Updated as of January 2013

1. Ecopetrol S.A.
Investor Presentation
January of 2013

2. Disclaimer
This document was prepared by Ecopetrol S.A. with the purpose of providing the market and interested
parties certain financial and other information of the Company.
This document may include strategy discussions and forward-looking statements regarding the probable
development of Ecopetrol’s Business. Said projections and statements include references to estimates or
expectations of the Company regarding its future and operational results. Potential investors and the
market in general should be aware that the information provided herein does not constitute any guarantee
of its performance, risks or uncertainties that may occur or materialize. Real results may fluctuate and
differ from those provided herein due to several factors outside of the control of the Company. Neither
Ecopetrol nor its advisors, officers, employees, directors or agents, make any representation nor shall
assume any responsibility in the event actual performance of the company differs from what is provided
herein. Moreover, Ecopetrol, its advisors, officers, employees, directors or agents shall not have any
obligation whatsoever to update, correct, amend or adjust this presentation based on information attained
or events occurred after its disclosure.
This presentation is for discussion purposes only and is incomplete without reference to, and should be
viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation nor
any of its contents may be used for any other purpose without the prior written consent of Ecopetrol.
2

3. Agenda
1. Ecopetrol´s overview
2. Exploration & Production
3. Downstream
4. Transportation
5. Financials
6. Corporate Responsibility
7. Summary
3

4. Overview of
Ecopetrol
4

5. Capex plan focused on E&P has lead growth since 2008
Capex Growth
2008-2012 ( e ) 2007 vs. 2011/2012
11% Production 1.9 X
10% 750 mboed (Jan-Sep 2012)
Total Capex 45%
8%
USD 32.9 bn
Reserves (1P) 1.5 X
1.8 bn boe (Dec. 2011)
15%
11% Ebitda 3.4 X
USD 15.1 bn (2011)
Production
Acquisitions
Transportation Market Cap 4.7 X
Refining & Petroch.
Exploration
USD 128 bn (Dec. 2012)
Other
Source: Ecopetrol 5

6. Ecopetrol is Colombia´s top player and holds interests
in the U.S., Brazil and Peru
Ecopetrol and interests in subsidiares & affiliates
E&P:
america
Ref.& Petchem. :
Transport:
CENIT
Biofuels:
PERU
* BRAZIL Midstream
Key figures: • Crude transport: 895 mbd
Upstream • Products transport: 303 mbd
• Production: 750 mboed Downstream
• Exploratory area: 21.3 mn has. • Refining capacity: 330 mbod
• 1P Reserves : 1.86 bn boe • Petrochem. prod.capacity: 500k tons /yr
• Biofules prod. capacity: 100k tons / yr (biodiesel)
*Figures for Jan-Sep 2012 except Sales & Marketing
for 1P Reserves as of Dec. 31. 2011 • Sales : 874 mboed
• Exports 60% / Colombia 40%
Source: Ecopetrol 6

7. Strategic plan with a Capex of USD 80 bn to reach a
production of 1.3 mn “clean” barrels by 2020
USD 80 bn
Biof. & other 3%
1.3 mn boed
1.3 million boed
Transport
Refining
5%
7%
“Clean barrels” in 2020 25%
Exploration
• No accidents
• No environmental
incidents Production
• Sound labor relations
60%
• Delivering commitments
to stakeholders
• 17% ROCE
Capex 2012-2020
• 85% allocated to E&P
Source: Ecopetrol
• 90% in Colombia
7

8. Exploration &
Production
• Strategy
8

9. Remarkable rise in production led by heavy oil in Colombia
Average production / year
(thousand barrels of crude oil and gas per day)
1,300
1,000
780
724
616 108
521 104
399 447 97 280
85
72 289
270
246 253
336
153 224
81 109
2007 2008 2009 2010 2011 2012 (e) 2015 (e) 2020 (e)
Heavy oil Light and medium oil Natural gas
Source: Ecopetrol 9

10. Upstream strategy has four drivers that rise production to 1.3 mn
“clean” barrels in 2020 and add 6.2 bn barrels of 1P reserves
1 Production and Increase Recovery Factor
• Primary/Secondary/Tertiary Recovery
• EOR/IOR (Enhanced Oil Recovery/Improved Oil Recovery)
Production &
1 Recovery Factor:
Prod: 840-870 mboed 2 Exploration
Colombia:
• Llanos Orientales
Exploration • Caribe Offshore
2
Prod: 260-410 mboed • Caguan-Putumayo
• Sustained activity in other basins
International:
• Brazil
3 Unconventional • Gulf of Mexico (U.S.)
Prod: 50-200 mboed • Peru
3 Unconventional
• Assesment of potential
4 Acquisitions • Joint ventures with strategic partners
4 Acquisitions
10

