Grupo Cibest Director Luis Fernando Restrepo Echavarria Increases Pension Fund Holdings via Voluntary Contribution

Transaction Details and Pension Fund Structure

The amended report details the acquisition of units in Grupo Cibest’s institutional voluntary pension fund, an investment vehicle sponsored by the company and managed by an independent third-party administrator. On July 16, 2026, Director Restrepo Echavarria made a voluntary cash contribution credited with 492.52 units. The fund operates on a unitized basis, with each unit priced according to the fund’s net asset value on the transaction date.

On July 16, 2026, the unit price was COP 26,276.51, approximately $8.13 based on the exchange rate of 3,233.91 pesos per U.S. dollar. These units do not represent direct ownership of a fixed number of shares but provide economic interest in the fund’s underlying holdings. At the time of the transaction, the units corresponded to an economic interest equivalent to 41,555.57 common and preferred shares of Grupo Cibest, though the exact share count per unit is determined only upon withdrawal.

Governance and Operational Framework of the Voluntary Pension Fund

The pension fund is governed by provisions that prevent direct control by individual investors. The reporting person holds no voting rights or investment discretion over the fund’s assets; all investment decisions are made by the independent third-party administrator. This structure prevents concentrated insider influence while maintaining tax-advantaged retirement savings benefits.

Contributions are made solely through voluntary cash payments with unit prices fluctuating based on net asset value, ensuring fair market value for participants. Distributions upon withdrawal are paid in cash based on the fund’s value at that time, rather than through share delivery, providing liquidity and simplifying tax and accounting treatment.

Reason for Amendment and Correction Process

The July 23, 2026, amended report corrected a clerical error in the original Form 4 filed on July 17, 2026. The initial filing miscalculated the number of derivative securities beneficially owned after the pension fund contribution. The amendment corrected columns reporting securities acquired and total beneficial ownership to reflect the accurate figures.

This correction aligns with standard SEC compliance procedures requiring insiders to file initial reports within two business days and submit amendments to fix errors. The amendment does not change the economic substance or beneficial ownership but ensures accurate disclosure.

Economic Interest and Underlying Share Attribution

The pension fund units grant Restrepo Echavarria indirect beneficial ownership in Grupo Cibest securities. The fund primarily holds common and preferred shares with some cash for liquidity. The economic interest of 41,555.57 shares reflects the number deliverable upon full liquidation of his units at current net asset value.

The exact number of shares per unit varies and is only fixed upon withdrawal, consistent with the unitized nature of pension fund investments. The $8.13 unit price on July 16, 2026, corresponds to the fund’s net asset value supporting this economic interest, which will fluctuate with asset performance.

Director Status and Insider Reporting Requirements

Luis Fernando Restrepo Echavarria is a director of Grupo Cibest S.A., triggering mandatory insider transaction reporting under Section 16 of the Securities Exchange Act of 1934. He must report all beneficial ownership changes, including indirect holdings via pension funds. His director status is confirmed on the amended report.

The reporting address is Carrera 48 Number 26-85, Medellín, Colombia, reflecting the company’s Colombian incorporation and insider base, while the NYSE listing provides U.S. investor access.

Filing Details and Legal Representation

The amended report was signed by Maria Fernanda Valencia Tafur as attorney-in-fact for Restrepo Echavarria, a common practice when insiders reside outside the U.S. The certification confirms the accuracy of the filing and warns against intentional misstatements under federal securities laws.

The amendment was filed on July 23, 2026, six days after the original July 17 filing, with the transaction date being July 16, 2026. The amendment corrected computational errors without delaying the initial timely reporting.

Grupo Cibest’s Market Position and Pension Fund Offering

Grupo Cibest S.A. is a Colombian financial services firm listed on the NYSE under ticker CIB. The company offers institutional voluntary pension funds investing in company equity to align insider interests with performance and provide tax-advantaged savings.

Its dual Colombian and U.S. regulatory framework requires compliance with both jurisdictions, including Section 16 insider reporting for NYSE-listed securities, ensuring transparency for investors.

Unit Valuation and Currency Exchange Impact

The pension fund unit valuation involves converting Colombian Pesos to U.S. Dollars, reflecting Grupo Cibest’s cross-border operations. The July 16, 2026 unit price of COP 26,276.51 equals about $8.13 at the exchange rate of 3,233.91 pesos per dollar, important for investors assessing insider transactions in USD terms.

Currency fluctuations affect the reported dollar value of pension fund transactions. The disclosure of both peso and dollar amounts enhances transparency and allows independent verification of the conversion.

Investor Insights on Beneficial Ownership and Reporting Accuracy

Investors monitoring Grupo Cibest insider activity should recognize that pension fund units represent beneficial ownership despite lacking voting or investment control. The acquisition of 492.52 units significantly increases Restrepo Echavarria’s economic exposure to tens of thousands of shares.

Reviewing both the original July 17, 2026, filing and the July 23 amendment is essential for accurate assessment of insider holdings. Such diligence is critical for evaluating insider accumulation or disposition trends.