Investor Presentaiton

Adapting operations to demand Gasoline Sales Volume (MBD) Diesel Throughput (MBD) Barrancabermeja Cartagena Jet 1Q 20 -21% -44% -23% 138 116 161 165 34 35 35 350 345 367 365 305 131 90 195 199 20 219 215 165 154 146 149 150 140 Jan 20 Feb 20 Mar 20 Jan 20 Feb 20 Mar 20 Jan 20 Feb 20 Mar 20 1Q 19 1Q 20 Jan 20 Feb 20 Mar 20 (US$/BI) Gross Refining Margin 10.5 11.0 10.3 6.6 Growth Opportunities 11.5 10.0 10.6 9.9 Barrancabermeja Increase of 8.4 8.9 conversion capacity 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 Barrancabermeja Cartagena Cartagena Asset optimization and higher value of gasoline components Maximize synergies between refineries 19

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