Colombian Economy & Banking Sector Analysis

COVID-19: Strong Response from Governments across Core Markets Policy Action Canada United States Mexico Peru Chile Colombia Movement Restrictions (Date of Introduction) Policy Rate Cuts March 12-22 March 19-24 March 24 March 16 March 18 March 25 150 bps 150 bps 150 bps 200 bps 125 bps 100 bps (Since March 1, 2020) Fiscal & Financial Measures¹ (% of GDP) Emerging Market Average: 2.6%¹ 16.5% 13.6% 0.7% 12.0% Key Measures¹ . Liquidity programs Wage and payroll support programs Payment deferral programs • Small business and sectoral programs . • Liquidity programs Wage and payroll support programs Payment deferral programs Small business and sectoral programs Liquidity programs Payment deferral programs • Small business and sectoral programs Liquidity programs Loan guarantees Payment deferral programs • Small business programs • Retirement savings withdrawals 1 Source: Scotia Economics 5.7% 2.8% . Liquidity programs . Liquidity programs • Loan guarantees • Loan guarantees • Payment deferral . programs • Tax holidays • Payment deferral programs Tax holidays • Small business programs 14

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