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ENERGY FOR THE FUTURE

Investor Presentation
Jan. 2012

Disclaimer
This document was prepared by Ecopetrol S.A. with the purpose of providing the market and interested parties certain financial and other information of the Company.

This document may include strategy discussions and forward-looking statements regarding the probable
development of Ecopetrols Business. Said projections and statements include references to estimates or expectations of the Company regarding its future and operational results. Potential investors and the market in general should be aware that the information provided herein does not constitute any guarantee of its performance, risks or uncertainties that may occur or materialize. Real results may fluctuate and differ from

those provided herein due to several factors outside of the control of the Company. Neither Ecopetrol nor its
advisors, officers, employees, directors or agents, make any representation nor shall assume any responsibility in the event actual performance of the company differs from what is provided herein. Moreover, Ecopetrol, its advisors, officers, employees, directors or agents shall not have any obligation whatsoever to update, correct, amend or adjust this presentation based on information attained or events occurred after its disclosure. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Ecopetrol.

Agenda

Colombia: a relevant player in O&G

Ecopetrols performance and 2011-2020 strategic plan Ecopetrol's solid financial results lever future growth Ecopetrol: a great investment opportunity

Colombia: a relevant player in O&G

Colombia reaches record oil production

1,000
900 800 700 600 500 400 300 200 100 0

Total Oil Production in Colombia* and Milestones (thousand barrels per day)

Jan-Sep11 904 mbod 7

4 5 3 6

2 1

Key milestones: 1. Beginning of oil production in Colombia (1922) 2. Ecopetrols incorporation (1951) 3. Discovery of Cao Limn field (1983) 4. Discovery of Cusiana and Cupiagua fields (1988) 5. New hydrocarbon regulation: royalties and contracts (2002-03) 6. Incorporation of the National Hydrocarbon Agency - ANH (2003) 7. Ecopetrols IPO (2007)
*Total country (Ecopetrol + other companies) Source: Revista Semana , National Hydrocarbon Agency (ANH), Colombian Petroleum Association (ACP)

Colombia is the 4th largest player in Latam

Production
Oil Production* (thousand barrels per day)
2,471 2,137

Reserves
(Oil Reserves: Billion Barrels, Gas Reserves: TCF)

Mexico
Reserves Oil * 11.4 Gas** 17.3

2,958

T&T
Reserves Oil * 0.8 Gas** 12.9

Colombia
Reserves Oil * 1.9 Gas** 4.4

Venezuela
Reserves Oil * 211.2 Gas** 192.7

801

651

Ecuador
495 146 157
Peru

Reserves Oil * 6.2 Gas** -

Brasil

Mexico

Venezuela

Brazil

Colombia

Argentina

Ecuador

Trin.&Tob.

Per
Reserves Gas** 12.5

Reserves Oil * 14.2 Gas** 12.7

5.3

Gas Production * (billion cubic feet per day)

4.1 2.8

Oil * 1.2

Bolivia
Oil * -

Reserves
Gas** 9.9

3.9

Argentina
Reserves 1.4 1.4 1.1 Oil * 2.5 Gas** 12.2

Mexico

Argentina

Trin.&Tob.

Venezuela

Brazil

Bolivia

Colombia

* In the Jan-Sep period of 2011, Colombias oil production reached 904 mbod, and 1.0 bcfd of gas Source : BP statistics. Average figures for 2010.

One of the worlds top 20 largest oil producers

Oil production in the world 2010 (thousand barrels per day of crude)
Norway 2.1 Canada 3.3 US 7.5 Mexico 2.9 Colombia* 0.8 Venezuela 2.5 Brazil 2.1

U.K. 1.3
Algeria 1.8 Irak 2.5 Saudi Arabia 10 Iran 4.2

Russian Fed. 10.3

China 4.0

Nigeria 2.4

Argentina 0.7

Total worlds oil production as of 2010: 86 mboed

* During Jan-Sep of 2011 Colombias oil production reached 904 mbod, and 1.0 bcfd of gas Source : BP statistics. Average figures for 2010.

Colombias exploration area increased 8X since 2003

2003
12.5 million hectares* Total contracted and reserved area 8%

2008
61.7 million hectares* Total contracted and reserved area 38%

2011
102.0 million hectares* Total contracted and reserved area 63%

Colombia 2011 (Sep): 25.2 million hectares under exploration Exploration activity on 294 blocks 100+ companies in E&P
* Area includes: production, exploration, TEAs and in preparation Source: ANH

Area under exploration

Increasing E&P activity in Colombia

Exploration wells and success rates in Colombia
250
56% 58% 48% 48% 46%
No. of wells

70%
53%

60% 50%

200

150
33%

40%

39%

41% 98 108 64 51 41 29 47 28 63 36 45

40% 30% 20%

55

100
14%

21% 56 28 18 14 12 2 10 6 4 22 6 11 10 12 6 21 35 70

50

10%
26 29

34
19 16 22

0%

-10%
2007 2008 2009 2010 Jan-Sep 2011

2000

2001

2002

2003

2004

2005 Dry

2006

Producer

Tech Success Rate

Source: ANH

Tech. Success Rate

Colombias O&G sector supports economic growth

Foreign direct investment O&G
(USD bn)
16% 16% 11% 30% 37% 32% 34% 42% 45 50% 40 35 40%

Oil and products exports

(USD bn)

6.0 5.0 4.0 3.0 2.0 1.0 2003 2004 2005 2006 2007 2008 2009 2010 % of total FDI 0.3 0.5 2.0 3.3 3.4 2.4 2.8

30 25 20 15 10 5 0 0% 10% 30%

20%

1.1

2004

2005

2006

2007

2008

2009

2010 (p)

Exports of petroleum and its products % of total countrys exports

P: preliminary Source: Central Bank of Colombia

10

Ecopetrols performance and 2012-2020 strategic plan: Overview

11

Ecopetrols transformation 2007 - 2011 Ownership

100% Government owned

12% market float Listed in BVC, NYSE, BVL and TSX Dow Jones Sustainability Index

Business Model Production

NOC business model with operations in Colombia

Diversified Corporate Group across all segments

Internationalization: Colombia, Peru, Brazil , and US

Gulf Coast

399 mboed in 2007

716 mboed avg Jan-Sep of 2011

Market Cap

USD 27 bn (Nov. 27/ 07)

USD 90 bn (Dic 27/11)

12

Capex growth accross all segments with focus on E&P

Capex per year
2008-2011 (USD billion)

