Obligation Colombiana 3.875% ( US195325DL65 ) en USD

Colombiana

100 % ▲

Colombie

US195325DL65 ( en USD )

3.875% par an ( paiement semestriel )

24/04/2027

Prospectus brochure de l'obligation Colombia US195325DL65 en USD 3.875%, échéance 24/04/2027

200 000 USD

2 400 000 000 USD

195325DL6

BBB ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

25/10/2025 ( Dans 140 jours )

La Colombie est un pays d'Amérique du Sud caractérisé par une grande diversité géographique, une riche biodiversité, une histoire complexe et une culture vibrante influencée par des populations indigènes, espagnoles et africaines.

L'Obligation émise par Colombiana ( Colombie ) , en USD, avec le code ISIN US195325DL65, paye un coupon de 3.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 24/04/2027

L'Obligation émise par Colombiana ( Colombie ) , en USD, avec le code ISIN US195325DL65, a été notée Baa2 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par Colombiana ( Colombie ) , en USD, avec le code ISIN US195325DL65, a été notée BBB ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

Final Prospectus Supplement
424B5 1 d380390d424b5.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-202025

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED SEPTEMBER 21, 2015)

U.S. $1,400,000,000
Republic of Colombia
3.875% Global Bonds due 2027
The bonds will mature on April 25, 2027. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on the bonds each April 25 and
October 25, commencing on October 25, 2017. 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.
The bonds offered on the date of this prospectus supplement will be a further issuance of, and will form a single series with, the outstanding U.S.
$1,000,000,000 aggregate principal amount of Colombia's 3.875% Global Bonds due 2027 that were previously issued on January 25, 2017 and will be fully
fungible with the outstanding bonds. The total aggregate amount of the previously issued bonds and the bonds now being issued will be U.S. $2,400,000,000.
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 will be made to list the bonds on the official list of the Luxembourg Stock Exchange and admit them to trading on the Euro MTF Market of
the Luxembourg Stock Exchange. This prospectus supplement, dated August 2, 2017 together with the prospectus, dated September 21, 2015, constitute a
prospectus for purpose of Part IV of the Luxembourg law dated July 10, 2005 on Prospectus 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)

100.456%
U.S. $1,406,384,000
Underwriting discount

0.250%
U.S. $
3,500,000
Proceeds, before expenses, to Colombia

100.206%
U.S. $1,402,884,000

(1) Purchasers will also be required to pay accrued interest totaling U.S.$29,234,722.22 or U.S. $20.88 per U.S.$1,000 principal amount of the bonds, from
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Final Prospectus Supplement
January 25, 2017, to but not including August 9, 2017, the date Colombia expects to deliver the bonds offered by this prospectus supplement, and
additional interest to the date of delivery, if later.
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 the Euroclear System plc and Clearstream Banking, société anonyme, on or about August 9, 2017.
Joint Book-Running Managers

BofA Merrill Lynch

Deutsche Bank Securities
HSBC

The date of this prospectus supplement is August 2, 2017.
Table of Contents
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-34
General Terms of the Bonds
S-34
Optional Redemption
S-35
Payment of Principal and Interest
S-36
Paying Agents and Transfer Agents
S-37
Notices
S-37
Registration and Book-Entry System
S-37
Certificated Bonds
S-38
Jurisdiction; Enforceability of Judgments
S-38
Taxation
S-40
Underwriting
S-45
General Information
S-52
Prospectus

Page
About This Prospectus

2
Forward-Looking Statements

2
Use of Proceeds

2
Description of the Securities

3
Taxation

15
Debt Record

18
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
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Final Prospectus Supplement
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.
Table of Contents
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
2017, approximately 8.0 million people live in the metropolitan area of Bogotá, the capital of Colombia. Furthermore, in 2016, 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 2014, Juan Manuel Santos was reelected as president of Colombia. The next presidential
election is scheduled for May 2018.
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
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Final Prospectus Supplement
Table of Contents
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 102-member Senate and a 166-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 9,
2014. In the Senate, candidates from Partido Social de la Unidad Nacional, Centro Democrático Mano Firme Corazón Grande, Partido
Conservador Colombiano, Partido Liberal Colombiano, Partido Cambio Radical, Partido Alianza Verde, Polo Democrático Alternativo and
Partido Opción Ciudadana won 21, 19, 19, 17, 9, 5, 5 and 5 seats, respectively. In the Chamber of Representatives, Partido Social de la
Unidad Nacional, Partido Liberal Colombiano, Partido Conservador Colombiano, Partido Cambio Radical, Centro Democrático Mano
Firme Corazón Grande, Partido Alianza Verde, Partido Opción Ciudadana, Polo Democrático Alternativo and Partido Movimiento
Independiente de Renovación Absoluta won 39, 37, 27, 16, 12, 6, 6, 3 and 3 seats, respectively. The next Congressional elections will be held
in March 2018.

