capital into our work, it opens up the possibility of broadening our risk analysis of the environment and enriching our decisions. It also allows us to continuously review our impacts on the environment and their effects on the Company's performance and society.

Now, this cannot be separated from the co-responsibility we have as corporate citizens with Latin America. We recognize that as an investment manager we create added value for all our stakeholders, hence the importance of continuing to further our knowledge and hold productive discussions with different players so as to develop these capitals in a balanced way.

¿How will all Grupo SURA share- holders, other stakeholders and the Company benefit from the Framework Agreement signed in mid-2023?

Right from the outset of these negotiations and during its execution, we have always sought an equitable and positive agreement for one hundred percent of

our shareholders, thereby generating value and sustainability for the Com- pany, this being understood as maintaining its relevance over the long term.

This Agreement seeks to resolve an ownership structure issue, which shall allow Grupo SURA to focus more on the growth of its portfolio companies, gaining a greater degree of specialization for its investments in the financial service sector, as well as opening up more opportunities for future growth, all of which are relevant issues that will result in a clear benefit for all our shareholders.

After more than 42 years at the service of SURA, what reflection would you like to share with the Company's shareholders regarding what has made it possible for this Organization to be relevant for both Colombia and the rest of Latin America?

As a witness of the last 42 years of the Organization's track record, I have no doubt that it has been our philosophy in the way of doing business as well as our corporate culture based on our principles that have characterized these companies, which in tuhas allowed Grupo SURA and its subsidiaries to contribute to what SURA represents today for Latin America.

Our corporate history, which this year shall celebrate its 80-year milestone, has shown that there are always things to improve upon and correct, of course,

but also that there are essential virtues guiding the way we act and decide, the authentic way we approach society, the people and companies that have placed their trust in SURA, all the stakeholder groups that have allowed us to build together development for the region.

Based on the collective body of knowledge of many, an Organization has been forged over the years that today is quite different from what it was one, two or three decades ago, but that continues to retain its identity, having created certain businesses and exited others, that has grown at a sound pace and has been able to respond to an environment and that undoubtedly has the potential to continue growing with Latin America.

¿How does Grupo SURA manage all those aspects of the region's eco- nomic, regulatory and social environment that could affect its portfolio's lines of business?

We must remain flexible and prepare ourselves for different transformations and answer every day the question of how we continue to create value for people and society, because that is what makes us sustainable from the standpoint of handling our environment. As for Grupo SURA, this has been important for focusing our investments and supporting or developing our businesses so as to be able to adapt and make headway in terms

of sustainable profitability, which is at the heart of managing all our different types of capital from a long-term per- spective. As corporate citizens we must remain an efficient vehicle that continues to identify new ways in which we can help drive a more harmonious level of growth for Latin America while continuing to create added value for our shareholders. And this includes, for ex- ample, providing our support, based on the knowledge of our Companies, for enriching discussions regarding current reforms to social protection systems in the different countries, so that these reforms can give rise to sustainable changes that benefit everybody, at the end of the day.

¿What aspects should the Company focus on in order to continue on the path to sustainable profitability?

To further develop our strategy focusing on the financial service sector in Latin America and, therefore, support the transformations required by our portfolio investments in order to drive future growth, which also includes our new lines of business. At Grupo SURA, we have the responsibility to continue creating and identifying growth opportunities that strengthen and expand our well-balanced capital management thereby ensuring the Company's ongoing sustainability and its active role as a corporate citizen, and that this is reflected in shareholder returns and the overall growth of the region.

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COMPANY PROFILE

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e are a Colombian investment manager that, by maintaining a long-term vision, we continue to build a sound investment portfolio focusing on the financial service sector. We are present in nine Latin American countries with a potential for growth throughout the region, through our leading companies in the insurance, savings, asset management and banking sectors, this supplemented with our industrial investments.

Our strategic objective is sustainable profitability, which recognizes the importance of creating added value for our shareholders while helping to drive a more harmonious level of development for society.

This is possible through an integrated handling of our four capitals: economic, social, human and natural. This is only sustainable when our portfolio companies, through their own lines of business, help people and companies face the uncertainties both now and in the future, while driving the well-being and development of the territories where these are present.