Capex per segment

2008-2011
5%

8.5 6.3 4.8 6.0

10%

11%
US$ 25.7 bn

43%

14% 1.8
Production Acquisitions Transportation * e: estimated

16%
Refining & Petroch. Exploration Other

2007

2008

2009

2010

2011e*

Source: Ecopetrol

13

Organizational consolidation leads to growth

HSE (HEALTH, SAFETY AND

ENVIRONMENT)

Clean fuels Reduction in accidents and in environmental incidents Emission reduction Statement from the majority shareholder Clear dividend policy Corporate Governance Code Competitive salaries and variable compensation Leadership development program Work environment management Trust agreement with unions Commitment with stakeholders Sustainability report Social investment and project support Integrated process management: SOX, COSO, COBIT Internal controls Technological developments

CORPORATE GOVERNANCE HUMAN TALENT CORPORATE

RESPONSIBILITY

MANAGEMENT &
CONTROL
Source: Ecopetrol

14

Ecopetrol beyond Colombia

Ecopetrol Corporate Group E&P:

Refining & Petrochems. : E&P: Transportation:

Biofuels:

E&P:
E&P:

Source: Ecopetrol

15

Ecopetrol, Colombias top player in O&G

Key figures Area (has): Colombia 16.1 mn * Intnal. 5.2 mn has. * 1P Reserves: 1,714 mmboe** Oil: 72% Gas: 28% Refining Total: 330 mbd *: B/meja 250 mbd Reficar 80 mbd Propilco: 500,000 tons/year Total: 716 mboed* Oil: 609 mbod Gas: 107 mboed Biodiesel: 100,000 Tons/year * Crude 1,076 mbd * Products 403 mbd * Direct Market Share 40% of exploration lands in Colombia* Crude: 62% * Gas: 58%* Refining capacity: 100% * Propilco: 90% in polypropylene * Ecodiesel: 22%* 77% capacity in crude pipelines * 99% capacity in product pipelines * Gasoline 91%*** Diesel 88%*** Crude exports 68% * 54% of proven reserves***

Exploration

Production Refining and Petrochemicals

Biofuels
Transportation Sales & Marketing

Sales: 841 mboed * Local: 361 mboed Exports: 480 mboed

Source: Ecopetrol *As of Sep.2011; ** As of Dec. 2010 ; *** 2009. Reduction in liquid fuels market share due to the blending with ethanol and biodiesel.

16

Strategic plan 2012 - 2020

Goal year 2020 Capex 2012 - 2020
Transportation 5% Other 2% Biofuels 1%

1.3 boed 1.3mm million boed

Clean barrels
No accidents No environmental incidents Harmonious labor relations Delivering commitments to stakeholders 17% ROCE

Refining 7%

US$ 80 bn
Exploration 25%

Production 60%

85% allocated to E&P 90% in Colombia

Source: Ecopetrol

17

Ecopetrols performance and 2012-2020 strategic plan: Exploration & Production

18

Remarkable rise in production

Average production / year
(thousand barrels of crude oil and gas per day) 716 616 521 399
1 72 104 315 289 270 246 253 107

447
85

97

81

109

153

224

294

2007

2008 Heavy oil

2009 Light and medium oil

2010 Natural gas

Jan-Sep 11

Strategic partnerships adds 51% of total production

Source: Ecopetrol

19

Increased oil recovery in Colombia

Ecopetrols OOIP (original oil, mmboed)
42,053
33,638
Mid Magdalena

Ecopetrols growth in original oil in place per region in Colombia

Northeast

+28%
Catatumbo Orinoquia

+2%

+2%
OOIP @ 2007 OOIP @ 2009-2010

Average Recovery Factor in Colombia of 19% 90% of the fields under primary recovery 11% of Colombian production comes from secondary recovery Less than 1% of production comes from Enhanced Oil Recovery

Central South

+4%

+61%
Minor fields

+4%
20

Source: Ecopetrol

Main fields by region in Colombia

Region Share Main fields Jan-Sep 2011 Avg. Production (mboed) 111 30 113 64 35 16 3 20 2 3 1 3

Central

42%

Castilla Chichimene Rubiales + Quifa Guajira Cusiana La Cira Infantas Nare Tib Orito Tenay Tello

Northeast

29%

Mid Magdalena

12%

Catatumbo South

8% 9%

Source: Ecopetrol

21

Castilla field: 100% Ecopetrol interest

Capex 2011
US$ 0.9 bn

Average Production (mboed)

Heavy crude (13 API) Oil in place: 6.0 bn boe (e) 2012: 60 wells (e)
Source: Ecopetrol

98

116

132

2010
(e) estimated

2011 (e)

2012 (e)
22

Chichimene field: 100% Ecopetrol interest

Capex 2011 US$0.6 bn

Average Production (mboed) Heavy crude (9 API) Oil in place: 2.8 bn boe (e) 2012: 40 wells (e)
Source: Ecopetrol

19 2010
(e) estimated

36

56

2011 (e)

2012 (e)
23

Rubiales and Pirir fields: 60% and 50% Ecopetrols share, respectively
Capex 2011 US$ 0.3 bn

Production (mboed) Heavy crude (12 API) Oil in place: 4.4 bn boe (e)
72
97

107

2012: 90 wells (e)

Source: Ecopetrol

2010
(e) estimated

2011 (e)

2012 (e)

24

La Cira Infantas field: 60% Ecopetrol interest

Capex 2011 US$ 0.12 bn

Production (mboed) Medium crude (19-22 API) Oil in place: 4.0 bn boe (e) 2012: 150 wells (e)
Source: Ecopetrol

17

20

27

2010
(e) estimated

2011 (e)

2012 (e)
25

Casabe field: 100% Ecopetrol interest

Capex 2011 US$ 0.13 bn

Production (mboed) Medium crude (21-23 API) Oil in place: 1.9 bn boe (e) 2012: 55 wells (e)
Source: Ecopetrol

16

20

22

2010
(e) estimated

2011 (e)

2012 (e)
26

Nare field: 50% Ecopetrol interest

Capex 2011 US$ 0.13 bn

NARE

Heavy crude (11-13 API) Oil in place: 1.1 bn boe (e) 2012: 19 wells (e)
(e) estimated
Source: Ecopetrol

Production (mboed)
13 17

21

2010

2011 (e)

2012 (e)
27

Higher exploration activity and success

6 7
International exploration wells Colombian exploration wells Stratigraphic wells

