----

----

| Title of each class                                                                                                                      |   | Name of each exchange on which registered:          |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| American Depository Shares (as evidenced by American Depository Receipts), each representing 20 common shares par value Ps$250 per share |   | New York Stock Exchange                             |
| Ecopetrol common shares par value Ps$250 per share                                                                                       |   | New York Stock Exchange (for listing purposes only) |
| 7.625% Notes due 2019                                                                                                                    |   | New York Stock Exchange                             |

|  ̈  U.S. GAAP |  ̈  International Financial Reporting Standards as issued by theInternational Accounting Standards Board | x Other |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------|---------|

----

----

----

|    |   |                                                       |   | Page   |   |
|--------------|--------|------------------------------------------------------------|--------|--------|--------|
|         |   | Forward-Looking Statements                                 |   |   | 1      |   |
|         |   | Enforcement of Civil Liabilities                           |   |   | 2      |   |
|         |   | Presentation of Financial Information                      |   |   | 2      |   |
|         |   | Presentation Of Abbreviations                              |   |   | 3      |   |
|         |   | Presentation Of The Nation And Government Of Colombia      |   |   | 4      |   |
|         |   | Presentation Of Information Concerning Reserves            |   |   | 4      |   |
| ITEM 1.      |   | Identity of Directors, Senior Management and Advisors      |   |   | 5      |   |
| ITEM 2.      |   | Offer Statistics and Expected Timetable                    |   |   | 5      |   |
| ITEM 3.      |   | Key Information                                            |   |   | 5      |   |
|         |   | Selected Financial Data                                    |   |   | 5      |   |
|         |   | Exchange Rate Information                                  |   |   | 7      |   |
|         |   | Risk Factors                                               |   |   | 8      |   |
| ITEM 4.      |   | Information on the Company                                 |   |   | 20     |   |
|         |   | The Company                                                |   |   | 20     |   |
|         |   | Overview By Business Segment                               |   |   | 24     |   |
|         |   | Transportation Infrastructure                              |   |   | 48     |   |
|         |   | Property, Plant And Equipment                              |   |   | 63     |   |
| ITEM 4A.     |   | Unresolved Staff Comments                                  |   |   | 63     |   |
| ITEM 5.      |   | Operating and Financial Review and Prospects               |   |   | 63     |   |
|         |   | Operating Results                                          |   |   | 70     |   |
|         |   | Liquidity and Capital Resources                            |   |   | 83     |   |
|         |   | Research and Development, Patents and Licenses, etc.       |   |   | 85     |   |
|         |   | Off-Balance Sheet Arrangements                             |   |   | 86     |   |
|         |   | Tabular Disclosure of Contractual Obligations              |   |   | 86     |   |
| ITEM 6.      |   | Directors, Senior Management and Employees                 |   |   | 86     |   |
|         |   | Directors and Senior Management                            |   |   | 86     |   |
|         |   | Compensation                                               |   |   | 90     |   |
|         |   | Share Ownership                                            |   |   | 90     |   |
|         |   | Board Practices                                            |   |   | 90     |   |
|         |   | Employees                                                  |   |   | 92     |   |
| ITEM 7.      |   | Major Shareholders and Related Party Transactions          |   |   | 96     |   |
|         |   | Major Shareholders                                         |   |   | 96     |   |
|         |   | Related Party Transactions                                 |   |   | 96     |   |
| ITEM 8.      |   | Financial Information                                      |   |   | 99     |   |
|         |   | Consolidated Statements And Other Financial Information    |   |   | 99     |   |
|         |   | Legal Proceedings                                          |   |   | 99     |   |
|         |   | Dividends                                                  |   |   | 100    |   |
|         |   | Significant Changes                                        |   |   | 100    |   |
| ITEM 9.      |   | The Offer and Listing                                      |   |   | 100    |   |
|         |   | Trading Markets                                            |   |   | 100    |   |
|         |   | Trading On The Bolsa De Valores De Colombia                |   |   | 102    |   |
| ITEM 10.     |   | Additional Information                                     |   |   | 102    |   |
|         |   | Bylaws                                                     |   |   | 102    |   |
|         |   | Material Contracts                                         |   |   | 105    |   |
|         |   | Exchange Controls                                          |   |   | 106    |   |
|         |   | Taxation                                                   |   |   | 107    |   |
|         |   | Documents On Display                                       |   |   | 111    |   |
| ITEM 11.     |   | Quantitative and Qualitative Disclosures About Market Risk |   |   | 111    |   |
| ITEM 12.     |   | Description of Securities Other than Equity Securities     |   |   | 113    |   |
| ITEM 12A.    |   | Debt Securities                                            |   |   | 113    |   |
| ITEM 12B.    |   | Warrants and Rights                                        |   |   | 113    |   |
| ITEM 12C.    |   | Other Securities                                           |   |   | 113    |   |
| ITEM 12D.    |   | American Depositary Shares                                 |   |   | 113    |   |

----

| ITEM 13.  |   | Defaults, Dividend Arrearages and Delinquencies                              |   |   | 114 |   |
|-----------|--------|------------------------------------------------------------------------------|--------|--------|-----|--------|
| ITEM 14.  |   | Material Modifications to the Rights of Security Holders and Use of Proceeds |   |   | 115 |   |
| ITEM 15.  |   | Controls and Procedures                                                      |   |   | 115 |   |
| ITEM 16.  |   | [Reserved]                                                                   |   |   | 117 |   |
| ITEM 16A. |   | Audit Committee Financial Expert                                             |   |   | 117 |   |
| ITEM 16B. |   | Code of Ethics                                                               |   |   | 117 |   |
| ITEM 16C. |   | Principal Accountant Fees and Services                                       |   |   | 117 |   |
| ITEM 16D. |   | Exemptions from the Listing Standards for Audit Committees                   |   |   | 118 |   |
| ITEM 16E. |   | Purchases of Equity Securities by the Issuer and Affiliated Purchasers       |   |   | 118 |   |
| ITEM 16F. |   | Change in Registrant’s Certifying Accountant                           |   |   | 118 |   |
| ITEM 16G. |   | Corporate Governance                                                         |   |   | 118 |   |
| ITEM 17.  |   | Financial Statements                                                         |   |   | 120 |   |
| ITEM 18.  |   | Financial Statements                                                         |   |   | 120 |   |
| ITEM 19.  |   | Exhibits                                                                     |   |   | 121 |   |
|      |   | SIGNATURES                                                                   |   |   | 122 |   |

----

|   | · | drilling and exploration activities; |
|--------|--------|--------------------------------------|

|   | · | future production rates; |
|--------|--------|--------------------------|

|   | · | import and export activities; |
|--------|--------|-------------------------------|

|   | · | liquidity, cash flow and uses of cash flow; |
|--------|--------|---------------------------------------------|

|   | · | projected capital expenditures; |
|--------|--------|---------------------------------|

|   | · | dates by which certain areas will be developed or will come on-stream; and |
|--------|--------|----------------------------------------------------------------------------|

|   | · | allocation of capital expenditures to exploration and production activities. |
|--------|--------|------------------------------------------------------------------------------|

|   | · | changes in international crude oil and natural gas prices; |
|--------|--------|------------------------------------------------------------|

|   | · | competition; |
|--------|--------|--------------|

|   | · | limitations on our access to sources of financing; |
|--------|--------|----------------------------------------------------|

|   | · | significant political, economic and social developments in Colombia and other countries where we do business; |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | military operations, terrorist acts, wars or embargoes; |
|--------|--------|---------------------------------------------------------|

|   | · | regulatory developments, including regulations related to climate change; |
|--------|--------|---------------------------------------------------------------------------|

|   | · | technical difficulties; and |
|--------|--------|-----------------------------|

|   | · | other factors discussed in this document as “Risk Factors.” |
|--------|--------|-------------------------------------------------------------------------|

----

|   | · | a treaty exists between Colombia and the country where the judgment was granted or there is reciprocity in the recognition of foreign judgments between the courts of the relevant jurisdiction and the courts of Colombia; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the foreign judgment does not relate to “in rem rights” vested in assets that were located in Colombia at the time the suit was filed and does not contravene or conflict with Colombian laws relating to public order other than those governing judicial procedures; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the foreign judgment, in accordance with the laws of the country where it was rendered, is final and is not subject to appeal and a duly certified and authenticated copy of the judgment has been presented to a competent court in Colombia; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the foreign judgment does not refer to any matter upon which Colombian courts have exclusive jurisdiction; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | no proceeding is pending in Colombia with respect to the same cause of action, and no final judgment has been awarded in any proceeding in Colombia on the same subject matter and between the same parties; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | in the proceeding commenced in the foreign court that issued the judgment, the defendant was served in accordance with the law of such jurisdiction and in a manner reasonably designated to give the defendant an opportunity to defend against the action. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| bpd   | Barrels per day               |
|-------|-------------------------------|
| boe   | Barrels of oil equivalent     |
| btu   | British thermal units         |
| cf    | Cubic feet                    |
| cfpd  | Cubic feet per day            |
| mcf   | Million cubic feet            |
| mcfpd | Million cubic feet per day    |
| mbtu  | Million British thermal units |

| gbtu  | Giga British thermal units         |
|-------|------------------------------------|
| gbtud | Giga British thermal units per day |
| bcf   | Billion Cubic feet                 |

----

|                                                      |   | Estimated proved reserves for the year endedDecember 31, |   |
|-----------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|
|                                                      |   |                                                                                        |   |   |   |   |   |   |   |
|                                                      |   | 2010                                                                                        |   |   | 2009 |   |   | 2008 |   |
|                                                      |   |                                                                                        |   |   |   |   |   |   |   |
| Net proved reserves audited by Externals Engineers (2)    |   |                                                                                        | 99     | %(1) |   |   | 97 | %(1) |   |   | 89 | % |
|                                                      |   |                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Net proved reserves estimates on our own calculations (2) |   |                                                                                        | 1      | % |   |   | 3 | % |   |   | 11 | % |

|   | (1) | Process conducted in definitions and rules accordance of Rule 4-10(a) of Regulation S-X and the disclosure guidelines contained in the SEC’s “Modernization of Oil and Gas Reporting” final rule dated December 31, 2008 and effective as of January 1, 2010. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Process conducted under SEC definitions and rules. |
|--------|-----|----------------------------------------------------|

----

| ITEM 1. | Identity of Directors, Senior Management and Advisors |
|--------------|-------------------------------------------------------|

| ITEM 2. | Offer Statistics and Expected Timetable |
|--------------|-----------------------------------------|

| ITEM 3. | Key Information |
|--------------|-----------------|

|                            |   | BALANCE SHEET                                                                                    |           |
|--------------------------------------|--------|--------------------------------------------------------------------------------------------------|----------------|
|                                 |   | For the year ended December 31,                                                                  |           |
|                                 |   | 2010(1)                                                                                          |           |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                 |   | (Pesos in millions and US$ in thousands except for common share and dividends per share amounts) |           |
|                                 |   |                                                                                             |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets                         |   |                                                                                             | 35,930,029     |   |   |   | 68,769,356 |   |   |   | 55,559,517 |   |   |   | 48,702,412 |   |   |   | 48,112,080 |   |   |   | 42,137,722 |   |
| Shareholders’ Equity           |   |                                                                                             | 21,592,797     |   |   |   | 41,328,181 |   |   |   | 32,569,957 |   |   |   | 34,619,717 |   |   |   | 26,808,467 |   |   |   | 20,835,746 |   |
| Subscribed capital                   |   |                                                                                             | 5,286,434      |   |   |   | 10,118,128 |   |   |   | 10,118,128 |   |   |   | 10,118,128 |   |   |   | 10,118,128 |   |   |   | 9,096,197 |   |
| Number of common shares(3)           |   |                                                                                             | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 | (2) |   |   | 36,384,788,817 |   |
| Dividends declared per share:        |   |                                                                                             | 0.05           |   |   |   | 91.0 | (4) |   |   | 220.0 | (4) |   |   | 115.0 | (4) |   |   | 123.0 | (5) |   |   | 55.0 |   |
| Amounts in accordance with U.S. GAAP |   |                                                                                             |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                         |   |                                                                                             | 27,342,056     |   |   |   | 52,332,148 |   |   |   | 42,624,352 | (6) |   |   | 40,244,452 |   |   |   | 29,698,528 |   |   |   | 26,517,482 |   |
| Ecopetrol Shareholders’ Equity |   |                                                                                             | 14,198,312     |   |   |   | 27,175,285 |   |   |   | 22,383,712 | (6) |   |   | 27,425,735 |   |   |   | 20,991,031 |   |   |   | 18,015,386 |   |
| Number of common shares(3)           |   |                                                                                             | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 36,384,788,817 |   |
| Dividends declared per share:        |   |                                                                                             | 0.05           |   |   |   | 91.0 |   |   |   | 220.0 |   |   |   | 115.0 |   |   |   | 123.0 |   |   |   | 55.0 |   |

----

| (1) | Amounts stated in U.S. dollars have been translated for the convenience of the reader at the rate of Ps$1,913.98 to US$1.00, which is the Representative Market Rate at December 31, 2010, as reported and certified by the Superintendency of Finance. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes 48,512,147 new shares, before the 1 to 400 split, issued to the Nation on April 27, 2007, representing in-kind contributions of developed reserves in accordance with Decree 2625 of 2000. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Number of common shares includes (i) 48,512,147 shares issued to the Nation on April 2007, representing in-kind contributions, (ii) a 1 to 400 stock split in July 2007, which for purposes of comparability and dividends per share has been applied as if it had occurred in 2006 and (iii) 4,087,723,771 shares issued to the public in connection with our initial offering of shares in Colombia in November 2007. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Represents payments made in 2010, 2009 and 2008 based on net income and retained earnings for the years ended December 31, 2009, 2008 and 2007, respectively. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | In 2007 dividends were declared and paid on 36,384,788,817 shares.  In the same year, dividend payments to the Nation amounted to Ps$4,475,399 million of which Ps$3,052,236 million corresponded to net income and Ps$1,423,163 million to retained earnings paid prior to our initial public offering in the fourth quarter of 2007.  See “Item 5.  Operating and Financial Review and Prospects—Transformation from a wholly state-owned entity.” |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Restated figures.  See Note 32 to our consolidated financial statements. |
|-----|------------------------------------------------------------------------------------|

----

|                                             |   | INCOME STATEMENT                                                                                                                             |           |
|-------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
|                                                  |   | For the year ended December 31,                                                                                          |           |
|                                                  |   | 2010(1)                                                                                                                                           |           |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                  |   | (US$ in thousandsexcept for net incomeper share and average number of shares amounts) |           |   | (Pesos in millions except for net income per share and average number of shares amounts) |   |
|                                                  |   |                                                                                                                                              |           |
| Total revenue                                         |   |                                                                                                                                              | 21,927,246     |   |   |   | 41,968,311 |   |   |   | 30,404,390 |   |   |   | 33,896,669 |   |   |   | 22,332,320 |   |   |   | 18,389,965 |   |
| Operating income                                      |   |                                                                                                                                              | 6,728,828      |   |   |   | 12,878,842 |   |   |   | 7,873,339 |   |   |   | 12,657,358 |   |   |   | 8,959,138 |   |   |   | 4,798,437 |   |
| Net operating income per share                        |   |                                                                                                                                              | 0.17           |   |   |   | 318 |   |   |   | 195 |   |   |   | 313 |   |   |   | 292 |   |   |   | 113,038 |   |
| Income before income tax                              |   |                                                                                                                                              | 6,004,565      |   |   |   | 11,492,617 |   |   |   | 7,250,844 |   |   |   | 16,011,204 |   |   |   | 7,065,304 |   |   |   | 4,891,142 |   |
| Net income                                            |   |                                                                                                                                              | 4,256,299      |   |   |   | 8,146,471 |   |   |   | 5,132,054 |   |   |   | 11,629,677 |   |   |   | 5,179,792 |   |   |   | 3,391,373 |   |
| Weighted average number of shares outstanding(2)      |   |                                                                                                                                              | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 30,702,164,870 |   |   |   | 42,449,825 |   |
| Net income per share(3)                               |   |                                                                                                                                              | 0.11           |   |   |   | 201 |   |   |   | 127 |   |   |   | 287 |   |   |   | 169 |   |   |   | 79,891 |   |
| Amounts in accordance with U.S. GAAP                  |   |                                                                                                                                              |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                                         |   |                                                                                                                                              | 21,358,282     |   |   |   | 40,879,324 |   |   |   | 29,551,574 |   |   |   | 33,849,213 |   |   |   | 22,784,694 |   |   |   | 19,461,739 |   |
| Operating income                                      |   |                                                                                                                                              | 7,251,128      |   |   |   | 13,878,514 |   |   |   | 8,055,213 | (4) |   |   | 9,840,311 |   |   |   | 8,455,099 |   |   |   | 7,245,976 |   |
| Net operating income per share                        |   |                                                                                                                                              | 0.18           |   |   |   | 343 |   |   |   | 199 | (4) |   |   | 243 |   |   |   | 229 |   |   |   | 199 |   |
| Income before income tax and non-controlling interest |   |                                                                                                                                              | 6,708.91       |   |   |   | 12,840,721 |   |   |   | 8,768,383 | (4) |   |   | 13,427,443 |   |   |   | 8,710,648 |   |   |   | 7,765,863 |   |
| Net income attributable to Ecopetrol                  |   |                                                                                                                                              | 4,290,032      |   |   |   | 8,211,035 |   |   |   | 5,718,304 | (4) |   |   | 8,841,883 |   |   |   | 6,144,685 |   |   |   | 6,636,424 |   |
| Net income per share                                  |   |                                                                                                                                              | 0.11           |   |   |   | 203 |   |   |   | 141 | (4) |   |   | 218 |   |   |   | 166 |   |   |   | 182 |   |
| Average numberof shares outstanding(5)                |   |                                                                                                                                              | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |   |   | 36,922,352,491 |   |   |   | 36,384,788,817 |   |

----

| (1) | Amounts stated in U.S. dollars have been translated for the convenience of the reader at the rate of Ps$1,913.98 to US$1.00, which was the Representative Market Rate at December 31, 2010, the last business day of the year, as reported and certified by the Superintendency of Finance. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The weighted average number of common shares outstanding during 2007 was 30,702,164,870 as a result of the application of the 1 to 400 stock split, capitalization of reserves by the Nation and initial public offering in Colombia, which represents a net income per share of Ps$169, compared to Ps$79,891 during 2006 when the average number of shares outstanding was 42,449,825. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Net income per share is calculated using the weighted-average number of outstanding shares at December 31 of each year, adjusted for a 1 to 400 stock split and the contribution to equity from the Nation. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Restated figures.  See Note 32 to our consolidated financial statements. |
|-----|------------------------------------------------------------------------------------|

| (5) | Calculated in accordance with U.S. GAAP, which differs in certain respects with the calculation of weighted average number of shares pursuant to Colombian Government Entity GAAP. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |   | Exchange Rates |     |
|----------------------------------------|--------|---------------------|----------|
|                                   |   | High                |     |   | Low |   |   | Average |   |   | Period-End |   |
| Year ended December 31, |   |                |     |   |   |   |   |   |   |   |   |   |
|                                   |   |                |     |   |   |   |   |   |   |   |   |   |
| 2006                                   |   |                | 2,634.06 |   |   |   | 2,225.44 |   |   |   | 2,357.98 |   |   |   | 2,238.79 |   |
| 2007                                   |   |                | 2,261.22 |   |   |   | 1,877.88 |   |   |   | 2,078.35 |   |   |   | 2,014.76 |   |
| 2008                                   |   |                | 2,392.28 |   |   |   | 1,652.41 |   |   |   | 1,966.26 |   |   |   | 2,243.59 |   |
| 2009                                   |   |                | 2,596.37 |   |   |   | 1,825.68 |   |   |   | 2,156.29 |   |   |   | 2,044.23 |   |
| 2010                                   |   |                | 2,044.23 |   |   |   | 1,786.20 |   |   |   | 1,897.89 |   |   |   | 1,913.98 |   |
| 2011:                                  |   |                |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                |   |                | 1,913.98 |   |   |   | 1,838.94 |   |   |   | 1,866.64 |   |   |   | 1,857.98 |   |
| February                               |   |                | 1,907.69 |   |   |   | 1,852.67 |   |   |   | 1,882.61 |   |   |   | 1,895.56 |   |
| March                                  |   |                | 1,916.05 |   |   |   | 1,865.11 |   |   |   | 1,884.38 |   |   |   | 1,879.47 |   |
| April                                  |   |                | 1,870.60 |   |   |   | 1,767.54 |   |   |   | 1,812.77 |   |   |   | 1,767.54 |   |
| May                                    |   |                | 1,831.58 |   |   |   | 1,763.12 |   |   |   | 1,801.65 |   |   |   | 1,817.34 |   |
| June                                   |   |                | 1,797.83 |   |   |   | 1,769.83 |   |   |   | 1,782.54 |   |   |   | 1,780.16 |   |

----

| Source: | Superintendency of Finance for historical data.  Banco de la República, or the Colombian Central Bank, for averages. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | · | changes in international prices of natural gas and refined products; |
|--------|--------|----------------------------------------------------------------------|

|   | · | long-term changes in the demand for crude oil, natural gas and refined products; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | regulatory changes; |
|--------|--------|---------------------|

|   | · | inventory levels; |
|--------|--------|-------------------|

|   | · | increase in the cost of capital; |
|--------|--------|----------------------------------|

|   | · | adverse economic conditions; |
|--------|--------|------------------------------|

|   | · | development of new technologies; |
|--------|--------|----------------------------------|

|   | · | economic and political events, especially in the Middle East and elsewhere with high levels of crude oil production; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | the willingness and ability of the Organization of the Petroleum Exporting Countries, or OPEC, and its members to set production levels and prices; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | local and global demand and supply; |
|--------|--------|-------------------------------------|

|   | · | development of alternative fuels; |
|--------|--------|-----------------------------------|

|   | · | weather conditions; |
|--------|--------|---------------------|

|   | · | natural disasters; and |
|--------|--------|------------------------|

|   | · | terrorism and global conflict. |
|--------|--------|--------------------------------|

----

|   | · | unexpected drilling conditions; |
|--------|--------|---------------------------------|

|   | · | pressure or irregularities in formations; |
|--------|--------|-------------------------------------------|

|   | · | security problems; |
|--------|--------|--------------------|

|   | · | equipment failures or accidents; |
|--------|--------|----------------------------------|

|   | · | fires, explosions, blow-outs and surface cratering; |
|--------|--------|-----------------------------------------------------|

|   | · | title problems; |
|--------|--------|-----------------|

|   | · | other adverse weather conditions and natural disasters; and |
|--------|--------|-------------------------------------------------------------|

|   | · | shortages or delays in the availability or in the delivery of equipment. |
|--------|--------|--------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

| ITEM 4. | Information on the Company |
|--------------|----------------------------|

----

| Company                                    |   | Date          |   | Participationacquired intransaction |   | Sector                     |   | Price(1)       |
|--------------------------------------------|--------|---------------|--------|------------------------------------------|--------|----------------------------|--------|----------------|
| Polipropileno del Caribe S.A. (Propilco)   |   | April 2008    |   | 100%                                     |   | Petrochemicals             |   | US$690 million |
|                                       |   |          |   |                                     |   |                       |   |           |
| Offshore International Group Inc. (OIG)    |   | February 2009 |   | 50%(2)                                   |   | Exploration and Production |   | US$646 million |
|                                       |   |          |   |                                     |   |                       |   |           |
| Oleoducto Central S.A. (Ocensa)            |   | March 2009    |   | 24.7%(3)                                 |   | Transportation             |   | US$418 million |
|                                       |   |          |   |                                     |   |                       |   |           |
| Hocol Petroleum Limited                    |   | March 2009    |   | 100%(4)                                  |   | Exploration and Production |   | US$807 million |
|                                       |   |          |   |                                     |   |                       |   |           |
| Refinería de Cartagena S.A. (Reficar) |   | May 2009      |   | 51%(5)                                   |   | Refining                   |   | US$544 million |
|                                       |   |          |   |                                     |   |                       |   |           |
|                                       |   |          |   |                                     |   |                       |   |           |

|   | (1) | Includes amounts of adjustment on transaction prices. |
|--------|-----|-------------------------------------------------------|

|   | (2) | U.S. parent of Savia Perú (formerly Petrotech Peruana S.A.). |
|--------|-----|-------------------------------------------------------------------|

|   | (3) | As a result of this transaction, our ownership of Ocensa increased to 60%. |
|--------|-----|----------------------------------------------------------------------------|

|   | (4) | We acquired 100% of Maurel el Prom’s interest in Hocol Petroleum Limited, whose most important assets are Hocol and Homcol.  As a result of the acquisition, our ownership in Oleoducto de Colombia, increased from 43.85% to 65.57%. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | As a result of this transaction, we became the sole indirect owner of Reficar. |
|--------|-----|--------------------------------------------------------------------------------|

----

| COMPANY                                                 |   | COUNTRY OFINCORPORATION |   | OWNERSHIP ANDVOTING % |   |
|---------------------------------------------------------|--------|------------------------------|--------|---------------------------------|--------|
| Exploration and Production                              |   |                         |   |                            |   |   |
| Ecopetrol Oleo e Gas do Brasil Ltda*                    |   | Brazil                       |   |                            | 100.00 |   |
| Ecopetrol del Perú S.A.*                           |   | Peru                         |   |                            | 100.00 |   |
| Ecopetrol America Inc.*                                 |   | United States                |   |                            | 100.00 |   |
| Hocol Petroleum Limited                                 |   | Bermuda                      |   |                            | 100.00 |   |
| Equion Energía Limited                             |   | United Kingdom               |   |                            | 51.00  |   |
| Transportation                                          |   |                         |   |                            |   |   |
| Oleoducto de los Llanos Orientales S.A. (ODL)**         |   | Panama                       |   |                            | 65.00  |   |
| Oleoducto de Colombia S.A.*                             |   | Colombia                     |   |                            | 73.00  |   |
| Oleoducto Central S.A.*                                 |   | Colombia                     |   |                            | 72.60  |   |
| Oleoducto Bicentenario de Colombia S.A.S.* (OBC)        |   | Colombia                     |   |                            | 55.97  |   |
| Refining and Petrochemicals                             |   |                         |   |                            |   |   |
| Refinería de Cartagena S.A.*                       |   | Colombia                     |   |                            | 100.00 |   |
| Propilco S.A.*                                          |   | Colombia                     |   |                            | 100.00 |   |
| Compounding and Masterbatching Industry Ltda. (COMAI)** |   | Colombia                     |   |                            | 100.00 |   |
| Biofuels                                                |   |                         |   |                            |   |   |
| Bioenergy S.A.**                                        |   | Colombia                     |   |                            | 88.60  |   |
| Other                                                   |   |                         |   |                            |   |   |
| Black Gold Re                                           |   | Bermuda                      |   |                            | 100.00 |   |

----

----

----

----

----

----

----

|                                   |   | For the year ended December 31, |   |
|----------------------------------------|--------|----------------------------------------------------------|--------|
|                                   |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
| COLOMBIA                               |   |                                                     |   |   |   |   |   |   |   |
| Ecopetrol                              |   |                                                     |   |   |   |   |   |   |   |
| Gross Exploratory Wells                |   |                                                     |   |   |   |   |   |   |   |
| Owned and operated by Ecopetrol        |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 2                                                        |   |   | 2 |   |   | 4 |   |
| Dry(2)                                 |   | 4                                                        |   |   | 7 |   |   | 6 |   |
| Total                                  |   | 6                                                        |   |   | 9 |   |   | 10 |   |
| Operated by Ecopetrol in Joint Venture |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 1                                                        |   |   | - |   |   | 1 |   |
| Dry(2)                                 |   | 2                                                        |   |   | - |   |   | 0 |   |
| Total                                  |   | 3                                                        |   |   | - |   |   | 1 |   |
| Operated by Partner in Joint Venture   |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 3                                                        |   |   | 3 |   |   | 1 |   |
| Dry(2)                                 |   | 1                                                        |   |   | 3 |   |   | 1 |   |
| Total                                  |   | 4                                                        |   |   | 6 |   |   | 2 |   |
| Net Exploratory Wells(3)               |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 3.15                                                     |   |   | 3.2 |   |   | 5 |   |
| Dry(2)                                 |   | 5.60                                                     |   |   | 8.2 |   |   | 6.4 |   |
| Total                                  |   | 8.75                                                     |   |   | 11.4 |   |   | 11.4 |   |
| Sole Risk(4)                           |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 7                                                        |   |   | 4 |   |   | 8 |   |
| Dry(2)                                 |   | 11                                                       |   |   | 5 |   |   | 12 |   |
| Total                                  |   | 18                                                       |   |   | 9 |   |   | 20 |   |
| Hocol                                  |   |                                                     |   |   |   |   |   |   |   |
| Gross Exploratory Wells                |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | -                                                        |   |   | 1 |   |   | - |   |
| Dry(2)                                 |   | 9                                                        |   |   | 2 |   |   | - |   |
| Total                                  |   | 9                                                        |   |   | 3 |   |   | - |   |
| Net Exploratory Wells(3)               |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 0                                                        |   |   | 0.2 |   |   | - |   |
| Dry(2)                                 |   | 5                                                        |   |   | 2 |   |   | - |   |
| Total                                  |   | 5                                                        |   |   | 2.2 |   |   | - |   |
| INTERNATIONAL                          |   |                                                     |   |   |   |   |   |   |   |
| Ecopetrol America Inc.                 |   |                                                     |   |   |   |   |   |   |   |
| Gross Exploratory Wells                |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | -                                                        |   |   | - |   |   | - |   |
| Dry(2)                                 |   | 3                                                        |   |   | 2 |   |   | 1 |   |
| Total                                  |   | 3                                                        |   |   | 2 |   |   | 1 |   |
| Net Exploratory Wells(3)               |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | -                                                        |   |   | - |   |   | - |   |
| Dry(2)                                 |   | 0.9                                                      |   |   | 0.4 |   |   | 0.3 |   |
| Total                                  |   | 0.9                                                      |   |   | 0.4 |   |   | 0.3 |   |
| Ecopetrol Oleo e Gas do Brasil         |   |                                                     |   |   |   |   |   |   |   |
| Gross Exploratory Wells                |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 1                                                        |   |   | 0 |   |   | - |   |
| Dry(2)                                 |   | 1                                                        |   |   | 1 |   |   | - |   |
| Total                                  |   | 2                                                        |   |   | 1 |   |   | - |   |
| Net Exploratory Wells(3)               |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 0.5                                                      |   |   | - |   |   | - |   |
| Dry(2)                                 |   | 0.3                                                      |   |   | 0.3 |   |   | - |   |
| Total                                  |   | 0.8                                                      |   |   | 0.3 |   |   | - |   |
| Ecopetrol del Perú                |   |                                                     |   |   |   |   |   |   |   |
| Gross Exploratory Wells                |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | -                                                        |   |   | - |   |   | - |   |
| Dry(2)                                 |   | 1                                                        |   |   | - |   |   | 1 |   |
| Total                                  |   | 1                                                        |   |   | - |   |   | 1 |   |
| Net Exploratory Wells(3)               |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | -                                                        |   |   | - |   |   | - |   |
| Dry(2)                                 |   | 0.3                                                      |   |   | - |   |   | 0.5 |   |
| Total                                  |   | 0.3                                                      |   |   | - |   |   | 0.5 |   |
| Savia Perú                        |   |                                                     |   |   |   |   |   |   |   |
| Gross Exploratory Wells                |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 1                                                        |   |   | 1 |   |   | - |   |
| Dry(2)                                 |   | 0                                                        |   |   | 1 |   |   | - |   |
| Total                                  |   | 1                                                        |   |   | 2 |   |   | - |   |
| Net Exploratory Wells(3)               |   |                                                     |   |   |   |   |   |   |   |
| Productive(1)                          |   | 0.5                                                      |   |   | 0.5 |   |   | - |   |
| Dry(2)                                 |   | 0                                                        |   |   | 0.5 |   |   | - |   |
| Total                                  |   | 0.5                                                      |   |   | 1 |   |   | - |   |

----

| (1) | A productive well is an exploratory well that is not a dry well. |
|-----|------------------------------------------------------------------|

| (2) | A dry well or hole is an exploratory well found to be incapable of producing either crude oil or natural gas in sufficient quantities to justify completion as a crude oil or natural gas well. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Net exploratory wells are calculated according to our percentage of ownership in these wells. |
|-----|-----------------------------------------------------------------------------------------------|

| (4) | We do not take any risk in sole risk contracts but we benefit from successful exploratory efforts.  See “—Overview of Exploration and Production Contractual Arrangements.” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                             |   | For the year ended December 31, |    |
|--------------------------------------------------|--------|----------------------------------------------------------|---------|
|                                             |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
| COLOMBIA                                         |   |                                                     |    |   |   |   |   |   |   |
| Ecopetrol                                        |   |                                                     |    |   |   |   |   |   |   |
| Northeastern Region:                             |   |                                                     |    |   |   |   |   |   |   |
| Gross wells owned and operated by Ecopetrol      |   |                                                     | – |   |   |   | – |   |   |   | – |   |
| Gross wells in Joint Ventures                    |   |                                                     | 5       |   |   |   | 6 |   |   |   | 1 |   |
| Net Wells(1)                                     |   |                                                     | 3       |   |   |   | 3 |   |   |   | 1 |   |
| Mid-Magdalena Valley Region:                     |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells owned and operated by Ecopetrol      |   |                                                     | 58      |   |   |   | 100 |   |   |   | 90 |   |
| Gross wells in Joint Ventures                    |   |                                                     | 322     |   |   |   | 249 |   |   |   | 344 |   |
| Net Wells(1)                                     |   |                                                     | 217     |   |   |   | 227 |   |   |   | 285 |   |
| Central Region:                                  |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells owned and operated by Ecopetrol      |   |                                                     | 121     |   |   |   | 46 |   |   |   | 41 |   |
| Gross wells in Joint Ventures                    |   |                                                     | 200     |   |   |   | 115 |   |   |   | 66 |   |
| Net Wells(1)                                     |   |                                                     | 213     |   |   |   | 113 |   |   |   | 79 |   |
| Catatumbo-Orinoquía Region:                 |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells owned and operated by Ecopetrol      |   |                                                     | – |   |   |   | 4 |   |   |   | 5 |   |
| Gross wells in Joint Ventures                    |   |                                                     | 23      |   |   |   | 12 |   |   |   | 59 |   |
| Net Wells(1)                                     |   |                                                     | 9       |   |   |   | 10 |   |   |   | 36 |   |
| Southern Region:                                 |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells owned and operated by Ecopetrol      |   |                                                     | 12      |   |   |   | 7 |   |   |   | 10 |   |
| Gross wells in Joint Ventures                    |   |                                                     | 40      |   |   |   | 48 |   |   |   | 36 |   |
| Net Wells(1)                                     |   |                                                     | 17      |   |   |   | 23 |   |   |   | 27 |   |
| Hocol                                            |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells owned and operated by Hocol          |   |                                                     | 43      |   |   |   | 8 |   |   |   | – |   |
| Gross wells in Joint Ventures                    |   |                                                     | – |   |   |   | 1 |   |   |   | – |   |
| Net Wells(1)                                     |   |                                                     | 34      |   |   |   | 8 |   |   |   | – |   |
| Total Gross wells owned and operated in Colombia |   |                                                     | 234     |   |   |   | 165 |   |   |   | 146 |   |
| Total Gross wells in Joint Ventures in Colombia  |   |                                                     | 590     |   |   |   | 431 |   |   |   | 506 |   |
| Total Net Wells (Colombia)                       |   |                                                     | 493     |   |   |   | 384 |   |   |   | 428 |   |
| INTERNATIONAL                                    |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Savia Perú                                  |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells                                      |   |                                                     | 14      |   |   |   | 5 |   |   |   | – |   |
| Net Wells(1)                                     |   |                                                     | 7       |   |   |   | 2.5 |   |   |   | – |   |
| Ecopetrol America Inc.                           |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Gross wells                                      |   |                                                     | – |   |   |   | 1 |   |   |   | 1 |   |
| Net Wells(1)                                     |   |                                                     | – |   |   |   | 0.1 |   |   |   | 0.1 |   |
| Total Gross Wells (International)                |   |                                                     | 14      |   |   |   | 6 |   |   |   | 1 |   |
| Total Net Wells (International)                  |   |                                                     | 7       |   |   |   | 2.6 |   |   |   | 0.1 |   |

----

| (1) | Net wells correspond to the sum of wells entirely owned by us and our ownership percentage of wells owned in joint ventures with our partners. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                     |   | For the Year ended December 31 |   |
|----------------------------------------------------------|--------|---------------------------------------------------------|--------|
|                                                     |   | 2010                                                    |   |   | 2009 |   |   | 2008 |   |
|                                                     |   | (thousand bpd)                                     |   |
| COLOMBIA                                                 |   |                                                    |   |   |   |   |   |   |   |
| Ecopetrol                                                |   |                                                    |   |   |   |   |   |   |   |
| Northeastern region:                                     |   |                                                    |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 28.8   |   |   |   | 36.9 |   |   |   | 40.4 |   |
| Direct operation                                         |   |                                                    | 12.4   |   |   |   | — |   |   |   | — |   |
| Total Northeastern region                                |   |                                                    | 41.2   |   |   |   | 36.9 |   |   |   | 40.4 |   |
| Mid-Magdalena Valley region:                             |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 18.5   |   |   |   | 16.9 |   |   |   | 15.1 |   |
| Direct operation                                         |   |                                                    | 65.0   |   |   |   | 56.6 |   |   |   | 50.7 |   |
| Total Mid-Magdalena Valley region                        |   |                                                    | 83.5   |   |   |   | 73.4 |   |   |   | 65.8 |   |
| Central region:                                          |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 78.4   |   |   |   | 44.5 |   |   |   | 28.6 |   |
| Direct operation                                         |   |                                                    | 140.3  |   |   |   | 111.5 |   |   |   | 93.7 |   |
| Total Central region                                     |   |                                                    | 218.7  |   |   |   | 156.0 |   |   |   | 122.3 |   |
| Catatumbo-Orinoquía region:                         |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 60.3   |   |   |   | 67.1 |   |   |   | 70.9 |   |
| Direct operation                                         |   |                                                    | 3.3    |   |   |   | 2.9 |   |   |   | 3.0 |   |
| Total Catatumbo-Orinoquia region                         |   |                                                    | 63.6   |   |   |   | 70.0 |   |   |   | 73.9 |   |
| Southern region:                                         |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 35.5   |   |   |   | 35.4 |   |   |   | 33.6 |   |
| Direct operation                                         |   |                                                    | 26.5   |   |   |   | 26.6 |   |   |   | 24.3 |   |
| Total Southern region                                    |   |                                                    | 62.0   |   |   |   | 62.0 |   |   |   | 57.9 |   |
| Minor Fields:                                            |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 12.2   |   |   |   | 6.6 |   |   |   | — |   |
| Direct operation                                         |   |                                                    | 0.6    |   |   |   | 0.5 |   |   |   | — |   |
| Total Minor Fields                                       |   |                                                    | 12.7   |   |   |   | 7.2 |   |   |   | — |   |
| Hocol S.A(1)                                             |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Joint venture operation                                  |   |                                                    | 3.6    |   |   |   | 6.3 |   |   |   | — |   |
| Direct operation                                         |   |                                                    | 22.3   |   |   |   | 7.8 |   |   |   | — |   |
| Total Hocol                                              |   |                                                    | 25.9   |   |   |   | 14.1 |   |   |   | — |   |
| Production Tests                                         |   |                                                    | 0.2    |   |   |   | 0.3 |   |   |   | 1.3 |   |
| Total Average Daily Crude Oil Production (Colombia)      |   |                                                    | 507.8  |   |   |   | 419.8 |   |   |   | 361.6 |   |
| INTERNATIONAL                                            |   |                                                    |   |   |   |   |   |   |   |   |   |   |
| Savia Perú                                          |   |                                                    | 6.4    |   |   |   | 5.3 |   |   |   | — |   |
| Ecopetrol America                                        |   |                                                    | 1.7    |   |   |   | 0.9 |   |   |   | 0.3 |   |
| Total Average Daily Crude Oil Production (International) |   |                                                    | 8.1    |   |   |   | 6.2 |   |   |   | 0.3 |   |
| TOTAL AVERAGE DAILY CRUDE OIL PRODUCTION                 |   |                                                    | 515.9  |   |   |   | 426.0 |   |   |   | 361.9 |   |

----

| (1)  | Hocol and Savia Perú production figures correspond to their equivalent daily productions since their respective months of acquisition. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|                            |   | Production Acreage at December 31, 2010 |    |   | Averagecrude oil andnatural gasproductionfor the yearendedDecember 31,2010(1) |   |
|---------------------------------|--------|------------------------------------------------------------------|---------|--------|-------------------------------------------------------------------------------------------------------------|--------|
|                            |   | Developed                                                        |    |   | Undeveloped                                                                                                 |   |   |   |   |
|                            |   | Gross                                                            |    |   | Net                                                                                                         |   |   | Gross |   |   | Net |   |   |   |   |
|                            |   | (in acres)                                                  |    |   | (thousands boe                                                                                         |   |
|                            |   |                                                             |    |   |                                                                                                        |   |   |   |   |   |   |   |   | per day) |   |
| COLOMBIA                        |   |                                                             |    |   |                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Ecopetrol                       |   |                                                             |    |   |                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Northeastern region             |   |                                                             | 79,729  |   |                                                                                                        |   | 39,297 |   |   |   | 461,675 |   |   |   | 281,320 |   |   |   | 133 |   |
| Mid-Magdalena Valley region     |   |                                                             | 40,858  |   |                                                                                                        |   | 29,415 |   |   |   | 794,844 |   |   |   | 726,302 |   |   |   | 87 |   |
| Central region                  |   |                                                             | 42,909  |   |                                                                                                        |   | 27,405 |   |   |   | 742,293 |   |   |   | 346,806 |   |   |   | 219 |   |
| Catatumbo-Orinoquía region |   |                                                             | 51,899  |   |                                                                                                        |   | 41,359 |   |   |   | 1,135,174 |   |   |   | 639,857 |   |   |   | 64 |   |
| Southern region                 |   |                                                             | 28,977  |   |                                                                                                        |   | 23,721 |   |   |   | 910,193 |   |   |   | 608,613 |   |   |   | 63 |   |
| Minor Fields                    |   |                                                             | 8,476   |   |                                                                                                        |   | 3,724 |   |   |   | 412,547 |   |   |   | 142,234 |   |   |   | 13 |   |
| Hocol                           |   |                                                             | 19,309  |   |                                                                                                        |   | 5,609 |   |   |   | 1,139 |   |   |   | 270 |   |   |   | 27 |   |
| Total (Colombia)                |   |                                                             | 272,157 |   |                                                                                                        |   | 170,530 |   |   |   | 4,457,865 |   |   |   | 2,745,402 |   |   |   | 606.3 |   |
| INTERNATIONAL                   |   |                                                             |    |   |                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savia Perú                 |   |                                                             | 78,531  |   |                                                                                                        |   | 78,531 |   |   |   | 10,160 |   |   |   | 5,080 |   |   |   | 7.5 |   |
| Ecopetrol America Inc.          |   |                                                             | 800     |   |                                                                                                        |   | 74 |   |   |   | 25,840 |   |   |   | 2,380 |   |   |   | 1.9 |   |
| Total (International)           |   |                                                             | 79,331  |   |                                                                                                        |   | 78,605 |   |   |   | 36,000 |   |   |   | 7,460 |   |   |   | 9.4 |   |
| TOTAL                           |   |                                                             | 351,488 |   |                                                                                                        |   | 249,135 |   |   |   | 4,493,865 |   |   |   | 2,752,862 |   |   |   | 615.7 |   |

----

| (1) | Does not include 0.2 thousand bpd of production from exploratory activities. |
|-----|-----------------------------------------------------------------------------------|

----

|                            |   | At December 31, 2010 |    |
|---------------------------------|--------|-------------------------------------|---------|
|                            |   | Crude Oil                      |    |   | Natural Gas |   |   | Natural Gas andCrude Oil |   |
|                            |   | Gross                               |    |   | Net |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |
| COLOMBIA                        |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ecopetrol                       |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Northeastern region             |   |                                | — |   |   |   | — |   |   |   | 28 |   |   |   | 16 |   |   |   | 66 |   |   |   | 50 |   |
| Mid-Magdalena Valley region     |   |                                | 2,807   |   |   |   | 1,873 |   |   |   | 4 |   |   |   | 4 |   |   |   | 0 |   |   |   | 0 |   |
| Central region                  |   |                                | 738     |   |   |   | 524 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Catatumbo-Orinoquía region |   |                                | 667     |   |   |   | 417 |   |   |   | 1 |   |   |   | 1 |   |   |   | 0 |   |   |   | 0 |   |
| Southern region                 |   |                                | 899     |   |   |   | 531 |   |   |   | 3 |   |   |   | 1.4 |   |   |   | 0 |   |   |   | 0 |   |
| Minor fields                    |   |                                | 112     |   |   |   | 56 |   |   |   | 6 |   |   |   | 2 |   |   |   | 5 |   |   |   | 4 |   |
| Hocol                           |   |                                | 276     |   |   |   | 152 |   |   |   | 2 |   |   |   | 2 |   |   |   | 0 |   |   |   | 0 |   |
| Total (Colombia)                |   |                                | 5,499   |   |   |   | 3,553 |   |   |   | 44 |   |   |   | 26 |   |   |   | 71 |   |   |   | 54 |   |
| INTERNATIONAL                   |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savia Perú                 |   |                                | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 633 |   |   |   | 316 |   |
| Ecopetrol America Inc.          |   |                                | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 8 |   |   |   | 1 |   |
| Total (International)           |   |                                | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 641 |   |   |   | 317 |   |
| TOTAL                           |   |                                | 5,499   |   |   |   | 3,553 |   |   |   | 44 |   |   |   | 26 |   |   |   | 712 |   |   |   | 317 |   |

|                                           |   | For the year ended December 31, |   |
|------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                           |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                                           |   | (million barrels)                                   |   |
| Ecopetrol                                      |   |                                                     |   |   |   |   |   |   |   |
| Crude oil purchased from the ANH               |   |                                                     | 40.5   |   |   |   | 35.1 |   |   |   | 32.6 |   |
| Crude oil purchased from our Business partners |   |                                                     | 23.1   |   |   |   | 26.4 |   |   |   | 18.8 |   |
| Hocol                                          |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| Crude oil purchased from our Business partners |   |                                                     | 9.1    |   |   |   | 4.8 |   |   |   | — |   |
| Total                                          |   |                                                     | 72.7   |   |   |   | 66.3 |   |   |   | 51.4 |   |

