# EDGAR Filing Document

**Accession Number:** 0000917142
**File Stem:** 0001193125-25-209449
**Filing Date:** 2025-9
**Character Count:** 437792
**Document Hash:** 3b74c5decc3fbc1cce803da41320581e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-209449.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001193125-25-209449

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF COLOMBIA
- **CENTRAL INDEX KEY:** 0000917142
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-73840
- **FILM NUMBER:** 251328166

**BUSINESS ADDRESS:**
- **STREET 1:** 10 EAST 46TH ST
- **STREET 2:** C/O CONSUL REBUBLIC OF COLOMBIA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122252730

**MAIL ADDRESS:**
- **STREET 1:** CONSUL GENERAL OF THE REPUBLIC
- **STREET 2:** 10 E. 46TH ST.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**AMENDMENT NO. 1** 

**For Foreign Governments and Political Subdivisions Thereof** 

**ANNUAL REPORT** 

**of the** 

## REPUBLIC OF COLOMBIA
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Title of Issues** | **Amount as to**<br> **which registration**<br> **is effective** | **Names of**<br> **exchanges on**<br> **which registered** |
| N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Consul General of the Republic of Colombia in the City of New York** 

**Consulate of Colombia** 

**10 East 46th Street** 

**New York, New York 10017** 

***Copies to:***

**Gregory Harrington, Esq.** 

**Arnold & Porter Kaye Scholer LLP** 

**601 Massachusetts Avenue, Northwest** 

**Washington, D.C. 20001** 

\* The Registrant is filing this annual report on a voluntary basis.

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This amendment to the annual report of the Republic of Colombia on Form 18-K for the year ended December 31, 2024 comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pages numbered 1 to 4 consecutively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following exhibits:

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| | |
|:---|:---|
| Exhibit 1: | Conformed Copy of the Underwriting Agreement, dated September 10, 2025, among the Republic of Colombia, Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited. |
| Exhibit 2: | Conformed copy of the Calculation Agency Agreement, dated September 19, 2025, among the Republic of Colombia, The Bank of New York Mellon and The Bank of New York Mellon, London Branch. |
| Exhibit 3: | Form of €1,450,000,000 3.750% Global Bonds due 2028. |
| Exhibit 4: | Form of €1,450,000,000 5.000% Global Bonds due 2032. |
| Exhibit 5: | Form of €1,200,000,000 5.625% Global Bonds due 2036. |
| Exhibit 6: | Opinion of the Head of Legal Affairs Group of the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit with respect to the €1,450,000,000 3.750% Global Bonds due 2028, dated September 19, 2025, the €1,450,000,000 5.000% Global Bonds due 2032, dated September 19, 2025, and the €1,200,000,000 5.625% Global Bonds due 2036, dated September 19, 2025. |
| Exhibit 7: | Opinion of Arnold & Porter Kaye Scholer LLP with respect to the €1,450,000,000 3.750% Global Bonds due 2028, dated September 19, 2025, the €1,450,000,000 5.000% Global Bonds due 2032, dated September 19, 2025, and the €1,200,000,000 5.625% Global Bonds due 2036, dated September 19, 2025. |

---

This amendment to the annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.

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**SIGNATURE PAGE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant, the Republic of Colombia, has duly caused this annual report or amendment to annual report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bogota D.C., Colombia, on the 19<sup>th</sup> day of September, 2025.

---

| | |
|:---|:---|
| By: | /s/ Germán Ávila Plazas |
|  | Germán Ávila Plazas |
|  | Minister of Finance and Public Credit |

---

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| Exhibit 1: | Conformed Copy of the Underwriting Agreement, dated September 10, 2025, among the Republic of Colombia, Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited. |
| Exhibit 2: | Conformed copy of the Calculation Agency Agreement, dated September 19, 2025, among the Republic of Colombia, The Bank of New York Mellon and The Bank of New York Mellon, London Branch. |
| Exhibit 3: | Form of €1,450,000,000 3.750% Global Bonds due 2028. |
| Exhibit 4: | Form of €1,450,000,000 5.000% Global Bonds due 2032. |
| Exhibit 5: | Form of €1,200,000,000 5.625% Global Bonds due 2036. |
| Exhibit 6: | Opinion of the Head of Legal Affairs Group of the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit with respect to the €1,450,000,000 3.750% Global Bonds due 2028, dated September 19, 2025, the €1,450,000,000 5.000% Global Bonds due 2032, dated September 19, 2025, and the €1,200,000,000 5.625% Global Bonds due 2036, dated September 19, 2025. |
| Exhibit 7: | Opinion of Arnold & Porter Kaye Scholer LLP with respect to the €1,450,000,000 3.750% Global Bonds due 2028, dated September 19, 2025, the €1,450,000,000 5.000% Global Bonds due 2032, dated September 19, 2025, and the €1,200,000,000 5.625% Global Bonds due 2036, dated September 19, 2025. |

---

## Exhibit 99.1

**Exhibit 1** 

**Republic of Colombia** 

**<u>Underwriting Agreement</u>**

September 10, 2025

Banco Bilbao Vizcaya Argentaria, S.A.

One Canada Square, 44th Floor, Canary Wharf

London E14 5AA, United Kingdom

BNP PARIBAS

16, boulevard des Italiens

75009 Paris

France

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Ladies and Gentlemen:

The Republic of Colombia (the "<u>Republic</u>") proposes to issue and sell to the underwriters named in Schedule II hereto (the "<u>Underwriters</u>"), for whom you are acting as representatives (the "<u>Representatives</u>"), the principal amounts of its securities identified in Schedule I hereto, such amounts being subject to potential adjustment as provided in Schedule II hereto, consisting of (i) 3.750% Global Bonds due 2028 to be issued under an indenture, dated as of January 28, 2015, as amended and supplemented by the First Supplemental Indenture, dated as of September 8, 2015 (as amended and supplemented, the "<u>Indenture</u>"), between the Republic and the trustee named therein (the "<u>Trustee</u>"), in the respective forms filed as exhibits to the Registration Statement (as hereinafter defined) (the "<u>2028 Global Bonds</u>"), (ii) 5.000% Global Bonds due 2032 to be issued under the Indenture (the "<u>2032 Global Bonds</u>") and (iii) 5.625% Global Bonds due 2036 to be issued under the Indenture (the "<u>2036 Global Bonds</u>" and, together with the 2028 Global Bonds and the 2032 Global Bonds, the "<u>Securities</u>").

If the firm or firms listed in Schedule II hereto include only the firm or firms listed in Schedule I hereto, then the terms "Underwriters" and "Representatives" as used herein shall each be deemed to refer to such firm or firms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Representations and Warranties</u>. The Republic represents and warrants to, and agrees with, each Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic has filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement No. 333-284683, which registration statement has become effective for registration under the Securities Act of 1933, as amended (the "<u>Act</u>"), of the Securities and other securities. The Securities are registered under such registration statement. Such registration statement, as amended at the date of this Agreement, meets the requirements set forth in Commission Release No. 33-6424 (the "<u>Release</u>") and Schedule B under the Act. Such registration statement, as amended as of the time each part thereof became effective, including the exhibits thereto and any documents incorporated by reference therein and any prospectus supplement deemed to be a part thereof that has not been superseded or modified, is hereinafter called the "Registration Statement." "Registration Statement" without reference to a time means the Registration Statement as of the time of the first contract of sale for any Securities. The basic prospectus, dated March 13, 2025, filed as part of the Registration Statement, in the form in which it has been filed with the Commission prior to the date of this Agreement, is hereinafter called the "Basic Prospectus." Any preliminary prospectus (including any preliminary prospectus supplement) relating to the Securities which has heretofore been filed or which is hereafter filed with the Commission pursuant to Rule 424(b) under the Act is hereinafter called a "Preliminary Prospectus." The Republic has adequately disseminated the Basic Prospectus to the public a reasonable period before the offering of the Securities in accordance with the Release. The Basic Prospectus, as amended and supplemented immediately prior to the Applicable Time (as defined in Section 1(c) hereof), is hereinafter called the "Pricing Prospectus"; the forms of the final prospectuses relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 4(a) hereof is hereinafter called the "Prospectus"; any reference herein to the Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein, as of the date of such prospectus; any reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act and any annual reports on Form 18-K and any amendments to such Form 18-K on Form 18-K/A (including all exhibits thereto) (collectively, a "<u>Form 18-K</u>") filed after the date of the Prospectus or the Basic Prospectus, as the case may be, under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and incorporated therein, in each case after the date of the Basic Prospectus, such Preliminary Prospectus or the Prospectus, as the case may be; and any reference to any amendment to the Registration Statement shall be deemed to refer to and include any Form 18-K of the Republic filed under the Exchange Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registration Statement and each amendment thereto, as of the applicable effective date, conformed, and the Registration Statement as amended or supplemented as of the date hereof and the Closing Date (as defined below) does or will conform, in all material respects to the applicable requirements of the Act and the rules and regulations of the Commission thereunder and, as of the applicable effective date as to each part of the Registration Statement, did not, and as of the date hereof and the Closing Date does not or will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; *provided, however*, that the foregoing representations and warranties shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Republic by any Underwriter through the Representatives specifically for use in connection with the preparation of the Registration Statement. As of the date hereof and as of the Closing Date, the Prospectus and any amendment or supplement thereto conforms and will conform in all material respects to the applicable requirements of the Act and the rules and regulations of the Commission thereunder and does not and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, *however*, that the foregoing representations and warranties shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Republic by any Underwriter through the Representatives specifically for use in connection with the preparation of the Prospectus or any amendment or supplement thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Agreement, the "Applicable Time" is 2:15 p.m. (New York City time) on the date of this Agreement; the Pricing Prospectus together with any Issuer Free Writing Prospectus (as defined herein) listed on Schedule III(a) hereto (collectively, the "<u>Pricing Disclosure Package</u>"), as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus listed on Schedule III(a) or (c) hereto does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus and each Issuer Free Writing Prospectus listed on Schedule III(c) hereto, as supplemented by and taken together with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however*, that this representation and warranty shall not apply to statements or omissions made in an Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished in writing to the Republic by any Underwriter through the Representatives expressly for use therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The documents, if any, incorporated by reference in the Pricing Prospectus and the Prospectus, when they became effective or were filed with the Commission, as the case may be, complied in all material respects with the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and any further documents so filed and incorporated by reference in the Pricing Prospectus and the Prospectus or any further amendment or supplement thereto when such documents become effective or are filed with the Commission, as the case may be, will comply in all material respects with the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and no such documents were filed with the Commission since the Commission's close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as listed on Schedule III(b) hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No order preventing or suspending the use of any Preliminary Prospectus or any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Securities (an "<u>Issuer Free Writing Prospectus</u>") has been issued by the Commission, and each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Republic by any Underwriter through the Representatives expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) At the time of filing the Registration Statement, (ii) at the time of filing the most recent post-effective amendment thereto, if any, (iii) at the earliest time that the Republic or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) and (iv) as of the date hereof, the Republic was not and is not an "ineligible issuer" (as defined in Rule 405 under the Securities Act), without taking into account any determination by the Commission pursuant to Rule 405 that it is not necessary that the Republic be considered an "ineligible issuer."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Republic has full power and authority to execute and deliver this Agreement and the Indenture (this Agreement and the Indenture are referred to herein collectively as the "<u>Agreements</u>") and the Securities, to incur the obligations to be incurred by it as provided in the Agreements and the Securities, and to perform and observe the provisions of the Agreements and the Securities on its part to be performed or observed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement has been duly and validly authorized, executed and delivered by the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Indenture has been duly and validly authorized, executed and delivered by the Republic and constitutes a legal, valid and binding obligation of the Republic enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities have been duly and validly authorized by the Republic and, when duly and validly executed, authenticated, issued, paid for and delivered in accordance with the Indenture, will constitute legal, valid and binding obligations of the Republic enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The obligations of the Republic under the Securities will at all times on and following the Closing Date be supported by the full faith and credit of the Republic and will at all times on and following the Closing Date be general, direct, unconditional, unsecured and unsubordinated External Indebtedness (as defined in the Securities) of the Republic that will rank without any preference among themselves and equal in right of payment with all other present and future unsecured and unsubordinated External Indebtedness of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) There is no constitutional provision, nor any provision of any treaty, convention, statute, law, regulation, decree, court order or similar authority binding upon the Republic, nor any provision of any contract, agreement or instrument to which the Republic or any Governmental Agency (as defined below) is a party, which would be contravened or breached in any material respect, or under which a material default would arise or a moratorium in respect of any obligations of the Republic or any Governmental Agency be effected, as a result of the execution and delivery of either of the Agreements, the issue of the Securities as contemplated herein and in the Prospectus and the Indenture, or as a result of the performance or observance by the Republic of any of the terms of the Agreements or the Securities. For purposes of this Agreement, "Governmental Agency" means any ministry, administrative department, agency, instrumentality, corporation, decentralized entity (*entidad descentralizada*) or other governmental entity of, or owned or controlled by, the Republic on the National Level (*del orden nacional*), but excluding (i) corporations in which the Republic or any group of Governmental Agencies owns less than 50% of the voting shares or directly controls the selection of less than 50% of the board of directors or comparable management group, and (ii) banks or financial institutions in which the Republic or any Governmental Agency is directly or indirectly a shareholder and which primarily fund themselves in the ordinary course from non-governmental sources and provide financing substantially to the private sector, and any other bank or financial institution owned or controlled directly or indirectly by any such bank or financial institution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No consent, approval (including exchange control approval), authorization, order, registration or qualification of or with any court or Governmental Agency or other regulatory body in the Republic is required for (i) the due execution, delivery and performance by the Republic of any of the Agreements or the Securities, (ii) the validity or enforceability against the Republic of any of the Agreements or the Securities, or (iii) the issue, sale or delivery of the Securities, except for the approvals, authorizations and other documents referred to in Section 7 of this Agreement (each of which shall be obtained on or prior to the Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Republic is empowered to issue the Securities. Any failure of the Republic to make the necessary or appropriate provisions in the National Annual Budget for the full and timely payment of any and all amounts due from the Republic under the Agreements and the Securities will not constitute a defense to enforcement of the obligations of the Republic under the Agreements or the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) There is no pending or, to the knowledge of the Republic after reasonable inquiry, threatened legal action or proceeding affecting the Republic or any Governmental Agency which (i) might individually or in the aggregate have a material adverse effect on the economic, fiscal or financial condition of the Republic or (ii) purports to affect the legality, validity or enforceability of any of the Agreements or the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) No event has occurred (and is continuing) which, had the Securities already been issued, would (with the giving of notice and/or the passage of time) constitute an Event of Default under the Securities (as defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There is no income, stamp or other tax, levy, impost, deduction or other charge imposed or levied (whether by withholding or otherwise) by the Republic or any Governmental Agency or other Colombian governmental, revenue or taxing authority or agency on or by virtue of the execution or delivery by the Republic of any Agreement or the Securities, the enforcement hereof or thereof against the Republic, or any payment to be made by the Republic, pursuant hereto or thereto; *provided*, that the Securities are held by a non-resident and non-domiciliary of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Under the laws of the Republic, neither the Republic nor any of its property has any immunity from the jurisdiction of any court or from set-off or any legal process subject to the terms, conditions, limitations or exceptions under (i) Articles 192, 195, 298 and 299 of Law 1437 of 2011 (*Código de Procedimiento Administrativo y de lo Contencioso Administrativo*) as amended by Articles 80, 81 and 87 of Law 2080 of 2021; and (ii) Articles 593, 594 and 595 *et al* of Law 1564 of 2012 (*Código General del Proceso*); and Article 19 of Decree 111 of January 15, 1996, pursuant to which the revenues, assets and property of

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the Republic located in the Republic are not subject to execution, set-off or attachment. The waiver of immunity by the Republic contained in Section 16 hereof and in the Indenture and the Securities and the appointments of the Authorized Agent in Section 16 hereof and in the Indenture and the Securities, the consents by the Republic to the jurisdiction of the courts specified in Section 16 hereof and in the Indenture and the Securities, and the provisions that the law of the State of New York shall govern this Agreement, the Indenture and the Securities as provided in Section 15 hereof and in the Indenture and the Securities, are (or will be, when granted) irrevocably binding on the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Republic is a member of and eligible to use the general resources of, the International Monetary Fund and is a member of the International Bank for Reconstruction and Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Each of the Agreements is, or upon the due issue, execution and delivery thereof, will be, in proper legal form under the laws of the Republic for the enforcement thereof in the Republic against the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The statistical and market-related data included in the Prospectus are based on or derived from sources that the Republic believes to be accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purchase and Sale</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Republic agrees to issue and sell to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase from the Republic, at the purchase price and in the manner set forth in Schedule I hereto the principal amount of the Securities set forth opposite such Underwriter's name in Schedule II hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon authorization by the Representatives of the release of the Securities, the several Underwriters propose to offer the Securities for sale upon the terms and conditions set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Underwriter severally represents to and agrees with the Republic that it has not offered, sold or delivered and it will not offer, sell or deliver, directly or indirectly, any of the Securities or distribute or publish the Registration Statement, the Basic Prospectus or the Prospectus or any offering circular, form of application, advertisement or other document or information relating to the Securities, in any jurisdiction (including any Member State of the European Economic Area) except in accordance with foreign offering and sale requirements set forth in the Prospectus and otherwise under circumstances that will, to the best of its knowledge and belief, result in compliance with all applicable laws and regulations thereof (including any prospectus delivery requirements) and which will not impose any obligations on the Republic except as contained in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the provisions of Sections 1(b), 1(c), 1(d) and 1(m) above and except for registration under the Act and compliance with the rules and regulations thereunder and the qualification of the Securities for offer and sale under the laws of such jurisdictions as the Underwriters may request pursuant to Section 4(e), the Republic shall not have any responsibility for obtaining, and each Underwriter severally agrees with the Republic that each such Underwriter and its respective affiliates will obtain, any consent, approval or authorization required by them for the purchase, offer, sale or delivery by them of any of the Securities under the laws and regulations in force in any jurisdiction to which they are subject or in or from which they make such purchase, offer, sale or delivery of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Delivery and Payment</u>. Delivery of and payment for the Securities shall be made at the office, on the date and at the time specified in Schedule I hereto, which date and time may be postponed by agreement between the Representatives and the Republic or as provided in Section 10 hereof (such date and time of delivery and payment for the Securities being herein called the "<u>Closing Date</u>"). Delivery of the Securities shall be made to the Representatives for the respective accounts of the several Underwriters against payment by the several Underwriters through the Representatives of the purchase price thereof, in accordance with the written order of the Republic or its duly authorized representative, by wire transfer (or in such other manner as may be specified in Schedule I hereto) and payable in the funds and in the currency specified in Schedule I hereto.

Certificates for the Securities shall be in fully registered form and in the authorized denominations specified in Schedule I hereto. Certificates for the Securities shall be registered in such names and in such authorized denominations as the Representatives may request upon at least three full business days' prior notice to the Republic. The Republic agrees to have the Securities available for inspection by the Representatives at the New York offices of Arnold & Porter Kaye Scholer LLP, United States counsel to the Republic, not later than 1:00 p.m. on the business day prior to the Closing Date.

Citigroup Global Markets Limited, or such other Underwriter as the Underwriters may agree to settle the Securities (the "<u>Settlement Bank</u>"), acknowledges that the Securities represented by one or more global certificates will initially be credited to an account (the "<u>Commissionaire Account</u>") for the benefit of the Settlement Bank, the terms of which include a third-party beneficiary clause ('*stipulation pour autrui')* with the Republic as the third-party beneficiary and provide that such Securities are to be delivered to others only against payment of the net subscription monies for the Securities (i.e., less the commissions and expenses deducted from the subscription monies) into the Commissionaire Account on a delivery against payment basis.

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The Settlement Bank acknowledges that (i) the Securities represented by the global certificates shall be held to the order of the Republic as set out above and (ii) the net subscription monies for the Securities received in the Commissionaire Account (i.e., less the commissions and expenses deducted from the subscription monies) will be held on behalf of the Republic until such time as they are transferred to the Republic's order. The Settlement Bank undertakes that the net subscription monies for the Securities (i.e., less the commissions and expenses deducted from the subscription monies) will be transferred to the Republic's order promptly following receipt of such monies in the Commissionaire Account.

The Republic acknowledges and accepts the benefit of the third-party beneficiary clause ('*stipulation pour autrui'*) pursuant to the Belgian Civil Code in respect of the Commissionaire Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agreements</u>. The Republic agrees with the several Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic will prepare the Prospectus in the form approved by you and will file such Prospectus pursuant to the applicable provision of Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations of the Commission under the Act; and, prior to the completion of the offering of the Securities, the Republic will make no further amendment or any supplement to the Registration Statement, the Basic Prospectus or the Prospectus which shall be disapproved by you promptly after reasonable notice thereof. The Republic will promptly advise the Representatives after it receives notice thereof, of the time (i) when the Prospectus shall have been so filed or shall have been amended, or (ii) when any amendment to the Registration Statement shall have been filed or become effective, and will furnish you with copies of any such amendment or supplement. If requested by you prior to the Applicable Time, the Republic will prepare final term sheets, containing solely a description of the Securities, in the forms set forth in Schedule IV hereto, and will file such term sheets pursuant to Rule 433(d) under the Act within the time required by such Rule; and the Republic will file promptly all other material required to be filed by the Republic with the Commission pursuant to Rule 433(d) under the Act. For so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of the Securities, and during such same period the Republic will advise you, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Prospectus, or any amended Prospectus has been filed with the Commission, of any request by the Commission for any amendment to the Registration Statement or any amendment or any supplement to the Prospectus or for any additional information, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution or threatening of any proceeding for that purpose and of the receipt by the Republic of any notification with respect to the suspension of the qualification of the Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. In the event of the issuance of any such stop order or of any such order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Securities or suspending any such qualification, the Republic will use its best efforts to obtain the withdrawal of such order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of the Securities, the Republic will comply with all requirements imposed upon the Republic by the Act, as now and hereafter amended, and by the rules and regulations of the Commission thereunder, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof and by the Prospectus. If, at any time during such period, any event occurs as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or if it shall be necessary to amend or supplement the Prospectus to comply with the Act or rules thereunder, the Republic promptly will prepare and file with the Commission, in accordance with the first sentence of subsection (a) of this Section 4, an amendment or supplement (including, if appropriate, a Form 18-K or an amendment thereto) which will correct such statement or omission or an amendment which will effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic will make generally available to its security holders in the United States and to the Representatives, as soon as practicable, a statement in reasonable detail in the English language of the revenues and expenditures of the Republic covering the first full fiscal year of the Republic commencing after the date hereof, which will satisfy the provisions of Section 11(a) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Republic will furnish to counsel for the Underwriters, on behalf of the Representatives, without charge, copies of the Registration Statement (including one signed copy with all exhibits thereto) and each amendment thereto which shall become effective on or prior to the Closing Date; and, prior to 5:00 p.m., New York City time, on the New York Business Day next succeeding the date of this Agreement, furnish the Representatives with copies of the Prospectus in New York City in such quantities as the Representatives may reasonably request; and, so long as delivery of a prospectus (or, in lieu thereof, the notice referred to in Rule 173(a) under the Act) by an Underwriter or dealer may be required by the Act, as many copies of any Preliminary Prospectus and the Prospectus and any amendments thereof and supplements thereto (including any Form 18-K and any amendment thereto), as the Representatives may reasonably request; *provided*, that, in case any Underwriter or dealer is required to deliver a prospectus in connection with sales of any of the Securities at any time nine months or more after the date hereof, the Republic will prepare and deliver such copies to such Underwriter or dealer, but at such Underwriter's or dealer's expense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic will furnish such information, execute such instruments and take such actions as may be required to qualify the Securities for offering and sale under the applicable securities or Blue Sky laws of such jurisdictions of the United States as the Representatives may designate and will maintain such qualifications in effect so long as required for the distribution of the Securities; *provided, however*, that the Republic shall not be required to file a consent to service of process in any such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) So long as any of the Securities are outstanding, the Republic will furnish to the Representatives, upon request, copies of all reports and financial statements filed with the Commission or any national securities exchange in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Until the Closing Date, the Republic will not, without the prior consent of the Representatives, offer, sell, contract to sell or otherwise dispose of any debt securities similar to the Securities issued or guaranteed by the Republic to be placed in the international or U.S. capital markets that are denominated in U.S. dollars or Euro and that mature more than one year after their respective dates of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The proceeds from the issue and sale of the Securities will be duly applied as set forth in the Prospectus and in a manner consistent with the relevant authorizations of the *Comisión Interparlamentaria de Crédito Público* and of the *Consejo Nacional de Política Económica y Social* (CONPES) and all applicable laws and regulations of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Republic will use its best efforts to cause the Securities to be admitted and traded on the Luxembourg Stock Exchange and the London Stock Exchange's plc's International Securities Market (the "ISM") as promptly as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Free Writing Prospectuses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Republic and each Underwriter agree that the Underwriters may prepare and use one or more preliminary or final term sheets relating to the Securities containing customary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Republic represents and agrees that it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus without the prior consent of the Representatives and that Schedules III(a) and III(c) hereto, taken together, contain a complete list of any Issuer Free Writing Prospectuses for which the Republic has received such consent; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Underwriter represents and agrees that except for (A) any "free writing prospectus" (as defined by Rule 405 under the Act) containing customary information and prepared by the Underwriters for use by the Underwriters on Bloomberg screens or similar communications or (B) any "free writing prospectus" (as defined by Rule 405 under the Act) which is not (x) an Issuer Free Writing Prospectus or (y) a free writing prospectus containing "Issuer information" (as defined by Rule 433(h)(2) under the Act), it has not made and will not make any offer relating to the Securities that would constitute a free writing prospectus without the prior consent of the Republic, which consent shall not be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Republic will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; *provided, however*, that this representation and warranty shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Republic by any Underwriter through the Representatives expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. Whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated and except as otherwise agreed to in writing, the Republic will pay all costs and expenses incident to the performance of the obligations of the Republic hereunder, including, without limiting the generality of the foregoing, (i) all costs and expenses of preparing, printing, filing and distributing the Registration Statement (including all exhibits thereto), the Basic Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus, and (except as otherwise provided in Section 4(d) hereof) any amendments or supplements thereto, (ii) all costs and expenses of printing and distributing the Indenture, and the fees and expenses of the Trustee and any paying agents under the Indenture, (iii) all costs and expenses in connection with the engraving, printing, issuance and delivery to the Underwriters of the Securities, (iv) up to an agreed amount in respect of the determination of the eligibility of the Securities for investment and the qualification of the Securities in accordance with the provisions of Section 4(e) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation and printing of any Blue Sky Memorandum and Legal Investment Survey in respect of the Securities, (v) except as otherwise provided in Section 4(d) hereof, the costs of printing and delivery (including

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costs of mailing and shipping) to the Underwriters, in quantities as herein above stated, copies of the documents referred to in Section 4(d) hereof, (vi) any fees and expenses in connection with the listing of the Securities on such exchange, if any, as shall be specified in Schedule I hereto, (vii) the fees and disbursements of counsel for the Republic (for the avoidance of doubt, including local counsel) and (viii) any fees charged by securities rating services for rating the Securities, if and to the extent such ratings are requested by the Republic. Except as provided in Section 8 hereof, the Underwriters will pay all of their own costs and expenses, including the fees and disbursements of their United States counsel and Colombian counsel and their out-of-pocket expenses in connection with negotiations with the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Conditions to the Obligations of the Underwriters</u>. The obligations of the Underwriters to purchase the Securities shall be subject to the accuracy of the representations and warranties on the part of the Republic contained herein, both (i) on, and as though made on, the date hereof and (ii) on, and as though made on, the Closing Date, to the accuracy of the statements of the Republic made in any certificates pursuant to the provisions hereof, to the performance by the Republic of its obligations hereunder performable prior to the Closing Date and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Closing Date, no stop order suspending the effectiveness of the Registration Statement, as amended from time to time, or any part thereof or the use of the Prospectus or any Issuer Free Writing Prospectus shall have been issued and no proceedings for that purpose shall have been instituted or threatened; any request of the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives; the Prospectus shall have been filed pursuant to the applicable provision of Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 4(a) of this Agreement; and any final term sheet contemplated by Section 4(a) hereof, and any other material required to be filed by the Republic pursuant to Rule 433(d) under the Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Head or Acting Head of the Legal Affairs Group of the *Dirección General de Crédito Público y Tesoro Nacional* of the *Ministerio de Hacienda y Crédito Público* of the Republic shall have furnished to the Representatives such counsel's written opinion, dated the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Republic has full power and authority to execute and deliver the Agreements and the Securities, to incur the obligations to be incurred by it as provided herein and therein, and to perform and observe the provisions hereof and thereof on its part to be performed or observed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution, delivery and performance by the Republic of the Agreements and the Securities have been duly authorized by all necessary action on its part and by all necessary constitutional, legislative, executive, administrative and other governmental action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Agreements have been duly authorized, executed and delivered by the Republic and the Agreements constitute legal, valid and binding obligations of the Republic enforceable in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Securities have been duly authorized, executed, issued and delivered by the Republic in accordance with the Indenture, and, assuming due authentication and delivery by the Trustee, the Securities constitute legal, valid and binding obligations of the Republic enforceable in accordance with their terms entitled to the benefits provided by the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The obligations of the Republic under the Securities are or will at all times on and following the Closing Date be supported by the full faith and credit of the Republic and are or will at all times on and following the Closing Date be general, direct, unconditional, unsecured and unsubordinated External Indebtedness (as defined in the Securities) of the Republic that will rank without any preference among themselves and equal in right of payment with all other present and future unsecured and unsubordinated External Indebtedness of the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There is no constitutional provision, nor any provision of any treaty, convention, statute, law, regulation, decree, court order or similar authority binding upon the Republic, nor (to the best of such counsel's knowledge) any provision of any contract, agreement or instrument to which the Republic or any Governmental Agency is a party, which would be contravened or breached in any material respect, or under which a material default would arise or a moratorium in respect of any obligations of the Republic or any Governmental Agency would be effected, as a result of the execution and delivery of any of the Agreements, the issue of the Securities as contemplated herein and in the Prospectus, or the performance or observance by the Republic of any of the terms of the Agreements or the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No consent, approval (including exchange control approval), authorization, order, registration or qualification of or with any court or governmental agency or other regulatory body in the Republic is required for (A) the due execution, delivery and performance by the Republic of any of the Agreements or the Securities, (B) the validity or enforceability against the Republic of any of the Agreements or the Securities, or (C) the issue, sale or delivery of the Securities, except for, (I) the relevant portions of Law 80 of October 28, 1993, (II) the surviving portions of Law 185 of January 27, 1995 which were not repealed or amended by Law 533 of November 11, 1999 (III) Law 533 of November 11, 1999, (IV) Law 781 of December 20, 2002, (V) Law