10
6 3 2 12 2 2007 2008 6 6 1 30 15 3 36

Successful wells

13
5

16

13 5 4
2010

8
2011 ( e ) Jan-Sep 2012 ( e ) 2011 57%
28

2009

Geological Success

16%

33%

26%

26%

Ecopetrols Oil & Gas discoveries in Colombia 2008-2011

Discoveries in Colombia 2008-2011: 2008 Arrayan-1 Lisama Norte Pachaquiaro norte-1 Tempranillo-1 Quifa-5 Quiriyana-1 Quifas 7,8,9 Tempranillo norte Akacias-1 Oripaya-1 Tinkhana-1 Quifa-6 Pinocho Rumbero Nunda Fauno-1 Mito-1 CSE-8 CSE 8ST1 Trasgo-1

Lisama Norte 1P

Rio Zulia West 3 Oripaya Rumbero

2009

Pachaquiaro
Akacias Norte CSE-8 Mito Quifa9 Quifa6 Quifa 5 Quifa 8 Fauno Quifa 7 CSE 8ST TRASGO Nunda Pinocho

2010

Tempranillo Norte Tempranillo-1 Arrayan

2011

Quriyana Tinkhana

Source: Ecopetrol

29

1P Reserves 2008 - 2020 (e)

1P Reserves*
(million barrels of oil & gas equivalent)

Reserves Addition
(million barrels of oil & gas)

RRI **

6,200
193%
359%

46%
1,137

1,714 1,538

1,109
109 643

357
2008 2009 2010

2008 - 2010
Exploration Revaluations Acquisitions

2011 - 2020 ( e )

* According to SEC prices and methodology ** RRI: Reserve replacement index

Source: Ecopetrol

30

Strategy to deliver strong oil production growth

Average production / year
(thousand barrels of crude oil and gas per day)

1,300 716 730 800 1,000

Jan-Sep 2011

2011 (e)

2012 (e)

2015 (e)

2020 (e)

(e): estimated
Source: Ecopetrol

31

Upstream strategy

1
2

Increasing
Production

Exploration
Strategic lines

Unconventional resources

ROCE : 28%
32

Secondary recovery and EOR

Potential for EOR/IOR: 17% of Ecopetrols OOIP is subject to be recovered through EOR/IOR projects.
Screening process: 94% of OOIP had gone through a screening process to select the best technology applicable. Insitu combustion: By Dec. 2012 Ecopetrol might start a combustion in situ project at Chichimene field. Waterflood: 21 fields implemented 21 fields new pilots/projects in progress 93 fields with possible implementation

Breakdown by source
Gas 12%

In field Drilling 27%

WO & stimulation 1%

In situ combustion 34% Steam 1% Polymers & CO2 5%

Optimization & new Secondary projects 15% 5%

Source: Ecopetrol

33

Additional gas capacity 2011-2012

Main projects:
Current production (mmcf) Future production (mmcf)

Fields

Prod. increase

Gibraltar 36 mmcf
Cusiana LTO II

200

270

+70

Gibraltar

36

+ 36

Cupiagua

140 mmcf

Allowing for:
Cupiagua

Supply increases in demand

140

+140

Source: Ecopetrol

34

Upstream strategy

1 Increasing
Production

Exploration
Strategic lines

Unconventional resources

35

Exploration strategy
LEVERAGE GROWTH

SUSTAINABILITY

Share of Total Area

9%
Short term results to lever growth Moderate risk
Colombia
EARLY PRODUCTION PROVEN BASINS

71%
Contingent resources which shifts the growth High risk
COL-CARIBBEAN OFFSHORE

20%
Frontier plays of late development High risk
COL-PACIFIC OFFSHORE COL-CAGUAN

COL-HEAVY OIL
COL-FOOTHILLS

Description

International

EARLY PRODUCTION PROVEN BASINS

GOM -MIOCENE

GOM-NORPHLET GOM-PALEOGENE BRA-EQUATORIAL BASINS PER-UCAYALI PER-HEAVY OIL

BRA-PRESALT
PER-FOOTHILLS

Source: Ecopetrol

36

Growing and diversified exploration portfolio

Exploration Area
Million hectares

Colombia

International

21.3 5.2

exploration
Assets

16.1 9 2002 1H-2011

Colombia
International
Source: Ecopetrol

exploration
Assets

hectares hectares
*Includes: Ecopetrol S.A., Hocol, and Equion 37

Exploration assets in Colombia

Exploration Area
13.4 million Ha

Blocks in Colombia
9%

20%

Atlantic Ocean

Venezuela

71%

Leverage

Sustainability

Growth

Early production

Offshore Caribbean Heavy oil Foothills Geologic frontier

53 blocks

Proven basins

Pacific Ocean

41 E&P Contracts 6 Agreements with ANH 6 Association contracts 53 exploration assets

Ecuador

Brazil

Peru
Source: Ecopetrol

38

Ecopetrol has 40% of the total licensed area in Colombia

Ecopetrol S.A.

Caribbean sea

Exploration assets
(71 blocks)

Hocol S.A. Hocol S.A. EQUION

16.1 mn Hectares
Operated directly: 52 Blocks(74%) Not operated: 18 Blocks (26%)

Basins
1 Llanos 2 Mid

Venezuela

Catatumbo Magdalena Valley 3 Upper Magdalena Putumayo 4 Offshore Caribbean 5 Lower Magdalena Valley 6 Offshore Pacific

Pacific ocean
6

Producing assets
(116 Blocks)

2.0 mn Hectares
Source: Ecopetrol

39

Llanos basin
Operated by ECP Not operated by ECP Prodution ECP
SIRIRI

Operated by Hocol Other Operators

LLA ARAUCA
CATLEYA

38

LLA 39 LLA 52 ANH

COSECHA

LLA 42 ANH PACIFIC ARAUCA LLA 8

Total Area: 8.8 mm Hectares No. of Blocks: 71 33 Exploration 38 Production Operator: 63% Non Operator: 37%
META CPE-1

LLA 41 LLA

Corporate group has 36% of the contracted area

LLA 4

LLA

LLA

5
Mundo Nuevo

6
LLA

LLA

10
LLA LLA 14

11

JOROPO LLA 18

ANH CEPSA MERECURE

9
NISCOTA

LLA 15

LLA 16 LLA 17

ANH ANH

EXXON CPE-3 CPE-2

SANCY LOS ARRENDAJO OCARROS LLA 20 GUACHIRIA SUR CASTOR LLA 24

ODISEA

CUBIRO

CLARINERO

Venezuela
BHP CPE-5
CPE-4

LLA 26 LLA31 CEBUCAN CANAGUARO BALAY CASIMENA UPIA SURIMENA PAJARO MORICHITO PINTO LLA32 SAN CPO-1 ANH GARIBAY ANTONIO PUNTERO LLA34 TIPLE

