Investor Presentaiton

Colombian Economy ECONOMIC ACTIVITY COULD TAKE OFF IN 23 H21 GDP 2022: 7.3% GDP 2023F: 1.8% GDP 2024F: 2.6% COLOMBIAN Q2/23 GDP BY INDUSTRY 2 13.9% Finance, Insurance, & Real Estate 9.6% 4.3% Arts & Entertainment 17.5% Wholesale, Retail Trade, Accommodation & Food Services 11.6% Manufacturing • Economic activity in Q2-2023 posted the slowest annual growth since Q1-2021. However, economic activity in 2023H2 could improve amid lower FX, better public consumption and healthier household financial conditions Inflation reached a peak in March 2023, but remains nearly 4 times the target rate. As inflation is expected to come down, BanRep paused its hiking cycle to the policy rate at 13.25% and is in a cautious wait-and-see mode, while potential rate cuts will strongly depend on inflation's convergence towards target The Government's coalition in Congress has weakened, while the campaign for regional elections on October 29th also reflects weak support for the Government Other 5.8% Natural Resources 3.2% Information & Communication 245.06T COP2015 SWDA 7.0% Professional, Scientific, 6.9% Mining and Oil & Gas Extraction 4.3% Construction CONTRIBUTIONS TO COLOMBIAN GDP GROWTH 2 20 y/y % change 10 10 0 -10 -20 -30 18 Other* Investment Consumption Net Exports Government Real GDP 19 20 21 22 & Technical Services 15.9% Public Administration TOP TRADING PARTNERS 3 United States 25% * Statistical discrepancy, subject to revision 1 Sources: Scotiabank Economics, Bloomberg, as of August 11, 2023; 2 Sources: Scotiabank Economics, Haver Analytics; 3 Trade data updated as of Q4-2022 China 18% Brazil 6% Mexico 5% India 3% Others 43% 68 80

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