#1wwwwwwwwwwwww DO NOT ecoPETROL GROUP ECOPETROL GROUP INVESTOR PRESENTATION Confidential | January 2024#2ECOPETROL LEGAL DISCLAIMER ecoPETROL This presentation was prepared by Ecopetrol S.A. (the "Company" or "Ecopetrol") with the purpose of providing interested parties certain financial and other information of the Company. This presentation is for discussion purposes and highlights basic information about Ecopetrol and this offering. Because it is a summary, it does not contain all the information that you should consider before investing. This presentation should be read in conjunction with the base prospectus included in the registration statement, and the related prospectus supplement (including any information incorporated by reference therein), filed by Ecopetrol with the Securities and Exchange Commission (the "SEC") in connection with the offering of notes to which this presentation relates. You may get these documents by visiting EDGAR on the SEC website (www sec gov). This document includes forward-looking statements within the meaning of the Securities Act of 1933 as amended, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform of 1995, regarding the probable development of Ecopetrol's Business. Such projections and statements include references to estimates or expectations of the Company regarding its future and operational results and other statements that are not historical facts. Estimates and expectations are uncertain because of their nature. Words such as "anticipate," "believe," "could," "estimate," "expect," "should," "plan," "potential," "predicts," "prognosticate," "project," "target," "achieve," and "intend," among other similar expressions, are understood as forward-looking statements. 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. These forward-looking statements are based on the Company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties. Real results may fluctuate and differ from those provided herein to several factors outside of the control of the Company. Such forward-looking statements speak only as at the date in which they are made and 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 new information or events occurring after its disclosure. The risks and uncertainties regarding these forward-looking statements include, but are not limited to, those set forth under the heading "Risk Factors" in the Company's Report on Form 20 F for the year ended December 31, 2022, and in the Company's other filings with the SEC, which are available at www.sec.gov. In making any future investment decision, you must rely on your own examination of Ecopetrol including the merits and risks involved. This presentation should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. You should consult your own advisors as needed to make an investment decision and determine whether it is legally permitted to make an investment under applicable legal investment, securities or similar laws or regulations. This presentation uses non-IFRS financial measures to present the financial performance of the Company. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results or cash flow from operations or any other measure of performance as determined in accordance with IFRS. This presentation contains translations of certain Colombian peso amounts into U.S. Dollars at specified rates solely for the convenience of the reader. These convenience translations should not be construed as representations that the Colombian peso amounts actually represent such U.S. Dollar amounts or could be converted into U.S. Dollars at the specified rate or at any other rate. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Ecopetrol. None of BBVA Securities Inc., BofA Securities Inc., or Citigroup Global Markets Inc. has independently verified the information contained herein or any other information that has been or will be provided to you. None of Ecopetrol, BBVA Securities Inc., BofA Securities Inc., or Citigroup Global Markets Inc., nor any of their respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. All information in this presentation is subject to verification, correction, completion and change without notice. The recipients of this presentation should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. The recipient should consult its own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. GROUP 1#3Summary Terms of the Offering Issuer Format Ranking Expected Ratings Currency Size Ecopetrol S.A. SEC Registered Senior Unsecured and Unsubordinated Notes Moody's: Baa3 (Negative) | S&P: BB+ (Stable) | Fitch: BB+ (Stable) USD Tenor Coupon Payment Amortization Benchmark New 12-Year (2036) Semi-Annual Bullet ecoPETROL GROUP Use of Proceeds Minimum Denoms Governing Law Listing Purchase any and all of the Company's outstanding 4.125% notes due 2025 tendered pursuant to the Tender Offer (and pay related expenses thereunder), and finance expenditures outside our investment plan. 1,000 New York Law New York Stock Exchange Joint Bookrunners BBVA BofA SECURITIES // citi 2#4Ecopetrol is a leading integrated energy and infrastructure group in Latam EcoPETROL да GROUP CONEXIONES QUE INSPIRAN Exploration, Production and Refining Low Emission Solutions ecoPETROL GROUP Energy Transmission and Toll Roads +120 years (1) of experience between the 2 companies +18k committed employees 9 countries (2) Mexico & Central America Peru Bolivia geographical presence; largest company in Colombia ↑ A Chile Committed to sustainable energy development in Colombia and the Region U.S., Gulf of Mexico, and Permian Basin LA Colombia P Singapore ร Argentina Brazil Midstream E&P Telecom Green hydrogen electrolizer Refining Roads ✰ Transmission Source: 2022 20-F form, Prospectus Supplement (1) (2) As of 4Q'22, Ecopetrol management has approximately 70 years of experience and ISA management has approximately 54 years of experience. Subsidiary Ecopetrol Trading Asia (ECPTA) based in Singapore 3#5Ecopetrol is a leading integrated energy and infrastructure group in Latam (cont'd.) Hydrocarbons 3 BUSINESS SEGMENTS Low Emission Solutions Transmission and Toll Roads ecoPETROL GROUP A #1 in Colombia upstream, midstream, and downstream operations 729.5 mboed Average production in 9M'23 1,126.7 mboed of transported volume in 3Q'23 419.3 bpd 117% RRR (1) last three-year average #1 self-generator with renewables in Colombia #1 energy transmission company in LatAm 2,011 mmboe 1P reserves as of 2022 +9,000 km of pipelines in 2022 208 MW achieved of renewable energy capacity in 2022 (eq. to 14.4% of total installed capacity) ~444,000 GWh annually transmitted energy in 2022 49,426 km of transmission network in 3Q'23 of refinery throughput in 9M'23 Barrancabermeja Refinery produced 39.4% of the fuels consumed in Colombia in 2022 10 exploratory successes Have been completed in 2023 (Glaucus 1 discovery) Source: 2022 20-F form, Form 3Q'23 6-K, Prospectus Supplement Note: mboed defined as thousands barrels of oil equivaled per day, mmboe defined as million barrels of oil equivalent (1) Average replacement ratio for the last three years, as per 20-F. 100.2 m boed of total sales of natural gas in 9M'23 A 860 km Toll roads in operation as of 2022 4#6Track record of strong and resilient financial performance Evolution of Financial Performance Ecopetrol Group KPIs (US$ in BN) ecoPETROL Consolidated debt profile as of September 30th, 2023 (3) GROUP Production (mboed) Brent (US$/BI) 47% 709.5 (1) I 99(1) 33.2 29.5 15.7 2022 6.6 705.9(2) 729.5 (2) Consolidated indebtedness by entity 102(2) 1 82(2) Company Debt in US$ K Debt in COP MM Total US$ K 14.6 49% 24.6 11.0 6.1 Ecopetrol 18,118,356 2,706,692 18,786,055 45% Ocensa 400,433 Bicentenario 4.0 Invercolsa 400,433 214,977 53,032 394,054 97,207 9M 3Q'2022 9M 3Q'2023 Revenues (5) (4)(5) ISA Net income (5) (6) Consolidated EBITDA EBITDA Margin (5) 6,300,741 5,800,539 7,731,644 Second best results in history for the same period, coming off a 2022 record year Source: Form 3Q'23 6-K 2022 20-F form, Prospectus Supplement Note: Graphs do not represent the same scale. Revenues, EBITDA and Net Income in USD MM. (1) Metrics represented for FY 2022 (2) Figures represented for