LLA 29

LLA 47 COCLI

CONDOR

LLA 31

SALTARIN

CERRERO LLA 59

CABRESTERO

CPO-8 TECPECOL CPO-6 TECPECOL CPO-7 QUIFA

SABANERO M&PROM

LLA 37

SKCPO-4 ANH

ONGC CPO-5

CPO-10 CPO-9

CHIGUIRO W CPO-16

Foreland
CHIGUIRO E

CPO-11

META P CPO-12

RUBIALES PIRIRI META P CPO-14

TECPECOL CPO-13

TALISMAN CPE-8

CAO SUR
CPO-17

PLUSP CPE-6

PLUSPETROL CPE-7

Source: Ecopetrol

Potential Analysis

40

Cao Sur block: 100% Ecopetrol interest

OCELOTE GUARROJO CARACARA LLANOS 37 COCLI CPO 8

APIAY

VALDIVIA ALMAGRO QUIFA

CPO 10 CUBARRAL CPO 9 PIRIRI CAO SUR CAMOA CAO SUR CPO 16 CAO SUR CPO 11 RUBIALES

CAO SUR
CPO 17

Ecopetrol Exploration Ecopetrol Corporate Group Production

Drilling Activity in Cao Sur 2008-2011

Wells A3/A2 Stratigraphic Drilled Producer Oil shows Evaluation P&A Drilling To be drilled

14 6 20

3 3 4 4

2 1 3

6 6

1 1

2 1 3
41

Source: Ecopetrol

Catatumbo basin
Caribbean Sea
Total Area: 0.2 mm Hectares

No. of Blocks: 6 2 Exploration 4 Production

Operator: 87% Non Operator: 3% Corporate group has 56% of the contracted area
Operated by ECP Production ECP Not Operated by ECP Other operators
RIO DE ORO

Venezuela

CATGUAS SOLANA PET

TIB CARBONERO CERRO GORDO WELL LOGING GONZALEZ

CERRITO

RIO ZULIA

URIBANTE

Source: Ecopetrol

42

Middle Magdalena Valley basin

Caribbean Sea
Total Area: 1.1 mm Hectares No. of Blocks: 38 4 Exploration 34 Production

Venezuela

PLAYN

Operator: 45% Non Operator: 55%

Operated by ECP

MAGDALENA MEDIO

Jurassic & Calcareous play

DE MARES

Production ECP Not operated by ECP

VMM 6 LAS QUINCHAS PACIFIC TURPIAL PETROLIFE BOCACHICO COL ENERGY VMM 17 MORICHAL PET VMM 32 VMM 13 PETROPULI

Corporate group has 62% of the contracted area

Other Operators

Pacific Ocean
Source: Ecopetrol

LA POLA VAROSA

VMM 16

Stratigraphic Play
Prospectivity analysis 43

Caguan and Putumayo basins

Prospectivity analysis

Pacific Ocean Stratigraphic Models

MACAYA HUPECOL

Total Area: 0.6 mm Hectares

ORITO

GUAUYACO MECAYA GRANTIERRA ALEA 1848 CAG-5 CONSORCIO META TERECAY PACIFIC

SAMICHAY B

SAMICHAY A

No. of Blocks: 10 2 Exploration 8 Production Operator: 80% Non Operator: 20% Corporate group owns 20% of the contracted area
Source: Ecopetrol

AREA OCCIDENTALC

TACACHO PACIFIC

Frontier area

AREA SUR SUR ORIENTE

Ecuador

Per

Operated by ECP Production ECP Other Operators

44

Upper Magdalena Valley Basin

Total area: 0.4 mm Hectares No. Of blocks: 28 3 exploration 25 production
Operator: 64% Non operator: 36% Corporate group has 45% of the contracted area
VSM 3 TELPICO CHIPALO VSM 10 TOLDADO

Pacific Ocean
Calcareous Plays
VSM 12 ALLANGE VSM 22 TELPICO VSM 14 ECNICA VIAL TELPICO SAN JACINTO

Tertiary plays Structural plays

VSM 9 PIJAO POTRERILLO VSM 13 ALLANGE

Operated by ECP Production ECP

VSM 32 EMERALD

Hocol Other operators

Source: Ecopetrol

45

Caribbean offshore basin

Caribbean Sea
GUA OFF 3 SHELL RC-10 TAYRONA RC-7 RC-4 RC-5 RC-6 RC-8 RC-9

TAYRONA RC-12 RC-11 RC-12

GUAJIRA

Total Area: 3.8 mm Hectares No. of Blocks: 13 12 Exploration 1 Production

FUERTE NORTE

Venezuela
Potential analysis

FUERTE SUR

Operator: 41% Non Operator: 59% Corporate group has 67% of the contracted area
Source: Ecopetrol

Operated by ECP Not operated by ECP Production ECP Equion Other operators
46

Guajira-Sinu-Lower Magdalena Valley basins

Total Area: 2.2 mm Hectares No. of Blocks: 12 8 Exploration 4 Production Operator: 64% Non Operator: 36% Corporate group has 42% of the contracted area
LA MONA AZABACHE

Caribbean Sea

TIBURN OMIMEX

MARA COCHITA TPICC SIVESTRE CR 1 PACIFIC CR 2 OGX CR 3 OGX RIO RANCHERIA

SIN SJ N-1 SSJN-3 PACIFIC PERDICES SIN SJ 4 SAMAN SIN SJ 7 PACIFIC SIN SJ 1 VIM 5 OGX VIM-6

SSJN-5 SK

LA PALOMA DRUMMOND MAGDALENA PETROLIFERA

Venezuela

Operated by ECP Not operated by ECP Production ECP

Hocol Other operators

Source: Ecopetrol

47

Pacific Offshore basin

Total Area: 1.0 mm Hectares No. Blocks: 3 3 Exploration Operator: 33% Non Operator: 67% Corporate group has 100% of the contracted area

Pacific Ocean
New exploration plays
BOROJO NORTE

BOROJO SUR

TUMM OFF-3

Operated by ECP Other operators

Source: Ecopetrol

48

International exploration assets

Ecopetrol America Inc. 0.3 mm Has

Miocene Paleogene

Exploration Area
9.6 mm Has
GoM Miocene Brazil post-salt pre-salt Peru maran

GOM

Jurassic

Ecopetrol Peru 4.8 mm Has Maran Ucayali Huallaga

Sechura Salaverry Lima
Maran Ucayali

Peru offshore
Sustainability

Para Maranhao

Ecopetrol Brasil 0.1 mm Has

Campos Santos
Espiritu Santo Campos Santos

Para-Maranhao

Savia Peru 4.3 mm Has*

* Ecopetrols interest of 50% of the 8,664,213 Has of Savia Peru

Source: Ecopetrol

49

Upstream strategy

1 Increasing
Production

Exploration
Strategic lines

Unconventional resources

50

Unconventional resource potential in Colombia

120 - 1200 TCF (Karson, 1994)
MH - CARIBE - GUAJIRA 32 TCF CBM (Arthur D little, 2010)

