Investor Presentaiton

Financial results driven by rising production, higher prices and cost saving initiatives (2/2) Net Income and Net Margin (USD bn) 36% 23% 27% 23% 18% 19% 8,4 5,0 4,3 1,5 2,2 2,4 2006 2007 2008 2009 2010 2011 Net income Net margin Ebitda & Ebitda Margin (USD bn) 45% 50% 44% 47% 45% 38% 15,1 6.4 8.6 3.5 4.5 4.8 2006 2007 2008 2009 2010 2011 Source Ecopetrol S.A., Does not include subsidiaries Ebitda Ebitda Margin 60 Years 46 46

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