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1366 of December 21, 2009, (VI) Law 1624 of April 29, 2013, (VII) Law 1771 of December 30, 2015, (VIII) Law 2073 of December 31, 2020, (IX) Law 2382 of July 16, 2024, (X) Decree No. 1068 of May 26, 2015, (XI) CONPES Document No. 4154 *Departamento Nacional de Planeación, Ministerio de Hacienda y Crédito Público*, dated July 23, 2025; (XII) evidence of publication of this Agreement in the *Sistema Electrónico de Contratación Pública SECOP* of the Republic, (XIII) Authorization by Act of the *Comisión Interparlamentaria de Crédito Público* adopted in its meetings held on August 25, 2025 and September 1, 2025 and (XIV) Resolution No. 2213 dated September 8, 2025 of the *Ministerio de Hacienda y Crédito Público* (each of which shall be listed in such counsel's legal opinion and copies of which shall be furnished to counsel to the Underwriters on the Closing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To ensure the legality, validity, enforceability, priority or admissibility in evidence of each of the Agreements and the Securities in the Republic, it is not necessary that any Agreement or the Securities be registered, recorded, published or filed with any court or other authority in the Republic or be notarized or that any documentary, stamp or similar tax be paid on or in respect of any such Agreements or the Securities, except for (A) the issuance by the Director General or Acting Director General of Public Credit and National Treasury of the *Ministerio de Hacienda y Crédito Público* of a request for publication of Resolution No. 2213 dated September 8, 2025 issued by *Ministerio de Hacienda y Crédito Público* in the Diario Oficial of the Republic, (B) filing of information before the Colombian Central Bank (*Banco de la República*) of public external indebtedness report on the relevant "International Indebtedness Granted to Residents Form" (*Informe de Crédito Externo Otorgado a Residentes – Extracto de Credito Externo*), resulting from the issuance of the Securities under the Indenture and (C) the publication of this Agreement in the *Sistema Electrónico de Contratación Pública*-SECOP of the Republic, to satisfy the requirement for such publications, each of which shall be effected on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Republic is empowered to issue the Securities. Any failure of the Republic to make the necessary or appropriate provisions in the National Annual Budget for the full and timely payment of any and all amounts due from the Republic under the Agreements and the Securities will not constitute a defense to enforcement of the obligations of the Republic under the Agreements or the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) There is no pending or, to such counsel's knowledge after reasonable inquiry, threatened legal action or proceeding affecting the Republic or any Governmental Agency which (A) might individually or in the aggregate have a material adverse effect on the economic, fiscal or financial condition of the Republic or (B) purports to affect the legality, validity or enforceability of any of the Agreements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To such counsel's knowledge after reasonable inquiry, no event has occurred (and is continuing) which, had the Securities already been issued, would (with the giving of notice and/or the passage of time) constitute an Event of Default under the Securities (as defined therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) There is no income, stamp or other tax, levy, impost, deduction or other charge imposed or levied (whether by withholding or otherwise) by the Republic or any Governmental Agency or other Colombian governmental, revenue or taxing authority or agency on or by virtue of the execution or delivery by the Republic of any Agreement or the Securities, the enforcement hereof or thereof against the Republic, or any payment to be made by the Republic, pursuant hereto or thereto; *provided*, that the Securities are held by a non-resident and non-domiciliary of the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Under the laws of the Republic, neither the Republic nor any of its property has any immunity from jurisdiction of any court or from set-off or any legal process, subject to the terms, conditions, limitations or exceptions under (i) Articles 192, 195, 298 and 299 of Law 1437 of 2011 (*Código de Procedimiento Administrativo y de lo Contencioso Administrativo*) as amended by Articles 80, 81 and 87 of Law 2080 of 2021; and (ii) Articles 593, 594 and 595 *et al* of Law 1564 of 2012 (*Código General del Proceso*); and Article 19 of Decree 111 of January 15, 1996, pursuant to which the revenues, assets and property of the Republic located in the Republic are not subject to execution, set-off or attachment. The waiver of immunity by the Republic contained in Section 16 hereof and in the Indenture and the Securities and the appointment of the Authorized Agent in Section 16 hereof, Section 9.7(b) of the Indenture and Section 16(b) of the Securities, the consents by the Republic to the jurisdiction of the courts specified in Section 16 hereof, Section 9.7(b) of the Indenture and Section 16(b) of the Securities, and the provisions that the law of the State of New York shall govern this Agreement and the Indenture and the Securities as provided in Section 15 hereof, Section 9.7(a) of the Indenture and Section 16(a) of the Securities, are irrevocably binding on the Republic and service of process effected in the manner set forth in Section 16 hereof, Section 9.7(b) of the Indenture and Section 16(b) of the Securities will be effective, insofar as Colombian law is concerned, to confer valid personal jurisdiction over the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The courts of the Republic would give effect to and enforce a judgment obtained in a court outside of the Republic through a procedural system provided for under Colombian law known as "exequatur," subject to the provisions of (i) Article 605 (et al) of Law 1564 of 2012 (*Código General del Proceso*), which requires that there be reciprocity in the recognition of foreign judgments between the courts of the relevant jurisdiction and the courts of the Republic; and (ii) subject to compliance with the provisions of Articles 606 and 607 of Law 1564 of 2012 (*Código General del Proceso*). The pertinent provisions of such articles as they would affect a

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judgment obtained in a foreign court ordering payment of money by the Republic following a failure to pay amounts due and owing under the Agreements or the Securities are as follows: (A) the foreign judgment presented in the Republic for enforcement does not conflict with public order laws of the Republic other than those governing judicial procedures, (B) the foreign judgment, in accordance with the laws of the country in which it was obtained, is final and a duly legalized copy has been presented to the court in the Republic, (C) no proceedings are pending in the Republic with respect to the same cause of action, and no final judgment has been awarded in the Republic in any proceeding on the same subject matter and between the same parties and (D) in the proceedings commenced in the foreign court which issued the judgment, the defendant was served in accordance with the law of such jurisdiction and in a manner reasonably designed to give an opportunity to the defendant to defend the action. Proceedings for execution of a money judgment by attachment or execution against any assets or property located in the Republic would be within the exclusive jurisdiction of Colombian courts. A judgment obtained in a foreign court ordering payment of money by the Republic under the Agreements or the Securities would not conflict with public order laws of the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Each of the Agreements is in proper legal form under the laws of the Republic for the enforcement thereof in the Republic against the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The Registration Statement, as amended, and the Prospectus, as amended or supplemented, and their filing with the Commission have been duly authorized by and on behalf of the Republic, and the Registration Statement, as amended, has been duly executed by and on behalf of the Republic, and the information in the Registration Statement, as amended, and the Prospectus, as amended or supplemented, stated on the authority of public officials of the Republic has been stated in their official capacities thereunto duly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The statements in the Registration Statement, as amended, and the Prospectus, as amended or supplemented, relating to the Securities and the Indenture, insofar as matters of Colombian law are concerned, and all other statements in the Registration Statement and the Prospectus with respect to or involving Colombian law are correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) The *Refrendación* (Acknowledgment) of the Agreements and the Securities by the *Contralor General de la República*, pursuant to Law 42 of 1993, is not required under Colombian law for the due execution, delivery, performance, validity or enforceability of the Agreements or the Securities. The *Contralor General de la República* is required by law to acknowledge the Agreements and the Securities; provided, that, the Securities have been issued according to Colombian regulations and in compliance with

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all applicable requirements. The Securities have been so issued and the Agreements have been duly authorized and all necessary actions have been taken to comply with all applicable requirements. Pursuant to Colombian law and regulations, the failure by the *Contralor General de la República* to acknowledge the Agreements and the Securities will not affect the obligations of the Republic in respect of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) In addition, such counsel shall have furnished the Underwriters with a letter, dated the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No information has come to such counsel's attention that causes such counsel to believe that the Registration Statement, at the respective times each part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No information has come to such counsel's attention that causes such counsel to believe that the Prospectus, as of the date thereof or on the Closing Date, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) No information has come to such counsel's attention that causes such counsel to believe that the documents specified in a schedule to such counsel's letter, consisting of those included in the Pricing Disclosure Package, as of the Applicable Time, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Such counsel may state that he or she is not passing upon and does not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Prospectus (except to the extent expressly set forth in (xvii) above) and that such counsel makes no representation that such counsel has independently verified the accuracy, completeness and fairness of such statements (except as aforesaid), and that such counsel's opinions referred to in this subsection (b) are limited to matters of Colombian law and, insofar as the opinion required by this subsection (b) is affected by matters of United States or New York law, it may be given in reliance upon the opinion required by subsection (c) of this Section 7 and that, insofar as the foregoing opinions relate to the legality, validity, binding effect or enforceability of any agreement or obligation of the Republic, such counsel has assumed that each party to such agreement or obligation other than the Republic has satisfied those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Arnold & Porter Kaye Scholer LLP, United States counsel to the Republic, shall have furnished to the Representatives their written opinion, dated the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assuming that the Securities have been duly authorized, executed, authenticated, issued and delivered against payment therefor, the Securities constitute valid, binding and enforceable obligations of the Republic, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, to general principles of equity (whether enforcement is considered in a proceeding in equity or at law) and to possible judicial action giving effect to governmental actions or foreign laws affecting creditors' rights; and the Securities are entitled to the benefits of the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assuming that the Indenture has been duly authorized, executed and delivered by the parties thereto, the Indenture constitutes a valid, binding and enforceable agreement of the Republic, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, to general principles of equity (whether enforcement is considered in a proceeding in equity or at law) and to possible judicial action giving effect to governmental actions or foreign laws affecting creditors' rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The issuance and sale of the Securities by the Republic pursuant to this Agreement and the performance by the Republic of its obligations in this Agreement, the Indenture and the Securities do not require any consent, approval, authorization, registration or qualification of or with any United States federal or New York State governmental authority that in such counsel's experience is normally applicable with respect to such issuance, sale or performance, except such as have been obtained under the Act; *provided*, that, such counsel need express no opinion as to such consents, approvals, authorizations, registrations or qualifications that may be required under state securities or Blue Sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under the laws of the State of New York relating to personal jurisdiction, assuming the Republic has duly authorized, executed and delivered this Agreement, the Indenture, and the Securities and authenticated the Securities in accordance with the Indenture, (1) the Republic has (A) pursuant to Section 16 of this Agreement, Section 9.7(b) of the Indenture and Section 16(b) of the Securities, to the fullest extent permitted by law, validly and irrevocably submitted to the jurisdiction of any New York State or United States federal court located in the Borough of Manhattan, The City of New York, in any action, suit or proceeding brought by any Underwriter or any person who controls an Underwriter, or any other person arising out of or relating to this Agreement, the Indenture or the Securities, respectively, (B)

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pursuant to Section 16 of this Agreement, Section 9.7(b) of the Indenture and Section 16(b) of the Securities, to the fullest extent permitted by law, validly and irrevocably waived any objection to the laying of venue of any such action, suit or proceeding in any such court, (C) pursuant to Section 16 of this Agreement, validly and irrevocably waived and agreed not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum, (D) validly and irrevocably appointed the Consul General of the Republic in The City of New York as its authorized agent for the purpose described in Section 16 hereof, Section 9.7(b) of the Indenture and Section 16(b) of the Securities, and service of process effected on such agent in the manner set forth in Section 16 hereof, Section 9.7(b) of the Indenture and Section 16(b) of the Securities will be effective to confer valid personal jurisdiction over the Republic in any such action, and (2) the waiver by the Republic, pursuant to Section 16 hereof, Section 9.7(b) of the Indenture and Section 16(b) of the Securities, of any immunity to jurisdiction to which it may otherwise be entitled (including sovereign immunity and immunity from pre-judgment attachment and post-judgment attachment) in any such action in any such court is legal, valid and binding under New York State and United States federal law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The statements set forth in the Prospectus under the heading "Taxation — United States Federal Taxation," insofar as such statements purport to describe the principal United States federal income tax consequences of a purchase of the Securities, constitute fair summaries of such consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Registration Statement is effective under the Act and, to the best of such counsel's knowledge, no stop order with respect thereto has been issued, or proceeding for that purpose instituted or threatened by the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The statements in the Basic Prospectus under the heading "Description of the Securities," and the statements in the Prospectus under the heading "Description of the Bonds," insofar as such statements purport to summarize certain provisions of the Securities and the Indenture, provide a fair summary of such provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) In addition, such counsel shall have furnished the Underwriters with a letter, dated the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement (except for the financial and statistical data, including any mining or petroleum reserve or production data, included therein, as to which such counsel need express no view), at the respective times each part thereof became effective, and the Prospectus (except as aforesaid), as of the date thereof, appeared on their face to be appropriately responsive in all material respects to the requirements of the Act and the rules and regulations thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No information has come to such counsel's attention that causes such counsel to believe that the Registration Statement (except for the financial and statistical data, including any mining or petroleum reserve or production data, included therein, as to which such counsel need express no view), at the respective times each part thereof became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) No information has come to such counsel's attention that causes such counsel to believe that the Prospectus (except as aforesaid), as of the date thereof or on the Closing Date, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) No information has come to such counsel's attention that causes such counsel to believe that the documents specified in a schedule to such counsel's letter, consisting of those included in the Pricing Disclosure Package, as of the Applicable Time, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Such counsel may state that they are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or the Prospectus (except to the extent expressly set forth in (v) and (vi) above) and that such counsel makes no representation that such counsel has independently verified the accuracy, completeness and fairness of such statements (except as aforesaid), and that their opinions referred to in this subsection (c) are limited to the federal laws of the United States and the laws of the State of New York, and such counsel may, as to all matters governed by the laws of the Republic, assume the correctness of, and their opinion may be subject to the qualifications, assumptions and exceptions set forth in, the opinion of the Head or Acting Head of the Legal Affairs Group of the *Dirección General de Crédito Público y Tesoro Nacional* of the *Ministerio de Hacienda y Crédito Público* of the Republic referred to above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representatives shall have received the favorable opinion or opinions of Sullivan & Cromwell LLP, United States counsel for the Underwriters, with respect to the validity of the Securities, the Registration Statement, the Prospectus, this Agreement, the Indenture and other related matters as the Representatives may reasonably require. In rendering such opinion or opinions, such counsel may rely as to all matters of the laws of the Republic upon the opinion of Brigard & Urrutia Abogados S.A.S. referred to below and on the opinion of the Head or Acting Head of the Legal Affairs Group of the *Dirección General de Crédito Público y Tesoro Nacional* of the *Ministerio de Hacienda y Crédito Público* of the Republic referred to in paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Representatives shall have received the favorable opinion or opinions of Brigard & Urrutia Abogados S.A.S., special Colombian counsel to the Underwriters, with respect to the validity of the Securities, the Registration Statement, the Prospectus, this Agreement, the Indenture and other related matters as the Representatives may reasonably require. In rendering such opinion or opinions, such counsel may rely as to all matters of United States law upon the opinion of Sullivan & Cromwell LLP referred to above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On and after the Applicable Time and on or prior to the Closing Date, (i) there shall not have occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting the Republic which, in the judgment of the Representatives, materially impairs the investment quality of the Securities; (ii) no proceeding shall be pending or threatened to restrain or enjoin the issuance, sale or delivery of the Securities or in any manner to question the laws, proceedings, directives, resolutions, approvals, consents or orders under which the Securities are to be issued or to question the validity of the Securities, and none of said laws, proceedings, directives, resolutions, approvals, consents or orders shall have been repealed, revoked or rescinded in whole or in relevant part; (iii) the Securities will be rated at least the ratings indicated in Schedule I by the rating agencies, if any, listed in Schedule I and there shall not have been any public announcement by any "nationally recognized statistical rating organization" (as defined pursuant to Section 3(a)(62) of the Exchange Act) that any such organization has under surveillance or review its rating of any debt securities of the Republic (other than the announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating); (iv) there shall not have occurred any outbreak or escalation of major hostilities in which the United States or the Republic is involved, any declaration of war by the United States or the Republic or any other substantial national or international calamity or emergency if, in the judgment of the Representatives, the effect of any such outbreak, escalation, declaration, calamity or emergency makes it impractical or inadvisable to proceed with the completion of the sale of and payment for the Securities; and (v) the Republic shall not have ceased to be a member of the International Monetary Fund and of the International Bank for Reconstruction and Development.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Representatives shall have received a certificate from the Director General or the Acting Director General of the *Dirección General de Crédito Público y Tesoro Nacional* of the *Ministerio de Hacienda y Crédito Público* of the Republic, dated the Closing Date, in which such official shall state that, to the best of his knowledge after reasonable investigation, (i) the representations and warranties of the Republic contained in Section 1 hereof are true and correct on and as of the date of this Agreement and of such certificate; (ii) since the date as of which information is given in the Pricing Prospectus, there has been no material adverse change, nor any development involving a prospective material adverse change, in or affecting the condition, financial, economic, political or other, of the Republic, except as set forth or contemplated by the Pricing Prospectus; and (iii) none of the events described in Sections 7(a) and 7(f)(ii) and (v) hereof has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On or prior to the Closing Date, the Consul General of the Republic in The City of New York shall have accepted his appointment as authorized agent of the Republic upon which process may be served in any action by (i) the holder of any Security arising out of or based upon the Securities which may be instituted in any state or federal court in the Borough of Manhattan, The City of New York or (ii) any Underwriter or any person controlling any Underwriter, and arising out of or based upon this Agreement, the Securities and the Indenture which may be instituted in any state or federal court in the Borough of Manhattan, The City of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or prior to the Closing Date, counsel for the Underwriters shall have been furnished with such documents and information as they may reasonably require for the purpose of enabling them to pass upon the matters described in subsections (d) and (e) above, and the Representatives shall have received such documents, opinions and information as the Representatives may reasonably require in order to evidence the accuracy and completeness of any of the representations and warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Republic in connection with the issuance and sale of the Securities as herein contemplated shall be reasonably satisfactory in form and substance to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Republic shall have complied with the provisions of Section 4(d) hereof with respect to the furnishing of copies of the Prospectus on the New York Business Day next succeeding the date of this Agreement.

If any of the conditions specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions, certificates, documents and information mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory in form and substance to the Representatives and their counsel, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives by notice to the Republic in writing or by telephone, confirmed in writing, or by telex, facsimile, cable or telegraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reimbursement of Underwriters' Expenses</u>. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth in Section 7 hereof is not satisfied (other than clause (iv) of Section 7(f)) or because of any refusal, inability or failure on the part of the Republic to perform any agreement herein or comply with any provision hereof other than by reason of a default by either of the Underwriters, the Republic will reimburse the Underwriters severally upon demand for all out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been documented and reasonably incurred by them in making preparations for the purchase, sale and delivery of the Securities. If this Agreement is terminated by you on the grounds specified in Section 10 or 11 hereof, the Republic will not be obligated to reimburse the Underwriters for their out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic agrees to indemnify and hold harmless each Underwriter, and each person who controls any Underwriter within the meaning of the Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the laws of any jurisdiction, including but not limited to the Act, the Exchange Act or other federal or State statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment thereof or supplement thereto, any Issuer Free Writing Prospectus, or any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party for any legal or other expenses reasonably incurred by him or it in connection with investigating or defending any such loss, claim, damage, liability or action within a reasonable time after such expenses are incurred; *provided, however*, that the Republic will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Republic by or on behalf of any Underwriter through the Representatives specifically for use in connection with the preparation thereof. This indemnity agreement will be in addition to any liability which the Republic may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees severally and not jointly to indemnify and hold harmless the Republic and each of its officials, including its authorized representative in the United States, who signs the Registration Statement, against any and all losses, liabilities, claims, damages and expenses as incurred, but only with reference to written information relating to such Underwriter furnished to the Republic by or on behalf of such Underwriter through the Representatives specifically for use in the preparation of the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any Underwriter may otherwise have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party otherwise than under Section 9 (a) or (b), as the case may be. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel satisfactory to such indemnified party; *provided, however*, that if the defendants (including any impleaded parties) in any such action include both the indemnified party and the indemnifying party, and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 9 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel in each jurisdiction, approved by the Representatives in the case of subsection (a) of this Section 9, representing the indemnified parties under such subsection who are parties to such action), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party; and except that, if clause (i) or (iii) is applicable, such liability shall be only in respect of the counsel referred to in such clauses (i) and (iii). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent not unreasonably withheld.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in subsections (a) or (b) of this Section 9 is due in accordance with its terms but is for any reason held by a court to be unavailable, on grounds of policy or other similar grounds, the Republic and the Underwriters shall contribute to the aggregate losses, claims, damages and liabilities (including any legal or other expenses reasonably incurred in connection with investigating or defending same) to which the Republic and one or more of the Underwriters may be subject in such proportion so that the Underwriters are responsible for that portion represented by the percentage that the total of the underwriting discounts appearing on the front cover page of the Prospectus Supplement bears to the total public offering price of the Securities appearing thereon and the Republic is responsible for the balance. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required in Section 9(c), then each indemnifying party will contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Republic, on the one hand, and the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such loss, claims, damages or liabilities (or actions in respect thereof), as well as other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Republic or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, (y) in no case shall any Underwriter (except as may be provided in an agreement among Underwriters) be responsible for any amount in excess of the total of the underwriting discounts applicable to the Securities purchased by such Underwriters hereunder and (z) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9, each person who controls an Underwriter within the meaning of the Act shall have the same rights to contribution as such Underwriter, subject to clauses (y) and (z) of this subsection (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Default by an Underwriter</u>. If any one or more Underwriters shall fail to purchase and pay for any of the Securities agreed to be purchased by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Underwriters shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule II hereto bear to the aggregate principal amount of Securities set forth opposite the names of all the remaining Underwriters) the Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase; *provided, however*, that in the event that the aggregate principal amount of Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule II hereto, the remaining Underwriters shall have the right to

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purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such nondefaulting Underwriters do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Underwriter or the Republic; *provided further, however*, that if within 24 hours after such default by such Underwriter or Underwriters holding in excess of 10% of the aggregate principal amount of the Securities set forth in Schedule I the nondefaulting Underwriters shall not have agreed to purchase all of the Securities, then the Republic shall be entitled to a further period of 36 hours within which to procure another party or parties satisfactory to the Underwriters to purchase the Securities to be purchased by such defaulting Underwriter or Underwriters. In the event of a default by any Underwriter as set forth in this Section 10, the Closing Date shall be postponed for such period, not exceeding seven calendar days, as the Representatives or the Republic shall determine in order that any required changes in the Registration Statement and the Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to the Republic and any nondefaulting Underwriter for damages occasioned by its default hereunder. The term "Underwriter" as used herein includes any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination</u>. This Agreement shall be subject to termination in the absolute discretion of the Representatives (after consultation with the Republic), by notice given to the Republic prior to delivery of and payment for all the Securities, if after the execution and delivery of this Agreement and prior to such time (i) existing financial, political or economic conditions in the United States, Colombia, or elsewhere, or Colombian exchange rates or exchange controls shall have undergone any materially adverse change which, in the opinion of the Representatives, would materially adversely affect the market for the Securities, or (ii) trading in securities generally on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on such exchange, trading in any securities of the Republic on any exchange or in the over-the-counter market in the United States or in the Republic shall have been suspended or limited, or (iii) a major disruption of the settlement or clearance of debt securities in the United States shall occur and continue until at least the business day preceding the Closing Date, and such event shall make it impractical to proceed with the closing, or (iv) a banking moratorium shall have been declared either by U.S. federal or New York State or Colombian authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representations and Indemnities to Survive</u>. The respective agreements, representations, warranties, indemnities, rights of contribution and other statements of the Republic and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Republic or any of the controlling persons referred to in Section 9 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 8 and 9 hereof shall survive the termination or cancellation of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Except as otherwise expressly provided in this Agreement, all communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed, delivered or sent by facsimile, at the address specified in Schedule I hereto; or, if sent to the Republic, will be mailed, delivered or sent by facsimile to the Director General of Public Credit and National Treasury, Ministerio de Hacienda y Crédito Público, Dirección General de Crédito Público y Tesoro Nacional, Carrera 8, No. 6C-38, Piso 1, Bogotá D.C., Colombia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the controlling persons referred to in Section 9 hereof, and no other person will have any right or obligation hereunder. No purchaser of any Security from any Underwriter shall be deemed to be a successor or assign merely by reason of such purchase. This Agreement may not be assigned by any party hereto without the prior written consent of each of the other parties hereto. Any purported assignment of this Agreement in contravention of this Section 14 shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Applicable Law</u>. This Agreement will be governed by and construed in accordance with the laws of the State of New York without giving effect to its conflict of laws provisions other than Section 5-1401 of the New York General Obligations Law, except that all matters governing authorization and execution by the Republic shall be governed by the laws of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Jurisdiction of Courts of New York and the Republic</u>. The Republic hereby appoints the Consul General of the Republic in The City of New York, presently located at 10 East 46th Street, in New York, New York, as its authorized agent (the "<u>Authorized Agent</u>") upon which process may be served in any action by any Underwriter, or by any persons controlling such Underwriters, arising out of or based upon this Agreement, which may be instituted in any state or federal court in the Borough of Manhattan, The City of New York, New York, and, subject to the last sentence of this Section 16, the Republic expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable as long as any of the Securities remain outstanding unless and until the appointment of a successor Authorized Agent and such successor's acceptance of such appointment shall have occurred. The Republic will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service mailed or delivered to the Director General of Public Credit and National Treasury, *Ministerio de Hacienda y Crédito Público*, *Dirección General de Crédito Público y Tesoro Nacional*, Carrera 8, No. 6C-38, Piso 1, Bogotá D.C., the Republic, shall be deemed in every respect effective service of process upon the Republic. Notwithstanding the foregoing, any action by any Underwriter based upon this Agreement may be instituted by any Underwriter in any competent court in the Republic. The Republic hereby waives irrevocably, to the fullest extent permitted by law, any immunity from jurisdiction (except for immunity from execution on a judgment) to which it might otherwise be entitled in any action arising out of or based on this Agreement which may be instituted as provided in this Section 16 in any state or federal court in The City of New York, New York, or in any competent court in the Republic subject to the

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terms, conditions, limitations or exceptions under (i) Articles 192, 195, 298 and 299 of Law 1437 of 2011 (*Código de Procedimiento Administrativo y de lo Contencioso Administrativo*) as amended by Articles 80, 81 and 87 of Law 2080 of 2021; and (ii) Articles 593, 594 and 595 *et al* of Law 1564 of 2012 (*Código General del Proceso*) and Article 19 of Decree 111 of January 15, 1996, pursuant to which the revenues, assets and property of the Republic located in the Republic are not subject to execution, set-off or attachment. The Republic hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any aforesaid action arising out of or in connection with this Agreement brought in any such court and hereby further, to the fullest extent permitted by law, irrevocably waives and agrees not to plead or claim in any such court that any such action brought in any such court has been brought in an inconvenient forum. The Republic hereby reserves the right to plead sovereign immunity under the United States Foreign Sovereign Immunities Act of 1976 with respect to actions brought against it under United States securities laws or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Underwriters Not Fiduciaries.</u> The Republic acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to this Agreement is an arm's-length commercial transaction between the Republic, on the one hand, and the Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction, each Underwriter is acting solely as a principal and not the agent or fiduciary of the Republic, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Republic with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Republic on other matters) or any other obligation to the Republic except the obligations expressly set forth in this Agreement and (iv) the Republic has consulted its own legal and financial advisors to the extent it deemed appropriate. The Republic agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Republic, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Agreement Supersedes Prior Agreements.</u> This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Republic and the Underwriters, or any of them, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>WAIVER OF JURY TRIAL.</u> THE REPUBLIC AND EACH OF THE UNDERWRITERS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Representation of Underwriters</u>. The Representatives will act for the several Underwriters in connection with this offering of Securities, and any action under this Agreement taken by the Representatives jointly will be binding upon all the Underwriters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Currency</u>. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in U.S. dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so (and, subject to Title III, Chapter II, Section 1 of the Foreign Exchange Regulations of Colombia (External Resolution No. 1 of 2018 of the Board of Governors of the Central Bank of Colombia)), that the rate of exchange used shall be that at which in accordance with normal banking procedures the payee could purchase U.S. dollars with such other currency in The City of New York on the business day preceding the day on which final judgment is given. The obligation of either party in respect of a sum due from it to the other party hereunder shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than U.S. dollars, be discharged only to the extent that on the business day following receipt by such other party of any sum adjudged to be so due in the Judgment Currency such other party may in accordance with normal banking procedures purchase U.S. dollars with the Judgment Currency; if the amount of U.S. dollars so purchased is less than the sum originally due to such other party in U.S. dollars, such first party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such other party against such loss, and if the amount of U.S. dollars so purchased exceeds the sum originally due to such other party, such other party agrees to remit to such first party such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Recognition of the U.S. Special Resolution Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights (as defined below) could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

As used in this Section 22:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Contracts with the Republic</u>. In accordance with the legal requirements of the Republic relating to contracts with the Republic, the Underwriters shall be deemed to have waived any right to petition for diplomatic claims to be asserted by their governments against the Republic, except in the case of denial of justice, with respect to rights of the Underwriters hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be an original regardless of whether delivered in physical or electronic form; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile, by portable document format (PDF) or by electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, or other transmission method) transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of the original Agreement and signature pages for all purposes.

