Ecopetrol S A : Bank of America Investors meeting

INVESTOR

PRESENTATION

Bank of America - 2021

LEGAL DISCLOSURE

This document was prepared by Ecopetrol S.A. (the "Company" or "Ecopetrol") 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. Actual results may fluctuate and differ from those provided herein due to several factors outside of the control of the Company. Such forward-looking statements speak only as at the date in which they are made and 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 new information or events occurring after its disclosure. Additional factors that may affect the future results of Ecopetrol are set forth in the section entitled "Risk Factors" in the Company's Report on Form 20-F for the year ended December 31, 2020 and in the Company's other filings with Securities and Exchange Commission (the "SEC"), which are available at www.sec.gov.

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.

The information contained in this earnings report relating to operational information, financial information and/or statistical data pertaining to companies or institutions that might be considered peer group companies to Ecopetrol has been obtained from public sources available to the general public and is being used solely for informative and statistical purposes. We have not independently verified any such operational information, financial information and/or statistical data, although we believe such operational information, financial information and/or statistical data has been obtained from reliable sources. Ecopetrol S.A. is not liable and does not assume any responsibility for the accuracy, veracity or authenticity of any such operational information, financial information and/or statistical data.

2

Extraordinary recovery after the crisis

Relevant Milestones

737712

3555

43.5%

39.5%

701

67

48.8%

728735676

645161

46.1%	47.6%

of the Quarter

Shareholders Meeting

13.4

10.5

14.6

15.9

34.9%

17.2

15.1

100% Virtual

COP 17 Dividend / Share

5.8

4.1

0.40.9

7.1

2.6

7.4		8.2
		5.3
	2.7	3.1

0.1

Successful Commercial Strategy

continues to enable new

export destinations

	1Q16		1Q17	1Q18	1Q19	1Q20	1Q21
	Revenues		EBITDA		Net Income	Production	Brent (USD/Bl)		EBITDA Margin

Due Diligence Process Progress

for possible acquisition of controlling interest in ISA

3

Revenues, EBITDA and Net Income in COP T. Production in mboed.

Making progress towards the energy transition

COMPETITIVENESS

DIVERSIFICATION

DECARBONIZATION

TESG

Efficiencies	Transmission Sector Entry	Net Zero Emissions	Cecilia María Vélez White
COP 263.7 B	Offer to acquire controlling stake	2050 Commitment	Appointment in BoD
	in ISA
		Solar Parks	BoD Special Committee
		San Fernando: 46% Progress	ISA's Valuation
Digital Benefits	Hydrogen Strategy
USD 12 M	First Molecule
	Production 2022 - 2025
		Flaring Reduction	SASB, TCFD and SCM
		52%: 2017 - 2020	Publication in ISMR* and 20F
			4

* ISMR: Integrated Sustainable Management Report

Exploration

Increased asset contribution

5 Exploratory wells completed drilling phase

Exploratory success

Flamencos-2

El Niño-1

Production

+39% vs 1Q20

Discoveries delineation

Boranda Sur-2

Flamencos-2

1. Well abandoned due to technical problems, failed to reach the section of interest..
2. Flamencos-2and El Niño-1 wells were drilled in 2020, declared successful in 2021.

(3) Est SN-8 well is a study well that does not prove the presence of hydrocarbons.	5