Index Factsheet

MSCI Colombia Index (USD)

The MSCI Colombia Index is designed to measure the performance of the large and mid cap segments of the Colombian market.
With 4 constituents, the index covers approximately 85% of the Colombian equity universe.

CUMULATIVE INDEX PERFORMANCE — NET RETURNS (USD) ANNUAL PERFORMANCE (%)

(OCT 2007 – OCT 2022) MSCI MSCI
Year Emerging MSCI ACWI
Colombia Markets
300
MSCI Colombia 2021 -13.83 -2.54 18.54
MSCI Emerging Markets 2020 -18.96 18.31 16.25
MSCI ACWI 2019 30.84 18.42 26.60
2018 -11.53 -14.57 -9.41
200 2017 16.29 37.28 23.97
185.60 2016 26.48 11.19 7.86
2015 -41.80 -14.92 -2.36
2014 -19.81 -2.19 4.16
2013 -21.14 -2.60 22.80
100 94.18 2012 35.89 18.22 16.13
90.70 2011 -5.02 -18.42 -7.35
2010 43.41 18.88 12.67
2009 84.35 78.51 34.63
0 2008 -25.10 -53.33 -42.19
Oct 07 Jan 09 Apr 10 Jul 11 Oct 12 Jan 14 Apr 15 Jul 16 Oct 17 Jan 19 Apr 20 Jul 21 Oct 22

INDEX PERFORMANCE — NET RETURNS (%) (OCT 31, 2022) FUNDAMENTALS (OCT 31, 2022)
ANNUALIZED

1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr DecSince Div Yld (%) P/E P/E Fwd P/BV

29, 2000

MSCI Colombia 8.05 -10.83 -19.66 -15.14 -14.18 -5.35 -8.88 14.14 7.37 5.43 5.61 1.12

MSCI Emerging Markets -3.10 -14.11 -31.03 -29.42 -4.42 -3.09 0.79 6.89 3.75 11.14 10.12 1.49

MSCI ACWI 6.03 -7.65 -19.96 -21.14 4.85 5.24 7.98 5.26 2.33 16.45 14.21 2.53

INDEX RISK AND RETURN CHARACTERISTICS (OCT 31, 2022)

ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN
Since
Turnover 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Dec 29, (%) Period YYYY-MM-DD
(%) 1 2000

MSCI Colombia 6.88 43.27 36.59 31.69 -0.13 0.02 -0.15 0.54 76.78 2013-02-01—2020-03-18

MSCI Emerging Markets 5.59 19.09 17.66 16.11 -0.17 -0.16 0.08 0.35 65.25 2007-10-29—2008-10-27

MSCI ACWI 2.62 19.63 17.32 14.07 0.31 0.31 0.56 0.30 58.38 2007-10-31—2009-03-09
1 2 3
Last 12 months Based on monthly net returns data Based on NY FED Overnight SOFR from Sep 1 2021 & on ICE LIBOR 1M prior that date

The MSCI Colombia Index was launched on Jan 01, 2001. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed over that
time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-
tested -- is no indication or guarantee of future performance.

MSCI Colombia Index (USD) | msci.com

OCT 31, 2022 Index Factsheet

INDEX CHARACTERISTICS TOP 4 CONSTITUENTS

MSCI Colombia Float Adj Mkt Index Sector
Number of 4 Cap Wt. (%)
( USD Billions)
Constituents BANCOLOMBIA PREF 2.89 32.26 Financials
Mkt Cap ( USD Millions)
ECOPETROL 2.48 27.60 Energy
Index 8,970.01
BANCOLOMBIA 1.85 20.65 Financials
Largest 2,893.35 INTERCONEXION ELEC (NEW) 1.75 19.49 Utilities
Smallest 1,748.44 Total 8.97 100.00
Average 2,242.50
Median 2,164.11

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures

relative to a
<-1.5 0 +1.5< broad global index - MSCI ACWI IMI.
MSCI Colombia MSCI Emerging Markets
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS

27.6%

19.49%

52.91%

Financials 52.91% Energy 27.6% Utilities 19.49%

MSCI Colombia Index (USD) | msci.com

OCT 31, 2022 Index Factsheet

INDEX FRAMEWORK
The index is based on the MSCI Global Investable Indexes (GIMI) Methodology—a comprehensive and consistent approach to
index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size,
sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment
opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February,
May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while
limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and
mid capitalization cutoff points are recalculated.

This summary is provided for illustrative purposes only and does not include all material elements of the index or its methodology. For a complete
description of the index methodology, please see Index methodology - MSCI.

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists
of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed
by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)
from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures
of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over
the long run.

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to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI Colombia Index (USD) | msci.com