----

|   | · | Cubarral.  The Cubarral block is located in the Central region and is composed of the Castilla and Chichimene fields.  Together, these fields in 2010 produced during 2010 approximately 117.6 thousand bpd, a 28.7% increase compared with 2009 production. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Rubiales - Quifa.  The Rubiales and Quifa fields are located in the Central region and are developed in joint venture with Metapetroleum.  The Rubiales and Quifa fields increased our production from 38 thousand bpd in 2009 to 71.8 thousand bpd in 2010.  In March 2011, we, along with Pacific Rubiales Energy Corp., announced the Synchronized Thermal Additional Recovery (STAR) technology pilot project in the Quifa field to begin to test the use of in-situ combustion-based technology which is expected to increase the recovery factor in Colombia’s heavy oil fields. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Nare-Teca.  The Nare-Teca fields are located in the Mid-Magdalena Valley region developed in a joint venture with Mansarovar, a joint venture between Sinopec from China and Oil and Natural Gas Corporation Ltd. from India.  Our production reached 13.2 thousand bpd in 2010, a 23.8% increase from 2009.  We expect our production share to increase to reach a maximum of 32 thousand bpd by 2014. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   | For the year ended December 31, |    |
|----------------------------------------------|--------|----------------------------------------------------------|---------|
|                                         |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
|                                         |   | (mcfpd)                                                  |    |
| COLOMBIA                                     |   |                                                     |    |   |   |   |   |   |   |
| Ecopetrol                                    |   |                                                     |    |   |   |   |   |   |   |
| Northeastern region:                         |   |                                                     |    |   |   |   |   |   |   |
| Joint Venture                                |   |                                                     | 523.3   |   |   |   | 494.4 |   |   |   | 451.8 |   |
| Direct Operation                             |   |                                                     | 0.1     |   |   |   | — |   |   |   | — |   |
| Total Northeastern region                    |   |                                                     | 523.4   |   |   |   | 494.4 |   |   |   | 451.8 |   |
| Mid-Magdalena Valley region:                 |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Joint Venture                                |   |                                                     | 3.4     |   |   |   | 4.0 |   |   |   | 6.0 |   |
| Direct Operation                             |   |                                                     | 18.0    |   |   |   | 19.4 |   |   |   | 21.4 |   |
| Total Mid-Magdalena                          |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Total Valley region                          |   |                                                     | 21.4    |   |   |   | 23.3 |   |   |   | 27.4 |   |
| Central region:                              |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Joint Venture                                |   |                                                     | — |   |   |   | — |   |   |   | — |   |
| Direct Operation                             |   |                                                     | 1.0     |   |   |   | 3.9 |   |   |   | 1.7 |   |
| Total Central region                         |   |                                                     | 1.0     |   |   |   | 3.9 |   |   |   | 1.7 |   |
| Catatumbo-Orinoquía region:             |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Joint Venture                                |   |                                                     | — |   |   |   | 0.2 |   |   |   | 1.0 |   |
| Direct Operation                             |   |                                                     | 0.8     |   |   |   | 0.5 |   |   |   | — |   |
| Total Catatumbo-Orinoquía region        |   |                                                     | 0.8     |   |   |   | 0.7 |   |   |   | 1.0 |   |
| Southern region:                             |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Joint Venture                                |   |                                                     | 3.7     |   |   |   | 3.4 |   |   |   | 2.8 |   |
| Direct Operation                             |   |                                                     | 2.7     |   |   |   | 1.7 |   |   |   | 2.2 |   |
| Total Southern region                        |   |                                                     | 6.3     |   |   |   | 5.2 |   |   |   | 5.0 |   |
| Minor Fields:                                |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Joint venture operation                      |   |                                                     | 3.3     |   |   |   | 1.9 |   |   |   | — |   |
| Direct operation                             |   |                                                     | — |   |   |   | — |   |   |   | — |   |
| Total Minor Fields                           |   |                                                     | 3.3     |   |   |   | 1.9 |   |   |   | — |   |
| Hocol(1)                                     |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Joint venture operation                      |   |                                                     | 1.8     |   |   |   | 4.0 |   |   |   | — |   |
| Direct operation                             |   |                                                     | 4.2     |   |   |   | — |   |   |   | — |   |
| Total Hocol                                  |   |                                                     | 6.0     |   |   |   | 4.0 |   |   |   | — |   |
| Production Tests                             |   |                                                     | — |   |   |   | 0.2 |   |   |   |   |   |
| Total Natural Gas Production (Colombia)      |   |                                                     | 562.3   |   |   |   | 533.6 |   |   |   | 486.9 |   |
| INTERNATIONAL                                |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| Savia Perú(1)                           |   |                                                     | 5.7     |   |   |   | 5.3 |   |   |   |   |   |
| Ecopetrol America                            |   |                                                     | 1.1     |   |   |   | 0.4 |   |   |   |   |   |
| Total Natural Gas Production (International) |   |                                                     | 6.8     |   |   |   | 5.7 |   |   |   | — |   |
| TOTAL NATURAL GAS PRODUCTION                 |   |                                                     | 569.1   |   |   |   | 539.2 |   |   |   | 486.9 |   |

----

| (1)  | Hocol and Savia Perú production figures correspond to their equivalent daily productions since their respective months of acquisition. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                    |   | For the year ended December 31, |    |
|-----------------------------------------|--------|----------------------------------------------------------|---------|
|                                    |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
| Crude Oil Average Sales Price           |   |                                                     |    |   |   |   |   |   |   |
| (U.S. dollars per barrel)(1)            |   |                                                     | 72.42   |   |   |   | 60.86 |   |   |   | 85.30 |   |
| Crude Oil Average Sales Price           |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (Ps$ per barrel)(1)                     |   |                                                     | 137,493 |   |   |   | 130,986 |   |   |   | 163,273 |   |
| Natural Gas Average Sales Price         |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (U.S. dollars per thousand cf)(1)       |   |                                                     | 3.42    |   |   |   | 2.94 |   |   |   | 3.47 |   |
| Natural Gas Average Sales Price         |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (Ps$ per thousand cf)(1)                |   |                                                     | 6,487   |   |   |   | 6,321 |   |   |   | 6,818 |   |
| Aggregate Average Unit Production Costs |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (U.S. dollars per boe)(3)               |   |                                                     | 9.98    |   |   |   | 9.05 |   |   |   | 15.01 |   |
| Aggregate Average Unit Production Cost  |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (Ps$ per boe)(3)                        |   |                                                     | 18,940  |   |   |   | 19,523 |   |   |   | 29,519 |   |
| Aggregate Average Lifting Costs         |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (U.S. dollars per boe)(2)(4)            |   |                                                     | 9.83    |   |   |   | 9.04 |   |   |   | 10.59 |   |
| Aggregate Average Lifting Costs         |   |                                                     |    |   |   |   |   |   |   |   |   |   |
| (Ps$ per boe)(2)(4)                     |   |                                                     | 18,652  |   |   |   | 19,499 |   |   |   | 20,823 |   |

----

| (1) | Corresponds to our average sales price on a consolidated basis. |
|-----|-----------------------------------------------------------------|

| (2) | Lifting costs per barrel are calculated based on total production, which are net of royalties, and correspond to our lifting costs on a consolidated basis. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Unit production costs correspond to consolidate average costs on total production volumes net of royalties.  Production costs do not include costs related to transport, commercialization and administrative expenses. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | During 2010, we modified our methodology for calculating our aggregate average lifting cost as follows:  we now calculate this cost by taking our production cost and dividing it by our produced volumes net of royalties as the denominator.  Our 2009 and 2008 aggregate average lifting costs have been restated under the new methodology. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                              |   | At December 31,      |    |
|---------------------------------------------------|--------|--------------------------------|---------|
|                                              |   | 2010                           |    |   | 2009 |   |   | 2008 |   |
|                                              |   | Crude Oil(millionbarrels) |    |   | Gas(bcf) |   |   | Crude Oil(millionbarrels) |   |   | Gas(bcf) |   |   | Crude Oil(millionbarrels) |   |   | Gas(bcf) |   |
| PROVED DEVELOPED RESERVES                         |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colombia                                          |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ecopetrol S.A.                                    |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Northeastern region                               |   |                           | 88.6    |   |   |   | 2187.8 |   |   |   | 65.2 |   |   |   | 1674.9 |   |   |   | 66.3 |   |   |   | 680.0 |   |
| Mid-Magdalena Valley region                       |   |                           | 194.8   |   |   |   | 32.6 |   |   |   | 148.0 |   |   |   | 24.4 |   |   |   | 134.2 |   |   |   | 33.3 |   |
| Central region                                    |   |                           | 258.4   |   |   |   | 0.0 |   |   |   | 196.2 |   |   |   | 0.0 |   |   |   | 137.3 |   |   |   | 0.0 |   |
| Catatumbo – Orinoquía region           |   |                           | 75.1    |   |   |   | 7.2 |   |   |   | 68.6 |   |   |   | 0.0 |   |   |   | 76.5 |   |   |   | 0.0 |   |
| Southern region                                   |   |                           | 109.1   |   |   |   | 3.0 |   |   |   | 97.5 |   |   |   | 3.8 |   |   |   | 92.4 |   |   |   | 4.9 |   |
| Minor Fields                                      |   |                           | 13.3    |   |   |   | 2.6 |   |   |   | 6.6 |   |   |   | 0.8 |   |   |   | 10.9 |   |   |   | 2.0 |   |
| Hocol                                             |   |                           | 41.5    |   |   |   | 1.5 |   |   |   | 29.7 |   |   |   | 3.1 |   |   |   | — |   |   |   | — |   |
| Total (Colombia)                                  |   |                           | 780.7   |   |   |   | 2,234.6 |   |   |   | 611.6 |   |   |   | 1,707.0 |   |   |   | 517.6 |   |   |   | 720.1 |   |
| International                                     |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savia Perú                                   |   |                           | 15.9    |   |   |   | 24.8 |   |   |   | 14.2 |   |   |   | 23.0 |   |   |   | — |   |   |   | — |   |
| Ecopetrol America                                 |   |                           | 4.1     |   |   |   | 2.3 |   |   |   | 4.7 |   |   |   | 2.6 |   |   |   | 0.8 |   |   |   | 0.5 |   |
| Total (International)                             |   |                           | 20.0    |   |   |   | 27.0 |   |   |   | 18.8 |   |   |   | 25.6 |   |   |   | 0.8 |   |   |   | 0.5 |   |
| TOTAL PROVED DEVELOPED RESERVES                   |   |                           | 800.7   |   |   |   | 2,261.7 |   |   |   | 630.5 |   |   |   | 1,732.6 |   |   |   | 518.4 |   |   |   | 720.6 |   |
|                                              |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PROVED UNDEVELOPED RESERVES                       |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colombia                                          |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ecopetrol S.A.                                    |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Northeastern region                               |   |                           | 38.2    |   |   |   | 431.8 |   |   |   | 75.8 |   |   |   | 584.7 |   |   |   | 41.5 |   |   |   | 1,173.0 |   |
| Mid-Magdalena Valley region                       |   |                           | 78.8    |   |   |   | 15.7 |   |   |   | 99.1 |   |   |   | 7.5 |   |   |   | 77.2 |   |   |   | 5.3 |   |
| Central region                                    |   |                           | 270.3   |   |   |   | 0.0 |   |   |   | 242.5 |   |   |   | 0.0 |   |   |   | 126.2 |   |   |   | 0.0 |   |
| Catatumbo – Orinoquía region           |   |                           | 17.8    |   |   |   | 13.4 |   |   |   | 25.7 |   |   |   | 0.0 |   |   |   | 20.1 |   |   |   | 0.0 |   |
| Southern region                                   |   |                           | 4.6     |   |   |   | 0.0 |   |   |   | 14.6 |   |   |   | 0.4 |   |   |   | 13.8 |   |   |   | 0.0 |   |
| Minor Fields                                      |   |                           | 3.3     |   |   |   | 0.0 |   |   |   | 1.0 |   |   |   | 0.0 |   |   |   | 1.7 |   |   |   | 0.0 |   |
| Hocol                                             |   |                           | 8.5     |   |   |   | 0.0 |   |   |   | 19.3 |   |   |   | 0.4 |   |   |   | — |   |   |   | — |   |
| Total (Colombia)                                  |   |                           | 421.3   |   |   |   | 460.9 |   |   |   | 478.0 |   |   |   | 593.0 |   |   |   | 280.5 |   |   |   | 1,178.3 |   |
| International                                     |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savia Perú                                   |   |                           | 14.3    |   |   |   | 0.0 |   |   |   | 14.9 |   |   |   | 3.8 |   |   |   | — |   |   |   | — |   |
| Ecopetrol America                                 |   |                           | 0.0     |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Total (International)                             |   |                           | 14.3    |   |   |   | 0.0 |   |   |   | 14.9 |   |   |   | 3.8 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| TOTAL PROVED UNDEVELOPED RESERVES                 |   |                           | 435.7   |   |   |   | 460.9 |   |   |   | 492.8 |   |   |   | 596.9 |   |   |   | 280.5 |   |   |   | 1,178.3 |   |
|                                              |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL PROVED RESERVES (DEVELOPED AND UNDEVELOPED) |   |                           | 1,236.4 |   |   |   | 2,722.6 |   |   |   | 1,123.3 |   |   |   | 2,329.4 |   |   |   | 798.9 |   |   |   | 1,898.9 |   |

----

|                               |   | Net proved developed and undevelopedReserves |    |
|------------------------------------|--------|------------------------------------------------------------------|---------|
|                               |   | Crude Oil(millionbarrels)                                   |    |   | Gas (bcf) |   |   | Total (million boe) |   |
|                               |   |                                                             |    |   |   |   |   |   |   |
| Reserves at December 31, 2008 |   |                                                             | 798.9   |   |   |   | 1,898.9 |   |   |   | 1,137.0 |   |
| Revisions of previous estimates    |   |                                                             | 246.0   |   |   |   | 537.2 |   |   |   | 341.6 |   |
| Improved recovery                  |   |                                                             | 0.0     |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Purchases of minerals in place     |   |                                                             | 84.2    |   |   |   | 33.2 |   |   |   | 90.1 |   |
| Extensions and discoveries         |   |                                                             | 126.1   |   |   |   | 16.8 |   |   |   | 129.1 |   |
| Production                         |   |                                                             | (131.9  | ) |   |   | (156.6 | ) |   |   | (159.7 | ) |
| Reserves at December 31, 2009 |   |                                                             | 1,123.3 |   |   |   | 2,329.4 |   |   |   | 1,538.2 |   |
| Revisions                          |   |                                                             | 99.1    |   |   |   | 558.7 |   |   |   | 190.9 |   |
| Improved recovery                  |   |                                                             | 47.4    |   |   |   | 0.0 |   |   |   | 47.4 |   |
| Purchases of minerals in place     |   |                                                             | 0.0     |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Extensions and discoveries         |   |                                                             | 126.3   |   |   |   | 0.3 |   |   |   | 126.5 |   |
| Production                         |   |                                                             | (159.8  | ) |   |   | (165.9 | ) |   |   | (188.9 | ) |
| Reserves at December 31, 2010 |   |                                                             | 1,236.4 |   |   |   | 2,722.6 |   |   |   | 1,714.0 |   |
|                               |   |                                                             |    |   |   |   |   |   |   |   |   |   |
| Net proved developed reserves      |   |                                                             |    |   |   |   |   |   |   |   |   |   |
| At December 31, 2008          |   |                                                             | 518.4   |   |   |   | 720.6 |   |   |   | 646.7 |   |
| At December 31, 2009          |   |                                                             | 630.5   |   |   |   | 1,732.6 |   |   |   | 939.0 |   |
| At December 31, 2010          |   |                                                             | 800.7   |   |   |   | 2,261.7 |   |   |   | 1,197.5 |   |

----

|   | · | Cusiana Field:  new gas sales agreements (38 million boe). |
|--------|--------|----------------------------------------------------------------------|

|   | · | Rubiales Field:  the reservoir has demonstrated a better production performance (lower decline rates) and a more favorable economic limit (35 million boe). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Chuchupa Field:  the reservoir has demonstrated a better performance resulting from the compression project (27 million boe). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Cupiagua Field:  the Company signed an internal gas sales agreement to Barrancabermeja Refinery (20 million boe); |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

----

----

|                                        |   | For the threemonths endedMarch 31, 2011 |   |
|---------------------------------------------|--------|------------------------------------------------------------------|--------|
| COLOMBIA                                    |   |                                                             |   |
| Ecopetrol                                   |   |                                                             |   |
| Northeastern Region:                        |   |                                                             |   |
| Gross wells owned and operated by Ecopetrol |   |                                                             | 1      |   |
| Gross wells in Joint Ventures               |   |                                                             | 3      |   |
| Net Wells(1)                                |   |                                                             | 3      |   |
| Mid-Magdalena Valley Region:                |   |                                                             |   |   |
| Gross wells owned and operated by Ecopetrol |   |                                                             | 33     |   |
| Gross wells in Joint Ventures               |   |                                                             | 100    |   |
| Net Wells(1)                                |   |                                                             | 81     |   |
| Central Region:                             |   |                                                             |   |   |
| Gross wells owned and operated by Ecopetrol |   |                                                             | 48     |   |
| Gross wells in Joint Ventures               |   |                                                             | 63     |   |
| Net Wells(1)                                |   |                                                             | 76     |   |
| Catatumbo-Orinoquía Region:            |   |                                                             |   |   |
| Gross wells owned and operated by Ecopetrol |   |                                                             | 1      |   |
| Gross wells in Joint Ventures               |   |                                                             | 13     |   |
| Net Wells(1)                                |   |                                                             | 7      |   |
| Southern Region:                            |   |                                                             |   |   |
| Gross wells owned and operated by Ecopetrol |   |                                                             | 1      |   |
| Gross wells in Joint Ventures               |   |                                                             | 8      |   |
| Net Wells(1)                                |   |                                                             | 3      |   |

----

|   | (1) | Net wells correspond to the sum of wells entirely owned by us and our ownership percentage of wells owned in joint ventures with our partners. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Reduction of Our Initial Participation.  In an effort to attract foreign investment, the Government reduced our initial participation under the joint venture contracts from 50% to 30%.  At December 31, 2010, we had 35 joint venture contracts outstanding in which our participation was greater than or equal to 50%, and 30 joint venture agreements are outstanding where our participation was 30% or below. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Modified R-Factor.  The Government modified the formula used to determine the increase in our share of total production, or the R-Factor.  The R-Factor is calculated by dividing accumulated revenues in cash by investments and costs.  If the R-Factor increases above a certain profitability threshold, then our share of production increases above the initial 30%.  Pursuant to the 1999 modifications, we raised the profitability threshold at which the R-Factor triggers an increase in our share from 1.0 to 1.5.  Additionally, the R-Factor was calculated in constant U.S. dollars.  The new calculation method was designed to prevent inflation from causing an increase in the R-Factor and a corresponding increase in our share. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Risk Participation Contracts.  Under these contracts, we assume 20% of the exploration costs and risks at the beginning of the second year in exchange for a larger participation in the future production and equal representation on the executive committee of the joint venture.  At December 31, 2010, we had three risk participation contracts in effect. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Incremental Production Agreements.  We currently have two types of incremental production agreements:  the standard incremental production agreements, or SIPA, and the development of incremental production project agreements, or DIPA. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Shared-Risk Production Contracts.  Under these contracts, we remain as operators of the field and assume responsibility for 50% of all investments and costs.  Private oil companies submit bids to enter into agreements with us based upon the production percentage they will assign to us.  The successful bidder has the right to enter into the shared-risk contracts with us.  At December 31, 2010, we had two shared-risk production contracts outstanding. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Risk Service Production Contracts.  We began using the risk service production contract in January 1998 to increase production through the use of new technologies in crude oil fields then operated by our partners.  All investments in new technologies were made by our partners who received a tariff payment based on a formula that took into account the incremental production resulting from the technological and operative investments.  At December 31, 2010, we had two risk service contracts outstanding for the development of the Valdivia-Almagro field and the Rancho Hermoso field located in the Mirador formation. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Discovered Undeveloped Fields Contracts.  We have entered into discovered undeveloped fields contracts to promote exploration by private companies of both undeveloped and inactive fields.  Under this agreement, the contracting party assumes all costs and expenses for the development and operation of a field in exchange for a previously specified fee per barrel, which varies depending on the production level.  At December 31, 2010, we had 18 discovered undeveloped fields contracts outstanding, of which two contracts are nearing termination because the fields have not been in production for some time. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sole Risk Contracts. After 2000, the party deciding to enter in a sole risk contract has the right to recover 100% of its investment and costs.  Thereafter, we can participate in the development of the field sharing all new investment and costs.  At December 31, 2010, we had 18 sole risk contracts outstanding. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | One Service and Technical Cooperation Contract with Universidad Industrial de Santander.  Pursuant to this agreement, research can be conducted as part of the development of the Colorado field. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | One Technical Alliance Agreement with a service company to support the operation of the Casabe field in which Ecopetrol maintains operation and ownership of 100% reserves. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Exploration and Production Contract.  Under the exploration and production contracts, the contractor, including us, assumes all exploration and production activities.  The contractor also assumes all risks and costs of exploration and is the sole owner of all production and assets involved in the exploration and production activities for the term of the contract.  There is no partnership or joint venture between the contractor and the ANH. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Technical Evaluation Agreements.  The scope of the technical evaluation agreement is limited to exploration activities.  Under this agreement, the contractor can evaluate a specific area and decide whether or not it will enter into an exploration and production contract.  The contractor assumes all risks and costs of the activities and operations.  The agreement may be entered into for an 18-month period for on-shore areas and up to a 24-month period for off-shore areas. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|            |   | For the year ended December 31, |    |
|-----------------|--------|----------------------------------------------------------|---------|
|            |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
|            |   | Capacity                                                 |    |   | Through-put |   |   | % Use |   |   | Capacity |   |   | Through-put |   |   | % Use |   |   | Capacity |   |   | Through-put |   |   | % Use |   |
|            |   | (bpd)                                                    |    |
|            |   |                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Barrancabermeja |   |                                                     | 250,000 |   |   |   | 225,259 |   |   |   | 90 | % |   |   | 250,000 |   |   |   | 216,970 |   |   |   | 87 | % |   |   | 250,000 |   |   |   | 232,052 |   |   |   | 93 | % |
| Reficar         |   |                                                     | 80,000  |   |   |   | 67,674 |   |   |   | 84 | % |   |   | 80,000 |   |   |   | 78,920 |   |   |   | 99 | % |   |   | 80,000 |   |   |   | 78,028 |   |   |   | 98 | % |
| Apiay           |   |                                                     | 2,500   |   |   |   | 1,631 |   |   |   | 65 | % |   |   | 2,500 |   |   |   | 1,525 |   |   |   | 61 | % |   |   | 2,500 |   |   |   | 1,314 |   |   |   | 53 | % |
| Orito           |   |                                                     | 2,500   |   |   |   | 1,480 |   |   |   | 59 | % |   |   | 2,500 |   |   |   | 1,495 |   |   |   | 60 | % |   |   | 2,500 |   |   |   | 1,176 |   |   |   | 47 | % |
| Total           |   |                                                     | 335,000 |   |   |   | 296,044 |   |   |   | 88 | % |   |   | 335,000 |   |   |   | 298,910 |   |   |   | 89 | % |   |   | 335,000 |   |   |   | 312,570 |   |   |   | 93 | % |

----

|                                                  |   | For the year ended December 31, |    |
|-------------------------------------------------------|--------|----------------------------------------------------------|---------|
|                                                  |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
|                                                  |   | (bpd)                                                    |    |
| LPG, propylene and Butane                             |   |                                                     | 15,140  |   |   |   | 17,122 |   |   |   | 18,227 |   |
| Gasoline Fuels and naphtha                            |   |                                                     | 76,542  |   |   |   | 75,174 |   |   |   | 77,110 |   |
| Diesel                                                |   |                                                     | 52,801  |   |   |   | 52,413 |   |   |   | 60,633 |   |
| Jet Fuel and Kerosene                                 |   |                                                     | 18,324  |   |   |   | 15,375 |   |   |   | 15,861 |   |
| Fuel Oil                                              |   |                                                     | 49,570  |   |   |   | 44,390 |   |   |   | 48,747 |   |
| Lube Base Oils and Waxes                              |   |                                                     | 2,216   |   |   |   | 2,288 |   |   |   | 2,031 |   |
| Aromatics and solvents                                |   |                                                     | 2,739   |   |   |   | 3,301 |   |   |   | 2,893 |   |
| Asphalts and Aromatic Tar                             |   |                                                     | 6,759   |   |   |   | 7,547 |   |   |   | 6,862 |   |
| Intermediates                                         |   |                                                     | 707     |   |   |   | 881 |   |   |   | 998 |   |
| Total                                                 |   |                                                     | 224,799 |   |   |   | 218,491 |   |   |   | 233,363 |   |
| Difference between Inventory of Intermediate Products |   |                                                     | 716     |   |   |   | 236 |   |   |   | 1,897 |   |
| Total Production                                      |   |                                                     | 225,515 |   |   |   | 218,727 |   |   |   | 235,259 |   |

|                                                  |   | For the year ended December 31,(1) |   |
|-------------------------------------------------------|--------|-------------------------------------------------------------|--------|
|                                                  |   | 2010                                                        |   |   | 2009 |   |   | 2008 |   |
|                                                  |   | (bpd)                                                       |   |
| LPG, Propylene and Butane                             |   |                                                        | 4,056  |   |   |   | 5,255 |   |   |   | 4,869 |   |
| Motor Fuels                                           |   |                                                        | 23,826 |   |   |   | 26,847 |   |   |   | 24,577 |   |
| Diesel                                                |   |                                                        | 16,516 |   |   |   | 20,742 |   |   |   | 20,260 |   |
| Jet Fuel and Kerosene                                 |   |                                                        | 6,252  |   |   |   | 8,098 |   |   |   | 6,969 |   |
| Fuel Oil                                              |   |                                                        | 14,907 |   |   |   | 16,710 |   |   |   | 18,495 |   |
| Aromatic Tar                                          |   |                                                        | 1,252  |   |   |   | 945 |   |   |   | 820 |   |
| Other Products                                        |   |                                                        | 42     |   |   |   | 40 |   |   |   | 33 |   |
| Total                                                 |   |                                                        | 66,852 |   |   |   | 78,636 |   |   |   | 76,024 |   |
| Difference between Inventory of Intermediate Products |   |                                                        | 1,722  |   |   |   | 1,619 |   |   |   | 2,176 |   |
| Total Production                                      |   |                                                        | 68,573 |   |   |   | 80,255 |   |   |   | 78,200 |   |

----

| (1) | The table shows the entire production of Reficar. |
|-----|---------------------------------------------------|

----

|             |   | For the year ended December 31, |    |
|------------------|--------|----------------------------------------------------------|---------|
|             |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
|             |   |                                                     |    |   | (Metric Tons) |   |   |   |   |
|             |   |                                                     |    |   |   |   |   |   |   |
| Average capacity |   |                                                     | 475,278 |   |   |   | 455,000 |   |   |   | 405,000 |   |
| Throughput       |   |                                                     | 407,411 |   |   |   | 384,858 |   |   |   | 383,874 |   |
| % Use            |   |                                                     | 86      | % |   |   | 85 | % |   |   | 95 | % |

----

----

| Pipeline                              |   | Kilometers |    | Product Transported |      | Origin |                 | Destination |              | OwnershipPercentage |   |
|---------------------------------------|--------|------------|---------|--------------------------|-----------|--------|----------------------|-------------|-------------------|---------------------|--------|
|                                  |   |       |    |                     |      |   |                 |        |              |                |   |
| Caño Limón-Coveñas     |   |       | 770.6   |                     | Crude Oil |   | Caño Limón |        | Coveñas      |                |   | 100.00 | % |
| Oleoducto del Alto Magdalena          |   |       | 396.5   |                     | Crude Oil |   | Tenay                |        | Vasconia          |                |   | 85.12 | % |
| Oleoducto de Colombia (ODC)           |   |       | 480.8   |                     | Crude Oil |   | Vasconia             |        | Coveñas      |                |   | 65.57 | %(2) |
| Oleoducto Central (Ocensa)            |   |       | 834.5   |                     | Crude Oil |   | Cupiagua             |        | Coveñas      |                |   | 60.00 | %(2) |
| Oleoducto Transandino                 |   |       | 304.9   |                     | Crude Oil |   | Southern fields      |        | Tumaco Port       |                |   | 100.00 | % |
| Oleoducto de los Llanos (ODL)         |   |       | 262.0   |                     | Crude Oil |   | East fields          |        | Monterrey Cusiana |                |   | 65.00 | % |
| Oleoducto Bicentenario de Colombia(1) |   |       | – |                     | Crude Oil |   | Araguaney            |        | Banadia           |                |   | 55.97 | % |

----

|   | (1) | Oleoducto Bicentenario de Colombia was incorporated by us in late 2010.  The construction of Phase 1 and the entry into operation is planned for late 2011. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Since January 2011, our participation in the ownership of Ocensa and ODC increased to 72.5% and 73%, respectively, after acquisition of 51% of BP Exploration Company Limited (now Equion Energia Limited). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                       |   | For the year ended December 31, |    |
|----------------------------|--------|----------------------------------------------------------|---------|
|                       |   | 2010                                                     |    |   | 2009 |   |   | 2008 |   |
|                       |   | (thousand bpd)                                      |    |
| Crude oil transport        |   |                                                     | 770.9   |   |   |   | 576.2 |   |   |   | 542.3 |   |
| Refined products transport |   |                                                     | 264.9   |   |   |   | 223.3 |   |   |   | 209.5 |   |
| Total                      |   |                                                     | 1,035.8 |   |   |   | 799.5 |   |   |   | 751.8 |   |

----

|   | · | increasing the capacity of the Castilla-Apiay, Apiay-Monterrey, Caño Limón-Coveñas, Ayacucho-Coveñas, Araguaney-Porvenir, Monterrey-Porvenir, Vasconia-Barrancabermeja pipelines, and the second and third segments of Ocensa; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | mechanic finishing of the El Viento-Cusiana (ODL) pipeline (24”); |
|--------|--------|-------------------------------------------------------------------------|

|   | · | increasing the export capacity in the Coveñas Port; and |
|--------|--------|--------------------------------------------------------------|

|   | · | increasing the storage capacity in Vasconia and Altos del Porvenir. |
|--------|--------|---------------------------------------------------------------------|

----

----

|                   |   | For the year ended December 31, |   |
|------------------------|--------|----------------------------------------------------------|--------|
|                   |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                   |   | (gbtud)                                                  |   |
| Gas-fired power plants |   |                                                     | 158.8  |   |   |   | 153.7 |   |   |   | 73.5 |   |
| Refineries             |   |                                                     | 98.5   |   |   |   | 87.2 |   |   |   | 88.3 |   |
| Petrochemical          |   |                                                     | 3.7    |   |   |   | 3.1 |   |   |   | 4.2 |   |
| Industrial             |   |                                                     | 67.8   |   |   |   | 65.7 |   |   |   | 64.7 |   |
| Distributors(1)        |   |                                                     | 167.6  |   |   |   | 172.2 |   |   |   | 192.2 |   |
| Compressed Natural Gas |   |                                                     | 41.9   |   |   |   | 36.2 |   |   |   | 31.6 |   |
| Producers(2)           |   |                                                     | 106.5  |   |   |   | 30.3 |   |   |   | 36.1 |   |
| Total Deliveries       |   |                                                     | 644.9  |   |   |   | 548.4 |   |   |   | 490.5 |   |

----

| (1) | Deliveries to distributors include deliveries to industrial clients who are required to purchase natural gas from distributors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (2) | In 2010, agreements with producers for local deliveries of natural gas increased principally due to sales to PDVSA Gas and sales of non-firm gas through the producer agreement with Chevron between January and September 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|               |   | For the year ended December 31, |   |
|--------------------|--------|----------------------------------------------------------|--------|
|               |   | 2008                                                     |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |
|               |   | (gbtud)                                                  |   |
| Volume commitments |   |                                                     | 50     |   |   |   | 150 |   |   |   | 150 |   |   |   | 100 |   |

----

|                  |   | For the year ended December 31, |   |
|-----------------------|--------|----------------------------------------------------------|--------|
|                  |   | 2011                                                     |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | 2016 |   |   | 2017 |   |
|                  |   | (gbtud)                                                  |   |
| Volume Commitments(1) |   |                                                     | 730    |   |   |   | 373 |   |   |   | 271 |   |   |   | 324 |   |   |   | 271 |   |   |   | 256 |   |   |   | 257 |   |

----

| (1) | Includes royalty volumes that are managed by Ecopetrol through 2011. |
|-----|----------------------------------------------------------------------|

|                        |   | For the year ended December 31, |   |
|-----------------------------|--------|----------------------------------------------------------|--------|
|                        |   | 2011                                                     |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |
|                        |   | (gbtud)                                                  |   |
| Guajira Fields              |   |                                                     | 450.0  |   |   |   | 409.5 |   |   |   | 347.7 |   |   |   | 315.0 |   |   |   | 274.8 |   |
| Cusiana and Cupiagua Fields |   |                                                     | 243.2  |   |   |   | 190.1 |   |   |   | 190.1 |   |   |   | 190.1 |   |   |   | 176.9 |   |
| Other Fields                |   |                                                     | 74.2   |   |   |   | 63.9 |   |   |   | 60.5 |   |   |   | 55.6 |   |   |   | 52.4 |   |
| Imports                     |   |                                                     | 0.0    |   |   |   | 39.0 |   |   |   | 85.0 |   |   |   | 127.0 |   |   |   | 144 |   |
| Total                       |   |                                                     | 767.38 |   |   |   | 702.46 |   |   |   | 683.31 |   |   |   | 687.74 |   |   |   | 648.1 |   |

----

----

----

|   | · | studying and approving the design and blueprints of all pipelines; |
|--------|--------|--------------------------------------------------------------------|

|   | · | mediation of rates between parties or establishing the hydrocarbon transport rates based on information furnished by the service provider; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | issuing hydrocarbon transport regulations; |
|--------|--------|--------------------------------------------|

|   | · | verifying the calculation and payment of transport-related taxes; and |
|--------|--------|-----------------------------------------------------------------------|

|   | · | managing the information system for the oil product distribution chain. |
|--------|--------|-------------------------------------------------------------------------|

----

|   | · | Take-or-Pay Agreements.  The buyer agrees to purchase a specific amount or percentage of production of natural gas and the producer guarantees the availability of 100% of the agreed amount.  If the buyer does not have a need for the natural gas, the buyer must pay the producer the agreed quantity anyway. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Optional Purchase Agreements.  The buyer agrees to pay a premium for its right to take a fixed amount of natural gas and agrees to pay an exercise price for the amount of natural gas made available.  The producer guarantees to have available 100% of the agreed-on amount. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Interruptible Supply Agreements. The parties determine on a daily basis if the quantity of natural gas specified in the agreement is requested and has been supplied. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | Compliance.  The purpose of this program is to guarantee knowledge, assessment, disclosure and compliance with all laws, regulations and requirements imposed by the Ministry of Environment and other regulatory bodies.  We undertake environmental impact assessments and constantly review our environmental plan. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Contingency Planning.  This program focuses on implementing preventative actions in our operative areas in order to diminish the impact of oil spills and establish the steps that need to be followed in case of an emergency. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Eco-Efficiency.  This program is designed to minimize the environmental impacts resulting from our (i) use of natural resources through activities such as water uptake and forest exploitation and (ii) waste generation through liquid emissions and the creation of hazardous waste. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Biodiversity.  This program implements initiatives to preserve endangered species in areas where our activities have strong influence. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Environmental Culture.  This program seeks to promote an environmental culture in our organization, activities, and daily life.  We initiated several environmental campaigns to educate our work force in areas such as occupational health and friendly environmental practices. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Alternative Energy Sources.  This program is designed to develop alternative energy sources, such as biodiesel and ethanol projects.  As of today, we have invested approximately US$50 million in Bioenergy S.A. a company organized in Colombia, of which we currently own 86% of its capital , and which is expected to produce 92.75 million liters per year of ethanol. In 2010, the technology to be used in the plant was selected and the sugarcane plantation has been developed and covers 1,130 hectares. The plant is expected to begin operations during the third quarter of 2012.  In addition, Ecodiesel Colombia S.A., a biodiesel plant in Barrancabermeja, of which we currently own 50% of its equity, began commercial operations during the second half of 2010, and it sold 44,000 tons of biodiesel, representing approximately US$48 million in sales in 2010. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Human Rights Committee; |
|--------|--------|-------------------------|

|   | · | Tactical Plan on Human Rights; and |
|--------|--------|------------------------------------|

|   | · | Compliance indicator for Corporate Human Rights Program. |
|--------|--------|----------------------------------------------------------|

----

|                        | Limit (eel/agg)  |   | Deductible       |    | Insured  |
|-----------------------------|------------------|--------|------------------|---------|----------|
| Policies                    | Onshore          |   | Offshore         |    | Onshore  |   | Offshore |   | ECP |   |   | ECP |   |   |   |   |   |   |   |   |   |
|                        | (in million US$) |   | Downstream       | Reficar | Propilco | Upstream | Equion | Hocol | America | Brazil | Peru | Ocensa | ODL | ODC | OBC |
| Property all risk           | 200              |   |             |    | 5 - 10   |   |   |   | X | X | X |   |   |   |   |   |   |   |   |   |   |
| Sabotage and terrorism      | 600              |   |             |    | 5        |   |   |   | X | X | X |   |   |   |   |   |   |   |   |   |   |
| Third Party Liability       | 500              |   | 100 - 400        |    | 1 - 5    |   |   |   | X | X | X | X | X | X | X | X | X | X | X | X | X |
| Sabotage and terrorism Bgre | 5                |   | 0.4              |    |     |   | X | X | X | X | X | X | X | X | X |   |   |   |   |
| Crime                       | 50               |   | Underlying limit |    |     |   | X | X | X | X | X | X | X | X | X | X | X | X | X |
| Directors and Officers      | 200              |   |             |    |     |   | X | X | X | X | X | X | X | X | X | X | X | X | X |
| Cargo                       | 100              |   |             |    |     |   | X | X | X | X | X | X | X | X | X | X | X | X | X |

|                   | Limit (eel/agg)  |   | Deductible |    | Insured     |
|------------------------|------------------|--------|------------|---------|-------------|
| Policies               | Onshore          |   | Offshore   |    | Onshore     |   | Offshore |   | ECP |   |   | ECP |   |   |   |   |   |   |   |   |   |
|                   | (in million US$) |   | Downstream | Reficar | Propilco    | Upstream | Equion | Hocol | America | Brazil | Peru | Ocensa | ODL | ODC | OBC |
| Third Party Liability  |             |   | 100        |    | 0.25        |   |   |   | X | X | X | X | X | X | X | X | X |   |   |   |   |
| Sabotage and terrorism | 25               |   |       |    |        |   |   |   |   | X | X | X | X | X | X |   |   |   |   |
| Control of wells       | 25               |   | 400        |    | 0.25 - 0.50 |   | 5 |   |   |   |   | X | X | X | X | X | X |   |   |   |   |
| Property All Risk      | 400              |   | 0.25       |    |        |   |   |   |   | X | X | X | X | X | X |   |   |   |   |

| Policies                          | Limit (eel/agg) |     | Deductible                             |
|-----------------------------------|-----------------|----------|----------------------------------------|
| Onshore                           |            | Offshore |                                   | Onshore |   | Offshore |
| (in million US$)                  |
| Third Party Liability             | 10              |     | 0.10                                   |   |   |
| Third Party Liability XS Umbrella | 25              |     |                                   |   |   |
| BI                                | 25              |     | 60 days / 45 PEPSA and Cryonegic plant |
| Control of wells                  | 20              |     | 0.10 - 0.25                            |   | 0.25 - 0.50 |
| Property All Risk                 | 50              |     |                                   |   |   |

----

|   | · | If claims arise from third parties as part of a case not involving an operator’s gross negligence or willful misconduct, and the operator pays such claims, all parties must concur and reimburse such claim amounts. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In certain contracts, all environmental damages are distributed according the parties’ participation interest, regardless of whether the damages were caused by an operator’s gross negligence or willful misconduct. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In certain cases, non-operators may intervene and directly verify compliance of with an operator’s HSE programs. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

| ITEM 4A. | Unresolved Staff Comments |
|---------------|---------------------------|

| ITEM 5. | Operating and Financial Review and Prospects |
|--------------|----------------------------------------------|

----

|   | · | Offshore International Group Inc. (OIG) (February 2009) – 50% ownership.  The main asset of OIG is Savia Peru, which has 8.6 million hectares of exploration and production offshore areas, a gross production of 14.84 thousand boe per day in 2010 and net proved developed reserves of 15.9 million barrels of crude oil and 24.8 billion cubic feet of gas. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Ocensa (March 2009) – 60% ownership.  With this acquisition we increased our participation in a key oil transport system in Colombia, which transports approximately 47% of total crude oil production and we believe has been profitable due to synergies between this company and Ecopetrol.  Ocensa has developed a project to increase its volume capacity to 560 thousand barrels per day.   During 2010, Ecopetrol used, on average, 80% of the total capacity of this system. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reficar (May 2009).  After increasing our participation in Reficar, we continue developing the proposed expansion and modernization of the Cartagena refinery, increasing our capital expenditures.  We believe the upgrades will allow us to produce more valuable products and use more heavy and acid crude oils at a lower price, improving our profitability. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Hocol and Homcol (May 2009).  The principal asset is Hocol S.A., which has exploration and production activities in Colombia.  This operation contributed to increase our hydrocarbon reserves and production.  In 2010, Hocol contributed proved developed reserves of 41.5 million barrels of crude oil, a gross production of 27 thousand boe per day and five exploratory blocks. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

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|                      |   | For the Year endedDecember 31, |       |   | 2010/2009 |   |       | For the Year ended |   |   | 2009/2008                   |   |
|---------------------------|--------|----------------------------------------------------|------------|--------|-----------|--------|------------|-----------------------------------|--------|--------|-----------------------------|--------|
|                      |   | 2010                                               |       |   | 2009      |   |       | % change                     |   |   | December 31, 2008 |   |   | % change |   |
|                      |   | (Pesos in millions)                      |       |   |      |   |       | (Pesos in millions)     |   |   |                        |   |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |
| Revenues:                 |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |
| Total Revenue             |   |                                               | 41,968,311 |   |      |   | 30,404,390 |                              |   |   | 38                          | %      |   |   | 33,896,669 |   |   |   | (10 | )% |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Cost of Sales             |   |                                               | 25,959,001 |   |      |   | 19,906,073 |                              |   |   | 30                          | %      |   |   | 19,084,436 |   |   |   | 4 | % |
| Gross Profit              |   |                                               | 16,009,310 |   |      |   | 10,498,317 |                              |   |   | 52                          | %      |   |   | 14,812,233 |   |   |   | (29 | )% |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Operating Expenses:       |   |                                               | 3,130,468  |   |      |   | 2,624,978  |                              |   |   | 19                          | %      |   |   | 2,154,875 |   |   |   | 22 | % |
| Operating Income          |   |                                               | 12,878,842 |   |      |   | 7,873,339  |                              |   |   | 64                          | %      |   |   | 12,657,358 |   |   |   | (38 | )% |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Non-operating income      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| (expenses):               |   |                                               | (1,386,225 | )      |      |   | (622,495   | )                                 |   |   | 123                         | %      |   |   | 3,353,846 |   |   |   | n.m. |   |
| Income before income tax  |   |                                               | 11,492,617 |   |      |   | 7,250,844  |                              |   |   | 59                          | %      |   |   | 16,011,204 |   |   |   | (55 | )% |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Income tax:               |   |                                               | 3,238,650  |   |      |   | 2,114,029  |                              |   |   | 53                          | %      |   |   | 4,381,982 |   |   |   | (52 | )% |
| Non.controlling interest: |   |                                               | (107,496   | )      |      |   | (4,761     | )                                 |   |   | n.m.                        |   |   |   | (455 | ) |   |   | n.m. |   |
|                      |   |                                               |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Net Income                |   |                                               | 8,146,471  |   |      |   | 5,132,054  |                              |   |   | 59                          | %      |   |   | 11,629,677 |   |   |   | (56 | )% |

