Investor Presentaiton

Short-term financial framework @ 30-40 US$/BI CASH PROTECTION Sustainable Production @ <US$ 30 /BI OPEX Optimizations COP 3.5-4.5 Tn Debt +US$ 3.1 Bn Dividends Payable 2H 2020 COP 5.5 Tn + CAPITAL DISCIPLINE RESILIENCE / FLEXIBILITY CAPEX US$ 2.5 3.0 Bn - Previous US$ 4.5 - 5.5 Bn Staggered Sanction Price US$ 37 /BI Average 2020-2022 US$ 50/BI 2023+ Cash Flow Breakeven ~ US$ 26/BI Net Income Breakeven <US$ 30 /BI 24 24

View entire presentation