the nine-month period ended September 30, 2022 and September 30, 2023 Ecopetrol Group 24,819,530 9,116,262 27,068,371 (3) Figures based on Capitalization information from the Preliminary Prospectus Supplement. Amounts stated in U.S. dollars have been translated for the convenience of the reader at the rate of COP$4053.76 to US$1.00, which is the Representative Market Rate at September 30, 2023, as reported and certified by the SFC. (4) EBITDA reconciliation shown in appendix; EBITDA Margin calculated as EBITDA / Revenues (5) Amounts stated in U.S. dollars have been translated for the convenience of the reader at the average exchange rate of COP$4,410.95 to US$1.00, which was the average Representative Market Rate from January 1, 2023 until September 30, 2023, as reported by the SFC and COP$4,069.33 to US$1.00, which was the average Representative Market Rate from January 1, 2022 until September 30, 2022, as reported by the SFC. (6) Net income attributable to owners of Ecopetrol 5#7Energy that transforms - Strategic Milestones and Objectives 1 Continued Growth with Energy Transition (ET) On average, expect to invest between US$5.2 BN and US$6.0 BN annually by 2040 US$17.0 BN US$20.0 BN in organic investments between 2022 and 2024 4 Operation expansion in the Permian Basin (Texas, USA) US$2.27 BN - US$2.66 BN to be directed toward energy transition projects in 2024 Reduction of ~1 MM tons of CO2 equivalent emissions between 2024 and 2026 Competitive Returns Continuity of our strict capital discipline, the efficient use of resources, and the protection of cash 45% EBITDA Margin as of September 30th, 2023(1) ecoPETROL GROUP Generating Value through TESG Aim to take advantage of wind, solar, and geothermal energy technologies US$1.4 BN allocated from 2022 to 2024 (without ISA) towards projects to generate value with sustainability and technology Achieve net-zero carbon emissions (scopes 1 and 2) and a 50% reduction in total emissions (scopes 1, 2 and 3), both by 2050 Cutting-Edge Knowledge 70% of personnel in reskilling by 2030 (in order to face new challenges) US$913 MM to be allocated to technology, environmental, social and governance factors 3 Implementation of improved recovery technologies to maximize resources and protect the production curve against natural field decline Source: Form 3Q'23 6-K, 2022 20-F form, Prospectus Supplement, Company Filings Note: TESG refers to technology, environmental, social and governance. Note: Amounts stated in U.S. dollars have been translated for the convenience of the reader at the rate of COP$4053.76 to US$1.00, which is the Representative Market Rate at September 30, 2023, as reported and certified by the SFC (1) EBITDA reconciliation shown in appendix; EBITDA Margin calculated as EBITDA / Revenues. 6 2#81 Energy transition continued with 2024 investment plan Production and reserves results Production Production Recovery Reserves Location ecoPETROL GROUP Reserves Volume (mmboe) 2019 2020 2021 2022 2,002 2,011 1,893 Total Average Daily Crude Oil Production, prior to deducting royalties 1,770 Ecopetrol in 547.9 516.0 485.9 492.8 89% Colombia Reserves Replacement Ratio Colombia (mbpd) Subsidiaries in 28.6 21.3 18.1 17.1 Colombia (mbpd) 117% Internationally (mbpd) 14.9 17.3 23.1 31.9 Total gross production Ecopetrol Group 11% USA Last 3 year average Oil and gas 724.8 696.8 679.0 709.5 production (mboed) 2019 2020 2021 2022 2024 Investment Plan: Ecopetrol Group plans to invest between 23 and 27 trillion pesos Oil & Gas Exploration and Production Investment US$3.52 BN US$4.13 BN to support our - commitment to profitable production Exploration & Production ~360 development and -15 exploration wells 725 to 730 mboed in production Energy Transition US$2.27 BN - US$2.66 BN Low-emission solutions, natural gas supply, decarbonization, electrical transmission, and infrastructure ~US$1.46 BN ISA Transportation Primarily focus on integrity and reliability projects >1 million daily barrels Refining Focus on ensuring the reliability, availability, and sustainability of operations at the Barrancabermeja and Cartagena