11. 1
Production of current fields supported by drilling,
non-thermal recovery, and thermal recovery
Workstreams Key Initiatives Screening and projects
Primary recovery
• Infill Drilling Horizontal and • Llanos Orientales
Drilling • New area development multilateral wells • Middle Magdalena
• Optimize well configurations
• 21 fields implemented
• Casabe
Secondary and tertiary recovery • La Cira
• Water injection Water Flooding
(135 fields) • Upper Magdalena
• Alternating water and gas injection • 21 projects in progress
Non Thermal
• Chemical injection • 93 fields to be implemented
Recovery
Gas Injection • South: 5 Projects
• Magd & Central: 6 Projects
In situ • Chichimene (pilot)
Tertiary recovery • Quifa (pilot)
Thermal • Cyclic or continuing steam-
Continuous
injection process • Teca
Recovery Injection
• In situ combustion
Cyclic Injection • Santa Clara
11

12. Upstream strategy has four drivers that rise production to 1.3 mn
“clean” barrels in 2020 and add 6.2 bn barrels of 1P reserves
1 Production and Increase Recovery Factor
• Primary/Secondary/Tertiary Recovery
• EOR/IOR (Enhanced Oil Recovery/Improved Oil Recovery)
1 Production &
Recovery Factor: 2 Exploration
Prod: 840-870 mboed
Colombia:
• Llanos Orientales
Exploration • Caribe Offshore
2
Prod: 260-410 mboed • Caguan-Putumayo
• Sustained activity in other basins
International:
• Brazil
3 Unconventional • Gulf of Mexico (U.S.)
Prod: 50-200 mboed • Peru
3 Unconventional
• Assesment of potential
4 Acquisitions • Joint ventures with strategic partners
4 Acquisitions
12

13. 2
Ecopetrol´s exploratory plan is focused in proven
basins in Colombia
Yet to Find per Sedimentary Basin (mmboe)
Magdalena
10.000 Lower
Valley
5.500
4.000
3.585
2.636
2.000 2.000 Catatumbo
1.500
1.000 Magdalena
913 Mid Valley
750
650
550 Llanos /
366 Foothills
304
250
150
100 Magdalena
90
Upper Valley
60
40
Putumayo
10
Llanos/ M. Magd. U. Magd. Catatum. Putumayo L. Magd.
Foothills Valley Valley Valley
Mean
Source: Ecopetrol 13

14. 2
Estimated contingent resources in Colombian
frontier areas of 15 bn boes (mean)
CARIBBEAN OFFSHORE
PMEAN 2,900 MMBOE
380-14,000 MMBOE
Potential (mn boe)
SINU
PMEAN 414 MMBOE
50-900 MMBOE
31000
13948
10000
STRAT TEST VMM
PMEAN 92 MMBOE
PACIFIC 50-200 MMBOE 2000
OFFSHORE
1500
1000 950 900
PMEAN 600 661
MBPE
MMBOE 433
50-1,500MMBOE
401
200 250
100 116 115
70
50 50 50
20
10
Carib.Off Pacifico Crudos Sinu
Caribe Off
Pacif.Off Heavy Sinú Estrat.
Strat Cayos
Cays
Off Pes VMM
HEAVY CRUDE OIL
oil MMV
PMEAN 418MMBOE
70-950 MMBOE Mean
Source: Ecopetrol 14

15. Ecopetrol has 37% of the total licensed acreage in Colombia
2
and operates in 6 strategic basins of high potential
 Exploration assets*
(61 blocks) Caribbean sea
4
14.5 mn hectares
Operated directly: 51 Blocks
Not operated: 10 Blocks
5
Basins Ecopetrol S.A.

1 Llanos – Catatumbo Hocol S.A.
2 Mid Magdalena Valley
 Equion
3 Upper Magdalena – Putumayo

4 Offshore Caribbean

5 Lower Magdalena Valley
 2
6 Offshore Pacific

Pacific ocean 1
 Producing assets 6
Direct: 51 Blocks
Partnerships: 64 Blocks
2.1 mn hectares 3
(94% of Colombia´s production area)
* Does not include the blocks awarded in the Open Round Colombia 2012
15
Source: ANH, Ecopetrol 15

16. 2 Basins in key countries with high potential
Yet to find per Basin Reserves discovered in 2009
(bn boe) (mn boe)
Brazil Santos (presalt) v Crude Gas
Brazil Campos v
U.S. West Gulf Coast v
Venezuela
Argentina
Trin & To.
Colombia
Ecuador
Mexico
Brazil
Chile
U.S. West East Coast v
v Countries where Ecopetrol has interests
Source: Wood Mackenzie 16

17. 2 International exploration assets with 8.7 mn Has
U.S.A.
EC America
0.1 mn Has
Miocene
GOM Paleogene
Jurassic
EC Peru
4.4 mn Has Para Maranhao
Marañón
Marañón EC Brazil
Ucayali Sechura
0.1 mn Has
Huallaga Salaverry
Ucayali
Brazil
Campos
Lima Peru Santos
Espiritu Santo
Para-Maranhao
Savia Peru Campos
Santos
4.1 mn Has*
* Includes only Ecopetrol’s 50% interest
Source: Ecopetrol 17