----

|   | · | Exploration and Production — includes our oil and gas exploration and production activities.  Revenue is derived from the sale of crude oil and natural gas to inter-company segments, at market prices, and to third parties.  Revenue is derived from local sales of crude oil, regulated fuels, non-regulated fuels and natural gas.  Sales are made to local and foreign distributors.  Costs include those costs incurred in production.  Expenses include all exploration costs that are not capitalized. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Refining and Petrochemicals – includes our refining activities.  Goods sold, both internally and to third parties, include refined products such as motor fuels, fuel oils and petrochemicals at market prices. This segment also includes sales of industrial services to third parties. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Transportation – includes the Company’s sales and costs associated with our pipelines and other transport activities. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | Market and Supply – includes our revenues, costs and expenses associated with distribution, including distribution of purchases from third parties and the ANH. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                         |   | For the Year ended December 31, |       |   | 2010/2009 |   |       | For the Year ended |   |   | 2009/2008                   |   |
|-------------------------------------------------------------------|--------|----------------------------------------------------------|------------|--------|-----------|--------|------------|-----------------------------------|--------|--------|-----------------------------|--------|
|                                                              |   | 2010                                                     |       |   | 2009      |   |       | % change                     |   |   | December 31, 2008 |   |   | % change |   |
|                                                              |   | (Pesos in millions)                            |       |   |      |   |       | (Pesos in millions)     |   |   |                        |   |
| Exploration and Production segment:                               |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |
| Crude oil:                                                        |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |
| Local sales                                                       |   |                                                     | 123,797    |   |      |   | 1,943,410  |                              |   |   | (93.6                       | )%     |   |   | 2,312,950 |   |   |   | (16.0 | )% |
| Export sales                                                      |   |                                                     | 13,515,877 |   |      |   | 6,613,961  |                              |   |   | 104.4                       | %      |   |   | 4,658,337 |   |   |   | 42.0 | % |
| Total sales of crude oil                                          |   |                                                     | 13,639,674 |   |      |   | 8,557,371  |                              |   |   | 59.4                        | %      |   |   | 6,971,287 |   |   |   | 22.8 | % |
| Natural gas:                                                      |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Local sales                                                       |   |                                                     | 854,427    |   |      |   | 691,930    |                              |   |   | 23.5                        | %      |   |   | 603,973 |   |   |   | 14.6 | % |
| Other income from local sales of natural gas                      |   |                                                     | 142,018    |   |      |   | 155,469    |                              |   |   | (8.7                        | )%     |   |   | 127,481 |   |   |   | 22.0 | % |
| Export sales                                                      |   |                                                     | 101,363    |   |      |   | 214,091    |                              |   |   | (52.7                       | )%     |   |   | 215,312 |   |   |   | (0.6 | )%. |
| Total sales of natural gas                                        |   |                                                     | 1,097,808  |   |      |   | 1,061,490  |                              |   |   | 3.4                         | %      |   |   | 946,766 |   |   |   | 12.1 | % |
| Other income from Production segment(1)                           |   |                                                     | 193,991    |   |      |   | 85,401     |                              |   |   | 127.2                       | %      |   |   | 191,276 |   |   |   | (55.3 | )% |
| Total production segment sales                                    |   |                                                     | 14,931473  |   |      |   | 9,704,262  |                              |   |   | 53.9                        | %      |   |   | 8,109,329 |   |   |   | 19.7 | % |
| Production segment eliminations in consolidation                  |   |                                                     | (2,859,175 | )      |      |   | (1,957,156 | )                                 |   |   | 46                          | %      |   |   | — |   |   | n.m. |   |
| Total production segment sales to third parties                   |   |                                                     | 12,072,298 |   |      |   | 7,747,106  |                              |   |   | 55.8                        | %      |   |   | 8,109,329 |   |   |   | (4.7 | )% |
| Refining and Petrochemicals segment:                              |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Refined products:                                                 |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Local sales(2)                                                    |   |                                                     | 14,360,357 |   |      |   | 11,910,770 |                              |   |   | 20.6                        | %      |   |   | 14,638,917 |   |   |   | (18.6 | )% |
| Sales of refined products allocated to our production segment(3)  |   |                                                     | (226,701   | )      |      |   | (154,816   | )                                 |   |   | 46.4                        | %      |   |   | (209,487 | ) |   |   | (26.1 | )% |
| Other income from local sales of refined products(4)              |   |                                                     | 32,546     |   |      |   | 82,616     |                              |   |   | (60.6                       | )%     |   |   | 70,912 |   |   |   | 16.5 | % |
| Export sales                                                      |   |                                                     | 5,641,545  |   |      |   | 4,196,143  |                              |   |   | 34.4                        | %      |   |   | 3,273,018 |   |   |   | 28.2 | % |
| Total Refining and Petrochemicals segment sales:                  |   |                                                     | 19,807,747 |   |      |   | 16,034,713 |                              |   |   | 23.5                        | %      |   |   | 17,773,360 |   |   |   | (9.8 | )% |
| Refining and Petrochemicals segment eliminations in consolidation |   |                                                     | (22,337    | )      |      |   | -          |                              |   | n.m.   |                        |   |   | - |   |   | n.m. |   |
| Total Refining and Petrochemicals segments sales to third parties |   |                                                     | 19,785,410 |   |      |   | 16,034,713 |                              |   |   | 23.4                        | %      |   |   | 17,773,360 |   |   |   | (9.8 | )% |
| Market and supply segment:                                        |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Crude oil sales:                                                  |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Local sales                                                       |   |                                                     | -          |   |      |   | 1,692,832  |                              |   |   | (100                        | )%     |   |   | 2,461,451 |   |   |   | (31.2 | )% |
| Export sales                                                      |   |                                                     | 8,108,425  |   |      |   | 5,201,551  |                              |   |   | 55.9                        | %      |   |   | 4,037,945 |   |   |   | 28.9 | % |
| Total crude oil sales                                             |   |                                                     | 8,108,425  |   |      |   | 6,894,383  |                              |   |   | 17.6                        | %      |   |   | 6,499,396 |   |   |   | 6.1 | % |
| Natural gas sales:                                                |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Local sales                                                       |   |                                                     | 378,939    |   |      |   | 336,366    |                              |   |   | 12.6                        | %      |   |   | 297,441 |   |   |   | 13.1 | % |
| Other income from local sales of natural gas                      |   |                                                     | 2,536      |   |      |   | 24,473     |                              |   |   | (89.6                       | )%     |   |   | 26,185 |   |   |   | (6.5 | )% |
| Export sales                                                      |   |                                                     | 44,700     |   |      |   | 97,643     |                              |   |   | (54.2                       | )%     |   |   | 98,036 |   |   |   | (0.4 | )% |
| Total natural gas sales                                           |   |                                                     | 426,175    |   |      |   | 458,482    |                              |   |   | (7.1                        | )%     |   |   | 421,662 |   |   |   | 8.7 | % |
| Refined products sales:                                           |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Local sales                                                       |   |                                                     | 522,145    |   |      |   | 15,978     |                              |   | n.m.   |                        |   |   | 361,615 |   |   |   | (95.6 | )% |
| Export sales                                                      |   |                                                     | 10,246     |   |      |   | 10,900     |                              |   |   | (6.0                        | )%.    |   |   | 257 |   |   | n.m. |   |
| Other income from local sales                                     |   |                                                     | 51,956     |   |      |   | 13,811     |                              |   | n.m.   |                        |   |   | 13,627 |   |   |   | 1.4 | % |
| Total Market and Supply segment sales                             |   |                                                     | 9,118,947  |   |      |   | 7,393,554  |                              |   |   | 23.3                        | %      |   |   | 7,296,557 |   |   |   | 1.3 | % |
| Market and Supply segment eliminations in consolidation           |   |                                                     | (772,502   | )      |      |   | (1,688,671 | )                                 |   |   | (54.3                       | )%     |   |   | - |   |   | n.m. |   |
| Total Market and Supply segment sales to third parties            |   |                                                     | 8,346,445  |   |      |   | 5,704,883  |                              |   |   | 46.3                        | %      |   |   | 7,296,557 |   |   |   | (21.8 | )% |
| Transportation segment:                                           |   |                                                     |       |   |      |   |       |                              |   |   |                        |   |   |   |   |   |   |   |   |   |
| Transportation sales                                              |   |                                                     | 1,465,973  |   |      |   | 888,783    |                              |   |   | 64.9                        | %      |   |   | 669,309 |   |   |   | 32.8 | % |
| Other income transportation services                              |   |                                                     | 353,869    |   |      |   | 76,247     |                              |   |   | 364.1                       | %      |   |   | 48,114 |   |   |   | 58.5 | % |
| Total transportation sales                                        |   |                                                     | 1,819,842  |   |      |   | 965,030    |                              |   |   | 88.6                        | %      |   |   | 717,423 |   |   |   | 34.5 | % |
| Transportation segment eliminations in consolidation              |   |                                                     | (55,684    | )      |      |   | (47,341    | )                                 |   |   | 17.6                        | %      |   |   | - |   |   | n.m. |   |
| Total Transportation segment sales to third parties               |   |                                                     | 1,764,158  |   |      |   | 917,689    |                              |   |   | 92.2                        | %      |   |   | 717,423 |   |   |   | 27.9 | % |
| Total sales                                                       |   |                                                     | 41,968,311 |   |      |   | 30,404,390 |                              |   |   | 38.0                        | %      |   |   | 33,896,669 |   |   |   | (10.3 | )% |

----

----

| (1) | Corresponds to sales of refined products, transportation services and industrial services allocated to our production segment. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes motor fuel price differential reimbursements by the Government amounting to, Ps$3,070,479 million in 2008, Ps$196,533 million in 2009 and Ps$740,682 million in 2010. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Corresponds to sales of refined products from our Apiay and Orito refineries allocated to our production segment. |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (4) | Corresponds to sales of transportation services and industrial services allocated to our refining and petrochemicals segment. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

|                                                            |   | For the Year ended December 31, |        |   | 2010/2009 |   |        | For the YearendedDecember 31, |   |   | 2009/2008 |   |
|----------------------------------------------------------------------|--------|----------------------------------------------------------|-------------|--------|-----------|--------|-------------|----------------------------------------------|--------|--------|-----------|--------|
|                                                                 |   | 2010                                                     |        |   | 2009      |   |        | % change                                |   |   | 2008      |   |   | % change |   |
| Crude oil:                                                           |   |                                                     |        |   |      |   |        |                                         |   |   |      |   |   |   |   |
| Local sales (barrels)(1)                                             |   |                                                     | 1,086,090   |   |      |   | 455,895     |                                         |   |   | 138.2     | %      |   |   | 26,981,442 |   |   |   | (98.3 | )% |
| Export sales (barrels) (2)                                           |   |                                                     | 131,316,387 |   |      |   | 92,921,245  |                                         |   |   | 41.3      | %      |   |   | 54,592,797 |   |   |   | 70.2 | % |
| Average price per local barrel (in U.S. dollars) (3)                 |   |                                                     | 56.85       |   |      |   | 67.77       |                                         |   |   | (16.1     | )%     |   |   | 89.95 |   |   |   | (24.7 | )% |
| Average price per export barrel (in U.S. dollars) (4)                |   |                                                     | 72.55       |   |      |   | 60.83       |                                         |   |   | 19.3      | %      |   |   | 83.00 |   |   |   | (26.7 | )% |
| Weighted average price per local and export barrel (in U.S. dollars) |   |                                                     | 72.42       |   |      |   | 60.86       |                                         |   |   | 19.0      | %      |   |   | 85.30 |   |   |   | (28.7 | )% |
|                                                                 |   |                                                     |        |   |      |   |        |                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| Natural gas:                                                         |   |                                                     |        |   |      |   |        |                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| Local sales (mbtu)                                                   |   |                                                     | 188,681,680 |   |      |   | 167,095,380 |                                         |   |   | 12.9      | %      |   |   | 146,955,743 |   |   |   | 13.7 | % |
| Export sales (mbtu)(5)                                               |   |                                                     | 19,701,959  |   |      |   | 43,568,928  |                                         |   |   | (54.8     | )%     |   |   | 35,491,468 |   |   |   | 22.8 | % |
| Average local price (mbtu)  (in U.S. dollars) (3)          |   |                                                     | 3.24        |   |      |   | 2.72        |                                         |   |   | 18.9      | %      |   |   | 3.12 |   |   |   | (12.7 | )% |
| Average export price (mbtu) (in U.S. dollars) (4)                    |   |                                                     | 3.93        |   |      |   | 3.27        |                                         |   |   | 19.9      | %      |   |   | 4.30 |   |   |   | (23.9 | )% |
|                                                                 |   |                                                     |        |   |      |   |        |                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| Refined products:                                                    |   |                                                     |        |   |      |   |        |                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| Product local sales (barrels)                                        |   |                                                     | 87,271,761  |   |      |   | 86,211,706  |                                         |   |   | 1.2       | %      |   |   | 69,312,065 |   |   |   | 24.4 | % |
| Export sales (barrels)                                               |   |                                                     | 37,746,666  |   |      |   | 34,368,558  |                                         |   |   | 9.8       | %      |   |   | 18,380,770 |   |   |   | 87.0 | % |
| Average local price per barrel (U.S. dollars) (3)                    |   |                                                     | 84.42       |   |      |   | 67.18       |                                         |   |   | 25.7      | %      |   |   | 106.02 |   |   |   | (36.6 | )% |
| Average export price per barrel (U.S. dollars) (4)                   |   |                                                     | 78.90       |   |      |   | 69.25       |                                         |   |   | 13.9      | %      |   |   | 72.63 |   |   |   | (4.7 | )% |

----

| (1) | Starting in May 2009, no longer includes sales to Reficar. |
|-----|-----------------------------------------------------------------|

| (2) | Since 2010, the free trade zone sales are considering exports for local purposes. Includes sales of Hocol since May 2009. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (3) | Corresponds to average price per local barrel translated at an average exchange rate of 1,897.89 for 2010, 2,156.29 for 2009 and 1,966.26 for 2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Corresponds to the average of the actual prices at which we sold our crude oil in the international markets. |
|-----|--------------------------------------------------------------------------------------------------------------|

| (5) | We initiated exports of natural gas to Venezuela in the third quarter of 2007. However, during the period of February to September 2010, we suspended the exports because Venezuela failed the payments due to politic conflicts between Colombia and Venezuela. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|               |   | For the Year ended December 31, |       |   | 2010/2009 |   |       | For the Year endedDecember 31, |                          |   | 2009/2008 |   |
|--------------------|--------|----------------------------------------------------------|------------|--------|-----------|--------|------------|----------------------------------------------------|-------------------------------|--------|-----------|--------|
|               |   | 2010                                                     |       |   | 2009      |   |       | % change                                      |                          |   | 2008      |   |   | % change |   |
|               |   | (Pesos in millions)                            |       |   |      |   |       |                                               | (Pesos in millions) |   |      |   |   |   |
| Cost of sales      |   |                                                     | 25,959,001 |   |      |   | 19,906,073 |                                               |                          |   | 30        | %      |   |   | 19,084,436 |   |   |   | 4 | % |
|               |   |                                                     |       |   |      |   |       |                                               |                          |   |      |   |   |   |   |   |   |   |   |   |
| Operating expenses |   |                                                     | 3,130,468  |   |      |   | 2,624,978  |                                               |                          |   | 19        | %      |   |   | 2,154,875 |   |   |   | 22 | % |
|               |   |                                                     |       |   |      |   |       |                                               |                          |   |      |   |   |   |   |   |   |   |   |   |
| Operating Income   |   |                                                     | 12,878,842 |   |      |   | 7,873,339  |                                               |                          |   | 64        | %      |   |   | 12,657,358 |   |   |   | (38 | )% |

|   | · | Purchases of hydrocarbons from the ANH in 2010 increased 26% to Ps$5,500,921 million compared to 2009, mainly as a result of higher average prices and an increase in the volumes purchased.  Purchases of hydrocarbons from the ANH in 2009 decreased 22% to Ps$4,358,408 million as compared to 2008 mainly as a result of lower average prices, partially offset by an increase in the volumes purchased. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Purchases of crude oil from our business partners in 2010 increased by 10% to Ps$4,548,193 million compared to 2009 mainly due to higher average crude oil prices of purchased crude oil production from our business partners increased.  Purchases of crude oil from our business partners in 2009 increased 29% to Ps$4,130,116 million as compared to 2008 mainly due to higher volumes purchased as crude oil production from our business partners increased. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Purchases of imported products in 2010 increased 107% to Ps$5,680,601 million compared to 2009 as a result of higher volumes purchased for blending naphtha with heavy crude oil in order to transport it and of products for blending to meet local environmental regulations for sulfur content, and higher average prices.  Purchases of imported products in 2009 decreased to Ps$2,739,681 million compared to 2008 mainly as a result of lower average prices. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Services contracted with associations, which are pro rata expenses for our joint ventures, increased by 13.9% in 2010 to Ps$1,469,586 million compared to 2009, mainly as a result of an increase in production activities.  Services contracted with associations in 2009 increased 8.6% to Ps$1,290,177 million compared to 2008 due to an increase in production activities. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Maintenance costs increased by 8.6% to Ps$1,384,088 million compared to 2009, mainly due to an increase in tariffs and an increase in our production activities.  Maintenance costs increased by 53% to Ps$1,274,618 million in 2009 as compared to 2008, mainly due to the consolidation of the maintenance costs of Ocensa and Hocol into our results of operations. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Depreciation costs increased by 24.9% to Ps$1,548,797 million compared to 2009, mainly due to the consolidation of Ocensa’s depreciation into our results of operations.  Depreciation costs increased by 85% to Ps$1,239,846 million in 2009 as compared to 2008, mainly due to the consolidation of Ocensa’s depreciation into our results of operations. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Labor costs in 2010 increased 18% to Ps$1,084,149 million compared to 2009 as a result of a 2.43% increase in our total number employees in response to an increase in our projects activities.  Labor costs increased 22% in 2009 as compared to 2008 as a result of a 9.26% increase in our total number of employees in response to the increase in the exploration and production activities, and an adjustment in wages which has been progressively implemented among all of our employees. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Studies and projects in 2010 compared to 2009 increased by 28% as a result of an increase in the number of seismic studies and exploration activities conducted.  Studies and projects in 2009 increased by 53% compared to 2008, as a result of an increase in the number of seismic studies and production projects conducted. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Non-capitalized projects expenses including licensing, advisory, infrastructure, research services and expenses related to the Barrancabermeja project. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | At December 31,     |       |   | 2010/2009 |   |     | At December 31, |                          |   | 2009/2008 |   |
|---------------------------------------|--------|-------------------------------|------------|--------|-----------|--------|----------|---------------------------|-------------------------------|--------|-----------|--------|
|                                  |   | 2010                          |       |   | 2009      |   |     | % change             |                          |   | 2008      |   |   | % change |   |
| Non-operating income (expenses): |   | (Pesos in millions) |       |   |      |   |     |                      | (Pesos in millions) |   |      |   |   |   |
| Financial income, net                 |   |                          | 37,789     |   |      |   | 495,833  |                      |                          |   | (92.4     | )%     |   |   | 4,101,252 |   |   |   | (87.9 | )% |
| Pension expenses                      |   |                          | (377,626   | )      |      |   | (595,157 | )                         |                          |   | (36.6     | )%     |   |   | (1,144,925 | ) |   |   | (48.0 | )% |
| Inflation gain                        |   |                          | 22,030     |   |      |   | 22,355   |                      |                          |   | (1.5      | )%     |   |   | 30,473 |   |   |   | (26.6 | )% |
| Other income (expenses), net          |   |                          | (1,068,418 | )      |      |   | (545,526 | )                         |                          |   | 95.9      | %      |   |   | 367,046 |   |   |   | (248.6 | )% |

----

----

----

|   | · | A Ps$2.2 trillion (approximately US$1 billion) syndicated loan facility with a syndicate of local banks in May 2009.  This loan facility has a term of seven years with a two year grace period.  The interest rate under the facility equals the fixed term deposit rate (DTF) plus an additional 4% (the anticipated quarterly interest rate).  Amortization is bi-annual under the loan.  In addition, as guarantee for the loan, we pledged our direct stock in Reficar (which was 49% of the total shares at the time of the loan), Ocensa and Propileno del Caribe (Propilco).  We used the proceeds from this loan to finance our strategic plan. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | An issuance of US$1,500 million aggregate principal amounts of 7.625% Notes Due 2019 (the “Original Notes”) on July 23, 2009.  The Original Notes were issued pursuant to Rule 144A/ Regulation S with registration rights with the SEC.  The Original Notes were subsequently registered with the SEC on September 3, 2009 (the “Registered Notes”).  Concurrently with this registration, we commenced an exchange offer to exchange up to U.S.$1.5 billion aggregate principal amount of the Registered Notes for an equal principal amount of our outstanding Original Notes under the terms and subject to the conditions set forth in a prospectus dated September 3, 2009.  The exchange offer was carried out in compliance with the obligations acquired by us under the Registration Rights Agreement referred to in the prospectus.  The exchange offer expired on October 2, 2009.  Bonds exchange requests were received in an aggregate amount of US$1,492,541,000.  On October 7, 2009, we issued an aggregate amount of US$1,492,541,000 in Registered Notes and cancelled an aggregate amount of US$1,492,541,000 in Original Notes.  The Registered Notes were listed on the NYSE. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Four treasury loans of Ps$385,000 million (approximately US$203 million) in four disbursements between October and November 2010, with an interest rate of DTF plus an additional rate between 1.3% and 1.5% (the anticipated quarterly interest rate).  The facility has a one year bullet amortization and bi-annual payments of interest.  We used the proceeds from these loans to finance working capital in Reficar. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A local issuance of Ps$1.0 trillion (approximately US$ 500 million) notes on December 1, 2010.  The notes were issued in four tranches with maturities of 5, 7, 10 and 30 years and with variable interest rate based on the Consumer Price Index (IPC) plus additional spreads of 2.80%, 3.30%, 3.94%, 4.90% respectively.  The notes have bi-annual payments of interest and bullet amortization.  We used the proceeds from the offering of these notes to finance our capital expenditures in 2010.  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                         |   | For the Year ended December 31, |       |
|------------------------------|--------|----------------------------------------------------------|------------|
|                         |   | 2010                                                     |       |   | 2009 |   |   | 2008 |   |
|                         |   | (Pesos in millions)                            |       |
| Exploration & production |   |                                                     | 5,878,246  |   |   |   | 5,564,438 |   |   |   | 4,911,487 |   |
| Refining and Petrochemicals  |   |                                                     | 2,084,554  |   |   |   | 2,710,526 | (1) |   |   | 776,080 |   |
| Transportation               |   |                                                     | 2,351,662  |   |   |   | 2,269,540 | (2) |   |   | 939,996 |   |
| Corporate                    |   |                                                     | -          |   |   |   | 197,237 |   |   |   | 69,483 |   |
| Marketing and Supply         |   |                                                     | 5,513      |   |   |   | 8,455 |   |   |   | 7,549 |   |
| Total                        |   |                                                     | 10,319,975 |   |   |   | 10,750,197 |   |   |   | 6,704,595 |   |

----

| (1) | Does not include Ps$868,053 million corresponding to our initial share ownership in Reficar. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Does not include (i) Ps$636,832 million corresponding to non-controlling interest capital expenditures and Ps$528,207 million corresponding to our initial share ownership in Ocensa and (ii) Ps$31,087 million corresponding to non-controlling interest capital expenditures and Ps$36,287 million corresponding to our initial share ownership in ODC. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                              |   | Payments due by period |       |
|-------------------------------------------------------------------|--------|---------------------------------------|------------|
|                                                              |   | Total                                 |       |   | Less than 1year |   |   | 1-3years |   |   | 3 to 5years |   |   | More than 5years |   |
|                                                              |   | (Pesos in millions)         |       |
| Contractual Obligations:                                          |   |                                  |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension Plan Obligations                                          |   |                                  | 17,966,975 |   |   |   | 650,333 |   |   |   | 1,392,797 |   |   |   | 1,481,017 |   |   |   | 14,442,828 |   |
| Contract Service Obligations                                      |   |                                  | 1,912,454  |   |   |   | 838,161 |   |   |   | 939,130 |   |   |   | 38,792 |   |   |   | 96,372 |   |
| Operating Lease Obligations                                       |   |                                  | 8,773      |   |   |   | 8,773 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Natural Gas Supply Agreements                                     |   |                                  | 1,096,862  |   |   |   | 69,261 |   |   |   | 318,702 |   |   |   | 236,702 |   |   |   | 472,196 |   |
| Purchase Obligations                                              |   |                                  | 508,172    |   |   |   | 305,328 |   |   |   | 202,844 |   |   |   | — |   |   |   | — |   |
| Energy Supply Agreements                                          |   |                                  | 629,999    |   |   |   | 248,427 |   |   |   | 324,525 |   |   |   | 43,163 |   |   |   | 13,885 |   |
| Capital expenditures                                              |   |                                  | 1,992,007  |   |   |   | 1,314,863 |   |   |   | 674,750 |   |   |   | 2,394 |   |   |   | — |   |
| Build, Operate, Maintain and  Transfer Contracts (BOMT) |   |                                  | 274,221    |   |   |   | 43,259 |   |   |   | 80,077 |   |   |   | 80,379 |   |   |   | 70,506 |   |
| Capital (Finance) Lease Obligations                               |   |                                  | 56,007     |   |   |   | 21,800 |   |   |   | 26,257 |   |   |   | 7,950 |   |   |   | — |   |
| Financial Sector Debt                                             |   |                                  | 8,366,955  |   |   |   | 1,073,756 |   |   |   | 4,543,266 |   |   |   | 2,488,377 |   |   |   | 261,556 |   |
| Bonds                                                             |   |                                  | 6,962,653  |   |   |   | 290,718 |   |   |   | 872,356 |   |   |   | 672,924 |   |   |   | 5,126,655 |   |
| Total                                                             |   |                                  | 39,775,078 |   |   |   | 4,864,680 |   |   |   | 9,374,703 |   |   |   | 5,051,697 |   |   |   | 20,483,998 |   |

| ITEM 6. | Directors, Senior Management and Employees |
|--------------|--------------------------------------------|

----

----

----

----

----

| Audit Committee(1)                  |   | Compensation and NominationCommittee(2)  |   | Corporate Governance andSustainability Committee |
|------------------------------------------|--------|---------------------------------------------------------|--------|-----------------------------------------------------------------|
| Joaquin Moreno                           |   | Henry Medina                                            |   | Joaquin Moreno                                                  |
| Mauricio Cárdenas                   |   | Fabio Echeverri                                         |   | Henry Medina                                                    |
| Federico Rengifo                         |   |                                                    |   | Minister of Finance and Public Credit                           |
| Henry Medina                             |   |                                                    |   |                                                            |
|                                     |   |                                                    |   |                                                            |
| Business Committee                       |   |                                                    |   |                                                            |
| Joaquin Moreno                           |   |                                                    |   |                                                            |
| Mauricio Cárdenas                   |   |                                                    |   |                                                            |
| Federico Rengifo                         |   |                                                    |   |                                                            |
| Henry Medina                             |   |                                                    |   |                                                            |
| Director of the National Planning Agency |   |                                                    |   |                                                            |

----

| (1) | All members of our audit committee must be independent. |
|-----|---------------------------------------------------------|

| (2) | On June 19, 2011, David Rojas, who was member of our Audit, Compensation and Nomination, and Corporate Governance and Sustainability Committees, passed away.  The Board of Directors will determine, in a meeting to take place in July 2011, the new member of our Compensation and Nomination Committee so that the committee has a minimum of three members. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| December 2010(a)            |   | Direct Employees (full time) |   |   | Direct Employeesaverage(2) |   |   | Temporary Employees |   |
|----------------------------------|--------|---------------------------------------------|--------|--------|---------------------------------|--------|--------|--------------------------|--------|
| Exploration and Production       |   |                                        |   |   |                            |   |   |                     |   |
| Exploration                      |   |                                        | 133    |   |                            |   | 133    |                     |   |   | - |   |
| Production                       |   |                                        | 1,460  |   |                            |   | 1,439  |                     |   |   | 46 |   |
| Others                           |   |                                        | 283    |   |                            |   | 276    |                     |   |   | 8 |   |
| Total Exploration and Production |   |                                        | 1,876  |   |                            |   | 1,848  |                     |   |   | 54 |   |
| Downstream                       |   |                                        |   |   |                            |   |   |                     |   |   |   |   |
| Refining                         |   |                                        | 2,000  |   |                            |   | 2,070  |                     |   |   | 137 |   |
| Transport                        |   |                                        | 856    |   |                            |   | 861    |                     |   |   | 67 |   |
| Marketing                        |   |                                        | 159    |   |                            |   | 157    |                     |   |   | 3 |   |
| Others                           |   |                                        | 17     |   |                            |   | 17     |                     |   |   | - |   |
| Total Downstream                 |   |                                        | 3,032  |   |                            |   | 3,105  |                     |   |   | 207 |   |
| Corporate                        |   |                                        | 1,836  |   |                            |   | 1,862  |                     |   |   | 118 |   |
| TOTAL(1)                         |   |                                        | 6,744  |   |                            |   | 6,815  |                     |   |   | 379 |   |
|                             |   |                                        |   |   |                            |   |   |                     |   |   |   |   |
| December 2009(b)            |   | Direct Employees(full time)                 |   |   | Direct Employees average(2)     |   |   | Temporary Employees      |   |
| Exploration and Production       |   |                                        |   |   |                            |   |   |                     |   |   |   |   |
| Exploration                      |   |                                        | 130    |   |                            |   | 123    |                     |   |   | - |   |
| Production                       |   |                                        | 1,369  |   |                            |   | 1,372  |                     |   |   | 57 |   |
| Others                           |   |                                        | 240    |   |                            |   | 238    |                     |   |   | - |   |
| Total Exploration and Production |   |                                        | 1,739  |   |                            |   | 1,733  |                     |   |   | 57 |   |
| Downstream                       |   |                                        |   |   |                            |   |   |                     |   |   |   |   |
| Refining                         |   |                                        | 2,080  |   |                            |   | 2,073  |                     |   |   | 220 |   |
| Transport                        |   |                                        | 869    |   |                            |   | 858    |                     |   |   | 72 |   |
| Marketing                        |   |                                        | 150    |   |                            |   | 147    |                     |   |   | 1 |   |
| Others                           |   |                                        | 18     |   |                            |   | 18     |                     |   |   | - |   |
| Total Downstream                 |   |                                        | 3,117  |   |                            |   | 3,096  |                     |   |   | 293 |   |
| Corporate                        |   |                                        | 1,839  |   |                            |   | 1,849  |                     |   |   | 117 |   |
| TOTAL(1)                         |   |                                        | 6,695  |   |                            |   | 6,678  |                     |   |   | 467 |   |

----

| December 2008(c)            |   | Direct Employees (full time) |   |   | Direct Employeesaverage(2) |   |   | Temporary Employees |   |
|----------------------------------|--------|---------------------------------------------|--------|--------|---------------------------------|--------|--------|--------------------------|--------|
| Exploration and Production       |   |                                        |   |   |                            |   |   |                     |   |
| Exploration                      |   |                                        | 108    |   |                            |   | 100    |                     |   |   | - |   |
| Production                       |   |                                        | 1343   |   |                            |   | 1,305  |                     |   |   | 94 |   |
| Others                           |   |                                        | 215    |   |                            |   | 124    |                     |   |   | - |   |
| Total Exploration and Production |   |                                        | 1666   |   |                            |   | 1,529  |                     |   |   | 94 |   |
| Downstream                       |   |                                        |   |   |                            |   |   |                     |   |   |   |   |
| Refining                         |   |                                        | 2,056  |   |                            |   | 1,991  |                     |   |   | 212 |   |
| Transport                        |   |                                        | 580    |   |                            |   | 812    |                     |   |   | 65 |   |
| Marketing                        |   |                                        | 141    |   |                            |   | 123    |                     |   |   | 0 |   |
| Others                           |   |                                        | 14     |   |                            |   | 9      |                     |   |   | 0 |   |
| Total Downstream                 |   |                                        | 3,061  |   |                            |   | 2,935  |                     |   |   | 277 |   |
| Corporate                        |   |                                        | 1,790  |   |                            |   | 1,700  |                     |   |   | 130 |   |
| TOTAL(1)                         |   |                                        | 6,517  |   |                            |   | 6,164  |                     |   |   | 501 |   |

----

| (1) | Totals are as of the last day of each month. |
|-----|----------------------------------------------|

| (2) | Averages are calculated on a monthly basis from January to December of each year. |
|-----|---------------------------------------------------------------------------------------------|

| (a) | 592 persons employed by us during 2010 were not included in our 2010 employee statistics as they were involved in intermittent, non-regular activities and do not classify as temporary employees. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | 279 persons employed by us during 2009 were not included in our 2009 employee statistics as they were involved in intermittent, non-regular activities and do not classify as temporary employees. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | 60 persons employed by us during 2008 were not included in our 2008 employee statistics as they were involved in intermittent, non-regular activities and do not classify as temporary employees. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| December 2010                   |   | Direct Employees (full time) |   |
|--------------------------------------|--------|---------------------------------------------|--------|
| Ecopetrol America Inc.               |   |                                        | 10     |   |
| Bioenergy S.A.                       |   |                                        | 83     |   |
| Bioenergy Zona Franca S.A.S          |   |                                        | 19     |   |
| Hocol S.A.                           |   |                                        | 192    |   |
| Oleoducto Central S.A.               |   |                                        | 133    |   |
| Oleoducto de Colombia S.A.           |   |                                        | 1      |   |
| Oleoducto de los Llanos S.A.(1)      |   |                                        | 17     |   |
| Ecopetrol del Perú S.A.         |   |                                        | 6      |   |
| Refinería de Cartagena S.A.     |   |                                        | 122    |   |
| Ecopetrol Oleo e Gas do Brasil Ltda. |   |                                        | 3      |   |
| Propilco S.A.                        |   |                                        | 245    |   |
| TOTAL SUBSIDIARIES(2)                |   |                                        | 831    |   |

| December 2009                   |   | Direct Employees (full time) |   |
|--------------------------------------|--------|---------------------------------------------|--------|
| Ecopetrol America Inc.               |   |                                        | -      |   |
| Bioenergy S.A.                       |   |                                        | 62     |   |
| Hocol S.A.                           |   |                                        | 152    |   |
| Oleoducto Central S.A.               |   |                                        | 130    |   |
| Oleoducto de Colombia S.A.           |   |                                        | 2      |   |
| Oleoducto de los Llanos S.A.         |   |                                        | 9      |   |
| Ecopetrol del Perú S.A.         |   |                                        | 4      |   |
| Refinería de Cartagena S.A.     |   |                                        | 106    |   |
| Ecopetrol Oleo e Gas do Brasil Ltda. |   |                                        | 4      |   |
| Propilco S.A.                        |   |                                        | 231    |   |
| TOTAL SUBSIDIARIES(1)                |   |                                        | 700    |   |

| December 2008                   |   | Direct Employees (full time) |   |
|--------------------------------------|--------|---------------------------------------------|--------|
| Ecopetrol America Inc.               |   |                                        | -      |   |
| Bioenergy S.A.                       |   |                                        | 28     |   |
| Hocol S.A.                           |   |                                        | -      |   |
| Oleoducto Central S.A.               |   |                                        | -      |   |
| Oleoducto de Colombia S.A.           |   |                                        | -      |   |
| Oleoducto de los Llanos S.A.         |   |                                        | -      |   |
| Ecopetrol del Perú S.A.         |   |                                        | -      |   |
| Refinería de Cartagena S.A.     |   |                                        | -      |   |
| Ecopetrol Oleo e Gas do Brasil Ltda. |   |                                        | -      |   |
| Propilco S.A.                        |   |                                        | 223    |   |
| TOTAL SUBSIDIARIES(1)                |   |                                        | 251    |   |

----

| (1) | Includes apprentices. |
|-----|-----------------------|

| (2) | Totals are as of the last day of each month. |
|-----|----------------------------------------------|

|   | · | Unión Sindical Obrera de la Industria del Petróleo — USO (Industry labor union) |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Asociación de Directivos Profesionales, Técnicos y Trabajadores de las Empresas de la Rama de Actividad Económica del Recurso Natural del Petróleo y sus Derivados de Colombia — ADECO (Industry labor union) |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sindicato Nacional de Trabajadores de Empresas Operadoras, Contratistas, Subcontratistas de Servicios y Actividades de la Industria del Petróleo y Similares — SINDISPETROL (Industry labor union) |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sindicato Nacional de Trabajadores de Ecopetrol — SINCOPETROL (Company labor union) |
|--------|--------|-------------------------------------------------------------------------------------------|

----

|   | · | Transportation Subsidy.  Monthly transportation subsidy depends on the employee’s location and ranges between Ps$1,213 and Ps$130,000; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Food Subsidy.  Monthly food subsidy ranges between Ps$195,600 and Ps$245,850 depending on the employee’s location; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Lodging Subsidy.  Monthly lodging subsidy to employees ranges between Ps$190,739 and $405,000; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | Subsidy for Education.  Subsidy that covers 90% of tuition and board expenses and fixed amounts of transportation and textbooks for our employees and their children; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Health Benefits.  Ecopetrol pays 100% of medical expenses for workers and their families. The health benefits include integral basic attention, programs in prevention of diseases, the supply of medicines and others. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Stability Clause.  Employees who as of December 1, 2004 had worked over 16 months cannot be fired without just cause; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Retirement plan for employees.  Employees hired after January 29, 2003 are not covered by our retirement scheme and are covered by the general social security system; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Five-year bonus.  A cash benefit bonus accrued on a yearly basis and paid for every 5-year period worked in the Company according to the following scale: |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5 years worked: | Bonus equivalent to 9 days of basic payment plus Ps$180,000 |
|--------|-----------------|-------------------------------------------------------------|

|   | 10 years worked: | Bonus equivalent to 14 days of basic payment plus Ps$180,000 |
|--------|------------------|--------------------------------------------------------------|

|   | 15 years worked: | Bonus equivalent to 19 days of basic payment plus Ps$180,000 |
|--------|------------------|--------------------------------------------------------------|

|   | 20 years worked: | Bonus equivalent to 24 days of basic payment plus Ps$180,000 |
|--------|------------------|--------------------------------------------------------------|

|   | 25 years worked: | Bonus equivalent to 29 days of basic payment plus Ps$180,000 |
|--------|------------------|--------------------------------------------------------------|

|   | 30 years worked: | Bonus equivalent to 34 days of basic payment plus Ps$180,000 |
|--------|------------------|--------------------------------------------------------------|

----

| ITEM 7. | Major Shareholders and Related Party Transactions |
|--------------|---------------------------------------------------|

|         |   | At March 31, 2011 |           |
|--------------|--------|----------------------------------|----------------|
| Shareholders |   | Number of shares       |           |   | % Ownership |   |
| Nation       |   |                             | 36,384,788,817 |   |   |   | 89.9 | % |
| Public float |   |                             | 4,087,723,771  |   |   |   | 10.1 | % |
| Total        |   |                             | 40,472,512,588 |   |   |   | 100.0 | % |

|   | · | In March 1995, we entered into an agreement for the transportation of crude oil through the Ocensa pipeline.  Pursuant to the terms of the agreement, we are required to make monthly payments that vary depending on the volumes of crude oil we transport through the pipeline and a tariff calculated by Ocensa on the basis of Ocensa’s financial projections and their expected volumes of crude oil.  In 2010, payments made by us under this agreement amounted to US$271.63 million.  This agreement expires in December 2093 or upon liquidation of Ocensa. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In December 1995, we leased the Porvenir and Miraflores terminals to Ocensa.  Pursuant to the terms of the agreement we receive monthly payments of approximately US$4,590,000 plus applicable taxes.  The duration of this agreement is indefinite. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In November 1996, we leased the Cravo Norte dock to Ocensa.  Pursuant to the terms of the agreement we receive monthly payments of US$25,000, plus applicable taxes.  The duration of this agreement is indefinite. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In September 1999, we entered into a joint operation agreement for the TLU-3 Coveñas buoy with Ocensa, Oleoducto de Colombia S.A., a company in which we have a 65.57% equity interest.  Pursuant to the terms of the agreement we are required to make monthly payments of a fixed amount of US$75,000 plus a variable amount depending of the volumes exported through the buoy.  There have not been variable payments in the last three years.  The duration of this agreement is indefinite. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In December 1999, we entered into an operation and maintenance agreement for the Porvenir, Miraflores and Vasconia pumping stations.  Pursuant to the terms of the agreement, we receive monthly payments of approximately US$354,000 plus applicable taxes and variable costs.  This agreement was renewed for a five-year term on April 1, 2011. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | In December 2004, we entered into a natural gas supply contract.  Pursuant to the terms of the contract, we receive variable monthly payments based on the volumes of natural gas delivered and a fixed tariff.  In June 2008, this contract was renewed for an additional two years, and has been extended on a semi-annual basis through October 2011.  During 2010, we received monthly payments of approximately US$491,151 under this contract. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In July 1992, we entered into a take-and-pay agreement for the transportation of hydrocarbons.  Pursuant to the agreement, we must pay a previously agreed tariff over the volume of hydrocarbons transported.  The duration of this agreement is indefinite. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In August 1992, we entered into an operation and maintenance agreement for the Vasconia and Coveñas terminals.  Pursuant to the terms of the agreement, ODC is required to make monthly payments amounting to approximately US$1.5 million per year plus any other expenses incurred by us in the performance of the agreement, including a variable surcharge between 5% and 12% on such expenses, plus any applicable taxes.  The duration of this agreement is indefinite. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In July 2006, we entered into an operation and maintenance agreement for the Caucasia Station and the Vasconia-Coveñas pipeline system.  Since 2010, the agreement  is only in effect for the operation of the Caucasia Station.  Pursuant to the terms of the agreement, ODC is required to make monthly payments of US$751,531 per year, plus any other expenses incurred by us in the performance of the agreement, including a variable surcharge of between 5% and 12% on such expenses, plus any applicable taxes.  The duration of this agreement is indefinite. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In March 2007, we entered into a services agreement to guarantee the protection and safety of the Cusiana-Coveñas and Vasconia-Coveñas pipeline systems.  Under the terms of the agreement, ODC paid us Ps$51 million per year.  This agreement expired on December 31, 2011. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | selling and purchasing goods, properties and other assets; |
|--------|--------|------------------------------------------------------------|

|   | · | rendering and receiving services; |
|--------|--------|-----------------------------------|

|   | · | leasing assets; |
|--------|--------|-----------------|

|   | · | depositing and borrowing money; and |
|--------|--------|-------------------------------------|

|   | · | using public utilities. |
|--------|--------|-------------------------|

----

| ExecutiveOfficer         |   | Nature of theLoan and Date ofDisbursement |   | PrincipalAmount of theLoan |   |   | AmountOutstanding atDecember 31,2010 |   |   | Largest AmountOutstandingduring period |   | TerminationDate |   | ApplicableInterest Rate |
|--------------------------|--------|--------------------------------------------------------------------|--------|--------------------------------------|--------|--------|------------------------------------------------|--------|--------|--------------------------------------------------|--------|-----------------|--------|------------------------------|
|                     |   |                                                               |   | (Pesosin millions)              |   |   | (Pesos in millions)                  |   |   | (Pesos in millions)                    |   |            |   |                         |
|                     |   |                                                               |   |                                 |   |   |                                           |   |   |                                             |   |            |   |                         |
| Javier G. Gutiérrez |   | Housing, June 2008                                            |   |                                 | 729    |   |                                           |   | 628.4  |                                             |   |            | 729    |                         | June 2028 |   | UVR(1) |
|                     |   |                                                               |   |                                 |   |   |                                           |   |   |                                             |   |            |   |                         |   |   |   |
| Adriana M. Echeverri     |   | Housing, June 2002                                            |   |                                 | 37.5   |   |                                           |   | 40.7   |                                             |   |            | 45.1   |                         | October 2018 |   | UVR(1) |
|                     |   |                                                               |   |                                 |   |   |                                           |   |   |                                             |   |            |   |                         |   |   |   |
| Pedro A. Rosales         |   | Housing, April 1997 and September 2003                   |   |                                 | 279.2  |   |                                           |   | 177.0  |                                             |   |            | 247.5  |                         | September 2018 |   | UVR(1) |
|                     |   |                                                               |   |                                 |   |   |                                           |   |   |                                             |   |            |   |                         |   |   |   |

----

|   | (1) | As the regulatory entity for these purposes, the Central Bank of Colombia (Banco de la República) defines the term “UVR” as Unidad de Valor Real (Real Value Unit), an accounting unit which reflects purchasing power based exclusively on the consumer price index variation certified by the National Statistics Department of Colombia (DANE).  The UVR is used to calculate the cost of housing credits in Colombia. This accounting unit allows financial entities to adjust credit values to the cost of living increase in Colombia. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 8. | Financial Information |
|--------------|-----------------------|

----

| ITEM 9. | The Offer and Listing |
|--------------|-----------------------|

----

|                   |   | Shares Traded on the BVC |   |
|------------------------|--------|----------------------------------------------|--------|
|                   |   | Pesos per share                    |   |   | U.S. dollars per share(1) |   |   | Average numberof shares traded |   |
|                   |   | High                                         |   |   | Low |   |   |      High      |   |   |      Low      |   |   | per day |   |
| 2008                   |   |                                         | 2,895  |   |   |   | 1,575 |   |   |   | 1.6638 |   |   |   | 0.7647 |   |   |   | 21,063,806 |   |
| 2009                   |   |                                         | 2,815  |   |   |   | 1,990 |   |   |   | 1.4707 |   |   |   | 0.7833 |   |   |   | 10,245,002 |   |
| 2010                   |   |                                         | 4,660  |   |   |   | 2,370 |   |   |   | 2.5582 |   |   |   | 1.1958 |   |   |   | 8,764,023 |   |
|                   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Most recent quarters   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First quarter 2009     |   |                                         | 2,150  |   |   |   | 1,990 |   |   |   | 0.9384 |   |   |   | 0.7833 |   |   |   | 10,121,571 |   |
| Second quarter 2009    |   |                                         | 2,580  |   |   |   | 2,085 |   |   |   | 1.2363 |   |   |   | 0.8431 |   |   |   | 10,952,758 |   |
| Third quarter 2009     |   |                                         | 2,815  |   |   |   | 2,505 |   |   |   | 1.4208 |   |   |   | 1.1856 |   |   |   | 12,083,692 |   |
| Fourth quarter 2009    |   |                                         | 2,715  |   |   |   | 2,425 |   |   |   | 1.4707 |   |   |   | 1.1806 |   |   |   | 7,714,689 |   |
| First quarter 2010     |   |                                         | 2,710  |   |   |   | 2,370 |   |   |   | 1.4313 |   |   |   | 1.1958 |   |   |   | 7,013,937 |   |
| Second quarter 2010    |   |                                         | 2,790  |   |   |   | 2,630 |   |   |   | 1.4634 |   |   |   | 1.3035 |   |   |   | 6,314,608 |   |
| Third quarter 2010     |   |                                         | 3,370  |   |   |   | 2,725 |   |   |   | 2.0910 |   |   |   | 1.4296 |   |   |   | 9,924,828 |   |
| Fourth quarter 2010    |   |                                         | 4,660  |   |   |   | 3,725 |   |   |   | 2.5582 |   |   |   | 1.9904 |   |   |   | 11,953,966 |   |
| First quarter 2011     |   |                                         | 4,060  |   |   |   | 3,750 |   |   |   | 2.1774 |   |   |   | 1.9805 |   |   |   | 5,983,470 |   |
| Second quarter 2011    |   |                                         | 4,045  |   |   |   | 3,605 |   |   |   | 2.2823 |   |   |   | 1.9964 |   |   |   | 5,769,997 |   |
|                   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Most recent six months |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                   |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 2011      |   |                                         | 4,050  |   |   |   | 3,805 |   |   |   | 2.1774 |   |   |   | 2.0081 |   |   |   | 4,838,637 |   |
| February 2011     |   |                                         | 3,990  |   |   |   | 3,750 |   |   |   | 2.1367 |   |   |   | 1.9805 |   |   |   | 6,391,515 |   |
| March 2011        |   |                                         | 4,060  |   |   |   | 3,780 |   |   |   | 2.1452 |   |   |   | 2.0025 |   |   |   | 6,641,897 |   |
| April 2011        |   |                                         | 3,895  |   |   |   | 3,605 |   |   |   | 2.1579 |   |   |   | 1.9964 |   |   |   | 3.827.480 |   |
| May 2011          |   |                                         | 4,045  |   |   |   | 3,720 |   |   |   | 2.2258 |   |   |   | 2.1095 |   |   |   | 6,479,926 |   |
| June 2011         |   |                                         | 4,040  |   |   |   | 3,775 |   |   |   | 2.2823 |   |   |   | 2.1143 |   |   |   | 6,967,090 |   |