refineries between 420 and 430 mbpd TESG expansion of the network by approximately 2,500 kilometers by 2026 US$ 913 MM Territorial development, climate change, science, technology, and innovation Source: Form 3Q'23 6-K. 2022 20-F form, Prospectus Supplement Note: Business plan reflects estimated Brent prices of US$ 63/BI in 2022, and US$ 60/BI in 2023 and 2024. As of 2022, Brent price averaged US$99/BI. Note: Amounts stated in USD have been translated for the convenience of the reader at the rate of COP$4,053.76 to US$1.00 as of September 30, 2023 Note: mbpd defined as thousand barrels per day 7#9• 1 Low-emission businesses highlights and capex plans NATURAL GAS STRATEGY CAPEX IN HYDROGEN AND CO2 INITIATIVES (2023-2025) B US$200 MM #1 producer in Colombia (55% share as of 2022) 2,828 bcf proven gas reserves as of December 31, 2022 Green hydrogen projects in Cartagena and Barrancabermeja Refineries CAPEX IN NATURAL GAS (2024) Business Plan that aims at incorporating resources in high reward projects Between US$ 680 MM and US$ 799 MM in gas ecoPETROL GROUP CO₂ CO2 capture projects through emerging tech and Natural Climate Solutions CAPEX IN LOW EMISSION BUSINESSES (by 2030) US$8.3 BN US$2.2 BN Current businesses and geographies New geographies • investments Goal: achieve gas self-sufficiency in Colombia Focus: Piedemonte Llanero and Caribbean offshore Targeted to the production of around 135 thousand barrels of oil equivalent per day (representing ~772 million cubic feet of natural gas), of which ~90% is produced in Colombia CAPEX IN TESG (by 2040) 。 Water Management 。 Fuel quality improvement o Decarbonization US$1.4 BN 。 Green and blue hydrogen pilots o Energy efficiency Source: Form 3Q'23 6-K. 2022 20-F form, Prospectus Supplement Note: Amounts stated in USD have been translated for the convenience of the reader at the rate of COP$4,053.76 to US$1.00 as of September 30, 2023 8#101 New avenues for growth in the energy value chain Ecopetrol's strategic investment in ISA ecoPETROL GROUP isa CONEXIONES QUE INSPIRAN Acquisition of 51.4% of ISA August 20th, 2021 isa CONEXIONES QUE INSPIRAN ecoPETROL Electric Power Transmission GROUP Transaction size: US$3.67 BN (1) Transformational step in the development of the strategy of energy transition, decarbonization and diversification of the business Positions Ecopetrol as a key player in the electricity business, with prospects for future growth Transmission networks will play a key role in the energy transition in LatAm through the integration of renewables and by improving the systems' reliability Sustainable growth: new avenues of organic and inorganic growth in LatAm The creation of the Electric Power Transmission and Toll Roads Business segment generated: 7 power transmission projects, 1 battery project, and 76 expansions and reinforcements ✓ A COP$1,375,715 MM increase in revenues from other services in 3Q'23 Operations in 6 countries in South and Central America Toll Roads Concessions 50 subsidiaries 11 joint ventures 1 associate ? Telecom Acquisition Loan Refinancing (2) As of March 31st, 2023, Ecopetrol had refinanced 100% (US$3.67 BN) of the Acquisition Loan used to acquire ISA, via: US$2.0 BN USD Bond issuance + October 2021 US$1.2 BN USD Loan September 2022 US$472 MM US$2.0 BN Bond issuance January 2023(3) Source: 2022 20-F form, Prospectus Supplement (1) US$ converted using an FX rate of 3,876.08 COP/US$ as of 8/20/2021 (2) Figures based on Capitalization information from the Preliminary Prospectus Supplement (3) Only US$472mm of the total 2033 bond proceeds were used to repay the outstanding loan balance#11Solid commitment and progress on the TESG front Technology, Environmental, Social and Governance ecoPETROL GROUP DECARBONIZATION On March 25, 2021, Ecopetrol announced its plan to achieve net-zero Greenhouse Gas (GHG) emissions by 2050 in line with its commitment to help mitigate climate change and further the energy transition and the TESG agenda (1) In 2021, Ecopetrol verified its GHG emissions inventory for 2017-2020 through a third-party, Ruby Canyon Engineering Ecopetrol