Investor Presentaiton

Capex plan of USD8.5 billion for 2012 Breakdown of Capex 2012 4% Capex per segment 2012 Exploration • 42 exploratory wells • 37 in Colombia • 5 International 24% USD 8.5 7% 17% bn Production 48% Refinning · Average Production . . Corporate group: 800 mboed • Ecopetrol: 750 mboed Focus in the Llanos basin . Modernization of B/bermeja and Cartagena facilities Transport • Increase crude transportation capacity by 600 mbod Production Refining Other Exploration Transportation Other Source Ecopetrol • Research and development + organizational consolidation 60% Years 49 49

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