Q4 2019 Financial Performance

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 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 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 2019) 6.9% Professional, Scientific, & Technical Services 17.6% Wholesale, Retail Trade, Accommodation & Food Services 14.8% 11.9% Manufacturing 8.1% Mining and Oil & Gas Extraction 6.6% Construction Public Administration Top 5 Trading Partners 8 y/y % change 6 Contributions to Colombian GDP Growth Other* Net Exports Investment Government Consumption Real GDP 4 2 United States Others 42% 28% 0 -2 -4 -6 Ecuador 16 17 18 19 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 3% Brazil Mexico 5% 6% China 17% 72 22

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