S-2
Table of Contents
Selected Colombian Economic Indicators

2012

2013

2014

2015

2016

Domestic Economy

Real GDP Growth (percent)(1)

4.0%

4.9%

4.4%

3.1%

2.0%
Gross Fixed Investment Growth (percent)(1)

4.7

6.8

9.8

2.8

(3.6)
Private Consumption Growth (percent)(1)

4.4

3.4

4.2

3.9

2.1
Public Consumption Growth (percent)(1)

6.3

9.2

4.7

2.8

1.8
Consumer Price Index(2)

2.4

1.9

3.7

6.8

5.8
Producer Price Index(2)

(4.9)

(0.1)

6.0

5.5

2.2
Interest Rate (percent)(3)

5.4

4.2

4.1

4.6

6.7
Unemployment Rate (percent)(4)

9.6

8.4

8.7

8.6

8.7
Balance of Payments(5)

(millions of U.S. dollars)

Exports of Goods

61,604

60,282

56,899

38,275

33,381
Imports of Goods

56,648

57,101

61,539

52,050

43,239
Current Account Balance

(11,365)

(12,501)

(19,611)

(18,642)

(12,236)
Net Direct Investment

(15,646)

(8,557)

(12,265)

(7,514)

(9,171)
Net International Reserves

37,467

43,633

47,323

46,731

46,675
Months of Coverage of Imports (Goods and Services)

6.5

7.5

7.6

8.8

10.4
Public Finance(6)

(billions of pesos or percentage of GDP)

Non-financial Public Sector Revenue(7)

Ps.274,561

Ps.298,888

Ps.334,406

Ps.333,804

Ps. 351,084
Non-financial Public Sector Expenditures(7)

274,286

303,945

348,191

358,432

368,051
Non-financial Public Sector Primary Surplus/ (Deficit)(8)

21,984

10,956

5,293

(4,514)

7,564
Percent of Nominal GDP

3.3%

1.6%

0.7%

(0.6)%

0.9%
Non-financial Public Sector Fiscal Surplus/(Deficit)

3,518

(6,847)

(13,264)

(27,147)

(20,693)
Percent of Nominal GDP

(0.5)%

(1.0)%

(1.8)%

(3.4)%

(2.4)%
Central Government Fiscal Surplus/ (Deficit)

(15,440)

(16,645)

(18,356)

(24,269)

(34,925)
Percent of Nominal GDP

(2.3)%

(2.4)%

(2.4)%

(3.0)%

(4.0)%
Public Debt(9)

(billions of pesos or percentage of GDP)

Public Sector Internal Funded Debt(10)

Ps.200,523

Ps.227,032

Ps.244,933

Ps.251,863

Ps.279,188,159
Percent of Nominal GDP(1)

30.1%

31.9%

32.3%

32.0%

34.6%
Public Sector External Funded Debt(11)

$39,652

$41,401

$43,298

$46,250

$49,972
Percent of Nominal GDP(1)

10.6%

11.2%

13.7%

18.2%

17.4

1:
Figures for 2015 and 2016 are preliminary. Preliminary figures are published in March in the year succeeding the reference period and become final two years
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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
Table of Contents
The Offering

Issuer
Republic of Colombia.

Aggregate Principal Amount
U.S. $1,400,000,000.

Issue Price
100.456% of the principal amount of the bonds, plus accrued interest totaling U.S.
$29,234,722.22 or U.S. $20.88 per U.S. $1,000 principal amount of the bonds, from
January 25, 2017, to but not including August 9, 2017, the date Colombia expects to
deliver the bonds offered by this prospectus supplement, and additional interest to the
date of delivery, if later.

Issue Date
August 9, 2017.

Maturity Date
April 25, 2027.

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 S.A./N.V. as operator of the Euroclear
System plc, and Clearstream Banking, société anonyme.

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 January 25, 2017 at the rate of 3.875% per year.
Colombia will pay you interest semi-annually in arrears on April 25 and October 25 of
each year. The first interest payment will be made on October 25, 2017.

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
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"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.

S-4
Table of Contents
· 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
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.

Single Series
The bonds offered on the date of this prospectus supplement will be a further issuance
of, and will form a single series with, the outstanding U.S. $1,000,000,000 aggregate
principal amount of Colombia's 3.875% Global Bonds due 2027 that were previously
issued on January 25, 2017 and will be fully fungible with the outstanding bonds. The
total aggregate amount of the previously issued bonds and the bonds now being issued
will be U.S. $2,400,000,000.

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
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Final Prospectus Supplement
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 will be made to list the bonds on the official list of the Luxembourg Stock
Exchange and admit them to trading on the Euro MTF Market of the Luxembourg Stock
Exchange.