18. Upstream strategy has four drivers that rise production to 1.3 mn
“clean” barrels in 2020 and add 6.2 bn barrels of 1P reserves
1 Production and Increase Recovery Factor
• Primary/Secondary/Tertiary Recovery
• EOR/IOR (Enhanced Oil Recovery/Improved Oil Recovery)
1 Production &
Recovery Factor: 2 Exploration
Prod: 840-870 mboed
Colombia:
• Llanos Orientales
Exploration • Caribe Offshore
2
Prod: 260-410 mboed • Caguan-Putumayo
• Sustained activity in other basins
International:
• Brazil
3 Unconventional • Gulf of Mexico (U.S.)
Prod: 50-200 mboed • Peru
3 Unconventional
• Assesment of potential
4 Acquisitions • Joint ventures with strategic partners
4 Acquisitions
18

19. 3 Unconventional hydrocarbon potential in Colombia
Methane Hydrate
120 - 1200 TCF (Karson, 1994) Gas in Situ 434.2 TCF
HM - CARIBE
32 TCF GAC - GUAJIRA 2010)
(Arthur D´little, Shale Oil/Gas
31.7 TCF (Highest
GAC - CESAR potential in Mid Magd
Valley 29 TCF)
SH - CATATUMBO Coal Bed Methane
GAC - MONTERIA
7.5 TCF ( Highest potential
LA LUNA SH - VMM
in Cesar 2,4 TCF and
FORMATION POZO COYOTE Guajira 3,4 TCF)
GAC - CORDILLERA
Tight sands
SH- CORDILLERA 1.2 TCF
HM - PACIFICO
Tar sands
SH - VSM Potential Volume 23,762
mn boe
Ecopetrol focus areas
SH - PUT
Source: Arthur D´Little 19

20. Exploration &
Production
• Update 2012-2013
20

21. Production goal for 2013 of 798 mboed
Goal 2013
Production 2011-2013
Ecopetrol including interest in subsidiaries
and affiliates (mboed)
2% Central
3% Northeast
2%
7% East
10% 27%
798 7% Mid Magd.
780
Catatumbo
798 mboed
15% South
Hocol
724 19%
Equión
18%
Savia and
minor fields
• Cupiagua
2011 2012 (e) 2013 (e) Fields with higher • Castilla
production growth • Chichimene
• Guajira
21

22. Higher exploration activity and geological success
Exploratory Plan 61
60
# of wells 16
Stratigraphic wells 53
22 17 15
International exploration
11
wells
5 3
Colombian 7 8
exploration wells 11
29 30
Successful wells 6
19 10
Drilled wells 15 3 38 34
12 2 6 1 28 11
Jan – Sep 2012
12 2 13 5 16 5 13 4
2007 2008 2009 2010 2011 (2) 2012 exp. 2013 exp.
Geological
Success (1) 16% 33% 26% 26% 49%
(1) Success rate for A3/A2 wells; (2) A1 wells are not included
(2) 2011: Success rate 18/37= 49% (2 wells in evaluation)
22

23. Offshore exploration in Colombia, Brazil and U.S. Gulf Coast
Colombia International
2012: 2012:
• Mapalé 1: Presence of dry gas
• Itaúna: (Brazil)
2013-2014: • Additional studies
• Fuerte Norte, Fuerte Sur and RC-9: • Parmer: (U.S. GoM)
Obtaining environmental feasibility • Presence of hydrocarbons
studies
• Dalmatian: (U.S. GoM)
• RC-8, RC-10 and RC-12 : Planned 3D • Presence of hydrocarbons
seismic surveys
GUA OFF 3
SHELL
TAYRONA
RC-12
2013-2014:
RC-10 RC-11
RC-9
RC-12
• Logan: (U.S. GoM)
TAYRONA
RC-8 GUAJIRA
RC-7
• Appraisal well by 2014
RC-6
RC-4RC-5
• Itaúna: (Brazil)
FUERTE
NORTE • Expected appraisal well by 2013
FUERTE
SUR
23

24. Downstream
• Refining
• Sales & Marketing
24

25. Downstream strategy
1 Operational
Excellence
2
Value
Creation
3
Profitable
& Sustainable growth
4
Market
& Clients
25

26. Operational Excellence: Secure processes to preserve
1
safety, the environment and operational efficiency
Barrels spilled due to operational causes Accident frequency rate
(Bls / yr) (hours lost per million worked hours)
3,91
158
2,46
1,64 2,10 1,55
6 10
0 0 0
Jan-Sep-
2007
2008
2009
2010
2011
Jan-Sep-
2008
2009
2010
2011
2012
2012
Energy loss Index Non-scheduled turnarounds: B/meja + Reficar
163 (Days)
160 499
153
145
139 364
248 296
Jan-Sep-
2008
2009
2010
2011
Jan-Sep-
2006
2008
2010
2012
2012
26

27. Value Creation: Modernization projects increase revenues
2
by maximizing output of medium distillates and gasoline
Barrancabermeja Production Reficar Production
250 mbd 250 mbd 80 mbd 165 mbd
1% 0,5%
3,1% 3%
Petrochemicals
Petroquímicos 7% 7%
4% 4%
Propylene
Propileno
GLP
LPG
34% 40% LPG
GLP 36%
Destilados Medios
54% Mid Distillates
Destilados
Mid Distillates
Medios
Gasoline
Gasolinas Gasoline
Gasolinas
34% Fuel && Coke
Fuel Coque 29%
Fuel & Coque
Fuel & Coke
48%
37%
24% 28%
5% 1%
Curent2012
(2012) With PMRB (2017)
Project Curent (2012) With Project (2014)
With Project
2012 Expansión
Current restrictions: Reficar
1. Refineries configuration:
• Medium conversion constraints the production of gasoline and medium distillates.
• Diesel quality does not meet regulatory standards.
2. Supply: Imports to comply with Colombian environmental quality standards.
27