reduced 416,672 tCO2e from new projects implemented in 2022, exceeding the established annual target by 59% By 2030, Ecopetrol seeks to reduce its CO2e emissions by 25% compared to the 2019 baseline for scopes 1 and 2 Ecopetrol GHG reduction initiatives (tCO2e)I Fugitive emissions, Energy efficiency, Renewables and Flares The 2024 - 2026 plan aims to leverage the reduction of approximately one million tons of CO2 equivalent emissions between 2024 and 2026, achieve energy optimization of 3.3 Peta Joules by 2026, and make progress in green hydrogen projects in refineries. WATER NEUTRALITY BY 2045 Ecopetrol S.A. aims to improve water use efficiency to reduce water-related impacts, promote water security within the operation's areas of influence and ensure production sustainability 2022 131.5 MCUM of water were reused In 2022, the percentage of water reuse was 78%, which represented an 18% increase compared to 2021 Zero treated produced and wastewater discharges 2045 Expected reduction of 58% to 66% in the intake of fresh water for operations During 3Q23, Ecopetrol introduced the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations framework Source: 2022 20-F form, Prospectus Supplement (1) Pertaining to Scope 1 and 2 (*) MCUM: million cubic meters 10#122 Strong Corporate Governance underlying the energy transition ecoPETROL Ecopetrol relies on transparency, governance and control practices that promote good Corporate Governance in order to generate trust among stakeholders and guarantee sustainability of the business SHAREHOLDERS STAKEHOLDERS bvc ir Investor Relations benchmark ALAS20 #1 company in Investor Relations in General Shareholders Meeting: high coverage >5% stake shareholders can bring Colombia 2022 and access CDP TCFD Transparency and proposals to BoD disclosure of reports Integrated Sustainable Management Report Annual Corporate Governance 2022 Report Increasing alignment with new government in Energy Transition Goals and climate change risks and opportunities New Government Focus on accelerated energy transition + national energy security ■ Fuel import substitution Stability of national trade balance ■ Renewable energy H Five Strategic Lines ✓ Build and generate value through an efficient, clean and safe production ✓ Accelerate and prioritize decarbonization and energy efficiency ✓ Circular water management ✓ Support local development in areas of operations ✓ Generate trust in social context through various initiatives focused on inclusion and reactivating local economies TOP MANAGEMENT CEO appointed by the Board of Directors Succession policy Engagement model Clear decision-making and attributions scheme ☐ Top Management Committees S&P Global Ecopetrol has participated in the DJSI Ratings evaluation process for three consecutive years (1) BoD and management' vast experience 2040 vision ~ USD 105 MM social investment 230K non-oil jobs by 2040 2 MM Colombians with improved education 6 Committees BOARD OF DIRECTORS www Succession policy and competence matrix Independent board members: 7 out of 9 8th & 9th BoD lines defined by O&G Producer Departments and Minority Shareholders BoD's composition to consider criteria of gender, diversity and inclusion Strategy and business plan approval: BoD considers corporate responsibility, environmental, social, governance, technology and innovation criteria Source: 2022 20-F form, Prospectus Supplement Note: Amounts stated in USD have been translated for the convenience of the reader at the rate of COP$4,810.20 to US$1.00, FY 2022 11#133 Investment in technology and human talent for a new reality ecoPETROL GROUP Science, technology, and innovation (CT+i) strategy US$240 MM To be allocated towards projects between 2022 - 2024 Essential to leverage business development and catalyze progress in technologies for the energy transition Reinventing our human talent + 5,000 hours of training to GE leaders on TESG topics Prioritizing 1 Decarbonization, OCCUS and H2 2 Asset optimization 3 Circular economy Strategies that leverage resilience and diversification Recovery and reserves Carbon Negativity