Investor Presentaiton

Increased trading and liquidity of ADRs Total daily traded volume (USD million) Trading 25.1 % ADRs Institutional Investors in ADR 29.3 21.8 Ordinary Shares 15,0 ADRs 12.7 24,2 15,5 11,6 14,3 0,9 1,1 6,3 2008 2009 2010 % of ADRs in Ecopetrol's ownership 2011 1,4% 0,1% 0,2% 2008 2009 Source: JP Morgan, Bloomberg 10 X 0,6% 2010 Number of institutional investors in ADRs 10 X 92 22 2011 161 58 14 60% Years 2008 2009 2010 2011 51

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