Earnings and Dividend Growth Report

Colombian Economy Strong underlying 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 Contributions to Colombian GDP Growth 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 Other* y/y % change Government 6 4 2 0 -2 Net Exports Consumption Investment Real GDP -4 17 18 19 20 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. United States Others 42% 28% Germany 3% China 18% Brazil Mexico 5% 6% * Trade data updated as of Q1-2020 71

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