28. Value Creation: Processing crudes based on the availability in
2
Colombia and reducing the cost of feedstock
Quality of crude basket: Quality of crude basket:
Barrancabermeja Reficar
17% 10%
7%
20% Livianos
Light 20%
19%
45%
Medium
Medios
93%
70% 61%
Pesados y ácidos
Heavy & Sour
38%
2012
Current With Project
After Project
PMRB 2012
Current Expansión
With Project
(2012) (2017) (2012) Reficar
(2014)
Current restriction in configuration: Limited load of heavy crude oil
(lower cost vs. medium and light crudes)
28

29. Profitable & Sustainable Growth: Key projects in Refining
3
to improve profitability and meet market conditions
Reficar (Cartagena) refinery modernization project
•  Refining capacity from 80 to 165 mbd
• High conversion from 76% to 97%
• Processing of heavy, extra-heavy and sour crude oils
• International fuel quality standards (sulfur content)
• Gasoline < 30 ppm
• Diesel < 10 ppm
• Finding opportunities in the regional markets of
purchasing crude oil and exporting fuels
Scope
• Crude Distillation • FCC Naphtha HDT
• VDU • 2 ULSD Hydrotreater Units
• Coker • 2 Hydrogen Plants
• Hydrocracking • Gas Plant
• FCC revamp • 2 Sulfur Plants
29

30. 3
The modernization of Cartagena Refinery reached 71%
progress (as of Sep. 30 / 2012 )
Progress:
Weight Progress
EPC contract Weight Progress
Site prep & FEED 10.0% 100%
Engineering 14% 97.2%
EPC contract 76.2% 73.2%
Docks and tanks 5.8% 64.8% Procurement 51% 92.6%
Third party supplies, Modules 2% 100.0%
comissioning and startup 8.0% 23.0% Construction 33% 31.3%
Total Progress 71.4% Total Progress 73.2%
Timeline: Executed Capex:
End of mechanical
completion
Description USD mn
Financing/insurance/taxes 321
EPC Commiss. & Start up
Engineering-PMC 901
Procurement 1,298
1Q-10 to 4Q -13 3Q-13 to 1H-14
Construction 752
Other 99
Capex
Total 3,371
30

31. 3
Profitable & Sustainable Growth: Key projects in Refining to
increase the conversion factor and margin of the refineries
Barrancabermeja refinery modernization project
  45 mbd of clean and valuable fuels
 High conversion from 75 to > 95%
 Processing of heavy, extra-heavy and sour crude oils
Revamps
 Domestic fuel quality standards (sulfur content)
New units  Gasoline <150 ppm
Capex  Diesel <50 ppm
Scope
• Three new processing units:
• Five new auxiliary units
• Delayed Coking
• Environmental units: amine, sour water
• Hydrocracking
and sulfur recovery
• Coker Naphtha Hydrotreating
• LPG treating unit
• Two Hydrogen Plants
• Storage tanks
• Six new utilities units
31

32. Modernization of Barrancabermeja refinery reached
3
12.3% progress (as of Sep. 30 / 2012)
Phases Weight Progress
Progress: I,II y III Conceptual and basic engineering 6.7% 100%
Detailed engineering 4.9%
Procurement and Contracting 4.0%
IV Construction 1.3%
Commisioning 0.0%
Subtotal Phase IV 93.1% 6.0%
V Closure 0.2% 0.0%
Total Progress 12.3%
Timeline: Executed Capex:
1Q-09 to 3Q-11 Description USD mn
3Q - 17
Engineering 193.0
Phases Commiss.
Equipment purchases 98.7
Site Prep. EPC Construction 45.9
I, II & III & Start up
PMC (Management and Control) 93.1
1Q-12 to 1Q-15 2Q-13 to 2Q-17
Other Owner Costs 21.7
Capex Total 452.4
32

33. 3
Profitable & Sustainable Growth: Refining results in 2020 will improve
due to the execution of projects that add value to the crude oil
Optimize Process heavier crudes
operating costs and produce more
value added products
Utilities Project
Process heavier crudes
and produce higher
Barranca
quality fuels
modernization
project
Reficar Project
2012 2013 2014 2015 2017 2020
Reficar Ebitda Barranca Ebitda
2013: Starting of 2017: Starting of
updated refinery updated refinery
* Figures depend on international prices (crack spreads) behavior
33

34. Market & Clients:
4
Rising Colombian demand for medium distillates & gasoline
*Ecopetrol’s Sales 2011 2013 ( e ) 2015 ( e )
(KBDC)
Med. Dist. 131 140 149
Gasoline's & LPG´s 92 94 95
Liquid fuels consumption in Colombia**
350
300 CAGR
Thousand barrels per day
250
200
150
CAGR
100
50
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Medium distillates Gasolines LPG
*Source: Ecopetrol and UPME (Mining and Energy Planning Agency). Total energy consumption Includes biofuels
34

