Investor Presentaiton

Oil market is currently facing an unprecedented supply and demand shock Brent, Peso and FX Basket Price (US$/BL) COP $211,962 BI National Demand 2020 COP $156,328 BI US$ 62.6/BI US$ 39.2 /BI mbd 72.4 290 273 34 5.6 35 Forecast 211 203 US$ 66.8 /BI (6,7) Dic US$ 66/BI 60.1 US$ 42.4 /BI 51.1 20 10 118 175 8.7 122 152 5 4 100 105 102 94 3 88 (10,3) 32.1 138 64 116 91 91 64 76 3,175/US$ 2019 Jan-May 3, 689/US$ 38 2020 Jan-May Brent - Peso Brent Exchange Rate Historic Brent Crudes Products Spread 2019 Jan-May 2020 Jan-May Jan Feb Mar Apr May Jun Jul Gasoline Diesel Jet 7

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