----

| (1) | U.S. dollars per common share translated at the Representative Market Rate for each period. |
|-----|---------------------------------------------------------------------------------------------|

|                 |   | ADSs Traded on NYSE     |   |
|----------------------|--------|----------------------------------------|--------|
|                 |   | U.S. dollars per ADS(1) |   |   | Average number of ADSs |   |
|                 |   |      High     |   |   |      Low      |   |   | traded per day |   |
| 2008                 |   |                                   | 27.25  |   |   |   | 15.04 |   |   |   | 42,074 |   |
| 2009                 |   |                                   | 29.99  |   |   |   | 15.31 |   |   |   | 48,289 |   |
| 2010                 |   |                                   | 51.92  |   |   |   | 23.60 |   |   |   | 163,749 |   |
|                 |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Most recent quarters |   |                                   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                                   |   |   |   |   |   |   |   |   |   |   |
| First quarter 2009   |   |                                   | 19.50  |   |   |   | 15.31 |   |   |   | 42,277 |   |
| Second quarter 2009  |   |                                   | 24.89  |   |   |   | 17.24 |   |   |   | 47,985 |   |
| Third quarter 2009   |   |                                   | 28.77  |   |   |   | 23.64 |   |   |   | 48,341 |   |
| Fourth quarter 2009  |   |                                   | 29.99  |   |   |   | 23.96 |   |   |   | 54,960 |   |
| First quarter 2010   |   |                                   | 28.73  |   |   |   | 23.60 |   |   |   | 64,272 |   |
| Second quarter 2010  |   |                                   | 29.58  |   |   |   | 26.00 |   |   |   | 65,182 |   |
| Third quarter 2010   |   |                                   | 42.36  |   |   |   | 28.84 |   |   |   | 216,042 |   |
| Fourth quarter 2010  |   |                                   | 51.92  |   |   |   | 40.17 |   |   |   | 315,881 |   |
| First quarter 2011   |   |                                   | 43.81  |   |   |   | 39.54 |   |   |   | 289,293 |   |
| Second quarter 2011  |   |                                   | 46.00  |   |   |   | 39.66 |   |   |   | 337,737 |   |

|                   |   | ADSs Traded on NYSE                               |   |
|------------------------|--------|------------------------------------------------------------------|--------|
|                   |   | U.S. dollars per ADS(1)                           |   |   | Average number of shares |   |
|                   |   |      High      |   |   |      Low      |   |   | traded per day |   |
| Most recent six months |   |                                                             |   |   |   |   |   |   |   |
|                   |   |                                                             |   |   |   |   |   |   |   |
| January 2011      |   |                                                             | 43.81  |   |   |   | 40.81 |   |   |   | 231,071 |   |
| February 2011     |   |                                                             | 43.10  |   |   |   | 39.73 |   |   |   | 306,101 |   |
| March 2011        |   |                                                             | 43.19  |   |   |   | 39.54 |   |   |   | 326,035 |   |
| April 2011        |   |                                                             | 43.87  |   |   |   | 39.66 |   |   |   | 243,426 |   |
| May 2011          |   |                                                             | 45.47  |   |   |   | 42.14 |   |   |   | 366,747 |   |
| June 2011              |   |                                                             | 46.00  |   |   |   | 42.30 |   |   |   | 401,587 |   |

----

| (1) | Each ADS represents the right to receive 20 of our common shares. |
|-----|-------------------------------------------------------------------|

----

|              |   | Aggregate Market Capitalization of the BVC |    |
|-------------------|--------|---------------------------------------------------------------------|---------|
|              |   | Market Capitalization                                          |    |   | Market Capitalization |   |
|              |   | (Ps$ in billions)                                         |    |   | (US$ in billions)(1) |   |
|              |   |                                                                |    |   |   |   |
| December 31, 2010 |   |                                                                | 417,870 |   |   |   | 218.33 |   |

----

| (1) | Representative Market Rate at December 31, 2010. |
|-----|-------------------------------------------------------|

| ITEM 10. | Additional Information |
|---------------|------------------------|

----

|   | · | to participate and vote on the decisions of the general shareholders meeting; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | to receive dividends based on the financial performance of the Company in proportion to their share ownership; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | to transfer and sell shares according to our bylaws and Colombian law; |
|--------|--------|------------------------------------------------------------------------|

|   | · | to inspect corporate books and records 15 business days prior to the ordinary shareholders’ meeting where the year-end financial statements are to be approved; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | upon liquidation, to receive a proportional amount of the corporate assets after the payment of external liabilities; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | · | to sell the shares, known as derecho de retiro, if a corporate restructuring affects the economic or voting rights of the shareholders in the terms and conditions established under Colombian law. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Sale of Assets.  For a ten-year period counted from the date of adoption of our bylaws or until the Nation loses its status as majority shareholder, the Nation guarantees that any sale of 15% or more of our assets requires the approval of the general shareholders’ meeting and that the Nation would only be allowed to vote its shares in favor of the proposal if 2% or more of our minority shareholders accept the proposal. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Candidate List.  Pursuant to our bylaws and law 1118 of 2006, the Nation will include in its candidate list for election of members of the Board of Directors one member selected by the departments that produce hydrocarbons.  In addition, pursuant to the declaration of the Nation dated July 26, 2007, the Nation will include in its candidate list for election of members of the Board of Directors one member selected by the ten largest minority shareholders.  The minority shareholders’ right to select a candidate loses its effect when minority shareholders, according to their share participation, name a member to our Board of Directors. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Extraordinary Meetings.  Our bylaws and corporate governance code provide that the entity exercising permanent control over Ecopetrol must instruct the Company’s CEO or Statutory Auditor to call an extraordinary meeting of the Company’s shareholders when so requested by a or plurality of shareholders holding at least 5% of the total number of shares outstanding.  Such requests shall be made in writing and must clearly indicate the purpose of the meeting. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Office for the Attention of Shareholders.  We created an office for the attention of shareholders, our specialized unit responsible for receiving complaints from our shareholders.  Pursuant to our bylaws, shareholders holding at least 5% of the total number of shares outstanding may request that the office for the attention of shareholders conduct a special audit of the following documents:  the income statement; the proposal for the distribution of profits; the report of the Board of Directors as to the economic and financial status of our Company; the report from our general counsel as to the legal status of our Company; and the report from the independent auditors.  Special audits cannot be made of documents that contain scientific, technological or statistical information of our Company, or agreement that gives us competitive and economic advantages over our competitors, or in respect of any document related to intellectual property.  Shareholders also have the right to propose good corporate governance recommendations to the office for the protection of investors. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Others.  Pursuant to our bylaws, shareholders holding at least 5% of the total number of shares outstanding may propose recommendations to our Board of Directors pertaining to the management of our Company.  Any shareholder may file a written petition to our Board of Directors to investigate corporate governance violations that the shareholder believes to have been committed. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the vote of at least 70% of the shares present and entitled to vote at the ordinary shareholders’ meeting is required to approve the issuance of stock not subject to preemptive rights; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the vote of at least 78% of the shares represented entitled to vote is required to approve the distribution of less than 50% of the annual net profits.  If the sum of all legal reserves (statutory, legal and optional) exceeds the amount of the outstanding capital, the Company must distribute at least 70% of the annual net profits; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the vote of at least 80% of the shares represented is required to approve the payment of dividends in shares; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | the vote of 100% of the outstanding and issued shares is required to replace a vacancy on the Board of Directors without applying the electoral quotient system. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| ITEM 11. | Quantitative and Qualitative Disclosures About Market Risk |
|---------------|------------------------------------------------------------|

----

|                              |   | IncomeStatement 2010     |      |   | IncomeStatement CaseWTI(1) + US$1 |   |      | DifferenceBetween Real2010 and CaseWTI |   |   | IncomeStatement CaseTRM(2) - 1% |   |   | DifferenceBetween Real2010 and CaseTRM |      |
|-----------------------------------|--------|-------------------------------|-----------|--------|--------------------------------------------------|--------|-----------|-------------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|-------------------------------------------------------|-----------|
|                              |   | (Pesos in billions) |      |
| Local Revenue                     |   |                          | 18,084.43 |   |                                             |   | 18,227.84 |                                                  |   |   | 143.42                                         |   |   |                                                  | 17,950.34 |   |   |   | (134.08 | ) |
| Export Revenue                    |   |                          | 23,883.89 |   |                                             |   | 23,908.09 |                                                  |   |   | 24.20                                          |   |   |                                                  | 23,717.57 |   |   |   | (166.32 | ) |
| Total Revenue                     |   |                          | 41,968.31 |   |                                             |   | 42,135.93 |                                                  |   |   | 167.62                                         |   |   |                                                  | 41,667.91 |   |   |   | (300.40 | ) |
| Cost of Sales                     |   |                          | 25,959.00 |   |                                             |   | 25,963.50 |                                                  |   |   | 4.50                                           |   |   |                                                  | 25,959.64 |   |   |   | (4.36 | ) |
| Selling Operating Expenses        |   |                          | 2,526.95  |   |                                             |   | 2,526.95  |                                                  |   |   | 0.00                                           |   |   |                                                  | 2,526.91  |   |   |   | 0.00 |   |
| Administrative Operating Expenses |   |                          | 603.52    |   |                                             |   | 603.52    |                                                  |   |   | 0.00                                           |   |   |                                                  | 603.52    |   |   |   | 0.00 |   |
| Operating Profit                  |   |                          | 12,878.84 |   |                                             |   | 13,042.00 |                                                  |   |   | 163.16                                         |   |   |                                                  | 12,745.96 |   |   |   | (296.00 | ) |
| Non-Operating Income (Expenses)   |   |                          | (1,386.23 | )      |                                             |   | (1,386.23 | )                                                     |   |   | 0.00                                           |   |   |                                                  | (1,386.23 | ) |   |   | 0.00 |   |
| Profit before Income Tax          |   |                          | 11,492.62 |   |                                             |   | 11,655.78 |                                                  |   |   | 163.16                                         |   |   |                                                  | 11,192.11 |   |   |   | (296.00 | ) |
| Income Tax                        |   |                          | 3,346.15  |   |                                             |   | 3,387.78  |                                                  |   |   | 41.63                                          |   |   |                                                  | 3,312.22  |   |   |   | (33.93 | ) |
| Net Income                        |   |                          | 8,146.47  |   |                                             |   | 8,267.99  |                                                  |   |   | 121.53                                         |   |   |                                                  | 7,879.89  |   |   |   | (262.08 | ) |

----

| (1) | Average WTI for 2010 was US$79.54 for barrel. |
|-----|-----------------------------------------------|

| (2) | Average Market Representative Rate for 2010 was $1,898.68 per US$1 on a calendar day basis |
|-----|--------------------------------------------------------------------------------------------|

|   | · | The base scenario on which our sensitivity analysis is made corresponds to the Consolidated Statements of Financial, Economic and Social Activity or Income Statement for 2010 as presented elsewhere in this annual report. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The sensitivity of the WTI price index is the increase of one dollar per barrel of crude oil in the average WTI reference price based on a 365-day year for 2010.  Prices assumed correspond to real prices for crude oil, natural gas and refined products for 2010, adjusted to account for the differences between such real prices and the WTI reference price. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The sensitivity of our results to changes in the exchange rates is the decrease by 1% on the average exchange rate for 2010 on a calendar day basis.  Prices assumed correspond to real prices of crude oil, natural gas and refined products in 2010, proportionally adjusted to account for differences between such real prices and the monthly average exchange rate. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| VARIATION ON WTI REFERENCE PRICE            | VARIATION ON AVERAGE EXCHANGE RATE          |
|-----------------------------------------------------------------|-----------------------------------------------------------------|
| OPERATING INCOME                                           |
| Local Sales                                                | Local Sales                                                |
| Crude Oil                                                  | Crude Oil                                                  |
| Refined products                                           | Refined products                                           |
| Natural gas                                                | Natural gas                                                |
|                                                            |                                                            |
| Exports                                                         | Exports                                                         |
| Crude Oil                                                  | Crude Oil                                                  |
| Refined products                                           | Refined products                                           |
| Natural gas                                                | Natural gas                                                |
| COST OF SALES                                         |
| Local purchases                                            | Local purchases                                            |
| Purchases from business partners                 | Purchases from business partners                 |
| Purchases of hydrocarbons from the ANH | Purchases of hydrocarbons from the ANH |
| Purchases of Natural gas                         | Purchases of Natural gas                         |
| Imports                                                         | Imports                                                         |
| Crude Oil                                                  | Crude Oil                                                  |
| Products                                                        | Products                                                        |
| NON-OPERATING INCOME                                       |
|                                                            | Exchange income                                            |
|                                                            | Exchange loss                                              |

| ITEM 12. | Description of Securities Other than Equity Securities |
|---------------|--------------------------------------------------------|

| ITEM 12A. | Debt Securities |
|----------------|-----------------|

| ITEM 12B. | Warrants and Rights |
|----------------|---------------------|

| ITEM 12C. | Other Securities |
|----------------|------------------|

| ITEM 12D. | American Depositary Shares |
|----------------|----------------------------|

----

|   | · | a fee of US$1.50 per ADR or ADRs for transfers of certificated or direct registration ADRs; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | a fee of up to US$0.05 per ADS for any cash distribution made pursuant to the deposit agreement; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | a fee of US$0.05 per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering our ADR program (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the Depositary during each calendar year and shall be payable in the manner described in the next succeeding provision); |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any other charge payable by any of the Depositary, any of the Depositary’s agents, including, without limitation, the custodian, or the agents of the Depositary’s agents in connection with the servicing of our shares or other deposited securities (which charge shall be assessed against registered holders of our ADRs as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such registered holders or by deducting such charge from one or more cash dividends or other cash distributions); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a fee for the distribution of securities (or the sale of securities in connection with a distribution), such fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to those holders entitled thereto; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | stock transfer or other taxes and other governmental charges; |
|--------|--------|---------------------------------------------------------------|

|   | · | cable, telex and facsimile transmission and delivery charges incurred at the ADS holder’s request; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars; and |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | such fees and expenses as are incurred by the Depositary (including, without limitation, expenses incurred in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in delivery of deposited securities or otherwise in connection with the Depositary’s or its custodian’s compliance with applicable laws, rules or regulations. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 13. | Defaults, Dividend Arrearages and Delinquencies |
|---------------|-------------------------------------------------|

----

| ITEM 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds |
|---------------|------------------------------------------------------------------------------|

| ITEM 15. | Controls and Procedures |
|---------------|-------------------------|

|   | · | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorization of our management and directors; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1. | During the third quarter of 2010, a U.S. GAAP assurance team was integrated as part of the VP Finance organization structure.  This team has the responsibility to plan, coordinate, oversee and review the entire process of the reconciliation of Colombian Government Entity GAAP to U.S. GAAP for Ecopetrol and its subsidiaries.  In addition, an external advisor was engaged to support the reconciliation process. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | During the third quarter of 2010, a SAP module was implemented to enhance information technology support of the process of preparing and analyzing the differences between Colombian Government Entity GAAP and U.S. GAAP. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | During the fourth quarter of 2010, a training plan was designed and implemented for accounting personnel at both the Company and its subsidiaries in order to improve knowledge concerning U.S.GAAP and SEC requirements.  External personnel with relevant experience were also hired to reinforce the capabilities of the assurance team. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | During the second half of 2010, the process to prepare and analyze the differences between Colombian Government Entity GAAP and U.S. GAAP was redesigned to address control deficiencies, as well as to involve the Company’s subsidiaries in this process.  As part of this process, the Company has: |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | o | established a formal procedure to review new regulations under U.S. GAAP or promulgated by the SEC that might apply to the Company and its subsidiaries; |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | o | updated internal control procedures, as well as risk and control matrices; |
|--------|---|----------------------------------------------------------------------------|

|   | o | improved and implemented monitoring activities through the definition of a formal review performed by the accounting and finance personnel involve in the process; and |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | o | designed and implemented templates to collect information required to analyze the differences between Colombian Government Entity GAAP and U.S. GAAP and prepare the reconciliation. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | As of September 30, 2010, the Company conducted a reconciliation process in order to test controls and procedures designed, as well as to identify areas of improvement. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | Controls and process deficiencies identified in 2009 were considered to improve the reconciliation process and disclosure controls and procedures as of December 31, 2010. Further, a quality assurance review was performed by the U.S. GAAP assurance team for the closing and disclosure procedures as of December 31, 2010. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7. | Prior to the submission of this report, a monitoring process was developed to assist the Disclosure Committee members focus on key aspects of this annual report on Form 20-F. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 16. | [Reserved] |
|---------------|------------|

| ITEM 16A. | Audit Committee Financial Expert |
|----------------|----------------------------------|

| ITEM 16B. | Code of Ethics |
|----------------|----------------|

| ITEM 16C. | Principal Accountant Fees and Services |
|----------------|----------------------------------------|

----

|               |               | At December 31,                                                               |   |
|--------------------|--------------------|-----------------------------------------------------------------------------------------|--------|
|               |     | 2010                                                                                    |   |   | 2009 |   |
|               |               | (in millions of pesos, excluding16% value added tax) |   |
| Audit fees         |               |                                                                                    | 6,021  |   |   |   | 4,435 |   |
| Audit-related fees |               |                                                                                    | 792    |   |   |   | 1,306 |   |
|               |               |                                                                                    |   |   |   |   |   |   |
| Total              |               |                                                                                    | 6,813  |   |   |   | 5,741 |   |

| ITEM 16D. | Exemptions from the Listing Standards for Audit Committees |
|----------------|------------------------------------------------------------|

|   | Not applicable. |
|--------|-----------------|

| ITEM 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
|----------------|------------------------------------------------------------------------|

|   | None. |
|--------|-------|

| ITEM 16F. | Change in Registrant’s Certifying Accountant |
|----------------|----------------------------------------------------|

| ITEM 16G. | Corporate Governance |
|----------------|----------------------|

----

| NYSE Standards                                                                                                                                                                                                                                                                                                                                                    |   | Our Corporate Governance Practices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Director Independence                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                   |
| The majority of board of directors must be independent. §303A.01. “Controlled companies,” which would include Ecopetrol if we were a U.S. issuer, are exempt from this requirement. A controlled company is one in which more than 50% of the voting power is held by an individual, group or another company, rather than the public. §303A.00. |   | Law No. 964/2005 establishes that (i) the board of directors of listed companies must be comprised of a minimum of five directors and a maximum of ten directors and (ii) at least 25% of board members must be independent.  Under our corporate governance guidelines, our board of directors must be comprised of nine directors, of which at least three must be independent.  As of the date of this annual report, we have six independent directors.                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Executive Sessions                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                   |
| The non-management directors of each listed company must meet at regularly scheduled executive sessions without management. §303A.03.                                                                                                                                                                                                                             |   | A comparable rule does not exist under Colombian law.  Except for our Audit Committee, our Board of Directors does not meet without management.                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Nominating/Corporate Governance and Sustainability Committee                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                   |
| A nominating/corporate governance and sustainability committee composed entirely of independent directors is required. The committee must have a charter specifying the purpose, duties and evaluation procedures of the committee. §303A.04. “Controlled companies” are exempt from these requirements. §303A.00.                               |   | Colombian law does not require the establishment of a nominating/corporate governance and sustainability committee composed entirely of independent directors.  Pursuant to our bylaws, we have a three-member corporate governance and sustainability committee comprised of at least one independent director which acts pursuant to a written charter.                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Compensation Committee                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                   |
| A compensation committee composed entirely of independent directors is required, which must evaluate and approve executive officer compensation. The committee must have a charter specifying the purpose, duties and evaluation procedures of the committee. §303A.05. “Controlled companies” are exempt from this requirement. §303A.00.       |   | Colombian law does not require the establishment of a compensation committee composed entirely of independent directors.  Pursuant to our bylaws, we have a three member nomination and compensation committee comprised of at least one independent director which acts pursuant to a written charter.                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Audit Committee                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                   |
| An audit committee with a minimum of three independent directors satisfying the independence and other requirements of Rule 10A-3 under the Exchange Act and the more stringent requirements under the NYSE standards is required. §303A.06, §303A.07.                                                                                                       |   | According to Law No. 964/2005, Colombian companies that are authorized to issue securities by the Superintendency of Finance must have an audit committee that satisfies the requirements of Law No. 964/2005, including its minimum number of members, independence criteria and audit related duties.  Our audit committee is composed by Joaquin Moreno, Mauricio Cárdenas, Federico Rengifo and Henry Medina, all of whom are independent directors, and the committee meets the requirements of Law No. 964/2005 and Rule 10A 3 under the Exchange Act. |

----

| Equity Compensation Plans                                                                                                                                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                         |
| Equity compensation plans and all material revisions thereto require shareholder approval, subject to limited exemptions. §§303A.08 and 312.03.                                                                                                                                    |   | Under Colombian law, no similar right to vote on equity compensation plans and material revisions thereto is given to shareholders.  We do not give our shareholders the right to vote on equity compensation plans and material revisions thereto. |
|                                                                                                                                                                                                                                                                                         |   |   |
| Corporate Governance Guidelines                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                         |
| Listed companies must adopt and disclose corporate governance guidelines. §303A.09.                                                                                                                                                                                                     |   | The Superintendency of Finance does recommend the adoption of corporate governance guidelines.  However, according to Superintendency of Finance Circular No. 056/2007, the adoption of corporate governance guidelines is voluntary.  Listed companies must annually publish a corporate governance survey comparing their corporate governance standards with those recommended by the Superintendency of Finance.  Our corporate governance guidelines are listed on our website at http://www.ecopetrol.com.co. |
|                                                                                                                                                                                                                                                                                         |   |   |
| Code of Ethics for Directors, Officers and Employees                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                         |
| Corporate governance guidelines and a code of business conduct and ethics is required, with disclosure of any waiver for directors or executive officers. The code must contain compliance standards and procedures that will facilitate the effective operation of the code. §303A.10. |   | We have adopted a code of ethics which complies with applicable U.S. and Colombian law.  Our code of ethics applies to our chief executive officer, chief financial officer, principal accounting officer, persons performing similar functions and other personnel.  Our code of ethics is available on our website at: http://www.ecopetrol.com.co/english/especiales/Ethics_Code2010_English/index_eng.html |

| ITEM 17. | Financial Statements |
|---------------|----------------------|

| ITEM 18. | Financial Statements |
|---------------|----------------------|

----

| ITEM 19. | Exhibits |
|---------------|----------|

| Exhibit No. |   | Description                                                                                                                                                                                                                                                                                            |
|-------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                   |
| 1.1         |   | Bylaws of Ecopetrol S.A. dated November 6, 2007 as recorded under Public Deed No. 5314 of November 14, 2007 (incorporated by reference to Exhibit 1.1 on Form 20-F filed with the U.S. Securities and Exchange Commission on September 12, 2008 (File No. 001-34175)).                            |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 1.2         |   | Amended and Restated Bylaws of Ecopetrol S.A., dated March 24, 2011, as recorded under Public Deed No. 560 of May 23, 2011.                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 4.1         |   | Transportation Agreement between Ecopetrol S.A. and Oleoducto Central S.A., dated March 31, 1995 (incorporated by reference to Exhibit 4.1 on Form 20-F filed with the U.S. Securities and Exchange Commission on September 12, 2008 (File No. 001-34175)).                        |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 4.2         |   | Natural Gas Transportation Agreement between Ecopetrol S.A. and Empresa Colombiana de Gas-Ecogas, dated October 6, 2006 (incorporated by reference to Exhibit 4.2 on Form 20-F filed with the U.S. Securities and Exchange Commission on September 12, 2008 (File No. 001-34175)). |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 4.3         |   | Indenture, dated as of July 23, 2009, between the Company and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form F-4 filed with the U.S. Securities and Exchange Commission on July 31, 2009 (File No. 333-160965)).         |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 8.1         |   | List of subsidiaries of Ecopetrol S.A.                                                                                                                                                                                                                                                                 |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 12.1        |   | Section 302 Certification of the Chief Executive Officer.                                                                                                                                                                                                                                         |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 12.2        |   | Section 302 Certification of the Chief Financial Officer.                                                                                                                                                                                                                                         |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 13.1        |   | Section 906 Officer Certification.                                                                                                                                                                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 16.1        |   | Letter dated July 15, 2011 of PricewaterhouseCoopers Ltda. as required by Item 16F of Form 20-F.                                                                                                                                                                                                       |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.1        |   | Consent of PricewaterhouseCoopers Ltda.                                                                                                                                                                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.2        |   | Consent of Ryder Scott.                                                                                                                                                                                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.3        |   | Consent of Gaffney, Cline & Associates.                                                                                                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.4        |   | Consent of DeGolyer and MacNaughton.                                                                                                                                                                                                                                                                   |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 99.1        |   | Third Party Reserve Report of Ryder Scott.                                                                                                                                                                                                                                                             |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 99.2        |   | Third Party Reserve Report of Gaffney, Cline & Associates.                                                                                                                                                                                                                                         |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 99.3        |   | Third Party Reserve Report of DeGolyer and MacNaughton.                                                                                                                                                                                                                                                |

----

| Region       | ContractName       | Type ofAgreement        | Purpose | Operator                                       | Partners                                                                                                    | OwnershipPercentage                | PartnershipPercentage                                                      | Term ofContract | ExpirationDate          | Right ofReversionUponTermination | Royalty                                            |
|--------------|--------------------|------------------------------|---------|------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------------|----------------------------------------------------------------------------|----------------------|-------------------------|---------------------------------------|----------------------------------------------------|
| Southern     | Abanico            | Joint Venture                | E&P | Pacific Stratuss Energy                        | Pacific Stratuss Energy                                                                                     | 50%                                |                                                                       | 28 years             | October 10, 2024   | Yes                                   | 5% to 25%                                          |
| Minor Fields | Alcaravan          | Joint Venture- Sole Risk     | E&P | Colombia Energy Development Co.                | Colombia Energy Development Co.                                                                             | 0%                                 | Columbia Energy Development Co. 100%                                       | 28 years             | February 13, 2021  | Yes                                   | 20% - 5%                                           |
| Minor Fields | Arjona             | Discovered Undeveloped Field | CDND/I  | Vetra- Suroco Consortium                       | Vetra- Suroco Consortium                                                                                    | 40%                                | Consorcio Vetra – Suroco 60% Volumen A (Escalonada)                  | 10 years             | March 9, 2017      | Yes                                   | 8% to 25%                                          |
| Southern     | Ambrosia           | Joint Venture                | E&P | Interoil                                       | Interoil                                                                                                    | 30%                                | Interoil Colombia E&P 70%                                              | 25 years             | December 27, 2027  | Yes                                   | 8% to 25%                                          |
| Minor Fields | Barranca Lebrija   | Discovered Undeveloped Field | CDND/I  | Union Temporal Mocam SAS                       | Union Temporal Mocam SAS (Aser Ingenieria Ing S.A., Conequipos Ing LTDA. Move S.A.  Montecz S.A.) | 19%                                | Unión Temporal Mocam S.A.S. 80%                                       | 10 years             | December 29, 2013  | Yes                                   | 20%                                                |
| Minor Fields | Bocachico          | Joint Venture- Sole Risk     | E&P | Colombia Energy Development Co.( antes Harken) | Colombia Energy Development Co.( antes Harken)                                                              | 0%                                 | Columbia Energy Development Co. 100%                                       | 28 years             | March 7, 2022      | Yes                                   | 20%                                                |
| Southern     | Armero             | Joint Venture                | E&P | Interoil                                       | Interoil                                                                                                    | 50%                                | Interoil Colombia E&P 70%                                              | 28 years             | December 31, 2010       | Yes                                   | 20%                                                |
| Minor Fields | Bolivar            | Joint Venture- Sole Risk     | E&P | Colombia Energy Development Co.( antes Harken) | Colombia Energy Development Co.( antes Harken)                                                              | 0%                                 | Columbia Energy Development Co. 100%                                       | 28 years             | June 12, 2024      | Yes                                   | 20%                                                |
| Minor Fields | Camoa              | Discovered Undeveloped Field | CDND/I  | Drilling and Workover Services Ltda.           | Drilling and Workover Services Ltda.                                                                        | 20%                                | Drilling and Workover Services Ltda. 80%                                   | 10 years             | December 28, 2013  | Yes                                   | 6%                                                 |
| Minor Fields | Capachos           | Joint Venture                | E&P | Repsol YPF                                     | Repsol YPF                                                                                                  | 50%                                | Repsol YPF 50%                                                             | 28 years             | September 15, 2025 | Yes                                   | 5% to 8%                                           |
| Minor Fields | Carbonera la Silla | Discovered Undeveloped Field | CDND/I  | Mompos Oil Company Inc.                        | Mompos Oil Company Inc.                                                                                     | 6%                                 | Mompos Oil Company Inc. 94%                                                | 10 years             | October 25, 2014   | Yes                                   | 20%                                                |
| Southern     | Boqueron           | Joint Venture                | E&P | Petrobras                                      | Petrobras/Nexen                                                                                             | 50% (actualmente 75% por factor R) | Petrobras Colombia Ltd. 15%Nexen Petroleum Colombia Ltd. 10%               | 28 years             | September 30, 2023 | Yes                                   | 5% to 25%                                          |
| Minor Fields | Cerrito            | Joint Venture                | E&P | Pacific Stratus Energy                         | Pacific Stratus Energy                                                                                      | 30%                                | Pacific Stratus Energy 70%                                                 | 27.5 years           | August 17, 2029    | Yes                                   | 20%                                                |
| Southern     | Caguan             | Joint Venture                | E&P | Petrobras                                      | Petrobras/ Pacific Stratus Energy                                                                           | 50%                                | Petrobras Iternational Braspero BV 22.7268%Pacific Stratus Energy 27.2732% | 28 years             | December 31, 2011  | Yes                                   | 20% Crudo Rio Ceibas8% Crudo Espino6.4% Gas Espino |
| Minor Fields | Chaparral          | Joint Venture                | E&P | Vetra Exploracion y Produccion Colombia        | Vetra Exploracion y Produccion Colombia                                                                     | 50%                                | Vetra Exploración u Producción Colombia S.A.S. 50%               | 28 years             | October 4, 2015    | Yes                                   | 8%                                                 |

----

| Region                       | ContractName     | Type ofAgreement        | Purpose | Operator                                        | Partners                                        | OwnershipPercentage                                                                                                    | PartnershipPercentage                                                                                                                             | Term ofContract | ExpirationDate                                      | Right ofReversionUponTermination | Royalty   |
|------------------------------|------------------|------------------------------|---------|-------------------------------------------------|-------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|-----------------------------------------------------|---------------------------------------|-----------|
| Minor Fields                 | Chenche          | Discovered Undeveloped Field | CDND/I  | Vetra Exploracion y Produccion Colombia         | Vetra Exploracion y Produccion Colombia         | 70%                                                                                                                    | Vetra Exploración u Producción Colombia S.A.S. 30%                                                                                      | 10 years             | December 28, 2013                              | Yes                                   | 8%        |
| Catatumbo-Orinoquía     | Campo Rico       | Joint Venture                | E&P | Emerald Energy PLC Sucursal Colombia            | Emerald Energy PLC Sucursal Colombia            | 50%                                                                                                                    | Emerald Energy PLC Sucursal Colombia 50% minus R factor                                                                                           | 25 years             | May 24, 2027                                   | Yes                                   | 8%        |
| Minor Fields                 | Chipalo          | Joint Venture- Sole Risk     | E&P | Pacific Stratus Energy                          | Pacific Stratus Energy                          | 0%                                                                                                                     | Pacific Stratus Energy 100%                                                                                                                       | 28 years             | February 27, 2026                              | Yes                                   | 6%        |
| Minor Fields                 | Dindal           | Joint Venture- Sole Risk     | E&P | Pacific Stratus Energy                          | Pacific Stratus Energy                          | 0%                                                                                                                     | Pacific Stratus Energy 100%                                                                                                                       | 28 years             | March 22, 2021                                 | Yes                                   | 20%       |
| Minor Fields                 | Entrerrios       | Discovered Undeveloped Field | CDND/I  | Union Temporal Andina                           | Union Temporal Andina                           | 61% Pozos desde superficie hasta 9000 pies.  Pozos mayor a 9000 pies, 40% más clausula de Precios altos | Unión Temporal Andina 39% Pozos desde superficie hasta 9000 pies.  Pozos mayor a 9000 pies, 60% más clausula de Precios altos | 10 years             | December 28, 2013                              | Yes                                   | 8% to 25% |
| Central                      | Caracara         | Joint Venture                | E&P | CEPCOLSA                                        | CEPCOLSA                                        | 30%                                                                                                                    | Cepcolsa 70%                                                                                                                                      | 28 years             | April 8, 2029                                  | Yes                                   | 8% to 25% |
| Mid – Magdalena Valley | Carare las Monas | Joint Venture                | E&P | Petrosantander                                  | Petrosantander                                  | 30%(Pozos Payoa West-ST y Corazón 09 se encuentran en solo riesgo 100% a cargo de la Asociada                     | Petrosantander Colombia Inc. 70%                                                                                                                  | Until economic limit | Until economic limit                                | Yes                                   | 8% to 20% |
| Minor Fields                 | Guachiria        | Joint Venture                | E&P | Lewis Energy                                    | Lewis Energy                                    | 13%                                                                                                                    | Lewis Energy 87%                                                                                                                                  | 28 years             | September 30, 2031                             | Yes                                   | 8%        |
| Minor Fields                 | Guarimena        | Discovered Undeveloped Field | CDND/I  | Vetra Exploracion y Produccion Colombia         | Vetra Exploracion y Produccion Colombia         | 81%                                                                                                                    | Vetra Exploracion y Produccion Colombia S.A.S. 19%                                                                                                | 10 years             | January 17, 2018                               | Yes                                   | 20%       |
| Catatumbo-Orinoquía     | Casanare         | Joint Venture                | E&P | Perenco                                         | Perenco - Hocol and Homcol                      | 64%60% para WTI <28 USD/bl y 64% WTI >= 28USD/bl                                                                 | Hocol 7.2%Homcol 7.2%Perenco 25.6%                                                                                                                | Until economic limit | Until economic limit                                | Yes                                   | 20%       |
| Minor Fields                 | La Punta         | Discovered Undeveloped Field | CDND/I  | Vetra Exploracion y Produccion Colombia         | Vetra Exploracion y Produccion Colombia         | 70%                                                                                                                    | Vetra Exploración y Producción Colombia S.A.S. Volumen de Desarrollo 30%                                                                | 10 years             | December 28, 2013 (Amendment 2 August 3, 2020) | Yes                                   | 8%        |
| Minor Fields                 | Las Quinchas     | Joint Venture- Sole Risk     | E&P | Pacific Stratus Energy                          | Pacific Stratus Energy                          | 0%                                                                                                                     | Pacific Stratus Energy 100%                                                                                                                       | 28 years             | February 19, 2024                                   | Yes                                   | 6%        |
| Minor Fields                 | Lebrija          | Joint Venture- Sole Risk     | E&P | Petroleos del Norte S.A.                        | Petroleos del Norte S.A.                        | 0%                                                                                                                     | Petroleos del Norte S.A. 100%                                                                                                                     | 28 years             | July 19, 2014                                  | Yes                                   | 20%       |
| Minor Fields                 | Magangué    | Joint Venture                | E&P | Solana Petroleum Exploration (Colombia Limited) | Solana Petroleum Exploration (Colombia Limited) | 58%                                                                                                                    | Solana Petroleum Exploration (Colombia Limited) 42%                                                                                               | 28 years             | December 31/2017                                    | Yes                                   | 20%       |
| Minor Fields                 | Maracas          | Joint Venture- Sole Risk     | E&P | Texican Oil Ltd.                                | Texican Oil Ltd.                                | 0%                                                                                                                     | Texican Oil Ltd.100%                                                                                                                              | 28 years             | March 5, 2024                                  | Yes                                   | 20%       |

----

| Region                   | ContractName             | Type ofAgreement        | Purpose | Operator                                       | Partners                                               | OwnershipPercentage                                   | PartnershipPercentage                                                       | Term ofContract | ExpirationDate                                                       | Right ofReversionUponTermination | Royalty          |
|--------------------------|--------------------------|------------------------------|---------|------------------------------------------------|--------------------------------------------------------|-------------------------------------------------------|-----------------------------------------------------------------------------|----------------------|----------------------------------------------------------------------|---------------------------------------|------------------|
| Catatumbo-Orinoquía | Chipiron                 | Joint Venture                | E&P | Occidental de Colombia Inc.                    | Occidental de Colombia Inc. and Occidental Andina      | 30%JIBA UNIFICADO : 34.14 + 0.1657 * (%PAP de ACN)    | Occidental de Colombia 35%Occidental Andina 35%Minus PAP Promedio           | 25 years             | February 13, 2028                                               | Yes                                   | Variable from 8% |
| Minor Fields             | Nancy-Burdine- Maxine    | Discovered Undeveloped Field | CDND/I  | Union Temporal II&B                        | Union Temporal II&B                                | 41%                                                   | Unión Temporal II&B 59%                                            | 10 years             | September  2, 2015                                              | Yes                                   | 20%              |
| Minor Fields             | Opon                     | Joint Venture                | E&P | Compañía Operadora Petrocolombia SAS | Compañía Operadora Petrocolombia SAS         | 50%                                                   | Compañía Operadora Petrocolombia SAS 50%                          | 28 years             | July 14, 2015                                                   | Yes                                   | 20%              |
| Opon-6                   | Joint Venture- Sole Risk | 0%                           |
| Catatumbo-Orinoquía | Corocora                 | Joint Venture                | E&P | Perenco                                        | Hocol S.A - Perenco                                    | 56%                                                   | Hocol S.A 27.91%Perenco 16.09%                                              | Until economic limit | Until economic limit                                                 | Yes                                   | 8% and 20%       |
| Catatumbo-Orinoquía | Cosecha                  | Joint Venture                | E&P | Occidental de Colombia Inc.                    | Occidental de Colombia Inc.                            | 30%                                                   | Occidental de Colombia Inc. 70%                                             | 28 years             | December 30, 2030                                                    | Yes                                   | Variable from 8% |
| Minor Fields             | Pavas- Cachira           | Discovered Undeveloped Field | CDND/I  | Unión Temporal Ismocol, Joshi - Parko     | Unión Temporal Ismocol, Joshi - Parko             | 7%                                                    | Unión Temporal I.J.P. 93%                                              | 10 years             | December 29, 2013                                               | Yes                                   | 20%              |
| Southern                 | CPR Santana              | Risk participation contract  | E&P | Gran Tierra Colombia                           | Gran Tierra Colombia                                   | 65%                                                   | Gran Tierra Colombia 35%                                                    | 28 years             | July 27, 2015                                                   | Yes                                   | 20%              |
| Minor Fields             | Playon                   | Discovered Undeveloped Field | CDND/I  | Serinpet                                       | Serinpet, DYAS COLOMBIA BV                             | 53%                                                   | Serinpet 9.4%Dyas Colombia BV 37.6%                                         | 10 years             | July 12, 2015                                                   | Yes                                   | 8%               |
| Catatumbo-Orinoquía | Cravo Norte              | Joint Venture                | E&P | Occidental de Colombia Inc.                    | Occidental de Colombia Inc. and Occidental Andina, LLC | 68.94%55% más % PAP Real promedio año 2010. | Occidental de Colombia 22.5%Occidental Andina 22.5%minus PAP Promedio       | Until economic limit | Until economic limit                                                 | Yes                                   | 5% - 20%         |
| Minor Fields             | Puerto Barco             | Discovered Undeveloped Field | CDND/I  | Avante Ltd.                                    | Vetra Exploracion y Produccion Colombia - Avante Ltd.  | 6%                                                    | Vetra Exploración y Producción Colombia S.A.S. 47%Avante Ltd. 47% | 10 years             | December 29, 2013                                               | Yes                                   | 20%              |
| Minor Fields             | Quebrada Roja            | Discovered Undeveloped Field | CDND/I  | Campos de Producción Consortium           | Campos de Producción Consortium                   | 54%                                                   | Campos de Producción Consortium 46%                                    | 10 years             | October 15, 2016                                                | Yes                                   | 8%               |
| Minor Fields             | Rio de Oro               | Discovered Undeveloped Field | CDND/I  | Avante Ltd.                                    | Vetra Exploracion y Produccion Colombia - Avante Ltd.  | 12%                                                   | Vetra Exploración y Producción Colombia S.A.S. 44%Avante Ltd. 44% | 10 years             | December 29, 2013                                               | Yes                                   | 20%              |
| Southern                 | Espinal                  | Risk participation contract  | E&P | Petrobras                                      | Petrobras / Cepsa                                      | 55%                                                   | Petrobras Colombia Ltd. 30%Cepcolsa 15%                                     | 28 years             | October 19, 2015                                                     | Yes                                   | 20%              |
| Minor Fields             | La Rompida               | Discovered Undeveloped Field | CDND/I  | Vetra Exploracion y Produccion Colombia        | Vetra Exploración y Producción Colombia      | 12%                                                   | Vetra Exploración y Producción Colombia S.A.S. 88%                | 10 years             | December 30, 2013 (amendment Area No.2 until December 30, 2023) | Yes                                   | 6%               |
| Catatumbo-Orinoquía | Estero                   | Joint Venture                | E&P | Perenco                                        | Perenco - Hocol and Homcol                             | 89%                                                   | Perenco 4.02%Hocol 5%Homcol 4.32%                                           | Until economic limit | Until economic limit                                                 | yes                                   | 20%              |
| Minor Fields             | San Luis                 | Joint Venture                | E&P | Vetra Exploracion y Produccion Colombia        | Vetra Exploración y Producción Colombia      | 50%                                                   | Vetra Exploración y Producción Colombia S.A.S. 50%                | 28 years             | May 8, 2014                                                     | Yes                                   | 20%              |

----

| Region                       | ContractName       | Type ofAgreement              | Purpose             | Operator                                          | Partners                                  | OwnershipPercentage                            | PartnershipPercentage                                       | Term ofContract                           | ExpirationDate                                        | Right ofReversionUponTermination | Royalty        |
|------------------------------|--------------------|------------------------------------|---------------------|---------------------------------------------------|-------------------------------------------|------------------------------------------------|-------------------------------------------------------------|------------------------------------------------|-------------------------------------------------------|---------------------------------------|----------------|
| Catatumbo-Orinoquía     | Garcero            | Joint Venture                      | E&P             | Perenco                                           | Perenco - Hocol and Homcol                | 76%                                            | Perenco 8.78%Hocol 10.9%Homcol 4.32%                        | Until economic limit                           | Until economic limit                                  | Yes                                   | 5%, 8% and 20% |
| Minor Fields                 | Tambaqui           | Joint Venture                      | E&P             | Hupecol                                           | Hupecol                                   | 50%                                            | Hupecol 50%                                                 | 28 years                                       | February 28, 2026                                | Yes                                   | 20%            |
| Joint Venture- Sole Risk     | 0%                 |
| Minor Fields                 | Tapir              | Joint Venture- Sole Risk           | E&P             | Petrolco S.A.                                     | Petrolco S.A. and Doreal Energy           | 0%                                             | Petrolco S.A. and Doreal Energy 100%                        | 28 years                                       | February 5, 2023                                 | Yes                                   | 20%            |
| Northeastern                 | Guajira            | Joint Venture                      | E&P             | Chevron Petroleum Company                         | Chevron Petroleum Company                 | 57%                                            | Chevron Petroleum Company 43%                               | Until economic limit                           | Until economic limit                                  | Yes                                   | 20%            |
| Minor Fields                 | Toca               | Discovered Undeveloped Field       | CDND/I              | Campos de Producción Consortium              | Campos de Producción Consortium      | 58%                                            | Campos de Producción Consortium 42%                    | 10 years                                       | March 12, 2015                                   | Yes                                   | 8%             |
| Minor Fields                 | Tolima B           | Joint Venture                      | E&P             | Vetra Exploracion y Produccion Colombia           | Vetra Exploracion y Produccion Colombia   | 50%                                            | Vetra Exploración y Producción Colombia 50%       | 28 years                                       | June 12, 2014                                    | Yes                                   | 20%            |
| Joint Venture- Sole Risk     | 0%                 |
| Southern                     | Guayuyaco          | Joint Venture                      | E&P             | Gran Tierra Colombia                              | Gran Tierra Colombia                      | 30%                                            | Gran Tierra Colombia 70%                                    | 27.5 years (oil). 39.5  years (gas). | March 31, 2030 (oil), March 31, 2042 (gas)            | Yes                                   | 8% to 25%      |
| Minor Fields                 | Colorado           | Services and Technical Cooperation | Production          | Universidad Industrial de Santander               | Universidad Industrial de Santander       | 100%                                           | Universidad Industrial de Santander 0%                      | 10 Years                                       | June 30, 2016                                         | Yes                                   | 20%            |
| Minor Fields                 | El Piñal      | Joint Venture- Sole Risk           | E&P             | Petrosantander                                    | Petrosantander                            | 0%                                             | Petrosantander Colombia Inc. 100%                           | 28 years                                       | July 28, 2018                                    | Yes                                   | 20%            |
| Southern                     | Hobo               | Joint Venture                      | E&P             | Petrobras                                         | Petrobras                                 | 50%                                            | Petrobras International Braspetro BV 50%                    | 28 years                                       | December 31, 2011                                | Yes                                   | 20%            |
| Minor Fields                 | Fortuna            | Joint Venture- Sole Risk           | E&P             | Emerald Energy PLC Sucursal Colombia              | Emerald Energy PLC Sucursal Colombia      | 5%                                             | Emerald Energy PLC Sucursal Colombia 95%                    | 28 years                                       | December 18, 2031                                     | Yes                                   | 6% to 20%      |
| Mid – Magdalena Valley | La Cira            | Business Cooperation               | E&P             | Ecopetrol S.A.                                    | Occidental de Colombia and Ecopetrol S.A. | 52%Actualmente 63% por Precios altos           | Occidental Andina 48%Actualmente 37% por precios altos      | Until economic limit                           | Until economic limit                                  | Yes                                   | 8% to 20%      |
| Minor Fields                 | Buganviles         | Joint Venture- Sole Risk           | E&P             | Pacific Stratus Energy                            | Pacific Stratus Energy                    | 0%                                             | Pacific Stratus Energy 100%                                 | 28 años                                   | November 17, 2028                                     | Yes                                   | 8% to 25%      |
| Minor Fields                 | Mugrosa            | Discovered Undeveloped Field       | CDND/I              | Cosacol S.A.                                      | Cosacol S.A.                              | 75%                                            | Cosacol S.A. 25%                                            | 10 years                                       | July 12, 2015                                    | Yes                                   | 8%             |
| Minor Fields                 | Valdivia - Almagro | SPBR                               | SPBR                | Vetra Exploración y Producción Colombia | N/A                                       | 100%                                           | Vetra Exploración y Producción Colombia S.A.S. 0% | Until economic limit                           | Until economic limit                                  | Yes                                   | 20%            |
| Southern                     | Mana               | Joint Venture                      | E&P             | Interoil                                          | Interoil                                  | 30%                                            | Interoil Colombia E&P 70%                               | 25 years                                       | November 11, 2028 (oil), November 11, 2040 (gas) | Yes                                   | 8% to 25%      |
| Minor Fields                 | Hato Nuevo         | Discovered Undeveloped Field       | CDND/I              | EMPESA - NTC Consortium                           | EMPESA -NTC Consortium                    | 41%                                            | EMPESA -NTC Consortium 59%                                  | 10 years                                       | May 17, 2017                                          | Yes                                   | 5%             |
| Southern                     | Matambo            | Joint Venture                      | E&P             | Emerald Energy PLC Sucursal Colombia              | Emerald Energy PLC Sucursal Colombia      | 50%                                            | Emerald Energy PLC Sucursal Colombia 50%                    | 28 years                                       | November 29, 2024                                | Yes                                   | 20%            |
| Catatumbo-Orinoquía     | Ranchohermoso      | SPBR                               | SPBR                | CANACOL                                           | N/A                                       | 100%                                           | N/A                                                         | Until economic limit                           | Until economic limit                                  | Yes                                   | 20%            |
| Catatumbo-Orinoquía     | Ranchohermoso      | Operation Agreement                | Operation Agreement | CANACOL                                           | CANACOL                                   | 70%más % PA por clausula de precios altos | CANACOL 30%                                                 | Until economic limit                           | Until economic limit                                  | Yes                                   | 8%             |

