Medium-Term Financial Objectives

Colombia 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 8.7% Other 6.2% Natural Resources 2.9% Information & Communication 2.4% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q1 2019) 7.2% Professional, Scientific, & Technical Services 17.4% Wholesale, Retail Trade, Accommodation & Food Services 11.9% Manufacturing 8.2% Mining and Oil & Gas Extraction -14.7% 6.7% Construction Public Administration 8 y/y % change 6 4 2 0 -2 Contributions to Colombian GDP Growth Other* Net Exports Investment Government Consumption Real GDP -4 16 17 18 19 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. Top 5 Trading Partners United Others States 27% 35% Germany 3% Brazil 6% Mexico China 8% 21% Scotiabank® 47

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