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If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Republic and the several Underwriters.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| REPUBLIC OF COLOMBIA | REPUBLIC OF COLOMBIA |
| By: | /s/ Germán Ávila Plazas |
| Name: | Germán Ávila Plazas |
| Title: | Minister of Finance and Public Credit of the Republic of Colombia |

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[*Signature Page to Underwriting Agreement*]

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|:---|:---|:---|
| The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. | The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. | The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. |
| Banco Bilbao Vizcaya Argentaria, S.A. | Banco Bilbao Vizcaya Argentaria, S.A. | Banco Bilbao Vizcaya Argentaria, S.A. |
| By: | /s/ Onur Uysal | /s/ Onur Uysal |
|  | Name: | Onur Uysal |
|  | Title: | Associate Lead |
| By: | /s/ Carlos A. Vasquez C. | /s/ Carlos A. Vasquez C. |
|  | Name: | Carlos A. Vasquez C. |
|  | Title: | Executive Director |
| BNP PARIBAS | BNP PARIBAS | BNP PARIBAS |
| By: | /s/ Roger Kim | /s/ Roger Kim |
|  | Name: | Roger Kim |
|  | Title: | Managing Director, Head of Syndicate Americas |
| By: | /s/ Julien Pecoud-Bouvet | /s/ Julien Pecoud-Bouvet |
|  | Name: | Julien Pecoud-Bouvet |
|  | Title: | Director |
| Citigroup Global Markets Limited | Citigroup Global Markets Limited | Citigroup Global Markets Limited |
| By: | /s/ Abraham Omotoso | /s/ Abraham Omotoso |
|  | Name: | Abraham Omotoso |
|  | Title: | Designated Signatory |

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[*Signature Page to Underwriting Agreement*]

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**SCHEDULE I** 

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| | |
|:---|:---|
| Underwriting Agreement dated: | September 10, 2025 |
| Indenture: | Indenture, dated as of January 28, 2015, as amended and supplemented by the First Supplemental Indenture, dated as of September 8, 2015, between the Republic of Colombia and The Bank of New York Mellon, as Trustee |
| Representatives and addresses: | Banco Bilbao Vizcaya Argentaria, S.A.<br> One Canada Square, 44th Floor,<br> Canary Wharf, London E14 5AA,<br> United Kingdom<br>BNP PARIBAS<br> 10 Harewood Avenue<br> London NW1 6AA, United Kingdom<br> E-mail: mary.chapman@bnpparibas.com; carly.palmer@uk.bnpparibas.com;<br> dl.dcm_latam@us.bnpparibas.com<br> Attention: Fixed Income Syndicate<br>Citigroup Global Markets Limited<br> Citigroup Centre<br> Canada Square<br> Canary Wharf<br> London E14 5LB<br> United Kingdom<br> Fax No.: +44 20 7986 1927<br> Attention: Syndicate Desk |
| Title: | For the 2028 Global Bonds:<br> 3.750% Global Bonds due 2028<br>For the 2032 Global Bonds:<br> 5.000% Global Bonds due 2032<br>For the 2036 Global Bonds:<br> 5.625% Global Bonds due 2036<br>(the "<u>Securities</u>") |

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| | |
|:---|:---|
| Aggregate principal amount: | For the 2028 Global Bonds:<br> €1,450,000,000<br>For the 2032 Global Bonds:<br> €1,450,000,000<br>For the 2036 Global Bonds:<br> €1,200,000,000 |
| Issue date: | September 19, 2025 |
| Maturity date: | For the 2028 Global Bonds:<br> September 19, 2028<br>For the 2032 Global Bonds:<br> September 19, 2032<br>For the 2036 Global Bonds:<br> February 19, 2036 |
| Interest rate: | For the 2028 Global Bonds:<br> 3.750% per annum<br>For the 2032 Global Bonds:<br> 5.000% per annum<br>For the 2036 Global Bonds:<br> 5.625% per annum |
| Interest payment dates: | For the 2028 Global Bonds:<br> Annually on September 19, commencing on<br> September 19, 2026<br>For the 2032 Global Bonds:<br> Annually on September 19, commencing on<br> September 19, 2026<br>For the 2036 Global Bonds:<br> Annually on February 19, commencing on<br> February 19, 2026 |
| Currency of denomination: | Euro |
| Currency of payment: | Euro |

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| | |
|:---|:---|
| Form(s) and denomination(s): | Denominations of €100,000 or integral multiples of €1,000 in excess thereof.<br>Each series of Global Bonds will be represented by a single global note, without interest coupons, in registered form, to be deposited on or about the issue date with a common depositary for Euroclear and Clearstream. |
| Sinking fund provisions: |  |
| Optional redemption provision: | Colombia may, at its option, redeem the 2028 Global Bonds, 2032 Global Bonds or the 2036 Global Bonds in whole or in part at any time before maturity, on not less than 10 nor more than 60 days' notice. |
|  | If Colombia redeems the 2028 Global Bonds more than one month prior to their scheduled maturity date (the "<u>2028 Global Bonds Par Call Date</u>"), 2032 Global Bonds more than two months prior to their scheduled maturity date (the "<u>2032 Global Bonds Par Call Date</u>"), or the 2036 Global Bonds more than three months prior to their scheduled maturity date (the "<u>2036 Global Bonds Par Call Date</u>", and, together with the 2028 Global Bonds Par Call Date and the 2032 Global Bonds Par Call Date, each a "Par Call Date"), the redemption price will be equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the applicable Global Bonds to be redeemed matured on the applicable Par Call Date) on an annual basis (Actual/Actual (ICMA)) at (i) the Benchmark Rate plus 30 basis points, in the case of the 2028 Global Bonds, (ii) the Benchmark Rate plus 45 basis points, in the case of the 2032 Global Bonds, and (iii) the Benchmark Rate plus 50 basis points, in the case of the 2036 |

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|:---|
| Global Bonds, less (b) interest accrued to but not including the date of redemption, and (2) 100% of the principal amount of the applicable Global Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to but not including the redemption date. |
| If Colombia redeems the 2028 Global Bonds, the 2032 Global Bonds or the 2036 Global Bonds on or after the applicable Par Call Date, the redemption price will be equal to 100% of the principal amount of the applicable Global Bonds to be redeemed, plus accrued and unpaid interest thereon to but not including the redemption date. |
| For this purpose, the following terms have the following meanings: |
| "Benchmark Rate" means, with respect to any redemption date, the rate per annum equal to the annual equivalent yield to maturity or interpolated maturity of the Comparable Benchmark Issue (as defined below), assuming a price for the Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the Comparable Benchmark Price for such redemption date. |
| "Comparable Benchmark Issue" means the Bundesanleihe security or securities (Bund) of the German Government selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the bonds to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of a comparable maturity to the remaining term of such bonds. |

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| |
|:---|
| "Comparable Benchmark Price" means, with respect to any redemption date, (i) the average of the Reference Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Dealer Quotation or (ii) if Colombia obtains fewer than four such Reference Dealer Quotations, the average of all such quotations. |
| "Independent Investment Banker" means one of the Reference Dealers (as defined below) appointed by Colombia. |
| "Reference Dealer" means any of Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by Colombia, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, Colombia will substitute therefor another dealer of Bund of the German Government. |
| "Reference Dealer Quotation" means, with respect to each Reference Dealer and any redemption date, the average, as determined by Colombia, of the bid and asked prices for the Comparable Benchmark Issue (expressed in each case as a percentage of its principal amount) quoted in writing to Colombia by such Reference Dealer at 3:30 p.m., Frankfurt, Germany time on the third business day preceding such redemption date. |
| The Republic's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. |

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| | |
|:---|:---|
|  | Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Global Bonds to be redeemed. A notice of redemption will specify the redemption date and may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and the Republic will not be obligated to redeem the Global Bonds. |
|  | In the case of a partial redemption, selection of the Global Bonds for redemption will be made pro rata, by lot or by such other method in accordance with the policies and procedures of the depositary. No Global Bonds of a principal amount of €100,000 or less will be redeemed in part. If any Global Bond is to be redeemed in part only, the notice of redemption that relates to the Global Bonds will state the portion of the principal amount of the Global Bonds to be redeemed. A new note in a principal amount equal to the unredeemed portion of the Global Bonds will be issued in the name of the holder of the note upon surrender for cancellation of the original note. For so long as the Global Bonds are held by Euroclear (or another depositary), the redemption of the Global Bonds shall be done in accordance with the policies and procedures of the depositary.<br>Unless the Republic defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Global Bonds or portions thereof called for redemption. |
| Warrant provisions: | None. |
| Other provisions: | None. |

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|:---|:---|
| Ratings: | [*Intentionally omitted*] |
| Price to public: | For the 2028 Global Bonds:<br> 100.000% of the principal amount of the 2028 Global Bonds, plus accrued interest, if any, from September 19, 2025.<br>For the 2032 Global Bonds:<br> 99.280% of the principal amount of the 2032 Global Bonds, plus accrued interest, if any, from September 19, 2025.<br>For the 2036 Global Bonds:<br> 99.078% of the principal amount of the 2036 Global Bonds, plus accrued interest, if any, from September 19, 2025. |
| Underwriters' commission in the form of a discount: | For the 2028 Global Bonds:<br> 0.15% of the principal amount of the 2028 Global Bonds.<br>For the 2032 Global Bonds:<br> 0.15% of the principal amount of the 2032 Global Bonds.<br>For the 2036 Global Bonds:<br> 0.15% of the principal amount of the 2036 Global Bonds. |
| Purchase price to Underwriters: | For the 2028 Global Bonds:<br> 99.850% of the principal amount of the 2028 Global Bonds, plus accrued interest, if any, from September 19, 2025.<br>For the 2032 Global Bonds:<br> 99.130% of the principal amount of the 2032 Global Bonds, plus accrued interest, if any, from September 19, 2025.<br>For the 2036 Global Bonds:<br> 98.928% of the principal amount of the 2036 Global Bonds, plus accrued interest, if any, from September 19, 2025. |

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|:---|:---|
| Manner of payment: | Wire transfer to an account designated by the Republic. The Underwriters shall, on behalf of the Republic, pay certain expenses in connection with the offering of the Securities. The Republic will reimburse the Underwriters for certain expenses pursuant to an expense side letter to be dated September 19, 2025. |
| Closing Date, time and location: | September 19, 2025 at the offices of Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004 |
| Securities exchange(s): | Application will be made to list the Securities on the official list of the Luxembourg Stock Exchange and to trade them on the Euro MTF Market of the Luxembourg Stock Exchange (the "<u>Euro MTF</u>"). Application will also be made to the London Stock Exchange plc for the Bonds to be admitted to trading on the London Stock Exchange plc's ISM. |
| Trustee: | The Bank of New York Mellon. |
| Additional Provisions: | Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understandings between an EU Underwriter (as defined below) and the Republic, each party hereto acknowledges and accepts that a BRRD Liability (as defined below) arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority (both as defined below) and acknowledges, accepts, and agrees to be bound by: (i) the effect of any exercise of Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule in relation to the relevant Bail-in Legislation (both as defined below) ("<u>Bail-in Powers</u>") by the resolution authority with the ability to exercise Bail-in Powers in relation |

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| |
|:---|
| to any EU Underwriter (the "<u>Relevant Resolution Authority</u>") in relation to any liability in respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised (a "<u>BRRD Liability</u>") of any EU Underwriter to the Republic under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof: (a) the reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon; (b) the conversion of all, or a portion, of such BRRD Liability into shares, other securities or other obligations of any EU Underwriter or another person (and the issue to or conferral on the Republic of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of this Agreement; (c) the cancellation of such BRRD Liability; or (d) the amendment or alteration of the amounts due in relation to the BRRD Liability of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and (ii) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority. |
| "<u>Bail-in Legislation</u>" means, in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. |
| "<u>BRRD</u>" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms. |

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|:---|
| "<u>EU Bail-in Legislation Schedule</u>" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/. |
| "<u>EU Underwriter</u>" means each Underwriter which qualifies as an institution or entity referred to in paragraphs (a), (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as implemented in the Bail-in Legislation. |
| Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between a UK Underwriter (as defined below) and the Republic, each party hereto acknowledges and accepts that a UK Bail-in Liability (as defined below) arising under this Agreement may be subject to the exercise of UK Bail-in Powers (as defined below) by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by: (i) the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any liability in respect of which the UK Bail-in Powers may be exercised (a "<u>UK Bail-in Liability</u>") of any UK Underwriter to the Republic under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof: (a) the reduction of all, or a portion, of such UK Bail-in Liability or outstanding amounts due thereon; (b) the conversion of all, or a portion, of such UK Bail-in Liability into shares, other securities or other obligations of any UK Underwriter or another person, and the issue |

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| |
|:---|
| to or conferral on the Republic of such shares, securities or obligations; (c) the cancellation of the UK Bail-in Liability; (d) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and (ii) the variation of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority. |
| "<u>UK Bail-in Legislation</u>" means, in relation to the United Kingdom, Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). "<u>UK Bail-in Powers</u>" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability. "<u>UK Underwriter</u>" means each Underwriter which qualifies as an institution or entity subject to UK Bail-in Powers. |

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|:---|
| Solely for the purposes of the requirements of Article 9(8) of the MiFID Product Governance Rules under EU Delegated Directive 2017/593 (the "<u>Product Governance Rules</u>") regarding the mutual responsibilities of manufacturers under the Product Governance Rules: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bilbao Vizcaya Argentaria, S.A., ("<u>EU Manufacturer</u>") acknowledges that it understands the responsibilities conferred upon it under the Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Global Bonds and the related information set out in the announcements in connection with the Global Bonds; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic and the Underwriters that are not EU Manufacturers note the application of the Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the Global Bonds by the EU Manufacturer and the related information set out in the announcements in connection with the Global Bonds. |
| Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "<u>UK MiFIR Product Governance Rules</u>") regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited (each a "<u>UK Manufacturer</u>" and together the "<u>UK Manufacturers</u>") acknowledges that it understands the |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; responsibilities conferred upon it under the UK MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Global Bonds and the related information set out in the announcements in connection with the Global Bonds; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic and the other Underwriters that are not UK Manufacturers note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the Global Bonds by the UK Manufacturers and the related information set out in the announcements in connection with the Global Bonds. |
| The execution of this Agreement on behalf of all parties hereto will constitute acceptance by each of the Underwriters of the ICMA Agreement Among Managers New York Version 1 ("<u>ICMA</u> 1"). The parties agree that Section 8 (Default by an Underwriter) of the Underwriting Terms replaces any provision on the matter in ICMA 1. |

---

------

**SCHEDULE II** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal Amount<br>of 2028 Global<br>Bonds<sup>(I)</sup> | Principal Amount<br>of 2028 Global<br>Bonds<sup>(I)</sup> | Principal Amount<br>of 2032 Global<br>Bonds<sup>(I)</sup> | Principal Amount<br>of 2032 Global<br>Bonds<sup>(I)</sup> | Principal Amount<br>of 2036 Global<br>Bonds<sup>(I)</sup> | Principal Amount<br>of 2036 Global<br>Bonds<sup>(I)</sup> |
|  Banco Bilbao Vizcaya Argentaria, S.A. | € | 483000000 | € | 483000000 | € | 400000000 |
|  BNP PARIBAS | € | 483000000 | € | 483000000 | € | 400000000 |
|  Citigroup Global Markets Limited | € | 484000000 | € | 484000000 | € | 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **€** | **1450000000** | **€** | **1450000000** | **€** | **1200000000** |

---

<sup>(I)</sup> The aggregate principal amount of Securities includes an amount intended to fund the purchase of outstanding Reinvestment Tenders and Simple Tenders (as such terms are defined in the Offer to Purchase, dated September 10, 2025 of the Republic) in the concurrent tender offer pursuant to the Offer to Purchase, based on final acceptances in the tender offer. 

The amount of Securities to be issued to fund the purchase of the Old Bonds (as such terms are defined in the Offer to Purchase, dated September 10, 2025, of the Republic) is subject to adjustment. The results of any such adjustment shall constitute the binding agreement of the parties hereto and shall be reflected in the Term Sheets to be filed with the Commission on September 10, 2025, in the forms set forth in Schedule IV hereto.

------

**SCHEDULE III** 

(a) the Issuer Free Writing Prospectuses included in the Pricing Disclosure Package:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary term sheet for the 2028 Global Bonds, as filed with the Commission on September 10, 2025,
substantially in the form set forth in Schedule IV hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Final term sheet for the 2028 Global Bonds, to be filed with the Commission on September 11, 2025, substantially
in the form set forth in Schedule IV hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Term sheet for the 2032 Global Bonds, as filed with the Commission on September 10, 2025, substantially in the
form set forth in Schedule IV hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Term sheet for the 2036 Global Bonds, as filed with the Commission on September 10, 2025, substantially in the
form set forth in Schedule IV hereto.

(b) Additional Documents incorporated by reference: None.

(c) Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package: Presentation by the Republic
of Colombia, dated as of September 8, 2025.

------

**SCHEDULE IV** 

Filed pursuant to Rule 433

Registration Statement No. 333-284683

Relating to Preliminary Prospectus Supplement dated September 8, 2025

**Republic of Colombia** 

Preliminary Term Sheet

€1,450,000,000 3.750% Global Bonds due 2028\*

---

| | |
|:---|:---|
| Issuer: | Republic of Colombia ("Republic") |
| Transaction: | 3.750% Global Bonds due 2028 (the "2028 Global Bonds") |
| Expected Issue Ratings\*\*: | [*Intentionally omitted*] |
| Format: | SEC-Registered |
| Principal Amount: | €1,450,000,000 |
| Pricing Date: | September 10, 2025 |
| Settlement Date: | Friday, September 19, 2025 (T+7) |
| Maturity Date: | September 19, 2028 |
| Interest Payment Dates: | September 19 of each year, commencing on September 19, 2026, to the holders of record on September 4 preceding each payment date |
| Benchmark Instrument: | 2.400% German Bund due October 19, 2028 |
| Benchmark Instrument Price and Yield: | Price: 101.118 and yield: 2.024% |
| Re-offer Spread over Benchmark: | 172.6 bps |
| Reference Mid Swap Rate: | 2.155% |
| Re-offer Spread over Mid-Swap: | 159.5 bps |
| Yield to Maturity: | 3.750% |
| Coupon: | 3.750% |
| Price to Public: | 100.000%, not including accrued interest |
| Gross Proceeds (before underwriting discount and expenses) to Issuer\*\*\*: | €1,450,000,000 |
| Day Count: | Actual/Actual (ICMA) |
| Denominations: | €100,000 and increments of €1,000 in excess thereof. |
| Optional Redemption: | Prior to August 19, 2028 (one month prior to the Maturity Date) (the "<u>Par Call Date</u>"), the Republic may redeem the 2028 Global Bonds at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: |

---

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2028 Global Bonds matured on the Par Call Date) on an annual basis (Actual/Actual (ICMA)) at the Benchmark Rate plus 30 basis points less (b) interest accrued to the date of redemption, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the 2028 Global Bonds to be redeemed,<br>plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.<br>On or after the Par Call Date, the Republic may redeem the 2028 Global Bonds, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2028 Global Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.<br>"Benchmark Rate means, with respect to any redemption date, the yield determined by the Republic as described under "Description of the Bonds—Optional Redemption" in the preliminary prospectus supplement. |
| Listing and Trading: | Application will be made to list the 2028 Global Bonds on the official list of the Luxembourg Stock Exchange and to trade on the Euro MTF. Application will also be made to the London Stock Exchange plc for the 2028 Global Bonds to be admitted to trading on the London Stock Exchange plc's ISM. |
| Joint Book-Running Managers: | Banco Bilbao Vizcaya Argentaria, S.A.<br> BNP PARIBAS<br> Citigroup Global Markets Limited |
| Preliminary Prospectus Supplement: | [https://www.sec.gov/Archives/edgar/data/917142/000119312525198181/d76143d424b3.htm](http://www.sec.gov/Archives/edgar/data/917142/000119312525198181/d76143d424b3.htm) |
| Clearing: | Euroclear Bank S.A./N.V. as operator of the Euroclear System plc, and Clearstream Banking, *société anonyme* |
| ISIN/Common Code: | XS3178859388 / 317885938 |

---

------

\* Note: The aggregate principal amount of 2028 Global Bonds includes an amount intended to fund the purchase of outstanding Reinvestment Tenders and Simple Tenders (as such terms are defined in the Offer to Purchase, dated September 10, 2025, of the Republic) in the concurrent tender offer pursuant to the Offer to Purchase, based on final acceptances in the tender offer. The Republic will announce the amount of Reinvestment Tenders and Simple Tenders that it is accepting on September 11, 2025, or as soon as possible thereafter. 

\*\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction, revision or withdrawal at any time.

\*\*\* Note: The gross proceeds amount may be adjusted in proportion to the adjustment, if any, to be made to the aggregate amount of 2028 Global Bonds. 

The information in the preliminary prospectus supplement and this term sheet is not complete and may be changed. The preliminary prospectus supplement and this term sheet are not offers to sell any securities and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banco Bilbao Vizcaya Argentaria, S.A. toll-free at +1 (800) 422-8692, BNP PARIBAS toll-free at +1 (800) 854-5674 or Citigroup Global Markets Limited toll-free at +1 (800) 831-9146.

**No EEA or UK PRIIPs KID –** No EEA or UK PRIIPs key information document (KID) has been prepared as the 2028 Global Bonds are not available to retail investors in the EEA or the UK. See "Prohibition of Sales to EEA Retail Investors" and "Prohibition of Sales to UK Retail Investors" in the preliminary prospectus supplement.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

------

Filed pursuant to Rule 433

Registration Statement No. 333-284683

Relating to Preliminary Prospectus Supplement dated September 8, 2025

**Republic of Colombia** 

Final Term Sheet

€1,450,000,000 3.750% Global Bonds due 2028

---

| | |
|:---|:---|
| Issuer: | Republic of Colombia ("Republic") |
| Transaction: | 3.750% Global Bonds due 2028 (the "2028 Global Bonds") |
| Expected Issue Ratings\*: | [*Intentionally omitted*] |
| Format: | SEC-Registered |
| Principal Amount: | €1,450,000,000 |
| Pricing Date: | September 10, 2025 |
| Settlement Date: | Friday, September 19, 2025 (T+7) |
| Maturity Date: | September 19, 2028 |
| Interest Payment Dates: | September 19 of each year, commencing on September 19, 2026, to the holders of record on September 4 preceding each payment date |
| Benchmark Instrument: | 2.400% German Bund due October 19, 2028 |
| Benchmark Instrument Price and Yield: | Price: 101.118 and yield: 2.024% |
| Re-offer Spread over Benchmark: | 172.6 bps |
| Reference Mid Swap Rate: | 2.155% |
| Re-offer Spread over Mid-Swap: | 159.5 bps |
| Yield to Maturity: | 3.750% |
| Coupon: | 3.750% |
| Price to Public: | 100.000%, not including accrued interest |
| Gross Proceeds (before underwriting discount and expenses) to Issuer: | €1,450,000,000 |
| Day Count: | Actual/Actual (ICMA) |
| Denominations: | €100,000 and increments of €1,000 in excess thereof |
| Optional Redemption: | Prior to August 19, 2028 (one month prior to the Maturity Date) (the "<u>Par Call Date</u>"), the Republic may redeem the 2028 Global Bonds at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: |

---

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2028 Global Bonds matured on the Par Call Date) on an annual basis (Actual/Actual (ICMA)) at the Benchmark Rate plus 30 basis points less (b) interest accrued to the date of redemption, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the 2028 Global Bonds to be redeemed,<br>plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.<br>On or after the Par Call Date, the Republic may redeem the 2028 Global Bonds, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2028 Global Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.<br>"Benchmark Rate means, with respect to any redemption date, the yield determined by the Republic as described under "Description of the Bonds—Optional Redemption" in the preliminary prospectus supplement. |
| Listing and Trading: | Application will be made to list the 2028 Global Bonds on the official list of the Luxembourg Stock Exchange and to trade on the Euro MTF. Application will also be made to the London Stock Exchange plc for the 2028 Global Bonds to be admitted to trading on the London Stock Exchange plc's ISM. |
| Joint Book-Running Managers: | Banco Bilbao Vizcaya Argentaria, S.A.<br> BNP PARIBAS<br> Citigroup Global Markets Limited |
| Preliminary Prospectus Supplement: | [https://www.sec.gov/Archives/edgar/data/917142/000119312525198181/d76143d424b3.htm](http://www.sec.gov/Archives/edgar/data/917142/000119312525198181/d76143d424b3.htm) |
| Clearing: | Euroclear Bank S.A./N.V. as operator of the Euroclear System plc, and Clearstream Banking, *société anonyme* |
| ISIN/Common Code: | XS3178859388 / 317885938 |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction, revision or withdrawal at any time.

------

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banco Bilbao Vizcaya Argentaria, S.A. toll-free at +1 (800) 422-8692, BNP PARIBAS toll-free at +1 (800) 854-5674 or Citigroup Global Markets Limited toll-free at +1 (800) 831-9146.

**No EEA or UK PRIIPs KID –** No EEA or UK PRIIPs key information document (KID) has been prepared as the 2028 Global Bonds are not available to retail investors in the EEA or the UK. See "Prohibition of Sales to EEA Retail Investors" and "Prohibition of Sales to UK Retail Investors" in the preliminary prospectus supplement.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

------

Filed pursuant to Rule 433

Registration Statement No. 333-284683

Relating to Preliminary Prospectus Supplement dated September 8, 2025

**Republic of Colombia** 

Term Sheet

€1,450,000,000 5.000% Global Bonds due 2032

---

| | |
|:---|:---|
| Issuer: | Republic of Colombia ("Republic") |
| Transaction: | 5.000% Global Bonds due 2032 (the "2032 Global Bonds") |
| Expected Issue Ratings\*: | [*Intentionally omitted*] |
| Format: | SEC-Registered |
| Principal Amount: | €1,450,000,000 |
| Pricing Date: | September 10, 2025 |
| Settlement Date: | Friday, September 19, 2025 (T+7) |
| Maturity Date: | September 19, 2032 |
| Interest Payment Dates: | September 19 of each year, commencing on September 19, 2026, to the holders of record on September 4 preceding each payment date |
| Benchmark Instrument: | 1.700% German Bund due August 15, 2032 |
| Benchmark Instrument Price and Yield: | Price: 95.716 and yield: 2.378% |
| Re-offer Spread over Benchmark: | 274.7 bps |
| Reference Mid Swap Rate: | 2.431% |
| Re-offer Spread over Mid-Swap: | 269.4 bps |
| Yield to Maturity: | 5.125% |
| Coupon: | 5.000% |
| Price to Public: | 99.280%, not including accrued interest |
| Gross Proceeds (before underwriting discount and expenses) to Issuer: | €1,439,560,000 |
| Day Count: | Actual/Actual (ICMA) |
| Denominations: | €100,000 and increments of €1,000 in excess thereof |
| Optional Redemption: | Prior to July 19, 2032 (two months prior to the Maturity Date) (the "<u>Par Call Date</u>"), the Republic may redeem the 2032 Global Bonds at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: |

---

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2032 Global Bonds matured on the Par Call Date) on an annual basis (Actual/Actual (ICMA)) at the Benchmark Rate plus 45 basis points less (b) interest accrued to the date of redemption, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the 2032 Global Bonds to be redeemed,<br>plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.<br>On or after the Par Call Date, the Republic may redeem the 2032 Global Bonds, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2032 Global Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.<br>"Benchmark Rate means, with respect to any redemption date, the yield determined by the Republic as described under "Description of the Bonds—Optional Redemption" in the preliminary prospectus supplement. |
| Listing and Trading: | Application will be made to list the 2032 Global Bonds on the official list of the Luxembourg Stock Exchange and to trade on the Euro MTF. Application will also be made to the London Stock Exchange plc for the 2032 Global Bonds to be admitted to trading on the London Stock Exchange plc's ISM. |
| Joint Book-Running Managers: | Banco Bilbao Vizcaya Argentaria, S.A.<br> BNP PARIBAS<br> Citigroup Global Markets Limited |
| Preliminary Prospectus Supplement: | <u>[https://www.sec.gov/Archives/edgar/data/917142/000119312525198189/d90472d424b3.htm](http://www.sec.gov/Archives/edgar/data/917142/000119312525198189/d90472d424b3.htm)</u> |
| Clearing: | Euroclear Bank S.A./N.V. as operator of the Euroclear System plc, and Clearstream Banking, *société anonyme* |
| ISIN/Common Code: | XS3183159733 / 318315973 |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction, revision or withdrawal at any time.

------

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banco Bilbao Vizcaya Argentaria, S.A. toll-free at +1 (800) 422-8692, BNP PARIBAS toll-free at +1 (800) 854-5674 or Citigroup Global Markets Limited toll-free at +1 (800) 831-9146.

**No EEA or UK PRIIPs KID –** No EEA or UK PRIIPs key information document (KID) has been prepared as the 2032 Global Bonds are not available to retail investors in the EEA or the UK. See "Prohibition of Sales to EEA Retail Investors" and "Prohibition of Sales to UK Retail Investors" in the preliminary prospectus supplement.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

------

Filed pursuant to Rule 433

Registration Statement No. 333-284683

Relating to Preliminary Prospectus Supplement dated September 8, 2025

**Republic of Colombia** 

Term Sheet

€1,200,000,000 5.625% Global Bonds due 2036

---

| | |
|:---|:---|
| Issuer: | Republic of Colombia ("Republic") |
| Transaction: | 5.625% Global Bonds due 2036 (the "2036 Global Bonds") |
| Expected Issue Ratings\*: | [*Intentionally omitted*] |
| Format: | SEC-Registered |
| Principal Amount: | €1,200,000,000 |
| Pricing Date: | September 10, 2025 |
| Settlement Date: | Friday, September 19, 2025 (T+7) |
| Maturity Date: | February 19, 2036 |
| Interest Payment Dates: | February 19 of each year, commencing on February 19, 2026, to the holders of record on February 4 preceding each payment date |
| Benchmark Instrument: | 2.600% German Bund due August 15, 2035 |
| Benchmark Instrument Price and Yield: | Price: 99.545 and yield: 2.652% |
| Re-offer Spread over Benchmark: | 309.8 bps |
| Reference Mid Swap Rate: | 2.637% |
| Re-offer Spread over Mid-Swap: | 311.3 bps |
| Yield to Maturity: | 5.750% |
| Coupon: | 5.625% |
| Price to Public: | 99.078%, not including accrued interest |
| Gross Proceeds (before underwriting discount and expenses) to Issuer: | €1,188,936,000 |
| Day Count: | Actual/Actual (ICMA) |
| Denominations: | €100,000 and increments of €1,000 in excess thereof |
| Optional Redemption: | Prior to November 19, 2035 (three months prior to the Maturity Date) (the "<u>Par Call Date</u>"), the Republic may redeem the 2036 Global Bonds at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: |

---

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2036 Global Bonds matured on the Par Call Date) on an annual basis (Actual/Actual (ICMA)) at the Benchmark Rate plus 50 basis points less (b) interest accrued to the date of redemption, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the 2036 Global Bonds to be redeemed,<br>plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.<br>On or after the Par Call Date, the Republic may redeem the 2036 Global Bonds, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2036 Global Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.<br>"Benchmark Rate means, with respect to any redemption date, the yield determined by the Republic as described under "Description of the Bonds—Optional Redemption" in the preliminary prospectus supplement. |
| Listing and Trading: | Application will be made to list the 2036 Global Bonds on the official list of the Luxembourg Stock Exchange and to trade on the Euro MTF. Application will also be made to the London Stock Exchange plc for the 2036 Global Bonds to be admitted to trading on the London Stock Exchange plc's ISM. |
| Joint Book-Running Managers: | Banco Bilbao Vizcaya Argentaria, S.A.<br> BNP PARIBAS<br> Citigroup Global Markets Limited |
| Preliminary Prospectus Supplement: | <u>[https://www.sec.gov/Archives/edgar/data/917142/000119312525198196/d921619d424b3.htm](http://www.sec.gov/Archives/edgar/data/917142/000119312525198196/d921619d424b3.htm)</u> |
| Clearing: | Euroclear Bank S.A./N.V. as operator of the Euroclear System plc, and Clearstream Banking, *société anonyme* |
| ISIN/Common Code: | XS3183160236 / 318316023 |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction, revision or withdrawal at any time.

------

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banco Bilbao Vizcaya Argentaria, S.A. toll-free at +1 (800) 422-8692, BNP PARIBAS toll-free at +1 (800) 854-5674 or Citigroup Global Markets Limited toll-free at +1 (800) 831-9146.

**No EEA or UK PRIIPs KID –** No EEA or UK PRIIPs key information document (KID) has been prepared as the 2036 Global Bonds are not available to retail investors in the EEA or the UK. See "Prohibition of Sales to EEA Retail Investors" and "Prohibition of Sales to UK Retail Investors" in the preliminary prospectus supplement.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

## Exhibit 99.2

**Exhibit 2** 

CALCULATION AGENCY AGREEMENT

This Calculation Agency Agreement (the "Agreement"), dated as of September 19, 2025, is entered into among the Republic of Colombia (the "Republic"), one the one hand, and The Bank of New York Mellon and The Bank of New York Mellon, London Branch, on the other hand (each, a "Calculation Agent").

WHEREAS, reference is made to the Indenture, dated as of January 28, 2015, between the Republic and The Bank of New York Mellon, as Trustee, as amended and supplemented by the Supplemental Indenture thereto, dated as of September 8, 2015, and as further amended and supplemented from time to time (as so amended and supplemented, the "Indenture"). Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Indenture;

WHEREAS, pursuant to Section 2.1 of the Indenture, the Republic has issued €1,450,000,000 aggregate principal amount of 3.750% Global Bonds due 2028, €1,450,000,000 aggregate principal amount of 5.000% Global Bonds due 2032 and €1,200,000,000 aggregate principal amount of 5.625% Global Bonds due 2036 (collectively, the "Bonds") on the date hereof;

WHEREAS, in connection with the issuance of the Bonds, the Republic wishes to appoint The Bank of New York Mellon and The Bank of New York Mellon, London Branch to serve as Calculation Agent;

NOW THEREFORE, in consideration of the mutual promises set forth hereafter, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment</u>. The Republic hereby appoints The Bank of New York Mellon and The Bank of New York Mellon, London Branch as Calculation Agent under the Indenture in connection with the issuance of the Bonds. Each of The Bank of New York Mellon and The Bank of New York Mellon, London Branch hereby accepts such appointment and agrees to act in such capacity pursuant to the terms of the Indenture and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Calculation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any payment due in connection with the Bonds, if the Euro is unavailable to the Republic due to the imposition of exchange controls or other circumstances beyond the Republic's control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then upon a written request of the Republic at least one business day prior to the relevant Payment Determination Date (as defined below) (each such request, a "Calculation Notice"), the Calculation Agent shall determine the amount to be paid in U.S. Dollars for any such Payment Date (the "Dollar Payment Amount"). Each Calculation Notice shall include the relevant Payment Date for which such calculation is to be performed, and the aggregate amount of payments which would otherwise be due in Euros on such Payment Date (the "Euro Payment Amount").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Calculation Agent will utilize the Spot Rate for purposes of determining the Dollar Payment Amount. For this purpose, (i) "Spot Rate" means the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant Payment Date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second business day prior to the relevant Payment Date (in either case, the "Payment Determination Date") and (ii) "business day" means any day that is a day on which the Trans-European Automated Real-time Settlement Express Transfer (TARGET) System (or any successor thereto) is open for business and a day on which commercial banks are open for dealing in euro deposits in the London interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Calculation Agent will, as soon as practicable after the determination of the Spot Rate for any such Payment Date in respect of the Bonds, calculate the Dollar Payment Amount. The Dollar Payment Amount will be calculated by applying the Spot Rate to the Euro Payment Amount for such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise instructed by the Republic, the Calculation Agent will cause the Spot Rate, the Dollar Payment Amount and the Payment Determination Date for such Payment Date in respect of the Bonds to be notified to the Republic and the Trustee (at the address specified in the Indenture) no than later one business day following the Payment Determination Date. If the Bonds become due and payable pursuant to an acceleration upon an Event of Default other than on a Payment Date, the Spot Rate, the Dollar Payment Amount and the Payment Determination Date in respect of the Bonds shall, upon delivery of a Calculation Notice, nevertheless continue to be calculated and notified in accordance with the foregoing provisions. All determinations and calculations made by the Calculation Agent pursuant to the foregoing provisions will, in the absence of willful misconduct, gross negligence or manifest error, be binding on the Republic and the Calculation Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Calculation Agent shall have no responsibility whatsoever to determine whether a payment is due under the Indenture, in U.S. Dollars or Euros or otherwise; is not responsible for processing any foreign exchange conversion necessary to make payments in U.S. Dollars or Euros; and is not responsible for the sufficiency of the Dollar Payment Amount or the satisfaction of any obligations of the Republic under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Calculation Agent may enter into spot foreign exchange transactions with the Republic and may provide such foreign exchange services itself or through any BNY Affiliates\* and, in those cases, the Calculation Agent or, as the case may be, the relevant BNY Affiliate through which currency is converted acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, sales margin, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under this Agreement and the rate that the Calculation Agent or any BNY Affiliate receives when buying or selling foreign currency for its own account. The Calculation Agent makes no representation that the exchange rate used or obtained in any currency conversion under this Agreement will be the most favourable rate that could be obtained at the time or as to the method by which that rate will be determined. For the avoidance of doubt, this Agreement shall not apply to any such FX transaction and all such services will be in addition to the services provided hereunder and subject to such terms and conditions as separately disclosed.