Methane hydrates Gas in Situ 434.2 TCF Shales 31.7 TCF (Higher potential in VMM 29 TCF) Coal Bed Methane 7.5 TCF (Higher potential in Cesar 2.4 TCF and Guajira 3.4 TCF)

CBM - CESAR

SH - CATATUMBO

CBM - MONTERIA

SH - VMM

CBM - CORDILLERA

SH- CORDILLERA MH - PACIFICO

Tight Sands 1.2 TCF

Tar Sands Potential 23,762 MMBOE

SH - VSM

SH - PUT

Source: Arthur DLittle INC

51

Gas shale in Middle Magdalena Valley: Initial steps for Ecopetrol

Drivers Regional geological knowledge Land positioning Access to infrastructure and social - environmental knowledge Access to potential markets for gas and liquids to be produced High potential
SH - PUT SH - CATATUMBO

Focus area to start Unconv. strategy

Shale Mid Magdalena Valley

SH- CORDILLERA

SH - VSM

Source: Arthur DLittle INC,Ecopetrol

52

Sources of production growth 2011 - 2015

Incremental production by source: 2011-2015
(thousands of equivalent barrels of oil per day)

106 117

27

20

1,000

730

2011 (e)

Current fields

Colombian Expl. National Exploration

Unconventional

International Expl. Exploration International

2015 (e) 2015

(e) : estimated

Source: Ecopetrol

53

Breakdown of production 2020

Production by source: 2020
(thousands of equivalent barrels of oil per day)

300
840

110

50

1,300

Current fields

Colombian Expl. Colombia Exploration

InternationalExpl. International Exploration

Unconventional

Total 2020

(e) : estimated

Source: Ecopetrol

54

Exploration and Production Costs F&D cost

2008-2010
USD/bl
Latin America Central & South America 17.98 17.61

8.58

World

Ecopetrol

Lifting cost
2010
USD/bl

20.30 8.80 8.50

Peers* max

Peers* min

Ecopetrol**

*Peer group includes: Petrobras, Marathon, Hess, Repsol and Oxy **Lifting cost of Ecopetrol Jan-Sep 2011: US$9.5/boe Source: Herold, Bloomberg, Quarterly results reports, and Ecopetrol 55

HSE (Health, Safety & Environment)

Accident frequency with labor time loss (days away of work per mm labor hrs.) 8.2

2.7

2.3 1.2 1.1 1.6 0.9

2010 Jan-Sep 2011

2005

2006

2007

2008

2009

Source: Ecopetrol

56

Ecopetrols performance and 2011-2020 strategic plan: Downstream

Downstream strategy

1 MARKET
FOCUS

2 MARGIN
IMPROVEMENT

3 OPERATIONAL EXCELLENCE
58

Sustained growth in revenues driven by exports

Total Sales
Thousand barrels per day of crude oil & gas 475
148 327

547
216 331

650
302 348

719
356

841
480

Local sales

363

361

Exports

2007

2008

2009

2010

Jan - Sep 2011

Exports
302
16 49 233

480 356
20

Crude oil 24 Products Natural gas

148
53 95

216
51 149

37

56 400

312

2007

2008

2009

2010

Jan-Sep 2011
59

Crude references and export destinations

Canada

U.S. East Coast

U.S. Gulf Coast Destinations Caribbean and other South America Far East

Jan-Sep 2011

76% 84% WTI Maya Brent

15% 14% Otros

8%

1%

Crude References

2010

5%

60

Developing gas market

Total consumption (including exports)
1036 1061 1034

907
GBTUD

Self-sufficiency for the country and exportable surplus

721

760

Supply and new findings

Conventional
Offshore Caribbean: 11 - 35 TCF Foothills: 2 - 5 TCF

2006

2007
Refineries LDC Exports

2008

2009

2010

1H-2011

Unconventional
Gas Shale: Mid Magdalena Valley and Catatumbo 15-42TCF

Petrochemical CNG

Industrial Power plants

2,000
1,750

LDC: local distribution companies CNG: compressed natural gas Source: Ecopetrols calculation

Demand
1,500 1,250

GTBUD

Unconventional Hydrocarbons Conventional HCs Imports Supply from other producers Supply from Ecopetrol

1,000
750 500

DOMESTIC BALANCE OF GAS

250

2015

2030

61

Potential gas markets

+100 mmcfd
Panama (power plants)

+700 mmcfd
Caribbean and Central America

+250 mmcfd
Ecuador

+ 265 mmcfd
Barrancabermeja and Cartagena refineries
62

Ecopetrols performance and 2011-2020 strategic plan: Refining

Rising demand for medium distillates

Ecopetrols Production Med. Dist. Gasolines & LPGs
300.0

2010 120 120

2013 175 150

2016 200 195

Liquid fuels consumption in Colombia

250.0

Thousand barrels per day

200.0

150.0

100.0

50.0

0.0 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Source: Ecopetrol

Medium DESTILATES Distilates MEDIUM

GASOLINES Gasolines

LPG
64

Strong commitment to air quality

Diesel
Colombia Medelln Bogota and Public Transportation Systems

Sulfur content (parts per million)

4,500 3,000 2,500

1,200
2001 2007 2008

500
2009

500 500

50
2010

50 2012

Gasoline

1,000 727 700 231 2008 2009 2010 2011

65

Source: Ecopetrol

Refining margin increase

Refining Margin
USD/bl
7.70 3.53 4.41 13.30

ULSD* Imports
Thousand barrels/day

Lower

39

imports

25

Before HDT **
2008 2009 2010 Jan-Sep 11 1H - 2010

2H-10, 1H-11

With HDT **

Cost
7.11 5.98 Refining Cost
USD/bl

control
5.49 5.33

Market
USD/bl 12.4 7.5 9.7 7.8 2009 WTI

conditions
8.4 8.5 2010 Brent

Crack Spread 3:2:1

21.8

8.9 Ene-Jun 2011 1H-2011

2009

2010

2011

2012

2008

*Ultra Low Sulfur Diesel; ** Hydro Treatment Facility

66

Main refining projects

Reficar

Cartagena
Billion +/- 10%

Estimated Investment Capacity of

165MBD
Barrancabermeja
Estimated Investment Capacity of
Billion +/- 11%

Modernization

250MBD
67

Cartagena - expansion and upgrading

Lower cost of crude Premium quality products
Conversion <75%
7% 16% 23% 36% 93% 51% 36%

