#1O EN CASA O AL PAIS #Yo Me Qura +YoleAperto Ecopetrol De todos Y para Todos June 2020 #YoLeAportoAlPaís Investor Presentation Colombia Inside Out ECOPETROL Picture: Chuchupa Field#2C OK LEGAL DISCLOSURE This document was prepared by Ecopetrol S.A. (the "Company" or "Ecopetrol") 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 Ecopetrol's 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. Actual results may fluctuate and differ from those provided herein due 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. Additional factors that may affect the future results of Ecopetrol are set forth in the section entitled "Risk Factors" in the Company's Report on Form 20-F for the year ended December 31, 2019 and in the Company's other filings with Securities and Exchange Commission (the "SEC"), which are available at www.sec.gov. 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. Photo: Independence Rig 2 mm#3Summary 1 Value and sustainable growth 2 4 Track record of performance ESG and societal values Decisive response to COVID-19 and oil price environment 5 Sustaining strategic investment ■ Reserves and production growth ✓ Existing fields ✓ Exploration in Colombia ✓ International ✓ Unconventional ■ Strict capital discipline ■ Cash protection and cost efficiency ■ 759 Mmboe* of reserves have been added from 2017 to 2019 ■ Reserves replacement >100% in the same period Strong financial performance amid price volatility ■ Delivered COP 3.55 Tn in efficiencies from 2015 to 2019 ■ Major ESG investments, dividends, and taxes ■ Decarbonization plan, renewable energy expansion and water recycling initiatives (UN SDGs) ■ Short, mid and long- term goals in terms of GHG emissions reductions and gas flaring usage High corporate governance standards ■ COP 3.5 Tn in costs and expenses optimization US$ 3.1 Bn in financing to strengthen cash position ■ New investment plan target of US$ 2.5-3.0 Bn for 2020 ▪ > US$ 130 Mm in Revenue optimization from Commercial Strategy ■ EOR Domestic gas Digital transformation ▪ Renewable energy sources ■ Unconventional pilot projects (PPIR) * Gross addition 3#4Life ensures business continuity RESPONSE PLAN COVID-19 1-4091 • Leadership COVID-19 Crisis Committee Health Response Committee Diagnostic tests at Barrancabermeja Hospital IT Management Secure digital connection for +9,000 employees Chatbot to determine risk of contagion Coron App** for self-diagnosis Occupational Health - Labor Operation with "minimum viable personnel" Isolation of workers with pre-existing health conditions INS* visits to refineries • Supporting the Country Supporting the local industry Voluntary employee contributions Strengthening of the Country's healthcare system and humanitarian aid * Instituto Nacional de Salud (National Health Institute) ** Ecopetrol supported the mobile app of the National Government designed to fight against coronavirus#5Strategy remains focused on value generation Reserves and Production Growth © Competitiveness and Sustainability $ Unconventional PENH Existing Fields Strict Capital Discipline Cash Protection and Cost Efficiency International # Exploration in Colombia 5#6Brent (US$/BI) Delivering strong returns despite price volatility 718 715 720 725 735 45 55 72 64 51 100 80 60 40 55.2 47.7 23.1 67.8 30.8 70.8 31.1 18.0 20 11.6 13.3 15.1 6.6 5.3 1.6 0 2016 2017 2.7% 8.6% Revenues EBITDA Net Income 0.1 2018 2019 1Q20 13.1% 14.3% 12.2% ROACE* Production (mboed) Brent (US$/BI) Revenues, EBITDA and Net Income in US$ B. Figures calculated with the average exchange rate of each year. *Figure calculated in COP. 6#7Oil market is currently facing an unprecedented supply and demand shock Brent, Peso