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\* Defined as any office, branch or subsidiary of The Bank of New York Mellon Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Protections</u>. In acting as Calculation Agent, each of The Bank of New York Mellon and The Bank of New York Mellon, London Branch shall be entitled to the same indemnification rights granted to the Trustee under the Indenture and to the rights, privileges, protections, immunities and benefits granted to the Trustee under the Indenture. In no event shall the Calculation Agent be liable for any action taken in accordance with the instructions of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 9.7 of the Indenture (Governing Law; Consent to Service, Jurisdiction; Waiver of Immunities) shall apply, *mutatis mutandi*, to this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be amended, modified or waived, except in a writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any provision of this Agreement shall be held illegal, invalid, or unenforceable by any court, this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among The Bank of New York Mellon, The Bank of New York Mellon, London Branch and the Republic to the full extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the respective successors and permitted assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Section headings herein are for convenience only and shall not affect the construction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All notices, requests and other communications required to be in writing will be delivered to the address or transmitted to the facsimile indicated on the signature page hereof, or, if requested by a party, transmitted to an email address specified by such party.

[*Signature pages to follow*]

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Please acknowledge receipt of this Agreement, and confirm the arrangements herein provided, by signing and returning the enclosed copy hereof, whereupon this Agreement and your acceptance of the terms and conditions herein provided shall constitute a binding Agreement.

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| | |
|:---|:---|
| REPUBLIC OF COLOMBIA | REPUBLIC OF COLOMBIA |
| By: | /s/ Germán Ávila Plazas |
| Name: Germán Ávila Plazas | Name: Germán Ávila Plazas |
| Title: Minister of Finance and Public Credit | Title: Minister of Finance and Public Credit |
| Address for notices: | Address for notices: |
| Dirección General de Crédito Público y Tesoro Nacional | Dirección General de Crédito Público y Tesoro Nacional |
| Ministerio de Hacienda y Crédito Público | Ministerio de Hacienda y Crédito Público |
| Carrera 8, No. 6C-38, Piso 1 | Carrera 8, No. 6C-38, Piso 1 |
| Bogotá D.C. | Bogotá D.C. |
| Colombia | Colombia |
| Fax: (+57 1) 381 17 00 | Fax: (+57 1) 381 17 00 |
| Attn: Director General of Public Credit and National Treasury | Attn: Director General of Public Credit and National Treasury |

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*[Signature page – Calculation Agency Agreement]* 

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| | |
|:---|:---|
| Accepted and agreed to by: | Accepted and agreed to by: |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| as Calculation Agent | as Calculation Agent |
| By: | /s/ Agnieszka Gozdz |
| Name: Agnieszka Gozdz | Name: Agnieszka Gozdz |
| Title: Authorised Signatory | Title: Authorised Signatory |
| Address for notices: | Address for notices: |
| 240 Greenwich Street, Floor 7E | 240 Greenwich Street, Floor 7E |
| New York, New York 10286 | New York, New York 10286 |
| Attention: International Corporate Trust | Attention: International Corporate Trust |
| THE BANK OF NEW YORK MELLON, LONDON BRANCH | THE BANK OF NEW YORK MELLON, LONDON BRANCH |
| as Calculation Agent | as Calculation Agent |
| By: | /s/ Agnieszka Gozdz |
| Name: Agnieszka Gozdz | Name: Agnieszka Gozdz |
| Title: Authorised Signatory | Title: Authorised Signatory |
| Address for notices: | Address for notices: |
| 160 Queen Victoria Street | 160 Queen Victoria Street |
| London EC4V 4LA | London EC4V 4LA |
| United Kingdom | United Kingdom |

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*[Signature page – Calculation Agency Agreement]*

## Exhibit 99.3

**Exhibit 3** 

REPUBLIC OF COLOMBIA

UNLESS THIS REGISTERED GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH (THE "COMMON DEPOSITARY"), AS COMMON DEPOSITARY FOR EUROCLEAR BANK S.A./N.V. ("EUROCLEAR") AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME ("CLEARSTREAM"), TO THE REPUBLIC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR ITS NOMINEE, OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR ITS NOMINEE OR TO SUCH OTHER ENTITY AS IS NOMINATED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY OR ITS NOMINEE, HAS AN INTEREST HEREIN.

REGISTERED GLOBAL SECURITY

representing

€[•]

3.750% Global Bonds due 2028

ISIN No.: XS3178859388

Common Code: 317885938

The Republic of Colombia (the "<u>Republic</u>"), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or registered assigns, as the nominee of The Bank of New York Mellon, London Branch (the "<u>Common Depositary</u>"), upon surrender hereof the principal sum of [•] EUROS (€[•]) or such amount as shall be the outstanding principal amount hereof on September 19, 2028, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof and to pay the redemption amount in connection with any optional redemption as provided in paragraph 3 of the attached Terms of the Bonds. The Republic further unconditionally promises to pay interest annually in arrears on September 19 in each year (each an "<u>Interest Payment Date</u>"), commencing September 19, 2026, on any outstanding portion of the unpaid principal amount hereof at 3.750% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from September 19, 2025 until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of September 4 of each year (each, a "<u>Record Date</u>"). This is a Global Security deposited with the Common Depositary, and registered in the name of the Common

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Depositary or its nominee, and accordingly, the Common Depositary or its nominee, as Holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the European Union as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Common Depositary as the sole Holder of this Global Security.

The statements in the legend relating to the Common Depositary set forth above are an integral part of the terms of this Global Security and by acceptance hereof each Holder of this Global Security agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Security is issued in respect of an issue of €[•] principal amount of 3.750% Global Bonds due 2028 of the Republic and is governed by (i) the Indenture dated as of January 28, 2015, as amended and supplemented by the First Supplemental Indenture thereto, dated as of September 8, 2015, (as so amended and supplemented, the "<u>Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), the terms of which Indenture are incorporated herein by reference, and (ii) the Terms of the Bonds attached hereto. This Global Security shall in all respects be entitled to the same benefits as other Bonds under the Indenture and the Terms. All capitalized terms used in this Global Security but not defined shall have the meanings assigned to them in the Indenture.

Upon any exchange of all or a portion of this Global Security for Certificated Securities in accordance with the Indenture, this Global Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose.

[*Remainder of the page intentionally left in blank*]

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IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

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| | | |
|:---|:---|:---|
| Dated: September 19, 2025 | REPUBLIC OF COLOMBIA | REPUBLIC OF COLOMBIA |
|  | By |  |
|  |  | Germán Ávila Plazas<br> Minister of Finance and Public Credit |
|  | By |  |
|  |  | Javier Andrés Cuéllar Sánchez<br> Director General of Public Credit and National Treasury of the Ministry of Finance and Public Credit |

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Bonds issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| Dated: September 19, 2025 |  |
|  | THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee |
|  | By: Authorized Officer |

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Schedule A

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Principal Amount of**<br> **Certificated**<br> **Securities** | **Remaining**<br> **Principal Amount of**<br> **this Global Security** | **Notation Made By** |

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TERMS OF THE BONDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. (a) This Bond is one of a duly authorized Series of debt securities of the Republic of Colombia (the "<u>Republic</u>"), designated as its 3.750% Global Bonds due 2028 (each Bond of this Series a "<u>Bond</u>", and collectively, the "<u>Bonds</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of January 28, 2015, between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended and supplemented by the First Supplemental Indenture thereto, dated as of September 8, 2015, and as further amended and supplemented from time to time (as so amended and supplemented, the "<u>Indenture</u>"). The aggregate principal amount of the Bonds is €[•] subject to increase as provided in paragraph 13 below. The Holders of the Bonds will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Bond but not defined herein shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bonds constitute and will constitute direct, general, unconditional, unsecured and unsubordinated External Indebtedness (as defined below) of the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsecured and unsubordinated External Indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Bonds ratably with payments being made under any other External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bonds are in fully registered form, without coupons in denominations of €100,000 and integral multiples of €1,000 thereof. The Bonds may be issued in certificated form (each, a "Certificated Security and collectively, the "<u>Certificated Securities"</u>), or may be represented by one or more registered global securities (each, a "<u>Global Security</u>") held by or on behalf of the Common Depositary. Certificated Securities will be available only in the limited circumstances set forth in the Indenture. The Bonds, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Bond shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Bond regardless of any notice of ownership, theft, loss or any writing thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this paragraph and paragraphs 5 and 6 below, the following terms shall have the meanings specified below:

"<u>External Indebtedness</u>" means all obligations for borrowed money, whether present or future, actual or contingent, of a person or for the repayment of which such person, either directly or indirectly, is obliged or otherwise responsible (including such obligations evidenced by bonds, debentures, notes or other similar instruments but excluding any obligation to pay the deferred purchase price of property or services) that are payable, or which at the option of the Holder thereof may be payable, in a currency other than the lawful currency of the Republic.

"<u>Public External Indebtedness</u>" means any External Indebtedness that is in the form of, or represented by, bonds, debentures, notes or other securities which are, or at the time of issue are intended by the Republic to be, quoted, listed or ordinarily purchased and sold on any stock exchange, automated trading system or over-the-counter or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the Securities Act , as amended (or any successor law or regulation of similar effect)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) the Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts (as defined below)) on, the Bonds and any other payments to be made by the Republic under the Bonds and the Indenture, at the place or places, at the respective times and in the manner provided in the Bonds and the Indenture. Principal of the Bonds will be payable against surrender of such Bonds at the office of The Bank of New York Mellon, London Branch, as paying agent in London, England (the "<u>Paying Agent</u>") or, subject to applicable laws and regulations, at the office of such other paying agent, by Euro check drawn on, or by transfer to a Euro account maintained by the Holder with, a bank located in London, England. Payment of interest or principal (including Additional Amounts) on the Bonds will be made to the persons in whose name such Bonds are registered at the close of business on the relevant Record Date, whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Bonds upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; <u>provided</u> that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Bonds are registered as of a subsequent record date established by the Republic by notice, as provided in paragraph 12 of these Terms, by or on behalf of the Republic to the Holders of the Bonds not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Securities will be made (i) by a Euro check drawn on a bank in London, England mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least €1,000,000 in principal amount of Certificated Securities to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a Euro account maintained by the Holder with a bank in London, England. Payment of interest on a Global Security will be made (i) by a Euro check drawn on a bank in London, England delivered to the Common Depositary at its registered address or (ii) by wire transfer in immediately available funds to a Euro account maintained by the Common Depositary with a bank in London, England. "<u>Business Day</u>" shall mean any day that is a day on which the Trans-European Automated Real-time Settlement Express Transfer (TARGET) System (or any successor thereto) is open for business and a day on which commercial banks are open for dealing in euro deposits in the London interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Bonds shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Bonds will accrue as a result of the delay in payment. So long as the Trustee holds the funds so deposited and such funds are available to Holders of the Bonds in

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accordance with the terms of the Bonds and the Indenture and Holders of the Bonds are not prevented from claiming such funds in accordance with the terms of the Bonds and the Indenture, the Republic shall not be considered to have defaulted in its obligation to make payment of such amounts on the date on which such amounts become due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of the actual number of days in the interest period divided by 365, or, if any portion of the interest period falls in a leap year, the sum of (a) the actual number of days falling in the leap year divided by 366 and (b) the actual number of days falling in the non-leap year divided by 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Bond and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Bond shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. The Republic shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Bond until such time as the claims against the Republic for payment of such amounts shall have prescribed pursuant to paragraph 14 of these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Republic at any time defaults in the payment of any principal of, or interest (including Additional Amounts), on the Bonds, the Republic will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 3.750% per annum, together with Additional Amounts, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All payments of principal of and interest and Additional Amounts (as defined below, if any), on the Bonds, will be payable in Euros, provided, that if on or after September 19, 2025, the Euro is unavailable to the Republic due to the imposition of exchange controls or other circumstances beyond the Republic's control or if the Euro is no longer being used by the then member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Bonds will be made in U.S. dollars until the Euro is again available to the Republic or so used. The amount payable on any date in Euros will be converted by the Calculation Agent into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Bonds so made in U.S. dollars will not constitute an Event of Default (as defined below) under the Bonds or the Indenture governing the Bonds. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Redemption</u>. (a) Prior to August 19, 2028 (one month prior to the maturity date) (the "Par Call Date"), the Bonds will be redeemable, in whole or in part, at any time and from time to time, at the Republic's option, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming the Bonds matured on the Par Call Date) discounted to the date of redemption specified in the notice of redemption (the "Redemption Date") on an annual basis (assuming the actual number of days in a 365- or 366-day year) at the Benchmark Rate plus 30 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the bonds to be redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, the Bonds will be redeemable, in whole or in part at any time and from time to time, at the Republic's option, at a redemption price equal to 100% of the principal amount of the Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Bond,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Benchmark Rate" means, with respect to the Redemption Date, the rate per year equal to the annual equivalent yield to maturity or interpolated (on a day-count basis) yield to maturity of the Comparable Benchmark Issue (as defined below), assuming a price for such Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Benchmark Price (as defined below) for such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Comparable Benchmark Issue" means the Bundesanleihe security or securities (Bund) of the German Government selected by an Independent Investment Banker (as defined below) appointed by the Republic as having an actual or interpolated maturity comparable to the remaining term of the Bonds, or such other maturity that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of comparable maturity to the remaining term of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Comparable Benchmark Price" means, with respect to any Redemption Date, (1) the average of the Reference Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Dealer Quotations for such Redemption Date, or (2) if the Republic obtains fewer than four such Reference Dealer Quotations, the average of all such Reference Dealer Quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Independent Investment Banker" means one of the Reference Dealers (as defined below) appointed by the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Reference Dealer" means any of Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by the Republic, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, the Republic will substitute there for another dealer of Bund of the German Government.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Reference Dealer Quotations" means, with respect to each Reference Dealer and any Redemption Date and any Redemption Date, the average, as determined by the Republic, of the bid and asked prices for the applicable Comparable Benchmark Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Republic by such Reference Dealer at 3:30 p.m. (Frankfurt, Germany time) on the third Business Day preceding such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic will send, or cause to be sent, a notice of redemption to each Holder by first-class mail, postage prepaid, or electronic delivery (or otherwise transmitted in accordance with the depositary's procedures), at least 10 days and not more than 60 days prior to the Redemption Date, to the address of each Holder of the Bonds to be redeemed as it appears on the register maintained by the registrar. A notice of redemption will specify the Redemption Date and may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and we will not be obligated to redeem the Bonds. In the event that fewer than all of the Bonds are to be redeemed at any time, selection of Bonds for redemption will be made in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which Bonds are listed or if such securities exchange has no requirement governing redemption or the Bonds are not then listed on a securities exchange, by lot (or, in the case of Bonds issued in global form, based on the applicable procedures of Euroclear and Clearstream). If Bonds are redeemed in part, the remaining outstanding amount of any Bond must be at least equal to €100,000 and be an integral multiple of €1,000. Unless the Republic defaults in the payment of the redemption price, on and after the Redemption Date interest will cease to accrue on the Bonds called for redemption. If the Trustee is to provide notice to the Holders on behalf of the Republic, it shall be notified in writing or through electronic delivery of such request at least 5 Business Days prior to the date of the giving of such notice (unless a shorter notice shall be satisfactory to the Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bonds (i) are not subject to any sinking fund; and (ii) are not repayable at the option of the Holder prior to maturity (except as provided in paragraph 6 hereof in the event of acceleration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic's actions and determinations in determining the redemption price in accordance with this paragraph 3 shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) <u>Additional Amounts</u>. All payments by the Republic in respect of the Bonds shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, "<u>Relevant Tax</u>"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Bonds in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Bond having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Bond or receiving payments of any nature on the Bond or enforcing its rights in respect of the Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Bond, or any other person through which the Holder or beneficial owner holds a Bond, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Bond, or any other person through which the Holder or beneficial owner holds a Bond, having presented the Bond for payment (where such presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Bond for payment on any date during such 30-day period.

As used in this paragraph 4(a), "<u>Relevant Date</u>" in respect of any Bond means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 12 below that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder or in the Indenture shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Negative Pledge Covenant of Republic</u>. (a) So long as any Bond forming part of this Series shall remain outstanding or any amount payable by the Republic under the Indenture shall remain unpaid, the Republic will not create any Lien (as defined below) other than Permitted Liens (as defined below) upon the whole or any part of its present or future revenues, properties or assets to secure Public External Indebtedness (as defined below) of the Republic, unless the Bonds are secured equally and ratably with such Public External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

"<u>Lien</u>" means any lien, pledge, mortgage, security interest, deed of trust or charge.

"<u>Permitted Liens</u>" means: (i) any Liens created prior to January 28, 2015, including renewals or refinancing thereof; provided, however, that any renewal or refinancing of any such Liens secures only the renewal or extension of the original secured financing; (ii) any Lien on property to secure Public External Indebtedness arising in the ordinary course of business to finance export, import or other trade transactions, which Public External Indebtedness matures (after giving effect to all renewals and refinancings thereof) not more than one year after the date on which the Public External Indebtedness was originally incurred; (iii) any Liens securing Public External Indebtedness incurred in connection with a Project Financing (as defined below), provided that the Lien is solely on assets or revenues of the project for which the Project

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Financing was incurred; (iv) any Lien upon any assets or properties (and any revenues therefrom) to secure indebtedness incurred for the purpose of financing the acquisition, development or construction of such asset or property, and any renewal or extension of any such Lien which is limited to the original asset or property (and revenues) covered thereby and which secures any renewal or extension of the original secured financing; (v) any Lien existing on an asset or property (and any revenues therefrom) at the time of its acquisition and any renewal or extension of any such Lien which is limited to the original asset or property (and revenues) covered thereby and which secures any renewal or extension of the original secured financing; and (vi) Liens in addition to those permitted by clauses (i) through (v) above, and any renewal or extension thereof; provided that at any time the aggregate amount of Public External Indebtedness secured by such additional Liens shall not exceed the equivalent of U.S.$14.768 billion.

"<u>Project Financing</u>" means any financing of all or part of the costs of the acquisition, construction or development of any project if the person or persons providing such financing (A) expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced and (B) have been provided with a feasibility study prepared by competent independent experts on the basis of which it was reasonable to conclude that such project would generate sufficient foreign currency income to service substantially all Public External Indebtedness incurred in connection with such project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Events of Default; Acceleration</u>. If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Republic shall fail to pay any principal of or interest on any Bond when due, and such failure shall continue for 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Republic shall fail duly to perform any other material obligation contained in the Bonds or (with respect to the Bonds) the Indenture, and such failure shall continue for a period of 60 days after the date on which written notice thereof requiring the Republic to remedy the failure shall have been given to the Republic by the Trustee or the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Republic shall fail to pay (i) any Public External Indebtedness of the Republic (other than Public External Indebtedness constituting guaranties by the Republic) with an aggregate principal amount in excess of U.S. $20,000,000 (or its equivalent in other currencies) as and when such Public External Indebtedness becomes due and payable (beyond any applicable grace period or waiver), or (ii) any Public External Indebtedness constituting guaranties by the Republic with an aggregate principal amount in excess of U.S. $20,000,000 (or its equivalent in other currencies) as and when such Public External Indebtedness becomes due and payable and such failure continues until the earlier of (A) the expiration of the applicable grace period or 30 days after written notice, whichever is longer, or (B) the acceleration of any such Public External Indebtedness by any holder thereof and such acceleration shall not have been rescinded or annulled; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) the validity of this Bond shall be contested in a formal administrative, legislative or judicial proceeding by the Republic or any legislative, executive, or judicial body or official of the Republic which is authorized in each case by law to do so and, acting alone or together with another such body or official, has the legal power and authority to declare this Bond invalid or unenforceable or (ii) the Republic shall declare a general suspension of payments or a moratorium on the payment of principal or interest on Public External Indebtedness (which does not expressly exclude the Bonds); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Republic shall cease to be a member of the International Monetary Fund or cease to be eligible to use the general resources of the International Monetary Fund;

then in each and every such case, the Trustee or the Holders (the "<u>Demanding Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Bonds, upon notice in writing to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, may declare the principal amount of all the Bonds due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the Republic, unless prior to such date all Events of Default in respect of all the Bonds shall have been cured; <u>provided</u> that if, at any time after the principal of the Bonds shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Bonds, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal (and premium, if any) upon all the Bonds which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal (and premium, if any) of each Bond at the rate of interest specified herein, to the date of such payment of interest or principal (and premium, if any) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Bonds which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Bonds then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 6 need not be taken at a meeting pursuant to paragraph 7 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 6 are subject to Article Four of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Bonds and actions taken by written consent of the Holders of Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement, Exchange and Transfer of the Bonds</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Bond shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Bond bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Bond, or in lieu of and in substitution for the apparently destroyed, lost or stolen Bond. In every case, the applicant for a substitute Bond shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such Bond and of the ownership thereof. Upon the issuance of any substitute Bond, the Holder of such Bond, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations and a beneficial interest in the Global Security may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations or for an equal aggregate principal amount of beneficial interests in another Global Security in different authorized denominations by the Holder or Holders surrendering the Security or Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) and (f) of the Indenture. The exchange of the Bonds will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Bonds will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 8 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Bond. Registration of the transfer of a Bond by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Bond during the period of 15 days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Paying Agents; Transfer Agents; Calculation Agent; Registrar</u>. The Republic has initially appointed the paying agents, transfer agents, calculation agent and registrar listed at the foot of this Bond. The Republic may at any time appoint additional or other paying agents, transfer agents, calculation agents and registrars and terminate the appointment of those or any paying agents, transfer agents, calculation agents and registrars, <u>provided</u> that while the Bonds are Outstanding the Republic will maintain (A) in London, England (i) a paying agent and (ii) an office or agency where the Bonds may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (B) in The City of New York, (i) a paying agent, (ii) a transfer agent and (iii) a registrar; provided that the registrar shall not be in the United Kingdom. In addition, if and for so long as the Bonds are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require, the Republic will maintain a paying agent and transfer agent in Luxembourg. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent, calculation agent or registrar will act will be promptly given in the manner described in paragraph 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforcement</u>. Except as provided in Section 4.7 of the Indenture, no Holder of any Bonds of any Series shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Bonds of such Series to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Bonds, or for any other remedy hereunder or under the Bonds, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Bonds, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Bonds of such Series shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture, it being understood and intended, and being expressly covenanted by every Holder of Bonds of a Series with every other Holder of Bonds of such Series and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Bonds to affect, disturb or prejudice the rights of any other Holder of Bonds of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Bonds of such Series, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Bonds of such Series. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. The Republic will mail any notices to the Holders of the Bonds at their registered addresses as reflected in the books and records of the Trustee. So long as the Bonds are represented by a global security deposited with the Common Depositary, notices to be given to Holders will be given to Euroclear and Clearstream in accordance with their applicable rules and procedures in effect from time to time. The Republic will consider any mailed notice to have been given at the time it is mailed. In addition, if and so long as the Bonds are listed on the Luxembourg Stock Exchange and/or London Stock Exchange and the rules of such exchange(s) shall so require, notices to Holders of the Bonds will be published in (i) a leading newspaper with general circulation in Luxembourg, by publication on the website of the Luxembourg Stock Exchange at http://www.bourse.lu and/or (ii) an Authorized Newspaper (as defined below) in London. If at any time publication in any such newspaper is not practicable, notices will be valid if published in such English language newspaper with general circulation in the respective market regions as the Republic shall determine. In the case of Debt Securities in global form, notices to holders of Debt Securities may be sent in accordance with the procedures of the Depositary. "Authorized Newspaper" means a newspaper, in an official language in the country of publication or in the English language, customarily published on each Monday, Tuesday, Wednesday, Thursday and Friday, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Monday, Tuesday, Wednesday, Thursday or Friday. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Debt Security shall affect the sufficiency of any notice with respect to any other Debt Securities. In case by reason of the suspension of publication of any Authorized Newspaper or by reason of any other cause it shall be impracticable to publish any notice as provided above, then such notification shall be given in another manner consistent with the rules of the Luxembourg Stock Exchange and/or London Stock Exchange. Such notices shall be deemed to have been given on the date of (i) such publication or, if published in such newspapers on different dates, on the date of the first such publication and (ii) in the case of any notice mailed or made through the Depositary or its nominee, on the date of mailing or transmission, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Issues of Bonds</u>. The Republic may from time to time, without the consent of Holders of the Bonds, create and issue additional Bonds having the same Terms as the Bonds in all respects, except for the issue date, issue price and first interest payment on the Bonds; provided, however, that any additional debt securities subsequently issued that shall be fungible with the previously Outstanding Bonds for U.S. federal income tax purposes. Additional Bonds issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of, or interest or other amounts due on, the Bonds (including Additional Amounts) will become void unless made within five years of the date on which that payment first became due (or such shorter period as may be prescribed by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authentication</u>. This Bond shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. (a) THIS BOND WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION BY THE REPUBLIC SHALL BE GOVERNED BY THE LAWS OF COLOMBIA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereby irrevocably submits to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan, The City of New York, and the courts of Colombia sitting in Bogotá D.C., Colombia in respect of any action arising out of or based on the Indenture or the Bonds that may be brought in any such court, irrevocably waives any objection which it may have to the venue of any such court in respect of any such action and, to the fullest extent permitted by law, irrevocably waives and agrees not to plead any immunity from the jurisdiction of any such court to which it might otherwise be entitled (including sovereign immunity and immunity from prejudgment attachment, post-judgment attachment and execution) in any such action based upon the Indenture or the Bonds, subject to the terms, conditions, limitations or exceptions under (i) Articles 192, 195, 298 and 299 of Law 1437 of 2011 (*Código de Procedimiento Administrativo y de lo Contencioso Administrativo*) as amended by Articles 80, 81 and 87 of Law 2080 of 2021; (ii) Articles 593, 594 and 595 et al. of Law 1564 of 2012 (*Código General del Proceso*); and (iii) Article 19 of Decree 111 of January 15, 1996, pursuant to which the revenues, assets and property of the Republic located in the Republic are not subject to execution, set-off or attachment.

The Republic hereby appoints the Consul General of the Republic in The City of New York and her successors from time to time, at her office located at 10 East 46th Street, New York, New York 10017, as its authorized agent (the "<u>Authorized Agent</u>") upon whom process may be served in any such action based on the Indenture or the Bonds which may be instituted in any state or federal court in the Borough of Manhattan, The City of New York. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Bonds have been paid to the Trustee and the Indenture shall have been discharged in accordance with its terms, except that, if, for any reason, the Consul General of the Republic ceases to be able to act as such Authorized Agent or no longer has an address in The City of New York, the Republic will appoint another person in the Borough of Manhattan, The City of New York, selected in its discretion, as its Authorized Agent and provide notice in writing thereof to the Trustee. The Republic will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Upon receipt of such service of process, the Authorized Agent shall advise the Republic promptly at its address specified in Section 9.4 of the Indenture. Service of process upon the Authorized Agent at the address indicated above, or at such other address in the Borough of Manhattan, The City of New York as the Authorized Agent shall specify by notice given by it to the Trustee, shall be deemed, in every respect, effective service of process upon the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this paragraph 16 shall affect the right of the Trustee or (in connection with legal actions or proceedings by any Holder as permitted by the Indenture and this Bond) any such Holder to serve legal process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else in this paragraph 16 to the contrary, the Republic reserves the right to plead sovereign immunity with respect to actions brought under the United States securities laws or any state securities laws and the Republic's appointment of the Consul General of the Republic in The City of New York will not extend to such actions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Warranty of the Republic</u>. Subject to paragraph 15, Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Bond and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Modifications</u>. (a) Any Modification to the Bonds or the Indenture insofar as it affects the Bonds shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this paragraph 19 will be conclusive and binding on all Holders of the Bonds, and on all future Holders of the Bonds whether or not notation of such Modification is made upon the Bonds. Any instrument given by or on behalf of any Holder of a Bond in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Provision in National Budget</u>. The Republic recognizes that amounts due under the Bonds must be paid out of appropriations provided in the national budget, and has undertaken that it will annually take all necessary and appropriate action to provide for the due inclusion therein and for the timely payment of all amounts due thereunder as such amounts become due in the ordinary course, and will take all such other action as may be necessary or appropriate at any other time to make timely payment of such amounts as may be due or payable in the event of acceleration or prepayment of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Contracts with the Republic</u>. In accordance with the legal requirements of the Republic relating to contracts with the Republic, the Holders of the Bonds shall be deemed to have waived by purchasing the Bonds any right to petition for diplomatic claims to be asserted by its government against the Republic, except in the case of denial of justice, with respect to the rights of such Holder under the Indenture and this Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Repurchase</u>. The Republic may at any time purchase Bonds at any price in the open market, in privately negotiated transactions or otherwise. Bonds so purchased by the Republic may, at the Republic's discretion, be held, resold or surrendered to the Trustee for cancellation.

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**TRUSTEE, REGISTRAR, PAYING AGENT,** 

**CALCULATION AGENT AND TRANSFER AGENT** 

The Bank of New York Mellon

Global Trust Services—Americas

240 Greenwich Street, Floor 7E

New York, New York 10286

**PAYING AGENT, CALCULATION AGENT** 

**AND TRANSFER AGENT** 

The Bank of New York Mellon, London Branch

160 Queen Victoria Street

London EC4V 4LA

United Kingdom

## Exhibit 99.4

**Exhibit 4** 

REPUBLIC OF COLOMBIA

UNLESS THIS REGISTERED GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH (THE "COMMON DEPOSITARY"), AS COMMON DEPOSITARY FOR EUROCLEAR BANK S.A./N.V. ("EUROCLEAR") AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME ("CLEARSTREAM"), TO THE REPUBLIC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR ITS NOMINEE, OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR ITS NOMINEE OR TO SUCH OTHER ENTITY AS IS NOMINATED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY OR ITS NOMINEE, HAS AN INTEREST HEREIN.

REGISTERED GLOBAL SECURITY

representing

€[•]

5.000% Global Bonds due 2032

ISIN No.: XS3183159733

Common Code: 318315973

The Republic of Colombia (the "<u>Republic</u>"), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or registered assigns, as the nominee of The Bank of New York Mellon, London Branch (the "<u>Common Depositary</u>"), upon surrender hereof the principal sum of [•] EUROS (€[•]) or such amount as shall be the outstanding principal amount hereof on September 19, 2032, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof and to pay the redemption amount in connection with any optional redemption as provided in paragraph 3 of the attached Terms of the Bonds. The Republic further unconditionally promises to pay interest annually in arrears on September 19 in each year (each an "<u>Interest Payment Date</u>"), commencing September 19, 2026, on any outstanding portion of the unpaid principal amount hereof at 5.000% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from September 19, 2025 until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of September 4 of each year (each, a "<u>Record Date</u>"). This is a Global Security deposited with the Common Depositary, and registered in the name of the Common

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Depositary or its nominee, and accordingly, the Common Depositary or its nominee, as Holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the European Union as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Common Depositary as the sole Holder of this Global Security.

The statements in the legend relating to the Common Depositary set forth above are an integral part of the terms of this Global Security and by acceptance hereof each Holder of this Global Security agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Security is issued in respect of an issue of €[•] principal amount of 5.000% Global Bonds due 2032 of the Republic and is governed by (i) the Indenture dated as of January 28, 2015, as amended and supplemented by the First Supplemental Indenture thereto, dated as of September 8, 2015, (as so amended and supplemented, the "<u>Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), the terms of which Indenture are incorporated herein by reference, and (ii) the Terms of the Bonds attached hereto. This Global Security shall in all respects be entitled to the same benefits as other Bonds under the Indenture and the Terms. All capitalized terms used in this Global Security but not defined shall have the meanings assigned to them in the Indenture.