35. Market & Clients:
4
Strong commitment for better air quality
Sulfur content
(average parts per million)
4,500 4,500
Diesel Other cities in Colombia
2500 Medellín
3,000 3,000
Bogotá & Public
2.130 2.037 Transportation Systems
In Colombia
1.2001200
500 341 215
178 176 198
28 20 20 29 15
2007 2008 2009 2010 2011 2012
Gasoline
1,000 1.000
727 700
214 199
2007 2008 2009 2010 2011 2012
Source: Ecopetrol 35

36. 4 Market & Clients:
Diversifying crude references and export destinations
Destinations of Crude Exports Crude References
Caribbean Other 3,8%
Other U.S. 3,2%
and Other 4% WTI 1%
Canada
10,4%
Maya 21%
Europe U.S. Gulf
7,4% Coast
441 mboed 42,9%
Jan-Sep 2012
U.S. West
Coast 7,7%
Central Brent 75%
America
10,3% Far East
14,3%
Source: Ecopetrol 36

37. 4 Market & Clients: Developing gas market
Total consumption: Colombia + Exports Sufficiency and exportable surplus
(GBTUD)
SUPPLY AND NEW FINDINGS
1,062 1,086
1,061 Conventional
1,036
907 • Offshore Caribbean: 9 - 35 TCF
721 760 • Foothills: 1 - 4 TCF
Unconventional
• Gas Shale: Mid Magdalena Valley and Catatumbo 15-
32 TCF
2006 2007 2008 2009 2010 2011 1H-2012
Colombian Gas Balance
Refineries Petrochemical Industrial LDC
CNGV Power Plants Exports
LDC: Colombian gas utility companies
CNG: compressed natural gas
Source: Ecopetrol 37

38. Market & Clients:
4
Growing in biofuels through current and new projects
Biodiesel Production of Biofuels
(thousand tons per year )
• Max. Capacity : 100,000 tons/yr (2,000 bls/day)
• Production 2011: 99,304 tons
• Blending of 2% biodiesel at Barranca refinery 450
380
• Ecopetrol´s interest: 50%
280
180
100
Ethanol
2011 2013 2016 2018 2020
• Total Capex US$282 million Ecodiesel Bioenergy Ecodiesel 2 Etanol
Ethanol Bioenergy 2
• Start of operations: 2nd quarter 2013
• Max. Capacity: 480,000 liters/day Subject to further approvals
• Future blending of 10% through wholesalers
• Ecopetrol ´s interest : 92%
Source: Ecopetrol 38

39. Transportation &
Logistics
• Current Capacity
• CENIT
• Key Projects
39

40. Rising Transport Capacity and Key Projects
Transported volume and capacity Key transportation assets
Transportation Capacity Pozos – Galan
(thousand barrels per day) Coveñas Port Ayacucho – Coveñas
+300 MBOD* Product line
Pipeline
(770 MBOD)** +45 MBOD*
Santa Marta +3 MBOD*
(90 MBOD)**
1.163 (45 MBOD)**
936
Ocensa Coveñas
Cartagena
Pipeline
441 +100 MBOD*
333
(560 MBOD)**
Ayacucho
Banadía
ODC Unloading facility
Crude oil Products Pipeline
2007 3Q 2012 +15 MBOD* Financial results B/Bermeja Banadia
for the second quarter +40 MBOD
Storage
(210 MBOD)** Sebastopol +100 MB
Vasconia
Transported Volumes Poliducto Andino
Cusiana Araguaney
(thousand barrels per day) Porvenir Pipeline
Monterrey +53 MBOD*
Santiago
Castilla – (53 MBOD)**
Rubiales
895 Apiay Apiay
Pipeline
517 +105 MBOD* Tenay
303 (190 MBOD)**
194 Rubiales –
Apiay – Porvenir
Tumaco Pipeline
Monterrey
Pipeline
Crude oil Products Orito +50 MBOD*
+100 MBOD*
(210 MBOD)**
2007 Jan-Sep 12 (340 MBOD)**
* Capacity increase projects fully implemented
** Current capacity
40

41. CENIT: Transport new business model
• Growing investment in Oil & Gas in Colombia.
Current • Country´s rising production driven mainly by heavy crudes.
• Existing infrastructure operating at full capacity.
Situation
• High operating standards.
• Third party access to transport systems.
New Model • Diversified funding alternatives for new infrastructure.
“CENIT” • Separate roles:
100% owned • Cenit: planning, commercial strategy, and management.
by Ecopetrol • Ecopetrol: operator of transport & logistics infrastructure.
• Colombian specialized company in transport & logistics.
• Access to all O&G companies, based on clear and transparent rules.
Benefits • Ecopetrol focused in other business segment and generating profit from transport.
• Cenit will guarantee Ecopetrol the required capacity for hydrocarbon transport.
41

