Earnings and Dividend Growth

Colombian Economy Strong underlying momentum • The 'new normal' re-opening scheme has led to reactivation of 95% of the economy. Colombia continues to build on its 12 free-trade agreements with 46 countries that account for 41.7% of global GDP. Services and consumption, reflecting an expanding middle class, account for rising shares of Colombian GDP compared with traditional strengths in extractive industries. 6.3% GDP Growth 2022F: 3.8% GDP Growth 2021F: Sources: Bloomberg, as of August 20, 2021 14.5% Finance, Insurance, & Real Estate 8.9% Other 6.6% Natural Resources 3.4% Arts & Entertainment 16.0% Wholesale, Retail Trade, Accommodation & Food Services COLOMBIAN GDP BY INDUSTRY (Q2-2021) 16.3% 11.9% Manufacturing 7.3% Mining and Oil & Gas Extraction 4.9% Construction Public Administration 3.0% Information & Communication 7.2% Professional, Scientific, & Technical Services Contributions to Colombian GDP Growth 10 2505o y/y % change 15 - -5 -10 Other* Net Exports -15 Investment -20 Consumption Government Real GDP -25 17 18 19 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 20 20 Top 5 Trading Partners* United States Others 28% 40% India China 19% 3% Brazil Mexico 5% 5% * Trade data updated as of Q1-2021. 64

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