Obligation Colombia 4.5% ( US195325DP79 ) en USD

Colombia

100 % ▲

Colombie

US195325DP79 ( en USD )

4.5% par an ( paiement semestriel )

15/03/2029

Prospectus brochure de l'obligation Colombia US195325DP79 en USD 4.5%, échéance 15/03/2029

200 000 USD

2 000 000 000 USD

195325DP7

15/09/2024 ( Dans 117 jours )

L'Obligation émise par Colombia ( Colombie ) , en USD, avec le code ISIN US195325DP79, paye un coupon de 4.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/03/2029

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED OCTOBER 19, 2017)

U.S. $1,500,000,000
Republic of Colombia
4.500% Global Bonds due 2029

The bonds will mature on March 15, 2029. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on the bonds
each March 15 and September 15, commencing on March 15, 2019. The bonds will be issued in denominations of U.S. $200,000 and integral
multiples of U.S. $1,000 in excess thereof.
The bonds will be direct, general, unconditional, unsecured and unsubordinated external indebtedness of Colombia and will be backed by the
full faith and credit of Colombia. The bonds will rank without any preference among themselves and equally with all other unsecured and
unsubordinated external indebtedness of Colombia. It is understood that this provision shall not be construed so as to require Colombia to make
payments under the bonds ratably with payments being made under any other external indebtedness.
Colombia may, at its option, redeem the bonds, in whole or in part, before maturity, on not less than 30 nor more than 60 days' notice on the
terms described under "Description of the Bonds--Optional Redemption" in this prospectus supplement. The bonds will not be entitled to the benefit
of any sinking fund.
The bonds will be issued under an indenture and constitute a separate series of debt securities under the indenture. The indenture contains
provisions regarding future modifications to the terms of the bonds that differ from those applicable to Colombia's outstanding public external
indebtedness issued prior to January 28, 2015. Under these provisions, which are described beginning on page 7 of the accompanying prospectus,
Colombia may amend the payment provisions of any series of debt securities (including the bonds) and other reserve matters listed in the indenture
with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the
outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are
met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in
the aggregate; or (3) with respect to two or more series of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding
bonds of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the
outstanding debt securities of each series affected by the proposed modification, taken individually.
Application has been made to list the bonds on the official list of the Luxembourg Stock Exchange and to admit them to trading on the Euro
MTF Market of the Luxembourg Stock Exchange. This prospectus supplement, dated October 3, 2018, together with the prospectus, dated October
19, 2017, constitute a prospectus for the purpose of Part IV of the Luxembourg law dated July 10, 2005 on Prospectuses for Securities, as amended.
See "Risk Factors" beginning on page S-7 to read about certain risks you should consider before investing in the bonds.
Neither the Securities and Exchange Commission, referred to as the SEC, nor any other regulatory body has approved or disapproved
of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.

Per bond
Total

Public offering price(1) ....................................................................................
99.362%
U.S. $ 1,490,430,000
Underwriting discount ....................................................................................
0.250% U.S.
$ 3,750,000
Proceeds, before expenses, to Colombia ........................................................
99.112% U.S.
$
1,486,680,000
(1) Purchasers will also be required to pay accrued interest, if any, from October 12, 2018, if settlement occurs after that date.
Delivery of the bonds is expected to be made to investors through the book-entry delivery system of The Depository Trust Company for the
account of its participants, including Clearstream and Euroclear, on or about October 12, 2018.

Joint Book-Running Managers

Citigroup
Credit Suisse

J.P. Morgan

The date of this prospectus supplement is October 3, 2018.