Upon any exchange of all or a portion of this Global Security for Certificated Securities in accordance with the Indenture, this Global Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose.

[*Remainder of the page intentionally left in blank*]

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IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

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| | | |
|:---|:---|:---|
| Dated: September 19, 2025 | REPUBLIC OF COLOMBIA | REPUBLIC OF COLOMBIA |
|  | By |  |
|  |  | Germán Ávila Plazas<br> Minister of Finance and Public Credit |
|  | By |  |
|  |  | Javier Andrés Cuéllar Sánchez<br> Director General of Public Credit and National Treasury of the Ministry of Finance and Public Credit |

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Bonds issued under the within-mentioned Indenture.

Dated: September 19, 2025

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| |
|:---|
| THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee |
| By: Authorized Officer |

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Schedule A

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Principal Amount of**<br> **Certificated**<br> **Securities** | **Remaining**<br> **Principal Amount of**<br> **this Global Security** | **Notation Made By** |

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TERMS OF THE BONDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. (a) This Bond is one of a duly authorized Series of debt securities of the Republic of Colombia (the "<u>Republic</u>"), designated as its 5.000% Global Bonds due 2032 (each Bond of this Series a "<u>Bond</u>", and collectively, the "<u>Bonds</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of January 28, 2015, between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended and supplemented by the First Supplemental Indenture thereto, dated as of September 8, 2015, and as further amended and supplemented from time to time (as so amended and supplemented, the "<u>Indenture</u>"). The aggregate principal amount of the Bonds is €[•] subject to increase as provided in paragraph 13 below. The Holders of the Bonds will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Bond but not defined herein shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bonds constitute and will constitute direct, general, unconditional, unsecured and unsubordinated External Indebtedness (as defined below) of the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsecured and unsubordinated External Indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Bonds ratably with payments being made under any other External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bonds are in fully registered form, without coupons in denominations of €100,000 and integral multiples of €1,000 thereof. The Bonds may be issued in certificated form (each, a "Certificated Security and collectively, the "<u>Certificated Securities"</u>), or may be represented by one or more registered global securities (each, a "<u>Global Security</u>") held by or on behalf of the Common Depositary. Certificated Securities will be available only in the limited circumstances set forth in the Indenture. The Bonds, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Bond shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Bond regardless of any notice of ownership, theft, loss or any writing thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this paragraph and paragraphs 5 and 6 below, the following terms shall have the meanings specified below:

"<u>External Indebtedness</u>" means all obligations for borrowed money, whether present or future, actual or contingent, of a person or for the repayment of which such person, either directly or indirectly, is obliged or otherwise responsible (including such obligations evidenced by bonds, debentures, notes or other similar instruments but excluding any obligation to pay the deferred purchase price of property or services) that are payable, or which at the option of the Holder thereof may be payable, in a currency other than the lawful currency of the Republic.

"<u>Public External Indebtedness</u>" means any External Indebtedness that is in the form of, or represented by, bonds, debentures, notes or other securities which are, or at the time of issue are intended by the Republic to be, quoted, listed or ordinarily purchased and sold on any stock exchange, automated trading system or over-the-counter or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the Securities Act , as amended (or any successor law or regulation of similar effect)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) the Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts (as defined below)) on, the Bonds and any other payments to be made by the Republic under the Bonds and the Indenture, at the place or places, at the respective times and in the manner provided in the Bonds and the Indenture. Principal of the Bonds will be payable against surrender of such Bonds at the office of The Bank of New York Mellon, London Branch, as paying agent in London, England (the "<u>Paying Agent</u>") or, subject to applicable laws and regulations, at the office of such other paying agent, by Euro check drawn on, or by transfer to a Euro account maintained by the Holder with, a bank located in London, England. Payment of interest or principal (including Additional Amounts) on the Bonds will be made to the persons in whose name such Bonds are registered at the close of business on the relevant Record Date, whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Bonds upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; <u>provided</u> that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Bonds are registered as of a subsequent record date established by the Republic by notice, as provided in paragraph 12 of these Terms, by or on behalf of the Republic to the Holders of the Bonds not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Securities will be made (i) by a Euro check drawn on a bank in London, England mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least €1,000,000 in principal amount of Certificated Securities to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a Euro account maintained by the Holder with a bank in London, England. Payment of interest on a Global Security will be made (i) by a Euro check drawn on a bank in London, England delivered to the Common Depositary at its registered address or (ii) by wire transfer in immediately available funds to a Euro account maintained by the Common Depositary with a bank in London, England. "<u>Business Day</u>" shall mean any day that is a day on which the Trans-European Automated Real-time Settlement Express Transfer (TARGET) System (or any successor thereto) is open for business and a day on which commercial banks are open for dealing in euro deposits in the London interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Bonds shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Bonds will accrue as a result of the delay in payment. So long as the Trustee holds the funds so deposited and such funds are available to Holders of the Bonds in accordance with the terms of the Bonds and the Indenture and Holders of the Bonds are not prevented from claiming such funds in accordance with the terms of the Bonds and the Indenture, the Republic shall not be considered to have defaulted in its obligation to make payment of such amounts on the date on which such amounts become due and payable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of the actual number of days in the interest period divided by 365, or, if any portion of the interest period falls in a leap year, the sum of (a) the actual number of days falling in the leap year divided by 366 and (b) the actual number of days falling in the non-leap year divided by 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Bond and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Bond shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. The Republic shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Bond until such time as the claims against the Republic for payment of such amounts shall have prescribed pursuant to paragraph 14 of these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Republic at any time defaults in the payment of any principal of, or interest (including Additional Amounts), on the Bonds, the Republic will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 5.000% per annum, together with Additional Amounts, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All payments of principal of and interest and Additional Amounts (as defined below, if any), on the Bonds, will be payable in Euros, provided, that if on or after September 19, 2025, the Euro is unavailable to the Republic due to the imposition of exchange controls or other circumstances beyond the Republic's control or if the Euro is no longer being used by the then member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Bonds will be made in U.S. dollars until the Euro is again available to the Republic or so used. The amount payable on any date in Euros will be converted by the Calculation Agent into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Bonds so made in U.S. dollars will not constitute an Event of Default (as defined below) under the Bonds or the Indenture governing the Bonds. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Redemption</u>. (a) Prior to July 19, 2032 (two months prior to the maturity date) (the "Par Call Date"), the Bonds will be redeemable, in whole or in part, at any time and from time to time, at the Republic's option, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming the Bonds matured on the Par Call Date) discounted to the date of redemption specified in the notice of redemption (the "Redemption Date") on an annual basis (assuming the actual number of days in a 365- or 366-day year) at the Benchmark Rate plus 45 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the bonds to be redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, the Bonds will be redeemable, in whole or in part at any time and from time to time, at the Republic's option, at a redemption price equal to 100% of the principal amount of the Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Bond,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Benchmark Rate" means, with respect to the Redemption Date, the rate per year equal to the annual equivalent yield to maturity or interpolated (on a day-count basis) yield to maturity of the Comparable Benchmark Issue (as defined below), assuming a price for such Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Benchmark Price (as defined below) for such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Comparable Benchmark Issue" means the Bundesanleihe security or securities (Bund) of the German Government selected by an Independent Investment Banker (as defined below) appointed by the Republic as having an actual or interpolated maturity comparable to the remaining term of the Bonds, or such other maturity that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of comparable maturity to the remaining term of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Comparable Benchmark Price" means, with respect to any Redemption Date, (1) the average of the Reference Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Dealer Quotations for such Redemption Date, or (2) if the Republic obtains fewer than four such Reference Dealer Quotations, the average of all such Reference Dealer Quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Independent Investment Banker" means one of the Reference Dealers (as defined below) appointed by the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Reference Dealer" means any of Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by the Republic, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, the Republic will substitute there for another dealer of Bund of the German Government.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Reference Dealer Quotations" means, with respect to each Reference Dealer and any Redemption Date and any Redemption Date, the average, as determined by the Republic, of the bid and asked prices for the applicable Comparable Benchmark Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Republic by such Reference Dealer at 3:30 p.m. (Frankfurt, Germany time) on the third Business Day preceding such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic will send, or cause to be sent, a notice of redemption to each Holder by first-class mail, postage prepaid, or electronic delivery (or otherwise transmitted in accordance with the depositary's procedures), at least 10 days and not more than 60 days prior to the Redemption Date, to the address of each Holder of the Bonds to be redeemed as it appears on the register maintained by the registrar. A notice of redemption will specify the Redemption Date and may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and we will not be obligated to redeem the Bonds. In the event that fewer than all of the Bonds are to be redeemed at any time, selection of Bonds for redemption will be made in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which Bonds are listed or if such securities exchange has no requirement governing redemption or the Bonds are not then listed on a securities exchange, by lot (or, in the case of Bonds issued in global form, based on the applicable procedures of Euroclear and Clearstream). If Bonds are redeemed in part, the remaining outstanding amount of any Bond must be at least equal to €100,000 and be an integral multiple of €1,000. Unless the Republic defaults in the payment of the redemption price, on and after the Redemption Date interest will cease to accrue on the Bonds called for redemption. If the Trustee is to provide notice to the Holders on behalf of the Republic, it shall be notified in writing or through electronic delivery of such request at least 5 Business Days prior to the date of the giving of such notice (unless a shorter notice shall be satisfactory to the Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bonds (i) are not subject to any sinking fund; and (ii) are not repayable at the option of the Holder prior to maturity (except as provided in paragraph 6 hereof in the event of acceleration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic's actions and determinations in determining the redemption price in accordance with this paragraph 3 shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) <u>Additional Amounts</u>. All payments by the Republic in respect of the Bonds shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, "<u>Relevant Tax</u>"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Bonds in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Bond having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Bond or receiving payments of any nature on the Bond or enforcing its rights in respect of the Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Bond, or any other person through which the Holder or beneficial owner holds a Bond, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Bond, or any other person through which the Holder or beneficial owner holds a Bond, having presented the Bond for payment (where such presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Bond for payment on any date during such 30-day period.

As used in this paragraph 4(a), "<u>Relevant Date</u>" in respect of any Bond means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 12 below that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder or in the Indenture shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Negative Pledge Covenant of Republic</u>. (a) So long as any Bond forming part of this Series shall remain outstanding or any amount payable by the Republic under the Indenture shall remain unpaid, the Republic will not create any Lien (as defined below) other than Permitted Liens (as defined below) upon the whole or any part of its present or future revenues, properties or assets to secure Public External Indebtedness (as defined below) of the Republic, unless the Bonds are secured equally and ratably with such Public External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

"<u>Lien</u>" means any lien, pledge, mortgage, security interest, deed of trust or charge.

"<u>Permitted Liens</u>" means: (i) any Liens created prior to January 28, 2015, including renewals or refinancing thereof; provided, however, that any renewal or refinancing of any such Liens secures only the renewal or extension of the original secured financing; (ii) any Lien on property to secure Public External Indebtedness arising in the ordinary course of business to finance export, import or other trade transactions, which Public External Indebtedness matures (after giving effect to all renewals and refinancings thereof) not more than one year after the date on which the Public External Indebtedness was originally incurred; (iii) any Liens securing Public External Indebtedness incurred in connection with a Project Financing (as defined below), provided that the Lien is solely on assets or revenues of the project for which the Project

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Financing was incurred; (iv) any Lien upon any assets or properties (and any revenues therefrom) to secure indebtedness incurred for the purpose of financing the acquisition, development or construction of such asset or property, and any renewal or extension of any such Lien which is limited to the original asset or property (and revenues) covered thereby and which secures any renewal or extension of the original secured financing; (v) any Lien existing on an asset or property (and any revenues therefrom) at the time of its acquisition and any renewal or extension of any such Lien which is limited to the original asset or property (and revenues) covered thereby and which secures any renewal or extension of the original secured financing; and (vi) Liens in addition to those permitted by clauses (i) through (v) above, and any renewal or extension thereof; provided that at any time the aggregate amount of Public External Indebtedness secured by such additional Liens shall not exceed the equivalent of U.S.$14.768 billion.

"<u>Project Financing</u>" means any financing of all or part of the costs of the acquisition, construction or development of any project if the person or persons providing such financing (A) expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced and (B) have been provided with a feasibility study prepared by competent independent experts on the basis of which it was reasonable to conclude that such project would generate sufficient foreign currency income to service substantially all Public External Indebtedness incurred in connection with such project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Events of Default; Acceleration</u>. If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Republic shall fail to pay any principal of or interest on any Bond when due, and such failure shall continue for 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Republic shall fail duly to perform any other material obligation contained in the Bonds or (with respect to the Bonds) the Indenture, and such failure shall continue for a period of 60 days after the date on which written notice thereof requiring the Republic to remedy the failure shall have been given to the Republic by the Trustee or the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Republic shall fail to pay (i) any Public External Indebtedness of the Republic (other than Public External Indebtedness constituting guaranties by the Republic) with an aggregate principal amount in excess of U.S. $20,000,000 (or its equivalent in other currencies) as and when such Public External Indebtedness becomes due and payable (beyond any applicable grace period or waiver), or (ii) any Public External Indebtedness constituting guaranties by the Republic with an aggregate principal amount in excess of U.S. $20,000,000 (or its equivalent in other currencies) as and when such Public External Indebtedness becomes due and payable and such failure continues until the earlier of (A) the expiration of the applicable grace period or 30 days after written notice, whichever is longer, or (B) the acceleration of any such Public External Indebtedness by any holder thereof and such acceleration shall not have been rescinded or annulled; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) the validity of this Bond shall be contested in a formal administrative, legislative or judicial proceeding by the Republic or any legislative, executive, or judicial body or official of the Republic which is authorized in each case by law to do so and, acting alone or together with another such body or official, has the legal power and authority to declare this Bond invalid or unenforceable or (ii) the Republic shall declare a general suspension of payments or a moratorium on the payment of principal or interest on Public External Indebtedness (which does not expressly exclude the Bonds); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Republic shall cease to be a member of the International Monetary Fund or cease to be eligible to use the general resources of the International Monetary Fund;

then in each and every such case, the Trustee or the Holders (the "<u>Demanding Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Bonds, upon notice in writing to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, may declare the principal amount of all the Bonds due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the Republic, unless prior to such date all Events of Default in respect of all the Bonds shall have been cured; <u>provided</u> that if, at any time after the principal of the Bonds shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Bonds, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal (and premium, if any) upon all the Bonds which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal (and premium, if any) of each Bond at the rate of interest specified herein, to the date of such payment of interest or principal (and premium, if any) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Bonds which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Bonds then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 6 need not be taken at a meeting pursuant to paragraph 7 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 6 are subject to Article Four of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Bonds and actions taken by written consent of the Holders of Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement, Exchange and Transfer of the Bonds</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Bond shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Bond bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Bond, or in lieu of and in substitution for the apparently destroyed, lost or stolen Bond. In every case, the applicant for a substitute Bond shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such Bond and of the ownership thereof. Upon the issuance of any substitute Bond, the Holder of such Bond, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations and a beneficial interest in the Global Security may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations or for an equal aggregate principal amount of beneficial interests in another Global Security in different authorized denominations by the Holder or Holders surrendering the Security or Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) and (f) of the Indenture. The exchange of the Bonds will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Bonds will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 8 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Bond. Registration of the transfer of a Bond by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Bond during the period of 15 days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Paying Agents; Transfer Agents; Calculation Agent; Registrar</u>. The Republic has initially appointed the paying agents, transfer agents, calculation agent and registrar listed at the foot of this Bond. The Republic may at any time appoint additional or other paying agents, transfer agents, calculation agents and registrars and terminate the appointment of those or any paying agents, transfer agents, calculation agents and registrars, <u>provided</u> that while the Bonds are Outstanding the Republic will maintain (A) in London, England (i) a paying agent and (ii) an office or agency where the Bonds may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (B) in The City of New York, (i) a paying agent, (ii) a transfer agent and (iii) a registrar; provided that the registrar shall not be in the United Kingdom. In addition, if and for so long as the Bonds are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require, the Republic will maintain a paying agent and transfer agent in Luxembourg. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent, calculation agent or registrar will act will be promptly given in the manner described in paragraph 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforcement</u>. Except as provided in Section 4.7 of the Indenture, no Holder of any Bonds of any Series shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Bonds of such Series to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Bonds, or for any other remedy hereunder or under the Bonds, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Bonds, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Bonds of such Series shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture, it being understood and intended, and being expressly covenanted by every Holder of Bonds of a Series with every other Holder of Bonds of such Series and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Bonds to affect, disturb or prejudice the rights of any other Holder of Bonds of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Bonds of such Series, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Bonds of such Series. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. The Republic will mail any notices to the Holders of the Bonds at their registered addresses as reflected in the books and records of the Trustee. So long as the Bonds are represented by a global security deposited with the Common Depositary, notices to be given to Holders will be given to Euroclear and Clearstream in accordance with their applicable rules and procedures in effect from time to time. The Republic will consider any mailed notice to have been given at the time it is mailed. In addition, if and so long as the Bonds are listed on the Luxembourg Stock Exchange and/or London Stock Exchange and the rules of such exchange(s) shall so require, notices to Holders of the Bonds will be published in (i) a leading newspaper with general circulation in Luxembourg, by publication on the website of the Luxembourg Stock Exchange at http://www.bourse.lu and/or (ii) an Authorized Newspaper (as defined below) in London. If at any time publication in any such newspaper is not practicable, notices will be valid if published in such English language newspaper with general circulation in the respective market regions as the Republic shall determine. In the case of Debt Securities in global form, notices to holders of Debt Securities may be sent in accordance with the procedures of the Depositary. "Authorized Newspaper" means a newspaper, in an official language in the country of publication or in the English language, customarily published on each Monday, Tuesday, Wednesday, Thursday and Friday, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Monday, Tuesday, Wednesday, Thursday or Friday. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Debt Security shall affect the sufficiency of any notice with respect to any other Debt Securities. In case by reason of the suspension of publication of any Authorized Newspaper or by reason of any other cause it shall be impracticable to publish any notice as provided above, then such notification shall be given in another manner consistent with the rules of the Luxembourg Stock Exchange and/or London Stock Exchange. Such notices shall be deemed to have been given on the date of (i) such publication or, if published in such newspapers on different dates, on the date of the first such publication and (ii) in the case of any notice mailed or made through the Depositary or its nominee, on the date of mailing or transmission, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Issues of Bonds</u>. The Republic may from time to time, without the consent of Holders of the Bonds, create and issue additional Bonds having the same Terms as the Bonds in all respects, except for the issue date, issue price and first interest payment on the Bonds; provided, however, that any additional debt securities subsequently issued that shall be fungible with the previously Outstanding Bonds for U.S. federal income tax purposes. Additional Bonds issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of, or interest or other amounts due on, the Bonds (including Additional Amounts) will become void unless made within five years of the date on which that payment first became due (or such shorter period as may be prescribed by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authentication</u>. This Bond shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. (a) THIS BOND WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION BY THE REPUBLIC SHALL BE GOVERNED BY THE LAWS OF COLOMBIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereby irrevocably submits to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan, The City of New York, and the courts of Colombia sitting in Bogotá D.C., Colombia in respect of any action arising out of or based on the Indenture or the Bonds that may be brought in any such court, irrevocably waives any objection which it may have to the venue of any such court in respect of any such action and, to the fullest extent permitted by law, irrevocably waives and agrees not to plead any immunity from the jurisdiction of any such court to which it might otherwise be entitled (including sovereign immunity and immunity from prejudgment attachment, post-judgment attachment and execution) in any such action based upon the Indenture or the Bonds, subject to the terms, conditions, limitations or exceptions under (i) Articles 192, 195, 298 and 299 of Law 1437 of 2011 (*Código de Procedimiento Administrativo y de lo Contencioso Administrativo*) as amended by Articles 80, 81 and 87 of Law 2080 of 2021; (ii) Articles 593, 594 and 595 et al. of Law 1564 of 2012 (*Código General del Proceso*); and (iii) Article 19 of Decree 111 of January 15, 1996, pursuant to which the revenues, assets and property of the Republic located in the Republic are not subject to execution, set-off or attachment.

The Republic hereby appoints the Consul General of the Republic in The City of New York and her successors from time to time, at her office located at 10 East 46th Street, New York, New York 10017, as its authorized agent (the "<u>Authorized Agent</u>") upon whom process may be served in any such action based on the Indenture or the Bonds which may be instituted in any state or federal court in the Borough of Manhattan, The City of New York. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Bonds have been paid to the Trustee and the Indenture shall have been discharged in accordance with its terms, except that, if, for any reason, the Consul General of the Republic ceases to be able to act as such Authorized Agent or no longer has an address in The City of New York, the Republic will appoint another person in the Borough of Manhattan, The City of New York, selected in its discretion, as its Authorized Agent and provide notice in writing thereof to the Trustee. The Republic will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Upon receipt of such service of process, the Authorized Agent shall advise the Republic promptly at its address specified in Section 9.4 of the Indenture. Service of process upon the Authorized Agent at the address indicated above, or at such other address in the Borough of Manhattan, The City of New York as the Authorized Agent shall specify by notice given by it to the Trustee, shall be deemed, in every respect, effective service of process upon the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this paragraph 16 shall affect the right of the Trustee or (in connection with legal actions or proceedings by any Holder as permitted by the Indenture and this Bond) any such Holder to serve legal process in any other manner permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else in this paragraph 16 to the contrary, the Republic reserves the right to plead sovereign immunity with respect to actions brought under the United States securities laws or any state securities laws and the Republic's appointment of the Consul General of the Republic in The City of New York will not extend to such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Warranty of the Republic</u>. Subject to paragraph 15, Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Bond and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Modifications</u>. (a) Any Modification to the Bonds or the Indenture insofar as it affects the Bonds shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this paragraph 19 will be conclusive and binding on all Holders of the Bonds, and on all future Holders of the Bonds whether or not notation of such Modification is made upon the Bonds. Any instrument given by or on behalf of any Holder of a Bond in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Provision in National Budget</u>. The Republic recognizes that amounts due under the Bonds must be paid out of appropriations provided in the national budget, and has undertaken that it will annually take all necessary and appropriate action to provide for the due inclusion therein and for the timely payment of all amounts due thereunder as such amounts become due in the ordinary course, and will take all such other action as may be necessary or appropriate at any other time to make timely payment of such amounts as may be due or payable in the event of acceleration or prepayment of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Contracts with the Republic</u>. In accordance with the legal requirements of the Republic relating to contracts with the Republic, the Holders of the Bonds shall be deemed to have waived by purchasing the Bonds any right to petition for diplomatic claims to be asserted by its government against the Republic, except in the case of denial of justice, with respect to the rights of such Holder under the Indenture and this Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Repurchase</u>. The Republic may at any time purchase Bonds at any price in the open market, in privately negotiated transactions or otherwise. Bonds so purchased by the Republic may, at the Republic's discretion, be held, resold or surrendered to the Trustee for cancellation.

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**TRUSTEE, REGISTRAR, PAYING AGENT,** 

**CALCULATION AGENT AND TRANSFER AGENT** 

The Bank of New York Mellon

Global Trust Services—Americas

240 Greenwich Street, Floor 7E

New York, New York 10286

**PAYING AGENT, CALCULATION AGENT** 

**AND TRANSFER AGENT** 

The Bank of New York Mellon, London Branch

160 Queen Victoria Street

London EC4V 4LA

United Kingdom

## Exhibit 99.5

**Exhibit 5** 

REPUBLIC OF COLOMBIA

UNLESS THIS REGISTERED GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH (THE "COMMON DEPOSITARY"), AS COMMON DEPOSITARY FOR EUROCLEAR BANK S.A./N.V. ("EUROCLEAR") AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME ("CLEARSTREAM"), TO THE REPUBLIC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR ITS NOMINEE, OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR ITS NOMINEE OR TO SUCH OTHER ENTITY AS IS NOMINATED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY OR ITS NOMINEE, HAS AN INTEREST HEREIN.

REGISTERED GLOBAL SECURITY

representing

€[•]

5.625% Global Bonds due 2036

ISIN No.: XS3183160236

Common Code: 318316023

The Republic of Colombia (the "<u>Republic</u>"), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or registered assigns, as the nominee of The Bank of New York Mellon, London Branch (the "<u>Common Depositary</u>"), upon surrender hereof the principal sum of [•] EUROS (€[•]) or such amount as shall be the outstanding principal amount hereof on February 19, 2036, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof and to pay the redemption amount in connection with any optional redemption as provided in paragraph 3 of the attached Terms of the Bonds. The Republic further unconditionally promises to pay interest annually in arrears on February 19 in each year (each an "<u>Interest Payment Date</u>"), commencing February 19, 2026, on any outstanding portion of the unpaid principal amount hereof at 5.625% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from September 19, 2025 until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of February 4 of each year (each, a "<u>Record Date</u>"). This is a Global Security deposited with the Common Depositary, and registered in the name of the Common

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Depositary or its nominee, and accordingly, the Common Depositary or its nominee, as Holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the European Union as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Common Depositary as the sole Holder of this Global Security.

The statements in the legend relating to the Common Depositary set forth above are an integral part of the terms of this Global Security and by acceptance hereof each Holder of this Global Security agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Security is issued in respect of an issue of €[•] principal amount of 5.625% Global Bonds due 2036 of the Republic and is governed by (i) the Indenture dated as of January 28, 2015, as amended and supplemented by the First Supplemental Indenture thereto, dated as of September 8, 2015, (as so amended and supplemented, the "<u>Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), the terms of which Indenture are incorporated herein by reference, and (ii) the Terms of the Bonds attached hereto. This Global Security shall in all respects be entitled to the same benefits as other Bonds under the Indenture and the Terms. All capitalized terms used in this Global Security but not defined shall have the meanings assigned to them in the Indenture.

Upon any exchange of all or a portion of this Global Security for Certificated Securities in accordance with the Indenture, this Global Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose.

[*Remainder of the page intentionally left in blank*]

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IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

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| | | |
|:---|:---|:---|
| Dated: September 19, 2025 | REPUBLIC OF COLOMBIA | REPUBLIC OF COLOMBIA |
|  | By |  |
|  |  | Germán Ávila Plazas<br> Minister of Finance and Public Credit |
|  | By |  |
|  |  | Javier Andrés Cuéllar Sánchez<br> Director General of Public Credit and National Treasury of the Ministry of Finance and Public Credit |

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Bonds issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| Dated: September 19, 2025 |  |
|  | THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee |
|  | By: Authorized Officer |

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Schedule A

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Principal Amount of**<br> **Certificated**<br> **Securities** | **Remaining**<br> **Principal Amount of**<br> **this Global Security** | **Notation Made By** |

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TERMS OF THE BONDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. (a) This Bond is one of a duly authorized Series of debt securities of the Republic of Colombia (the "<u>Republic</u>"), designated as its 5.625% Global Bonds due 2036 (each Bond of this Series a "<u>Bond</u>", and collectively, the "<u>Bonds</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of January 28, 2015, between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended and supplemented by the First Supplemental Indenture thereto, dated as of September 8, 2015, and as further amended and supplemented from time to time (as so amended and supplemented, the "<u>Indenture</u>"). The aggregate principal amount of the Bonds is €[•] subject to increase as provided in paragraph 13 below. The Holders of the Bonds will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Bond but not defined herein shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bonds constitute and will constitute direct, general, unconditional, unsecured and unsubordinated External Indebtedness (as defined below) of the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsecured and unsubordinated External Indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Bonds ratably with payments being made under any other External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bonds are in fully registered form, without coupons in denominations of €100,000 and integral multiples of €1,000 thereof. The Bonds may be issued in certificated form (each, a "Certificated Security and collectively, the "<u>Certificated Securities"</u>), or may be represented by one or more registered global securities (each, a "<u>Global Security</u>") held by or on behalf of the Common Depositary. Certificated Securities will be available only in the limited circumstances set forth in the Indenture. The Bonds, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Bond shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Bond regardless of any notice of ownership, theft, loss or any writing thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this paragraph and paragraphs 5 and 6 below, the following terms shall have the meanings specified below:

"<u>External Indebtedness</u>" means all obligations for borrowed money, whether present or future, actual or contingent, of a person or for the repayment of which such person, either directly or indirectly, is obliged or otherwise responsible (including such obligations evidenced by bonds, debentures, notes or other similar instruments but excluding any obligation to pay the deferred purchase price of property or services) that are payable, or which at the option of the Holder thereof may be payable, in a currency other than the lawful currency of the Republic.

"<u>Public External Indebtedness</u>" means any External Indebtedness that is in the form of, or represented by, bonds, debentures, notes or other securities which are, or at the time of issue are intended by the Republic to be, quoted, listed or ordinarily purchased and sold on any stock exchange, automated trading system or over-the-counter or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the Securities Act , as amended (or any successor law or regulation of similar effect)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) the Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts (as defined below)) on, the Bonds and any other payments to be made by the Republic under the Bonds and the Indenture, at the place or places, at the respective times and in the manner provided in the Bonds and the Indenture. Principal of the Bonds will be payable against surrender of such Bonds at the office of The Bank of New York Mellon, London Branch, as paying agent in London, England (the "<u>Paying Agent</u>") or, subject to applicable laws and regulations, at the office of such other paying agent, by Euro check drawn on, or by transfer to a Euro account maintained by the Holder with, a bank located in London, England. Payment of interest or principal (including Additional Amounts) on the Bonds will be made to the persons in whose name such Bonds are registered at the close of business on the relevant Record Date, whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Bonds upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; <u>provided</u> that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Bonds are registered as of a subsequent record date established by the Republic by notice, as provided in paragraph 12 of these Terms, by or on behalf of the Republic to the Holders of the Bonds not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Securities will be made (i) by a Euro check drawn on a bank in London, England mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least €1,000,000 in principal amount of Certificated Securities to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a Euro account maintained by the Holder with a bank in London, England. Payment of interest on a Global Security will be made (i) by a Euro check drawn on a bank in London, England delivered to the Common Depositary at its registered address or (ii) by wire transfer in immediately available funds to a Euro account maintained by the Common Depositary with a bank in London, England. "<u>Business Day</u>" shall mean any day that is a day on which the Trans-European Automated Real-time Settlement Express Transfer (TARGET) System (or any successor thereto) is open for business and a day on which commercial banks are open for dealing in euro deposits in the London interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Bonds shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Bonds will accrue as a result of the delay in payment. So long as the Trustee holds the funds so deposited and such funds are available to Holders of the Bonds in accordance with the terms of the Bonds and the Indenture and Holders of the Bonds are not prevented from claiming such funds in accordance with the terms of the Bonds and the Indenture, the Republic shall not be considered to have defaulted in its obligation to make payment of such amounts on the date on which such amounts become due and payable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of the actual number of days in the interest period divided by 365, or, if any portion of the interest period falls in a leap year, the sum of (a) the actual number of days falling in the leap year divided by 366 and (b) the actual number of days falling in the non-leap year divided by 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Bond and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Bond shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. The Republic shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Bond until such time as the claims against the Republic for payment of such amounts shall have prescribed pursuant to paragraph 14 of these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Republic at any time defaults in the payment of any principal of, or interest (including Additional Amounts), on the Bonds, the Republic will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 5.625% per annum, together with Additional Amounts, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All payments of principal of and interest and Additional Amounts (as defined below, if any), on the Bonds, will be payable in Euros, provided, that if on or after September 19, 2025, the Euro is unavailable to the Republic due to the imposition of exchange controls or other circumstances beyond the Republic's control or if the Euro is no longer being used by the then member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Bonds will be made in U.S. dollars until the Euro is again available to the Republic or so used. The amount payable on any date in Euros will be converted by the Calculation Agent into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Bonds so made in U.S. dollars will not constitute an Event of Default (as defined below) under the Bonds or the Indenture governing the Bonds. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Redemption</u>. (a) Prior to November 19, 2035 (three months prior to the maturity date) (the "Par Call Date"), the Bonds will be redeemable, in whole or in part, at any time and from time to time, at the Republic's option, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming the Bonds matured on the Par Call Date) discounted to the date of redemption specified in the notice of redemption (the "Redemption Date") on an annual basis (assuming the actual number of days in a 365- or 366-day year) at the Benchmark Rate plus 50 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the bonds to be redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, the Bonds will be redeemable, in whole or in part at any time and from time to time, at the Republic's option, at a redemption price equal to 100% of the principal amount of the Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Bond,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Benchmark Rate" means, with respect to the Redemption Date, the rate per year equal to the annual equivalent yield to maturity or interpolated (on a day-count basis) yield to maturity of the Comparable Benchmark Issue (as defined below), assuming a price for such Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Benchmark Price (as defined below) for such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Comparable Benchmark Issue" means the Bundesanleihe security or securities (Bund) of the German Government selected by an Independent Investment Banker (as defined below) appointed by the Republic as having an actual or interpolated maturity comparable to the remaining term of the Bonds, or such other maturity that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of comparable maturity to the remaining term of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Comparable Benchmark Price" means, with respect to any Redemption Date, (1) the average of the Reference Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Dealer Quotations for such Redemption Date, or (2) if the Republic obtains fewer than four such Reference Dealer Quotations, the average of all such Reference Dealer Quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Independent Investment Banker" means one of the Reference Dealers (as defined below) appointed by the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Reference Dealer" means any of Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by the Republic, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, the Republic will substitute there for another dealer of Bund of the German Government.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Reference Dealer Quotations" means, with respect to each Reference Dealer and any Redemption Date and any Redemption Date, the average, as determined by the Republic, of the bid and asked prices for the applicable Comparable Benchmark Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Republic by such Reference Dealer at 3:30 p.m. (Frankfurt, Germany time) on the third Business Day preceding such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic will send, or cause to be sent, a notice of redemption to each Holder by first-class mail, postage prepaid, or electronic delivery (or otherwise transmitted in accordance with the depositary's procedures), at least 10 days and not more than 60 days prior to the Redemption Date, to the address of each Holder of the Bonds to be redeemed as it appears on the register maintained by the registrar. A notice of redemption will specify the Redemption Date and may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and we will not be obligated to redeem the Bonds. In the event that fewer than all of the Bonds are to be redeemed at any time, selection of Bonds for redemption will be made in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which Bonds are listed or if such securities exchange has no requirement governing redemption or the Bonds are not then listed on a securities exchange, by lot (or, in the case of Bonds issued in global form, based on the applicable procedures of Euroclear and Clearstream). If Bonds are redeemed in part, the remaining outstanding amount of any Bond must be at least equal to €100,000 and be an integral multiple of €1,000. Unless the Republic defaults in the payment of the redemption price, on and after the Redemption Date interest will cease to accrue on the Bonds called for redemption. If the Trustee is to provide notice to the Holders on behalf of the Republic, it shall be notified in writing or through electronic delivery of such request at least 5 Business Days prior to the date of the giving of such notice (unless a shorter notice shall be satisfactory to the Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bonds (i) are not subject to any sinking fund; and (ii) are not repayable at the option of the Holder prior to maturity (except as provided in paragraph 6 hereof in the event of acceleration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic's actions and determinations in determining the redemption price in accordance with this paragraph 3 shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) <u>Additional Amounts</u>. All payments by the Republic in respect of the Bonds shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, "<u>Relevant Tax</u>"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Bonds in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Bond having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Bond or receiving payments of any nature on the Bond or enforcing its rights in respect of the Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Bond, or any other person through which the Holder or beneficial owner holds a Bond, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Bond, or any other person through which the Holder or beneficial owner holds a Bond, having presented the Bond for payment (where such presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Bond for payment on any date during such 30-day period.

