Investor Presentaiton

Growth through current and new projects Biodiesel ecodiesel colombia s.a. • Max. Capacity: 100,000 tons/yr (2,000 bls/day) • Production Jan-Sep 2011: 2,140 MBOED • Blending of 2% biodiesel at Barranca refinery • Ecopetrol's interest: 50% Ethanol Production of Biofuels (thousand tons per year) 450 380 280 180 100 BIOENERGY 2011 2013 2016 2018 2020 Ecodiesel Bioenergy Ecodiesel 2 Etanol Bioenergy 2 • Total Capex US$282 millions • Start of operations: 2012 • Max. Capacity: 480,000 liters/day • Future blending of 10% through wholesalers Ecopetrol 's interest: 88% Subject to further approvals 60% Years 39

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