IMPORTANT: You must read the following disclaimer before continuing.
The following disclaimer applies to the Offer Document, whether received by e-mail or otherwise received as a result of electronic communication, and you are
therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached document. In accessing the Offer
Document, you agree to be bound by the following terms and conditions, including any modifications made to them from time to time, each time you receive any
information from us at any time. Capitalized terms used but not otherwise defined in this disclaimer shall have the meaning given to them in the Offer Document.
The Offer Document should not be forwarded or distributed to any other person and should not be reproduced in any manner whatsoever. Failure to comply with these
instructions may result in a violation of the applicable laws and regulations of the United States or other jurisdictions.
Confirmation of your representation:
By accessing the Offer Document you shall be deemed to have represented to Colombia, and to the Dealer Managers, the Billing and Delivering Bank and the
Information Agent (as defined herein), that:
(i) you are a holder or a beneficial owner of Old Bonds;
(ii) you are not a person to whom it is unlawful to send the attached Offer Document or to make an Offer to under applicable laws and regulations including
those outlined in the section entitled Jurisdictional Restrictions;
(iii) you have made all the representations of the Offer Document. See Holders Representations, Warranties and Undertakings;
(iv) you are not located or resident in the United Kingdom or, if you are located or resident in the United Kingdom, you are a person falling
within the definition of investment professional (as defined in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended, the Order)), or a high net worth entity or other persons to whom it may be lawfully
communicated falling within Article 49(2)(a) to (d) of the Order; and
(v) you consent to delivery of the Offer Document to you by electronic transmission.
The Offer Document has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or
changed during the process of transmission, and consequently none of Colombia, the Dealer Managers, the Billing and Delivering Bank, the
Information Agent or any person who controls, or is a director, officer, employee or agent, of any of them, or any affiliate of any such person,
accepts any liability or responsibility whatsoever in respect of any difference between the Offer Document distributed to you in electronic format
and the hard copy version available to you on request from the Information Agent at the address specified on the inside back cover of the attached
Offer Document.
You are reminded that the Offer Document has been delivered to you on the basis that you are a person into whose possession the Offer Document
may lawfully be delivered in accordance with the laws of the jurisdiction in which you are located or resident. You may not, nor are you
authorized to, deliver, transmit, forward or otherwise distribute the Offer Document, directly or indirectly, to any other person.
The materials relating to the Offer do not constitute, and may not be used in connection with, an offer or solicitation in any place where
offers or solicitations are not permitted by law. If a jurisdiction requires that the Offer be made by a licensed broker or dealer and one
of the Dealer Managers or any of their affiliates is a licensed broker or dealer in that jurisdiction, the Offer shall be deemed to be made
by such Dealer Manager or affiliate on behalf of Colombia in that jurisdiction.
Nothing in this electronic transmission constitutes an offer to buy or the solicitation of an offer to sell securities in any jurisdiction in which such offer or
solicitation would be unlawful. Securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public
offering of securities to be made in the United States will be made by means of a prospectus. The New Bonds Offering will be made solely by means of a
prospectus relating to that offering and will settle after the settlement for the Old Bonds. Colombia has filed a registration statement
(including the prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (SEC) for the New Bonds Offering.
Before investing in the New Bonds Offering, you should read the prospectus in that registration statement and other documents Colombia has filed with the SEC for
more complete information about Colombia and such New Bonds Offering. You may get these documents for free by visiting EDGAR on the SEC
website at http://www.sec.gov. Alternatively, the underwriters for the New Bonds Offering, the Dealer Managers or the Information Agent, as the case may be,
will arrange to send you the preliminary prospectus supplement and the prospectus if you request it by calling any one of them at the numbers specified on the
back cover of the Offer Document.
The New Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to
any retail investor in the European Economic Area. For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II; or
(ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the Insurance Distribution Directive), where that customer would
not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required
by Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the New Bonds or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling the New Bonds or otherwise making them available to any
retail investor in the EEA may be unlawful under the PRIIPs Regulation.
The New Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available
to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018 (as amended, the EUWA); or
(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the FSMA) and any rules or
regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined
in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key
information document required by Regulation (EU) No 1286/2014 (as amended) as it forms part of domestic law by virtue of the EUWA
(the UK PRIIPs Regulation) for offering or selling the New Bonds or otherwise making them available to retail investors in the UK has been
prepared and therefore offering or selling the New Bonds or otherwise making them available to any retail investor in the UK may be unlawful
under the UK PRIIPs Regulation.
Neither the communication of the Offer Document nor any other offer material relating to the Offer is being made, and the Offer Document has not been
approved, by an authorized person for the purposes of section 21 of the FSMA. Accordingly, the Offer Document is not being distributed to, and must not be
passed on to, the general public in the United Kingdom. Rather, the communication of the Offer Document as a financial promotion is being made to, and is
directed only at: (a) persons outside the United Kingdom; (b) those persons falling within the definition of investment professionals (contained in Article
19(5) of the Order); or (c) high net worth entities or other persons to whom it may be lawfully communicated falling within Article 49(2)(a) to (d) of the
Order (all such persons together being relevant persons).
The Offer Document is only available to relevant persons and the transactions contemplated herein will be available only to, or engaged in only with relevant
persons, and this financial promotion must not be relied or acted upon by persons other than relevant persons.
You must comply with all laws that apply to you in any place in which you possess the Offer Document.
You must also obtain any consents or approvals that you need in order to accept the Offer and tender Old Bonds. None of Colombia, the Dealer Managers, the
Billing and Delivering Bank or the Information Agent is responsible for your compliance with these legal requirements. It is important that you
read Jurisdictional Restrictions.
By clicking "I AGREE" below, you acknowledge that you are a Person with Interest in the Notes entitled to view the contents of this
website and you acknowledge and agree to the terms and conditions set forth above. Specifically, by clicking "I AGREE" below, you acknowledge
that you are a person into whose possession the Offer to Purchase may be lawfully delivered in accordance with the laws of the jurisdiction in
which you are located and make all the Holders' Representations, Warranties and Undertakings. If you are not a Person with Interest in the Notes,
or you do not so acknowledge and agree,
you are not entitled to enter website. If this is the case you must leave the website by clicking "I DISAGREE" below.