----

| Region                       | ContractName                       | Type ofAgreement       | Purpose | Operator                                          | Partners                                                                               | OwnershipPercentage                                            | PartnershipPercentage                                        | Term ofContract | ExpirationDate         | Right ofReversionUponTermination | Royalty                  |
|------------------------------|------------------------------------|-----------------------------|---------|---------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------|--------------------------------------------------------------|----------------------|------------------------|---------------------------------------|--------------------------|
| Mid – Magdalena Valley | Nare                               | Joint Venture               | E&P | Mansarovar Energy Colombia Ltd.                   | Mansarovar Energy Colombia Ltd.                                                        | 50%(Pozo Jazmin R05 en solo riesgo 100% a cargo de la Asociada | Mansarovar Energy Colombia 50%                               | 28 years             | November 5, 2021  | Yes                                   | 20% - 6%                 |
| Southern                     | Neiva                              | Incremental Production      | E&P | Ecopetrol S.A.                                    | Petrominerales                                                                         | 31%                                                            | Petrominerales 69%                                           | 22 years             | June 5, 2023      | Yes                                   | 8% to 25%                |
| Southern                     | Orito                              | Incremental Production      | E&P | Ecopetrol S.A.                                    | Petrominerales                                                                         | 21%                                                            | Petrominerales 79%                                           | 22 years             | June 5, 2023      | Yes                                   | 8% to 25%                |
| Catatumbo-Orinoquía     | Orocue                             | Joint Venture               | E&P | Perenco                                           | Perenco and Hocol                                                                      | 63%                                                            | Perenco 13.53%Hocol 23.7%                                    | Until economic limit | Until economic limit   | Yes                                   | 20%                      |
| Southern                     | Ortega                             | Incremental Production      | E&P | Ecopetrol S.A.                                    | Hocol S.A.                                                                             | 31%                                                            | Hocol S.A. 69%(Producción Incremental)                  | 22 years             | February 28, 2023      | Yes                                   | 8% incremental, 20% base |
| Mid – Magdalena Valley | Palagua                            | Incremental Production      | E&P | Union Temporal IJP                                | Union Temporal Ismocol, Joshi- Parko                                                   | 34%                                                            | Unión Temporal I.J.P. 66%                               | 22 years             | July 14, 2023     | Yes                                   | 20%                      |
| Southern                     | Palermo                            | Joint Venture               | E&P | Hocol S.A.                                        | Hocol S.A.                                                                             | 50%                                                            | Hocol S.A. 50%                                               | 28 years             | April 30, 2012         | Yes                                   | 20%                      |
| Northeastern                 | Piedemonte                         | Joint Venture               | E&P | BP                                                | BP                                                                                     | 50%                                                            | Equion 50%                                                   | 28 years             | February 29, 2020 | Yes                                   | 20%                      |
| Central                      | Piriri                             | Joint Venture               | E&P | Metapetroleum                                     | Metapetroleum Corp. And Tethys Petroleum Company Limited                               | 50%                                                            | Metapetroleum Corp.Tethys Petroleum Company Limited 50%      | 28 years             | June 30, 2016     | Yes                                   | 20%                      |
| Southern                     | Puli                               | Joint Venture               | E&P | Interoil                                          | Interoil                                                                               | 50%                                                            | Interoil Colombia E&P 50%                                | 28 years             | February 29, 2012 | Yes                                   | 20%                      |
| Northeastern                 | Recetor                            | Joint Venture               | E&P | BP                                                | BP Explotarion  Co (Colombia) Ltd. - BP Santiago                             | 50%                                                            | Equion 40%Santiago Oil Company 10%                           | 28 years             | May 29, 2017      | Yes                                   | 20%                      |
| Northeastern                 | Rio Chitamena                      | Joint Venture               | E&P | BP                                                | BP Explotarion  Co (Colombia) Ltd. - BP Santiago - Total                     | 50%                                                            | Equion 19%Santiago Oil 12%Total 19%                          | 28 years             | January 31, 2019  | Yes                                   | 20%                      |
| Southern                     | Rio Opia                           | Joint Venture               | E&P | Interoil                                          | Interoil                                                                               | 30%                                                            | Interoil Colombia E&P 70%                                | 28 years             | June 23, 2030     | Yes                                   | 8% to 25%                |
| Catatumbo-Orinoquía     | Rondon                             | Joint Venture               | E&P | Occidental de Colombia Inc.                       | Occidental de Colombia Inc. and Occidental Andina, LLC                                 | 50%                                                            | Occidental de Colombia 25%Occidental Andina 25%              | 28 years             | January 8, 2023        | Yes                                   | Variable desde el 8%     |
| Central                      | Rubiales                           | Risk participation contract | E&P | Metapetroleum                                     | Metapetroleum Corp. And Tethys Petroleum Company Limited                               | 60%                                                            | Metapetroleum Corp.Tethys Petroleum Company Limited 40%      | 28 years             | June 30, 2016     | Yes                                   | 20%                      |
| Southern                     | San Jacinto (La Cañada Norte) | Joint Venture               | E&P | Hocol S.A.                                        | Hocol S.A.PetrobrasCepsa                                                               | 50%                                                            | Hocol S.A. 18.335%Petrobras 15%Cepsa16.665%                  | 28 years             | December 22, 2024 | Yes                                   | 8% La Cañada Norte  |
| Southern                     | Suroriente                         | Incremental Production      | E&P | Vetra Colombia Exploración y Producción | Consorcio Colombia Energy (Vetra Colombia Exploración y Producción y Suroco) | 48%                                                            | Vetra Exploración y Producción Colombia S.A.S. 52% | 22 years             | June 11, 2024     | Yes                                   | 8% to 25%                |

----

| Region                       | ContractName                    | Type ofAgreement                                         | Purpose | Operator                 | Partners                                                                      | OwnershipPercentage                                            | PartnershipPercentage                       | Term ofContract           | ExpirationDate                      | Right ofReversionUponTermination | Royalty     |
|------------------------------|---------------------------------|---------------------------------------------------------------|---------|--------------------------|-------------------------------------------------------------------------------|----------------------------------------------------------------|---------------------------------------------|--------------------------------|-------------------------------------|---------------------------------------|-------------|
| Northeastern                 | Tauramena                       | Joint Venture                                                 | E&P | BP                       | BP Explotarion  Co (Colombia) Ltd. - BP Santiago  - Total | 50%                                                            | Equion 19%Santiago Oil 12%Total 19%         | 28 years                       | July 3, 2016                   | Yes                                   | 20%         |
| Mid – Magdalena Valley | Tisquirama                      | Joint Venture                                                 | E&P | Petroleos del Norte S.A. | Petroleos del Norte S.A – Petrosantander                                | 60%                                                            | Petrosantander Colombia Inc. 40%            | Until economic limit           | Until economic limit                | Yes                                   | 20%         |
| Central                      | Upia B                          | Joint Venture                                                 | E&P | Petrobras                | PETROBRAS                                                                     | 50%                                                            | Petrobras 50%                               | 28 years                       | February 29, 2012              | Yes                                   | 20%         |
| Southern                     | Doima                           | Joint Venture                                                 | E&P | Hocol S.A.               | Hocol S.A                                                                     | 39%                                                            | Hocol S.A. 61%                              | 28 years (oil), 40 years (gas) | February 16, 2029 February 16, 2041 | Yes                                   | 6.4% Gas    |
| Mid – Magdalena Valley | CRC-2004-01 (Guariquies)        | Risk participation contract exploration and productions (CRC) | E&P | Ecopetrol S.A.           | Ramshorn                                                                      | 55% and R Factor                                               | Ramshorn 45%                                | 25 years                       | May 24, 2029                        | Yes                                   | 8% to 20%   |
| Minor Fields                 | Cicuco- Boquete                 | Overriding                                                    | E&P | Consorcio Mompox         | Consorcio Mompox                                                              | 21% Oil - 10% Gas                                              | Consorcio Mompox Oil 79% - Gas – 90%  | Until economic limit           | Until economic limit                | Yes                                   | 8%          |
| Southern                     | Río Paez (La Hocha)        | Joint Venture - Sole risk                                     | E&P | Hocol S.A.               | Hocol S.A.                                                                    | 50%(Campo La Hocha en solo riesgo 100% a cargo de la Asociada) | Hocol S.A. 18.335%Petrobras 15%Cepsa16.665% | 25 years                       | April 27,2026                       | Yes                                   | 5% La Hocha |
| Minor Fields                 | Río Seco                   | Joint Venture -  Sole Risk                          | E&P | Pacific Stratus Energy   | Pacific Stratus Energy                                                        | 0%                                                             | Pacific Stratus Energy 100%                 | 28 years                       | August 22, 2023                     | Yes                                   | 20%         |
| Mid – Magdalena Valley | Alianza Tecnológica Casabe | Technological Alliance agreement                              | E&P | Ecopetrol S.A.           | Schlumberger                                                                  | 100%                                                           | Schlumberger 0%                             | 16 years                       | April 26, 2020                      | Yes                                   | 8% to 20%   |

----

----

| Report of Independent Registered Public Accounting Firm                             | F-3    |
|-------------------------------------------------------------------------------------|--------|
|                                                                                |   |
| Consolidated Balance Sheets                                                         | F-5    |
|                                                                                |   |
| Consolidated Statements of Financial, Economic, Social and Environmental Activities | F-6    |
|                                                                                |   |
| Consolidated Statements of Changes in Shareholders’ Equity                    | F-7    |
|                                                                                |   |
| Consolidated Statements of Cash Flows                                               | F-8    |
|                                                                                |   |
| Notes to Consolidated Financial Statements                                          | F-10   |

----

----

----

|                                                                |   | December 31,                                    |        |
|---------------------------------------------------------------------|--------|------------------------------------------------------|-------------|
|                                                                |   | 2010                                                 |        |   | 2009 |   |
|                                                                |   | (In millions of Colombian pesos) |        |
| Assets                                                              |   |                                                 |        |   |   |   |
| Current Assets                                                      |   |                                                 |        |   |   |   |
| Cash and cash equivalents (Notes 2 and 3)                           |   | $                                                    | 3,726,778   |   |   | $ | 3,562,119 |   |
| Investments (Notes 2 and 4)                                         |   |                                                 | 327,782     |   |   |   | 462,258 |   |
| Accounts and notes receivable, net (Notes 2 and 5)                  |   |                                                 | 2,736,592   |   |   |   | 2,969,120 |   |
| Inventories, net (Note 6)                                           |   |                                                 | 2,192,088   |   |   |   | 2,042,697 |   |
| Advances and deposits (Notes 2 and 7)                               |   |                                                 | 3,620,317   |   |   |   | 3,018,779 |   |
| Deferred tax assets                                                 |   |                                                 | 4,134       |   |   |   | - |   |
| Prepaid expenses (Note 8)                                           |   |                                                 | 21,947      |   |   |   | 62,815 |   |
| Total current assets                                                |   |                                                 | 12,629,638  |   |   |   | 12,117,788 |   |
| Non-current assets                                                  |   |                                                 |        |   |   |   |   |   |
| Investments (Notes 2 and 4)                                         |   |                                                 | 5,177,491   |   |   |   | 3,710,739 |   |
| Accounts and notes receivable, net (Note 5)                         |   |                                                 | 372,273     |   |   |   | 226,781 |   |
| Advances and deposits (Note 7)                                      |   |                                                 | 288,735     |   |   |   | 253,681 |   |
| Property, plant and equipment, net (Note 9)                         |   |                                                 | 22,266,258  |   |   |   | 16,782,503 |   |
| Natural and environmental resources, net (Note 10)                  |   |                                                 | 11,774,539  |   |   |   | 11,155,381 |   |
| Deferred charges (Note 11)                                          |   |                                                 | 2,040,140   |   |   |   | 1,886,529 |   |
| Other assets (Note 12)                                              |   |                                                 | 3,151,606   |   |   |   | 3,034,698 |   |
| Revaluations (Note 4 and 9)                                         |   |                                                 | 11,068,676  |   |   |   | 6,391,417 |   |
| Total assets                                                        |   | $                                                    | 68,769,356  |   |   | $ | 55,559,517 |   |
|                                                                |   |                                                 |        |   |   |   |   |   |
| Liabilities and Shareholders’ Equity                          |   |                                                 |        |   |   |   |   |   |
| Current liabilities                                                 |   |                                                 |        |   |   |   |   |   |
| Financial obligations (Note 2 and 13)                               |   | $                                                    | 1,079,169   |   |   | $ | 437,081 |   |
| Accounts payable (Notes 2 and 14)                                   |   |                                                 | 4,062,602   |   |   |   | 3,280,232 |   |
| Taxes payable (Note 15)                                             |   |                                                 | 3,589,263   |   |   |   | 2,433,022 |   |
| Labor and pension plan obligations (Note 16)                        |   |                                                 | 160,247     |   |   |   | 165,463 |   |
| Estimated liabilities and provisions (Notes 2 and 16)               |   |                                                 | 1,151,297   |   |   |   | 1,154,415 |   |
| Total current liabilities                                           |   |                                                 | 10,042,578  |   |   |   | 7,470,213 |   |
| Long-term liabilities                                               |   |                                                 |        |   |   |   |   |   |
| Financial obligations (Notes 2 and 13)                              |   |                                                 | 7,833,715   |   |   |   | 5,714,354 |   |
| Accounts payable (Note 14)                                          |   |                                                 | 504,046     |   |   |   | 51,154 |   |
| Labor and pension plan obligations (Note 16)                        |   |                                                 | 2,814,021   |   |   |   | 2,669,331 |   |
| Estimated liabilities and provisions (Notes 2 and 17)               |   |                                                 | 3,398,603   |   |   |   | 3,411,977 |   |
| Other long-term liabilities (Notes 2 and 18)                        |   |                                                 | 2,362,261   |   |   |   | 2,731,220 |   |
| Total liabilities                                                   |   |                                                 | 26,955,224  |   |   |   | 22,048,249 |   |
|                                                                |   |                                                 |        |   |   |   |   |   |
| Non-controlling interest (Note 19)                                  |   |                                                 | 485,951     |   |   |   | 941,311 |   |
| Shareholders’ equity (Note 20 and see accompanying statement) |   |                                                 | 41,328,181  |   |   |   | 32,569,957 |   |
| Total liabilities and shareholders’ equity                    |   | $                                                    | 68,769,356  |   |   | $ | 55,559,517 |   |
|                                                                |   |                                                 |        |   |   |   |   |   |
| Memorandum accounts (Note 21)                                       |   | $                                                    | 216,020,618 |   |   | $ | 138,884,829 |   |

----

|                               |   | Years ended December 31,                                                                                                         |       |
|------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|------------|
|                               |   | 2010                                                                                                                                            |       |   | 2009 |   |   | 2008 |   |
|                               |   | (In millions of Colombian pesos, except for net income per shareexpressed in pesos) |       |
|                               |   |                                                                                                                                            |       |   |   |   |   |   |   |
| Revenue (Note 22)                  |   |                                                                                                                                            |       |   |   |   |   |   |   |
| Local Sales                        |   | $                                                                                                                                               | 18,084,425 |   |   | $ | 14,058,534 |   |   | $ | 21,597,999 |   |
| Foreign Sales                      |   |                                                                                                                                            | 23,883,886 |   |   |   | 16,345,856 |   |   |   | 12,298,670 |   |
| Total Revenues                     |   |                                                                                                                                            | 41,968,311 |   |   |   | 30,404,390 |   |   |   | 33,896,669 |   |
|                               |   |                                                                                                                                            |       |   |   |   |   |   |   |   |   |   |
| Cost of Sales (Note 23)            |   |                                                                                                                                            | 25,959,001 |   |   |   | 19,906,073 |   |   |   | 19,084,436 |   |
|                               |   |                                                                                                                                            | 16,009,310 |   |   |   | 10,498,317 |   |   |   | 14,812,233 |   |
| Operating Expenses (Note 24)       |   |                                                                                                                                            |       |   |   |   |   |   |   |   |   |   |
| Administration                     |   |                                                                                                                                            | 603,523    |   |   |   | 662,336 |   |   |   | 382,101 |   |
| Selling and projects               |   |                                                                                                                                            | 2,526,945  |   |   |   | 1,962,642 |   |   |   | 1,772,774 |   |
| Operating Income                   |   |                                                                                                                                            | 12,878,842 |   |   |   | 7,873,339 |   |   |   | 12,657,358 |   |
|                               |   |                                                                                                                                            |       |   |   |   |   |   |   |   |   |   |
| Non-Operating Income (Expenses):   |   |                                                                                                                                            |       |   |   |   |   |   |   |   |   |   |
| Financial income, net (Note 25)    |   |                                                                                                                                            | 37,789     |   |   |   | 495,833 |   |   |   | 4,101,252 |   |
| Pension expenses (Notes 16 and 26) |   |                                                                                                                                            | (377,626   | ) |   |   | (595,157 | ) |   |   | (1,144,925 | ) |
| Inflation gain (Note 27)           |   |                                                                                                                                            | 22,030     |   |   |   | 22,355 |   |   |   | 30,473 |   |
| Other expenses, net (Note 28)      |   |                                                                                                                                            | (1,068,418 | ) |   |   | (545,526 | ) |   |   | 367,046 |   |
| Income before income tax           |   |                                                                                                                                            | 11,492,617 |   |   |   | 7,250,844 |   |   |   | 16,011,204 |   |
| Income tax (Note 15)               |   |                                                                                                                                            |       |   |   |   |   |   |   |   |   |   |
| Current                            |   |                                                                                                                                            | 3,201,041  |   |   |   | 1,948,819 |   |   |   | 3,611,020 |   |
| Deferred tax                       |   |                                                                                                                                            | 37,609     |   |   |   | 165,210 |   |   |   | 770,962 |   |
|                               |   |                                                                                                                                            | 3,238,650  |   |   |   | 2,114,029 |   |   |   | 4,381,982 |   |
| Non-controlling interest           |   |                                                                                                                                            | (107,496   | ) |   |   | (4,761 | ) |   |   | 455 |   |
| Net income                         |   | $                                                                                                                                               | 8,146,471  |   |   | $ | 5,132,054 |   |   | $ | 11,629,677 |   |
| Net income per share               |   | $                                                                                                                                               | 201.28     |   |   | $ | 126.80 |   |   | $ | 287.35 |   |

----

|                                                                   |   | Subscribed andpaid-in capital |       |   | Additionalpaid-in capital |   |      | Legal andotherreserves |   |   | IncorporatedInstitutionalequity andother |   |   | Surplus fromequity method |    |   | Surplus fromrevaluations |   |      | PublicAccountingApplicationEffect |   |   | Retainedearnings |   |   | TotalEquity |       |
|------------------------------------------------------------------------|--------|-----------------------------------------|------------|--------|--------------------------------|--------|-----------|-----------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------------|---------|--------|-------------------------------|--------|-----------|-----------------------------------|--------|--------|------------------|--------|--------|-------------|------------|
| Balance as of December 31, 2008                                        |   | $                                       | 10,117,791 |   |                           | $      | 4,679,276 |                        |   | $      | 2,432,740                                     |   |   | $                                   | 112,179 |   |                          | $      | 1,481,103 |                              |   | $      | 5,179,961        |   |   | $           | (1,013,010 | ) |   | $ | 11,629,677 |   |   | $ | 34,619,717 |   |
| Distribution of dividends ($220 per share)                             |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | (8,903,953 | ) |   |   | (8,903,953 | ) |
| Unpaid subscribed capital and additional paid-in capital               |   |                                    | -          |   |                           |   | 24,324    |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | 24,324 |   |
| Addition to paid-in capital – Execution of warranties            |   |                                    | -          |   |                           |   | 16,720    |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | 16,720 |   |
| Surplus from revaluations                                              |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | 1,211,456        |   |   |        | -          |   |   |   | - |   |   |   | 1,211,456 |   |
| Devaluation in property, plant and equipment                           |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | 714,205    |   |   |   | - |   |   |   | 714,205 |   |
| Adjustment in translation of foreign subsidiaries                      |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | (288,956  | )                                 |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | (288,956 | ) |
| Appropriation to legal reserve                                         |   |                                    | -          |   |                           |   | -         |                        |   |   | 1,163,072                                     |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | (1,163,072 | ) |   |   | - |   |
| Appropriation to investment programs reserves                          |   |                                    | -          |   |                           |   | -         |                        |   |   | 1,563,692                                     |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | (1,563,692 | ) |   |   | - |   |
| Addition to incorporated institutional equity                          |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | 43,350  |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | 43,350 |   |
| Unrealized income                                                      |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | 1,040 |   |   |   | 1,040 |   |
| Net income                                                             |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | 5,132,054 |   |   |   | 5,132,054 |   |
| Balance as of December 31, 2009                                        |   |                                    | 10,117,791 |   |                           |   | 4,720,320 |                        |   |   | 5,159,504                                     |   |   |                                | 155,529 |   |                          |   | 1,192,147 |                              |   |   | 6,391,417        |   |   |        | (298,805   | ) |   |   | 5,132,054 |   |   |   | 32,569,957 |   |
| Distribution of dividends ($91 per share)                              |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | (3,682,998 | ) |   |   | (3,682,998 | ) |
| Unpaid subscribed capital and additional paid-in capital               |   |                                    | 337        |   |                           |   | 243       |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | 580 |   |
| Additional receivable paid-in capital                                  |   |                                    | -          |   |                           |   | (55       | )                           |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | (55 | ) |
| Surplus from revaluations                                              |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | 4,677,259        |   |   |        | -          |   |   |   | - |   |   |   | 4,677,259 |   |
| Devaluation in property, plant and equipment                           |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | (403,670   | ) |   |   | - |   |   |   | (403,670 | ) |
| Appropriation to legal reserve                                         |   |                                    | -          |   |                           |   | -         |                        |   |   | 525,624                                       |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | (525,624 | ) |   |   | - |   |
| Appropriation to investment programs reserves                          |   |                                    | -          |   |                           |   | -         |                        |   |   | 1,047,610                                     |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | (1,047,610 | ) |   |   | - |   |
| Addition to incorporated institutional equity                          |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | 1,823   |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | 1,823 |   |
| Adjustment for effect of difference in change in surplus equity method |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | (105,364  | )                                 |   |   | -                |   |   |        | -          |   |   |   | - |   |   |   | (105,364 | ) |
| Unrealized income                                                      |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | 124,178 |   |   |   | 124,178 |   |
| Net income                                                             |   |                                    | -          |   |                           |   | -         |                        |   |   | -                                             |   |   |                                | -       |   |                          |   | -         |                              |   |   | -                |   |   |        | -          |   |   |   | 8,146,471 |   |   |   | 8,146,471 |   |
| Balance as of December 31, 2010                                        |   | $                                       | 10,118,128 |   |                           | $      | 4,720,508 |                        |   | $      | 6,732,738                                     |   |   | $                                   | 157,352 |   |                          | $      | 1,086,783 |                              |   | $      | 11,068,676       |   |   | $           | (702,475   | ) |   | $ | 8,146,471 |   |   | $ | 41,328,181 |   |

----

|                                                                         |   | Year Ended December 31,              |        |
|------------------------------------------------------------------------------|--------|-----------------------------------------------------|-------------|
|                                                                         |   | 2010                                                |        |   | 2009 |   |   | 2008 |   |
|                                                                         |   | (In million of Colombian pesos) |        |
| Cash flows from operating activities                                         |   |                                                |        |   |   |   |   |   |   |
| Net income                                                                   |   | $                                                   | 8,146,471   |   |   | $ | 5,132,054 |   |   | $ | 11,629,677 |   |
| Adjustments to reconcile net income to cash provided by operating activities |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Deferred Income tax, net                                                     |   |                                                | 37,609      |   |   |   | 165,210 |   |   |   | 770,962 |   |
| Depreciation of property, plant and equipment                                |   |                                                | 1,624,009   |   |   |   | 1,262,643 |   |   |   | 691,488 |   |
| Amortizations:                                                               |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Natural resources                                                            |   |                                                | 2,003,771   |   |   |   | 1,274,979 |   |   |   | 947,788 |   |
| Abandonment of installations                                                 |   |                                                | 241,842     |   |   |   | 199,939 |   |   |   | 139,795 |   |
| Health and education pension liabilities                                     |   |                                                | 166,211     |   |   |   | 502,665 |   |   |   | 645,770 |   |
| Intangibles                                                                  |   |                                                | 189,261     |   |   |   | 152,235 |   |   |   | 37,496 |   |
| Deferred charges                                                             |   |                                                | 107,422     |   |   |   | 94,288 |   |   |   | 73,343 |   |
| Deferred monetary correction, net                                            |   |                                                | (22,030     | ) |   |   | (22,355 | ) |   |   | (30,473 | ) |
| Provisions:                                                                  |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                                | 169,789     |   |   |   | 30,734 |   |   |   | 2,275 |   |
| Inventories                                                                  |   |                                                | 9,743       |   |   |   | 33,161 |   |   |   | 49,380 |   |
| Property, plant and equipment                                                |   |                                                | 227,266     |   |   |   | 127,826 |   |   |   | - |   |
| Legal proceedings                                                            |   |                                                | 125,888     |   |   |   | 271,091 |   |   |   | 62,380 |   |
| Other                                                                        |   |                                                | 19,834      |   |   |   | - |   |   |   | 103,062 |   |
| Recovery of provisions:                                                      |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                          |   |                                                | (68,772     | ) |   |   | - |   |   |   | - |   |
| Inventories                                                                  |   |                                                | (29,481     | ) |   |   | (118,652 | ) |   |   | (8,711 | ) |
| Property, plant and equipment                                                |   |                                                | (55,717     | ) |   |   | (17,091 | ) |   |   | (18,813 | ) |
| Legal Proceedings                                                            |   |                                                | (80,237     | ) |   |   | (83,258 | ) |   |   | (832,788 | ) |
| Other                                                                        |   |                                                | (138,397    | ) |   |   | (5,564 | ) |   |   | (139,554 | ) |
| Write-off of property, plant and equipment                                   |   |                                                | 3,395       |   |   |   | - |   |   |   | - |   |
| Retirement loss of property, plant and equipment                             |   |                                                | 38,945      |   |   |   | - |   |   |   | - |   |
| Write-off of natural and environmental resources                             |   |                                                | 39,668      |   |   |   | - |   |   |   | - |   |
| Write-off of other assets                                                    |   |                                                | 287,918     |   |   |   | - |   |   |   | - |   |
| Gain in equity method                                                        |   |                                                | (82,772     | ) |   |   | (55,143 | ) |   |   | - |   |
| Net changes in operating assets and liabilities:                             |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Decrease (increase) Debtors                                                  |   |                                                | 794,512     |   |   |   | 2,030,376 |   |   |   | 5,946,536 |   |
| Decrease (increase) Inventories                                              |   |                                                | (129,823    | ) |   |   | (291,819 | ) |   |   | (237,710 | ) |
| Decrease (increase) Deferred and other assets                                |   |                                                | 698,423     |   |   |   | (1,408,834 | ) |   |   | (865,556 | ) |
| (Decrease) increase Accounts payable                                         |   |                                                | 1,248,736   |   |   |   | 1,536,580 |   |   |   | 423,182 |   |
| (Decrease) increase Taxes payable                                            |   |                                                | (618,440    | ) |   |   | (1,473,446 | ) |   |   | 988,828 |   |
| (Decrease) increase Labor obligations                                        |   |                                                | (26,737     | ) |   |   | 37,684 |   |   |   | (9,246,210 | ) |
| (Decrease) increase Estimated liabilities and provisions                     |   |                                                | (64,028     | ) |   |   | (24,809 | ) |   |   | (697,407 | ) |
| (Decrease) increase Other long term liabilities                              |   |                                                | (507,467    | ) |   |   | - |   |   |   | - |   |
| Net cash provided by operating activities                                    |   |                                                | 14,356,812  |   |   |   | 9,350,494 |   |   |   | 10,434,740 |   |
| Cash flows from investing activities:                                        |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Payments and advances in acquisition of companies                            |   |                                                | (1,163,131  | ) |   |   | - |   |   |   | - |   |
| Payments in acquisition of companies, net of cash acquired                   |   |                                                | -           |   |   |   | (1,082,580 | ) |   |   | (1,275,049 | ) |
| Purchase of investments                                                      |   |                                                | (11,808,784 | ) |   |   | (7,939,870 | ) |   |   | (27,801,568 | ) |
| Investments redemption and sale                                              |   |                                                | 10,578,200  |   |   |   | 15,972,339 |   |   |   | 27,054,516 |   |
| Proceeds from sales of property and equipment                                |   |                                                | 4,751       |   |   |   | 1,927 |   |   |   | - |   |
| Investments in natural and environmental resources                           |   |                                                | (3,874,824  | ) |   |   | (3,613,355 | ) |   |   | (1,844,917 | ) |
| Additions to properties, plant and equipment                                 |   |                                                | (6,445,151  | ) |   |   | (9,239,234 | ) |   |   | (4,861,067 | ) |
| Net cash used in investment activities                                       |   |                                                | (12,708,939 | ) |   |   | (5,900,775 | ) |   |   | (8,728,085 | ) |
|                                                                         |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                         |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Non-controlling interest                                                     |   |                                                | (455,360    | ) |   |   | 698,360 |   |   |   | 242,950 |   |
| Financial obligations                                                        |   |                                                | 2,761,449   |   |   |   | 6,161,793 |   |   |   | 235,720 |   |
| Received from associates - Capitalizations                                   |   |                                                | 525         |   |   |   | 41,044 |   |   |   | 832,919 |   |
| Payment of dividends                                                         |   |                                                | (3,789,828  | ) |   |   | (8,902,602 | ) |   |   | (4,654,340 | ) |
| Net cash used in financing activities                                        |   |                                                | (1,483,214  | ) |   |   | (2,001,405 | ) |   |   | (3,342,751 | ) |
|                                                                         |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                    |   |                                                | 164,659     |   |   |   | 1,448,316 |   |   |   | (1,636,096 | ) |
| Cash and cash equivalents at beginning of year                               |   |                                                | 3,562,119   |   |   |   | 2,113,803 |   |   |   | 3,749,899 |   |
| Cash and cash equivalents at end of year                                     |   | $                                                   | 3,726,778   |   |   | $ | 3,562,119 |   |   | $ | 2,113,803 |   |

----

|                                                  |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|-------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Attachment 1 – Cash and cash equivalents detail |   |   |      |   |   |   |      |   |   |
| Cash                                                  |   | $      | 470       |   |   | $      | 82        |   |   | $ | 408 |   |
| Banks and savings entities                            |   |   | 2,124,461 |   |   |   | 1,508,846 |   |   |   | 1,395,199 |   |
| Special and in-transit funds                          |   |   | 555,716   |   |   |   | 1,690,815 |   |   |   | 703,577 |   |
| Temporary investments                                 |   |   | 1,046,131 |   |   |   | 362,376   |   |   |   | 14,619 |   |
| Total cash and cash equivalents                       |   | $      | 3,726,778 |   |   | $      | 3,562,119 |   |   | $ | 2,113,803 |   |

----

| 1. | Economic Entity and Principal Accounting Policies and Practices |
|----|-----------------------------------------------------------------|

----

|                                                 | Percentage of Ownership % |   | Activity |   | Subsidiaries |
|------------------------------------------------------|------------------------------------------|--------|----------|--------|--------------|
| 2010                                                 |                                     | 2009   |     | 2008   |         |   |   |   |
| Ecopetrol Oleo é Gas do Brasil Ltda.            | 100                                      |   | 100      |   | 100          |   | Hydrocarbon exploration and exploitation. |   | - |
| Ecopetrol del Perú S. A.                        | 100                                      |   | 100      |   | 100          |   |   |   | - |
| Ecopetrol America Inc.                               | 100                                      |   | 100      |   | 100          |   |   |   | - |
| Black Gold Re Ltd.                                   | 100                                      |   | 100      |   | 100          |   | Reinsurance Company of Ecopetrol and its subsidiaries. |   | - |
| Andean Chemicals Ltd.                                | 100                                      |   | 100      |   | 100          |   | Investment vehicle. |   | Bioenergy S. A., Refinería de Cartagena and Propileno del Caribe |
| ODL Finance S. A.                                    | 65                                       |   | 65       |   | 65           |   | Crude oil Transportation  through pipelines. |   | ODL S. A.ODL - Colombian Branch Office |
| Propileno del Caribe. Propilco S. A.                 | 100                                      |   | 100      |   | 100          |   | Production and selling of polypropylene resin. |   | Comai S. A. |
| Bioenergy S. A.                                      | 88.6                                     |   | 80       |   | 79.14        |   | Bio-fuel production. |   | - |
| Ecopetrol Global Energy                              | 100                                      |   | 100      |   | -            |   | Investment vehicle. |   | Ecopetrol America Inc. |
| Ecopetrol Transportation Company Limited             | 100                                      |   | 100      |   | -            |   | Investment vehicle. |   | Ecopetrol Pipelines International Limited, Ecopetrol Transportation Investment Ltd |
| Ecopetrol Pipelines International Limited            | 100                                      |   | 100      |   | -            |   | Investment vehicle. |   | Ecopetrol Transportation Investment |
| Oleoducto Central S. A. - Ocensa                     | 60                                       |   | 60       |   | 35.29        |   | Crude oil transportation through pipelines. |   | - |
| COMAI - Compounding and Masterbatching IndustryLtda. | 100                                      |   | 100      |   | 100          |   | Manufacture of polypropylene compounds and master batches. |   | - |
| Refineria de Cartagena S. A.                         | 100                                      |   | 100      |   | 49           |   | Hydrocarbon refining, selling and distribution. |   | - |
| Hocol Petroleum Limited                              | 100                                      |   | 100      |   | -            |   | Investment vehicle. |   | Hocol Limited, Hocol S. A., Homcol Cayman Inc. |
| Oleoducto de Colombia S. A. – ODC              | 66                                       |   | 66       |   | 43.85        |   | Crude oil transportation through pipelines. |   |   |
| Oleoducto Bicentenario de Colombia SAS               | 55.97                                    |   | -        |   | -            |   | Crude oil transportation through pipelines. |   | - |
| Ecopetrol Transportation Investment Ltd.             | 100                                      |   | -        |   | -            |   | Investment vehicle. |   | - |
| Ecopetrol Capital AG                                 | 100                                      |   | -        |   | -            |   | Financing, liquidation of financing of group companies or any other type of company and all activities related thereto. |   | - |

----

|                                       |   | Number of Contracts |   |
|--------------------------------------------|--------|-------------------------------|--------|
| Contract Type                         |   | Ecopetrol S. A.     |   |   | Hocol Petroleum Ltd. |   |   | Ecopetrol Oleo éGas do Brasil Ltda. |   |   | EcopetrolAmerica Inc. |   |   | Ecopetrol del Perú S. A. |   |
| Exploration                                |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| E&P Contracts –ANH               |   |                          | 27     |   |   |   | 9 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| E&P Agreements-ANH                     |   |                          | 6      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| TEA’s – ANH                    |   |                          | 3      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Association Contracts                      |   |                          | 7      |   |   |   | 4 |   |   |   | 10 |   |   |   | 44 |   |   |   | 5 |   |
| Production                                 |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Association                                |   |                          | 58     |   |   |   | 8 |   |   |   | - |   |   |   | 1 |   |   |   | - |   |
| Discovered undeveloped and inactive fields |   |                          | 18     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Sole risk                                  |   |                          | -      |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Incremental production                     |   |                          | 6      |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Risk participation                         |   |                          | 3      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technological alliance                     |   |                          | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Business collaboration                     |   |                          | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical services and cooperation         |   |                          | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Shared risk participation                  |   |                          | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Production services with risk              |   |                          | 2      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Operation                                  |   |                          | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                       |   |                          | 135    |   |   |   | 25 |   |   |   | 10 |   |   |   | 45 |   |   |   | 5 |   |

----

----

----

| · | Representation on the Board of Directors or equivalent regulatory organ of the associated entity, |
|--------|---------------------------------------------------------------------------------------------------|

| · | Participation in policy-making processes, |
|--------|-------------------------------------------|

| · | Significant transactions between the investor and the associated entity, |
|--------|--------------------------------------------------------------------------|

| · | Secondment of officers, or |
|--------|----------------------------|

| · | Supply of essential technical information. |
|--------|--------------------------------------------|

| · | Crude oil and natural gas inventories for the Company’s own production, at production cost. |
|--------|---------------------------------------------------------------------------------------------------|

| · | Crude oil purchases, at acquisition costs, including transportation and delivery costs incurred. |
|--------|--------------------------------------------------------------------------------------------------|

----

| · | Finished goods inventory, at total production costs. |
|--------|------------------------------------------------------|

| · | Work in progress inventory, at production costs. |
|--------|--------------------------------------------------|

| · | Raw material inventory, at weighted average cost. |
|--------|---------------------------------------------------|

|                     |   | %      |   |
|--------------------------|--------|--------|--------|
| Buildings and pipelines  |   |   | 5      |   |
| Plant and equipment      |   |   | 10     |   |
| Transportation equipment |   |   | 20     |   |
| Computers                |   |   | 33.3   |   |

----

----

| a. | Investments |
|----|-------------|

| b. | Property, Plant and Equipment |
|----|-------------------------------|

----

----

----

----

| 2. | Assets And Liabilities Denominated In Foreign Currency |
|----|--------------------------------------------------------|

|                                 |   | 2010                 |      |   | 2009                          |   |
|--------------------------------------|--------|----------------------|-----------|--------|-------------------------------|--------|
|                                 |   | Thousandsof US$ |      |   | Equivalentmillions ofCOP |   |   | Thousands ofUS$ |   |   | Equivalentmillions ofCOP |   |
| Assets                               |   |                 |      |   |                          |   |   |   |   |   |   |   |
| Cash and cash equivalents            |   |                 | 822,496   |   |                          | $      | 1,574,241 |   |   |   | 1,133,720 |   |   | $ | 2,317,585 |   |
| Investments                          |   |                 | 2,400,833 |   |                          |   | 4,595,146 |   |   |   | 1,602,179 |   |   |   | 3,275,223 |   |
| Accounts and notes receivables       |   |                 | 766,604   |   |                          |   | 1,467,265 |   |   |   | 792,713 |   |   |   | 1,620,487 |   |
| Advances and deposits                |   |                 | 681,508   |   |                          |   | 1,304,393 |   |   |   | 120,923 |   |   |   | 247,194 |   |
| Other assets                         |   |                 | 47,498    |   |                          |   | 90,910 |   |   |   | 713,950 |   |   |   | 1,459,478 |   |
|                                 |   |                 | 4,718,939 |   |                          | $      | 9,031,955 |   |   |   | 4,363,485 |   |   | $ | 8,919,967 |   |
| Liabilities:                         |   |                 |      |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Financial obligations                |   |                 | 1,668,906 |   |                          |   | 3,194,252 |   |   |   | 1,601,090 |   |   |   | 3,272,996 |   |
| Estimated liabilities and provisions |   |                 | 55,081    |   |                          |   | 105,423 |   |   |   | 1,519,417 |   |   |   | 3,106,037 |   |
| Accounts payable                     |   |                 | 757,365   |   |                          |   | 1,449,581 |   |   |   | 607,508 |   |   |   | 1,241,886 |   |
| Other liabilities                    |   |                 | 422,251   |   |                          |   | 808,180 |   |   |   | 503,388 |   |   |   | 1,029,041 |   |
|                                 |   |                 | 2,903,603 |   |                          | $      | 5,557,436 |   |   |   | 4,231,403 |   |   | $ | 8,649,960 |   |
| Net Asset Position                   |   |                 | 1,815,336 |   |                          | $      | 3,474,519 |   |   |   | 132,082 |   |   | $ | 270,007 |   |

| 3. | Cash and Cash Equivalents |
|----|---------------------------|

|                      |   | 2010   |      |   | 2009   |   |
|---------------------------|--------|--------|-----------|--------|--------|--------|
| Banks and saving entities |   | $      | 2,124,461 |   |   | $      | 1,508,846 |   |
| Sight investments (1)     |   |   | 1,046,131 |   |   |   | 362,376 |   |
| Special Funds (2)         |   |   | 555,716   |   |   |   | 1,690,815 |   |
| Cash                      |   |   | 470       |   |   |   | 82 |   |
|                      |   | $      | 3,726,778 |   |   | $      | 3,562,119 |   |

| (1) | Represented by trust rights and Time Deposits TDs (CDT), primarily of: $478,498 Ecopetrol S.A., $416,687 Ocensa, $63,460 Hocol, and $59,949 Refinería de Cartagena. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes investments in overnight operations of  $154,899 (2009 - $34), and savings in special funds in pesos and foreign currency of $400,795 (2009 - $1,690,661). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | Investments |
|----|-------------|

|                                                   |   | 2010   |      |   | 2009   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Current:                                               |   |   |      |   |   |   |
| Fixed yield:                                           |   |   |      |   |   |   |
| Investment funds administered by third parties         |   | $      | 188,461   |   |   | $      | 197,485 |   |
| Bonds and securities of private or foreign entities    |   |   | 132,261   |   |   |   | 60,330 |   |
| Trust funds                                            |   |   | 5,597     |   |   |   | 77,929 |   |
| Treasury Securities – TES                        |   |   | 1,463     |   |   |   | - |   |
| Bonds issued by the Colombian Government               |   |   | -         |   |   |   | 126,375 |   |
| Hedge instruments                                      |   |   | -         |   |   |   | 139 |   |
| Total current                                          |   | $      | 327,782   |   |   | $      | 462,258 |   |
| Long-Term:                                             |   |   |      |   |   |   |   |   |
| Variable yield - Shares (2)                            |   | $      | 830,170   |   |   | $      | 777,503 |   |
| Fixed yield                                            |   |   |      |   |   |   |   |   |
| Bonds and securities or foreign entities               |   |   | 2,275,466 |   |   |   | 1,834,779 |   |
| Treasury Securities – TES                        |   |   | 1,067,799 |   |   |   | 94,252 |   |
| Bonds issued by the Colombian Government               |   |   | 642,449   |   |   |   | 602,039 |   |
| Specific destination Funds – Legal contingencies |   |   | 361,607   |   |   |   | 380,463 |   |
| Other investments (1)                                  |   |   | -         |   |   |   | 21,703 |   |
| Total long-term                                        |   | $      | 5,177,491 |   |   | $      | 3,710,739 |   |

| (1) | Corresponds to the redemption of securities of remaining resources derived from production of the Teca field – Cocorná Association Contract, which were incorporated into the portfolio, in accordance with the verdict issued in favor of Ecopetrol S. A. by the Arbitration Court, on the date of expiration of the association contract operated by Mansarovar Energy Colombia LTD. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Variable Income  -  Stock |
|-----|-----------------------------------------------|

|                              |   | Number of sharesand/or quotas |       |   | Participationpercentage |   | Valuationmonth in2010 |   | HistoricalCost |   |   | Intrinsic /Market Value |   |   | Revaluations(provisions) |      |
|----------------------------------------|--------|----------------------------------------------|------------|--------|-------------------------|--------|----------------------------|--------|----------------|--------|--------|-----------------------------------|--------|--------|--------------------------|-----------|
|                              |   |                                         |       |   |                    |   |                       |   |           |   |   |                              |   |   |                     |      |
| STRATEGIC                              |   |                                         |       |   |                    |   |                       |   |           |   |   |                              |   |   |                     |      |
| Sociedad Portuaria de Olefinas         |   |                                         | 249,992    |   |                    |   | 50                         |   | December       |   | $      | 333                               |   |   | $                        | 390       |   |   | $ | 57 |   |
| Zona Franca de Cartagena S. A.         |   |                                         | 290        |   |                    |   | 10                         |   | November       |   |   | 393                               |   |   |                     | 745       |   |   |   | 352 |   |
| Sociedad Portuaria del Dique           |   |                                         | 200        |   |                    |   | 0.5                        |   | November       |   |   | 5                                 |   |   |                     | 5         |   |   |   | - |   |
| Total strategic                        |   |                                         |       |   |                    |   |                       |   |           |   | $      | 731                               |   |   | $                        | 1,140     |   |   | $ | 409 |   |
|                                   |   |                                         |       |   |                    |   |                       |   |           |   |   |                              |   |   |                     |      |   |   |   |   |   |
| NON STRATEGIC                          |   |                                         |       |   |                    |   |                       |   |           |   |   |                              |   |   |                     |      |   |   |   |   |   |
| Empresa de Energía de Bogotá |   |                                         | 6,310,980  |   |                    |   | 7.35                       |   | December       |   | $      | 169,421                           |   |   | $                        | 1,101,266 |   |   | $ | 931,845 |   |
| Interconexión Eléctrica S.A  |   |                                         | 58,925,480 |   |                    |   | 5.32                       |   | December       |   |   | 69,550                            |   |   |                     | 830,850   |   |   |   | 761,300 |   |
| Total non-strategic                    |   |                                         |       |   |                    |   |                       |   |           |   | $      | 238,971                           |   |   | $                        | 1,932,116 |   |   | $ | 1,693,553 |   |