Similarly, thanks to a track record spanning more than 79 years, we have been able to evolve as a relevant organization not only in Colombia but in the rest of the region. We have done so on the basis of a corporate culture based on the principles of transparency, respect, responsibility and fairness, which guide us in a genuine way of doing business in which results are just as important as the way these are achieved, while cultivating relationships based on trust with our stakeholders. This is why we acknowledge that we have a role as corporate citizens in helping to create public value, in conjunction with our diverse partners as well as strengthening the institutions of all those societies to which we have a duty.

A sound, well-diversified portfolio

Our capital allocation function is focused on the financial service sector, this through our three core investments as described below:

SURA ASSET MANAGEMENT. This subsidiaryspecializing in the savings, investment and asset management sectors, is present in eight countries1. The performance of its Savings and Retirement business unit makes it the Latin American leader in the pension industry, as measured by assets under management, and includes its pension fund management subsidiaries in all six countries. Through its regional platform, SURA Investments has been positioning itself in the voluntary savings and investment segment for institutional and individual clients. Its company Protección is the second largest pension and severance fund management firm in terms of number of affiliates in Colombia, where it is also an important player in terms of annuities and pension insurance through its insurance subsidiary Asulado.

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Our strategic objective is SUSTAINABLE PROFITABILITY, aimed at creating added value for our shareholders while helping to drive a more

harmonious level of development for society.

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SURA AM's strategy has allowed it to move forward in providing support to its clients in building their financial wellbeing and attaining their financial goals, this through a specialized and well-differentiated offering together with its advisory services, all of which includes not only its own investment solutions but also those of its partners. Likewise, part of its growth plans includes its focus on generating added value within each business unit, by increasing its competitive strategies based on priorities and efficiencies, as well as its operational transformation based on customer needs.

In SURA Asset Management we have the Canadian fund Caisse de Dépôt et Placement du Québec -CDPQ- (with a 6.7% stake) as a strategic partner since 2019. In 2023, we increased our stake in this subsidiary by agreeing to acquire Grupo Bolivar's 9.74% stake in a transaction due to be completed in 2024.

SURAMERICANA. This subsidiaryspecializing in trend and risk management is present through its subsidiaries in seven countries throughout the region, providing solutions in the Property and Casualty, Life and Health Care insurance segments for individuals and companies, both voluntary and mandatory, together with their respective complementary services and benefits. In terms of written premiums, it is the leading Latin American insurer in the Property and Casualty (Non-Life)2 segment, and its subsidiary in Colombia is the domestic leader with a market share of 21.8%3 at the end of 2023. Also, since 2023, through its subsidiary SURA Re, it is a relevant player in the reinsurance market throughout the region, and with SURA Tech, it is accelerating the digital transformation of its portfolio of solutions.

Its strategy is aimed at delivering wellbeing and sustainable competitiveness to individuals and companies through its human talent, financing and trend and risk and trend management capabilities in order to build customer loyalty, attract and gain clients, as well as to create a level of sustainable profitability in excess of the cost of capital. This is being realized in the short, medium and long term, based on a value proposition focusing on multi-segment and multi-channel solutions aimed at providing greater capabilities to both individuals people and companies, which in tuallows for us to consolidated a profitable and diversified growth in different geographies through our risk financing portfolio.

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We have shared the ownership of Suramericana since 2001 with our strategic partner Munich Re, one of the main global reinsurers, who holds a 18.9% stake and has provided its expertise to the expansion and consolidation of this Company.

BANCOLOMBIA. This Companyin which Grupo SURA is the main (non-controlling) shareholder also forms part of the financial services focus of our investment portfolio. Offering specialized and complementary universal banking services for individuals, entrepreneurs, SME´s, companies and institutions, Bancolombia is the leading bank in Colombia. Its subsidiaries form Central America's main financial network, through Banistmo (Panama), BAM (Guatemala) and Banco Agrícola (El Salvador).

With Suramericana, SURA AM and Bancolombia -and their respective subsidiaries-, we form the SURA Bancolombia Financial Conglomerate, of which Grupo SURA is the holding company. This Conglomerate holds investments in 10 Latin American countries, where it provides its prod- ucts, solutions and services to close to 73.6 million clients.