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

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, excluding accrued interest, will be
approximately U.S. $1,402,571,000, after deduction of the underwriting discount and of
certain expenses payable by Colombia (which are estimated to be U.S. $313,000).
Colombia will use the net proceeds for general budgetary purposes.

Underwriting
Under the terms and subject to the conditions contained in an underwriting agreement
dated as of August 2, 2017, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.
and Merrill Lynch, Pierce, Fenner & Smith Incorporated as underwriters, are obligated
to purchase all of the bonds if any are purchased.

S-6
Table of Contents
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 will be made to list the bonds on the official list of the Luxembourg Stock
Exchange and 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.
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Final Prospectus Supplement
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;

· high levels of inflation;

· exchange controls;

· wage and price controls;

· changes in economic or tax policies;

· the imposition of trade barriers; and

· internal security issues.
Any of these factors, as well as volatility in the markets for securities similar to the bonds, may adversely affect the liquidity of, and trading
markets for, the bonds. See "Forward-Looking Statements" in the

S-7
Table of Contents
accompanying prospectus. For further information on internal security, see "Recent Developments--Republic of Colombia--Internal Security."
Colombia's economy remains vulnerable to external shocks, including those that could be caused by future significant economic difficulties
of its major regional trading partners or by more general "contagion" effects, which could have a material adverse effect on Colombia's
economic growth and its ability to service its public debt.
The mining sector (including oil) is a significant contributor to the Colombian economy and is a principal source of exports. On June 14,
2017, the Government published its medium-term fiscal framework, which reflects the Government's expectation that the fall in oil prices will
result in a shortfall in mining and energy industry revenues of approximately 0.2% of GDP. As a result, the fiscal rule advisory council (Comite
Consultivo de la Regla Fiscal) anticipates there will be an increase in the Central Government fiscal deficit to 3.6% of GDP for 2017. The Central
Government expects to meet the deficit level allowed under the Fiscal Rule for 2017 through a spending increase of 0.1% of GDP and increases in
non-oil revenues of 0.6% of GDP. In addition, China is Colombia's fifth most important trading partner in terms of exports. According to
preliminary figures, exports to China accounted for 3.6% of Colombia's total exports in 2016. A continuation of current low oil prices and/or the
economic slowdown in China could have an adverse effect on Colombia's economic growth and its ability to service its public debt. For more
information, see "Recent Developments--Monetary System--Interest rates and inflation" and "--Foreign exchange rates and international
reserves" in this prospectus supplement, and "Economy--Gross Domestic Product," "Monetary System--Foreign Exchange Rates and
International Reserves--Appreciation of the Peso and Measures Taken by the Government" and "--Interest rates and inflation" in Colombia's
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Final Prospectus Supplement
annual report on Form 18-K for the year ended December 31, 2015, filed with the SEC on August 30, 2016 ("2015 Annual Report").
Emerging-market investment generally poses a greater degree of risk than investment in more mature market economies because the
economies in the developing world are more susceptible to destabilization resulting from domestic and international developments.
A significant decline in the economic growth of any of Colombia's major trading partners, such as the United States or the European Union,
or a continued slowdown in China's economy could have a material adverse impact on Colombia's balance of trade and adversely affect
Colombia's economic growth. The United States and the European Union are Colombia's largest export markets. In 2016, the United States
accounted for 31.9% of Colombia's total exports and the European Union accounted for 16.4% of Colombia's total exports. A decline in United
States or European Union demand for imports could have a material adverse effect on Colombian exports and Colombia's economic growth. In
addition, because international investors' reactions to the events occurring in one emerging market country sometimes appear to demonstrate a
"contagion" effect, in which an entire region or class of investments is disfavored by international investors, Colombia could be adversely affected
by negative economic or financial developments in other emerging market countries. Colombia has been adversely affected by such contagion
effects on a number of occasions, including following the 1997 Asian financial crisis, the 1998 Russian financial crisis, the 1999 devaluation of the
Brazilian real, the 2001 Argentine financial crisis and the global economic crisis that began in 2008. Similar developments can be expected to
affect the Colombian economy in the future. In the past few years, our neighboring country, Venezuela, has suffered substantial political, social and
economic volatility. Continued volatility in Venezuela could cause some of its population to attempt to cross the Colombia border seeking refuge
and could affect Colombia's economy.
There can be no assurance that any crises such as those described above or similar events will not negatively affect investor confidence in
emerging markets or the economies of the principal countries in Latin America, including Colombia. In addition, there can be no assurance that
these events will not adversely affect Colombia's economy and its ability to raise capital in the external debt markets in the future. See "Forward-
Looking Statements" in the accompanying prospectus.