As used in this paragraph 4(a), "<u>Relevant Date</u>" in respect of any Bond means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 12 below that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder or in the Indenture shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Negative Pledge Covenant of Republic</u>. (a) So long as any Bond forming part of this Series shall remain outstanding or any amount payable by the Republic under the Indenture shall remain unpaid, the Republic will not create any Lien (as defined below) other than Permitted Liens (as defined below) upon the whole or any part of its present or future revenues, properties or assets to secure Public External Indebtedness (as defined below) of the Republic, unless the Bonds are secured equally and ratably with such Public External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

"<u>Lien</u>" means any lien, pledge, mortgage, security interest, deed of trust or charge.

"<u>Permitted Liens</u>" means: (i) any Liens created prior to January 28, 2015, including renewals or refinancing thereof; provided, however, that any renewal or refinancing of any such Liens secures only the renewal or extension of the original secured financing; (ii) any Lien on property to secure Public External Indebtedness arising in the ordinary course of business to finance export, import or other trade transactions, which Public External Indebtedness matures (after giving effect to all renewals and refinancings thereof) not more than one year after the date on which the Public External Indebtedness was originally incurred; (iii) any Liens securing Public External Indebtedness incurred in connection with a Project Financing (as defined below), provided that the Lien is solely on assets or revenues of the project for which the Project

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Financing was incurred; (iv) any Lien upon any assets or properties (and any revenues therefrom) to secure indebtedness incurred for the purpose of financing the acquisition, development or construction of such asset or property, and any renewal or extension of any such Lien which is limited to the original asset or property (and revenues) covered thereby and which secures any renewal or extension of the original secured financing; (v) any Lien existing on an asset or property (and any revenues therefrom) at the time of its acquisition and any renewal or extension of any such Lien which is limited to the original asset or property (and revenues) covered thereby and which secures any renewal or extension of the original secured financing; and (vi) Liens in addition to those permitted by clauses (i) through (v) above, and any renewal or extension thereof; provided that at any time the aggregate amount of Public External Indebtedness secured by such additional Liens shall not exceed the equivalent of U.S.$14.768 billion.

"<u>Project Financing</u>" means any financing of all or part of the costs of the acquisition, construction or development of any project if the person or persons providing such financing (A) expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced and (B) have been provided with a feasibility study prepared by competent independent experts on the basis of which it was reasonable to conclude that such project would generate sufficient foreign currency income to service substantially all Public External Indebtedness incurred in connection with such project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Events of Default; Acceleration</u>. If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Republic shall fail to pay any principal of or interest on any Bond when due, and such failure shall continue for 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Republic shall fail duly to perform any other material obligation contained in the Bonds or (with respect to the Bonds) the Indenture, and such failure shall continue for a period of 60 days after the date on which written notice thereof requiring the Republic to remedy the failure shall have been given to the Republic by the Trustee or the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Republic shall fail to pay (i) any Public External Indebtedness of the Republic (other than Public External Indebtedness constituting guaranties by the Republic) with an aggregate principal amount in excess of U.S. $20,000,000 (or its equivalent in other currencies) as and when such Public External Indebtedness becomes due and payable (beyond any applicable grace period or waiver), or (ii) any Public External Indebtedness constituting guaranties by the Republic with an aggregate principal amount in excess of U.S. $20,000,000 (or its equivalent in other currencies) as and when such Public External Indebtedness becomes due and payable and such failure continues until the earlier of (A) the expiration of the applicable grace period or 30 days after written notice, whichever is longer, or (B) the acceleration of any such Public External Indebtedness by any holder thereof and such acceleration shall not have been rescinded or annulled; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) the validity of this Bond shall be contested in a formal administrative, legislative or judicial proceeding by the Republic or any legislative, executive, or judicial body or official of the Republic which is authorized in each case by law to do so and, acting alone or together with another such body or official, has the legal power and authority to declare this Bond invalid or unenforceable or (ii) the Republic shall declare a general suspension of payments or a moratorium on the payment of principal or interest on Public External Indebtedness (which does not expressly exclude the Bonds); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Republic shall cease to be a member of the International Monetary Fund or cease to be eligible to use the general resources of the International Monetary Fund;

then in each and every such case, the Trustee or the Holders (the "<u>Demanding Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Bonds, upon notice in writing to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, may declare the principal amount of all the Bonds due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the Republic, unless prior to such date all Events of Default in respect of all the Bonds shall have been cured; <u>provided</u> that if, at any time after the principal of the Bonds shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Bonds, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal (and premium, if any) upon all the Bonds which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal (and premium, if any) of each Bond at the rate of interest specified herein, to the date of such payment of interest or principal (and premium, if any) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Bonds which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Bonds then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 6 need not be taken at a meeting pursuant to paragraph 7 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 6 are subject to Article Four of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Bonds and actions taken by written consent of the Holders of Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement, Exchange and Transfer of the Bonds</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Bond shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Bond bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Bond, or in lieu of and in substitution for the apparently destroyed, lost or stolen Bond. In every case, the applicant for a substitute Bond shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such Bond and of the ownership thereof. Upon the issuance of any substitute Bond, the Holder of such Bond, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations and a beneficial interest in the Global Security may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations or for an equal aggregate principal amount of beneficial interests in another Global Security in different authorized denominations by the Holder or Holders surrendering the Security or Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) and (f) of the Indenture. The exchange of the Bonds will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Bonds will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 8 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Bond. Registration of the transfer of a Bond by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Bond during the period of 15 days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Paying Agents; Transfer Agents; Calculation Agent; Registrar</u>. The Republic has initially appointed the paying agents, transfer agents, calculation agent and registrar listed at the foot of this Bond. The Republic may at any time appoint additional or other paying agents, transfer agents, calculation agents and registrars and terminate the appointment of those or any paying agents, transfer agents, calculation agents and registrars, <u>provided</u> that while the Bonds are Outstanding the Republic will maintain (A) in London, England (i) a paying agent and (ii) an office or agency where the Bonds may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (B) in The City of New York, (i) a paying agent, (ii) a transfer agent and (iii) a registrar; provided that the registrar shall not be in the United Kingdom. In addition, if and for so long as the Bonds are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require, the Republic will maintain a paying agent and transfer agent in Luxembourg. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent, calculation agent or registrar will act will be promptly given in the manner described in paragraph 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforcement</u>. Except as provided in Section 4.7 of the Indenture, no Holder of any Bonds of any Series shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Bonds of such Series to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Bonds, or for any other remedy hereunder or under the Bonds, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Bonds, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Bonds of such Series shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture, it being understood and intended, and being expressly covenanted by every Holder of Bonds of a Series with every other Holder of Bonds of such Series and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Bonds to affect, disturb or prejudice the rights of any other Holder of Bonds of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Bonds of such Series, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Bonds of such Series. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. The Republic will mail any notices to the Holders of the Bonds at their registered addresses as reflected in the books and records of the Trustee. So long as the Bonds are represented by a global security deposited with the Common Depositary, notices to be given to Holders will be given to Euroclear and Clearstream in accordance with their applicable rules and procedures in effect from time to time. The Republic will consider any mailed notice to have been given at the time it is mailed. In addition, if and so long as the Bonds are listed on the Luxembourg Stock Exchange and/or London Stock Exchange and the rules of such exchange(s) shall so require, notices to Holders of the Bonds will be published in (i) a leading newspaper with general circulation in Luxembourg, by publication on the website of the Luxembourg Stock Exchange at http://www.bourse.lu and/or (ii) an Authorized Newspaper (as defined below) in London. If at any time publication in any such newspaper is not practicable, notices will be valid if published in such English language newspaper with general circulation in the respective market regions as the Republic shall determine. In the case of Debt Securities in global form, notices to holders of Debt Securities may be sent in accordance with the procedures of the Depositary. "Authorized Newspaper" means a newspaper, in an official language in the country of publication or in the English language, customarily published on each Monday, Tuesday, Wednesday, Thursday and Friday, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Monday, Tuesday, Wednesday, Thursday or Friday. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Debt Security shall affect the sufficiency of any notice with respect to any other Debt Securities. In case by reason of the suspension of publication of any Authorized Newspaper or by reason of any other cause it shall be impracticable to publish any notice as provided above, then such notification shall be given in another manner consistent with the rules of the Luxembourg Stock Exchange and/or London Stock Exchange. Such notices shall be deemed to have been given on the date of (i) such publication or, if published in such newspapers on different dates, on the date of the first such publication and (ii) in the case of any notice mailed or made through the Depositary or its nominee, on the date of mailing or transmission, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Issues of Bonds</u>. The Republic may from time to time, without the consent of Holders of the Bonds, create and issue additional Bonds having the same Terms as the Bonds in all respects, except for the issue date, issue price and first interest payment on the Bonds; provided, however, that any additional debt securities subsequently issued that shall be fungible with the previously Outstanding Bonds for U.S. federal income tax purposes. Additional Bonds issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of, or interest or other amounts due on, the Bonds (including Additional Amounts) will become void unless made within five years of the date on which that payment first became due (or such shorter period as may be prescribed by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authentication</u>. This Bond shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. (a) THIS BOND WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION BY THE REPUBLIC SHALL BE GOVERNED BY THE LAWS OF COLOMBIA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereby irrevocably submits to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan, The City of New York, and the courts of Colombia sitting in Bogotá D.C., Colombia in respect of any action arising out of or based on the Indenture or the Bonds that may be brought in any such court, irrevocably waives any objection which it may have to the venue of any such court in respect of any such action and, to the fullest extent permitted by law, irrevocably waives and agrees not to plead any immunity from the jurisdiction of any such court to which it might otherwise be entitled (including sovereign immunity and immunity from prejudgment attachment, post-judgment attachment and execution) in any such action based upon the Indenture or the Bonds, subject to the terms, conditions, limitations or exceptions under (i) Articles 192, 195, 298 and 299 of Law 1437 of 2011 (*Código de Procedimiento Administrativo y de lo Contencioso Administrativo*) as amended by Articles 80, 81 and 87 of Law 2080 of 2021; (ii) Articles 593, 594 and 595 et al. of Law 1564 of 2012 (*Código General del Proceso*); and (iii) Article 19 of Decree 111 of January 15, 1996, pursuant to which the revenues, assets and property of the Republic located in the Republic are not subject to execution, set-off or attachment.

The Republic hereby appoints the Consul General of the Republic in The City of New York and her successors from time to time, at her office located at 10 East 46th Street, New York, New York 10017, as its authorized agent (the "<u>Authorized Agent</u>") upon whom process may be served in any such action based on the Indenture or the Bonds which may be instituted in any state or federal court in the Borough of Manhattan, The City of New York. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Bonds have been paid to the Trustee and the Indenture shall have been discharged in accordance with its terms, except that, if, for any reason, the Consul General of the Republic ceases to be able to act as such Authorized Agent or no longer has an address in The City of New York, the Republic will appoint another person in the Borough of Manhattan, The City of New York, selected in its discretion, as its Authorized Agent and provide notice in writing thereof to the Trustee. The Republic will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Upon receipt of such service of process, the Authorized Agent shall advise the Republic promptly at its address specified in Section 9.4 of the Indenture. Service of process upon the Authorized Agent at the address indicated above, or at such other address in the Borough of Manhattan, The City of New York as the Authorized Agent shall specify by notice given by it to the Trustee, shall be deemed, in every respect, effective service of process upon the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this paragraph 16 shall affect the right of the Trustee or (in connection with legal actions or proceedings by any Holder as permitted by the Indenture and this Bond) any such Holder to serve legal process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else in this paragraph 16 to the contrary, the Republic reserves the right to plead sovereign immunity with respect to actions brought under the United States securities laws or any state securities laws and the Republic's appointment of the Consul General of the Republic in The City of New York will not extend to such actions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Warranty of the Republic</u>. Subject to paragraph 15, Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Bond and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Modifications</u>. (a) Any Modification to the Bonds or the Indenture insofar as it affects the Bonds shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this paragraph 19 will be conclusive and binding on all Holders of the Bonds, and on all future Holders of the Bonds whether or not notation of such Modification is made upon the Bonds. Any instrument given by or on behalf of any Holder of a Bond in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Provision in National Budget</u>. The Republic recognizes that amounts due under the Bonds must be paid out of appropriations provided in the national budget, and has undertaken that it will annually take all necessary and appropriate action to provide for the due inclusion therein and for the timely payment of all amounts due thereunder as such amounts become due in the ordinary course, and will take all such other action as may be necessary or appropriate at any other time to make timely payment of such amounts as may be due or payable in the event of acceleration or prepayment of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Contracts with the Republic</u>. In accordance with the legal requirements of the Republic relating to contracts with the Republic, the Holders of the Bonds shall be deemed to have waived by purchasing the Bonds any right to petition for diplomatic claims to be asserted by its government against the Republic, except in the case of denial of justice, with respect to the rights of such Holder under the Indenture and this Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Repurchase</u>. The Republic may at any time purchase Bonds at any price in the open market, in privately negotiated transactions or otherwise. Bonds so purchased by the Republic may, at the Republic's discretion, be held, resold or surrendered to the Trustee for cancellation.

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**TRUSTEE, REGISTRAR, PAYING AGENT,** 

**CALCULATION AGENT AND TRANSFER AGENT** 

The Bank of New York Mellon

Global Trust Services—Americas

240 Greenwich Street, Floor 7E

New York, New York 10286

**PAYING AGENT, CALCULATION AGENT** 

**AND TRANSFER AGENT** 

The Bank of New York Mellon, London Branch

160 Queen Victoria Street

London EC4V 4LA

United Kingdom

## Exhibit 99.6

**Exhibit 6** 

September 19, 2025

Bogotá D.C.

Republic of Colombia

Ministry of Finance and Public Credit

Carrera 8, No. 6C-38, Piso 1

Bogotá D.C., Colombia

Ladies and Gentlemen:

In my capacity as Head of the Legal Affairs Group of the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit of the Republic of Colombia (the "<u>Republic</u>"), and in connection with the Republic's offering, pursuant to its registration statement under Schedule B of the United States Securities Act of 1933, as amended (the "<u>Securities Act</u>"), filed by the Republic with the United States Securities and Exchange Commission (the "<u>Commission</u>") under Registration No. 333-284683 (the "<u>Registration Statement</u>"), €1,450,000,000 aggregate principal amount of 3.750% Global Bonds due 2028, €1,450,000,000 aggregate principal amount of 5.000% Global Bonds due 2032 and €1,200,000,000 aggregate principal amount of 5.625% Global Bonds due 2036 (collectively, the "<u>Securities</u>"), I have reviewed the following documents:

(i) the Registration Statement and the related Prospectus dated March 13, 2025 included in the Registration
Statement most recently filed with the Commission, as supplemented by the Prospectus Supplements dated September 10, 2025 relating to the Securities, as filed with the Commission pursuant to Rule 424(b)(5) under the Securities Act;

(ii) an executed copy of the Indenture, dated January 28, 2015, between the Republic and The Bank of New York
Mellon, as amended and supplemented by the Supplemental Indenture thereto, dated as of September 8, 2015, and as further amended and supplemented from time to time (as amended and supplemented, the " <u>Indenture</u> ");

(iii) the global Securities dated September 19, 2025, in the aggregate principal amount of €1,450,000,000,
€1,450,000,000 and €1,200,000,000 executed by the Republic;

(iv) an executed copy of the Authorization Certificate dated September 10, 2025, pursuant to which the terms of
the Securities were established;

(v) all relevant provisions of the Constitution of the Republic and the following acts, laws and decrees of the
Republic, under which the issuance of the Securities has been authorized:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The relevant portions of Law 80 of October 28, 1993 (a translation of which has been filed as part of
Exhibit F to the Republic's Registration Statement No. 333-13172 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Article 16 of Law 185 of January 27, 1995 (a translation of which has been filed as part of Exhibit F to the
Republic's Registration Statement No. 333-13172 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 13 of Law 533 of November 11, 1999 (a translation of which has been filed as part of Exhibit F to the
Republic's Registration Statement No. 333-13172 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Law 781 of December 20, 2002 (a translation of which has been filed as part of Exhibit F to the
Republic's Registration Statement No. 333-109215 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Law 1366 of December 21, 2009 (a translation of which has been filed as part of Exhibit 3 to Amendment
No. 2 to the Republic's Annual Report on Form 18-K for the fiscal year ended December 31, 2008 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Law 1624 of April 29, 2013 (a translation of which has been filed as part of Exhibit 3 to Amendment No. 1
to the Republic's Annual Report on Form 18-K for the fiscal year ended December 31, 2012 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Decree No 1068 of May 26, 2015 (a summary of the material portion of which has been filed as part of
Exhibit 3 of Amendment No. 1 to the Republic's Annual Report on Form 18-K for the fiscal year ended December 31, 2014 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Law 1771 of December 30, 2015, (a translation of which has been filed as Exhibit A to Exhibit 3 to Amendment
No. 2 to the Republic's Annual Report From 18-K for the fiscal year ended December 31, 2014 and incorporated herein by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Law 2073 of December 31, 2020 (a translation of which has been filed as part of Exhibit 4 to Amendment
No. 1 to the Republic's Report on Form 18-K for the fiscal year ended December 31, 2019 and incorporated herein by reference); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Law 2382 of July 16, 2024 (a translation of which has been filed as part of Exhibit 4 to Amendment No. 1
to the Republic's Report on Form 18-K for the fiscal year ended December 31, 2023 and incorporated herein by reference).

(vi) the following additional actions under which the issuance of the Securities has been authorized:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CONPES Document No. 4154 DNP, MINHACIENDA, dated July 23, 2025 (a translation of which is attached as
Exhibit A hereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Authorization by Act of the Interparliamentary Commission of Public Credit (*Comisión Interparlamentaria de Crédito Público*) adopted in its meetings held on August 25, 2025 and September 1, 2025 (a translation of which is attached as Exhibit B hereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Resolution No. 2213 of September 8, 2025, of the Ministry of Finance and Public Credit (a translation
of which is attached as Exhibit C hereto).

It is my opinion that under and with respect to the present laws of the Republic, the Securities have been duly authorized, executed and delivered by the Republic and, assuming due authentication thereof pursuant to the Indenture, constitute valid and legally binding obligations of the Republic.

I hereby consent to the filing of this opinion as an exhibit to the Republic's Amendment No. 1 to its Annual Report on Form 18-K for its fiscal year ended December 31, 2024 and to the use of the name of the Head of the Legal Affairs Group of the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit of the Republic under the caption "Validity of the Securities" in the Prospectuses and under the heading "General Information—Validity of the Bonds" in the Prospectus Supplements referred to above. In giving the foregoing consent, I do not thereby admit that I am in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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No opinion is expressed as to any law of any jurisdiction other than Colombia. With respect to the opinion set forth above, my opinion is limited to the laws of Colombia. In particular, to the extent that New York State or United States Federal law is relevant to the opinions expressed above, I have relied, without making any independent investigation, on the opinion of Arnold & Porter Kaye Scholer LLP, filed as an exhibit to Amendment No. 1 to the Republic's Annual Report on Form 18-K for its fiscal year ended December 31, 2024. This opinion is specific as to the transactions and the documents referred to herein and is based upon the law as of the date hereof. My opinion is limited to that expressly set forth herein, and I express no opinions by implication.

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| |
|:---|
| Very truly yours, |
| /s/ Lady Nathalie Gómez Acosta |
| **Lady Nathalie Gómez Acosta** |
| Head of the Legal Affairs Group of the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit of the Republic of Colombia |

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**Exhibit A**![LOGO](g83946img1.jpg)

**FAVORABLE OPINION, FOR THE NATION** 

**TO ENGAGE IN FOREIGN PUBLIC DEBT TRANSACTIONS** 

**TO FINANCE AND/OR PRE-FINANCE BUDGET ALLOCATIONS FOR FISCAL YEARS** 

**2025 AND 2026, FOR UP TO THE SUM OF USD 10.1 BILLION, OR ITS EQUIVALENT IN** 

**OTHER CURRENCIES.** 

National Planning Department

Ministry of Finance and Public Credit

**Approved version** 

Bogotá, D.C., July 23, 2025

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**NATIONAL COUNCIL FOR ECONOMIC AND SOCIAL POLICY** 

**CONPES** 

**Gustavo Francisco Petro Urrego** 

President of the Republic

**Francia Elena Márquez Mina** 

Vice-President of the Republic

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| | |
|:---|:---|
| **Armando Alberto Benedetti Villaneda** | **Rosa Yolanda Villavicencio Mapy** |
| Minister of the Interior | Minister of Foreign Affairs (E) |
| **Germán Ávila Plazas** | **Luis Eduardo Montealegre Lynett** |
| Minister of Finance and Public Credit | Minister of Justice and Law |
| **Pedro Arnulfo Sánchez Suárez** | **Martha Viviana Carvajalino Villegas** |
| Minister of National Defense | Minister of Agriculture and Rural Development |
| **Guillermo Alfonso Jaramillo Martínez** | **Antonio Eresmid Sanguino Páez** |
| Minister of Health and Social Protection | Minister of Labour |
| **Edwin Palma Egea** | **Diana Marcela Morales Rojas** |
| Minister of Mines and Energy | Minister of Trade, Industry and Tourism |
| **José Daniel Rojas Medellín** | **Lena Yanina Estrada Añokazi** |
| Minister of National Education | Minister of Environment and Sustainable Development |
| **Helga María Rivas Ardila** | **Julián Molina Gómez** |
| Minister of Housing, City and Territorylp | Minister of Information and Communications Technology |
| **María Fernanda Rojas Mantilla** | **Yannai Kadamani Fonrodona** |
| Minister of Transport | Minister of Culture, Arts and Knowledge |
| **Patricia Duque Cruz** | **Ángela Yesenia Olaya Requene** |
| Minister of Sport | Minister of Science, Technology and Innovation |
| **Carlos Alfonso Rosero** |  |
| Minister for Equality and Equity |  |
| **Natalia Irene Molina Posso** | **Natalia Irene Molina Posso** |
| General Director of the National Planning Department | General Director of the National Planning Department |
| **Mario Alejandro Valencia Barrera** | **Rubin Ariel Huffington Rodriguez** |
| Deputy Director General Prospective and Development | Deputy Director General of the General System of Royalties |
| **Tatiana Zambrano Sánchez** | **Rubin Ariel Huffington Rodriguez** |
| Deputy Director General Investments, Monitoring and Evaluation | Deputy Director General Decentralization and Territorial Development (E) |

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**Executive Summary** 

In accordance with paragraph 2 of Article 41 of Law 80 of 1993<sup>1</sup> and Part 2, Book 2 of Decree 1068 of 2015,<sup>2</sup> as amended by Decree 1575 of 2022,<sup>3</sup> this document submits to the consideration of the National Council for Economic and Social Policy (CONPES) the favorable opinion for the Nation to engage in transactions related to foreign public credit to finance and/or pre-finance budget allocations for fiscal years 2025 and 2026, for up to USD 10.1 billion, or its equivalent in other currencies. This amount is distributed as follows: USD 7.6 billion in international capital markets and USD 2.5 billion in foreign loans through commercial banking.

The foregoing intends to provide flexibility and room for maneuver to: (i) carry out financing and/or pre-financing transactions to ensure the necessary cash resources for fiscal years 2025 and 2026; (ii) secure timely access to international capital markets; (iii) diversify the investor base and sources of financing; and (iv) fulfill the strategic objective of building liquid and efficient yield curves.

Having this flexibility is important for the Nation to ensure the necessary resources to finance and/or pre-finance budget allocations and meet amortization and interest payments for 2025 and 2026, in a changing international context with potential risks.

**Classification:** H63.

**Keywords:** foreign bonds, commercial banking, financing, issuance, sovereign debt, debt service.

<sup>1</sup> Whereby the General Statute of Public Administration Contracting is issued.

<sup>2</sup> Whereby the Unified Regulatory Decree of the Finance and Public Credit Sector is issued.

<sup>3</sup> Whereby Title 1 of Part 2, Book 2 of Decree 1068 of 2015, "Unified Regulatory Decree of the Finance and Public Credit Sector," is amended with regard to public credit transactions, assimilated transactions, debt management, and related matters.

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
| **1. INTRODUCTION** | **1. INTRODUCTION** | **8** |
| **2. BACKGROUND** | **2. BACKGROUND** | **9** |
| 2.1. | CONPES 4134 Document | 9 |
| 2.1.1. | 2036 Global Bond and 2054 Global Bond Issuance | 9 |
| 2.1.2. | 2030 Global Bond and 2035 Global Bond Issuance | 10 |
| 2.2. | CONPES 3262 Document | 10 |
| 2.2.1. | Syndicated loan in 2004 | 10 |
| **3. JUSTIFICATION: FINANCING NEEDS** | **3. JUSTIFICATION: FINANCING NEEDS** | **11** |
| **4. MARKET CONTEXT** | **4. MARKET CONTEXT** | **14** |
| 4.1. | Global macroeconomic performance | 14 |
| 4.2. | United States | 15 |
| 4.2.1. | Monetary policy and interest rates | 15 |
| 4.2.2. | Fiscal policy | 17 |
| 4.3. | Eurozone | 18 |
| 4.3.1. | Monetary policy and interest rates | 18 |
| 4.3.2. | Economic and fiscal policy | 19 |
| 4.4. | Japan | 19 |
| 4.4.1. | Monetary policy and interest rates | 19 |
| 4.4.2. | Fiscal policy | 20 |
| 4.5. | Colombia | 20 |
| 4.5.1. | Macroeconomic performance | 20 |
| 4.5.2. | Monetary policy | 21 |
| 4.5.3. | Fiscal policy | 23 |
| 4.5.4. | Risk perception | 24 |
| 4.5.5. | Credit Rating | 25 |
| 4.5.6. | Financing Levels | 25 |
| 4.5.7. | Issuance strategy | 27 |
| 4.5.8. | Thematic bonds | 28 |

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| | | |
|:---|:---|:---|
| 4.5.9. | Other sources of financing | 30 |
| **5. OBJECTIVES** | **5. OBJECTIVES** | **31** |
| **6. RECOMMENDATIONS** | **6. RECOMMENDATIONS** | **32** |
|  **BIBLIOGRAPHY** | **BIBLIOGRAPHY** | **33** |

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| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  Graphic 1. IMF's changing expectations of global growth | 14 |
|  Graphic 2. United States Treasury and Federal Reserve Rate | 15 |
|  Graphic 3. Forecast for 10-year U.S. Treasury Bonds | 16 |
|  Graphic 4. Forecast for 30-year US Treasury Bonds | 17 |
|  Graphic 5. Performance Euribor 6M and Germany's 10-year benchmark bond | 19 |
|  Graphic 6. Interest Rates – Monetary Policy | 22 |
|  Graphic 7. Inflation (CPI) | 23 |
|  Graphic 8. EMBI+ Behavior | 24 |
|  Graphic 9. Reference Bonds in Dollars and Difference Over 10-year Treasuries | 26 |
|  Graphic 10. Benchmark Dollar Bonds and Spread Over 30-year Treasuries | 26 |
|  Graphic 11. Yield Curve Evolution USD, 2023-2025 | 27 |
|  Graphic 12. Euro 2026 – Global Bond | 28 |
|  Graphic 13. 10-Year JPY and Swap of the Libor Reference | 28 |
|  **TABLE OF CONTENTS** |  |
|  Table 1. General conditions of the syndicated loan contracted in 2004 | 11 |
|  Table 2. Sources and uses of CNG 2025 | 12 |
|  Table 3. Sources and uses of CNG 2026 | 13 |
|  Table 4. Colombia's Sovereign Ratings | 25 |
|  Table 5. Green TES Auctions | 29 |
|  Table 6. Issuance of social bonds | 30 |

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**ACRONYMS AND ABBREVIATIONS** 

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| | |
|:---|:---|
|  ECB | European Central Bank |
|  BOJ | Bank of Japan |
|  CONPES | National Council for Economic and Social Policy |
|  COP | Colombian Pesos |
|  DANE | National Administrative Department of Statistics |
|  EMBI+ | Emerging Market Bond Index |
|  Euribor | Euro Interbank Offered Rate |
|  FED | Federal Reserve |
|  IMF | International Monetary Fund |
|  FOMC | Federal Open Market Committee |
|  CNG | Central National Government |
|  CPIBOJ | Consumer Price Index |
|  JPY | Japanese Yen |
|  p.p. | Percentage points |
|  Bps | Basis points |
|  GDP | Gross domestic product |
|  S&P | Standard and Poor's Global ratings |
|  TES | Treasury Securities |
|  USD | US dollars |

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**1.** **INTRODUCTION** 

This document submits for the consideration of the National Council for Economic and Social Policy (CONPES) the favorable opinion for the Nation to engage in transactions related to foreign public credit to finance and/or pre-finance budget allocations for fiscal years 2025 and 2026, for up to USD 10.1 billion, or its equivalent in other currencies; consisting of USD 7.6 billion in international capital markets and USD 2.5 billion in foreign loans through commercial banking. This is in accordance with paragraph 2 of Article 41<sup>4</sup> of Law 80 of 1993<sup>5</sup> and Part 2, Book 2 of Decree 1068 of 2015,<sup>6</sup> as amended by Decree 1575 of 2022.<sup>7</sup>

In this way, by having timely authorizations to access different sources of financing, the Nation is empowered to (i) finance and/or pre-finance the needs of fiscal years 2025 and 2026; (ii) secure timely access to international markets; (iii) diversify the investor base and sources of financing; and (iv) fulfill the strategic objective of building liquid and efficient yield curves.