At year-end 2023, our portfolio of strategic investments has been complemented by our main (non-controlling) shareholders in two industrial investments, as listed below, with which we share equity ties and a business philosophy:

GRUPO ARGOS. Grupo Argos, aninfrastructure holding companywith a direct presence in 18 countries and territories in the Americas, through its cement and energy (conventional and renewable) lines of business as well as its road and airport concessions. In this way, the aforementioned

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We have a sound portfolio that provides well-balanced diversification and exposure to different types of businesses, geographies, channels, customer segments and risks.

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in producing fibers and resins, as well as in other technology-based companies associated with financial services that are part of our SURA Venturesportfolio.

As such, we are an investment manager with a sound portfolio that provides balanced diversification and exposure to different types of businesses, geographies, channels, customer segments and risks.

Lastly, the Company is listed on the Colombian Stock Exchange (BVC) and is also registered with the ADR- Level 1 program in the United States. The Company's shares are also traded on the Santiago de Chile Stock Exchange, thanks to an agreement between the Colombi- an and Chilean stock exchanges. Since 2011, Grupo SURA has been included in the Dow Jones Global Sustainability Index (DJSI), which recognizes companies with the best eco- nomic, social, environmental and corporate governance practices in the world

Aspects of the economic activities of Grupo SURA and its subsidiaries Suramericana and SURA Asset Management

Company seeks to consolidate its position as a benchmark in infrastructure asset management in Colombia and the entire continent.

GRUPO NUTRESA. Leading the processed foods industry in Colombia and being a relevant regional player in this same industry, this Company has direct operations in 17 countries with its brands present in 82 markets, all this based on its 8 lines of business namely meat products, cookies, chocolate, coffee, consumer foods, ice cream, pasta and the Tresmontes Luccetti brand. As of the third quarter of 2023, this investment has been reclassified in our financial statements as a non-current asset held for sale, pursuant to the Framework Agreement4 signed on June 15, 2023.

SOCIEDAD PORTAFOLIO. As of December 2023, we are the main non-controlling shareholder of this company, which was created as part of the aforementioned Framework Agreement signed in June 2023. This investment companyis the result of a symmetrical spin-off from Grupo Nutresa and is in charge of managing the portfolio of shares held by this food company in Grupo Argos and Grupo SURA.

ARUSis also part of our investment portfolio, which delivers knowledge and information-based technology solutions for both individuals and businesses. We also hold minority stakes in Enka, an industry specializing

Grupo SURA. Our main income as an investment manager in terms of our separate financial statements comes from our subsidiaries, which are estimated monthly using the equity method for Suramericana (81.1%), SURA Asset Management (93.3%)5 , and other minor investments6. It also receives dividends from its portfolio Associates, Ban- colombia, Grupo Argos and Grupo Nutresa, based on the amounts declared by their respective Shareholders and the dates established for their payment during the year7.

Suramericana. This subsidiary obtains its main revenues from its own subsidiaries, these dedicated to marketing Property and Casualty, Life and Health Care insurance solutions and providing related services in all seven countries in the region.

SURA Asset Management. LThis subsidiary's revenues are sourced from its companies in eight countries, which carry out activities relating to managing and distributing mutual funds, writing insurance premiums - of a cyclical nature - and, to a lesser extent, providing its investment and brokerage services.

On the other hand, Grupo SURA is the holder of the trademark rights and licenses relating to the SURA brand, both in Colombia and in all the other countries where the compa-

nies of SURA Business Group are present. In order to protect these trademarks, the necessary formalities have been performed with the competent authorities and follow-up activities are carried out in order to identify possible improper or unauthorized usage. As a result of these monitoring activities, irregular situations have been identified and reported in a timely manner, in order to mitigate possible risks for the Organization, its clients or other stakeholders.

As for the SURA Business Group's Human Talent, we offer the following information: Grupo SURA. as the parent company, ended the year with 70 employees, which was 2 more than for 2022 (2.9%). As for its main subsidia- ries: Suramericana and its subsidiaries recorded a total of 22,509 employees, for a year-on year decrease of 1.7% or 386 people; SURA Asset Management and its operations totaled 6,895 employees, 294 fewer than for the previous year, down by 4.1%.

