Why Invest in Scotiabank?

Colombian Economy Gaining momentum . Services account for a rising share of Colombian GDP compared with traditional strengths in extractive industries Colombia continues to build on its 10 free-trade agreements with 42 countries that account for 38% 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 13.6% Finance, Insurance, & Real Estate 9.1% Other 6.2% Natural Resources 2.8% Information & Communication 2.4% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q3 2018) 7.0% Professional, Scientific, & Technical Services 16.9% Wholesale, Retail Trade, Accommodation & Food Services 12.0% Manufacturing 8.2% Mining and Oil & Gas Extraction -14.9% 6.9% Construction Public Administration Contributions to Colombian GDP Growth 5 y/y % change 4 3 2 1 0 -1 -2 -3 16 17 18 Sources: Scotiabank Economics, Haver Analytics. Top 5 Trading Partners United States Others 29% 44% Other Net Exports GFCF Government Consumption Real GDP Germany Brazil Mexico China 14% 3% 4% 6% Scotiabank® 36 36

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