42. Future increase in capacity in order to meet demand
Colombian demand vs. Capacity* 2012 – 2014:
(mbd)
2.500 Crude Oil Pipeline - Key Projects
1. San Fernando – Monterrey System: +390 mbod
2.000 2.020 2. Bicentenario Phase 1: +120 mbod
3. Magdalena Medio System: +75mbod
1.472
4. Caño Limón – Coveñas: +55 mbod
1.446
1.500 1.377
1.287 Pipeline - Key Projects
1.133
988 1. Galán - Sebastopol: +110 mbod*
1.000 2. Costa Norte Colombiana – Galan: +90 mbod**
Post 2014:
500
Crude Oil Pipeline - Key Projects
1. Carmentea (EBC) – Araguaney: +460 mbod
0
2010 2011 2012 2013 2014 2015 2016
2. Bicentenario Phase II & III: +330 mbod
3. Pacífico Colombiano: +450 mbod
Fuel Oil Diluent
4. Oleoducto Coveñas – Cartagena: +300 mbod
Third parties production Royalties
Partners Ecopetrol´s production
**Projects in engineering and economic analysis. The capabilities
Pipeline Capacity Total Capacity* and build times are subject to the results of engineering.
* Includes trucks
Source: Ecopetrol 42

43. Ecopetrol´s
Financials
• Preserving
fundamentals
• Cost saving
initiatives
• Cash generation
43

44. Sustained growth in revenues driven by exports
Total Sales (mboed)
857 874
733
650 Local sales
Exports
547 494 518
475 302
370 Local sales*
148 31% 216 59% Exports
41%
327 69% 331 348 363 363 356
2007 2008 2009 2010 2011 Jan-Sep-12
Exports (mboed) 518
494 24 5%
25 Natural gas
370 55 53 10%
302 7
52
85%
Products
216 20
49
148 16
51
414 441
Crude oil
311
53 36% 233
95 64% 149
2007 2008 2009 2010 2011 Jan-Sep-12
* Local sales include sales to Free trade zones
Source: Ecopetrol 44

45. Financial results driven by rising production, higher prices and
cost saving initiatives
Price of Crude 99,7 99,1 104,7
Export Basket 61,8
72,0
(USD/bl) 30.4
24,8
19,4 13,4 Local
14,1 12,8 10.5 42%
7,8 Exports
Total Sales 9,2
4,9
65%
35%
7,2
5,6
11,6 17,0 14,3 58%
(USD bn)
2008 2009 2010 2011 Jan-Sep-2012
45% 50% 48%
45% Ebitda
38%
39%
Margins 36%
29%
36% 43%
40% Operating
19% 27% Net
23% 25%
2008 2009 2010 2011 Jan-Sep-2012
34% ROE
Returns 24%
28% 28%
16% 20% 18% ROA
17%
13%
10%
2008 2009 2010 2011 Jan-Sep 12
45

46. Strong financial results compares to industry peers
Financial Results Jan-Sep 2012
Peers**
Ecopetrol Min Max
Sales growth (US$)* 10% -2% 5%
Operating margin 40% 8% 39%
EBITDA margin 48% 12% 57%
Net margin 25% 4% 24%
Financial Debt / Assets 6% 12% 34%
ROA (12 months) 17% 2% 7%
ROE (12 months) 28% 4% 11%
* Growth compared to Jan – Sep 2011
**Sample group includes: Petrobras, Marathon, Hess, Repsol and Oxy
Source: Companies´quarterly reports and Bloomberg 46

47. Cost saving initiatives: Lifting, refining and transport costs
Workstreams Key Initiatives
Lifting Cost •Standardize required well workovers
Production
•Corrective maintenance of high cost facilities (gas
plants, drilling rigs, tanks and lines)
•Outsourced water treatment
Refining cash cost •Procurement of catalysts with refineries specs
Refining • Standardize maintenance of critical equipment
• Minimize vapor leaks and losses in electrical lines
Transportation cost •Improved reliability of lines and pumping systems
Transport •Higher utilization of energy during off-peak hours
• Reduce service expenses
47

48. Competitive lifting and refining cash costs
Lifting cost: Refining cash cost:
Ecopetrol ranked 7th Ecopetrol in 2nd quartile within Latam
*
Lifting cost / bl Ranking
32,86 49
Petrobras
Higher
Mayor Costo
45 Q4
Conoco Phillips
25,65 cost
21,8 43
Marathon Q-IV
Q3
20,73 40 Q-III
Hess
Q-II
18,56 36
Occidental Q2
Q-I
17,22 34 GRB
Chevron Lower
16,39 32 Menor Costo
cost Q1
Exxon Mobil
Anadarko
12,49 23 2004
1 2006
2 2008
3 20104
10,67 7
Ecopetrol
Ecopetrol B/meja refinery
Talisman
6,38 5 Source: Solomon Associates. Fuel Study 2010
* Lifting cost estimated by Herold; Source: Herold – Global Upstream Performance Review 2012 48