and FX Basket Price (US$/BL) COP $211,962 BI National Demand 2020 COP $156,328 BI US$ 62.6/BI US$ 39.2 /BI mbd 72.4 290 273 34 5.6 35 Forecast 211 203 US$ 66.8 /BI (6,7) Dic US$ 66/BI 60.1 US$ 42.4 /BI 51.1 20 10 118 175 8.7 122 152 5 4 100 105 102 94 3 88 (10,3) 32.1 138 64 116 91 91 64 76 3,175/US$ 2019 Jan-May 3, 689/US$ 38 2020 Jan-May Brent - Peso Brent Exchange Rate Historic Brent Crudes Products Spread 2019 Jan-May 2020 Jan-May Jan Feb Mar Apr May Jun Jul Gasoline Diesel Jet 7#8Facing this new challenge COP 3.5 Tn OPEX Optimization COSTS AND EXPENSES FINANCING AND CASH US$ 3.1 Bn Financing REVENUE (COMMERCIAL) > US$ 130 M Commercial Strategy INVESTMENT PLAN US$ 2.5 3.0 Bn - CAPEX 2020 We exceeded previously announced efficiency targets We maintain investments in strategic projects Enhanced Oil Recovery Technologies Gas Opportunities Digital Transformation Renewable Energy De-carbonization roadmap Unconventional Integral Research Pilot Projects* * In unconventional reservoirs 8#9Creating value to society 8.0 US$ Bn Republic of Colombia US$ B 13.7 Contributed in 2019 0.5 US$ Bn 0.3 US$ Bn Shareholders ASAMBLEA ACCION STAS Community* 0.9 US$ Bn Employees* 3.9 US$ Bn Suppliers* Dividends Taxes Royalties Salaries Social & Environmental Dividends Investment Variable Compensation Benefits** Training Local Procurement US$ 18 Mm allocated to respond to the pandemic in communities where we operate *Ecopetrol S.A. figures. **Includes: Health and Safety, Education, Loans, Savings and Investments. Calculated with an average exchange rate for 2019 of 3,281 COP/US$. 9#10Corporate governance practices Luis G. Echeverri Vélez Independent Board Member Orlando Ayala Lopez Independent Board Member German Quintero Rojas Board Member Juan E. Posada Echeverri Independent Board Member BOARD OF DIRECTORS +20 years of experience in international business, public policy, and public & private project finance ➤ Former Executive Director of the Inter-American Development Bank Chairman of the Bogota Chamber of Commerce, and board member of Teléfónica and Pragma ➤ B.A. in Law from University of Medellin and MSc in Agricultural Economics from Cornell +40 years of experience in the global technology industry ➤ Former Microsoft's World President for emerging markets, and VP of Sales, Marketing & Support ➤ Independent director of the Executive Council of Centene Corp. ➤ BSc in Information Systems Administration at Jorge Tadeo Lozano University in Bogota General Secretary of the Ministry of Finance and Public Credit ➤ Former Managing Director of Fogafin and President of the National Hydrocarbons Agency ➤ Board member at Fiduciaria La Previsora S.A., Central de Inversiones S.A. and Gecelca S.A. E.S.P ➤ B.A. in Law from Sergio Arboleda University and PhD candidate from San Pablo CEU University of Madrid ➤ Former Chairman of Avianca, Alianza Summa (Avianca-Aces-Sam) and Aces S.A. ➤ Currently serves as Executive Chairman of Táximo Ltd., President of Direktio S.A.S., and board member of Grupo Odinsa S.A., among other corporates ➤B.A. in Management from EAFIT University in Medellín, with an MBA from Pace University in New York Sergio Restrepo Isaza Independent Board Member Luis Perdomo Maldonado Independent Board Member Carlos Gustavo Cano Sanz Independent Board Member Hernando Ramírez Plazas Independent Board Member Esteban Piedrahita Uribe Independent Board Member ➤ Former Vice President of Capital Markets and Corporate Development at Bancolombia Group ➤ Former board member of Cementos Argos, Compañía Nacional de Chocolates, Conavi, SUAM, among others ➤ B.A. in Management from EAFIT Unversity of Medellín, with an MBA from Stanford University +30 years of senior management experience in the Colombian banking industry, including President of Banco Colpatria and Scotiabank Group ➤ Founding member of the Colombian Institute of Corporate Governance > B.A. in Management from the CESA School of Advanced Studies in Administration ➤ Former President of the Colombian Agriculture Association (SAC), Founder and Director of Corporación Colombia Internacional (CCI), President of the Agrarian Fund, and President of the newspaper El Espectador ➤ Former Minister of Agriculture and Co-Director of Banco de la República ➤ Member of the Group on Earth Observations Global Water Sustainability (GEOGLOWS) in the United States ➤ Former Dean of the Faculty of Engineering at Universidad Surcolombiana, Principal, and Professor. ➤ BSc in Chemical Engineer and MSc in Public Health from Universidad Nacional de Colombia, ➤ Former General Director of the National Planning Department, Advisor for the President, Senior Specialist for the Inter-American Development Bank, among others ➤ President of the Cali Chamber of Commerce and board member of Cementos Argos, among other corporates ➤ BSc in Economics from Harvard University Strong corporate governance practices Commitment to transparency Multiple venues to look for guidance or whistleblowing Robust AML standards to prevent money laundering and terrorism financing Increased independent directors: from 4 in 2008 to 8 in 2019 Minority governance ensured through an elected board member No director with ministerial rank following OECD recommendations New corporate governance model underpins the execution of the business plan 10#11Upstream Photo: Rubiales Field 11#12Progress in the incorporation of resources MATURITY OF DISCOVERIES EXPLORATORY ACTIVITY 1Q20 Andina Norte Flamencos Under commercial study Production testing and appraisal plans 2020 2019 2020 Planned Bullerengue Arrecife In production testing and appraisal plan 2020 production testing and appraisal 2020 Esox In production testing 2020 and appraisal plan 2021-2022 2021+ ANTILLAS-1*** Cosecha Jaspe Andina OLINI OESTE-1 Boranda Commercially viable and transferred to Commercially viable and Commerciality requested to the Testing 2020 and appraisal transferred to ANH* plan production production 2021 OBIWAN-1 D NAFTA-1 AGUAS BLANCAS 24 GATO DO MATO-4**** LIRIA YW-12 LORITO A1 O LORITO ESTE-1 • • Production in extensive tests 1Q20: 347 mboe (3,810 boed) Planned drilling of Saturno-1well in 2020 (Santos basin - Brazil) Implementation of "Digital Petrotechnical" project * National Hydrocarbon Agency **Drilling suspended because of COVID-19 *** Well operated at risk-only by Perenco ****Began drilling in Q1 20. Pending completion of entry procedures for ECP in the project Drilling**(5) Drilled (4) Under evaluation (1) ✈ Dry(1) Temporarily suspended (2) 12#13Breakeven (US$/BI) mboed 50 40 30 20 10 Focus on profitable production 1 5 5 4 735 ~5 730 ~27 ~8 ~14 ~1-21 660-680 4Q19 Operative performance Field reversion Acquisitions 2019 Security events 1Q20 Lower activity Profitability criteria COVID-19 Reduced Capex/ non operated Other (operating, security events) Natural gas demand* 2Q20 Estimated Efficiency of Fields Production Breakeven < 30 US$/BI Price/BI 0 % 10 % 20% 30% 40 % 50 % 60 % 70% 80% 90 % 100% Aggregated volume of crude oil (%) * Gas demand depending on the resumption of the economic activity in Colombia MEASURES Review of transportation schemes Cost efficiency Reallocation of crude to refineries 13#14Gas continues as strategic priority $ ~ 10% Upstream Income Demand contracted at fixed prices Lower self-consumption: due to lower throughput in refineries and closing of fields Force