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CERTAIN DEFINED TERMS AND CONVENTIONS
Currency of Presentation
Unless otherwise stated, Colombia has translated historical amounts into U.S. dollars ("U.S. dollars," "dollars," "$" or "U.S. $") or pesos
("pesos," "Colombian pesos" or "Ps.") at historical average exchange rates for the period indicated. Translations of pesos to dollars have been
made for the convenience of the reader only and should not be construed as a representation that the amounts in question have been, could have
been or could be converted into dollars at any particular rate or at all.
ABOUT THIS PROSPECTUS SUPPLEMENT
You should read this prospectus supplement along with the accompanying prospectus attached hereto. Colombia is furnishing this prospectus
supplement and the accompanying prospectus solely for use by prospective investors in connection with their consideration of a purchase of the
bonds and for Luxembourg listing purposes.
Responsibility Statement
Colombia, having taken all reasonable care to ensure that such is the case, confirms that the information contained in this prospectus (which
includes this prospectus supplement together with the accompanying prospectus) is, to the best of Colombia's knowledge, in accordance with the
facts and contains no material omission likely to affect its import. Colombia accepts responsibility accordingly.
INCORPORATION BY REFERENCE
The SEC allows Colombia to incorporate by reference some information that Colombia files with the SEC. Colombia can disclose important
information to you by referring you to those documents. Any information referred to in this way is considered part of this prospectus supplement
from the date Colombia files that document. Except for the purposes of the Prospectus Directive, reports filed by Colombia with the SEC on or
after the date of this prospectus supplement and before the date that the offering of the bonds by means of this prospectus supplement is terminated
will automatically update and, where applicable, supersede any information contained in this prospectus supplement and the accompanying
prospectus or incorporated by reference in this prospectus supplement and the accompanying prospectus. Colombia's SEC filings are also available
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Final Prospectus Supplement
to the public from the SEC's website at http://www.sec.gov.
Exhibit D to Colombia's 2015 Annual Report is considered part of and incorporated by reference in this prospectus supplement and the
accompanying prospectus.
Any person receiving a copy of this prospectus supplement may obtain, without charge and upon request, a copy of the above document
(including only the exhibits that are specifically incorporated by reference in it). Requests for such document should be directed to:
Dirección General de Crédito Público y Tesoro Nacional
Ministerio de Hacienda y Crédito Público
Carrera 8, No. 6C-38, Piso 1
Bogotá D.C., Colombia
Telephone: 57-1-381-2802 /57-1-381-2156
Fax: 57-1-381-2801/57-1-381-2102

S-9
Table of Contents
You may also obtain copies of documents incorporated by reference, free of charge, at the office of the Luxembourg paying agent and
transfer agent specified on the inside back cover of this prospectus supplement or from the website of the Luxembourg Stock Exchange at
http://www.bourse.lu.
Table of References
For purposes of Commission Regulation (EC) No. 809/2004, any information not listed in the cross-reference table but included in the
documents incorporated by reference is given for information purposes only:

EC No. 809/2004 Item
2015 Annual Report
Annex XVI, 3.1: Issuer's position within the governmental framework
"Republic of Colombia--Government and Political Parties" on pages
D-6 to D-8 of Exhibit D
Annex XVI, 3.2: Geographic location and legal form of the issuer
"Republic of Colombia--Geography and Population" and "--
Government and Political Parties" on pages D-6 to D-8 of Exhibit D
Annex XVI, 3.3: Recent events relevant to the issuer's solvency
"Introduction" on pages D-4 to D-5 of Exhibit D, "Republic of
Colombia--Internal Security" on pages D-9 to D-14 of Exhibit D
and "Recent Developments" beginning on page S-13 of the
prospectus supplement
Annex XVI, 3.4(a): Structure of the issuer's economy
"Economy--Principal Sectors of the Economy," "--Infrastructure
Development," "--Role of the State in the Economy; Privatization,"
"--Environment," "--Employment and Labor" and "--Poverty" on
pages D-21 to D-49 of Exhibit D and "Monetary System" on pages
D-65 to D-74 of Exhibit D; and "Recent Developments--Economy"
beginning on page S-17 of the prospectus supplement
Annex XVI, 3.4(b): Gross domestic product
"Economy--Gross Domestic Product" on pages D-18 to D-20 of
Exhibit D; and "Recent Developments--Economy" beginning on
page S-17 of the prospectus supplement
Annex XVI, 3.5: Colombia's political system and government
"Republic of Colombia--Government and Political Parties" on pages
D-6 to D-8 of Exhibit D
Annex XVI, 4(a): Tax and budgetary systems of the issuer
"Public Sector Finance--General," "--Public Sector Accounts" and
"--2016 Budget" on pages D-75 to D-81 of Exhibit D; and "Recent
Developments--Public Sector Finance" beginning on page S-30 of
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