>95%
45%

61%
28%
2010 2013 2010 2013

4%

Heavy

Medium

Light

Fuel & Coke Med. distill. Gasolines & LPG's

6 8

68

Cartagena - expansion and upgrading

Goals
Increase refining capacity from 80 to 165 MBD High conversion factor 15 ppm sulfur for gasoline and diesel CDU 165 ULSD 70 HCU 39 FCC 40 ALKY 9.7 HCN 20

Status
Overall EPC completion (Sep-2011): 44.5%

VDU 102
New Revamp

DCU 45

Timeline
IIIQ - 13

EPC

CAPEX

US$ 4.0 Bn
+/- 10%

Commiss. & Start up

IIQ - 13

IIQ - 10

69

Barrancabermeja modernization
Lower cost of crude

Value added products

Conversion <75% >95%
1% 8% 41% 1% 7% 34%

24%

10% 21%

55%
69% 21% 2010 Heavy Medium 2016 Light 2010 Fuel &Coke Gasolines Petrochem.

41% 46% 18% 4% 2016 Medium dist. LPGs

70

Barrancabermeja modernization
Goals
NHT 13 CDU 250 REF 9.5 ULSD 57 ALKY 7

Load >175 MBD of Colombian acid/heavy oils High conversion factor (> 95%) Better quality of fuels

FCC 89

HCN 21

Status
HCU 80
NCHT 17

VDU 125
SDA 45

DCU 54

Front-End Engineering Design: Acquisition of lands for new plants: Advances in

Regional Agreements for social issues Environmental Licenses Detailed Engineering

100% 100%

New

Revamp

Existing
May 2011

Timeline
IIIQ - 16

Capex

US$ 3.4 Bn
+/- 11%

Phase III* Approval

Site Prep.
IIQ-12 to IIIQ-13

EPC
IIIQ-12 to IIQ-16

Commiss. & Start up

71

Projected margin improvement from investment projects

Process heavier crudes and produce higher quality fuels
Optimize operating costs

Process heavier crudes and produce more value added products

Utilities Project

Barranca modernization project

Reficar Project

2012

2013

2014

2015

2016

2020

Reficar Ebitda

Barranca Ebitda

72

Operational excellence
Barrels spilled due to operational causes (Bls / yr)
158 2.5 1.7 6 2007 2008 1.9 1.6

Accident frequency rate (hours lost per million worked hours)

4.3 3.9 3.0

0
2009

10 2010

0
1H-2011 2005 2006 2007 2008 2009 2010 1H-2011

Days of unscheduled interruptions

1,572

Energy loss index

203 195 196 185

177

975 525 359 475 356 295 271 77

2002 2003 2004 2005 2006 2007 2008 2009 2010 1H-2011 2002 2003 2004 2005 2006

170 163

160 153 145

221

2007

2008

2009

2010 1H-2011

73

Ecopetrols performance and 2011-2020 strategic plan: Biofuels

74

Higher percentage of biofuels in fuel blends

Ethanol
Thousand barrels/day 20.0 15.0 10.0 5.0

Biodiesel
E20
Thousand barrels/day 25.0 20.0 15.0 10.0 5.0 0.0

B14
B13 B10

E14 E10

0.0
2009 2011 2013 2015 2017 2019 2021 2023 Demand Offer

2009 2011 2013 2015 2017 2019 2021 2023 Demand

38.8

Offer

Land use
(millions ha.)
21.5 1 0.2 0.6 1.5 Forestal Forest

Colombia has favorable regulation, land availability and market, and more productive biomass per ha / year (sugarcane and palm oil)

21.1

4.4 Pecuario Livestock

Agrcola Proteccin Agricultural* Protected

Current Uso Actual Use Optimal use Vocacin

*including biofuels

75

Growth through current and new projects Biodiesel

Max. Capacity : 100,000 tons/yr (2,000 bls/day) Production Jan-Sep 2011: 2,140 MBOED Blending of 2% biodiesel at Barranca refinery Ecopetrols interest: 50%
100

Production of Biofuels (thousand tons per year )

450 380 280 180

Ethanol
2011 2013 Bioenergy 2016 Ecodiesel 2 2018 Etanol 2020 Bioenergy 2

Total Capex US$282 millions Start of operations: 2012 Max. Capacity: 480,000 liters/day Future blending of 10% through wholesalers Ecopetrol s interest : 88%

Ecodiesel

Subject to further approvals

76

Growth through current and new projects

Research
Agricultural and Industrial Improvement in varieties of sugarcane and palm Development of new raw materials By-product management

Investment of USD 516 mm through 2020

Alliances with strategic partners

Benefits

Potential Partners

Lower agricultural and industrial risk Knowledge Lower capital requirements Operational excellence

Sugar mills Palm Growers and Processors Foreign

77

Ecopetrols performance and 2011-2020 strategic plan: Transportation and Logistics

78

Transportation strategy

1 INFRASTRUCTURE
FOR PRODUCTION GROWTH

2 OPERATIONAL EXCELLENCE
ROCE: 11%

79

Capacity increase
Transported volumes (mbod)
710 194 517 2007 752 209 542 800 223 576 771 931 1,223 1,036 265 292

72% 2007-2011

2008

2009 Crude oil Products

2010

Jan-Sep 11

Crude transportation capacity (mbod)

872 887 910 991 1,076

24% 2007-2011

2007

2008

2009

2010

Jan-Sep 11 80

Open business model for developing infrastructure

Cartagena

Transported crude volume daily average:

2010: 771 MBOD
Retiro Ayacucho Caucasia Payoa B/Bermeja Samor Sebastopol Vasconia Velsquez Santa Rosa Santa Sofa Cusiana El Morro Araguaney Or Tib

Coveas

2011: 931 MBOD

Ro Zulia Toledo Banadia Cao Limn

ECOPETROL 100% ECOPETROL + PARTNERS

Dorada

Miraflores Guaduas

THIRD PARTIES
PIPELINES FOR NAFTA

Tocancip Porvenir Monterrey Gualanday Toldado Guand Apiay Chicoral Chichimene Saldaa Castilla Purificacin Tenay YaguaraTello

Santiago

Rubiales

Tumaco Alisales Guamues Mansoya Orito San Miguel

System
Crude Pipelines (Kms) Stations

Ecopetrol 100%
3,005 23

Ecopetrol and partners

2,203 -

Third parties
386 15

Total Country
5,594 32
81

Churuyaco

Transportation projects 2011-2013

Projects 2011-2013 (Capex USD 3.8 bn):
1. ODL Rubiales Monterrey (+ 180 MBOD) Dec. 11
Pozos Colorados

