Investor Presentaiton

Capex growth accross all segments with focus on E&P Capex per year 2008-2012 (USD billion) 372% Capex per segment 2008-2011 5% 10% 1.8 8.5 7.2 11% 6.3 6.0 4.8 43% US$ 25.7 bn 14% 2007 2008 2009 2010 2011 2012 Production e: estimated Source: Ecopetrol (e) 16% Refining & Petroch. Exploration Acquisitions Transportation Other 60% Years 11

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