This document is divided into six sections, including this introduction. The second section presents the background, covering information related to issuances carried out by the Nation and the most recent contracting of an foreign loan through commercial

<sup>4</sup> Paragraph 2 of Article 41 provides that:

Without prejudice to what is provided in special laws, for the purposes of this law, public credit transactions are considered those aimed at providing the entity with resources with a set term for repayment, including the contracting of loans, the issuance, subscription, and placement of bonds and securities, supplier credits, and the granting of guarantees for payment obligations of state entities. (Paragraph 2 of Article 41 of Law 80 of 1993)

It also provides that:

For the management and execution of any foreign credit transactions and transactions assimilated to these by state entities, and for domestic public credit transactions and transactions assimilated to these by the Nation and its decentralized entities, as well as for the granting of guarantees by the Nation, authorization from the Ministry of Finance and Public Credit shall be required, following favorable opinions from CONPES and the National Planning Department. (Paragraph 2 of Article 41 of Law 80 of 1993)

(…)

In any case, foreign public credit transactions of the Nation and those guaranteed by it, with a term longer than one year, shall require prior opinion from the Interparliamentary Commission on Public Credit. (Paragraph 2 of Article 41 of Law 80 of 1993)

(…)

The transactions referred to in this article that are executed abroad shall be subject to the jurisdiction agreed upon in the contracts. (Paragraph 2 of Article 41 of Law 80 of 1993)

<sup>5</sup> Whereby the General Statute of Public Administration Contracting is issued.

<sup>6</sup> Whereby the Unified Regulatory Decree of the Finance and Public Credit Sector is issued.

<sup>7</sup> Whereby Title 1 of Part 2, Book 2 of Decree 1068 of 2015, "Unified Regulatory Decree of the Finance and Public Credit Sector," is amended with regard to public credit transactions, assimilated transactions, debt management, and related matters.

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banking. The third section justifies the need for financing and/or pre-financing for fiscal years 2025 and 2026. The fourth section presents the market context, particularly the performance of the U.S. economy, the Eurozone, and the Japanese economy, as well as the performance of the Colombian economy. The fifth section outlines the objectives intended to be achieved with the document, and finally, the sixth section presents the recommendations to CONPES.

**2.** **BACKGROUND** 

**2.1.** **CONPES 4134 Document** 

Through CONPES 4134 Document, *Favorable Opinion for the Nation to engage in Transactions Related to Foreign Public Credit to Finance and/or Pre-finance Budget Allocations for Fiscal Years 2024 and 2025 for up to USD 6.8 Billion, or its Equivalent in Other Currencies*, approved on July 13, 2024, the Nation received a favorable opinion from CONPES to engage in transactions related to foreign public credit to finance and/or pre-finance budget allocations for fiscal years 2024 and 2025 for up to USD 6.8 billion, or its equivalent in other currencies.

Against this quota, the Nation carried out two transactions in international capital markets to: (i) finance budgetary needs for 2024 and pre-finance fiscal year 2025; and (ii) finance budgetary needs for 2025, for a total of USD 6.45 billion, as detailed in sections 2.1.1 and 2.1.2; leaving an authorized but unused quota of USD 350 million.

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1.** **Global Bond 2036 and Global Bond 2054 Issuance** 

On October 28, 2024, the Nation issued a global bond maturing in November 2036 for an amount of USD 2.0 billion, at a rate of 7.800% and a coupon of 7.750%; as well as a global bond maturing in November 2054 for an amount of USD 1.64 billion at a rate of 8.500% and a coupon of 8.375%. Of the total amount issued, USD 3.001 billion were used to finance budget allocations for fiscal year 2024 and pre-finance fiscal year 2025; the remaining USD 639 million were part of a debt management transaction. The latter consisted of the partial substitution of USD 483 million of the global bond maturing in January 2026 and USD 156 million of the global bond maturing in April 2027.

In accordance with Article 2.2.1.1.2 of Decree 1068 of 2015, as amended by Decree 1575 of 2022, public debt management transactions do not constitute new financing nor affect the debt quota. Thus, following the closing of this transaction, an authorized but unused quota of USD 3.799 billion, or its equivalent in other currencies, remained.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2.** **Global Bond 2030 and Global Bond 2035 Issuance** 

On April 15, 2025, the Nation issued a global bond maturing in April 2030 for an amount of USD 1.9 billion at a rate of 7.500% and a coupon of 7.375%, and a global bond maturing in April 2035 for an amount of USD 1.9 billion at a rate of 8.750% and a coupon of 8.500%. Of the total amount issued, USD 3.449 billion were used to finance budget allocations for fiscal year 2025, and USD 351 million were part of a debt management transaction consisting of the partial substitution of the global bond maturing in January 2026.

In accordance with Article 2.2.1.1.2 of Decree 1068 of 2015, as amended by Decree 1575 of 2022, public debt management transactions do not constitute new financing nor affect the debt quota. Following the closing of this transaction, a remaining authorized but unused quota of USD 350 million, or its equivalent in other currencies, remained.

**2.2.** **CONPES 3262 Document** 

Through CONPES 3262 Document, Authorization for the Nation to Obtain a Foreign Debt Quota of up to USD 1.45 Billion or its Equivalent in Other Currencies, in Order to Finance Budget Allocations for Fiscal Years 2004–2005, approved on January 9, 2004, the Nation received authorization to obtain a foreign debt quota of up to USD 1.45 billion, or its equivalent in other currencies; consisting of USD 1.2 billion for issuing bonds in the international capital markets and USD 250 million for contracting foreign loans. The resources were authorized to finance budget allocations for fiscal years 2004–2005.

Against this quota, the Nation contracted a syndicated loan with JP Morgan Chase and BNP Paribas for USD 250 million, and carried out four transactions in the international capital markets until the total approved bond quota was exhausted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1.** **Syndicated Loan in 2004** 

On May 25, 2004, the Nation contracted a syndicated loan with a five-year term, with JP Morgan Chase acting as administrative agent and BNP Paribas as syndication agent, for an amount of USD 250 million, intended to finance budget allocations for fiscal years 2004 and 2005. The loan conditions are presented below in Table 1.

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**Table 1. General conditions of the syndicated loan contracted in 2004** 

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| | | | |
|:---|:---|:---|:---|
| **Amortizations** | **Amortizations** | **Interest<sup>(a)</sup>** | **Interest<sup>(a)</sup>** |
| Month | Million USD | Period | Margin |
|  End of Month 21 | USD 31,250 | Year 1 | Libor +2.75% |
|  End of month 27 | USD 41,667 | Year 2 | Libor + 3.05% |
|  End of Month 33 | USD 41,667 | Year 3 | Libor + 3.05% |
|  End of Month 39 | USD 41,667 | Year 4 | Libor + 3.35% |
|  End of Month 57 | USD 41,667 | Year 5 | Libor + 3.35% |
|  End of Month 60 | USD 52,083 |  |  |

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Source: DNP (2025) with information from the Ministry of Finance and Public Credit (2004).

Notes: (a) Interest is the sum of the Libor rate and the applicable margin.

**3.** **JUSTIFICATION: FINANCING NEEDS** 

The Nation has maintained a proactive approach not only to finance budget allocations and secure the necessary resources to meet foreign debt service obligations, but also to carry out debt management transactions that have helped improve the debt profile, reduce foreign currency cash pressure, and identify appropriate market windows. This strategy has avoided accessing financing in international capital markets during periods of high volatility, such as those experienced at the end of 2022, during several months of 2023, and during the United States presidential elections in 2024.

Maintaining a proactive approach to securing financing resources is even more important in the current market context. This is mainly due to: (i) the monetary policy stances of developed economies in response to high inflation, particularly in the United States, which consequently affect financing rates for emerging economies; (ii) the decline in global economic growth expectations, partly due to the implications of U.S. tariff policies; (iii) the perception of risk toward emerging markets; and (iv) global geopolitical tensions resulting from the war between Russia and Ukraine, the conflict between Israel and the Gaza Strip, and tensions in the Middle East. Table 2 presents the sources and uses of the Central National Government (CNG) for 2025, currently in effect.

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**Table 2. Sources and uses of CNG 2025** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sources** | **Million<br>USD** | **Billions<br>of<br>COP** | **Uses** | **Million<br>USD** | **Billions<br>of<br>COP** |  |
| **Sources** | **Million<br>USD** | **Billions<br>of<br>COP** | **Uses** | **Million<br>USD** | **Billions<br>of<br>COP** | **193.909** |
|  Disbursement |  | 119.433 | Deficit to be financed |  | 129.619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign | 9.057 | 38.623 | Of which: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonuses | 6.000 | 25.588 | &nbsp;&nbsp;&nbsp;&nbsp; Domestic interest |  | 65.967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 2.057 | 8.770 | &nbsp;&nbsp;&nbsp;&nbsp; Foreign interest | 4.631 | 19.806 |  |
|  Commercial and other | 1.000 | 4.265 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic |  | 80.810 | Amortizations |  | 32.902 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Foreign | 4.849 | 20.547 |  |
|  Treasury Transactions |  | 40.674 | &nbsp;&nbsp;&nbsp;&nbsp; Domestic |  | 12.355 |  |
|  Other Resources |  | 17.720 | Payment of obligations (judgment, health, others) |  | 2.600 |  |
|  **Initial Availability** | **2.827** | **16.082** | **Final Availability** | **1.950** | **28.789** |  |

---

Source: DNP (2025) with information from the Ministry of Finance and Public Credit (2025).

For 2025, total foreign debt amortizations amount to approximately USD 4.849 billion, while foreign interest payments are projected at approximately USD 4.631 billion, resulting in a total debt service for 2025 of USD 9.480 billion.

Considering the above, as well as the projected deficit for the year 2025, which amounts to COP 129.619 billion, equivalent to 7.1% of the gross domestic product (GDP), the annual foreign financing needs are projected at USD 9.057 billion, as shown in Table 2.

On the other hand, for the year 2026, foreign debt service amounts to USD 9.616 billion, of which USD 3.919 billion corresponds to amortizations and USD 5.697 billion to interest payments, as shown in Table 3.

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**Table 3. Sources and uses of CNG 2026** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sources** | **Million<br>USD** | **Billions<br>of<br>COP** | **Uses** | **Million<br>USD** | **Billions<br>of<br>COP** |  |
| **Sources** | **Million<br>USD** | **Billions<br>of<br>COP** | **Uses** | **Million<br>USD** | **Billions<br>of<br>COP** | **171.468** |
|  Disbursement |  | 110.345 | Deficit to be financed |  | 119.628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign | 9.096 | 40.095 | Of which |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonuses | 5.000 | 22.040 | &nbsp;&nbsp;&nbsp;&nbsp; Domestic interest |  | 67.756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 2.596 | 11.443 | &nbsp;&nbsp;&nbsp;&nbsp; Foreign interest | 5.697 | 23.894 |  |
|  Commercial and other | 1.500 | 6.612 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic |  | 70.250 | Amortizations |  | 25.273 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Foreign | 3.919 | 17.273 |  |
|  Treasure Transactions |  | 13.313 | &nbsp;&nbsp;&nbsp;&nbsp; Domestic |  | 8000 |  |
|  Other Resources |  | 19.022 | Payment of obligations (judgment,<br> health, others) |  | 1.750 |  |
|  **Initial Availability** | **1.950** | **28.789** | **Final Availability** | **1.053** | **24.818** |  |

---

Source: DNP (2025) with information from the Ministry of Finance and Public Credit (2025).

Now, in terms of foreign borrowing, the Nation has worked in recent years on engaging in public credit transactions with multilateral and bilateral organizations, development entities, and governments; on contracting loans with commercial banks; and on the issuance, subscription, and placement of public debt securities.

Additionally, given that financing needs have increased compared to previous fiscal years, and considering that: (i) the credit quotas available to the Nation from multilateral and bilateral organizations are limited; and (ii) there is high volatility and uncertainty in international capital markets, it is necessary to have sufficient flexibility to use the most favorable foreign financing source for the Nation, depending on market conditions.

Thus, considering the importance of maintaining flexibility under the current international context to: (i) finance and/or pre-finance the needs of fiscal years 2025 and 2026; (ii) secure timely access to international markets; (iii) diversify the investor base and sources of financing; and (iv) fulfill the strategic objective of building liquid and efficient yield curves; the Nation requests to be granted the necessary authorizations.

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**4.** **MARKET CONTEXT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Global macroeconomic performance** 

The April 2025 growth report from the International Monetary Fund (IMF) projected global economic growth of 2.8% (revised downward by 0.5 percentage points [p.p.] compared to the January projection); 1.4% for advanced economies and 3.7% for emerging economies by the end of 2025 (see Chart 1). Global growth forecasts were revised downward compared to the January 2025 report, due to effective tariff rates reaching levels not seen in a century and the highly unpredictable global context. Global headline inflation is expected to decline at a slower pace than projected in January (IMF, 2025).

**Graphic 1. IMF's changing expectations for global growth** 

(annual GDP)

![LOGO](g83946dsp015.jpg)

Additionally, a resurgence of the trade war—primarily between the United States and other economies such as China and the European Union—and increased uncertainty surrounding trade policies could further reduce short- and long-term growth. At the same time, the resilience shown by various emerging market economies could be compromised if their debt service levels rise significantly in a context of unfavorable global financial conditions. The decline in international development assistance may increase pressure on low-income countries, subjecting them to greater indebtedness or forcing them to undertake significant fiscal adjustments, with immediate implications for growth and living standards (IMF, 2025).

Under this scenario, Colombia must have the capacity to secure financing by having the necessary authorizations to anticipate a global economic slowdown and take advantage of market windows that may arise in the international capital markets under the current context.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **United States** 

Although inflation in the United States has moderated since 2023, it remains above the 2% target set by the Federal Open Market Committee (FOMC).<sup>8</sup> After the Consumer Price Index (CPI) reached its peak in June 2022 at 9.1%—a figure not seen since 1981 and driven by: (i) a surge in retail prices for food and energy; and (ii) a tight labor market—the most recent CPI figure stood at 2.3% for April 2025.

Increases in securities and domestic transactions indices, automobile insurance, housing, hospital services, and medical care were the main contributors to the monthly rise. These upward variations were partially offset by a decrease in the index for airfares, used cars and trucks, communication, and clothing (Bureau of Labor Statistics, 2025). On the other hand, U.S. Treasury yields in the second half of 2023 reached their highest levels in over a decade and remain high (see Chart 2).

**Graphic 2. United States Treasury and Federal Reserve Rate**![LOGO](g83946g0920001920780.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1.** **Monetary policy and interest rates** 

In response to sustained inflationary pressures and a strong labor market, the FOMC has adjusted its monetary policy since the end of 2021. Consequently, it began reducing its net monthly asset purchases in November 2021 and accelerated these reductions in 2022. In 2023 and during 2024, the Federal Reserve (FED)<sup>9</sup> continued with the process of significantly reducing its holdings. Since June 2024, the FED has reduced its balance sheet by USD 297.000 million, which resulted in a total reduction of holdings of around USD 2 trillion since 2021.

<sup>8</sup> FOMC by the initials of its name in English, namely: Federal Open Market Committee.

<sup>9</sup> FED by its name in English, namely: Federal Reserve.

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To ensure a smooth transition, the FOMC slowed the pace of this reduction of securities holdings in June 2024 and intends to stop these reductions when reserve balances are somewhat above the level that the FOMC considers consistent with ample reserves (FED, 2025).

Additionally, after keeping the federal funds rate near 0% since March 15, 2020—the date marking the start of the Covid-19 pandemic—from March 2022 the FOMC began raising the rate, which in December 2022 reached 4.50%. Subsequently, in February, March, and May 2023, the committee raised the rate again to 5.25%. In June 2023, the FOMC decided to keep the rate unchanged but indicated in advance that increases in the target range could be appropriate.

Consequently, in July 2023 the FOMC increased the rate by 25 basis points (bps) to place it at 5.50%, as shown in Chart 3. From September 2023 until July 2024, the FOMC maintained the target range unchanged. In September and October 2024, the FOMC decided to reduce the rate by 50 bps, placing it at 4.50%, and in December 2024, decided to reduce the rate by 25 bps, placing it in a range of 4.25% – 4.5%. During 2025, there have been no changes in the target range, and in its latest meeting, the FOMC decided to keep the rate unchanged (FED, 2025).

On the other hand, it is important to mention that the results of the survey on yield forecasts for 10- and 30-year Treasury securities conducted by Bloomberg to analysts in June 2025 estimate levels in an average and high range of 4.3% and 5.0% in the third quarter of 2025 for 10-year securities (see Chart 3); as well as 4.7% and 5.2% for 30-year securities (see Chart 4).

**Graphic 3. Forecast for 10-year U.S. Treasury Bonds**![LOGO](g83946g0920001921050.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

Note <sup>(a)</sup>: Forecasts are the average of responses from approximately 49 analysts.

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**Graphic 4. Forecast for 30-year US Treasury Bonds<sup>(a)</sup>**![LOGO](g83946g0920001921321.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

Notes: <sup>(a)</sup> Forecasts are the average of responses from approximately 33 analysts.

Under this scenario, the Treasury yield curve may continue to face upward pressure, increasing financing costs for all issuers, especially sovereign and corporate issuers in emerging economies, as seen in 2022, 2023, and 2024—a trend that has continued into 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2.** **Fiscal policy** 

Assuming current laws governing taxes and spending remain unchanged, the U.S. Congressional Budget Office (2025) projects a federal budget deficit of USD 1.9 trillion in 2025, USD 33 billion more than in 2024. Relative to the size of the economy, the 2025 deficit is expected to total 6.2% of GDP, down from 6.4% in 2024. For 2026, the projected deficit is USD 1.7 trillion, or 5.5% of GDP.

According to the latest Congressional Budget Office report (2025), federal spending for 2025 is projected at USD 7.0 trillion, representing 23.3% of GDP. For 2026, federal spending is estimated at USD 7.3 trillion, also 23.3% of GDP. Tax revenues are estimated at USD 5.2 trillion for 2025 (17.1% of GDP) and USD 5.6 trillion for 2026 (17.8% of GDP).

It is estimated that U.S. debt will reach approximately USD 30 trillion in 2025, equivalent to 100% of GDP—an increase from 98% in 2024. In 2026, debt is projected to rise to 101.7% of GDP

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and reach 118.5% by the end of 2035, the highest debt level in U.S. history, with expectations of further increases over the next two decades (U.S. Congressional Budget Office, 2025).

**4.3.** **Eurozone** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1.** **Monetary Policy and Interest Rates** 

Inflation in Europe stood at 2.2% in April 2025 (European Central Bank [ECB], 2025). It was driven by rising prices of food, alcohol, and tobacco, which accelerated by 3.3%. Some ECB members have indicated that inflation is already close to the target level, as trade conflicts are slowing economic growth and hindering investment. This has encouraged a drop in energy prices, strengthened the euro, and made imports cheaper (Koranyi, 2025).

On June 6, 2024, the ECB Governing Council decided to reduce the three official interest rates<sup>10</sup> by 25 bps, after keeping them unchanged since September 20, 2023. This move ensured the timely return of inflation to the 2% medium-term target. The ECB has reduced the three official interest rates by 25 bps in each of its meetings in October and December 2024, as well as in January, February, April, and June 2025. As a result, the interest rate on main refinancing transactions, the marginal lending facility, and the deposit facility now stand at 2.15%, 2.40%, and 2.00%, respectively (ECB, 2025a).

As a consequence of these monetary policy easing decisions, eurozone sovereign debt yields saw a sharp decline in the second half of 2024 and so far in 2025. This is evident in the behavior of the Euro Interbank Offered Rate (Euribor)<sup>11</sup> and 10-year German bonds, which moved from negative levels in 2022 to around 2.0% and 2.6%, respectively (see Chart 5).

<sup>10</sup> The interest rate on the main refinancing transactions, the interest rates on the marginal lending facility and the deposit facility

<sup>11</sup> Euribor by the initials of its name in English, namely: *euro interbank offered rate*.

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**Graphic 5. Performance Euribor 6M and Germany's 10-year benchmark bond**![LOGO](g83946g0920001921516.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

On the other hand, the portfolio of the Asset Purchase Programme and the Pandemic Emergency Purchase Programme is decreasing at a measured and predictable pace, as principal payments from maturing securities are no longer being reinvested (ECB, 2025a).

Thus, the potential continuation of a stable monetary policy by the ECB and interest rates lower than those reached in 2023 and 2024 reinforces the need for Colombia to have the necessary flexibility to finance its upcoming budgetary needs, whether in USD, euros, or other currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2.** **Economic and fiscal policy** 

In the context of high uncertainty regarding geopolitical conditions and economic policies, it is estimated that the negative effects of potential changes in global trade policies—particularly those affecting the European Union—will weigh on exports and investment in the eurozone. Despite these adverse factors, real GDP growth is expected to average 0.9% in 2025, increasing to 1.2% in 2026 and 1.3% in 2027 (European Central Bank, 2025).

**4.4.** **Japan** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1.** **Monetary policy and interest rates** 

At the April 30, 2025 meeting of the Bank of Japan (BOJ)<sup>12</sup> Committee, it was decided to maintain its monetary policy rate at 0.5%, following the first three

<sup>12</sup> BOJ by its name in English, namely: the Bank of Japan.

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rate hikes in 17 years, which occurred between March and July 2024, as well as in January 2025, bringing the rate to its current level (BOJ, 2025).

In its latest *Outlook for Economic Activity and Prices* report, the BOJ forecasts economic growth of 0.5% for Japan in 2025, which is 0.6 p.p. below the projections made in the January report. This revision is due to trade policies and the downward trend in working hours, reflecting labor reforms. In the medium term, Japan's economy is expected to accelerate moderately, supported by a rebound in foreign economies. Goods exports are expected to recover, and fixed investment growth by companies is likely to increase gradually, driven by reduced uncertainties. Based on this, the BOJ (2025a) projected economic growth of 0.7% for 2026, which is 0.3 p.p. lower than the projections in its January report.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2.** **Fiscal policy** 

The Japanese economy is currently experiencing positive trends, such as significant wage increases and record levels of capital investment. Total general spending is projected to reach approximately JPY 68.25 trillion in 2025, and the government's general account is expected to reach around JPY 115.54 trillion, representing an increase of about JPY 2.97 trillion compared to the previous year. Public revenues from taxes and other sources are estimated at JPY 78.44 trillion for 2025, with bond issuance around JPY 28.65 trillion—marking the first drop below JPY 30 trillion since fiscal year 2008.

Regarding fiscal reform for fiscal year 2025, in light of the need to adjust the tax burden during a period of rising prices and in response to changes in working hours, the Ministry of Finance plans to raise the basic exemption and the minimum amount required to ensure deductions for employment income. It also intends to introduce a special exemption for parents with university-aged children. Additionally, the tax system will be expanded to strengthen the management of small and medium-sized enterprises. Furthermore, in response to changes in the international environment, fiscal measures will be introduced to secure financial resources for strengthening defense capabilities, and the tax exemption system for foreign tourists will be revised (Ministry of Finance of Japan, 2025).

**4.5.** **Colombia** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1.** **Macroeconomic performance** 

After achieving a high growth rate of 7.3% in 2022—double the global growth rate of 3.5% for the same year and surpassing the expansion of Latin American and

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Caribbean countries (3.9%)—according to the Bank of the Republic (2024a), Colombia's GDP growth slowed in 2023, registering a rate of 0.6%. A slight recovery was observed in 2024, with a growth rate of 1.7% compared to the previous year. The National Administrative Department of Statistics (DANE) reported that in the first quarter of 2025, GDP grew by 2.7% compared to the same period in 2024, driven by growth in wholesale and retail trade, and agriculture, livestock, hunting, forestry, and fishing sectors (DANE, 2025).

According to the Bank of the Republic (2025b), the recovery in 2024 was due to: (i) a reduction in interest rates; (ii) a more favorable external environment, characterized by lower international interest rates, increased remittances from Colombians abroad, and growth in exports; (iii) a rising trend in domestic consumption, exceeding its pre-pandemic trajectory; and (iv) an improvement in fixed investment in the category of other buildings and structures, thanks to progress in projects such as the Bogotá metro and certain 5G roadways.

For 2025, an expansion of 2.7% is projected, associated with a more stable economic context. This growth would be supported by strong domestic demand, reduced inflation, lower interest rates, and recovery in key sectors such as manufacturing and civil construction. For 2026, a growth rate of 3.0% is forecasted, driven by strong domestic demand and exports, and aided by inflation converging toward its target range and a less restrictive monetary policy (Ministry of Finance and Public Credit, 2025).

The labor market performed positively in 2024. According to DANE (2025b), the national unemployment rate stood at 9.1% in December 2024, representing a 0.9% decrease compared to the same month in 2023. In April 2025, the national unemployment rate was 8.8%, a reduction of 1.9 p.p. compared to April 2024, when it was 10.6%. Similarly, the unemployment rate in the 13 main cities and metropolitan areas was 8.7%, a decrease of 1.6 p.p. compared to the same month in 2024 (10.3%). Finally, the overall labor force participation rate was 65.9%, a decrease of 0.7 p.p. compared to April 2024, when it was 66.6% (DANE, 2025b).

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2.** **Monetary policy** 

On December 19, 2023, the Board of Directors of the Bank of the Republic (2023a) decided to reduce the monetary policy interest rate by 25 bps, bringing it to 13.0%. This marked the first reduction after the rate had remained unchanged since May 2023, when the Bank of the Republic raised it to its peak of 13.25%, as inflation was still significantly above the 3.0% target (Bank of the Republic, 2023b).

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During 2024, the monetary policy interest rate continued to decline. In February 2024, the Board of Directors of the Bank of the Republic reduced the rate by another 25 bps (Bank of the Republic, 2024b); in March, it was reduced by 50 bps (Bank of the Republic, 2024c); in October, by an additional 50 bps (Bank of the Republic, 2024d); and in December, by 25 more bps, bringing the rate to 9.50% (Bank of the Republic, 2024e). This downward trend has continued in 2025. On April 30, 2025, the Board of Directors of the Bank of the Republic unanimously decided to reduce the interest rate by 25 bps, bringing it to 9.25% (Bank of the Republic, 2025d) (see Chart 6).

**Graphic 6. Interest Rates – Monetary Policy**![LOGO](g83946dsp023.jpg)

Source: Ministry of Finance and Public Credit with information from the Bank of the Republic (2025f) (2025a).

Finally, as shown in Chart 7, total inflation stood at 5.16% in April 2025, which is 2 p.p. below the total inflation reported for the same period in the previous year, when it reached 7.16%. This decrease is mainly explained by reduced monthly variations in several spending categories, namely: housing, water, electricity, gas and other fuels; food and non-alcoholic beverages; restaurants and hotels; and transportation (DANE, 2025).

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**Graphic 7. Inflation (CPI)**![LOGO](g83946dsp024.jpg)

Source: Ministry of Finance and Public Credit with information from the Bank of the Republic (2025c).

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.3.** **Fiscal policy** 

The national government maintains a firm commitment to the sustainability of public finances, in line with compliance with the fiscal rule. In 2020 and 2021, the parametric mechanism of the fiscal rule was suspended due to the Covid-19 pandemic and its effects. Starting in 2022, the calculation of operational targets resumed under the new fiscal rule, supported by strengthened institutional frameworks.

In 2024, the CNG closed the fiscal deficit at 6.7%, satisfactorily meeting the limit imposed by the fiscal rule. Meanwhile, the primary deficit registered at 2.4% of GDP, reflecting a deterioration of 2 p.p. compared to 2023. The estimated fiscal deficit for 2025 stands at 7.1% of GDP, mainly due to increased public spending, driven by higher allocations for debt service payments and the rise in mandatory transfers such as the General System of Participations and pensions, among other factors (Ministry of Finance and Public Credit, 2025).

Additionally, in 2024, the net debt of the CNG was 59.3% of GDP, an increase of 5.9 p.p. compared to the end of 2023, primarily due to the depreciation of the nominal exchange rate, the government's primary balance, and the financial cost.<sup>13</sup> For 2025, net debt is expected to reach 61.3% of GDP, 2 p.p. higher than at the end of 2024 (Ministry of Finance and Public Credit, 2025).

During the presentation of the Medium-Term Fiscal Framework in June 2025, the national Government announced its decision to activate the escape clause of the fiscal rule, considering the structural pressure caused by the persistent growth of inflexible spending

<sup>13</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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mandated by the Constitution and the law, without equivalent sources of financing. This decision aims to protect the stability of key variables such as economic growth, employment, inflation, and the exchange rate, avoiding an abrupt adjustment that could negatively impact productive activity (Ministry of Finance and Public Credit, 2025).

Activating the escape clause requires specific commitments to return to the path of fiscal sustainability. These actions must begin in 2025, with the programming of the national general budget for fiscal year 2026 and the presentation of a fiscal reform that marks the start of such consolidation (Ministry of Finance and Public Credit, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.4.** **Risk perception** 

During 2024, the perception of credit risk—as represented by the Emerging Markets Bond Index (EMBI+)<sup>14</sup>—increased, a trend that has continued throughout 2025. The EMBI+ remains above that of peers such as Brazil, which has the second-highest EMBI+ after Colombia among comparable emerging markets, with a spread of 151 bps. This follows a situation in 2022 when Colombia's EMBI+ reached levels not seen since 2009 and exceeded the global EMBI+, a scenario that, as shown in Chart 8, had not occurred since 2004. Thus, the volatility presented in this indicator demonstrates that risk perception is highly sensitive to both local and external factors and is difficult to predict.

**Graphic 8. EMBI+ Behavior**![LOGO](g83946dsp025.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

<sup>14</sup> EMBI+ by its English name, namely: emerging markets bonds index.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.5.5.** **Credit Rating** 

Due to the impact of the Covid-19 pandemic, which generated the first economic recession in Colombia in more than two decades, in the year 2020 the nation experienced a deterioration of its public finances, as a result of spending pressure and lower revenues. This affected the trajectory of fiscal consolidation and led to an increase in debt above 60% of GDP. Faced with this challenging outlook and the uncertainty regarding the evolution of the Covid-19 pandemic, in the first half of 2021, two rating agencies revised Colombia's rating from BBB- to BB+.

In 2023, Colombia received reaffirmation of its credit rating from three rating agencies; however, in January and June 2024, the rating agency Standard and Poor's Global Ratings (S&P) changed the outlook from stable to negative, respectively.

In March 2025, Fitch changed the outlook from stable to negative and, in June 2025, as a result of the fiscal risks faced by the country, S&P revised Colombia's rating from Baa2 to Baa3 with a stable outlook and from BB+ to BB with a negative outlook, respectively, as presented in Table 4 below.

**Table 4. Colombia's Sovereign Ratings** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Agency** | **Long-term in<br>foreign currency** | **Long-term in<br>local currency** | **Perspective** | **Date of change in<br>rating or outlook** |
| S&P | BB | BB+ | Negative | June 26, 2025 |
| Fitch | BB+ | BB+ | Negative | March 06, 2025 |
| Moody's | Baa3 | Baa3 | Stable | June 26, 2025 |

---

Source: Ministry of Finance and Public Credit (2025a).

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.6.** **Financing Levels** 

As shown in Chart 9 and in Chart 10, financing rates experienced a considerable increase during the last year, not only due to the increase in the *spread*, but also due to the increase in treasury rates. Although currently they are at rates of 7.73% for 10 years and 8.67% for 30 years, and *spreads* of 338 for 10 years and 381 for 30 years, in October 2023 levels of 8.85% and 8.64% were reached in rates and *spreads* of 385 and 355 for 10 and 30 years respectively.

In this context, it is important to have the necessary authorizations to access new debt in a timely manner; since, given this outlook, market windows are increasingly shorter due to external factors such as movements in reference rates, high international inflation, and global geopolitical crises resulting from the war between Russia and Ukraine, the conflict in the Gaza Strip, and tensions in the Middle East, among others.

