After the underwriting, TIPS will not be subject to any trade minimums or multiples. The reference for trading will be the bondholders outstanding principal balance of TIPS of the corresponding tranche as of the date the relevant transaction takes place, and in any case the trade amount will not exceed said balance. In any event and considering that the TIPS amortization and early principal payments resulting from trigger events may reduce the outstanding principal balance in up to one (1) unit of Colombian Pesos (COP 1.00), then the TIPS may be transferred up to that value.
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