Investor Presentaiton

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 13.9% Finance, Insurance, & Real Estate 9.1% Other 6.6% Natural Resources 2.9% Information & Communication 2.4% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q1 2020) 7.1% Professional, Scientific, & Technical Services 17.2% Wholesale, Retail Trade, Accommodation & Food Services 15.2% 11.6% Manufacturing 8.0% Mining and Oil & Gas Extraction 6.0% Construction Public Administration Top 5 Trading Partners 8 y/y % change 6 4 2 NO -2 Contributions to Colombian GDP Growth Other* Investment Consumption Net Exports Government Real GDP -4 -6 17 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 18 19 United States Others 28% 42% 3% Brazil Mexico 20 20 Ecuador 5% 6% China 17% 69

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