2. Pozos Colorados Galn (+ 60 MBOD) Dec. 11

3. Cao Limn Coveas optimization to 220 MBOD (+60MBOD) Feb. 12 4. Orito Tumaco (+ 40 MBOD) Feb. 12 3
Banadia Cao Limn

Cartagena Coveas

2 6 8 5

11

5. OBC Phase 1: Pipeline Casanare Coveas (+ 120 MBOD) Jun. 12 6. Magdalena Medio (+25MBOD) Jul. 12 7. Diluent Pipeline 120 MBOD (+ 37 MBOD) Jul. 12

Vasconi a

10

Araguaney

Santiago

1 4
Orito

Rubiales

8. ODC Vasconia Coveas (+ 65 MBOD) Sep. 12

9. San Fernando Monterrey Cusiana (+ 390 MBOD) Feb. 13

10. Vasconia GRB Galn 220 MBOD (+ 60 MBOD) Feb. 13 11. Coveas Additional Storage (+ 1.200 KB) Feb. 13

Increased Capacity:
Main Lines Secondary Lines Multipurpose lines Storage
1,200 MB
82

370 MBOD

570 MBOD

60 MBOD

Pipeline capacity increase 2010-2016

Increase in capacity of pipeline systems (mbod)
2,205 1,355

1,455

1,705

1,705

991

1,033

1,137

1,240

1,315

2010

I H-2011

II H-2011

I H-2012

II H-2012

I H-2013

II H-2013

2014

2015

2016

2011 2013

2014 2016
Pipeline to Pacific Ocean: 0 to 500 mbod

Key
Projects
Source: Ecopetrol

Ocensa (Seg. III): from 390 to 420 mbod ODC: from 210 to 240 mbod Bicentenario: phase 1: 140, Phase 2: 240, Phase 3: 450 mbod Magdalena Medio: from 52 to 100 and then to 140 mbod Cao Limn: from 110 to 150 mbod

83

Operational excellence
Attacks against infrastructure (No. of attacks)
249 167 133 66 85 95 47
2003 2004 2005 2006 2007 2008

Accident frequency with labor time loss (days away of work per mm labor hrs.)
6.51

173 2.70 84 51 44 34
2010 Jan-Sep 11

1.92 1.03

1.03

0.95
2010

0.76
Jan-Sep 11

2000

2001

2002

2009

2005

2006

2007

2008

2009

Theft from pipelines (BOD)

6,135

Oil Spilled (Bls)

7,009 4,942

3,008 1,629 974

2003 2004 2005 2006

4,172 2,162 563

2007

550
2008

385
2009

501
2010

493
Jan-Sep 11 2007 2008 2009 2010

214
Jan-Sep 11

Crude

Products

84

Ecopetrols solid financial results lever future growth

85

Ecopetrols solid financial results lever future growth

1.

Strong financial results support investment grade ratings

2. Increased float and ADR liquidity 3. Assured funding for capex plan

86

Financial results driven by rising production, higher prices and cost saving initiatives (1/2)

WTI
(Avg. price in USD/bl)
$ 72.30

$ 99.70 $ 79.50 $ 61.80

$ 98.40

19.4 14.1

22.1
15.0

Total Sales *
(USD bn)

9.6
2.7 6.9

12.8
5.6
7.2

39% 61%

4.9

11.6 7.8

60% 40%

9.2

7.1

2007
20.0 39%

2008
39%

2009
Local Exports

2010

Jan-Sep 11
43%
50.0% 40.0% 30.0% 20.0%

Operating
(USD bn)

15.0 10.0

29%

36%

Income and 5.0 Margin* -

4.2

6.5

3.8

7.0

9.4

10.0% 0.0%

2007

2008

2009

2010
Operating margin

Jan-Sep 11

Operating income

* Source Ecopetrol S.A., Does not include subsidiaries

87

Financial results driven by rising production, higher prices and cost saving initiatives (2/2)

Net Income* and Net Margin*

(USD$ bn)
23% 18% 19% 23% 36% 27%

5.0

1.5
2006

2.2
2007 2008 Net income

2.4
2009 Net margin

4.3
2010

6.0

Jan-Sep 11

Ebitda & Ebitda Margin *

(USD bn)
45% 44% 47% 45% 38% 51%

3.5
2006

4.5
2007

6.4
2008 Ebitda

8.6 4.8
2009 Ebitda Margin 2010

11.2

Jan-Sep 11

* Source Ecopetrol S.A., Does not include subsidiaries

88

Higher weighted equity capital structure, low indebtedness and growing asset base
34,0% 31,0% 16,0% 24,2% 10,0% 20,0% 19,0%

Return on Equity
Return on Assets

19,0%

10,8%

13,0%

41.0 34.3 24.4 17.6 24.7 15.2 9.5

Balance Sheet
(Usd$ billion)
Assets Liabilities
Equity
Fin. liabilities/ Total liabilities Fin. Liabilities / Assets

23.1 12.9 10.2

21.9 12.4

24.4
16.6

6.8

2007

2008

2009

2010

2011 (Sep)

0% 0%

0% 0%

27% 10%

28% 10%

21% 8%

Fin. Liabilities / Equity

USD financing / Financial Liabilities
Source: Ecopetrol

0%
0%

0%
0%

17%
60%

16%
47%

14%
44%
89

Internal cash generation sufficient to fund capex, acquisitions and operations

Cash flow* (USD bn)

Initial
14.9

Sources
2.4
0.5 23.4 10.6

Uses
3.5

Ending

2009

5.6
Initial cash Operations Debt Other Cash available Operations CAPEX

2.4

4.1
Dividends

0.3

2.5

Acquisitions

FX difference Ending cash

18.9

0.5

0.8

22.7

13.1 4.0

2010
2.5
Initial cash Operations Debt Other Cash available Operations

0.6
Acquisitions

1.9
Dividends

0.1
FX difference

3.0
Ending cash

CAPEX

20.8

0.0

0.6

24.4

13.4 3.9

Jan-Sep 2011
3.0
Initial Cash Operations Debt Other Cash available Operations

0.4
Acquisitions

2.2
Dividends

0.1
Fx Difference

4.4
Ending cash

Capex

* Source Ecopetrol S.A., Does not include subsidiaries

Average exchange rate 2009: COP$2,160.64/USD; 2010: COP$1,898.71/USD; 1H-2011: COP$1,838.47/USD