----

| Equity Share            |   | Number of sharesand/or quotas |          |   | Participationpercentage |   |  Valuationmonth in2010 |   | Historicalcost |   |   | Adjusted cost |   |   | Equitymethod effect |    |
|------------------------------|--------|----------------------------------------------|---------------|--------|-------------------------|--------|----------------------------------|--------|----------------|--------|--------|--------------------|--------|--------|--------------------------|---------|
| Significant Influence   |   |                                         |          |   |                    |   |                             |   |           |   |   |               |   |   |                     |    |
| Offshore International Group |   |                                         | 250           |   |                    |   | 50                               |   | December       |   | $      | 404,664            |   |   | $                        | 390,479 |   |   | $ | (14,185 | ) |
| Invercolsa S. A. (1)         |   |                                         | 889,410,047   |   |                    |   | 31.76                            |   | November       |   |   | 60,282             |   |   |                     | 170,523 |   |   |   | 110,241 |   |
| Ecodiesel Colombia S. A.     |   |                                         | 7,750,000,000 |   |                    |   | 50                               |   | November       |   |   | 10,500             |   |   |                     | 11,706  |   |   |   | 1,206 |   |
| Serviport S. A.              |   |                                         | 53,714,116    |   |                    |   | 49                               |   | November       |   |   | 2,081              |   |   |                     | 7,182   |   |   |   | 5,101 |   |
| Amadine Holding(2)           |   |                                         | 500           |   |                    |   | 100                              |   | March          |   |   | 6,657              |   |   |                     | 6,658   |   |   |   | 1 |   |
| Arces Group(2)               |   |                                         | 10,001        |   |                    |   | 100                              |   | March          |   |   | 6,000              |   |   |                     | 3,920   |   |   |   | (2,080 | )  |
| Total                        |   |                                         |          |   |                    |   |                             |   |           |   | $      | 490,184            |   |   | $                        | 590,468 |   |   | $ | 100,284 |   |

| (1) | The 28th Bogota Civil Court issued a decision on February 8, 2007 under which Mr. Fernando Londoño was condemned to return to Ecopetrol the Inversiones de Gases de Colombia S.A. (Invercolsa) shares that he acquired, as well as the amount of dividends he was paid on those shares. This decision was confirmed by the Civil Decision Room of the High Court of Justice (Civil Court), on January 11, 2011, notified through edict dated January 17, 2011. Consequently, this decision has not been entirely finalized and is susceptible to a request for  clarification or supplementary information, as well as appealed is for annulment by the defendant. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | As of December 31, of 2010 these companies were undergoing liquidation proceedings. |
|-----|-------------------------------------------------------------------------------------|

| Company                                                    |   | Assets |      |   | Liabilities |   |      | Equity |   |   | Results of theperiod |   |
|------------------------------------------------------------|--------|--------|-----------|--------|-------------|--------|-----------|--------|--------|--------|--------------------------------|--------|
| Bioenergy S.A.                                             |   | $      | 120,502   |   |        | $      | 19,208    |   |   | $      | 101,294                        |   |   | $ | (3,536 | ) |
| Black Gold Re Ltd                                          |   |   | 236,143   |   |        |   | 12,928    |   |   |   | 223,215                        |   |   |   | 12,215 |   |
| Compounding and Masterbatching Industry Ltda – COMAI |   |   | 110,107   |   |        |   | 39,527    |   |   |   | 70,580                         |   |   |   | 43,243 |   |
| Ecopetrol America Inc                                      |   |   | 950,578   |   |        |   | 27,140    |   |   |   | 923,438                        |   |   |   | (543,198 | ) |
| Ecopetrol Capital AG                                       |   |   | 254,095   |   |        |   | 253,890   |   |   |   | 205                            |   |   |   | - |   |
| Ecopetrol del Perú S. A.                              |   |   | 68,031    |   |        |   | 22,274    |   |   |   | 45,757                         |   |   |   | (94,920 | ) |
| Ecopetrol Oleo é Gas do Brasil Ltda.                  |   |   | 153,490   |   |        |   | 33,957    |   |   |   | 119,533                        |   |   |   | (211,460 | ) |
| Ecopetrol Transportation Investments                       |   |   | 681,468   |   |        |   | 18        |   |   |   | 681,450                        |   |   |   | (18 | ) |
| Hocol Petroleum Limited                                    |   |   | 2,348,365 |   |        |   | 712,051   |   |   |   | 1,636,314                      |   |   |   | 232,762 |   |
| ODL Finance S. A.                                          |   |   | 1,854,165 |   |        |   | 1,414,707 |   |   |   | 439,458                        |   |   |   | 18,553 |   |
| Oleoducto Bicentenario de Colombia S.A.S.                  |   |   | 271,960   |   |        |   | 1,105     |   |   |   | 270,855                        |   |   |   | (16,615 | ) |
| Oleoducto Central S.A.                                     |   |   | 2,140,871 |   |        |   | 1,560,321 |   |   |   | 580,550                        |   |   |   | 277,468 |   |
| Oleoducto de Colombia S.A.                                 |   |   | 333,934   |   |        |   | 55,526    |   |   |   | 278,408                        |   |   |   | (6,052 | ) |
| Polipropileno del Caribe S.A.                              |   |   | 1,062,360 |   |        |   | 426,305   |   |   |   | 636,055                        |   |   |   | 65,439 |   |
| Refineria de Cartagena                                     |   |   | 4,201,911 |   |        |   | 1,475,395 |   |   |   | 2,726,516                      |   |   |   | (305,187 | ) |

----

| Company                                                     |   | Assets |      |   | Liabilities |   |    | Equity |   |   | Results of theperiod |   |
|-------------------------------------------------------------|--------|--------|-----------|--------|-------------|--------|---------|--------|--------|--------|--------------------------------|--------|
| Bioenergy S.A.                                              |   | $      | 64,928    |   |        | $      | 6,593   |   |   | $      | 58,335                         |   |   | $ | (2,476 | ) |
| Black Gold Re Ltd                                           |   |   | 230,652   |   |        |   | 5,384   |   |   |   | 225,268                        |   |   |   | 14,705 |   |
| Compounding and Masterbatching Industry Ltda – COMAI. |   |   | 76,539    |   |        |   | 28,516  |   |   |   | 48,023                         |   |   |   | 27,114 |   |
| Ecopetrol America Inc                                       |   |   | 1,249,328 |   |        |   | 12,880  |   |   |   | 1,236,448                      |   |   |   | (318,609 | ) |
| Ecopetrol del Perú S.A.                                |   |   | 81,228    |   |        |   | 10,450  |   |   |   | 70,778                         |   |   |   | (3,347 | ) |
| Ecopetrol Oleo é Gas do Brasil Ltda.                   |   |   | 31,340    |   |        |   | 10,928  |   |   |   | 20,412                         |   |   |   | (139,743 | ) |
| Hocol Petroleum Limited                                     |   |   | 1,901,317 |   |        |   | 608,693 |   |   |   | 1,292,624                      |   |   |   | 330,590 |   |
| ODL Finance S.A.                                            |   |   | 1,381,021 |   |        |   | 959,245 |   |   |   | 421,776                        |   |   |   | 12,419 |   |
| Oleoducto Central                                           |   |   | 1,773,783 |   |        |   | 63,824  |   |   |   | 1,709,959                      |   |   |   | - |   |
| Oleoducto de Colombia                                       |   |   | 311,550   |   |        |   | 27,090  |   |   |   | 284,460                        |   |   |   | (22,027 | ) |
| Polipropileno del Caribe S.A.                               |   |   | 983,246   |   |        |   | 354,652 |   |   |   | 628,594                        |   |   |   | 47,712 |   |
| Refinería de Cartagena                                 |   |   | 3,046,293 |   |        |   | 572,520 |   |   |   | 2,473,773                      |   |   |   | (127,854 | ) |

| Company                                                |   | Economic Activity                                                                                                                               |   | Net Result2010 |      |   | Net Result2009 |   |
|--------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|---------------------|--------|
| Interconexión Eléctrica S. A. (3)            |   | Operation, maintenance, transmission and sale of electrical energy power.                                                                            |   | $                   | 305,496   |   |                | $      | 371,996 |   |
| Empresa de Energía de Bogotá S. A. E.S.P (1) |   | Electric power transmission                                                                                                                          |   | $                   | 1,074,394 |   |                | $      | 786,888 |   |
| Invercolsa S. A.  (3)                        |   | Investments in energy sector companies including activities inherent to the industry and commerce of hydrocarbons and mining.                        |   | $                   | 87,755    |   |                | $      | 71,903 |   |
| Serviport S. A. (3)                                    |   | Provision of support services for loading and unloading of crude oil ships, supply of equipment for the same purpose, load inspections measurements. |   | $                   | (1,637    | )      |                | $      | 941 |   |
| Ecodiesel Colombia S. A.  (3)                |   | Production, sale and distribution of bio-fuels and oleo-chemicals.                                                                                   |   | $                   | 2,073     |   |                | $      | 336 |   |
| Offshore International Group (1) (2)                   |   | Exploration, development, production and processing of hydrocarbons                                                                                  |   | $                   | 109,283   |   |                | $      | 69,845 |   |

| (1) | Information as of December 2010 |
|-----|---------------------------------|

| (2) | Calculated based on the average market exchange rate (TRM) for each month. |
|-----|----------------------------------------------------------------------------|

| (3) | Information as of November 2010 |
|-----|---------------------------------|

| Maturity                                                |   | 1 - 3 Years |      |   | 3 - 5 Years |   |    | > 5 Years |   |   | Total   |   |
|---------------------------------------------------------|--------|----------------------------|-----------|--------|----------------------------|--------|---------|------------------------|--------|--------|---------|--------|
| Bonds and securities of foreign entities                |   | $                          | 1,968,578 |   |                       | $      | 306,888 |                   |   | $      | -       |   |   | $ | 2,275,466 |   |
| Bonds and securities issued by the Colombian Government |   |                       | 473,358   |   |                       |   | 123,532 |                   |   |   | 45,560  |   |   |   | 642,450 |   |
| Treasury Securities – TES                         |   |                       | 485,038   |   |                       |   | 217,793 |                   |   |   | 364,968 |   |   |   | 1,067,799 |   |
| Specific destination fund                               |   |                       | 144,035   |   |                       |   | 11,872  |                   |   |   | 205,699 |   |   |   | 361,606 |   |
|                                                    |   | $                          | 3,071,009 |   |                       | $      | 660,085 |                   |   | $      | 616,227 |   |   | $ | 4,347,321 |   |

----

| Maturity                                                |   | 1 - 3 Years |      |   | 3 - 5 Years |   |    | > 5 Years |   |   | Total   |   |
|---------------------------------------------------------|--------|----------------------------|-----------|--------|----------------------------|--------|---------|------------------------|--------|--------|---------|--------|
| Bonds and securities of foreign entities                |   | $                          | 1,681,593 |   |                       | $      | 101,843 |                   |   | $      | 51,343  |   |   | $ | 1,834,779 |   |
| Bonds and securities issued by the Colombian Government |   |                       | 311,367   |   |                       |   | 290,672 |                   |   |   | -       |   |   |   | 602,039 |   |
| Fund for legal contingencies                            |   |                       | 61,227    |   |                       |   | 139,009 |                   |   |   | 180,227 |   |   |   | 380,463 |   |
| Treasury Securities – TES                         |   |                       | 36,149    |   |                       |   | 45,905  |                   |   |   | 12,198  |   |   |   | 94,252 |   |
| Other investments                                       |   |                       | 21,703    |   |                       |   | -       |                   |   |   | -       |   |   |   | 21,703 |   |
|                                                    |   | $                          | 2,112,039 |   |                       | $      | 577,429 |                   |   | $      | 243,768 |   |   | $ | 2,933,236 |   |

| 5. | Accounts and Notes Receivable |
|----|-------------------------------|

|                                                                        |   | 2010   |      |   | 2009   |   |
|-----------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Current portion                                                             |   |   |      |   |   |   |
| Customers                                                                   |   |   |      |   |   |   |
| Local                                                                       |   | $      | 868,238   |   |   | $      | 975,743 |   |
| Foreign                                                                     |   |   | 1,282,132 |   |   |   | 1,202,517 |   |
| Other debtors                                                               |   |   | 287,594   |   |   |   | 300,586 |   |
| Price differential to be received from the Ministry of Mines and Energy (1) |   |   | 163,386   |   |   |   | 263,513 |   |
| Reimbursements and investment yields (2)                                    |   |   | 3,141     |   |   |   | 99,798 |   |
| Doubtful accounts                                                           |   |   | 100,218   |   |   |   | 62,038 |   |
| Associations contracts – Joint operations                             |   |   | 60,026    |   |   |   | 85,582 |   |
| Industrial service customers                                                |   |   | 26,241    |   |   |   | 11,965 |   |
| Accounts receivable from employees                                          |   |   | 33,171    |   |   |   | 16,780 |   |
| Notes receivable                                                            |   |   | 13,845    |   |   |   | 14,661 |   |
| Total                                                                       |   |   | 2,837,992 |   |   |   | 3,033,183 |   |
| Less allowance for doubtful accounts                                        |   |   | (101,400  | )      |   |   | (64,063 | ) |
| Total current portion                                                       |   | $      | 2,736,592 |   |   | $      | 2,969,120 |   |
| Long-term portion                                                           |   |   |      |   |   |   |   |   |
| Cavipetrol - Loans to employees (3)                                         |   | $      | 245,824   |   |   | $      | 204,647 |   |
| Credit portfolio (4)                                                        |   |   | 20,156    |   |   |   | 22,129 |   |
| Others                                                                      |   |   | 106,293   |   |   |   | 5 |   |
| Total Long-term portion                                                     |   | $      | 372,273   |   |   | $      | 226,781 |   |

|                        |   | Maturity in days |      |
|---------------------------------------|--------|----------------------------|-----------|
|                        |   | 0 – 180    |      |   | 181 – 360 |   |   | More than 361* |   |
| Current accounts receivable |   | $                          | 1,950,537 |   |   | $ | 33 |   |   | $ | - |   |
| Past Due accounts receivable          |   |                       | 92,043    |   |   |   | 99,872 |   |   |   | 7,885 |   |
|                             |   | $                          | 1,990,684 |   |   | $ | 99,905 |   |   | $ | 7,885 |   |
|                             |   |                       |      |   |   |   |   |   |   |   |   |   |
| Local customers                       |   |                       | 866,684   |   |   |   | 138 |   |   |   | 1,416 |   |
| Foreign customers                     |   |                       | 1,175,896 |   |   |   | 99,767 |   |   |   | 6,469 |   |
|                             |   | $                          | 2,042,580 |   |   | $ | 99,905 |   |   | $ | 7,885 |   |

----

|                         |   | Maturity in days |      |
|------------------------------|--------|----------------------------|-----------|
|                         |   | 0 – 180    |      |   | 181 – 360 |   |   | More than 361* |   |
| Current accounts receivable  |   | $                          | 2,037,815 |   |   | $ | - |   |   | $ | - |   |
| Past Due accounts receivable |   |                       | 127,899   |   |   |   | 5,777 |   |   |   | 6,769 |   |
|                         |   | $                          | 2,165,714 |   |   | $ | 5,777 |   |   | $ | 6,769 |   |
|                         |   |                       |      |   |   |   |   |   |   |   |   |   |
| Local customers              |   |                       | 974,241   |   |   |   | 75 |   |   |   | 1,427 |   |
| Foreign customers            |   |                       | 1,191,473 |   |   |   | 5,702 |   |   |   | 5,342 |   |
|                         |   | $                          | 2,165,714 |   |   | $ | 5,777 |   |   | $ | 6,769 |   |

|                             |   | 2010   |    |   | 2009   |   |   | 2008   |   |
|----------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Initial balance                  |   | $      | 64,063  |   |   | $      | 33,679 |   |   | $ | 28,665 |   |
| Additions (New provisions)       |   |   | 169,789 |   |   |   | 34,608 |   |   |   | 3,100 |   |
| Recoveries                       |   |   | (68,772 | )      |   |   | (779   | )      |   |   | (405 | ) |
| Receivables write-off            |   |   | (60,866 | )      |   |   | -      |   |   |   | - |   |
| Adjustment to existing allowance |   |   | (2,814  | )      |   |   | (3,445 | )      |   |   | 2,319 |   |
| Ending Balance                   |   | $      | 101,400 |   |   | $      | 64,063 |   |   | $ | 33,679 |   |

| (1) | Correspond to accounts receivable from the Ministry of Finance and Public Credit for a total amount of $198,490 regarding the calculation of the regular motor gasoline and Diesel price differential pursuant to Resolution 180522 issued on March 29 of 2010.  As of December 31, 2009the balance comprises $228,762 corresponding to the opportunity cost and $34,751 corresponding to price differences of the regular motor gasoline and Diesel.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes dividends receivable from Interconexión Eléctrica S. A. – ISA for an amount of $2,357 and $2,117 in 2010 and 2009 respectively. In addition, includes $96,669 as a return and yield of investments receivable at December 31, 2009. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | By means of Leg contracts 058-80 of 1980 and 4008928 of 2006, the administration, management and control of loans granted to employees by the Company were given to Cavipetrol. In its capacity as administrator, Cavipetrol acts as custodian in its database and financial system of the detail by employee of said loans and their respective conditions. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year               |   | Amount |    |
|--------------------|--------|--------|---------|
| 2012               |   | $      | 26,795  |   |
| 2013               |   |   | 23,338  |   |
| 2014               |   |   | 20,647  |   |
| 2015 and following |   |   | 175,044 |   |
|               |   | $      | 245,824 |   |

| (4) | A summary of the long-term recovery credit portfolio for each of the following five years is provided below: |
|-----|--------------------------------------------------------------------------------------------------------------|

| Applicable interest rate                                                    |   | Year 1          |   |   | Year 2          |   |   | Year 3          |   |   | Year 4          |   |   | Year 5          |   |
|---------------------------------------------------------------------------------------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|
|                                                              |   | Dec-11 toNov-12 |   |   | Dec-12 toNov-13 |   |   | Dec-13 toNov-14 |   |   | Dec-14 toNov-15 |   |   | Dec-15 toNov-16 |   |
| DTF previous month                                                               |   | $                    | 57     |   |                 | $      | -      |                 |   | $      | -                    |   |   | $                    | -      |   |   | $ | - |   |
| CPI + 6                                                                     |   |                 | 110    |   |                 |   | 70     |                 |   |   | 8                    |   |   |                 | -      |   |   |   | - |   |
| CPI                                                                    |   |                 | 37     |   |                 |   | 19     |                 |   |   | 19                   |   |   |                 | 19     |   |   |   | 97 |   |
| ECP opportunity rate -Bank Average                                               |   |                 | 285    |   |                 |   | -      |                 |   |   | -                    |   |   |                 | -      |   |   |   | - |   |
| DTF + 6 points                                                                   |   |                 | 10     |   |                 |   | -      |                 |   |   | -                    |   |   |                 | -      |   |   |   | - |   |
| Greater between 6% EA and PCI for  semester starting July 2009              |   |                 | 6,500  |   |                 |   | 6,500  |                 |   |   | -                    |   |   |                 | -      |   |   |   | - |   |
| DTF + 6.25% T.A. percent points in its equivalent to E.A, beginning on March 30, 2011 |   |                 | 6,425  |   |                 |   | -      |                 |   |   | -                    |   |   |                 | -      |   |   |   | - |   |
|   Total annual recovery                                                          |   | $                    | 13,424 |   |                 | $      | 6,589  |                 |   | $      | 27                   |   |   | $                    | 19     |   |   | $ | 97 |   |

----

| DTF: | Average of interest rates for fixed term deposits, promulgated by the Superintendency of Finance. |
|------|---------------------------------------------------------------------------------------------------|

| CPI: | Consumer Price Index, as indicated by the Colombian Government. |
|------|-----------------------------------------------------------------|

| ECP: | Ecopetrol |
|------|-----------|

| EA: | Effective Annual Rate |
|-----|-----------------------|

| 6. | Inventories |
|----|-------------|

|                                      |   | 2010   |      |   | 2009   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Finished Products:                        |   |   |      |   |   |   |
| Crude Oil                                 |   | $      | 772,405   |   |   | $      | 763,800 |   |
| Fuels                                     |   |   | 491,565   |   |   |   | 555,359 |   |
| Petrochemicals                            |   |   | 103,007   |   |   |   | 101,302 |   |
| Purchased Products:                       |   |   |      |   |   |   |   |   |
| Fuel                                      |   |   | 165,067   |   |   |   | 84,189 |   |
| Crude oil                                 |   |   | 91,696    |   |   |   | 23,212 |   |
| Petrochemicals                            |   |   | 4,081     |   |   |   | 5,704 |   |
| Raw Materials:                            |   |   |      |   |   |   |   |   |
| Crude oil                                 |   |   | 157,390   |   |   |   | 74,343 |   |
| Petrochemicals                            |   |   | 21,753    |   |   |   | 29,045 |   |
| In-process Products:                      |   |   |      |   |   |   |   |   |
| Fuels                                     |   |   | 335,613   |   |   |   | 316,129 |   |
| Petrochemicals                            |   |   | 10,398    |   |   |   | 19,458 |   |
| Materials for the production of goods     |   |   | 53,252    |   |   |   | 93,298 |   |
| In transit materials                      |   |   | 5,158     |   |   |   | 21,870 |   |
| Total                                     |   |   | 2,211,385 |   |   |   | 2,087,709 |   |
| Less allowance for  inventories |   |   | (19,297   | )      |   |   | (45,012 | ) |
| Total                                     |   | $      | 2,192,088 |   |   | $      | 2,042,697 |   |

|                          |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|-------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Initial balance               |   | $      | 45,012  |   |   | $      | 127,464 |   |   | $ | 80,971 |   |
| Adjustments to allowance, net |   |   | (25,715 | )      |   |   | (82,452 | )      |   |   | 46,493 |   |
| Ending balance                |   | $      | 19,297  |   |   | $      | 45,012  |   |   | $ | 127,464 |   |

----

| 7. | Advances and Deposits |
|----|-----------------------|

|                                |   | 2010   |      |   | 2009   |   |
|-------------------------------------|--------|--------|-----------|--------|--------|--------|
| Short-Term                          |   |   |      |   |   |   |
| Official entities (1)               |   | $      | 1,674,428 |   |   | $      | 2,350,646 |   |
| Advances to investment projects (2) |   |   | 1,163,132 |   |   |   | - |   |
| Partners in joint operations (3)    |   |   | 562,779   |   |   |   | 474,920 |   |
| Custom agents                       |   |   | 37,824    |   |   |   | 12,611 |   |
| Advances to contractors             |   |   | 65,245    |   |   |   | 27,907 |   |
| Agreements (4)                      |   |   | 18,733    |   |   |   | 19,364 |   |
| Advances to employees               |   |   | 968       |   |   |   | 1,053 |   |
| Advances to suppliers               |   |   | 97,208    |   |   |   | 132,278 |   |
| Total short term                    |   |   | 3,620,317 |   |   |   | 3,018,779 |   |
| Long-term                           |   |   |      |   |   |   |   |   |
| Advances and deposits               |   |   | 288,735   |   |   |   | 253,681 |   |
| Total                               |   | $      | 3,909,052 |   |   | $      | 3,272,460 |   |

| (1) | Includes transactions with the National Tax and Customs Administration - DIAN for advance income tax for 2010  in the amount totaling $1,096,649 (2009 - $1,889,555), self-withholdings, and others in the amount of $577,779 (2009 - $461,091). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Advances to investment project for the purchase of BP Exploration Company Colombia Limited for US$637.5 million.  The Ecopetrol participation in this transaction was 51% while Talisman participated in 49%. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Joint Operations: |
|-----|-------------------|

|                                                     | 2010    |                                                                                  | 2009   |
|----------------------------------------------------------|---------|---------------------------------------------------------------------------------------|--------|
| Contracts in which Ecopetrol is not the operator:        |    |                                                                                  |   |   |   |
| Meta Petroleum Ltd.                                      | $  |      287,853                                                 |   |  $  |          73,450 |
| Chevron Petroleum Company                                |    |       81,171                                            |   |   |       76,693 |
| Other operations                                         |    |       22,046                                            |   |   |       61,253 |
| Occidental de Colombia Inc.                              |    |       14,721                                            |   |   |       10,864 |
| Petrobras Colombia Limited                               |    |       12,507                                            |   |   |       33,877 |
| BP Exploration Company Colombia                          |    |       11,204                                            |   |   |       25,845 |
| Perenco Colombia Limited                                 |    |       13,122                                            |   |   |         1,262 |
| CEPSA Colombia S. A.                                     |    |         4,337                                 |   |   |         7,258 |
| Mansarovar Energy Colombia Ltd.                          |    |         3,753                                 |   |   |         3,712 |
| Petrobras Internacional Braspetro B.V.                   |    |         2,321                                 |   |   |         5,042 |
| Occidental Andina LLC                                    |    |               - |   |   |       21,386 |
| BHP Billiton Petroleum Colombia                          |    |               - |   |   |         5,111 |
| Kappa Resources Colombia Ltd.                            |    |               - |   |   |         1,694 |
| Talisman  Perú BV, Sucursal del Perú |    |       19,200                                            |   |   | -  |
| Anadarko Petroleum Corporation                           |    |               - |   |   |         2,495 |
| Petróleo Brasileiro S.A. Petrobras                  |    |              10      |   |   |            120 |
| Petrobras Energía Perú S.A.                    |    |         3,815                                 |   |   | -  |
| HESS BRASIL                                              |    |         3,142                                 |   |   | -  |
| Contracts in which Ecopetrol is the operator:            |    |                                                                                  |   |   |   |
| Oleoducto Caño Limón                           |    |       47,429                                            |   |   |       55,931 |
| Other operations                                         |    |       15,951                                            |   |   | 24,992 |
| JOA Caño Sur                                        |    |       14,816                                            |   |   |         6,135 |
| La Cira                                                  |    |         5,381                                 |   |   |       51,415 |
| Shared risk Catleya                                      |    |               - |   |   |            706 |
| Tibú                                                |    |               - |   |   |         4,120 |
| CRC 2004 – 01                                      |    |               - |   |   |         1,559 |
| Total                                                    | $  |     562,779                                                       |   | $ |        474,920 |

| (1) | Represents the amounts delivered to personnel as advances under the personnel educational plan. |
|-----|-------------------------------------------------------------------------------------------------|

----

| 8. | Prepaid Expenses |
|----|------------------|

|          |   | 2010   |   |   | 2009   |   |
|---------------|--------|--------|--------|--------|--------|--------|
| Insurance (1) |   | $      | 16,514 |   |   | $      | 20,199 |   |
| Others (2)    |   |   | 5,434  |   |   |   | 42,616 |   |
| Total         |   | $      | 21,947 |   |   | $      | 62,815 |   |

| (1) | Out of the insurance policies contracted, $11,614 correspond to Ecopetrol S.A and are effective until April 2011, comprising: i) operating, with a cost of $44,258 and amortization for $33,793 as of December 31, 2010, and ii) administrative expense for $5,061 and amortization of $3,912 at the same date. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes mainly $2,490 of Hocol as an advance payment related to connection and access of the regional transmission facilities to EMSA, in Puerto Gaitán; $881 as resources for acquisition and maintenance of the vehicles assigned to top officers of Ecopetrol through a leasing handled pursuant to Contract No. 5201716 by Cavipetrol. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Property, Plant And Equipment, Net |
|----|------------------------------------|

|                                                           |   | 2010   |        |   | 2009   |   |
|----------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Plant and equipment                                            |   | $      | 15,916,349  |   |   | $      | 13,438,144 |   |
| Construction in progress (1)                                   |   |   | 6,955,251   |   |   |   | 6,487,411 |   |
| Agricultural plantations                                       |   |   | 16,145      |   |   |   | - |   |
| Pipelines, networks and lines                                  |   |   | 15,388,663  |   |   |   | 13,171,399 |   |
| Buildings                                                      |   |   | 3,362,595   |   |   |   | 2,184,484 |   |
| Equipment on deposit and in transit                            |   |   | 1,240,606   |   |   |   | 1,221,822 |   |
| Computer equipment                                             |   |   | 343,633     |   |   |   | 313,891 |   |
| Transportation equipment and other fixed assets                |   |   | 1,556,915   |   |   |   | 389,728 |   |
| Operating materials                                            |   |   | 63,896      |   |   |   | - |   |
| Lands                                                          |   |   | 354,601     |   |   |   | 302,420 |   |
| Total                                                          |   |   | 45,198,654  |   |   |   | 37,509,299 |   |
| Accumulated depreciation                                       |   |   | (21,868,192 | )      |   |   | (20,226,621 | ) |
| Provision for devaluation of property, plant and equipment (2) |   |   | (1,064,204  | )      |   |   | (500,175 | ) |
| Total                                                          |   | $      | 22,266,258  |   |   | $      | 16,782,503 |   |

| (1) | The representative amounts correspond to projects of Ecopetrol S.A such as the Castilla development; drilling projects of the Apiay and Yarigui wells – Direct Operation; drilling projects in the Rubiales field – Joint Operation; construction of the Chichimene Station; construction of the Pozos Colorados-Galan system, and the heavy crude oil transportation infrastructure. In the year 2010 costs were capitalized for $4,380,042, and the project for modernization of Cartagena Refinery for $1,995,138. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The provision for devaluation of property, plant and equipment is made up mainly by $890,607 of Ecopetrol S.A and $168,829 of the Cartagena Refinery, as the result of the appraisal performed on fixed assets. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|-------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
|                                |   |   |      |   |   |   |      |   |   |
| Initial balance                     |   | $      | 500,175   |   |   | $      | 1,093,458 |   |   | $ | 105,118 |   |
| Additions (new provisions)          |   |   | 222,435   |   |   |   | 144,431   |   |   |   | 1,013,116 |   |
| Provision from business combination |   |   | -         |   |   |   | -         |   |   |   | 770 |   |
| Adjustment of existing provisions   |   |   | (171      | )      |   |   | (714,605  | )      |   |   | (6,733 | ) |
| Reversal of prior years provision   |   |   | (7,089    | )      |   |   | -         |   |   |   | - |   |
| Recoveries                          |   |   | (54,816   | )      |   |   | (23,109   | )      |   |   | (18,813 | ) |
| Devaluation of assets before 2006   |   |   | 403,670   |   |   |   | -         |   |   |   | - |   |
| Ending balance                      |   | $      | 1,064,204 |   |   | $      | 500,175   |   |   | $ | 1,093,458 |   |

----

| Type of asset                         |   | Adjusted cost |       |   | Accumulateddepreciation |   |       | Revaluations |   |   | Allowances |   |
|-------------------------------------------------|--------|--------------------|------------|--------|-------------------------|--------|------------|--------------|--------|--------|------------|--------|
| Plant and equipment                   |   | $                  | 15,916,349 |   |                    | $      | 9,774,126  |         |   | $      | 4,308,464  |   |   | $ | (408,265 | ) |
| Pipelines, networks and lines                   |   |               | 15,388,663 |   |                    |   | 9,946,601  |         |   |   | 1,234,652  |   |   |   | (353,284 | ) |
| Construction in progress                        |   |               | 6,955,251  |   |                    |   | -          |         |   |   | -          |   |   |   | - |   |
| Agricultural Plantations                        |   |               | 16,145     |   |                    |   |       |         |   |   |       |   |   |   |   |   |
| Buildings                                       |   |               | 3,362,595  |   |                    |   | 1,277,854  |         |   |   | 1,544,947  |   |   |   | (122,037 | ) |
| Equipment on deposit and in transit             |   |               | 1,240,606  |   |                    |   | -          |         |   |   | -          |   |   |   | - |   |
| Computer equipment                              |   |               | 343,633    |   |                    |   | 252,714    |         |   |   | 39,448     |   |   |   | (13,357 | ) |
| Transportation equipment and other fixed assets |   |               | 1,556,915  |   |                    |   | 616,897    |         |   |   | 414,596    |   |   |   | (165,542 | ) |
| Operating materials                             |   |               | 63,895     |   |                    |   |       |         |   |   |       |   |   |   | (1,574 | ) |
| Land                                            |   |               | 354,601    |   |                    |   | -          |         |   |   | 1,833,015  |   |   |   | (145 | ) |
| Total                                           |   | $                  | 45,198,653 |   |                    | $      | 21,868,192 |         |   | $      | 9,375,123  |   |   | $ | (1,064,204 | ) |

| Type of asset                         |   | Adjusted cost |       |   | Accumulateddepreciation |   |       | Revaluations |   |   | Allowances |   |
|-------------------------------------------------|--------|--------------------|------------|--------|-------------------------|--------|------------|--------------|--------|--------|------------|--------|
|                                            |   |               |       |   |                    |   |       |         |   |   |       |   |
| Plants and equipment                            |   | $                  | 13,438,144 |   |                    | $      | 9,410,022  |         |   | $      | 3,506,575  |   |   | $ | (347,839 | ) |
| Pipelines, networks and lines                   |   |               | 13,171,399 |   |                    |   | 9,373,243  |         |   |   | 787,908    |   |   |   | (71,262 | ) |
| Construction in progress                        |   |               | 6,487,411  |   |                    |   | -          |         |   |   | -          |   |   |   | - |   |
| Buildings                                       |   |               | 2,184,484  |   |                    |   | 966,755    |         |   |   | 777,504    |   |   |   | (67,442 | ) |
| Equipment on deposit and in transit             |   |               | 1,221,822  |   |                    |   | -          |         |   |   | -          |   |   |   | - |   |
| Computer equipment                              |   |               | 313,892    |   |                    |   | 239,540    |         |   |   | 30,425     |   |   |   | (5,636 | ) |
| Transportation equipment and other fixed assets |   |               | 389,727    |   |                    |   | 237,061    |         |   |   | 96,802     |   |   |   | (7,996 | ) |
| Land                                            |   |               | 302,420    |   |                    |   | -          |         |   |   | 162,760    |   |   |   | - |   |
| Total                                           |   | $                  | 37,509,299 |   |                    | $      | 20,226,621 |         |   | $      | 5,361,974  |   |   | $ | (500,175 | ) |

| 10. | Natural and Environmental Resources, Net |
|-----|------------------------------------------|

|                                                                                 |   | 2010   |        |   | 2009   |   |
|--------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Amortizable crude oil investments                                                    |   | $      | 20,245,470  |   |   | $      | 16,574,494 |   |
| Less: Accumulated amortization                                                       |   |   | (10,574,904 | )      |   |   | (8,756,267 | ) |
|                                                                                 |   |   | 9,670,566   |   |   |   | 7,818,227 |   |
| Plugging and abandonment, dismantling of facilities and environmental recovery costs |   |   | 3,074,552   |   |   |   | 2,942,370 |   |
| Less: Accumulated amortization                                                       |   |   | (1,443,451  | )      |   |   | (1,247,047 | ) |
|                                                                                 |   |   | 1,631,101   |   |   |   | 1,695,323 |   |
| Reservoirs and appraisals (1)                                                        |   |   | 701,590     |   |   |   | 701,590 |   |
| Less: Accumulated depletion                                                          |   |   | (612,310    | )      |   |   | (598,330 | ) |
|                                                                                 |   |   | 89,280      |   |   |   | 103,260 |   |
| Exploration in progress                                                              |   |   | 383,592     |   |   |   | 1,538,571 |   |
| Total (2)                                                                            |   | $      | 11,774,539  |   |   | $      | 11,155,381 |   |

| (1) | These reserves were received from the reversals of concession contracts for $520,218 currently administered by Gerencia Sur and $181,372 by Magdalena Medio respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The variance is affected by the developed reserves updated as of 2010 by recalculating the amortization of oil investments and abandonment costs, particularly in Rubiales, Cusiana, Guatiquía, Castilla, Petrólea and Pauto. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Deferred Charges |
|-----|------------------|

|                                         |   | 2010   |      |   | 2009   |   |
|----------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Deferred income tax                          |   | $      | 1,492,942 |   |   | $      | 1,408,659 |   |
| Other deferred charges, net (1)              |   |   | 497,826   |   |   |   | 419,342 |   |
| Charges of deferred monetary correction, net |   |   | 49,372    |   |   |   | 58,528 |   |
|                                         |   | $      | 2,040,140 |   |   | $      | 1,886,529 |   |

| (1) | Includes the investments made in execution of the Business Cooperation Contract entered into by Ecopetrol and Schlumberger, the purpose of which is to obtain incremental production in the Casabe field; such investments are amortized based on the field's technical production units. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Other Assets |
|-----|--------------|

|                                                 |   | 2010   |      |   | 2009   |   |
|------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Goodwill (1)                                         |   | $      | 2,508,402 |   |   | $      | 2,507,552 |   |
| Deposits held in trust                               |   |   | 294,899   |   |   |   | 258,745 |   |
| Intangibles: Trademarks, licenses, patents, software |   |   | 129,610   |   |   |   | 96,027 |   |
| Trust funds (2)                                      |   |   | 80,490    |   |   |   | 83,342 |   |
| National Royalties Fund (3)                          |   |   | 79,653    |   |   |   | 76,185 |   |
| Other assets  (4)                          |   |   | 58,552    |   |   |   | 12,847 |   |
|                                                 |   | $      | 3,151,606 |   |   | $      | 3,034,698 |   |

| (1) | Goodwill corresponds to Ecopetrol S.A. and is comprised by: |
|-----|-------------------------------------------------------------|

|   | i) | $582,280 (2009 - $621,099) to the net amount between goodwill paid and the monthly amortization as of December 31, 2010 of $103,335 (2009 - $64,516), relating to the acquisition of Andean Chemicals Ltd and Polipropileno del Caribe S. A., with an estimated amortization term of 17 years and 8 months determined based on the net present value of the investment reduced by the amount of the estimated future cash flows from the time of acquisition. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | $711,667 (2009 - $773,492) to the purchase of Offshore International Group, which is subject to the adjustments that may arise to the purchase price, with an  estimated term for amortization of 14 years, determined based of the valuation of the reserves in block Z2B, the only block from the time of acquisition. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | At December 31, 2010, the amount payable for $284,583 (equivalent to US$148.7 million) estimated for the contractually established adjustments in the purchase price based on the WTI crude oil average price, recognized as the greater value of the goodwill. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Amortization accumulated as of December 31, 2010, amounts to $76,376 (2009 - $48,502). |
|--------|----------------------------------------------------------------------------------------|

|   |   iii) | $471,449 (2009 - $507,255) generated as a result of the purchase of IPL Enterprises (now Ecopetrol Transportation Company) with an estimated term for amortization of 15 years determined based on Ocensa’s outstanding contractual agreements as of the date of the negotiation. The cumulative amortization as of December 31, 2010 amounts to $65,645 (2009 - $29,839). |
|--------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   iv) | $743,006 (2009 - $605,706) corresponding to the acquisition of Hocol Petroleum Limited with an estimated term for amortization of 16 years determined based on the net present value of the estimated future cash flows from the time of acquisition |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | As of December 31, 2010,  the contractually established adjustments in the purchase price based on the WTI crude oil average price and on the exploratory results of the Huron well, for $176,590, were recognized as the greater value of the goodwill. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes (i) Contributions and share in amount of $66,853 into the National Hydrocarbons Fund created to support future hydrocarbon investment, exploration and production contracts in minor fields, projects managed by the private equity fund of  Hydrocarbons of Colombia, (ii) Contributions of $4,099 to the Procuraduria Fund created for general benefit projects in municipalities near the Cicuco field under the Company’s direct operation: Cicuco, Mompox and Talaigua Nueva (the objective of the fund is to disburse the amounts according to each project development, which will be carried out by the municipalities through agreements with Incoder and the Ministry of Environment) and (iii) Contributions of $9,538 to the Colpet, Condor and Sagoc Fund for possible contingencies in the liquidation of these former subsidiaries. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Corresponds to the FAEP deposits to the National Royalties Fund in favor of Ecopetrol. Its sole purpose is the payment of debts and financing for development projects and programs in hydrocarbon producing and non-producing municipalities and departments. Ecopetrol disburses amounts after the Ministry of Finance issues the corresponding approvals. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes restricted funds in amount of $37,304 (2009 - $11,815) mainly represented by legal deposits destined to attend labor, civil and tax claims. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Financial Obligations |
|-----|-----------------------|

|                     |   | 2010   |      |   | 2009   |   |
|--------------------------|--------|--------|-----------|--------|--------|--------|
| Short-term               |   |   |      |   |   |   |
| Foreign currency debt    |   | $      | 226,726   |   |   | $      | 101,968 |   |
| Issued bonds             |   |   | 133,285   |   |   |   | - |   |
| Local currency debt (1)  |   |   | 719,158   |   |   |   | 335,113 |   |
| Total Short-term         |   |   | 1,079,169 |   |   |   | 437,081 |   |
| Long-term                |   |   |      |   |   |   |   |   |
| Local currency debt (1)  |   |   | 3,962,745 |   |   |   | 2,648,009 |   |
| Issued bonds (3)         |   |   | 1,000,000 |   |   |   | 3,052,500 |   |
| Foreign currency debt(2) |   |   | 2,870,970 |   |   |   | 13,845 |   |
| Total Long-term          |   |   | 7,833,715 |   |   |   | 5,714,354 |   |
| Total                    |   | $      | 8,912,884 |   |   | $      | 6,151,435 |   |

| (1) | Includes mainly the syndicated loan with eleven local banks for an initial amount of $2,220,200, destined to finance investment programs of Ecopetrol S. A. The conditions applicable to this loan are the following: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Company                          |   | Amount |      |
|----------------------------------|--------|--------|-----------|
| Oleoducto Central S.A.           |   | $      | 1,110,035 |   |
| Refinería de Cartagena S.A. |   |   | 1,274,796 |   |
| Polipropileno del Caribe S.A.    |   |   | 279,409   |   |
| Total                            |   | $      | 2,664,240 |   |

| (2) | On July 23, 2009, the Company issued pursuant to Rule 144A/Regulation S US$ 1.5 billion, of 7.625% unsecured and unsubordinated notes,  due in 2019 with registration rights. The notes were later registered and listed on the New York Stock Exchange with the Securities and Exchange Commission of the United States. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Through Resolution No. 3150 of October 20, 2010, Ecopetrol S. A. was authorized by the Ministry of Finance and Public Credit to issue, subscribe and place internal government debt bonds for up to one billion pesos, aimed at financing the Investment Plan of Ecopetrol in 2010.  Subsequently, through Resolution No. 2176 of November 11, 2010, the Company obtained authorization from the Superintendency of Finance to register its internal government debt bonds with the National Register of Securities and Issuing Agencies and to place its public offering. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|            |   |
|-----------------|--------|
| Redemption Term |   | 5 years |   |   | 7 years |   |   | 10 years |   |   | 30 years |   |
| Rate            |   | IPC + 2.80 | %  |   | IPC + 3.30 | %  |   | IPC + 3.94 | %  |   | IPC + 4.90 | %  |
| Sum (millions)  |   | $ | 97,100 |   |   | $ | 138,700 |   |   | $ | 479,900 |   |   | $ | 284,300 |   |

| 14. | Accounts Payable and Transactions with Related Parties |
|-----|--------------------------------------------------------|

| Short-term                                                              |   | 2010   |      |   | 2009   |   |
|-------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Suppliers                                                               |   | $      | 1,762,461 |   |   | $      | 1,207,724 |   |
| Advances from Partners                                                  |   |   | 713,405   |   |   |   | 555,620 |   |
| Purchase of hydrocarbons from the Agencia Nacional de Hidrocarburos-ANH |   |   | 554,381   |   |   |   | 441,533 |   |
| Deposits received from third parties                                    |   |   | 521,781   |   |   |   | 817,937 |   |
| Other payables                                                          |   |   | 442,115   |   |   |   | 109,952 |   |
| Reimbursement of exploratory costs                                      |   |   | 65,028    |   |   |   | 141,775 |   |
| Dividends payable (1)                                                   |   |   | 3,431     |   |   |   | 3,510 |   |
| Insurance and reinsurance payable                                       |   |   | -         |   |   |   | 2,181 |   |
| Total Short-term                                                        |   | $      | 4,062,602 |   |   | $      | 3,280,232 |   |
| Long-term                                                               |   |   |      |   |   |   |   |   |
| Other payable (2)                                                       |   |   | 504,046   |   |   |   | 51,154 |   |
| Total Long-term                                                         |   | $      | 504,046   |   |   | $      | 51,154 |   |

| (1) | Corresponds to dividends payable to shareholders whose installment payment for the purchase of their stock are in arrears and whose economic and political rights have been suspended, pursuant to Article 397 of the Commercial Code, and will be restored once the installment payments are brought up to date. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Corresponds to Fiduciary Duty for ODL Finance in order to complete the funds required to leverage expansion projects. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| 15. | Taxes Payable |
|-----|---------------|

|                                        |   |   |      |   |   |   |
|---------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                        |   | 2010   |      |   | 2009   |   |
| Income tax and other taxes                  |   | $      | 3,175,500 |   |   | $      | 1,940,756 |   |
| Income and VAT withholdings                 |   |   | 197,294   |   |   |   | 194,217 |   |
| Special tax and surcharge on gasoline (1)   |   |   | 110,128   |   |   |   | 124,667 |   |
| Sales tax payable                           |   |   | 47,418    |   |   |   | 49,675 |   |
| Industry and commerce and other minor taxes |   |   | 58,923    |   |   |   | 123,707 |   |
| Total                                       |   | $      | 3,589,263 |   |   | $      | 2,433,022 |   |

| (1) | This tax is levied on sales and/or consumption of regular and premium gasoline and diesel. The funds collected for this tax are paid to the National Treasury Office of the Ministry of Finance and/or regional entities. The special tax is paid on the basis of the percentage participation of each beneficiary in the national monthly consumption of regular and premium gasoline. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                         |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Current income tax |   | $      | 3,201,041 |   |   | $      | 1,948,819 |   |   | $ | 3,611,020 |   |
| Deferred tax:                |   |   |      |   |   |   |      |   |   |   |   |   |
| Asset                        |   |   | (100,899  | )      |   |   | (69,230   | )      |   |   | 494,757 |   |
| Liability                    |   |   | 138,508   |   |   |   | 234,440   |   |   |   | 276,205 |   |
|                         |   | $      | 37,609    |   |   | $      | 165,210   |   |   | $ | 770,962 |   |
|                         |   | $      | 3,238,650 |   |   | $      | 2,114,029 |   |   | $ | 4,381,982 |   |

|                              |   | 2010   |      |   | 2009   |   |
|-----------------------------------|--------|--------|-----------|--------|--------|--------|
| Deferred tax asset:               |   |   |      |   |   |   |
| Initial balance                   |   | $      | 1,408,659 |   |   | $      | 1,285,648 |   |
| Additions (*)                     |   |   | 88,417    |   |   |   | 69,230 |   |
| Incorporated subsidiaries balance |   |   | -         |   |   |   | 53,781 |   |
| Final balance                     |   | $      | 1,497,076 |   |   | $      | 1,408,659 |   |
| Deferred tax liability:           |   |   |      |   |   |   |   |   |
| Initial balance                   |   | $      | 1,194,848 |   |   | $      | 944,816 |   |
| Additions (*)                     |   |   | 138,508   |   |   |   | 234,438 |   |
| Incorporated subsidiaries balance |   |   | -         |   |   |   | 15,594 |   |
| Final balance                     |   | $      | 1,333,356 |   |   | $      | 1,194,848 |   |