Zero diluent Zero thefts Renewable Fuels Energy Efficiency Sustainable Petrochemistry Processes - total autonomy Water Neutrality Competitiveness CO Decarbonization Diversification TESG Source: 2022 20-F form, Prospectus Supplement, Company Filings Capacity and knowledge enhancement Flexible and dynamic organizational structure 70% Employees with Reskilling* by 2030 Capacity and knowledge enhancement 100% Automation of human talent processes by 2030 12#144 Navigating a highly volatile environment Commercial Management Price Basket US$/BI 32.5 95.5 90 71.7 65.2 6.8 3Q'22 3Q'23 Natural gas-export Crude oil export Product export Local and Foreign Sales mboed 410 426 363 358 Key Action Fronts 98 91 112 85 2 2 59 Crude oil- local Crude oil- Natural gas foreign local Natural gas- foreign Refined products - Refined products - local foreign ■3Q'22 ■3Q'23 Source: 2022 20-F form, Form 3Q'23 6-K, Prospectus Supplement Challenges High interest rate environment and inflationary pressures within energy sector Continued uncertainty surrounding the conflict between Russia and Ukraine, and in the Middle East Increased competition with Russian crudes traded at a discount Actions Taken ✓ Increased production in domestic and international operations Proactive sourcing Long-term contracting of drilling and workover fleet Strategic cash flow management Optimization of crude and product inventory levels Competitiveness and efficiency ecoPETROL GROUP 13#154 Disciplined financial management leads to competitive returns ecoPETROL Capital Discipline Portfolio transformation and changes in market conditions require us to adapt our capital discipline More flexible, agile and dynamic guidelines, leveraging growth in a profitable and sustainable manner Fuel Price Stabilization Fund (FEPC) balance (COP TN) FEPC settlement has strengthened our financial and liquidity position as it provides us with more flexibility to pursue our investment plan for 2024 and going forward 25.7 25.7 Before -5.2 8.0 Traditional O&G Now Energy Transition Solutions FEPC accounts receivables balance 2022 Dividends payable as of Sept. 30, 2023 -2.8 Dividends 2022 Cumulative additions FEPC Balance 3Q'23 (1) Dividend Distribution March 30th, 2023 Earnings Distribution Proposal Transmission Traditional O&G & Toll Roads Dividend Type Value Per Share Ordinary Dividend (According to dividend policy -60% of net income) Extraordinary Dividend COP 487 COP 106 Total Per Share COP 593 Source: 2022 20-F form, Form 1Q'23 6-K, Prospectus Supplement (1) Including 8.0 for the FEPC account receivables 2022 Total Distribution based on number of outstanding shares COP 24,382,200 MM Dividends to minority shareholders were paid in three equal installments; two of which took place on April 27, 2023, and September 28, 2023. The final dividend payment was made on December 21, 2023 During the nine-month period ended September 30, 2023, a total amount of COP 1,829,695 MM in cash dividends have been paid to shareholders, and a total amount of COP 16,415,907 MM due to the Government as dividends have been offset against the FEPC accounts receivable due to Ecopetrol by the Colombian Government. 14#16Appendix ecoPETROL#17EBITDA Reconciliation (COP BN) 2022 9M $22 9M '23 9M A% Net income attributable to the owners of Ecopetrol 31,605 24,771 17,638 -28.8% (+) Depreciation, amortization and depletion 12,129 8,757 10,063 14.9% (+/-) Impairment of long-term assets 288 6 11 83.3% (+/-) Financial result, net 6,835 5,366 4,180 -22.1% (+) Income tax 18,964 16,214 11,477 -29.2% (+) Taxes and others (1) 1,946 1,463 1,735 18.6% (+/-) Non controlling interest 3,595 2,760 3,455 25.2% Consolidated EBITDA 75,362 59,337 48,559 -18.16% (÷) Revenue EBITDA Margin (%) 159,611 119,899 108,391 -9.6% 47.20% 49.49% 44.80% -9.48% Source: 2022 20-F form, Form 3Q'23 6-K, Prospectus Supplement (1) Comprises taxes and contributions related to fixed costs of sales, taxes related to administrative expenses, taxes related to operations and project expenses, and fees for regulatory entities ecoPETROL GROUP 16#18Thank you. ecopeTROL GROUP ecoPETROL GROUP