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**Graphic 9. Reference Bonds in Dollars and Difference Over 10-year Treasuries**![LOGO](g83946dsp027a.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

**Graphic 10. Benchmark Dollar Bonds and Spread Over 30-year Treasuries.**![LOGO](g83946dsp027b.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

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&nbsp;&nbsp;&nbsp;&nbsp;**4.5.7.** **Issuance strategy** 

During the last few years, the nation has met its strategic objective of building liquid and efficient yield curves, by maintaining adequate amounts in the reference bonds, as can be seen in Graphic 11.

**Graphic 11. Yield Curve Evolution USD, 2023-2025**![LOGO](g83946dsp028.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

Note <sup>(a)</sup>: The size of the spheres is associated with the existing amount of debt in each term.

Regarding the USD curves, in recent years they have been directed toward the creation of benchmarks at 5, 10, and 12 as well as 30 years. Likewise, they have focused on large-scale issuances that seek to ensure that, from their issuance, the bonds have the necessary liquidity to avoid trading frictions, with a view to protecting the efficiency of their long-term performance.

On the other hand, the nation continues to explore the diversification of funding sources in foreign currency other than USD. This, as part of the policy of optimizing sources and taking into account the volatility of markets over the past 2 years and the different monetary policy strategies of each region.

The nation has not issued global bonds in euros since March 26, 2016, when it obtained financing resources through the issuance of a new global bond denominated in euros for an amount of 1.350 billion with a maturity of 10 years. Likewise, the nation has not participated in the Japanese market since November 18, 2009, with the issuance of a samurai bond at 10 years for JPY 45.000 billion, equivalent to USD 504 million.

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However, under the current international context and the needs contemplated for 2025 and 2026, the government must have the flexibility to access the different markets. In Chart 11 and Chart 12, the behavior of the 2026 bond in euros and the rates in yen are presented.

**Graphic 12. Euro 2026 – Global Bond**![LOGO](g83946dsp029.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

**Graphic 13. 10-Year JPY and Swap of the Libor Reference**![LOGO](g83946dsp029b.jpg)

Source: Ministry of Finance and Public Credit with information from Bloomberg (2025).

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.8.** **Thematic bonds** 

Financial markets increasingly reflect the importance that sustainable development has for investors in their investment decisions. As recognition of this interest and the relationship between environmental, social, and governance factors and the performance of instruments, the issuance of thematic bonds—mainly green, social, and sustainable bonds—is increasingly growing.

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Since 2021, the country began its participation in these markets through:(i) the adoption and publication of the sovereign green bond framework of Colombia (Ministry of Finance and Public Credit, n.d.) through Resolution 1687 of July 19, 2021;<sup>15</sup> (ii) the publication of the first portfolio of eligible green projects or expenditures;(iii) the publication of the opinion of an independent third party, Vigeo Eiris, part of Moody's ESG Solutions; and (iv) the issuance of Treasury Securities (TES) in the local market through 5 auctions of a bond maturing in 2031 (Table 5) Table 6, which made Colombia the second country in the region, after Chile, to issue sovereign green bonds and the first to do so in the local market; and (v) the adoption of the Sovereign Green, Social, and Sustainable Bond Framework of Colombia (Ministry of Finance and Public Credit, n.d.) through Resolution 2063 of 2022.<sup>16</sup>

**Table 5. Green TES Auctions** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Criterion** | **Relevant Information** | **Relevant Information** | **Relevant Information** | **Relevant Information** | **Relevant Information** |
|  Placement date | 29-Sep-21 | Oct 27, 21 | 29-Jun-22 | Dec 14, 23 | Dec 4-24 |
|  Issuance |  |  | 26-Mar-21 |  |  |
|  Maturity |  |  | 26-Mar-31 |  |  |
|  Coupon (%) |  |  | 700 |  |  |
|  Term (years) |  |  | 10 |  |  |
|  Rate (%) | 7560 | 7880 | 11550 | 10059 | 10700 |
|  Cash (million COP) | 835.525<sup>(a)</sup> | 650.000 | 500.000 | 975.000 | 927.245 |
|  Placed Nominal (million pesos) | 836.619 | 660.710 | 644.895 | 1.086.944 | 1.048.801 |
|  *Bid to cover* <sup>(b)</sup> | 46 | 15 | 1 | 37 | 09 |
|  *Greenium*<sup>(c)</sup> (bps) | 7 | 11 | -11 | 9 | -35 |

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Source: Ministry of Finance and Public Credit (2025).

Notes: <sup>(a)</sup> includes non-competitive placement made on October 8, 2021; <sup>(b)</sup> number of times the security is demanded during the auction, over the announced amount; <sup>(c)</sup> Bps on the market closing rate of the conventional TES 2031.

Finally, on November 7, 2023, the nation launched a transaction in the international capital market, consisting of the issuance of a new 12-year social bond for an amount of USD 1.250 billion and a 30-year bond for an amount of USD 1.250 billion. This transaction, for a total amount of USD 2.500 billion, became the first social financing transaction through global bonds, aimed at fulfilling the sustainable development goals. Subsequently, on April 3, 2024, the nation carried out the reopening of the 12-year global social bond for an amount of USD 650 million and of the 30-year global social bond for an amount of USD 650 million, for a total amount of USD 1.300 billion (see Table 6). These transactions are backed by the social portfolios of 2022, 2023, and 2024, which received a favorable opinion from an independent third party.<sup>17</sup>

<sup>15</sup> Whereby the authorizations granted to the national government are expanded to carry out foreign and domestic public credit transactions and transactions assimilated to the aforementioned, as well as to guarantee payment obligations of other entities, and other provisions are issued.

<sup>16</sup> Whereby the "sovereign green, social, and sustainable bond framework of Colombia" is adopted for the issuance of green, social, or sustainable bonds in the name of the nation in the local market and/or in international capital markets.

<sup>17</sup> Known as SPO by the initials of the term in English: second party opinion.

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**Table 6. Issuance of social bonds** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Placement Date** | **2035** | **2053** | **Reopening**<br>**GB 2035** | **Reopening**<br>**GB 2053** |
|  Transaction Date | Nov 7, 23 | Nov 7, 23 | 3-Apr-24 | 3-Apr-24 |
|  Maturity | 14-Nov-35 | 14-Nov-35 | 14-Nov-35 | 14-Nov-35 |
|  Coupon (%) | 8000 | 8750 | 8000 | 8750 |
|  Term (years) | 12 | 30 | 12 | 30 |
|  Rate (%) | 8300 | 8950 | 7550 | 8, 150 |
|  Nominal Value (USD million) | 1.250 | 1.250 | 650 | 650 |
|  *Bid to cover* <sup>(a)</sup> |  | 51 |  | 78 |

---

Source: Ministry of Finance and Public Credit (2025).

Notes: <sup>(a)</sup> number of times the reference to the amount announced during the issuance is requested.

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.9.** **Other sources of financing** 

Under the current international context of high volatility and uncertainty in the markets, and by virtue of what is established in Decree 1068 of 2015, the nation is evaluating the execution of different public credit transactions. By virtue of what is established in Decree 1068 of 2015, these are understood as:

those transactions whose purpose is to provide the state entity with resources, goods, or services with a term for payment, as well as those through which the state entity acts as joint debtor or when it grants guarantees on monetary payment obligations with a term for payment. These transactions include, among others, loans (syndicated loans, syndicated loans with guarantee), the issuance, subscription and placement of public debt securities (guaranteed bonds), financing with suppliers and granting guarantees for monetary payment obligations with a payment term (Decree 1068, 2018; art. 2.2.1.1.1).

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**5.** **OBJECTIVES** 

In the context described in the previous sections, especially in 3*. Justification: financing needs* and *4. Market context*, this document sets out the following objectives:

1. Ensure that the Nation receives authorization to finance foreign needs through public credit transactions with
sufficient advance notice, in order to provide sufficient room for maneuver to carry out financing/pre-financing transactions that allow for the necessary cash resources.

2. Have sufficient flexibility to be able to use the most favorable foreign financing source for the Nation,
according to market conditions.

3. Diversify the investor base through access to different sources of financing in foreign markets.

4. Access international capital markets in a timely manner and continue to meet the Government's strategic
objective of building liquid and efficient yield curves by financing or pre-financing the Nation's general budget needs.

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**6.** **RECOMMENDATIONS** 

The National Planning Department and the Ministry of Finance and Public Credit recommend to the National Council for Economic and Social Policy:

1. Issue a favorable opinion for the nation to engage in foreign public credit transactions to finance and/or pre-finance budget allocations for the 2025 and 2026 periods, up to USD 10.100 billion, or its equivalent in other currencies, distributed as follows: USD 7.600 billion in international capital markets and
USD 2.500 billion in foreign loans through commercial banking.

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European Central Bank. (June 5, 2025a). *Monetary policy statement.* Retrieved from https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250605~3b5f67d007.en.html

Bank of Japan. (May 1, 2025). *Monetary policy statement.* Retrieved from chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2025/k250501a.pdf

Bank of Japan. (April 2025a). *Outlook for Economic Activity and Prices (April 2025).* Retrieved from chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.boj.or.jp/en/mopo/outlook/gor2504b.pdf

Bank of the Republic. (December 19, 2023a). *The Board of Directors of the Bank of the Republic decided by majority to reduce the monetary policy interest rate by 25 basis points (bps) to 13%.* Retrieved from https://www.banrep.gov.co/es/noticias/jdbr-decidio-mayoria-reducir-tasa-interes-diciembre-2023

Bank of the Republic. (May 3, 2023b). *BanRep Minutes: The Board of Directors of the Bank of the Republic decided by majority to increase the monetary policy interest rate by 25 basis points (bps) to 13.25%.* Retrieved from https://www.banrep.gov.co/es/noticias/minutas-banrep-28-04-2023

Bank of the Republic. (March 2024a). *Report of the Board of Directors to the Congress of the Republic.* Retrieved from chrome-extension://.../0d5d739f-a3b3-4635-a574-8256959c5565/content

Bank of the Republic. (February 5, 2024b). *BanRep Minutes: The Board of Directors of the Bank of the Republic decided by majority to reduce the monetary policy interest rate by 25 basis points (bps) to 12.75%.* Retrieved from https://www.banrep.gov.co/es/noticias/minutas-banrep-enero-2024

Bank of the Republic. (March 22, 2024c). *The Board of Directors of the Bank of the Republic decided by majority to reduce the monetary policy interest rate by 50 basis points (bps) to 12.25%.* Retrieved from https://www.banrep.gov.co/es/noticias/junta-directiva-marzo-2024

Bank of the Republic. (October 31, 2024d). *The Board of Directors of the Bank of the Republic decided by majority to reduce the monetary policy interest rate by 50 basis points (bps) to 9.75%.* Retrieved from https://www.banrep.gov.co/es/noticias/junta-directiva-octubre-2024

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Bank of the Republic. (December 20, 2024e). *The Board of Directors of the Bank of the Republic decided by majority to reduce the monetary policy interest rate by 25 basis points (bps) to 9.5%.* Retrieved from https://www.banrep.gov.co/es/noticias/junta-directiva-diciembre-2024

Bank of the Republic. (June 2025a). *Monetary policy interest rates.* Retrieved from Bank of the Republic: https://www.banrep.gov.co/es/estadisticas/tasas-interes-politica-monetaria

Bank of the Republic. (February 2025b). *Report of the Board of Directors to the Congress of the Republic.* Retrieved from https://repositorio.banrep.gov.co/server/api/core/bitstreams/97419b96-71ed-437f-b10c-2f38920e8636/content

Bank of the Republic. (June 2025c). *Consumer Price Index (CPI).* Retrieved from Bank of the Republic: https://www.banrep.gov.co/es/estadisticas/indice-precios-consumidor-ipc

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Bank of the Republic. (April 30, 2025d). *The Board of Directors of the Bank of the Republic unanimously decided to reduce the monetary policy interest rate by 25 basis points (bps) to 9.25%.* Retrieved from https://www.banrep.gov.co/es/noticias/junta-directiva-abril-2025

Bank of the Republic. (June 2025f). *Monetary policy interest rate.* Retrieved from Bank of the Republic: https://uba.banrep.gov.co/htmlcommons/SeriesHistoricas/tasas-interes.html

Bloomberg. (June 26, 2025). *Report generated by the Ministry of Finance and Public Credit.* Retrieved July 3, 2025.

Bureau of Labor Statistics. (2025). *Economic News Releases.* Retrieved from chrome-extension://.../https://www.bls.gov/news.release/pdf/cpi.pdf

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National Administrative Department of Statistics. (May 15, 2025). *DANE.* Retrieved from https://www.dane.gov.co/files/operaciones/PIB/bol-PIB-Itrim2025.pdf

National Administrative Department of Statistics. (April 2025). *Consumer Price Index (CPI) Report.* Retrieved from https://www.dane.gov.co/files/operaciones/IPC/abr2025/bol-IPC-abr2025.pdf

National Administrative Department of Statistics. (January 31, 2025a). *Main labor market indicators December 2024.* Retrieved from https://www.dane.gov.co/files/operaciones/GEIH/bol-GEIH-dic2024.pdf

National Administrative Department of Statistics. (May 30, 2025b). *Main labor market indicators April 2025.* Retrieved from https://www.dane.gov.co/files/operaciones/GEIH/bol-GEIH-abr2025.pdf

International Monetary Fund. (April 2025). *World Economic Outlook.* Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025

Koranyi, B. (May 2, 2025). *Euro zone core inflation jump not seen preventing rate cut.* Retrieved from https://www.reuters.com/business/finance/euro-zone-inflation-holds-steady-april-service-prices-surge-2025-05-02/

Ministry of Finance of Japan. (January 24, 2025). *Fiscal policy speech by Finance Minister Kato at the 217th session of the National Diet.* Retrieved from https://www.mof.go.jp/english/public_relations/statement/fiscal_policy_speech/20250228184116.html

Ministry of Finance and Public Credit. (June 2025). *Medium-Term Fiscal Framework 2025.* Retrieved from https://www.minhacienda.gov.co/politica-fiscal/documentos-planeacion-financiera/marco-fiscal-mediano-plazo/...

Ministry of Finance and Public Credit. (June 2025a). *Credit rating.* Retrieved from IRC: https://www.irc.gov.co/conoce-colombia/calificacion-crediticia

Ministry of Finance and Public Credit. (n.d.). *IRC Colombia.* Retrieved from IRC Colombia: https://www.irc.gov.co/webcenter/portal/IRCEs/pages_Deuda/bonosverdes

Ministry of Finance and Public Credit. (n.d.). *IRC Colombia.* Retrieved from https://www.irc.gov.co/webcenter/portal/IRCEs/pages_Deuda/bonosverdessociales

Congressional Budget Office of the United States of America. (January 2025). Retrieved from https://www.cbo.gov/publication/60870

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Federal Reserve. (May 2025). *Minutes of the Federal Open Market Committee.* Retrieved from: https://www.federalreserve.gov/monetarypolicy/files/monetary20250507a1.pdf

Federal Reserve. (February 7, 2025). *Monetary Policy Report.* Retrieved from https://www.federalreserve.gov/publications/files/20250207_mprfullreport.pdf

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**Exhibit B**![LOGO](g83946g0919235516227.jpg)

**THE UNDERSIGNED TECHNICAL SECRETARY OF THE INTERPARLIAMENTARY COMMISSION ON PUBLIC CREDIT** 

**CERTIFIES:** 

That in the session held on August 25, 2025, continued on September 1, 2025, the Interparliamentary Commission on Public Credit issued a Single Favorable Opinion to the Nation – Ministry of Finance and Public Credit to carry out transactions related to foreign public credit, under the modality of foreign bonds, for up to 4 billion dollars or its equivalent in other currencies, to finance and/or pre-finance budget allocations for fiscal years 2025 and 2026.

Sincerely,

*[Signed]* 

**LADY NATHALIE GÓMEZ ACOSTA** 

TECHNICAL SECRETARY

Bogota, D.C., September 4, 2025

**Ministry of Finance and Public Credit** 

Address: Carrera 8 No. 6C - 38, Bogotá D.C., Colombia

Call Center: (+57) 601 3 81 17 00

Toll-Free Line: (+57) 01 8000 910071

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**Exhibit C**![LOGO](g83946g0920000047874.jpg)

**RESOLUTION NUMBER 2213 OF SEP 8, 2025** 

Whereby the Nation is authorized to issue, subscribe, and place foreign public debt securities, including thematic bonds, in international capital markets, for up to the amount of FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies; and to carry out an foreign public debt management transaction up to the amount of TWO BILLION DOLLARS (USD 2,000,000,000) of the United States of America or its equivalent in other currencies, and other provisions are issued.

**THE MINISTER OF FINANCE AND PUBLIC CREDIT** 

In exercise of his legal powers, especially those conferred by Article 2.2.1.3.2 and Article 2.2.1.4.3 of Decree 1068 of 2015, and

**WHEREAS:** 

Article 2.2.1.1.1 of Decree 1068 of 2015 defines public credit transactions as those aimed at providing the state entity with resources, goods, or services with a payment term, including, among others, the issuance, subscription, and placement of public debt securities;

Paragraph 1 of Article 2.2.1.3.1 of Decree 1068 of 2015 provides that "Public debt securities are bonds and other securities with a credit content issued by State entities within the framework of public credit transactions, with a term for their redemption."

Article 2.2.1.3.2 of Decree 1068 of 2015 provides that "The issuance and placement of foreign public debt securities, including thematic bonds, on behalf of the Nation within the framework of authorizations granted to the National Government to enter into public credit and similar transactions shall require authorization, granted through a Resolution of the Ministry of Finance and Public Credit, which may be issued once the following requirements are met: 1. Favorable opinion from the National Council of Economic and Social Policy – CONPES; and, 2. Single opinion from the Interparliamentary Commission on Public Credit, if the foreign public debt securities have a term longer than one (1) year."

Through Article 1 of Resolution 2063 of August 4, 2022, the Ministry of Finance and Public Credit adopted the "Reference Framework for Sovereign Green, Social, and Sustainable Bonds of Colombia" for the issuance of green, social, or sustainable bonds on behalf of the Nation in the local and/or international capital markets.

Article 24 of Law 185 of 1995 provides that "For all purposes provided in Paragraph 5 of Paragraph 2 of Article 41 of Law 80 of 1993, the Interparliamentary Commission on Public Credit shall issue a preliminary opinion to initiate the relevant procedures for public credit transactions and a

*Page 1 of 5* 

**RESOLUTION NUMBER 2213 OF SEP 8, 2025** 

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*(Cont.) "Whereby the Nation is authorized to issue, subscribe, and place foreign public debt securities, including thematic bonds, in international capital markets, for up to the amount of FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies; and to carry out an foreign public debt management transaction up to the amount of TWO BILLION DOLLARS (USD 2,000,000,000) of the United States of America or its equivalent in other currencies, and other provisions are issued."* 

definitive opinion to enable their execution in each particular case. Exceptions to the above are transactions related to the issuance, subscription, and placement of bonds and securities, for which the Interparliamentary Commission on Public Credit shall issue its opinion only once."

According to CONPES document 4154 of July 23, 2025, the National Council of Economic and Social Policy – CONPES – issued a "favorable opinion for the Nation to engage in foreign public debt transactions to finance and/or pre-finance budget allocations for fiscal years 2025 and 2026, for up to the sum of USD 10.100 billion, or its equivalent in other currencies, distributed as follows: USD 7.600 billion in international capital markets and USD 2.500 billion in foreign loans through commercial banking."

According to the certification issued on September 4, 2025, by the Technical Secretariat of the Interparliamentary Commission on Public Credit, "in the session held on August 25, 2025, continued on September 1, 2025, the Interparliamentary Commission on Public Credit issued a Single Favorable Opinion to the Nation – Ministry of Finance and Public Credit to carry out transactions related to foreign public credit, under the modality of foreign bonds, up to USD 4 billion or its equivalent in other currencies, to finance and/or pre-finance budget allocations for fiscal years 2025 and 2026."

Based on memorandum No. 3-2025-015080 of September 5, 2025, the Director General of Public Credit and National Treasury certifies that "The Nation has not carried out any foreign bond issuance in international capital markets, under the favorable opinions mentioned above, therefore: a. It has a favorable opinion from the Interparliamentary Commission on Public Credit to finance and/or pre-finance budget allocations for 2025 and 2026, up to FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies, and b. It has a favorable opinion for the Nation to enter into transactions related to foreign public credit to finance and/or pre-finance budget allocations for fiscal years 2025 and 2026, up to SEVEN BILLION SIX HUNDRED MILLION DOLLARS (USD 7,600,000,000) of the United States of America or its equivalent in other currencies in international capital markets."

Through External Resolution No. 17 of 2015 and External Regulatory Circular DODM – 145 of October 30, 2015, the Board of Directors of the Bank of the Republic and the Bank of the Republic, respectively, established the financial conditions for the issuance and placement of securities and foreign debt transactions of the Nation, territorial entities, and their decentralized entities;

*Page 2 of 5* 

**RESOLUTION NUMBER 2213 OF SEP 8, 2025** 

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*(Cont.) "Whereby the Nation is authorized to issue, subscribe, and place foreign public debt securities, including thematic bonds, in international capital markets, for up to the amount of FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies; and to carry out an foreign public debt management transaction up to the amount of TWO BILLION DOLLARS (USD 2,000,000,000) of the United States of America or its equivalent in other currencies, and other provisions are issued."* 

According to the first paragraph of Article 2.2.1.1.2 of Decree 1068 of 2015, "Debt management transactions are those that do not increase the net indebtedness of the state entity and contribute to improving the debt profile in terms of term, interest rate, foreign currency exposure, among others. These transactions, as they do not constitute new or additional financing, do not affect the debt quota."

Article 2.2.1.4.3 of Decree 1068 of 2015 provides that "Carrying out transactions for the management of the Nation's foreign debt shall require authorization, granted through a resolution of the Ministry of Finance and Public Credit, which may be issued provided that the convenience and financial justification of the operation and its effects on the debt profile are demonstrated."

The Nation plans to carry out an foreign public debt management transactions consisting of the substitution and/or repurchase of foreign public debt securities, conditioned on the issuance of foreign public debt securities that the Nation intends to carry out based on the authorization referred to in this Resolution;

Based on memorandum No. 3-2025-015080 of September 5, 2025, the Director General of Public Credit and National Treasury reported that the titles on which the debt management operation will be executed are the following;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Bond** | **Currency** | **Due** | **Coupon** | **Valid Amount (EUR)** |
|  Global Bond 2026 | EUR | Mar-22-26 | 3875% | EUR1.350.000.000 |

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Through memorandum No. 3-2025-014716 of September 3, 2025, the Subdirectorate of Foreign Financing of the Nation of the Directorate General of Public Credit and National Treasury of the Ministry of Finance and Public Credit requested an opinion from the Risk Subdirectorate on the convenience and financial justification of the debt management transaction mentioned in the previous consideration and the effects it would have on the debt profile, in accordance with Articles 2.2.1.1.2 and 2.2.1.4.3 of Decree 1068 of 2015;

Through memorandum No. 3-2025-014739 of September 3, 2025, the Risk Subdirectorate of the Directorate General of Public Credit and National Treasury of the Ministry of Finance and Public Credit stated that: "the two conditions of a Debt Management Operation under Decree 1068 of 2015 as amended by Decree 1575 of 2022 are met, namely, not increasing net indebtedness and contributing to improving the debt profile. (…) the Risk Subdirectorate presents no objection to the Debt Management Operation proposed by the Foreign Financing Subdirectorate as demonstrated in the financial justification presented, in accordance with Article 2.2.1.4.2 of Decree 1068 of 2015 as amended by Decree 1575 of 2022, since the transaction does not increase net indebtedness and contributes to improving the debt profile in terms of maturity concentrations and average life."

*Page 3 of 5* 

**RESOLUTION NUMBER 2213 OF SEP 8, 2025** 

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*(Cont.) "Whereby the Nation is authorized to issue, subscribe, and place foreign public debt securities, including thematic bonds, in international capital markets, for up to the amount of FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies; and to carry out an foreign public debt management transaction up to the amount of TWO BILLION DOLLARS (USD 2,000,000,000) of the United States of America or its equivalent in other currencies, and other provisions are issued."* 

**DECIDES:** 

**Article 1. Authorization.** Authorize the Nation to issue, subscribe, and place foreign public debt securities, including thematic bonds, in international capital markets, up to the amount of FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies, intended for the financing of budget allocations for fiscal year 2025 and/or pre-financing of fiscal year 2026, and to carry out an foreign public debt management transactions up to the amount of TWO BILLION DOLLARS (USD 2,000,000,000) of the United States of America or its equivalent in other currencies, consisting of the substitution and/or repurchase of the following foreign public debt securities of the Nation:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Bond** | **Currency** | **Due** | **Coupon** | **Valid Amount (EUR)** |
|  Global Bond 2026 | EUR | Mar-22-26 | 3875% | EUR1.350.000.000 |

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**Paragraph.** In the event that foreign public debt thematic securities are issued under the authorization granted in this article, the Nation must comply with the provisions of the Reference Framework for Sovereign Green, Social, and Sustainable Bonds of Colombia, adopted through Article 1 of Resolution 2063 of 2022.

**Article 2. Financial Conditions.** The foreign public debt securities, including thematic bonds, referred to in the previous article shall be subject to the financial conditions established in the regulations issued by the Board of Directors of the Bank of the Republic or by the Bank of the Republic, in compliance with the guidelines set by the former.

**Article 3. Other Terms and Conditions.** The other terms, conditions, and characteristics of the issuance authorized by this Resolution shall be determined by the Directorate General of Public Credit and National Treasury of the Ministry of Finance and Public Credit, taking into account the following characteristics:

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| | |
|:---|:---|
| Redemption term: | Greater than two (2) years depending on market access. |
| Interest rate: | Fixed or variable. |
| Other expenses and commissions: | Those typical of the market for this type of operation. |

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*Page 4 of 5* 

**RESOLUTION NUMBER 2213 OF SEP 8, 2025** 

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*(Cont.) "Whereby the Nation is authorized to issue, subscribe, and place foreign public debt securities, including thematic bonds, in international capital markets, for up to the amount of FOUR BILLION DOLLARS (USD 4,000,000,000) of the United States of America or its equivalent in other currencies; and to carry out an foreign public debt management transaction up to the amount of TWO BILLION DOLLARS (USD 2,000,000,000) of the United States of America or its equivalent in other currencies, and other provisions are issued."* 

**Article 4. Authorization of Related Transactions.** Authorize the Nation to carry out all transactions related to public credit transactions and public debt management transactions described in Article 1 of this Resolution.

**Article 5. Taxes.** In accordance with the provisions of Article 7 of Law 488 of 1998, the payment of principal, interest, commissions, and other concepts related to foreign public credit transactions shall be exempt from all types of taxes, fees, contributions, and national levies, only when made to persons without residence or domicile in the country.

**Article 6. Application of Other Regulations.** The Nation – Ministry of Finance and Public Credit must comply with all other applicable regulations of any nature, especially External Resolution No. 1 of 2018 of the Board of Directors of the Bank of the Republic, and other regulations that modify, add to, or repeal it.

**Article 7. Validity.** This Resolution shall take effect from the date of its publication in the Official Gazette, a requirement deemed fulfilled with the order issued by the Director General of Public Credit and National Treasury of the Ministry of Finance and Public Credit, pursuant to Article 18 of Law 185 of 1995.

LET IT BE PUBLISHED AND EXECUTED

Bogotá D.C., SEP 8 2025

[Signed]

**GERMAN AVILA PLAZAS** 

Minister of Finance and Public Credit

**APPROVED:** Javier Cuéllar/ Nathalie Gómez

**DRAFTED:** Ingrid Pérez/Juanita Benavides/Diego Figueroa Falla

**DEPARTMENT:** Subdirectorate of External Financing of the Nation / Legal Affairs Group

*Page 5 of 5*

## Exhibit 99.7

**Exhibit 7** 

[*Letterhead of Arnold & Porter Kaye Scholer LLP*]

September 19, 2025

Republic of Colombia

Ministry of Finance and Public Credit

Carrera 8, No. 6C-38, Piso 1

Bogotá D.C., Colombia

Ladies and Gentlemen:

We have acted as special United States counsel to the Republic of Colombia (the "<u>Republic</u>") in connection with: (i) the preparation of (a) the registration statement under Schedule B, Registration No. 333-284683 (the "<u>Registration Statement</u>"), filed with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), pursuant to which the Republic has registered debt securities and warrants to be offered and sold from time to time as set forth in supplements to the Prospectus contained in the Registration Statement as filed with the Commission under which the Republic may sell securities having an aggregate principal amount of up to $15,111,958,450 (or its equivalent in other currencies), (b) the Prospectus dated March 13, 2025 forming a part of the Registration Statement and (c) the final Prospectus Supplements dated September 10, 2025 (the "<u>Prospectus Supplements</u>") relating to the issuance by the Republic of its 3.750% Global Bonds due 2028, 5.000% Global Bonds due 2032, and 5.625% Global Bonds due 2035 (collectively, the "<u>Securities</u>") and (ii) the transactions contemplated by the Underwriting Agreement (the "<u>Underwriting Agreement</u>"), dated as of September 10, 2025, among the Republic, Banco Bilbao Vizcaya Argentaria, S.A., BNP PARIBAS and Citigroup Global Markets Limited. We are familiar with the Indenture, dated as of January 28, 2015 as amended and supplemented by the Supplemental Indenture thereto, dated as of September 8, 2015 (as amended and supplemented, the "<u>Indenture</u>"), between the Republic and The Bank of New York Mellon, as trustee. The Underwriting Agreement and the Indenture are collectively defined herein as the "<u>Agreements</u>."

In rendering the opinion expressed below, we have examined such certificates of public officials, government documents and records and other certificates and instruments furnished to us and have made such other investigations as we have deemed necessary in connection with the opinion set forth herein. Furthermore, we have assumed: (i) the genuineness of all signatures; (ii) the authenticity of all documents submitted to us as originals; (iii) the authority of the Republic to enter into the Agreements and cause the issuance of the Securities; and (iv) the conformity to authentic originals of all documents submitted to us as copies. We have further assumed that there are no documents, agreements, understandings or course of dealing among or between any of the parties to the Agreements or others that would expand, modify, amend, supplement, terminate or rescind the respective rights and obligations of such parties as set forth in the Agreements or that otherwise would have an effect on the opinions rendered herein.

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Republic of Colombia

Ministry of Finance and Public Credit

The opinion set forth herein is limited to the federal law of the United States of America and the law of the State of New York, and we do not express any opinion herein concerning the laws of any other jurisdiction. Insofar as the opinion set forth herein relates to matters of the laws of the Republic, we have, without having made any independent investigation with respect thereto, assumed the correctness of, and relied upon, the opinion of Lady Nathalie Gómez Acosta, Head of the Legal Affairs Group of the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit of the Republic, a copy of which is being filed as Exhibit 6 to Amendment No. 1 to the Republic's Annual Report on Form 18-K for its fiscal year ended December 31, 2024, and our opinion set forth herein is subject to any and all exceptions and reservations set forth therein.

Based upon and subject to the foregoing, we are of the opinion that when the Securities have been duly authorized, issued and executed by the Republic and authenticated, delivered and paid for as contemplated by the Agreements, the Prospectus and the Prospectus Supplements, the Securities will constitute valid and legally binding obligations of the Republic under the laws of the State of New York.

We note that: (A) a New York statute provides that a judgment rendered by a court of the State of New York in respect of an obligation denominated in a currency other than U.S. dollars (a "foreign currency") would be rendered in such foreign currency, and would be converted into U.S. dollars at the rate of exchange prevailing on the date of entry of the judgment; and (B) a judgment rendered by a federal court in New York in respect of an obligation denominated in a foreign currency may be expressed in U.S. dollars, provided that we express no opinion as to the rate of exchange such court would apply. In addition, we express no opinion herein as to any applicable foreign laws or government actions affecting creditors' rights.

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Republic of Colombia

Ministry of Finance and Public Credit

We hereby consent to the filing of this opinion as an exhibit to Amendment No. 1 to the Republic's Annual Report on Form 18-K for its fiscal year ended December 31, 2024 and to the reference to this firm under the heading "Validity of the Securities" in the Prospectus and under the heading "General Information — Validity of the Bonds" in the Prospectus Supplements. In giving the foregoing consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ Arnold & Porter Kaye Scholer LLP |

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