Investor Presentaiton

Breakeven (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

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