49. Strong cash flow, low indebtedness,
and investment grade ratings
Initial Sources Uses Final
25,2 0,6 0,1 31,0 17,6
Cash Flow
Jan-Sep 3,2
4,7
2012 5,1 0,4 5,2
(USD billion)
Initial Cash Operations Other Offering Cash Operations Capex Dividends FX Ending cash
Available Difference
Assets Liabilities Debt Ratios *
Inventories
50,2 • Liabilities / Assets: 0.41x
1.5 Other long term
2.3 Other short term
• Financial obligations /
2,6 Labor obligations
Cash and cash equivalents
Balance 3,1
Estimated liabilities
Total Liabilities: 15.4%
7.7 Accounts receivable 20.4 • Financial obligations/ Ebitda
Sheet and provisions
Natural and environmental Financial obligations (12 month): 0.19 x
Sep 30/2012 9,2 resources
2.0
(USD$ billion) Other long term 1.9
3.1 Other short term • EBIT/ Interest expenses: 84x
3.2
Property, plant and 2.4 • Total debt / Capital: 0.11x
11.3 Accounts payable and
equipment (net) 7.6 related parties • Debt / 1P Resvs.: USD 2.71/bl
10.7 Investments
Credit Ratings S&P: BBB- (Positive) / Fitch: BBB- (Stable) / Moody´s: Baa2 (Stable)
* Does not include subsidiaries 49

50. Capex plan of US$80 billion between 2012-2020 focused on
E&P, mainly funded with internal cash generation
USD 80 bn USD 80 bn
Biof. & other 3% 9%
5% Equity
Transport
Refining 7%
16%
Debt
25%
Exploration
Production Cash 75%
60% generation
Uses Sources
• Long term crude oil price assumption for 2012-2020 Capex plan: WTI USD80/bl (real 2012)
• Required debt financing as function of crude oil price
• ROCE: 36% (2009-2011)
50

51. Capex of US$9.5 billion for 2013
Breakdown of Capex Key goals/projects per segment
2%
• 34 exploratory wells
Exploration • 26 in Colombia
19% • 8 International
Production
US$9.5 Exploration • Average Production: 798 mboed
Production • Ecopetrol: 750 mboed
billion 44% Refining • Subs. + Aff. : 48 mboed
18%
Transport
• Modernization of B/bermeja and
18% Other Refining C/gena facilities
• Industrial services project at B/meja
• Increase crude transportation
Capex allocation: Transport capacity by 170 mbod in 2013 and 250
mbod in 2015
• 69% to Ecopetrol S.A. and 31 % to Subsidiares
and Affiliates • R&D
• 95 % in Colombia Other • IT
• 62% to E&P • HSE
* Source Ecopetrol 51

52. Corporate
Responsibility
• HSE
• DJSI
52

53. Improving HSE (Health, Safety & Environment) metrics
Accident frequency with labor time loss Environmental Incidents
(# accidents per mn labor hrs.) (number of events)
2,28
116
1,56
1,22 1,24
1,02 59 56
0,85
41 41
23
2007 2008 2009 2010 2011 Jan-Sep-2012 2007 2008 2009 2010 2011 Jan-Sep-2012
• New operational model
• Full awareness within employees and contractors
• Risk management best practices
Source: Ecopetrol 53

54. Ecopetrol in the Dow Jones Sustainability Index (World DJSI)
since 2011
Ecopetrol´s 2011-2012 Corporate Sustainability Assessment
82 88
76 77 74 78
70
61 59
51 53
41
Economic Environmental Social Total
EC 2011 EC 2012 Avg O&G 2012
Key facts of 2011-2012 Ecopetrol´s Assessment:
• 340 companies in the 2012 (41 added and deleted) in DJSI world index (12 in O&G)
• Among the 10% best rated O&G companies worldwide
• 2012 assesment improved vs. 2011
• One of four Colombian companies included in the index
Source: Corporate Sustainability Assessment, SAM-DJSI 54

55. Summary
55

56. Ecopetrol is fully committed to deliver on its 2020
strategic goals
Ecopetrol: a sustainable and reliable investment
• E&P sound strategy and asset base to raise production and add reserves
• Projects to improve returns in refining and deliver high quality products
• Diversified markets and increasing exports
• New business model to expand transport infrastructure and provide services
• Financial strength to fund growth and effective cost control
• High returns on investments and thorough Capex allocation
• Improving HSE performance
• Recognized CSR practices - part of DJSI (World) since 2011
• Strong Corporate Governance
56

57. Investor Relations
• Phone + 571 234 5190
• Email investors@ecopetrol.com.co
• Website www.ecopetrol.com.co
57

58. SEP
ENERGY FOR THE FUTURE
Ecopetrol S.A. All rights reserved. The re production of this presentation is forbidden without the written authorization of Ecopetrol S.A.
58
58

59. Corporate Group 1P Reserves: 2008 - 2011
1P Reserves*
(million barrels of oil & gas equivalent)
164%
193%
IRR **
RRI** 351% 1,857
1,714
46%
1,538
1,137
2008 2009 2010 2011
* Estimated using SEC prices and methodology
** RRI: Reserve replacement index
Source: Ecopetrol 59

60. Main fields by region in Colombia
Region Share Main fields Production*
(mboed)
Central 26% Castilla 115
Chichimene 38
East 18%
Rubiales + Quifa 121
Northeast 21% Guajira 60
Cusiana 37
Middle 16% La Cira 22
Magdalena Nare 16
Catatumbo 10% Tibú 2
South 8% Orito 3
Tello 5
Minor fields 1%
* EC´s production Jan-Sep of 2012
Source: Ecopetrol
61