----

|                                                     |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|----------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Income before income taxes                               |   | $      | 11,492,617 |   |   | $      | 7,250,844  |   |   | $ | 16,011,204 |   |
| Monetary correction gain                                 |   |   | (1,921     | )      |   |   | (3,471     | )      |   |   | 25,300 |   |
| Effect of tax inflation adjustment                       |   |   | (99,527    | )      |   |   | 108,615    |   |   |   | (87,788 | ) |
| Non deductible costs and expenses                        |   |   | 2,184,555  |   |   |   | 1,256,081  |   |   |   | 813,248 |   |
| Special deductions and deductible tax expenses           |   |   | (3,796,230 | )      |   |   | (3,291,472 | )      |   |   | (2,837,230 | ) |
| Other taxable income                                     |   |   | 158,949    |   |   |   | 182,199    |   |   |   | 1,085,307 |   |
| Income not constituting income or capital gains          |   |   | (160,600   | )      |   |   | (126,460   | )      |   |   | (907,847 | ) |
| Non taxable income                                       |   |   | (1,037,204 | )      |   |   | (727,029   | )      |   |   | (1,185,857 | ) |
| Non deductible provisions                                |   |   | 681,644    |   |   |   | 574,403    |   |   |   | 243,623 |   |
| Income pension trusts                                    |   |   | (96,695    | )      |   |   | -          |   |   |   | - |   |
| Non taxable trust funds yields                           |   |   | 1,001,082  |   |   |   | (250,265   | )      |   |   | (890,538 | ) |
| Net exempt income                                        |   |   | (199,949   | )      |   |   | (29,540    | )      |   |   | (1,372,083 | ) |
| Excess of presumptive over ordinary income               |   |   | 65,578     |   |   |   | 403,226    |   |   |   | - |   |
| Net effect of consolidation of  taxable income |   |   | (814,687   | )      |   |   | (443,949   | )      |   |   | 75,269 |   |
| Net taxable income                                       |   | $      | 9,377,612  |   |   | $      | 4,932,722  |   |   | $ | 10,972,608 |   |
| Net current income tax                                   |   | $      | 3,201,041  |   |   | $      | 1,948,819  |   |   | $ | 3,611,020 |   |

| 16. | Labor Obligations |
|-----|-------------------|

|                                           |   | 2010   |      |   | 2009   |   |
|------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Short-term                                     |   |   |      |   |   |   |
| Vacations                                      |   | $      | 63,217    |   |   | $      | 47,061 |   |
| Bonuses and allowances(1)                      |   |   | 26,487    |   |   |   | 57,022 |   |
| Severance                                      |   |   | 39,828    |   |   |   | 42,598 |   |
| Salaries and pensions payable                  |   |   | 24,712    |   |   |   | 13,078 |   |
| Interest on severance                          |   |   | 3,884     |   |   |   | 3,347 |   |
| Others                                         |   |   | 2,119     |   |   |   | 2,357 |   |
| Total short-term                               |   |   | 160,247   |   |   |   | 165,463 |   |
| Long-term                                      |   |   |      |   |   |   |   |   |
| Health and education actuarial liabilities (2) |   |   | 2,729,318 |   |   |   | 2,583,117 |   |
| Retirement pensions joint operations           |   |   | 76,725    |   |   |   | 77,826 |   |
| Others                                         |   |   | 7,978     |   |   |   | 8,388 |   |
| Total Long-term                                |   |   | 2,814,021 |   |   |   | 2,669,331 |   |
| Total                                          |   | $      | 2,974,268 |   |   | $      | 2,834,794 |   |

| (1) | The reduction effect in some fringe benefits is derived from payment of the termination benefits to 685 active employees who retired in 2010, using the $4.5 billion retirement bonus provision.  The 2009 balance included a $30 billion provision for payment of the variable compensation bonus to employees in 2010. At December 31, 2010, this provision was not recorded, as the targets to obtain the benefit were not met. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | The health and education actuarial calculations were based on the new Mortality Tables replaced in 2010.  As a result of the change in the amortization accounting principle, the increase in the health actuarial obligation calculation amounted to $806,807, which will be amortized over 5 years as of 2010.  Up to 2009, the annual increase was recorded as period expense as the actuarial calculation was 100%  amortized.  The education actuarial liability is 100% amortized and its reduction in 2010 was recorded as income for the period. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Item                                                    |   | 2010   |      |   | 2009   |   |
|--------|---------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|   | Health obligation actuarial calculation                 |   | $      | 2,884,559 |   |   | $      | 2,077,752 |   |
|   | Less – Actuarial calculation pending amortization |   |   | (645,445  | )      |   |   | - |   |
|   | Amortized actuarial liabilities                         |   | $      | 2,239,114 |   |   | $      | 2,077,752 |   |

|               |   | 2010   |      |   | 2009   |   |      | Variation |   |
|--------------------|--------|--------|-----------|--------|--------|--------|-----------|-----------|--------|
| Health             |   |   |      |   |   |   |      |      |   |
| Active personnel   |   | $      | 302,553   |   |   | $      | 287,909   |      |   | $ | 14,644 |   |
| Pensioned retirees |   |   | 1,936,560 |   |   |   | 1,789,843 |      |   |   | 146,717 |   |
| Education          |   |   |      |   |   |   |      |      |   |   |   |   |
| Active personnel   |   |   | 104,606   |   |   |   | 104,951   |      |   |   | (345 | ) |
| Pensioned retirees |   |   | 385,599   |   |   |   | 400,414   |      |   |   | (14,815 | ) |
| Totals             |   | $      | 2,729,318 |   |   | $      | 2,583,117 |      |   | $ | 146,201 |   |

|                                                              |   | Headcount |   |
|-------------------------------------------------------------------|--------|-----------|--------|
|                                                              |   | 2010      |   |   | 2009 |   |
| Health care and education reserve (active and pensioned retirees) |   | $         | 18,337 |   |   | $ | 17,901 |   |

| 17. | Estimated Liabilities and Provisions |
|-----|--------------------------------------|

|                                                                                      |   | 2010   |      |   | 2009   |   |
|-------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Short-term                                                                                |   |   |      |   |   |   |
| Provision for legal proceedings (1) (See Note 30)                                         |   | $      | 663,932   |   |   | $      | 680,022 |   |
| Other provisions                                                                          |   |   | 206,179   |   |   |   | 192,631 |   |
| Provision for pension obligations (2)                                                     |   |   | 102,478   |   |   |   | 180,797 |   |
| Provisions for contingencies (3)                                                          |   |   | 39,602    |   |   |   | 96,859 |   |
| Provision for abandonment costs (4)                                                       |   |   | 139,106   |   |   |   | 4,106 |   |
| Short-term Total                                                                          |   | $      | 1,151,297 |   |   | $      | 1,154,415 |   |
| Long- term                                                                                |   |   |      |   |   |   |   |   |
| Provision for abandonment, dismantling of facilities and environmental recovery costs (4) |   |   | 2,995,281 |   |   |   | 3,013,097 |   |
| Provision for royalties (5)                                                               |   |   | 391,021   |   |   |   | 380,933 |   |
| Other provisions                                                                          |   |   | 12,301    |   |   |   | 17,947 |   |
| Long-term Total                                                                           |   |   | 3,398,603 |   |   |   | 3,411,977 |   |
| Total                                                                                     |   | $      | 4,549,900 |   |   | $      | 4,566,392 |   |

| (1) | The movement of the provisions for legal proceedings is the following during the years 2009 and 2010 : |
|-----|--------------------------------------------------------------------------------------------------------|

|         |   | Number of cases |   |   | Provisions amount |   |
|--------------------------------------------|--------|---------------------------|--------|--------|------------------------|--------|
| Initial balance as of December 2008        |   |                      | 603    |   |                   | $      | 547,942 |   |
| Additions (new provision)                  |   |                      | 252    |   |                   |   | 36,714 |   |
| Adjustments to existing provisions         |   |                      | (135   | )      |                   |   | 122,691 |   |
| Recoveries                                 |   |                      | (29    | )      |                   |   | (27,325 | ) |
| Initial balance as of December 2009        |   |                      | 691    |   |                   |   | 680,022 |   |
| Additions (new provisions)                 |   |                      | 235    |   |                   |   | 63,020 |   |
| Adjustments to existing provisions         |   |                      | -      |   |                   |   | 19,320 |   |
| Reincorporation for transfer of processes  |   |                      | 76     |   |                   |   | 43,548 |   |
| Finished processes                         |   |                      | (141   | )      |                   |   | (80,237 | ) |
| Transfer of processes                      |   |                      | (39    | )      |                   |   | (61,741 | ) |
| Ending balance as of December 2010         |   |                      | 822    |   |                   | $      | 663,932 |   |

----

| (2) | Corresponds to the estimated pending pension contributions of employees who joined Ecopetrol after January 29, 2003 (Law 797 of 2003) and until the first quarter of 2004, who were covered by the General Pension Regulations. In additionthe provision for the contingency of losing legal actions for the protection of labor related rights. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | It is comprised by $22,973 for probable payment claims from PDVSA for the cleaning and decontamination tasks at Maracaibo lake in Venezuela; $14,850, related to spillages with environmental impact; $500 related to the retirement bonus for Hocol S.A. personnel, still in process; $560 related to the success commission payable to the attorney in law attending the suit filed by Industrias Crizasa against Ecopetrol S. A., and $719 related to potential liabilities in arbitration decisions. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The Production Vice-Presidency of Ecopetrol carried out the update to June 2010 of the estimated costs of abandonment, dismantling of facilities and environmental recovery. Variation in regard to December 2009 for $160,454  includes the effect from foreign currency exchange in the amount of $818; and the use of liabilities related to the abandonment of wells in the amount of $32,131. Within these, the most representative fields are: Casabe $9,966; Tibú $5,944, Lisama $3,525 and Cusiana $3,237. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                   |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Initial Balance        |   | $      | 3,017,203 |   |   | $      | 1,964,756 |   |   | $ | 1,528,374 |   |
| Retirements and other  |   |   | (27,414   | )      |   |   | (21,964   | )      |   |   | (2,853 | ) |
| Additions              |   |   | 282,229   |   |   |   | 1,188,670 |   |   |   | 54,418 |   |
| Changes in estimation  |   |   | -         |   |   |   | 80,243    |   |   |   | 208,131 |   |
| Transfer to short term |   |   | (136,151  | )      |   |   | -         |   |   |   | - |   |
| Exchange rate effect   |   |   | (1,480    | )      |   |   | (194,502  | )      |   |   | 176,686 |   |
| Final Balance          |   | $      | 3,134,387 |   |   | $      | 3,017,203 |   |   | $ | 1,964,756 |   |

| (5) | Includes the provision to cover the claim from the Community of Santiago de las Atalayas and Pueblo Viejo of Cusiana, originated in Royalties Contracts N. 15, 15a and 16 and 16a executed with Ecopetrol, but declared null and void by the Council of State. From said amount, $90,752 corresponds to the amount initially recognized by Ecopetrol, together with the valuation of the fund where the amounts are invested and $300,269 of interest generated. The ruling on the extraordinary appeal presented by the Community is pending. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | Other Long-Term Liabilities |
|-----|-----------------------------|

|                                               |   | 2010   |      |   | 2009   |   |
|----------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Deferred income tax liability                      |   | $      | 1,333,356 |   |   | $      | 1,194,848 |   |
| Advances received from Ecogas for BOMT obligations |   |   | 799,950   |   |   |   | 996,787 |   |
| Credit for deferred monetary correction            |   |   | 169,048   |   |   |   | 200,230 |   |
| Other liabilities (1)                              |   |   | 59,907    |   |   |   | 339,355 |   |
| Total                                              |   | $      | 2,362,261 |   |   | $      | 2,731,220 |   |

|   | (1) | Includes $42,118 from Hocol for remittance tax. |
|--------|-----|-------------------------------------------------|

----

| 19. | Non-Controlling Interest |
|-----|--------------------------|

|                         |   | 2010   |    |   | 2009   |   |    | % of other shareholders 2010 |   |
|------------------------------|--------|--------|---------|--------|--------|--------|---------|--------------------------------------------------|--------|
| Oleoducto Central S.A.       |   | $      | 232,244 |   |   | $      | 684,054 |                                             |   |   | 40 |   |
| ODL Finance S.A.             |   |   | 153,810 |   |   |   | 147,621 |                                             |   |   | 35 |   |
| Oleoducto de Colombia        |   |   | 95,856  |   |   |   | 97,940  |                                             |   |   | 34.43 |   |
| Bioenergy S.A.               |   |   | 11,550  |   |   |   | 11,696  |                                             |   |   | 11.4 |   |
| Oleoducto Bicentenario S.A.S |   |   | (7,509  | )      |   |   | -       |                                             |   |   | 44 |   |
| Total                        |   | $      | 485,951 |   |   | $      | 941,311 |                                             |   |   |   |   |

| 20. | Equity |
|-----|--------|

|                                   |   | 2010   |       |   | 2009   |   |
|----------------------------------------|--------|--------|------------|--------|--------|--------|
| Authorized capital                     |   | $      | 15,000,000 |   |   | $      | 15,000,000 |   |
| Capital to be subscribed               |   |   | (4,881,872 | )      |   |   | (4,881,872 | ) |
| Subscribed Capital                     |   |   | 10,118,128 |   |   |   | 10,118,128 |   |
| Subscribed capital pending payment     |   |   | -          |   |   |   | (337 | ) |
| Subscribed and paid-in capital         |   |   | 10,118,128 |   |   |   | 10,117,791 |   |
| Additional paid-in capital             |   |   | 4,721,700  |   |   |   | 4,721,457 |   |
| Additional paid-in capital receivable  |   |   | (1,192     | )      |   |   | (1,137 | ) |
| Additional paid-in capital             |   |   | 4,720,508  |   |   |   | 4,720,320 |   |
| Surplus from revaluations              |   |   | 11,068,676 |   |   |   | 6,391,417 |   |
| Devaluation of assets                  |   |   | (701,694   | )      |   |   | (298,024 | ) |
| Responsibilities from pending rulings  |   |   | (781       | )      |   |   | (781 | ) |
| Effects of RCP application             |   |   | (702,475   | )      |   |   | (298,805 | ) |
| Net income                             |   |   | 8,146,471  |   |   |   | 5,132,054 |   |
| Legal reserve                          |   |   | 4,117,020  |   |   |   | 3,591,397 |   |
| Appropriation for investment programs  |   |   | 2,615,718  |   |   |   | 1,568,107 |   |
| Accounting clearance                   |   |   | 17,804     |   |   |   | 17,804 |   |
| Surplus from equity method             |   |   | 1,377,240  |   |   |   | 1,287,118 |   |
| Incorporated institutional equity      |   |   | 139,548    |   |   |   | 137,725 |   |
| Foreign exchange conversion adjustment |   |   | (290,457   | )      |   |   | (94,971 | ) |
| Total equity                           |   | $      | 41,328,181 |   |   | $      | 32,569,957 |   |

----

| 21. | Memorandum Accounts |
|-----|---------------------|

|                                                     |   | 2010   |        |   | 2009   |   |
|----------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Debtor / Rights                                          |   |   |        |   |   |   |
| Exploitation Rights - Decree 727 of 2007 (1)             |   | $      | 72,619,793  |   |   | $      | 46,503,863 |   |
| Other contingent rights and debtor accounts (2)          |   |   | 15,562,589  |   |   |   | 11,480,671 |   |
| Costs and expenses (deductible and non-deductible)       |   |   | 14,027,907  |   |   |   | 14,736,354 |   |
| Pension Trust funds (3)                                  |   |   | 11,202,556  |   |   |   | 10,971,723 |   |
| Securities given in custody and guarantee                |   |   | 4,290,149   |   |   |   | 3,045,181 |   |
| Execution of investment projects                         |   |   | 751,827     |   |   |   | 780,040 |   |
| Legal proceedings                                        |   |   | 584,774     |   |   |   | 441,675 |   |
| Total                                                    |   |   | 119,039,595 |   |   |   | 87,959,507 |   |
| Creditor / Obligations                                   |   |   |        |   |   |   |   |   |
| Legal proceedings                                        |   |   | 32,228,241  |   |   |   | 2,283,219 |   |
| Goods received in custody (4)                            |   |   | 17,981,352  |   |   |   | 7,949,960 |   |
| Contractual guarantees (5)                               |   |   | 14,864,210  |   |   |   | 12,420,129 |   |
| Pension trust funds                                      |   |   | 10,861,969  |   |   |   | 10,899,026 |   |
| Non-tax liabilities                                      |   |   | 6,817,853   |   |   |   | 5,205,671 |   |
| Other contingent obligations  (6)              |   |   | 7,096,874   |   |   |   | 3,403,368 |   |
| Potential obligation – pension liabilities (7)     |   |   | 1,603,998   |   |   |   | - |   |
| Non-taxable income                                       |   |   | 1,555,073   |   |   |   | 5,826,947 |   |
| Mandate contracts (8)                                    |   |   | 1,433,804   |   |   |   | 1,460,073 |   |
| Assets and rights received in guarantee (9)              |   |   | 1,220,162   |   |   |   | - |   |
| Administration Funds - Dec 1939 of 2001 and 2652 of 2002 |   |   | 964,872     |   |   |   | 972,641 |   |
| Future BOMT payments                                     |   |   | 352,615     |   |   |   | 504,288 |   |
| Total                                                    |   |   | 96,981,023  |   |   |   | 50,925,322 |   |
|                                                     |   | $      | 216,020,618 |   |   | $      | 138,884,829 |   |

| (1) | This value corresponds to Ecopetrol ́s exploration and production rights, recognized in accordance with Decree 727 of 2007, valued as of December 31, 2010 and 2009 based on the volumes of the audited reserves study and applying the average price determined in accordance with the SEC methodology. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Balance of the tax memorandum accounts groups the differences between the values of both equity and results accounts taken from the tax return for 2009 and the accounting balances. Differences correspond to concepts such as revaluations and provisions not accepted by tax regulations, the difference in the method for amortization of crude oil investments which for accounting purposes is made by production units and for tax purposes by the straight-line method, and the effect of the generated inflation adjustment, among others. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Reflects the contingent right (debt account) for resources allocated to the Pension Autonomous Equity, for payment of the commuted pension liability, in order to control the existence of liquid resources in the autonomous equity.  The commuted value (transferred) as of December 31, 2010, amounts to $11,202,556 (on commuting date at December 31, 2008 - $10,092,528), corresponds to the pension liability by pension monthly payments, parties installments and pension bonuses; health and education related items are within the pension liability of Ecopetrol.  The destination of commuted resources, as well as their yield, cannot be changed, nor  returned to the Company before complying in full with all pension liabilities. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 |   | 2010   |       |   | 2009   |   |
|------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Consorcio Fiducafé - Fiduprevisora - Fidupetrol |   | $      | 2,349,054  |   |   | $      | 2,299,552 |   |
| Consorcio Fiducolombia - Santander Investment        |   |   | 2,206,364  |   |   |   | 1,622,860 |   |
| Consorcio Fidupopular - Fiduoccidente                |   |   | 2,061,664  |   |   |   | 2,032,621 |   |
| Consorcio BBVA - Fidubogotá - Corficolombiana   |   |   | 1,929,035  |   |   |   | 1,331,711 |   |
| Consorcio Fidubogotá - Fiducolpatria            |   |   | 1,328,292  |   |   |   | 2,378,039 |   |
| Consorcio Fiduagraria - Fiducoldex - Helm Trust      |   |   | 1,328,147  |   |   |   | 1,306,940 |   |
| Total                                                |   | $      | 11,202,556 |   |   | $      | 10,971,723 |   |

| (4) | Comprises royalties corresponding to the balance of Ecopetrol reserves of $17,912 billion, calculated at SEC prices.  In addition, the balance is represented by the inventory of products sold, the delivery of which is pending, in the amount of $68.3 billion, and inventory of materials on consignment for own consumption at the various plants, in the amount of $293. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Comprises contracts ending execution and entered into in pesos, dollars and Euros, updated to the market representative rate as of December 31, 2010 for $14,223,368; stand-by letters of credit, which guarantee the contracts subscribed to by Ecopetrol in the amount of $433,469, and documentary letters for $203,890. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Includes mainly the closed pledge for $2,664,240 on the shares owned by Ecopetrol S.A., directly or indirectly, in Oleoducto Central, Refinería de Cartagena S. A. and Polipropileno del Caribe S. A., guaranteeing 120% of the amount of the syndicated loan granted by the local banks. (See Note 14). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Comprises the actuarial calculation value of monthly pension payments, pension quotas, parts and bonuses as of December 31, 2009, plus the amortized portion of the increase in the 2010 actuarial calculation.  As a result of the change in the amortization accounting principle under Colombian GAAP in 2010, the $2,004 billion increase of the actuarial calculation will be amortized over 5 years as of 2010. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Item                                                          |   | 2010   |       |   | 2009   |   |
|--------|---------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|   | Actuarial calculation of monthly pension payments and bonuses |   | $      | 12,465,967 |   |   | $      | 10,899,026 |   |
|   | Less – Actuarial calculation pending amortization       |   |   | (1,603,998 | )      |   |   | - |   |
|   | Amortized actuarial liabilities                               |   | $      | 10,861,969 |   |   | $      | 10,899,026 |   |

|   | Item                                                     |   | Number of people |   |
|--------|----------------------------------------------------------|--------|----------------------------|--------|
|   | Bonus reserve – retired personnel                  |   |                       | 9,845  |   |
|   | Bonus reserve – personnel to be retired after 2010 |   |                       | 2,967  |   |
|   | Pension reserve  (active and retirees)         |   |                       | 13,357 |   |

----

|  (1) | Includes the value of assets received in custody from Refinería de Cartagena S. A., to fulfill obligations acquired by virtue of the mandate agreement subscribed to between the Company and this corporation for the operation of the refinery. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Corresponds to the guarantees given by BP Exploration Company resulting from the purchase transaction with this company in August 2010 for US$ 637.5 million. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22. | Revenue |
|-----|---------|

|                                             |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|--------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Local sales                                      |   |   |       |   |   |   |       |   |   |
| Medium distillates                               |   | $      | 7,099,176  |   |   | $      | 5,738,586  |   |   | $ | 5,914,627 |   |
| Gasoline                                         |   |   | 4,302,282  |   |   |   | 4,374,781  |   |   |   | 3,644,345 |   |
| Services                                         |   |   | 1,947,829  |   |   |   | 1,113,075  |   |   |   | 921,652 |   |
| Other products                                   |   |   | 1,763,927  |   |   |   | 833,067    |   |   |   | 1,367,766 |   |
| Natural gas                                      |   |   | 1,159,245  |   |   |   | 1,000,517  |   |   |   | 901,414 |   |
| LPG and propane                                  |   |   | 627,361    |   |   |   | 469,551    |   |   |   | 612,771 |   |
| Asphalts                                         |   |   | 326,737    |   |   |   | 314,230    |   |   |   | 390,544 |   |
| Crude Oils                                       |   |   | 117,186    |   |   |   | 18,194     |   |   |   | 4,774,401 |   |
|                                             |   |   | 17,343,743 |   |   |   | 13,862,001 |   |   |   | 18,527,520 |   |
| Recognition of price differential  (1) |   |   | 740,682    |   |   |   | 196,533    |   |   |   | 3,070,479 |   |
|                                             |   |   | 18,084,425 |   |   |   | 14,058,534 |   |   |   | 21,597,999 |   |
| Foreign sales                                    |   |   |       |   |   |   |       |   |   |   |   |   |
| Crude oil                                        |   |   | 18,073,357 |   |   |   | 11,815,512 |   |   |   | 8,696,282 |   |
| Fuel Oil                                         |   |   | 2,377,266  |   |   |   | 2,325,507  |   |   |   | 2,093,012 |   |
| Diesel                                           |   |   | 1,638,044  |   |   |   | 551,263    |   |   |   | 246,158 |   |
| Other products                                   |   |   | 831,129    |   |   |   | 642,877    |   |   |   | 747,650 |   |
| Gasoline                                         |   |   | 698,068    |   |   |   | 687,206    |   |   |   | 186,197 |   |
| Natural gas                                      |   |   | 146,063    |   |   |   | 311,734    |   |   |   | 313,348 |   |
| Propylene                                        |   |   | 109,271    |   |   |   | -          |   |   |   | - |   |
|                                             |   |   | 23,873,198 |   |   |   | 16,334,099 |   |   |   | 12,282,647 |   |
| Premium income, net                              |   |   | 10,688     |   |   |   | 11,757     |   |   |   | 16,023 |   |
|                                             |   |   | 23,883,886 |   |   |   | 16,345,856 |   |   |   | 12,298,670 |   |
|                                             |   | $      | 41,968,311 |   |   | $      | 30,404,390 |   |   | $ | 33,896,669 |   |

| (1) | Corresponds to Decree 4839 applied beginning in December 2008 which determines the price differential (value generated between the parity price and the regulated price, which may either be negative or positive). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | Cost of Sales |
|-----|---------------|

|                                                |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|-----------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Variable Cost                                       |   |   |       |   |   |   |       |   |   |
| Purchase of hydrocarbons from the ANH (1)           |   | $      | 5,500,921  |   |   | $      | 4,358,408  |   |   | $ | 5,584,474 |   |
| Imported products                                   |   |   | 5,680,601  |   |   |   | 2,739,681  |   |   |   | 3,470,987 |   |
| Purchase of crude oil in association and concession |   |   | 4,548,193  |   |   |   | 4,130,116  |   |   |   | 3,193,690 |   |
| Amortization and depletion                          |   |   | 2,245,613  |   |   |   | 1,474,918  |   |   |   | 1,087,583 |   |
| Transportation services for hydrocarbon             |   |   | 540,555    |   |   |   | 637,029    |   |   |   | 581,945 |   |
| Purchase of natural gas and other products          |   |   | 316,192    |   |   |   | 57,335     |   |   |   | 230,977 |   |
| Electrical power                                    |   |   | 205,102    |   |   |   | 156,405    |   |   |   | 112,355 |   |
| Materials in process                                |   |   | 146,941    |   |   |   | 180,602    |   |   |   | 113,427 |   |
| Initial and final inventory                         |   |   | (251,431   | )      |   |   | (55,042    | )      |   |   | (239,033 | ) |
| Insurance premium cost, net                         |   |   | 2,825      |   |   |   | 554        |   |   |   | 1,898 |   |
| Depreciation by production units                    |   |   | 55,473     |   |   |   | 48,834     |   |   |   | - |   |
| Adjustment in volumes and other assignments         |   |   | (377,307   | )      |   |   | (334,658   | )      |   |   | (132,040 | ) |
|                                                |   |   | 18,613,678 |   |   |   | 13,394,182 |   |   |   | 14,006,263 |   |
| Fixed Cost                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Services contracted with associations               |   |   | 1,469,586  |   |   |   | 1,290,177  |   |   |   | 1,188,294 |   |
| Maintenance                                         |   |   | 1,384,088  |   |   |   | 1,274,618  |   |   |   | 831,553 |   |
| Labor costs                                         |   |   | 1,084,149  |   |   |   | 918,188    |   |   |   | 751,826 |   |
| Depreciation                                        |   |   | 1,548,797  |   |   |   | 1,239,846  |   |   |   | 670,279 |   |
| Contracted services                                 |   |   | 482,728    |   |   |   | 451,165    |   |   |   | 294,351 |   |
| Project expenses not capitalized                    |   |   | 413,692    |   |   |   | 524,441    |   |   |   | 571,941 |   |
| Materials and operations supplies                   |   |   | 345,326    |   |   |   | 302,534    |   |   |   | 266,134 |   |
| Taxes                                               |   |   | 254,489    |   |   |   | 326,767    |   |   |   | 199,175 |   |
| Amortization of deferred charges, intangibles and   |   |   |       |   |   |   |       |   |   |   |   |   |
| insurance premiums                                  |   |   | 107,422    |   |   |   | 94,288     |   |   |   | 73,343 |   |
| General costs                                       |   |   | 236,604    |   |   |   | 7,055      |   |   |   | 23,914 |   |
| Amortization of actuarial liability                 |   |   | 18,442     |   |   |   | 82,812     |   |   |   | 207,363 |   |
|                                                |   |   | 7,345,323  |   |   |   | 6,511,891  |   |   |   | 5,078,173 |   |
|                                                |   | $      | 25,959,001 |   |   | $      | 19,906,073 |   |   | $ | 19,084,436 |   |

----

| (1) | Corresponds to the crude oil and natural gas purchases of Ecopetrol from the Agencia Nacional de Hidrocarburos derived from national production, both under the Company’s direct operation and under the operation of third parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | Operating Expenses |
|-----|--------------------|

|                                                         |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|--------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Administration                                               |   |   |      |   |   |   |      |   |   |
| Labor                                                        |   | $      | 213,739   |   |   | $      | 281,123   |   |   | $ | 189,757 |   |
| Amortization (1)                                             |   |   | 209,000   |   |   |   | 175,032   |   |   |   | 58,705 |   |
| General expenses                                             |   |   | 149,772   |   |   |   | 149,644   |   |   |   | 65,087 |   |
| Taxes                                                        |   |   | 19,363    |   |   |   | 9,084     |   |   |   | 3,046 |   |
| Rental and lease cost                                        |   |   | 7,986     |   |   |   | 17,322    |   |   |   | 10,156 |   |
| Maintenance                                                  |   |   | 2,611     |   |   |   | 17,361    |   |   |   | 11,295 |   |
| Active personnel amortization of pension actuarial liability |   |   | 1,052     |   |   |   | 12,770    |   |   |   | 44,055 |   |
|                                                         |   |   | 603,523   |   |   |   | 662,336   |   |   |   | 382,101 |   |
| Selling and Projects                                         |   |   |      |   |   |   |      |   |   |   |   |   |
| Exploration expenses (2)                                     |   |   | 1,465,537 |   |   |   | 1,099,837 |   |   |   | 826,615 |   |
| Project expenses (3)                                         |   |   | 321,580   |   |   |   | 296,645   |   |   |   | 86,136 |   |
| General expenses                                             |   |   | 300,837   |   |   |   | 166,480   |   |   |   | 113,024 |   |
| Taxes                                                        |   |   | 155,662   |   |   |   | 181,109   |   |   |   | 182,886 |   |
| Pipeline transportation                                      |   |   | 125,376   |   |   |   | 141,889   |   |   |   | 102,862 |   |
| Non-compliance gas delivery charges                          |   |   | 85,222    |   |   |   | 27,851    |   |   |   | - |   |
| Labor expenses                                               |   |   | 69,490    |   |   |   | 43,495    |   |   |   | 26,759 |   |
| Maintenance                                                  |   |   | 1,786     |   |   |   | 5,336     |   |   |   | 5,090 |   |
| Pipeline transportation                                      |   |   | 1,455     |   |   |   | -         |   |   |   | 422,697 |   |
| Active personnel amortization of pension actuarial liability |   |   | -         |   |   |   | -         |   |   |   | 6,705 |   |
|                                                         |   |   | 2,526,945 |   |   |   | 1,962,642 |   |   |   | 1,772,774 |   |
|                                                         |   | $      | 3,130,468 |   |   | $      | 2,624,978 |   |   | $ | 2,154,875 |   |

| (1) | Corresponds to the amortization of goodwill in 2010 adding up to  $172,660, (2009 - $139,909) |
|-----|---------------------------------------------------------------------------------------------------------|

| (2) | The balance for 2010 is mainly due to Ecopetrol’s exploratory activities for $182,311, unsuccessful exploration, and seismic data acquisition and studies for $268,198.  Likewise, as well as Hocol’s seismic acquisition and other projects for $257,227 (including $179,000 in unsuccessful exploration), Ecopetrol Oleo e Gas do Brazil for $214,152 (including unsuccessful exploration in Malbec), Ecopetrol America Inc. for $482,915 (including $380,000 in unsuccessful exploration) and Ecopetrol de Peru $60,734 (including unsuccessful exploration mainly in Runtusapa). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Mainly due to non-capitalized expenses of Ecopetrol S.A. projects for $297,825, the most relevant of which are for: $35 (licensing services, consulting, per diem, socialization services and selection processes) Infrastructure $43 (Management, administration and inventory), ICP $67 (Support for investigation and laboratory services), $44 (Integrated management and Naftaductos), $47 (Recovery factor studies and minor fields characterization studies) and $43 (2010 Modernization of Barrancabermeja refinery and leading projects); Hocol $23,755. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25. | Financial Income, Net |
|-----|-----------------------|

|                                        |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|---------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Income                                      |   |   |       |   |   |   |       |   |   |
| Exchange difference gain                    |   | $      | 4,265,882  |   |   | $      | 6,517,914  |   |   | $ | 10,863,242 |   |
| Interest and monetary correction(1)         |   |   | 156,336    |   |   |   | 479,694    |   |   |   | 682,542 |   |
| Equity Method Investment Gain               |   |   | 83,574     |   |   |   | 55,143     |   |   |   | 110,824 |   |
| Income on valuation of derivates (2)        |   |   | 80,445     |   |   |   | 159,245    |   |   |   | 4,782 |   |
| Income on valuation of investment portfolio |   |   | 80,111     |   |   |   | 168,442    |   |   |   | 1,640,338 |   |
| Dividends in cash                           |   |   | 30,941     |   |   |   | 31,687     |   |   |   | 39,472 |   |
| Other                                       |   |   | 9,202      |   |   |   | 1,802      |   |   |   | - |   |
|                                        |   |   | 4,706,491  |   |   |   | 7,413,927  |   |   |   | 13,341,200 |   |
| Expense                                     |   |   |       |   |   |   |       |   |   |   |   |   |
| Exchange difference loss                    |   |   | (4,412,224 | )      |   |   | (6,643,557 | )      |   |   | (8,901,184 | ) |
| Interest                                    |   |   | (145,910   | )      |   |   | (138,801   | )      |   |   | (19,376 | ) |
| Hedging operations (2)                      |   |   | (99,139    | )      |   |   | (84,492    | )      |   |   | (74,685 | ) |
| Other minor                                 |   |   | (10,101    | )      |   |   | (27,806    | )      |   |   | (6,820 | ) |
| Equity method loss                          |   |   | (802       | )      |   |   | -          |   |   |   | (185,606 | ) |
| Administration and securities issuance      |   |   | (526       | )      |   |   | (23,438    | )      |   |   | (52,277 | ) |
|                                        |   |   | (4,668,702 | )      |   |   | (6,918,094 | )      |   |   | (9,239,948 | ) |
| Net                                         |   | $      | 37,789     |   |   | $      | 495,833    |   |   | $ | 4,101,252 |   |

| (1) | In 2010 there were no opportunity cost recognized at Ecopetrol S.A. |
|-----|---------------------------------------------------------------------|

| (2) | A total of $11,909 in net losses on asphalt hedging were reported for 2010 at Ecopetrol S.A., along with a net refining margin of $9,971, net profit on WTI $389 and others for $1,529.  Similarly, the Cartagena Refinery reported net profit on hedging for $1,268. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | Pension Expenses |
|-----|------------------|

|                                              |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|---------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Amortization of pension actuarial calculation (1) |   | $      | 146,717 |   |   | $      | 407,083 |   |   | $ | 986,565 |   |
| Health care services                              |   |   | 171,636 |   |   |   | 132,322 |   |   |   | 107,213 |   |
| Education services                                |   |   | 59,273  |   |   |   | 55,752  |   |   |   | 51,147 |   |
|                                              |   | $      | 377,626 |   |   | $      | 595,157 |   |   | $ | 1,144,925 |   |

| (1) | The reduction in expenses is derived from the change of the accounting policy for amortization of the health actuarial calculation in accordance with change in Colombian GAAP in 2010.  The reduction in the education actuarial calculation of 2010, resulting from application of the new Mortality Rates of $15,161 was accounted for as income for the year. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27. | Inflation Gain |
|-----|----------------|

| 28. | Other Income (Expenses), Net |
|-----|------------------------------|

|                                                         |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|--------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Other income                                                 |   |   |    |   |   |   |    |   |   |
| Recovery of provisions (1)                                   |   | $      | 365,515 |   |   | $      | 224,565 |   |   | $ | 999,866 |   |
| Long-term crude oil testing                                  |   |   | 104,970 |   |   |   | -       |   |   |   | - |   |
| Expense recovery                                             |   |   | 99,900  |   |   |   | 61,972  |   |   |   | 7,459 |   |
| Recovery of exploration costs                                |   |   | 40,336  |   |   |   | 148,996 |   |   |   | - |   |
| Income for services                                          |   |   | 28,779  |   |   |   | 48,878  |   |   |   | 3,605 |   |
| Income from undeveloped discovered fields                    |   |   | 28,097  |   |   |   | 19,257  |   |   |   | 1,228 |   |
| Income from transferred rights                               |   |   | 19,222  |   |   |   | 28,116  |   |   |   | - |   |
| Income on sale of materials and plant property and equipment |   |   | 18,837  |   |   |   | 3,579   |   |   |   | 10,435 |   |
| Recovery from services to associates                         |   |   | 15,535  |   |   |   | 14,219  |   |   |   | 22,840 |   |
| Indemnities received                                         |   |   | 9,253   |   |   |   | 16,305  |   |   |   | 6,367 |   |
| Other minor income                                           |   |   | 81,716  |   |   |   | 134,885 |   |   |   | 23,003 |   |
|                                                         |   |   | 812,160 |   |   |   | 700,772 |   |   |   | 1,074,803 |   |

----

|                                           |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Other expenses                                 |   |   |       |   |   |   |       |   |   |
| Provisions (2)                                 |   |   | (552,520   | )      |   |   | (462,812   | )      |   |   | (114,035 | ) |
| Taxes                                          |   |   | (343,128   | )      |   |   | (352,459   | )      |   |   | (299,673 | ) |
| Write off of goodwill (3)                      |   |   | (287,662   | )      |   |   | -          |   |   |   | - |   |
| Gas pipelines availability from Bomt contracts |   |   | (63,947    | )      |   |   | (89,906    | )      |   |   | (95,505 | ) |
| Other minor expenses                           |   |   | (413,532   | )      |   |   | (151,034   | )      |   |   | (26,135 | ) |
| Fuel losses                                    |   |   | (140,153   | )      |   |   | (99,771    | )      |   |   | (93,854 | ) |
| Inspection quota                               |   |   | (49,435    | )      |   |   | (26,986    | )      |   |   | (25,811 | ) |
| Contributions and donations                    |   |   | (23,906    | )      |   |   | (40,497    | )      |   |   | (35,293 | ) |
| Loss on sale of fixed assets                   |   |   | (6,295     | )      |   |   | 193        |   |   |   | (1,399 | ) |
| Surveillance and security                      |   |   | -          |   |   |   | (23,026    | )      |   |   | (16,052 | ) |
|                                           |   |   | (1,880,578 | )      |   |   | (1,246,298 | )      |   |   | (707,757 | ) |
|                                           |   | $      | (1,068,418 | )      |   | $      | (545,526   | )      |   | $ | 367,046 |   |

| (1) | Details of recovery of provisions are as following: |
|-----|-----------------------------------------------------|

|                               |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Legal proceedings                  |   | $      | 80,237  |   |   | $      | 83,258  |   |   | $ | 832,788 |   |
| Property, plant and equipment      |   |   | 55,717  |   |   |   | 17,091  |   |   |   | 18,813 |   |
| Accounts receivable Recovery       |   |   | 68,772  |   |   |   | -       |   |   |   | - |   |
| Other recoveries *                 |   |   | 131,308 |   |   |   | 5,564   |   |   |   | 139,554 |   |
| Products and materials inventories |   |   | 29,481  |   |   |   | 118,652 |   |   |   | 8,711 |   |
|                               |   | $      | 365,515 |   |   | $      | 224,565 |   |   | $ | 999,866 |   |

| (2) | The detail of provisions is as follows: |
|-----|-----------------------------------------|

|                               |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Property, plant and equipment      |   | $      | 227,266 |   |   | $      | 127,826 |   |   | $ | - |   |
| Accounts receivable                |   |   | 169,789 |   |   |   | 30,734  |   |   |   | 2,275 |   |
| Legal proceedings                  |   |   | 125,888 |   |   |   | 271,091 |   |   |   | 59,305 |   |
| Products and materials inventories |   |   | 9,743   |   |   |   | 33,161  |   |   |   | 49,379 |   |
| Other provisions                   |   |   | 19,834  |   |   |   | -       |   |   |   | 3,076 |   |
|                               |   | $      | 552,520 |   |   | $      | 462,812 |   |   | $ | 114,035 |   |

| (3) | Debit to earnings due to write off of goodwill Offshore International Inc. for $287.7 billion. |
|-----|------------------------------------------------------------------------------------------------|

| 29. | Contingencies |
|-----|---------------|

----

| Proceeding                                                                      |   | Claim                                                                                                                                                                    |   | Provision AmountDec. 2010 |   | Provision AmountDec 2009 |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|-------------------------------|
| Foncoeco (1)                                                                    |   | Profit participation fund of the employees and ex-employees of Ecopetrol S.A.                                                                                            |   | 143,692                        |   | 139,933                       |
| Municipio de Aguazul, Tauramena                                                 |   | Class Action. Contributions to the solidarity and redistribution of income fund as a consequence of the generation of electricity, according to the Law 142 of 1994.     |   | 139,688                        |   | 139,688                       |
| Municipio de Arauca                                                             |   | Class Action. Contributions to the solidarity and redistribution of income fund as a consequence of the generation of electricity, according to the Law 142 of 1994      |   | 121,051                        |   | 121,051                       |
| Departamento del Tolima                                                         |   | Class Action for the recalculation of royalties with 20% specified in Law 141 of 1994.                                                                                   |   | 82,287                         |   | 82,287                        |
| Consorcio Protécnica Ltda (Winding-up) - Constructora Kepler S. A. De C.V. |   | Time over run in construction said to be Ecopetrol’s fault that altered the economic and financial equilibrium of the contract against the contracting consortium. |   | 10,000                         |   | 10,000                        |

| (1) | Advisor report of 2005 calculated in $542,000 the damages owed by Ecopetrol in the Ordinary Civil Action filed by Foncoeco which claims that Ecopetrol must pay principal and interest on the profit participation fund for the employees of the Company which was established by the Board of Directors. It is the opinion of the Company’s management and its legal advisors that there are sufficient arguments to demonstrate that this lawsuit will not proceed, particularly because the basis of the report includes amounts not authorized by the Board of Directors, therefore, at December 2010 closing date a provision in amount of $143,692 was recorded for this proceeding. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30. | Commitments |
|-----|-------------|

| Effective date in 2011 |   | Expiration date in 2011 |   | Volume         |   | Strike Price |   |   | Call Price |   |
|---------------------------------------|--------|----------------------------------------|--------|----------------|--------|-------------------|--------|--------|-----------------|--------|
| January 1                             |   | December 31                            |   | 2.000.004 Bls. |   | US$               | 82     |   |            |   | 3.69 |   |

----

| Effective date in 2011 |   | Expiration date in 2011 |   | Volume       |   | Fixedspread |   |
|---------------------------------------|--------|----------------------------------------|--------|--------------|--------|-------------|--------|
| January 1                             |   | January 31                             |   | 500.000 Bls. |   | US$         | 6.2    |   |
| January 1                             |   | January 31                             |   | 100.000 Bls. |   | US$         | 7.6    |   |
| January 1                             |   | January 31                             |   | 100.000 Bls. |   | US$         | 8.3    |   |
| January 1                             |   | January 31                             |   | 140.000 Bls. |   | US$         | 9.0    |   |
| January 1                             |   | January 31                             |   | 500.000 Bls. |   | US$         | 6.1    |   |
| January 1                             |   | January 31                             |   | 100.000 Bls. |   | US$         | 9.0    |   |

| 1. | An additional amount might have to be paid in January 2011 depending on the behavior of the crude oil average price per barrel. Below is a summary of the additional amount to be paid depending on the actual recorded WTI crude barrel price between January 1, 2010 and December 31, 2010: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Depending of the exploration results of the Huron well and for a period of up to two years (December 2012), 2P (proven plus probable) certified results were multiplied by a percentage (between 8% and 6%) of the WTI average period for a given period; the resulting value, up to a maximum US$50 million would be paid in the first quarter of 2013. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 31. | Subsequent Events |
|-----|-------------------|

----

| 1. | The taxpayers may, once a year, charge against the equity revaluation account the value of payable installments in the respective equity tax that is set forth in Law 1370 of 2009. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | When the equity revaluation account does not have any balance or it is insufficient to charge the equity tax thereto, the taxpayers can then post in the annual income statements the value of the required installments in the respective period. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In accordance with the foregoing and as support of Decree 2649 regarding the accounting recognition of the economic facts, the Superintendence of Corporations issued Writ  115-009819 dated January 26, concluding that the property tax is generated by the possession of the wealth on a specific date (January 1, 2011) and it must be paid in eight equal installments during the years 2011, 2012, 2013 and 2014, recognizing the operation from an accounting standpoint in accordance with that provided for in Decree 514 of 2010. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      |   | Total Tax |      |   | Year Expense |   |
|-----------|--------|----------------|-----------|--------|-------------------|--------|
| Ecopetrol |   | $              | 1,894,488 |   |              | $      | 473,622 |   |
| Ocensa    |   |           | 31,916    |   |              |   | 7,979 |   |
| ODC       |   |           | 4,598     |   |              |   | 1,149 |   |
| Bioenergy |   |           | 5,856     |   |              |   | 1,464 |   |
| ODL       |   |           | 26,493    |   |              |   | 6,623 |   |
| Comai     |   |           | 4,184     |   |              |   | 1,046 |   |
| Propilco  |   |           | 27,304    |   |              |   | 6,826 |   |
| Reficar   |   |           | 142,334   |   |              |   | 35,583 |   |
| Hocol     |   |           | 59,593    |   |              |   | 14,898 |   |
| OBC       |   |           | 13,780    |   |              |   | 3,445 |   |
| Equion    |   |           | 37,540    |   |              |   | 9,385 |   |
| Total     |   | $              | 2,248,084 |   |              | $      | 562,021 |   |

