Investor Presentaiton

1Q20 KPI's reflect changing market conditions EBITDA Margin (%) 34.9% Gross Debt/EBITDA* 1.6x EBITDA 1Q 20 COP 5.3 Tn % by segment E&P 1.6 6.4% 5.3% 3.0% 5.4% 45.4 43.9 46.1 Midstream 1.2 34.9 1.2 1.2 28.3% 32.2% 34.9% 47.3% Downstream 65.3% 62.5% 62.1% 47.3% 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 ROACE (%)* 12.2% EBITDA*/BI 22.2 US$/BI 39.6 Net Income Break Even* 39.7 US$/BI ** 14.3 14.1 35.8 35.8 13.1 12.2 39.7 37.4 33.6 22.2 29.9 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 2018 2019 1Q 19 1Q 20 *Last 12 months ** Without impairments effect. 21

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