TABLE OF CONTENTS
Prospectus Supplement

Page

Summary ...................................................................................................................................................................................
S-1
The Issuer ........................................................................................................................................................................
S-1
Selected Colombian Economic Indicators .......................................................................................................................
S-3
The Offering ....................................................................................................................................................................
S-4
Risk Factors ..............................................................................................................................................................................
S-7
Certain Defined Terms and Conventions ..................................................................................................................................
S-9
About This Prospectus Supplement ..........................................................................................................................................
S-9
Incorporation by Reference .......................................................................................................................................................
S-9
Use of Proceeds ........................................................................................................................................................................
S-12
Recent Developments ...............................................................................................................................................................
S-13
Description of the Bonds ..........................................................................................................................................................
S-37
General Terms of the Bonds ............................................................................................................................................
S-37
Optional Redemption ......................................................................................................................................................
S-37
Payment of Principal and Interest ....................................................................................................................................
S-39
Paying Agents and Transfer Agents ................................................................................................................................
S-40
Notices .............................................................................................................................................................................
S-40
Registration and Book-Entry System ..............................................................................................................................
S-40
Certificated Bonds ...........................................................................................................................................................
S-41
Jurisdiction; Enforceability of Judgments ......................................................................................................................
S-41
Taxation ....................................................................................................................................................................................
S-43
Underwriting (CONFLICTS OF INTEREST) ..........................................................................................................................
S-48
General Information ..................................................................................................................................................................
S-55
Prospectus

Page

About This Prospectus ..................................................................................................................................................................... 2

Forward-Looking Statements .......................................................................................................................................................... 2

Use of Proceeds ............................................................................................................................................................................... 2

Description of the Securities ............................................................................................................................................................ 2

Taxation ...........................................................................................................................................................................................
15

Debt Record .....................................................................................................................................................................................
19

Plan of Distribution ..........................................................................................................................................................................
19

Official Statements ..........................................................................................................................................................................
20

Validity of the Securities .................................................................................................................................................................
20

Authorized Representative ...............................................................................................................................................................
20

Where You Can Find More Information ..........................................................................................................................................
20

Colombia has only provided to you the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. Colombia has not authorized anyone to provide you with different information.
Colombia is not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume
that the information contained in this prospectus supplement or the accompanying prospectus is accurate as of any date other
than the date on the front of this prospectus supplement.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS--The 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 ("EEA"). 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 2002/92/EC (as amended or superseded, the "Insurance
Mediation 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 bonds or otherwise making them available to retail investors in the EEA has been
prepared and therefore offering or selling the bonds or otherwise making them available to any retail investor in the EEA may
be unlawful under the PRIIPs Regulation.

SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. It is
not complete and may not contain all of the information that you should consider before investing in the bonds. You should read this
entire prospectus supplement and the accompanying prospectus carefully.
The Issuer
Overview
Colombia is the fourth largest country in South America, with a territory of 441,020 square miles (1,141,748 square kilometers).
Located on the northwestern corner of the South American continent, Colombia borders Panama and the Caribbean Sea on the north,
Peru and Ecuador on the south, Venezuela and Brazil on the east and the Pacific Ocean on the west. According to the Departamento
Administrativo Nacional Estadístico (National Administrative Department of Statistics, or "DANE"), Colombia's population in 2017
was estimated to be approximately 49.3 million, compared with 48.7 million in 2016. Based on the latest available population
statistics for Colombian cities, in 2016, approximately 8.0 million people live in the metropolitan area of Bogotá, the capital of
Colombia. Furthermore, in 2017, Medellín and Cali, the second and third largest cities, had populations of approximately 2.5 million
and 2.4 million, respectively. The most important urban centers, with the exception of Barranquilla (the largest port city), are located
in the Cordillera valleys. Colombia has a population density of approximately 112 people per square mile (43 people per square
kilometer).
Government
Colombia is governed as a Presidential Republic. Colombia's territory is divided into 32 departments. Each department is
divided into municipalities.
The Republic of Colombia is one of the oldest democracies in the Americas. In 1991, a popularly elected Constitutional
Assembly approved a new Constitution, replacing the Constitution of 1886. The Constitution provides for three independent branches
of government: an executive branch headed by the President; a legislative branch consisting of the bicameral Congress, composed of
the Chamber of Representatives and the Senate; and a judicial branch consisting of the Corte Constitucional (Constitutional Court),
the Corte Suprema de Justicia (Supreme Court of Justice, or "Supreme Court"), the Consejo de Estado (Council of State), the Consejo
Superior de la Judicatura (Supreme Judicial Council), the Fiscalía General de la Nación (National Prosecutor General) and in such
lower courts as may be established by law.
In the presidential elections that took place in 2018, Iván Duque was elected as president of Colombia. The next presidential
election is scheduled for May 2022.
Judicial power is vested in the Constitutional Court, the Supreme Court, the Council of State, the Supreme Judicial Council, the
National Prosecutor General and in such lower courts as may be established by law. The function of the Constitutional Court, whose
nine members are elected by the Senate for an eight-year term, is to ensure that all laws are consistent with the Constitution and to
review all decisions regarding fundamental rights. The Supreme Court is the final appellate court for resolving civil, criminal and
labor proceedings. The Council of State adjudicates all matters relating to the exercise of public authority or actions taken by the
public sector, including the review of all administrative decisions or resolutions that are alleged to contradict the Constitution or the
law. The Council of State also acts as advisor to the Government on administrative matters. The Supreme Court and Council of State
justices are appointed for eight-year terms by their predecessors from a list of candidates provided by the Supreme Judicial Council.
The National Prosecutor General, who is appointed for a
S-1

