1. Market Update ASLF 2016 Raphael Coutinho Colombia Direct Custody and Clearing Head

2. Peace Process The peace process is scheduled to be signed by March 26, 2016 and will be subject to a popular vote The government should send a tax reform bill to Congress with the goal of looking for resources to finance the deal. Current Balance Account The government is focusing its efforts to reduce the current balance account deficit.  ISAGEN privatization  Increasing FDI flows for 4G projects  Refinery of Cartagena  Continuous inflows of portfolio investments  Fiscal expenses reduction On the fiscal side, a comprehensive tax reform should be presented to congress. Country Hot Topic

3. Macroeconomic Overview Source: WFE, World Bank, BVC, Colombian Central Bank Investment Grade Since 2011 4 th Largest economy in Latin America 6 th Largest Fixed Income market in the world Foreign Portfolio Investment 13% CAGR 10-15: GDP 9% CAGR 05-14 4 th most business- friendly country according to the Ease of Doing Business Equities Market 6% CAGR 05-15 Market Capitalization 9% CAGR 05-15 3 rd Derivatives Market in Latin America 36% CAGR 05-15 FX Market 7% CAGR 05-15

4. Capital Market Government Bonds Holders Distribution by Investor Type Equity Market Vol. Distribution by Investor Type Derivatives As of December 2015 the traded volume was COP 121 Trillion and the equivalent in USD approx.. 40 BN. FX Market In the FX market, the average daily volume traded as of December 2015 was USD 942 MM. Source: Colombia Stock Exchange, * Value as of July 2015. Billion (BN), million (MM), and per cent (%)., Minister of Finance reports

5. Recent Market Developments Direct participation of the local custodian in the clearing and settlement process. The intent is to eliminate the need of a dual settlement process. Implemented 3Q 2015. Possibility of netting cash on the investors level when settling equity transactions Reduce settlement related risks (operational and financial). Initiative Summary Client Benefit Creation of a Central Counterparty to Clear and Settle equity transactions Reduction of counterpart risk Netting allowance Market efficiency The government and the Stock Exchange introduced new securities lending regulations, aimed at harmonizing it with international standards. Citi has the obligation to perform enhanced due diligence on all new and incremental safekeeping accounts as a result of CRS Issuers will adopt international standards on financial statements Increased transparency for foreign investors Clearer rules Stronger collateral requirements

6. Service Update Complete automation of the fixed income withholding tax calculation processes on profit from sales, coupon and interest payments and monthly tax calculation and report. Implemented in 3Q 2015. Complete automation of the fixed income withholding tax calculation processes on profit from sales, coupon and interest payments and monthly tax calculation and report. Implemented in 3Q 2015. Initiative Summary Client Benefit Automated Tax Calculation Double Taxation Treaties Application Cash Automation Accounts in the Name of Individuals Increase efficiencies by eliminating manual intervention. MT547 messages to include tax information (rate and amount) Extension of our product offering to allow global custodians to open accounts for individuals interested in participating in the Colombian capital market. Implemented in 2Q 2015. Extension of our product offering to allow global custodians to open accounts for individuals interested in participating in the Colombian capital market. Implemented in 2Q 2015. Possibility for our clients to attract new potential relationships Full automation of the settlements process with DECEVAL. Citi’s systems automatically check cash and securities availability, and settle the transactions. Implemented in 2Q 2015. Full automation of the settlements process with DECEVAL. Citi’s systems automatically check cash and securities availability, and settle the transactions. Implemented in 2Q 2015. Increase FX Straight Through Processing (STP), no manual intervention Minimize operational risk Increase flexibility for client to book an FX regardless of the transaction’ status Implementation of tax relief process for fixed income instruments to apply reduced tax rates defined in Double Taxation Treaties signed by Colombia. Implemented in 3Q 2015. Implementation of tax relief process for fixed income instruments to apply reduced tax rates defined in Double Taxation Treaties signed by Colombia. Implemented in 3Q 2015. Relief at source

7. Service Update Ability for client to instruct auto FX via field 11A. MT300 confirmations will be automatically created and released with time stamps.. Target date: 1Q 2016 Ability for client to instruct auto FX via field 11A. MT300 confirmations will be automatically created and released with time stamps.. Target date: 1Q 2016 Initiative Summary Client Benefit FX Single Pipe Account Opening Enhancements Shadow Posting and Clearing Transfers Between Accounts of Same Final Beneficiary Increase FX Straight Through Processing (STP), no manual intervention Minimize operational risk Increase flexibility for client to book an FX regardless of the transaction’ status Ability for investors to transfer positions and cash between accounts under the same tax id. Target date: 3Q 2016 Ability for investors to transfer positions and cash between accounts under the same tax id. Target date: 3Q 2016 Allow clients to perform transfers between accounts Improve our product offering by allowing the control and report of lent positions and securities posted as collateral. Target date: 2Q 2016. Improve our product offering by allowing the control and report of lent positions and securities posted as collateral. Target date: 2Q 2016. Investors will be able to track the lent and collateral positions under its portfolio. Implementation of account opening process status, by releasing automated messages to maintain our clients updated on the progress of the account opening. Target date: 1Q 2016 Implementation of account opening process status, by releasing automated messages to maintain our clients updated on the progress of the account opening. Target date: 1Q 2016 Clients will be able to track their instructions and the status on account opening requests Improve communication by generating automatic messages to keep clients up to date on the account opening status

8. Forthcoming Initiatives / Market Advocacy Client Benefit Foreign Investment Decree Proxy Enhancements Withholding Agent for Equities Omnibus Cash Accounts Autoclaims Revamp the entire proxy voting process. Target date: 2Q 2016 Enhance client experience Deliver confirmation that voting instruction was executed Summary Lobbying efforts with the government to allow omnibus cash account structure per global custodian. Target date: 2Q 2016 Citibank Colombia will be able to extend overdraft facilities to global custodians Implementation of a proactive auto-claim process for our clients. Target date: 3Q 2016 Expedite claim resolution Lobbying efforts with the Ministry of Finance to become the withholding agent for equities payments. Target date: TBD Ability to apply reduced withholding tax rates, in accordance with DTTs signed by Colombia Expected the new decree to be published. Recognition of the local custodians in the foreign investment chain Target date: 1Q 2016 Simplification of FX regulation

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