90

ROCE 2008-2011 is above the 17% hurdle rate

ROCE 2009 - 2011

27.3% 24.5% 17.8% 23.2%

2009

2010

2011 ( e )

2009-2011 ( e )

ROCE= After tax operational income / Average Capex 91

Financial obligations*
Local syndicated loan
Outstanding: COL$ 2.2 trillion Term: 7 yrs. (including 2yr. grace period) Interest rate: DTF + 4% T.A. Amortization: Semiannual Outstanding: US$1.5 billion Coupon 7.625% (Semiannual) Term: 10 yrs. (Jul. 23 / 2019) Amortization: bullet Ratings: Moodys Baa2 (positive) / S&P BBB- (stable) / Fitch BBB- (stable)

International Bond 2019

Local Bonds

Outstanding: COL$1 trillion Amortization: Bullet Ratings: Fitch AAA (local rating) Term: Coupon (inflation indexed) Outstanding (COL $mn)

5 years 7 years 10 years 30 years IPC + 2.80% IPC + 3.30% IPC + 3.94% IPC + 4.90% $97,100 $138,700 $479,900 $284,300
3.00

Maturity Profile (COP Tn)

0.22 2012

0.44 2013

0.44 2014

0.44 2015

0.54 2016

0.22 2017

0.14 2018 2019

3.02 2020

0.28 2040

* Source Ecopetrol S.A., Does not include subsidiaries

92

Investment grade ratings

Moodys Baa2 / Stable (Jul.2009)

Credit
Ratings

S&P Fitch

BBB- / Stable (Mar. 2011) BBB- / Stable (Jun. 2011)

MAX.

CURRENT
(Sep. 11)

Key
Ratios

Total Debt /EBITDA EBIT/ Interest expenses Total debt / Capital Debt / 1P bl. (USD/bl)

< > < <

2x 5x 45% $4.5

0.2x 46.9x 13.9% $3.0

* Source Ecopetrol

93

Capex plan of US$80 billion between 2012-2020

Uses
2% 5% 7% 16%

1%

Sources
9%

25%

US$80 billion

60%

US$80 billion
75%

Production Refining Other

Exploration Transportation Biofuels

Cash generation Debt Equity offering

* Source Ecopetrol

94

Capex plan of US$8.5 billion for 2012

Breakdown of Capex 2012
4% 4%
Exploration

Capex per segment 2012

42 exploratory wells 36 in Colombia 6 International Average Production Corporate group: 800 mboed Ecopetrol: 750 mboed Focus in the llanos basin Modernization of B/bermeja and Cartagena facilities Increase crude transportation capacity by 600 mbod

24%

US$8.5 billion
7% 17%

48%

Production

Refineries

Transport

Production Refining Other

* Source Ecopetrol

Exploration Transportation Biofuels

Other

Research and development + organizational consolidation

95

Diversified shareholder base

Primary Equity Offerings of Ecopetrol
US$2.8 bn 20.0% Proceeds US$ bn

Ecopetrols ownership (Nov-11)

Foreign inv. in ord. shares 0.4%
Other inst. Main 1.3% ADRs instit. inv. 1.3% Colombia* 4.1% Retail inv. 4.4%

10.1%

US$1.3 bn* 1.6%* 8.3%

Republic of Colombia 88.5%

Total Authorized Round 1 (2007) Round 2 (2011) Law 1118 Round 3 (TBD)

Includes 2nd round of primary share offering; ** Mainly pension funds 96

* Source Ecopetrol

Increased trading and liquidity of ADRs

Total daily traded volume

Trading

(USD million) 25.1 24.2 0.9 2008 2009 12.7 11.6 1.1 29.4 21.8 15.5 6.3 2010 15.5 Jan-Sep 2011 1.2% 13.9 ADRs Ordinary Shares

% of ADRs in Ecopetrols ownership

% ADRs
0.1% 2008 0.2% 2009

0.6%

2010

Jan-Sep 11

Number of institutional investors in ADRs

Institutional
Investors in ADR
* Source JP Morgan, Bloomberg

152 92 58 14 2008 2009 2010 Jan-Sep 11 97

Dividend payout ratio of ~ 70%

Dividend per share (USD) and payout ratio

$0.10 $0.06

Extraordinary dividend
$0.08 $0.05 Ordinary dividend Payout ratio Dividend yield

$105
$115

2008 89.9%

2009 76.5%

2010 70.1%

2011 70.3%

5.0%

9.2%

2.9%

3.7%
98

Ecopetrol: new member of Dow Jones Sustainability Index World DJSI

2011 Corporate Sustainability Assessment of Ecopetrol Major milestone in Ecopetrols 2011 2020 Strategic Plan
76 82

Part of the index since Sep 2011 (four years ahead of schedule) 8th
One of the 12 O&G companies in the index (118 companies were assessed) Among the 10% best rated O&G companies worldwide

60

59 48 41

Economic

Environmental

Social

One of three Colombian companies included in the index

Ecopetrol

Average*

* Source Company Becnhmarking Scorecard Corporate Sustainability Assessment, SAM-DJSI

99

In summary: Ecopetrol is a great investment opportunity

100

One of the highest production growths in O&G

Production growth: 2008-2010
54%

39% 32% 25% 11%

11%

7%

6%

2%

0% -4% -15%

Ecopetrol Murphy Occidental Petrobras Marathon

Hess

Chevron

Exxon

Shell

BP

Conoco

Repsol

Source: Quarterly reports and 20Fs (SEC)

101

Strategic goals 2020

of production

1.3 mmboed
1.0 mmboed by 2015

1.3 million boed

of clean barrels
No accidents No environmental incidents Harmonious labor relations Deliver commitments to stakeholders 17% ROCE Sustainable

6.2 bn boe

1P Reserves addition

US$ 80 Bn Capex 2012-2020

ROCE E & P: 28% Top 30

Transportation: 11% Petrochemicals: 13% Refining: 9% - 11% (2025) O&G Companies

102

Ecopetrols investment highlights

Strong position in Colombias dynamic O&G sector that offers attractive growth opportunities. Proven track record of delivering strategic goals, generating value for our shareholders.

Best corporate governance practices to deliver transparency and trust. Corporate group to leverage our capabilities in all O&G business segments in Colombia.

Investment plan to make us one of the top 30 O&G companies worldwide by 2020, producing 1.3 million clean barrels per day.

103

Investor Relations

Phone Email Website

+ 571 234 5190 investors@ecopetrol.com.co www.ecopetrol.com.co

104

Sep

ENERGY FOR THE FUTURE

Ecopetrol S.A. All rights reserved. The re production of this presentation is forbidden without the written authorization of Ecopetrol S.A.

105