Majeure Q1 Vol. Results mboed 131 5.4% 138 1Q 19 1Q 20 Demand Protection: sector measures to mitigate impact on customers Materialize Upsides: commercial strategy to meet thermal power sector demand with surpluses Current Challenges Portfolio Hocol receives from Chevron Chuchupa and Ballena fields in La Guajira 31 mboed Total production potential Strategic progress in gas agenda Integrated vision Operational continuity assured in Invercolsa's integration process InverColsa The energy of the transition Investments Gas investment plan is maintained 14#15Unconventional potential in the Middle Magdalena Middle Magdalena Valley (MMV) 150 km 2019 Ecopetrol prepares for PPIR 2020 2021 VALLED PA Cesar Bolivar 8% Bolívar Norte ae Santander B/META B/MANGA Antioquia 7% Cesar 28 Norte de Santander Santander 56% 50 km 2022 State Council Clarification Preparation, planning and execution of Regulatory Framework PPIR Unconventional MME Unconventional Colombia 7 - 12 bboe MMV Basin Potential 4 - 7.4 bboe 8 - 100 TCF Antioquia MEDELLIN Santander CUENCA VMM Prospective Area 1.3 m acres BOGOTA Ecopetrol's Area ~730 k acres Anchor Play 0.4 0.5 bboe - All horizons 1.1 1.3 bboe Production in the MMV basin could be estimated at 330 mboed in 2030 2 15#16Photo: Oleoducto de Los Llanos Midstream 444 16#17Stability and flexibility amid a challenging environment Transported volumes (mbd) Revenue (COP Tn) EBITDA (COP Tn) 1,137 1,136 1,071 1,068 2.57 3.05 3.18 2.49 260 263 2.73 2.19 266 272 2.50 1.94 805 796 877 873 78% 80% 84% 78% 1Q 17 1Q 18 1Q 19 1Q 20 1Q 17 1Q 18 1Q 19 1Q 20 1Q 17 1Q 18 1Q 19 1Q 20 Products Crude EBITDA margin 2020 Milestones 47% 0000 Growth Opportunities Refined Products Support demand growth Protect market share and increase reliability through strategic investments Strategic storage in the transport network supports the continuity of E&P operations 47% share of Group's EBITDA in 1Q 20 Figures calculated with the average exchange rate of each quarter. Relief measures agreed upon provide liquidity to oil producers Maximize synergies between segment companies 17#18Downstream Photo: Reficar 18#19Adapting operations to demand Gasoline Sales Volume (MBD) Diesel Throughput (MBD) Barrancabermeja Cartagena Jet 1Q 20 -21% -44% -23% 138 116 161 165 34 35 35 350 345 367 365 305 131 90 195 199 20 219 215 165 154 146 149 150 140 Jan 20 Feb 20 Mar 20 Jan 20 Feb 20 Mar 20 Jan 20 Feb 20 Mar 20 1Q 19 1Q 20 Jan 20 Feb 20 Mar 20 (US$/BI) Gross Refining Margin 10.5 11.0 10.3 6.6 Growth Opportunities 11.5 10.0 10.6 9.9 Barrancabermeja Increase of 8.4 8.9 conversion capacity 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 Barrancabermeja Cartagena Cartagena Asset optimization and higher value of gasoline components Maximize synergies between refineries 19#20112143 112687 1179 36 1125 77 1199.27 1117:32 1116.71 Financials 11292 863 02 1370.86 1411.62 1425.71 1457.11 LOW EMAS EMA 10 EMASO 61.98 46.98 31.98 16.98 19.00 0.00 <-19.00 38.00 1671.79 1587.79 1503.79 1419.79 1335.79 1251.79 20#211Q20 KPI's reflect changing market conditions EBITDA Margin (%) 34.9% Gross Debt/EBITDA* 1.6x EBITDA 1Q 20 COP 5.3 Tn % by segment E&P 1.6 6.4% 5.3% 3.0% 5.4% 45.4 43.9 46.1 Midstream 1.2 34.9 1.2 1.2 28.3% 32.2% 34.9% 47.3% Downstream 65.3% 62.5% 62.1% 47.3% 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 ROACE (%)* 12.2% EBITDA*/BI 22.2 US$/BI 39.6 Net Income Break Even* 39.7 US$/BI ** 14.3 14.1 35.8 35.8 13.1 12.2 39.7 37.4 33.6 22.2 29.9 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 *Last 12 months ** Without impairments effect. 