four-year term by the Supreme Court from a list of three candidates submitted by the President, acts as the nation's prosecutor. The
judicial branch is independent from the executive branch with respect to judicial appointments as well as budgetary matters.
National legislative power is vested in the Congress, which consists of a 108-member Senate and a 172-member Chamber of
Representatives. Senators and Representatives are elected by direct popular vote for terms of four years. Senators are elected on a
nonterritorial basis, while Representatives are elected on the basis of proportional, territorial representation. In each department,
administrative power is vested in departmental assemblies whose members are elected by direct popular vote. At the municipal level,
administrative power is vested in municipal councils, which preside over budgetary and administrative matters.
The most recent Congressional elections occurred on March 11, 2018. The composition of the Congress for the period 2018-
2022 was modified to expand the number of seats in both of its chambers. As a result of the peace agreement signed with the Fuerzas
Armadas Revolucionarias Colombianas (Colombian Revolutionary Armed Forces, or "FARC"), and the political reform approved in
2015, a total of 12 congressional seats were added, increasing the total number of congressional seats from 268 to 280. In the Senate,
candidates from Partido Centro Democrático, Partido Cambio Radical, Partido Conservador Colombiano, Partido Liberal
Colombiano, Partido Social de Unidad Nacional (Partido de la U), Partido Alianza Verde, Partido Polo Democrático Alternativo
Partido FARC, Coalición Lista de la Decencia (ASI, UP), Partido Político Mira, Movimiento Alternativo Indigena y Social
(MAIS),and Gustavo Petro, won 19, 16, 14, 14, 14, 9, 5, 5, 3, 3, 2 and 1 seats, respectively, with 3 additional vacant seats. In the
Chamber of Representatives, Partido Liberal Colombiano, Partido Centro Democrático, Partido Cambio Raical, Partido Social de
Unidad Nacional (Partido de la U), Partido Conservador Colombiano, Partido Alianza Verde, Partido FARC, Partido Político Mira,
Polo Democrático Alternativo, Partido Opción Ciudadana, Coalición Lista de la Decencia (ASI, UP), G.S.C. Colombia Justa Libres,
Coalición Alternativa Santandereana, Movimiento Alternativo Indigena y Social (MAIS), C.C. Ancestral de comunidades negras
playa renaciente, Consejo Comunitario la Mumuncia and Angela María Robledo won 35, 32, 30, 25, 21, 9, 5, 2, 2, 2, 1, 1, 1, 1, 1,
and 1 seats, respectively. The next Congressional elections will be held in March 2022.
S-2

Selected Colombian Economic Indicators

2013
2014
2015
2016
2017

Domestic Economy

Real GDP Growth (percent)(1) ............................................................. 4.6%
4.7%
3.0%
2.0%
1.8%
Private Consumption Growth (percent)(1)............................................ 4.0

4.6

3.1

1.4

1.8

Public Consumption Growth (percent)(1) ............................................. 8.9

4.7

4.9

1.8

4.0

Consumer Price Index(2) ....................................................................... 1.9

