IMPORTANT: You must read the following disclaimer before continuing.
The following disclaimer applies to the Offer to Purchase, dated January 21, 2020 (“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
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, 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
(the “Order”)), or a high net worth entity
or another person to whom the Offer may lawfully be 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 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. In particular,
the New Bonds Offering will be made solely by means of a prospectus relating to that offering. Colombia has filed a registration statement
(including the prospectus) and a preliminary prospectus supplement with the 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 U.S. Securities and Exchange
Commission (“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.
Neither the communication of this Offer Document nor any other offer material relating to the Offer is being made,
and this Offer Document has not been approved, by an authorized person for the purposes of section 21 of the UK Financial Services and Markets Act 2000
(the “FSMA”). Accordingly, this 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 this 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, and other persons to whom it may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (such persons together being “relevant persons”).
This 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.