61. Central Region: Meta province (Llanos Orientales)
Main fields Production (mboed)
• Heavy crude (13° API) 110 114
98
• Oil in place: 5.5 bn boe (e)
Castilla • 2012: 60 wells (e)
• Ecopetrol´s interest: 100%
2010 2011 2012 (e)
• Heavy crude (9° API) 47
32
Chichimene • Oil in place: 2.8 bn boe (e)
• 2012: 40 wells (e)
19
• Ecopetrol´s interest: 100%
2010 2011 2012 (e)
• Heavy crude (13.5° API)
• Oil in place: 4.45 bn boe (e) 96 102
72
Rubiales-Pirirí • 2012: 193 wells (e)
• Ecopetrol´s interest: Rubiales
60% - Piriri 50%
2010 2011 2012 (e)
• Heavy crude (13.5° API) 15 20
Quifa • Oil in place: 1.87 bn boe (e)
• 2012: 87 wells (e)
2
• Ecopetrol' interest: 40% 2010 2011 2012 (e)
(e) estimated 62
Source: Ecopetrol

62. Middle Magdalena Region
Main fields Production (mboed) **
• Medium crude (20-32° API) 27 31 35
La Cira • Oil in place: 3.9 bn boe (e)
• 2012: 139 wells (e)
Infantas
• Ecopetrol´s interest: 52%
2010 2011 2012 (e)
• Medium crude (22-24° API) 19 24
17
• Oil in place: 1.8 bn boe (e)
Casabe • 2012: 47 wells (e)
• Ecopetrol´s interest: 100% 2010 2011 2012 (e)
26 32 32
• Heavy crude (11-12° API)
• Oil in place: 1.3 bn boe (e)
Nare • 2012: 87 wells (e) (*)
2010 2011 2012 (e)
• Ecopetrol´s interest: 50%
(e) estimated
(*) 25 Abarco Fase I, 10 Abarco Fase II, 18 Underriver Fase II, 5 Underriver Fase III, 29 Moriche Fase III
(**) Prod 100%
Source: Ecopetrol 63

63. Northeast Region: Casanare and Guajira provinces
Main fields Production (mboed)
• Dry Gas 68
Guajira • Oil in place: 1.283 mboe
64 61
Ballena – Riohacha - • 2012: 3 wells **
Chuchupa
• Ecopetrol´s interest: 57% (2012)
2010 2011 2012 (e)
• Light crude (31° - 36 ° API) 35 34
24
Cusiana • Oil in place: 1.783 mboe
• 2012: 2 wells **
• Ecopetrol´s interest: 69% (2012)
2010 2011 2012 (e)
• Light crude (>40° API)
23 24
Cupiagua • Oil in place: 1.585 mboe 17
Cupiagua – Cupiagua Sur • 2012: 7 wells (e)**
• Ecopetrol´s interest: 100%
2010 2011 2012 (e)
• Light crude (41° - 45 ° API)
Piedemonte • Oil in place: 985 mboe
11 15
22
Pauto - Floreña • 2012: 4 wells (e) **
• Ecopetrol´s interest: 50% (2012)
2010 2011 2012 (e)
** Includes new wells, sidetracks, deepening , workover, among others. (e) estimated
Source: Ecopetrol 64

64. Catatumbo Region: Arauca - Casanare
Main fields Production (mboed)
• Light crude (29.5° API) 53 48 42
• Oil in place: 1.9 bn boe (e)
Cravo Norte • 2012: 358 wells (e)
• Ecopetrol´s interest: 73%
2010 2011 2012 (e)
• Light crude (31.2° API)
Rancho • Oil in place: 0.14 bn boe (e) 7
22 21
Hermoso • 2012: 15 wells (e)
• Ecopetrol´s interest: 82% 2010 2011 2012 (e)
12 11 10
• Light crude (31.2° API)
Rondón • Oil in place: 0.05 bn boe (e)
• 2012: 23 wells (e)
• Ecopetrol´s interest: 50% 2010 2011 (e) 2012 (e)
(e) estimated
Source: Ecopetrol 65

65. South Region: Putumayo, Huila and Tolima provinces
Main fields Production (mboed)
• Light Crude: 32,2° API 3,0 2,6
• Oil in place: 276 mmboe 1,8
Occidente • 2012: 0 wells (waiting the
“Environmental Management Plan”)*
• Ecopetrol´s interest: 100% 2010 2011 2012 (e) *
• Medium Crude: 18,4° API 6,8
4,6
• Oil in place: 260 mmboe
Dina • 2012: 1 well (e)
3,8
Terciarios • Ecopetrol´s interest:
basic production rate: 100%, 2010 2011 2012 (e)
incremental production rate: 31%
3,4 3,5 3,4
• Light Crude: 28° API
Espinal • Oil in place: 253 mmboe
• 2012: 10 wells (e)
• Ecopetrol´s interest: 55% 2010 2011 2012 (e)
(e) estimated
Source: Ecopetrol 66