3.7

6.8

5.8

4.1

Producer Price Index(2) ......................................................................... (0.1)
6.0

5.5

2.2

3.3

Interest Rate (percent)(3) ....................................................................... 4.2

4.1

4.6

6.8

6.0

Unemployment Rate (percent)(4) .......................................................... 8.4

8.7

8.6

8.7

8.6

Balance of Payments(5)
(millions of U.S. dollars)

Exports of Goods ................................................................................. 60,282

56,899

38,572

34,091

39,597

Imports of Goods ................................................................................. 57,103

61,539

52,051

43,239

44,247

Current Account Balance .................................................................... (12,500)
(19,762)
(18,564)
(12,024)
10,591

Net Direct Investment ......................................................................... (8,557)

(12,268)
(7,505)
(9,333)

(10,324)
Net International Reserves .................................................................. 43,633

47,323

46,731

46,675

47,629

Months of Coverage of Imports (Goods and Services) ......................
7.4

7.5

8.7

10.3

10.1
Public Finance(6)
(billions of pesos or percentage of GDP)

Non-financial Public Sector Revenue(7) ..............................................
Ps. 298,888

Ps. 334,406

Ps.333,804

Ps.351,084

Ps. 363,214
Non-financial Public Sector Expenditures(7) ....................................... 303,945

348,191

358,432

368,051

385,309

Non-financial Public Sector Primary Surplus/ (Deficit)(8) ..................
10,956

5,293

(4,514)

7,564

4,371
Percent of Nominal GDP ........................................................ 1.5%
0.7%
(0.6)%
0.9%
0.5%
Non-financial Public Sector Fiscal Surplus/ (Deficit) ........................ (6,847)
(13,264)
(27,147)
(20,693)
(24,582)
Percent of Nominal GDP ........................................................ (1.0)%
(1.7)%
(3.4)%
(2.4%)
(2.6)%
Central Government Fiscal Surplus/(Deficit) ..................................... (16,645)
(18,356)
(24,269)
(34,925)
(33.636)
Percent of Nominal GDP ........................................................ (2.3)%
(2.4)%
(3.0)%
(4.0)%
(3.6)%
Public Debt(9)
(billions of pesos or percentage of GDP)

Public Sector Internal Funded Debt(10) ................................................ Ps.227,201,693
Ps.249,044,604
Ps.266,189,948
Ps.296,168,890
Ps.323,956,113
Percent of Nominal GDP(1) ...................................................... 31.8%
32.6%
33.1%
34.3%
34.9%
Public Sector External Funded Debt(11) ............................................... $50,623

$57,835

$64,083

$69,463

$70,396

Percent of Nominal GDP(1) ...................................................... 13.7%
18.1%
25.1%
24.1%
22.6%

1:
Figures for 2016 and 2017 are preliminary. Preliminary figures are published in March in the year succeeding the reference period and become final two years
thereafter.
2:
Percentage change over the twelve months ended December 31 of each year.
3:
Average for each year of the short-term composite reference rate, as calculated by the Superintendencia Financiera (Financial Superintendency).
4:
Refers to the average national unemployment rates in December of each year.
5:
Calculations based on the sixth edition of the IMF's Balance of Payments Manual. For more information, see "Recent Developments--Foreign Trade and Balance
of Payments--Balance of Payments."
6:
All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds as part of public sector revenues and
nets transfers among the different levels of the non-financial public sector.
7:
The amounts of transfers among the different levels of the consolidated non-financial public sector are not eliminated in the calculation of consolidated non-
financial public sector revenue and consolidated non-financial public sector expenditures and, accordingly, the revenue and expenditure figures included above are
greater than those that would appear had such transfers been eliminated upon consolidation.
8:
Primary surplus/(deficit) equals total consolidated non-financial public sector surplus/(deficit) without taking into account interest payments or interest income.
9:
Exchange rates as of December 31 of each year.
10: Includes peso-denominated debt of the Government (excluding state-owned financial institutions) with an original maturity of more than one year and public
sector entities' guaranteed internal debt.
11: In millions of dollars. Includes external debt of the Government (including Banco de la República, public agencies and entities, departments and municipal
governments and state-owned financial institutions) with an original maturity of more than one year.
Sources: Banco de la República, Ministry of Finance and Public Credit ("Ministry of Finance"), DANE and CONFIS.
S-3

The Offering

Issuer ...................................................................... Republic of Colombia.

