Ecopetrol S.A. (Ecopetrol), announced the Total Consideration and Tender Consideration for its previously announced tender offer for cash (the Offer) to purchase up to $1,000,000,000 in aggregate principal amount (the Maximum Tender Amount) of its outstanding 5.875% Senior Notes due 2023 (the Notes). The Offer is being made pursuant to Ecopetrol's Offer to Purchase, dated January 17, 2023 (the Offer to Purchase), which sets forth a comprehensive description of the terms of the Offer. The total tender consideration to be paid for the Notes accepted for purchase pursuant to the Offer was determined by reference to (i) the Fixed Spread for the Notes (ii) yield for the Notes (the Reference Yield) based on the bid-side price of the U.S. Treasury reference security (the Reference Security) (the Total Consideration).

The Reference Yield was calculated in accordance with standard market practice at 11:00 a.m., New York City time, on January 30, 2023. The Total Consideration for the Notes includes an early tender payment (the Early Tender Premium) of $30.00 per $1,000 principal amount of Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Offer, subject to the Maximum Tender Amount. Total consideration is $1,003.41.

The Offer will expire at 11:59 p.m., New York City time, on February 13, 2023, unless extended or terminated earlier (the Expiration Date). Holders who validly tender and do not validly withdraw Notes on or prior to 5:00 p.m., New York City time, on January 30, 2023 (as the same may be extended, the Early Tender Date), that are accepted for purchase by Ecopetrol will receive the Total Consideration, which includes the Early Tender Premium indicated in the table above, with respect to Notes validly tendered (and not validly withdrawn) and accepted for purchase subject to the Maximum Tender Amount. Notes validly tendered in the Offer may not be withdrawn after 5:00 p.m., New York City Time, on January 30, 2023 (unless extended by Withdrawal Date), except as may be required by applicable law.

For the Notes validly tendered on or prior to the Early Tender Date (and not subsequently validly withdrawn) and accepted by Ecopetrol for purchase pursuant to the Offer, subject to the Maximum Tender Amount and proration, Ecopetrol will have the option for settlement to occur promptly after the Early Tender Date (the Early Settlement Date). If, at its option, there is an Early Settlement Date, the Company expects the Early Settlement Date to be on January 31, 2023, which is the first Business Day following the Early Tender Date, unless the Early Tender Date is extended by the Company in its sole discretion. If no Early Settlement Date occurs, then settlement for all Notes that are validly tendered at any time prior to the Expiration Date and that are accepted for purchase will be made on the Final Settlement Date.

For the Notes validly tendered after the Early Tender Date and on or prior to the Expiration Date, and accepted by the Company for purchase pursuant to the Offer, subject to the Maximum Tender Amount and proration, settlement will occur promptly after the Expiration Date (the Final Settlement Date and, together with the Early Settlement Date, the Settlement Date). The Company expects the Final Settlement Date to be on February 15, 2023, which is the second Business Day following the Expiration Date, unless the Expiration Date is extended by the Company in its sole discretion.