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Finally, Grupo SURA is not party to any litigation, judicial or administrative proceedings that could materially affect its operations or financial position.

4 Defines the terms and conditions to enter into a series of transactions that, once the pertinent corporate and regulatory authorizations are obtained, will result in Grupo SURA and Grupo Argos ceasing to be shareholders of Nutresa and, in turn, JGDB, Nugil and IHC will cease to be shareholders of Grupo SURA.

1. As of December 2023, following the acquisition of the 9.74% interest held by Grupo Bolivar, Grupo SURA now has a 93.3% stake in the equity method corresponding to SURA Asset Management. At year-end, the aforementioned acquisition was subject to applicable regulatory approvals.
2. For more information, see Note 7.2. Subsidiary Investments - Grupo SURA'sSeparate Financial Statements- 2023.
3. For more information see Note 7.1. Investments in Associates - Grupo SURA'sSeparate Financial Statements- 2023.

OUR CORPORATE HISTORY

Our Organization was first founded in December 1944, when Compañía Suramericana de Seguros Generales(our Property and Casualty Insurance Company) came into being in Medellín, thanks to the efforts and commitment of 36 entities and 151 individuals wishing to offer a solution to the nascent local industries of the time in order to protect their net worth and assets.

Just a few months later, the Company began to expand, with the opening of a branch office in Bogota, then a second in Barranquilla. Very soon, in 1945, the Company made its debut on the stock market. Since then, we have had an open ownership structure. Two years later, we expanded our services to offer support to private individuals, through the newly created life insurance subsidiary, Suramericana de Seguros de Vida.

The decade of the 50s represented innovation and development in every sense. In addition to acquiring our own headquarters in downtown Medellin - by then the Company already had 1,000 employees- we were able to incorporate technological advances which allowed us to better respond to our clients. It was also at this time that we began a tradition of supporting cultural activities that continues on today.

By the 1970s, we had already hit three milestones. The first is having created our own SURA Foundation(initially called the Suramericana Foundation), through which we have supported various initiatives that are helping to drive the well-being of people, organizations and the territories where we are present. The second milestone was the appearance of "The Tiger", an advertising icon that is still vividly recalled by Colombians; and the third was the beginning of the cross-shareholdings formed between certain Antioquenian companies with which we share the same philosophy in our way of doing business.

The latter decades of the last century were times of expansion and entrepreneurship with the creation of Sufinanciamiento, Suvalor or Corfinsura; and also, the beginning of gaining greater international scale with the acquisition of a majority stake in the insurance company Interoceánica, in Panama.

Also in the early nineties, the Company made its debut in the social security systems in Colombia with Compañía Suramericana de Servicios de Salud (Susalud), which later became the health care provider known today as EPS SURA, as well as the severance and pension fund management firm, Protección. Later, Seguros de Riesgos Laborales Surame- ricana (Suratep), our Workers´ Compensation subsidiary, was created to handle the risks associated with occupational accidents and diseases, today known as ARL SURA. In 1997 Suramericana de Inversiones, today known as Grupo SURA, was created as the Organization's parent com- pany, by separating its investment portfolio from its insurance activities.

HISTORICAL BREAKDOWN OF DIVIDEND PERFORMANCE PER SHARE

(Stated in Colombian pesos)

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The dividend paid to Grupo SURA shareholders has grown at above the rate of inflation in Colombia for the immediately preceding year.

With the advent of this new century, at Grupo SURA, we made progress with certain divestitures in order to focus our portfolio on financial and related services, while moving forward with renewing our brand, which as of 2009 was renamed SURA. This change was followed by a significant expansion of our portfolio in 2011, with the creation of SURA Asset Management, as the subsidiary in charge of managing the assets acquired by Grupo SURA from ING in Latin America, including the pension and investment fund management funds in five countries. That same year, our commitment to upholding the highest standards and best practices began to be recognized when we were admitted for the first time to the Dow Jones Sustainability World Index (DJSI).

By upholding a long-term vision, SURA's corporate footprint has expanded in Latin America through the different lines of business of both SURA Asset Management and Suramericana.