Aggregate Principal Amount ............................... U.S. $1,500,000,000

Issue Price .............................................................. 99.362% of the principal amount of the bonds, plus accrued interest, if any, from
October 12, 2018.

Issue Date ............................................................... October 12, 2018.

Maturity Date ........................................................ March 15, 2029.

Form of Securities ................................................. The bonds will be issued in the form of one or more registered global securities
without coupons. The bonds will not be issued in bearer form. The bonds will be
registered in the name of a nominee of The Depository Trust Company, known as
DTC, and recorded on, and transferred through the records maintained by DTC
and its participants, including the depositaries for Euroclear Bank SA/NV. as
operator of the Euroclear System plc, and Clearstream Banking, S.A..

Denominations ....................................................... The bonds will be issued in denominations of U.S. $200,000 and integral
multiples of U.S. $1,000 in excess thereof.

Interest ................................................................... The bonds will bear interest from October 12, 2018 at the rate of 4.500% per
year. Colombia will pay you interest semi-annually in arrears on March 15 and
September 15 of each year. The first interest payment will be made on March 15,
2019.

Redemption ............................................................ Colombia may, at its option, redeem the bonds, in whole or in part, before
maturity, on not less than 30 nor more than 60 days' notice on the terms
described under "Description of the Bonds--Optional Redemption" in this
prospectus supplement. The bonds will not be entitled to the benefit of any
sinking fund.

Risk Factors ........................................................... Risk factors relating to the bonds:
· The price at which the bonds will trade in the secondary market is uncertain.
· The bonds will contain provisions that permit Colombia to amend the payment
terms without the consent of all holders.

Risk factors relating to Colombia:
· Colombia is a foreign sovereign state and accordingly it may be difficult to
obtain or enforce judgments against it.
· Certain economic risks are inherent in any investment in an emerging market
country such as Colombia.
· Colombia's economy is vulnerable to external shocks, including those that
could be caused by continued or future significant economic difficulties of its
major regional trading partners or by more general "contagion" effects, all of
which could have a
S-4

material adverse effect on Colombia's economic growth and its ability to
service its public debt.

See "Risk Factors" below for a discussion of certain factors you should consider

before deciding to invest in the bonds.

Status ...................................................................... The bonds will be direct, general, unconditional, unsecured and unsubordinated
external indebtedness of Colombia and will be backed by the full faith and credit
of Colombia. The bonds will rank without any preference among themselves and
equally with all other unsecured and unsubordinated external indebtedness of
Colombia. It is understood that this provision shall not be construed so as to
require Colombia to make payments under the bonds ratably with payments
being made under any other external indebtedness.

Withholding Tax and Additional Amounts ........ Colombia will make all payments on the bonds without withholding or deducting
any taxes imposed by Colombia, subject to certain specified exceptions. For more
information, see "Description of the Securities--Debt Securities--Additional
Amounts" on page 4 of the accompanying prospectus.

Further Issues ........................................................ Colombia may from time to time, without the consent of the holders, increase the
size of the issue of the bonds, or issue additional debt securities having the same
terms and conditions as the bonds in all respects, except for the issue date, issue
price and first payment on those additional bonds or debt securities; provided,
however, that any additional debt securities subsequently issued shall be fungible
with the previously outstanding bonds for U.S. federal income tax purposes.
Additional debt securities issued in this manner will be consolidated with and
will form a single series with the previously outstanding bonds.

Listing .................................................................... Application has been made to list the bonds on the official list of the
Luxembourg Stock Exchange and to admit them to trade to trading on the Euro
MTF Market of the Luxembourg Stock Exchange.

