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 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 14.1% Finance, Insurance, & Real Estate 6.8% Other 6.5% Natural Resources 2.9% Information & Communication 2.6% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q2 2018) 7.5% Professional, Scientific, & Technical Services 17.4% Wholesale, Retail Trade, Accommodation & Food Services 12.2% Manufacturing 8.2% Mining and Oil & Gas Extraction -15.2% 6.6% Construction Public Administration Top 5 Trading Partners Contributions to Colombian GDP Growth 5 y/y % change 4 3 2 United States Others 29% 44% 1 0 -1 -2 -3 16 17 Real GDP 18 Other Net Exports Investment Government Consumption Germany China 14% Brazil Mexico 3% Sources: Scotiabank Economics, Haver Analytics. 4% 6% Scotiabank® 60 60

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