21#22Robust cash position to face volatility Cashflow COP Tn 2.6 3.5 12.1 0.6 1.5 11.7 0.4 Other** Cash balance Q1 20* Cash balance 2019* Cash flow from operations Capex Debt Dividends Ecopetrol Ocensa ■ ODL ■Bicentenario ■Invercolsa Maturity profile COP Tn 11.9 2.1 5.1 1.5 I 1.6 2.7 6.8 6.0 1.7 8.2 8.1 Financing 3.7 8.1 0.2 0.4 0.1 0.1 0.3 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2040 2043 2045 ** *Includes: Cash and Cash Equivalents and Other Current and Non-Current Financial Assets. Includes variation between periods of Other Current and Non-Current Financial Assets 22#23US$/BI Continued focus on cost efficiency Lifting Cost US$/BI 8.7 8.6 8.2 7.7 7.1 - 7.8 2017 2018 2019 1Q20 2020 (e) Efficiencies in operational processes (Energy, Subsurface and Dilution) and entry of new production facilities Transported Barrel Cost 2017 3.3 3.3 2018 3.3 2.9 2019 1Q20 Costs and expenses optimization * Includes: Cost of Transport, Operational Expenses, Operational Costs. Calculated over Barrels Sold. US$/BI US$/BI Refining Cash Cost 5.0 4.8 4.8 4.5 2017 2018 2019 1Q20 Operational efficiencies and capture of synergies between both refineries Total Cost* 36.9 34.8 35.4 30.8 2017 2018 19.0-22.0 2019 1Q20 2020 (e) Following the premises of the business transformation plan and OPEX cuts 23#24Short-term financial framework @ 30-40 US$/BI CASH PROTECTION Sustainable Production @ <US$ 30 /BI OPEX Optimizations COP 3.5-4.5 Tn Debt +US$ 3.1 Bn Dividends Payable 2H 2020 COP 5.5 Tn + CAPITAL DISCIPLINE RESILIENCE / FLEXIBILITY CAPEX US$ 2.5 3.0 Bn - Previous US$ 4.5 - 5.5 Bn Staggered Sanction Price US$ 37 /BI Average 2020-2022 US$ 50/BI 2023+ Cash Flow Breakeven ~ US$ 26/BI Net Income Breakeven <US$ 30 /BI 24 24#252020 Perspectives @ 30-40 US$/BI 2Q 2020 (e) 2020 (e) Production 660 680 664 - 710 (mboed) Transported Volume (mbd) 800-1,000 850-1,100 Crude Differential (US$/BI) - 9.0/-13.0 - 9.0/-11.0 Throughput (mbd) 215-240 285-320 Our priorities: Commitment to life Adapting to a new reality Cash protection and capital discipline Strategic imperatives remain Social & Environmental COP 300 Bn in 2020 De-carbonization 1.8-2.0 MtCO2e by 2022 Innovation and Technology US$92 Mn in 2020 25#26Investor relations contact information Head of Capital Markets: Juan Pablo Crane [email protected] Investor Relations Officer: Lina María Contreras [email protected] Investor Relations Team: Adriana Baptiste [email protected] Luisa Marcella Mosquera [email protected] Email: Vanessa Toro [email protected] Claudia Trujillo [email protected] María Alejandra Vélez [email protected] [email protected] 26#27ECOPETROL Ecopetrol S.A. All rights reserved. The re production of this presentation is forbidden wihout the written authorization of Ecopetrol S.A. 27#28Definitions Acronym bboe BI boed CAGR CEOR CFFO EOR ESG Gbtud GHG HCIIP JV KtCO2e mbd mboe mboed Mbtu Mmboe mm3 MtCO2e Definition Billion barrels of oil equivalent Barrel Barrels of oil equivalent per day Compound Annual Growth Rate Chemical Enhanced Oil Recovery Cash Flow From Operations Enhanced Oil Recovery Environmental, Social and Governance Giga BTU per day Greenhouse Gas Hydrocarbons Initially In Place Joint Venture Thousand Metric Tons of Carbon Dioxide equivalent Thousand barrels per day Thousand barrels of oil equivalent Thousand barrels of oil equivalent per day Million BTU Million barrels of oil equivalent Million Cubic Meters Million Metric Tons of Carbon Dioxide equivalent Megawatts Near Field Exploration Pilot Projects for Integral Research Parts Per Million Return on Average Capital Employed MW NFE PPIR PPM ROACE RRR SOGI TCF TRIF US$ B US$ M Million dollars Reserves Replacement Ratio Sexual Orientation and Gender Identity Trillion Cubic Feet Total Recordable Case Frequency Billion dollars 28