Investor Presentaiton

Diversified shareholder base Primary Equity Offerings of Ecopetrol USD 2.8 bn 10.1% 20.0% US$1.3 bn* 1.6%* 8.3% Total Authorized Round 1 (2007) Round 2 (2011) Law 1118 Round 3 (TBD) Proceeds (USD bn) * Includes 2nd round of primary share offering; ** Mainly pension funds Source Ecopetrol Ecopetrol's ownership (as of December 31-2011*) Other ADRs Foreign Instit. Instit. inv. in ord. 1.4% 1.4% Inv.** shares (Colombia) 0.4% 4.1% Retail inv. 4.2% 507 thousand stockholders Rep. Of Colombia, 88.5% 60 Years 50 50

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