Investor Presentaiton

Colombian Economy Strong underlying momentum Services account for a rising share of Colombian GDP compared with traditional strengths in extractive industries Colombia continues to build on its 11 free-trade agreements with 46 countries that account for 41% of global GDP Rising consumption, supported by public spending, reflects an expanding middle class as growth gains momentum and converges toward the economy's underlying potential GDP Forecast 2020: -7.5% GDP Forecast 2021: +5.0% 15.3% Finance, Insurance, & Real Estate 9.0% Other 7.0% Natural Resources 3.0% Information & Communication 1.9% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q2 2020) 7.2% Professional, Scientific, & Technical Services 15.2% Wholesale, Retail Trade, Accommodation & Food Services 16.4% 12.2% Manufacturing 7.6% Mining and Oil & Gas Extraction 5.2% Construction Public Administration Contributions to Colombian GDP Growth 8 y/y % change 3 -2 -7 Other* -12 Government Net Exports Consumption Investment Real GDP -17 -22 17 18 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 19 20 20 Top 5 Trading Partners* United States Others 42% 27% China Germany 3% 17% Brazil Mexico 5% 5% * Trade data updated as of Q2-2020 62 62

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