Conflicts of Interest ............................................... As described in "Use of Proceeds," some of the net proceeds of this offering may
be used to fund Colombia's purchase of a portion of Colombia's 7.375% Global
Bonds due 2019 (the "2019 Global Bonds") pursuant to the offer to purchase,
dated October 3, 2018 (the "offer to purchase"). Citigroup Global Markets Inc.,
Credit Suisse Securities (USA) LLC or J.P. Morgan Securities LLC may be a
holder of the 2019 Global Bonds and may receive 5% or more of the proceeds
from this offering. As a result, this offering will be conducted in accordance with
Financial Industry Regulatory Authority ("FINRA") Rule 5121.

Governing Law ...................................................... State of New York; provided, that the laws of Colombia will govern all matters
relating to authorization and execution by Colombia.
S-5

Additional Provisions ............................................ The bonds will contain provisions regarding future modifications to their terms
that differ from those applicable to Colombia's outstanding public external
indebtedness issued prior to January 28, 2015. Those provisions are described in
the sections entitled "Description of the Securities--Meetings and Amendments"
and "--Certain Amendments Not Requiring Holder Consent" in the
accompanying prospectus.

Use of Proceeds ...................................................... The net proceeds of the sale of the bonds will be approximately
U.S. $1,486,434,000 after deduction of the underwriting discount and of certain
expenses payable by Colombia (which are estimated to be U.S. $246,000 ).
Colombia will use the net proceeds of the offering (i) in part, for liability
management transactions, which may include payment of the purchase price for a
portion of the 2019 Global Bonds that Colombia may purchase pursuant to its
offer to purchase for cash on the terms and subject to the conditions set forth in
the offer to purchase, and (ii) for general budgetary purposes. As of the date of
this prospectus supplement, there were U.S.$2,000,000,000 2019 Global Bonds.
The 2019 Global Bonds bear a fixed interest coupon of 7,375% and are due to
mature on March 18, 2019.

Underwriting ......................................................... Under the terms and subject to the conditions contained in an underwriting
agreement dated as of October 3, 2018, Citigroup Global Markets Inc., Credit
Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as underwriters,
are obligated to purchase all of the bonds if any are purchased.

S-6

RISK FACTORS
This section describes certain risks associated with investing in the bonds. You should consult your financial and legal advisors
about the risk of investing in the bonds. Colombia disclaims any responsibility for advising you on these matters.
Risk Factors Relating to the Bonds
The price at which the bonds will trade in the secondary market is uncertain.
Colombia has been advised by the underwriters that they intend to make a market in the bonds but are not obligated to do so and
may discontinue market making at any time without notice. Application has been made to list the bonds on the official list of the
Luxembourg Stock Exchange and to admit them to trading on the Euro MTF Market of the Luxembourg Stock Exchange. No
assurance can be given as to the liquidity of the trading market for the bonds. The price at which the bonds will trade in the secondary
market is uncertain.
The bonds will contain provisions that permit Colombia to amend the payment terms without the consent of all holders.
The bonds will contain provisions regarding acceleration and voting on amendments, modifications and waivers which are
commonly referred to as "collective action clauses." Under these provisions, certain key terms of the bonds may be amended,
including the maturity date, interest rate and other payment terms, without your consent. See "Meetings and Amendments--Collective
Action Clause" in the accompanying prospectus.
Risk Factors Relating to Colombia
Colombia is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
Colombia is a foreign state. As a result, it may not be possible for investors to effect service of process within their own
jurisdictions upon Colombia or to enforce against Colombia judgments obtained in their own jurisdictions. See "Description of the
Securities--Jurisdiction; Enforceability of Judgments" in the accompanying prospectus.
Certain economic risks are inherent in any investment in an emerging market country such as Colombia.
Investing in an emerging market country such as Colombia carries economic risks. These risks include economic instability that
may affect Colombia's economic results. Economic instability in Colombia and in other Latin American and emerging market
countries has been caused by many different factors, including the following:
·
high interest rates;
·
changes in currency values;
·
changes in commodity prices, such as the recent decline in oil prices;
·
increases in public sector debt;
·
high levels of inflation;
· exchange
controls;

·
wage and price controls;
·
changes in economic or tax policies;
S-7