----

| 1. | According to the second instance decision issued by the Superior Tribunal of Bogotá in January 2011, the return of 324 million shares of Invercolsa to Ecopetrol was confirmed. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The Board meeting of January 21, 2011, approved that Ecopetrol S.A. exercise the preferential right to purchase 50% of the shares of Shell Exploration & Production Caño Sur Colombia. According to the above, we made a request for the authorization of the transaction to the National Hydrocarbons Agency, who determined to perform the negotiation. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Having obtained the respective licenses Ecopetrol S.A. and Talisman Colombia Holdco Limited completed in January 24, 2011 the acquisition of BP Exploration Company Colombia Limited - Today Equión Energy Limited. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Impact on tax reform 2010 on Ecopetrol |
|----|----------------------------------------|

----

| 5. | The Civil Division of Judicial Superior Court District of Bogotá revised the decision issued by the Civil Circuit Court 23 of Bogota, which on December 16, 2005 ordered us to pay $541,833 million, or approximately US$260 million to a former employees association known by the acronym Foncoeco, for the Company’s profit-sharing plan offered in 1962 that expired in 1975. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32. | Differences between Colombian Governmental Entity accounting principles and U.S. GAAP |
|-----|---------------------------------------------------------------------------------------|

----

|   | · | Deferred taxes were not recorded in the purchase price allocation process relating to the fair value step up of assets. Therefore, an additional deferred tax liability was recorded. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Depreciation and amortization was not calculated correctly for the stepped up portion of assets relating to the Oleoducto de Colombia and Propilco acquisitions.  As such, an adjustment was made to increase depreciation and amortization expense. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The investment in OIG is accounted for under the equity method. However, the Company mistakenly presented goodwill and the foreign currency translation adjustment separate from the investment in equity method investee account. As such, the goodwill balance and foreign currency translation adjustment relating to OIG is now presented as part of re-investment in equity investee. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In connection with the OIG acquisition, certain contingent consideration liabilities were recorded.  Subsequent to initial recording, these amounts were adjusted to fair value. This adjustment was recorded as an expense in the income statement. However, given that these amounts were not settled as of December 31, 2009, and that OIG is accounted for under the equity method, these amounts should have been recorded as an increase to the investment in equity method investee’s account. As such, the expenses recorded in the income statement were reversed and the investment in equity method account on the balance sheet was increased. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | The Company had previously included employee benefit plan expense as a non-operating expense.  This expense has now been classified as an administrative expense to appropriately reflect the nature of the amount under U.S. GAAP. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company mistakenly booked certain prepaid expenses and accounts receivable balances to the short term deposits and advances line item. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Certain assets were inappropriately recorded in the long-term available-for-sale investments accounts.  These amounts have been presented in the appropriate other assets account. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Certain provisions and other operating expenses were mistakenly classified as non-operating expenses in the 2009 income statement.   These amounts have been re-classed to operating expenses. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                           |   | 2009                     |       |
|----------------------------------------------------------------|--------|--------------------------|------------|
|                                                           |   | Previously reported |       |   | Adjustments |   |   | Restated |   |
| Assets                                                         |   |                     |       |   |   |   |   |   |   |
| Current assets:                                                |   |                     |       |   |   |   |   |   |   |
| Cash and cash equivalents                                      |   | $                        | 3,861,532  |   |   | $ | (23,862 | ) |   | $ | 3,837,670 | (1) |
| Investments                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |
| Available for sale                                             |   |                     | 178,832    |   |   |   | - |   |   |   | 178,832 |   |
| Held to maturity                                               |   |                     | 7,876      |   |   |   | - |   |   |   | 7,876 |   |
| Accounts and notes receivable, net                             |   |                     | 2,530,379  |   |   |   | 317,322 |   |   |   | 2,847,701 | (2) |
| Inventories                                                    |   |                     | 1,929,977  |   |   |   | 15,679 |   |   |   | 1,945,656 | (1) |
| Advances and deposits                                          |   |                     | 1,200,682  |   |   |   | (856,740 | ) |   |   | 343,942 | (2) |
| Prepaid expenses and other assets                              |   |                     | 62,759     |   |   |   | 532,515 |   |   |   | 595,274 | (2) |
| Deferred income taxes                                          |   |                     | 1,015,488  |   |   |   | (205,570 | ) |   |   | 807,918 | (1) |
| Total current assets                                           |   |                     | 10,787,525 |   |   |   | (220,656 | ) |   |   | 10,566,869 |   |
| Investments                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |
| Available for sale                                             |   |                     | 4,118,555  |   |   |   | (931,477 | ) |   |   | 3,187,078 | (3) |
| Held to maturity                                               |   |                     | 130,740    |   |   |   | (312 | ) |   |   | 130,428 |   |
| Equity Method                                                  |   |                     | -          |   |   |   | 1,154,193 |   |   |   | 1,154,193 | (4) |
| Accounts and notes receivable, net                             |   |                     | 226,781    |   |   |   | 379,994 |   |   |   | 606,775 | (3) |
| Restricted assets                                              |   |                     | 380,463    |   |   |   | 469 |   |   |   | 380,932 | (1) |
| Property, plant and equipment, net                             |   |                     | 13,098,446 |   |   |   | (499,883 | ) |   |   | 12,598,563 | (5)(6)(11) |
| Natural and environmental resources, net                       |   |                     | 9,431,458  |   |   |   | (11,096 | ) |   |   | 9,420,362 | (1) |
| Goodwill                                                       |   |                     | 2,385,113  |   |   |   | (953,939 | ) |   |   | 1,431,174 | (4) (11) |
| Deferred charges and other assets                              |   |                     | 1,280,359  |   |   |   | 117,831 |   |   |   | 1,398,190 | (3) |
| Deferred income taxes                                          |   |                     | 1,475,559  |   |   |   | 254,970 |   |   |   | 1,730,529 | (8) |
| Direct finance lease long-term                                 |   |                     | 19,254     |   |   |   | - |   |   |   | 19,254 |   |
| Total Assets                                                   |   | $                        | 43,334,253 |   |   | $ | (709,902 | ) |   | $ | 42,624,352 |   |
| Liabilities and shareholders’ equity                     |   |                     |       |   |   |   |   |   |   |   |   |   |
| Current liabilities:                                           |   |                     |       |   |   |   |   |   |   |   |   |   |
| Financial obligations                                          |   | $                        | 437,111    |   |   | $ | (30 | ) |   | $ | 437,081 | (1) |
| Accounts payable and related parties                           |   |                     | 3,571,680  |   |   |   | (13,100 | ) |   |   | 3,558,580 | (1) |
| Capital lease liability                                        |   |                     | 82,356     |   |   |   | - |   |   |   | 82,356 | (1) |
| Taxes payable                                                  |   |                     | 567,271    |   |   |   | 632 |   |   |   | 567,903 | (1) |
| Labor and pension plan obligations                             |   |                     | 165,472    |   |   |   | (9 | ) |   |   | 165,463 | (1) |
| Estimated liabilities and provisions                           |   |                     | 1,122,409  |   |   |   | (12,864 | ) |   |   | 1,109,545 | (1) |
| Total current liabilities                                      |   |                     | 5,946,299  |   |   |   | (25,371 | ) |   |   | 5,920,928 |   |
| Financial obligations, long-term                               |   |                     | 5,725,099  |   |   |   | - |   |   |   | 5,725,099 |   |
| Accounts payable, long-term                                    |   |                     | 248,571    |   |   |   | - |   |   |   | 248,571 |   |
| Capital lease liability                                        |   |                     | 278,594    |   |   |   | - |   |   |   | 278,594 |   |
| Pension plan obligation and other labor obligations, long-term |   |                     | 4,359,751  |   |   |   | (6,827 | ) |   |   | 4,352,924 | (1) |
| Estimated liabilities and provisions                           |   |                     | 2,841,371  |   |   |   | (570,558 | ) |   |   | 2,270,813 | (6) |
| Other long-term liabilities                                    |   |                     | 809,334    |   |   |   | (341 | ) |   |   | 808,993 | (1) |
| Total non-current liabilities                                  |   |                     | 14,262,720 |   |   |   | (570,899 | ) |   |   | 13,684,994 |   |
| Total liabilities                                              |   |                     | 20,209,019 |   |   |   | (596,269 | ) |   |   | 19,605,922 |   |
| Shareholders’ equity of Ecopetrol                        |   |                     |       |   |   |   |   |   |   |   |   |   |
| Share par value                                                |   |                     | 10,117,791 |   |   |   | - |   |   |   | 10,117,791 |   |
| Additional paid-in-capital                                     |   |                     | 4,044,669  |   |   |   | - |   |   |   | 4,044,669 |   |
| Retained Earnings                                              |   |                     | 8,107,416  |   |   |   | 1,138,788 |   |   |   | 9,246,204 |   |
| Accumulated Other Comprehensive income (loss)                  |   |                     | 272,045    |   |   |   | (1,296,988 | ) |   |   | (1,024,953 | ) (4)(7)(8)(10) |
| Total Shareholders’ equity of Ecopetrol                  |   |                     | 22,541,921 |   |   |   | (158,210 | ) |   |   | 22,383,711 |   |
| Non-controlling interest                                       |   |                     | 583,313    |   |   |   | 51,405 |   |   |   | 634,718 | (9) |
| Total equity                                                   |   |                     | 23,125,234 |   |   |   | (106,805 | ) |   |   | 23,018,429 |   |
| Total liabilities and shareholders’ equity               |   | $                        | 43,334,253 |   |   | $ | (709,901 | ) |   | $ | 42,624,351 |   |

| (1) | Represents the correction of immaterial errors identified in the preparation of U.S. GAAP reconciliation. |
|-----|-----------------------------------------------------------------------------------------------------------|

| (2) | Primarily represents re-classification of amounts incorrectly booked to the advances and deposits line item.  See above discussion on classification errors. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Primarily represents re-classification of amounts incorrectly booked to available-for-sale investments.  See above discussion on classification errors. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | This adjustment primarily consists of the OIG re-class of goodwill to the Investment in equity method investee, $726,764, as well as the adjustment of OIG contingent consideration, $165,332, increasing the investment balance and non-operating income.  The equity method investment account was also decreased $128,985 by the cumulative translation adjustment.  See above discussion on purchase price allocation errors. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | This adjustment includes the duplicate U.S. GAAP fixed asset adjustments.  This caused fixed assets to increase by $221,194 and a decrease in depreciation expense by the same amount.  See discussion on fixed assets errors above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | This adjustment primarily relates to the Asset Retirement Obligation error. This adjustment caused a decrease in fixed assets of $674,551, a decrease of Estimated liabilities and provisions of $570,558 and a decrease in cost of sales of $103,993.  See discussion on asset retirement obligations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | A portion of this adjustment represents the employee benefit plan error.  This resulted in a decrease in operating expenses of $1,759,049 and a decrease in OCI of the same amount.   See discussion on employee benefit plans above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | This represents the adjustment to deferred taxes as a result of the above discussed errors.  In addition, it includes the adjustment to deferred taxes of $211,444 relating to the error in calculating the deferred tax effect of available-for-sale securities.  A portion of the total deferred tax adjustment was recorded in the income statement and a portion in OCI.  See discussion on deferred tax errors above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Represents the non-controlling interest effect of the above discussed adjustments. |
|-----|------------------------------------------------------------------------------------|

| (10) | This adjustment relates to foreign currency translation error.  Assets and liabilities have been adjusted by not material amounts as a result of this error, with a corresponding adjustment to cumulative translation gain/loss included within OCI.  See discussion on foreign currency translation adjustment errors above. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | This adjustment includes some minor increases to fixed asset and decreases to goodwill due to the recording of the purchase price step up of those assets.  See discussion on purchase price allocation errors above. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                 |   | 2009                     |           |
|--------------------------------------------------------------------------------------|--------|--------------------------|----------------|
|                                                                                 |   | Previously reported |           |   | Adjustments |   |   | Restated |   |
| Revenue:                                                                             |   |                     |           |   |   |   |   |   |   |
| Local sales                                                                          |   | $                        | 13,808,720     |   |   | $ | - |   |   | $ | 13,808,720 |   |
| Foreign sales                                                                        |   |                     | 15,742,854     |   |   |   | - |   |   |   | 15,742,854 |   |
| Total revenue                                                                        |   |                     | 29,551,574     |   |   |   | - |   |   |   | 29,551,574 |   |
|                                                                                 |   |                     |           |   |   |   |   |   |   |   |   |   |
| Cost of sales                                                                        |   |                     | 19,136,478     |   |   |   | (485,291 | ) |   |   | 18,651,187 | (5) (6) |
|                                                                                 |   |                     | 10,415,096     |   |   |   | 485,291 |   |   |   | 10,900,387 |   |
|                                                                                 |   |                     |           |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                                                  |   |                     |           |   |   |   |   |   |   |   |   |   |
| Administration                                                                       |   |                     | 1,990,603      |   |   |   | (963,572 | ) |   |   | 1,027,031 | (7) (12) |
| Selling and projects                                                                 |   |                     | 1,967,139      |   |   |   | (148,996 | ) |   |   | 1,818,143 | (1) |
| Operating income                                                                     |   |                     | 6,457,354      |   |   |   | 1,597,859 |   |   |   | 8,055,213 |   |
|                                                                                 |   |                     |           |   |   |   |   |   |   |   |   |   |
| Non-operating income, net                                                            |   |                     | 549,981        |   |   |   | 163,189 |   |   |   | 713,170 | (4)(12) |
| Income before income tax                                                             |   |                     | 7,007,335      |   |   |   | 1,761,048 |   |   |   | 8,768,383 |   |
|                                                                                 |   |                     |           |   |   |   |   |   |   |   |   |   |
| Income tax:                                                                          |   |                     |           |   |   |   |   |   |   |   |   |   |
| Current income tax                                                                   |   |                     | 1,948,819      |   |   |   | - |   |   |   | 1,948,819 |   |
| Deferred income tax                                                                  |   |                     | 375,329        |   |   |   | 569,815 |   |   |   | 945,144 | (8) |
|                                                                                 |   |                     | 2,324,148      |   |   |   | 569,815 |   |   |   | 2,893,963 |   |
| Net income                                                                           |   |                     | 4,683,187      |   |   |   | 1,191,233 |   |   |   | 5,874,420 |   |
| Less: Net (income) attributable to Non-controlling interest                          |   |                     | (104,719       | ) |   |   | (51,397 | ) |   |   | (156,116 | )       (9) |
| Net Income attributable to Ecopetrol S.A.                                            |   | $                        | 4,578,468      |   |   | $ | 1,139,836 |   |   | $ | 5,718,304 |   |
| Earnings per share (Basic and diluted) attributable to Ecopetrol common shareholders |   | $                        | 113.13         |   |   | $ | 28.16 |   |   | $ | 141.29 |   |
| Weighted-average shares outstanding (Basic and diluted)                              |   |                     | 40,472,512,588 |   |   |   | - |   |   |   | 40,472,512,588 |   |

| (1) | Represents the correction of immaterial errors identified in the preparation of U.S. GAAP reconciliation. |
|-----|-----------------------------------------------------------------------------------------------------------|

| (4) | This adjustment primarily consists of the OIG adjustment of the contingent consideration, $165,332, increasing the investment balance and non-operating income.  See the discussion on purchase price allocation errors for more detail. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | This adjustment includes the duplicate U.S. GAAP fixed asset adjustments.  This caused fixed assets to increase by $221,195 and a decrease in depreciation expense by the same amount.  See fixed assets errors discussion above for details. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | This adjustment primarily relates to the Asset Retirement Obligation error. This adjustment caused a decrease in cost of sales of $103,993.  See the asset retirement obligation discussion above for detail. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | A portion of this adjustment represents the employee benefit plan error.  This resulted in a decrease in operating expenses of $1,173,990 and a decrease in OCI of the same amount.   See the employee benefit plan discussion for details. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | This represents the adjustment to deferred taxes as a result of the above discussed errors.  In addition, it includes the adjustment to deferred taxes of $211,444 relating to the error in calculating the deferred tax effect of available-for-sale securities.  A portion of the total deferred tax adjustment was recorded in the income statement and a portion in OCI.  See deferred tax errors discussion above for detail. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Represents the non-controlling interest effect of the above discussed adjustments. |
|-----|------------------------------------------------------------------------------------|

| (12) | Included in this adjustment is the re-classification of employee benefit expense and other operating expenses, $595,000, from non-operating to operating expenses.  In addition, it was offset by the incorrect calculation of the bargain purchase gain on the purchase of Hocol, resulting in a decrease in the gain and a decrease in deferred taxes of $285,000. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Represents re-classification of certain operating expenses that were incorrectly classified as non-operating expenses. |
|------|------------------------------------------------------------------------------------------------------------------------|

----

|   |                                                                    |   | 2010   |       |   | 2009     |   |      | 2008   |   |
|--------|-------------------------------------------------------------------------|--------|--------|------------|--------|----------|--------|-----------|--------|--------|
|   |                                                                    |   |   |       |   | Restated |   |      |   |   |
|   | Consolidated net income under Colombian Government Entity GAAP          |   | $      | 8,146,471  |   |     | $      | 5,132,054 | (*)    |   | $ | 11,629,677 |   |
| i.     | Investment securities:                                                  |   |   |       |   |     |   |      |   |   |   |   |   |
|   | a.  Unrealized gain (loss)                                    |   |   | 63,545     |   |     |   | 702,876   |   |   |   | (924,715 | ) |
|   | b.  Impairment                                                |   |   | (36,818    | )      |     |   | 28,083    |   |   |   | 163,902 |   |
| ii.    | Investments in non-marketable securities:                               |   |   |       |   |     |   |      |   |   |   |   |   |
|   | a.  Equity method                                             |   |   | (25,063    | )      |     |   | (181,991  | )      |   |   | 164,734 |   |
|   | b.  Variable Interest Entity (VIE)                            |   |   | (13        | )      |     |   | 320,600   |   |   |   | (367,743 | ) |
|   | c.  Impairment                                                |   |   | (61,371    | )      |     |   | (4,810    | )      |   |   | - |   |
| iii.   | Derivatives                                                             |   |   | (24,736    | )      |     |   | 20,521    |   |   |   | - |   |
| iv.    | Exchange of non-monetary assets                                         |   |   | 23,640     |   |     |   | 23,640    |   |   |   | 55,623 |   |
| v.     | Deferred charges                                                        |   |   | (7,167     | )      |     |   | (35,702   | )      |   |   | (228 | ) |
| vi.    | Employee benefit plans                                                  |   |   | 336,276    |   |     |   | 342,451   |   |   |   | (1,451,179 | ) |
| vii.   | Provisions, allowances and contingencies                                |   |   | 67,629     |   |     |   | 12,779    |   |   |   | 1,082,434 |   |
| viii.  | Deferred income taxes                                                   |   |   | (1,159,147 | )      |     |   | (779,934  | )      |   |   | (159,891 | ) |
| ix.    | Revenue recognition:                                                    |   |   |       |   |     |   |      |   |   |   |   |   |
|   | a.  Cost of sales – over and under                      |   |   | 158,609    |   |     |   | (110,087  | )      |   |   | (8,887 | ) |
|   | b.  Other income                                              |   |   | (11,685    | )      |     |   | 8,906     |   |   |   | - |   |
| x.     | Inflation adjustment                                                    |   |   | 320,374    |   |     |   | 177,300   |   |   |   | 128,837 |   |
| xi.    | Inventories                                                             |   |   | (87,797    | )      |     |   | 16,853    |   |   |   | 10,274 |   |
| xii.   | Lease accounting                                                        |   |   | (36,298    | )      |     |   | (43,163   | )      |   |   | 39,744 |   |
| xiii.  | Property, plant and equipment:                                          |   |   |       |   |     |   |      |   |   |   |   |   |
|   | a.  Interest                                                  |   |   | (168,527   | )      |     |   | (63,779   | )      |   |   | - |   |
|   | b.  Impairment                                                |   |   | (157,446   | )      |     |   | (248,765  | )      |   |   | (121,296 | ) |
|   | c.  Capitalized expenses                                      |   |   | 38,751     |   |     |   | (118,376  | )      |   |   | 76,167 |   |
|   | d.  Exchange difference                                       |   |   | -          |   |     |   | (16,028   | )      |   |   | - |   |
| xiv.   | Depreciation, Depletion and Amortization                                |   |   | 702,527    |   |     |   | 563,145   |   |   |   | (1,478,851 | ) |
| xv.    | Asset retirement obligations                                            |   |   | 140,959    |   |     |   | 297,702   |   |   |   | (70,014 | ) |
| xvi.   | Equity contributions:                                                   |   |   |       |   |     |   |      |   |   |   |   |   |
|   | a.  Incorporated institutional equity                         |   |   | 20,281     |   |     |   | 20,692    |   |   |   | 21,217 |   |
|   | b.  Reversal of concession rights contributed as capital      |   |   | 81,058     |   |     |   | 18,199    |   |   |   | 24,117 |   |
| xvii.  | Indebtedness cost                                                       |   |   | (1,670     | )      |     |   | 8,800     |   |   |   | - |   |
| xviii. | Business combinations:                                                  |   |   |       |   |     |   |      |   |   |   |   |   |
|   | a.  Goodwill                                                  |   |   | 172,660    |   |     |   | 139,909   |   |   |   | 27,512 |   |
|   | b.  Fair value adjustments to assets and liabilities acquired |   |   | (176,590   | )      |     |   | (362,216  | )      |   |   | 449 |   |
| xix.   | Non-controlling interest                                                |   |   | (124,394   | )      |     |   | (151,355  | )      |   |   | - |   |
| xx.    | Cumulative Translation Adjustment                                       |   |   | 16,977     |   |     |   | -         |   |   |   | - |   |
|   | Consolidated net income under U.S. GAAP attributable to Ecopetrol S.A.  |   | $      | 8,211,035  |   |     | $      | 5,718,304 |   |   | $ | 8,841,883 |   |

----

|   |                                                                                    |   | 2010   |       |   | 2009     |   |
|--------|-----------------------------------------------------------------------------------------|--------|--------|------------|--------|----------|--------|
|   |                                                                                    |   |   |       |   | Restated |   |
|   | Consolidated shareholders’ equity under Colombian Government Entity GAAP          |   | $      | 41,328,181 |   |     | $      | 32,569,957 | (*) |
| i.     | Investment securities:                                                                  |   |   |       |   |     |   |   |   |
|   | a.  Unrealized gain                                                           |   |   | 1,660,975  |   |     |   | 645,644 |   |
| ii.    | Investments in non-marketable securities:                                               |   |   |       |   |     |   |   |   |
|   | a.  Equity method                                                             |   |   | (1,496,057 | )      |     |   | (1,507,097 | ) |
|   | b.  Valuation surplus                                                         |   |   | (1,693,553 | )      |     |   | (1,029,443 | ) |
|   | c.  Variable Interest Entity (VIE)                                            |   |   | 320,587    |   |     |   | 320,600 |   |
|   | d.  Impairment                                                                |   |   | (66,182    | )      |     |   | (4,810 | ) |
| iii.   | Derivatives                                                                             |   |   | 769        |   |     |   | 25,505 |   |
| iv.    | Exchange of non-monetary assets                                                         |   |   | 709,654    |   |     |   | 686,014 |   |
| v.     | Deferred charges                                                                        |   |   | 17,026     |   |     |   | 24,193 |   |
| vi.    | Employee benefit plans                                                                  |   |   | (1,795,081 | )      |     |   | (1,504,997 | ) |
| vii.   | Provisions – allowance and contingencies                                          |   |   | 121,718    |   |     |   | 54,089 |   |
| viii.  | Deferred income taxes                                                                   |   |   | (2,039,099 | )      |     |   | (1,086,406 | ) |
| ix.    | Revenue recognition:                                                                    |   |   |       |   |     |   |   |   |
|   | a.  Cost of sales – over and under                                      |   |   | (63,690    | )      |     |   | (98,121 | ) |
|   | b.  Other income                                                              |   |   | (1,128     | )      |     |   | 2,599 |   |
| x.     | Inflation adjustment                                                                    |   |   | (3,515,570 | )      |     |   | (3,835,943 | ) |
| xi.    | Inventories                                                                             |   |   | (114,868   | )      |     |   | (27,103 | ) |
| xii.   | Lease accounting                                                                        |   |   | 363,315    |   |     |   | 399,734 |   |
| xiii.  | Property, plant and equipment:                                                          |   |   |       |   |     |   |   |   |
|   | a.  Interest                                                                  |   |   | (192,538   | )      |     |   | (24,011 | ) |
|   | b.  Revaluation of property, plant and equipment and public accounting effect |   |   | (9,375,123 | )      |     |   | (5,361,974 | ) |
|   | c.  Impairment                                                                |   |   | (1,870     | )      |     |   | (248,095 | ) |
|   | d.  Capitalized expenses                                                      |   |   | (577,976   | )      |     |   | (613,984 | ) |
|   | e.  Exchange difference                                                       |   |   | (233,563   | )      |     |   | (233,563 | ) |
| xiv.   | Depreciation, Depletion and Amortization                                                |   |   | 4,342,688  |   |     |   | 3,616,158 |   |
| xv.    | Asset retirement obligations                                                            |   |   | 460,668    |   |     |   | 321,358 |   |
| xvi.   | Equity contributions:                                                                   |   |   |       |   |     |   |   |   |
|   | a.  Incorporated institutional equity                                         |   |   | (64,412    | )      |     |   | (82,870 | ) |
|   | b.  Reversal of concession rights contributed as capital                      |   |   | (22,202    | )      |     |   | (103,260 | ) |
| xvii.  | Indebtedness cost                                                                       |   |   | 7,130      |   |     |   | 8,800 |   |
| xviii. | Business combinations:                                                                  |   |   |       |   |     |   |   |   |
|   | a.  Goodwill                                                                  |   |   | 142,611    |   |     |   | 19,020 |   |
|   | b.  Fair value adjustments to assets and liabilities acquired                 |   |   | (772,416   | )      |     |   | (595,826 | ) |
| xix.   | Non-controlling interest                                                                |   |   | 206,626    |   |     |   | 336,619 |   |
| xx.    | Cumulative Translation Adjustment                                                       |   |   | (481,336   | )      |     |   | (289,075 | ) |
|   | Consolidated Ecopetrol shareholders’ equity under U.S. GAAP                       |   | $      | 27,175,285 |   |     | $      | 22,383,712 |   |

----

|                                                           |   | 2010   |       |   | 2009     |   |
|----------------------------------------------------------------|--------|--------|------------|--------|----------|--------|
|                                                           |   |   |       |   | Restated |   |
| Assets                                                         |   |   |       |   |     |   |
| Current assets:                                                |   |   |       |   |     |   |
| Cash and cash equivalents                                      |   | $      | 3,910,745  |   |     | $      | 3,837,670 |   |
| Investments                                                    |   |   |       |   |     |   |   |   |
| Available for sale                                             |   |   | 58,935     |   |     |   | 178,832 |   |
| Held to maturity                                               |   |   | 17,369     |   |     |   | 7,876 |   |
| Accounts and notes receivable, net                             |   |   | 2,971,109  |   |     |   | 2,847,701 |   |
| Inventories                                                    |   |   | 2,055,736  |   |     |   | 1,945,656 |   |
| Advances and deposits                                          |   |   | 277,937    |   |     |   | 343,942 |   |
| Prepaid expenses and other assets                              |   |   | 491,762    |   |     |   | 595,274 |   |
| Deferred income taxes, net                                     |   |   | 1,438,988  |   |     |   | 809,918 |   |
| Total current assets                                           |   |   | 11,222,581 |   |     |   | 10,566,869 |   |
| Investments                                                    |   |   |       |   |     |   |   |   |
| Available for sale                                             |   |   | 5,807,075  |   |     |   | 3,187,078 |   |
| Held to maturity                                               |   |   | 110,755    |   |     |   | 130,428 |   |
| Equity Method                                                  |   |   | 932,721    |   |     |   | 1,154,193 |   |
| Accounts and notes receivable, net                             |   |   | 1,538,450  |   |     |   | 606,775 |   |
| Restricted assets                                              |   |   | 391,021    |   |     |   | 380,932 |   |
| Property, plant and equipment, net                             |   |   | 17,744,665 |   |     |   | 12,598,563 |   |
| Natural and environmental resources, net                       |   |   | 10,191,727 |   |     |   | 9,420,362 |   |
| Goodwill                                                       |   |   | 1,380,632  |   |     |   | 1,431,174 |   |
| Deferred charges and other assets                              |   |   | 1,590,565  |   |     |   | 1,398,190 |   |
| Deferred income taxes, net                                     |   |   | 1,405,987  |   |     |   | 1,730,534 |   |
| Direct finance lease long-term                                 |   |   | 15,969     |   |     |   | 19,254 |   |
| Total Assets                                                   |   | $      | 52,332,148 |   |     | $      | 42,624,352 |   |
| Liabilities and shareholders’ equity                     |   |   |       |   |     |   |   |   |
| Current liabilities:                                           |   |   |       |   |     |   |   |   |
| Financial obligations                                          |   | $      | 1,091,079  |   |     | $      | 437,081 |   |
| Accounts payable and related parties                           |   |   | 4,344,528  |   |     |   | 3,558,580 |   |
| Capital lease liability                                        |   |   | 74,681     |   |     |   | 82,356 |   |
| Taxes payable                                                  |   |   | 2,222,073  |   |     |   | 567,903 |   |
| Labor and pension plan obligations                             |   |   | 160,248    |   |     |   | 165,463 |   |
| Estimated liabilities and provisions                           |   |   | 1,173,401  |   |     |   | 1,109,545 |   |
| Total current liabilities                                      |   |   | 9,066,010  |   |     |   | 5,920,928 |   |
| Financial obligations, long-term                               |   |   | 7,830,812  |   |     |   | 5,725,099 |   |
| Accounts payable, long-term                                    |   |   | 651,692    |   |     |   | 248,571 |   |
| Capital lease liability                                        |   |   | 242,592    |   |     |   | 278,594 |   |
| Pension plan obligation and other labor obligations, long-term |   |   | 4,787,698  |   |     |   | 4,352,924 |   |
| Estimated liabilities and provisions                           |   |   | 1,783,282  |   |     |   | 2,270,813 |   |
| Other long-term liabilities                                    |   |   | 485,426    |   |     |   | 808,993 |   |
| Total non-current liabilities                                  |   |   | 15,781,502 |   |     |   | 13,684,994 |   |
| Total liabilities                                              |   |   | 24,847,512 |   |     |   | 19,605,922 |   |
| Shareholders’ equity of Ecopetrol                        |   |   | 27,175,285 |   |     |   | 22,383,712 |   |
| Non-controlling interest                                       |   |   | 309,351    |   |     |   | 634,718 |   |
| Total equity                                                   |   |   | 27,484,636 |   |     |   | 23,018,430 |   |
| Total liabilities and shareholders’ equity               |   | $      | 52,332,148 |   |     | $      | 42,624,352 |   |

----

|                                                                                 |   | 2010   |           |   | 2009     |   |           | 2008   |   |
|--------------------------------------------------------------------------------------|--------|--------|----------------|--------|----------|--------|----------------|--------|--------|
|                                                                                 |   |   |           |   | Restated |   |           |   |   |
| Revenue:                                                                             |   |   |           |   |     |   |           |   |   |
| Local sales                                                                          |   | $      | 18,291,606     |   |     | $      | 13,808,720     |   |   | $ | 21,550,543 |   |
| Foreign sales                                                                        |   |   | 22,587,718     |   |     |   | 15,742,854     |   |   |   | 12,298,670 |   |
| Total revenue                                                                        |   |   | 40,879,324     |   |     |   | 29,551,574     |   |   |   | 33,849,213 |   |
|                                                                                 |   |   |           |   |     |   |           |   |   |   |   |   |
| Cost of sales                                                                        |   |   | 24,059,620     |   |     |   | 18,651,187     |   |   |   | 17,927,991 |   |
|                                                                                 |   |   | 16,819,704     |   |     |   | 10,900,387     |   |   |   | 15,921,222 |   |
|                                                                                 |   |   |           |   |     |   |           |   |   |   |   |   |
| Operating expenses:                                                                  |   |   |           |   |     |   |           |   |   |   |   |   |
| Administration                                                                       |   |   | 856,880        |   |     |   | 1,027,031      |   |   |   | 4,246,426 |   |
| Selling and projects                                                                 |   |   | 2,084,310      |   |     |   | 1,818,143      |   |   |   | 1,834,485 |   |
| Operating income                                                                     |   |   | 13,878,514     |   |     |   | 8,055,213      |   |   |   | 9,840,311 |   |
|                                                                                 |   |   |           |   |     |   |           |   |   |   |   |   |
| Non-operating income, net                                                            |   |   | 1,037,793      |   |     |   | 713,170        |   |   |   | 3,587,132 |   |
| Income before income tax                                                             |   |   | 12,840,721     |   |     |   | 8,768,383      |   |   |   | 13,427,443 |   |
|                                                                                 |   |   |           |   |     |   |           |   |   |   |   |   |
| Income tax:                                                                          |   |   |           |   |     |   |           |   |   |   |   |   |
| Current income tax                                                                   |   |   | 3,201,040      |   |     |   | 1,948,819      |   |   |   | 3,648,451 |   |
| Deferred income tax                                                                  |   |   | 1,196,757      |   |     |   | 945,144        |   |   |   | 930,853 |   |
|                                                                                 |   |   | 4,397,797      |   |     |   | 2,893,963      |   |   |   | 4,579,304 |   |
| Net income                                                                           |   |   | 8,442,924      |   |     |   | 5,874,420      |   |   |   | 8,848,139 |   |
| Less: Net (income) attributable to Non-controlling interest                          |   |   | (231,889       | )      |     |   | (156,116       | )      |   |   | (6,256 | ) |
| Net Income attributable to Ecopetrol S.A.                                            |   | $      | 8,211,035      |   |     | $      | 5,718,304      |   |   | $ | 8,841,883 |   |
| Earnings per share (Basic and diluted) attributable to Ecopetrol common shareholders |   | $      | 202.88         |   |     | $      | 141.29         |   |   | $ | 218.47 |   |
| Weighted-average shares outstanding (Basic and diluted)                              |   |   | 40,472,512,588 |   |     |   | 40,472,512,588 |   |   |   | 40,472,512,588 |   |

----

|                                                                          |   | 2010   |        |   | 2009     |   |       | 2008   |   |
|-------------------------------------------------------------------------------|--------|--------|-------------|--------|----------|--------|------------|--------|--------|
|                                                                          |   |   |        |   | Restated |   |       |   |   |
| Cash flows provided by operating activities:                                  |   |   |        |   |     |   |       |   |   |
| Net income                                                                    |   | $      | 8,442,924   |   |     | $      | 5,874,420  |   |   | $ | 8,848,139 |   |
| Adjustments to reconcile net income to cash provided by operating activities: |   |   |        |   |     |   |       |   |   |   |   |   |
| Equity method in non-marketable securities                                    |   |   | 25,063      |   |     |   | 40,635     |   |   |   | (106,845 | ) |
| Depreciation, depletion and amortization                                      |   |   | 3,608,292   |   |     |   | 4,106,221  |   |   |   | 3,177,935 |   |
| Impairment                                                                    |   |   | 157,446     |   |     |   | 399,854    |   |   |   | 113,087 |   |
| Provisions                                                                    |   |   | (141,038    | )      |     |   | 362,424    |   |   |   | (569,969 | ) |
| Deferred income tax                                                           |   |   | 1,196,757   |   |     |   | 945,144    |   |   |   | 930,853 |   |
| Exchange (loss) gain                                                          |   |   | (137,054    | )      |     |   | (544,622   | )      |   |   | (1,390,953 | ) |
| Loss (gain) on retirement of property, plant and equipment                    |   |   | 42,340      |   |     |   | -          |   |   |   | - |   |
| Losses in retirement of investment in natural and environmental resources     |   |   | 39,668      |   |     |   | -          |   |   |   | - |   |
| Other asset write-offs                                                        |   |   | 359,981     |   |     |   | 4,810      |   |   |   | - |   |
| Net changes in operating assets and liabilities:                              |   |   |        |   |     |   |       |   |   |   |   |   |
| Accounts and notes receivable                                                 |   |   | 7,910       |   |     |   | 3,730,221  |   |   |   | (2,383,061 | ) |
| Inventories                                                                   |   |   | (90,512     | )      |     |   | (45,289    | )      |   |   | (255,090 | ) |
| Deferred charges and other assets                                             |   |   | (520,175    | )      |     |   | 171,413    |   |   |   | (245,528 | ) |
| Accounts payable and related parties                                          |   |   | 1,294,450   |   |     |   | 1,398,162  |   |   |   | 326,967 |   |
| Taxes payable                                                                 |   |   | 553,613     |   |     |   | (4,384,524 | )      |   |   | 1,374,621 |   |
| Labor obligations                                                             |   |   | (369,839    | )      |     |   | 304,686    |   |   |   | 401,445 |   |
| Estimated liabilities and provisions                                          |   |   | (639,758    | )      |     |   | 121,387    |   |   |   | 668,220 |   |
| Bargain purchase gain                                                         |   |   | -           |   |     |   | (264,085   | )      |   |   | - |   |
| Fair value of pre-existing participation of business combination              |   |   | -           |   |     |   | 107,545    |   |   |   | - |   |
| Net cash provided by operating activities                                     |   |   | 13,830,068  |   |     |   | 12,177,313 |   |   |   | 10,889,822 |   |
| Cash flows from investing activities:                                         |   |   |        |   |     |   |       |   |   |   |   |   |
| Payments in advance in acquisition of companies                               |   |   | (1,163,131  | )      |     |   | -          |   |   |   | - |   |
| Payment for purchase of companies, net of cash acquired                       |   |   | -           |   |     |   | (4,061,289 | )      |   |   | (1,274,751 | ) |
| Purchase of investment securities                                             |   |   | (11,808,784 | )      |     |   | (7,921,615 | )      |   |   | (27,814,744 | ) |
| Redemption of investment securities                                           |   |   | 9,952,542   |   |     |   | 12,250,387 |   |   |   | 25,975,418 |   |
| Proceeds from sales of property, plant and equipment                          |   |   | 4,751       |   |     |   | 1,927      |   |   |   | - |   |
| Investment in natural and environmental resources                             |   |   | (3,759,410  | )      |     |   | (2,934,666 | )      |   |   | (3,574,418 | ) |
| Additions to property, plant and equipment                                    |   |   | (5,946,298  | )      |     |   | (6,419,783 | )      |   |   | (3,869,577 | ) |
| Net cash used in investing activities                                         |   |   | (12,720,330 | )      |     |   | (9,085,049 | )      |   |   | (10,558,072 | ) |
| Cash flows from financing activities:                                         |   |   |        |   |     |   |       |   |   |   |   |   |
| Non-controlling interest obligations                                          |   |   | (325,367    | )      |     |   | (340,178   | )      |   |   | 240,918 |   |
| Repayment of financial obligations                                            |   |   | (43,677     | )      |     |   | (310,420   | )      |   |   | (99,888 | ) |
| Proceeds from financial obligations                                           |   |   | 2,959,345   |   |     |   | 6,152,400  |   |   |   | 235,720 |   |
| Proceeds from issuance of shares                                              |   |   | 525         |   |     |   | 41,044     |   |   |   | 832,919 |   |
| Cash paid to acquire a non-controlling interest                               |   |   | -           |   |     |   | (998,903   | )      |   |   | - |   |
| Dividends paid                                                                |   |   | (3,782,966  | )      |     |   | (8,902,602 | )      |   |   | (4,652,182 | ) |
| Net cash used in financing activities                                         |   |   | (1,192,140  | )      |     |   | (4,358,659 | )      |   |   | (3,442,513 | ) |
|                                                                          |   |   |        |   |     |   |       |   |   |   |   |   |
| Effect of exchange rate changes on cash                                       |   |   | (155,476    | )      |     |   | (291,470   | )      |   |   | 83,923 |   |
| Net increase (decrease) in cash and cash equivalents                          |   |   | 73,075      |   |     |   | (974,925   | )      |   |   | (3,194,687 | ) |
| Cash and cash equivalents at beginning of year                                |   |   | 3,837,670   |   |     |   | 4,812,595  |   |   |   | 8,007,282 |   |
| Cash and cash equivalents at end of year                                      |   | $      | 3,910,745   |   |     | $      | 3,837,670  |   |   | $ | 4,812,595 |   |

----

|                                                                                 |   | 2010   |    |   | 2009   |   |      | 2008   |   |
|--------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|
| Supplemental cash flows information                                                  |   |   |    |   |   |   |      |   |   |
| Cash paid during the year                                                            |   |   |    |   |   |   |      |   |   |
| Interest                                                                             |   | $      | 404,708 |   |   | $      | 107,343   |   |   | $ | 9,874 |   |
| Income taxes                                                                         |   | $      | 982,783 |   |   | $      | 3,934,441 |   |   | $ | 1,869,475 |   |
|                                                                                 |   |   |    |   |   |   |      |   |   |   |   |   |
| Non-cash transactions                                                                |   |   |    |   |   |   |      |   |   |   |   |   |
| Liabilities assumed in business combinations                                         |   | $      | -       |   |   | $      | 891,239   |   |   | $ | 184,807 |   |
| Assets acquired through leasing contracts                                            |   | $      | -       |   |   | $      | -         |   |   | $ | 12,659 |   |
| Increase of natural and environmental resources through asset retirement obligations |   | $      | 779,913 |   |   | $      | 96,766    |   |   | $ | 137,903 |   |

----

|                                                                          |   | Common Stock |   |   |   |   |       |                      |   |   |                |   |   |             |       |   |                                            |   |       |                    |   |   |                    |   |
|-------------------------------------------------------------------------------|--------|-------------------|--------|--------|--------|--------|------------|---------------------------|--------|--------|---------------------|--------|--------|------------------|------------|--------|-------------------------------------------------|--------|------------|-------------------------|--------|--------|-------------------------|--------|
|                                                                          |   | Millionsofshares  |   |   | Value  |   |       | Additionalpaid-in-capital |   |   | ComprehensiveIncome |   |   | Retainedearnings |       |   | AccumulatedOtherComprehensiveincome (loss) |   |       | Ecopetrol’sEquity |   |   | Non-ControllingInterest |   |   | Total Equity |   |
| Balance at January 1, 2008                                                    |   |              | 40,473 |   |   |   | 10,113,334 |                      |   |   | 3,607,929           |   |   |             | -          |   |                                            |   | 8,269,100  |                    |   |   | (999,332                | )      |   |   | 20,991,031 |   |   |   | 571,597 |   |   |   | 21,562,628 |   |
| Business combination                                                          |   |              |   |   |   |   |       |                      |   |   |                |   |   |             |       |   |                                            |   |       |                    |   |   |                    |   |   |   |   |   |   |   | 8,718 |   |   |   | 8,718 |   |
| Issuance of company shares                                                    |   |              | -      |   |   |   | 4,457      |                      |   |   | 828,462             |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 832,919 |   |   |   | 217,378 |   |   |   | 1,050,297 |   |
| Distribution of dividends                                                     |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | (4,654,340 | )                       |   |   | -                       |   |   |   | (4,654,340 | ) |   |   | (141,634 | ) |   |   | (4,795,974 | ) |
| Other contributions                                                           |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | (23,742    | )                       |   |   | -                       |   |   |   | (23,742 | ) |   |   | 139,566 |   |   |   | 115,824 |   |
| Comprehensive income:                                                         |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net income                                                                    |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   | $                | 8,848,139  |   |                                            |   | 8,841,883  |                    |   |   | -                       |   |   |   | 8,841,883 |   |   |   | 6,256 |   |   |   | 8,848,139 |   |
| Other Comprehensive income, net of tax:                                       |   |              |   |   |   |   |       |                      |   |   |                |   |   |             |       |   |                                            |   |       |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized earnings on investment securities, net of tax effect of $(236,974) |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 524,729    |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 524,729 |   |   |   | - |   |   |   | 524,729 |   |
| Actuarial gain (loss), net of tax effect of $(302,050)                        |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 613,251    |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 613,251 |   |   |   | - |   |   |   | 613,251 |   |
| Translation adjustment                                                        |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 316,895    |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 300,004 |   |   |   | 16,891 |   |   |   | 316,895 |   |
| Total other comprehensive income                                              |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 1,454,875  |   |                                            |   | -          |                    |   |   | 1,437,984               |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Comprehensive income                                                          |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   | $                | 10,303,014 |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance at December 31, 2008                                                  |   |              | 40,473 |   |   |   | 10,117,791 |                      |   |   | 4,436,391           |   |   |             |       |   |                                            |   | 12,432,901 |                    |   |   | 438,652                 |   |   |   | 27,425,735 |   |   |   | 818,772 |   |   |   | 28,244,507 |   |
| Business combination                                                          |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | 21,530 |   |   |   | 21,530 |   |
| Acquired non-controlling interest                                             |   |              | -      |   |   |   | -          |                      |   |   | (432,766            | )      |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | (432,766 | ) |   |   | (281,692 | ) |   |   | (714,458 | ) |
| Other non-controlling interest                                                |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | 22,767 |   |   |   | 22,767 |   |
| Issuance of company shares                                                    |   |              | -      |   |   |   | -          |                      |   |   | 41,044              |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 41,044 |   |   |   | - |   |   |   | 41,044 |   |
| Distribution of dividends                                                     |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | (8,903,953 | )                       |   |   | -                       |   |   |   | (8,903,953 | ) |   |   | (89,736 | ) |   |   | (8,993,689 | ) |
| Comprehensive income:                                                         |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net income                                                                    |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   | $                | 5,874,420  |   |                                            |   | 5,718,304  |                    |   |   | -                       |   |   |   | 5,718,304 |   |   |   | 156,116 |   |   |   | 5,874,420 |   |
| Other Comprehensive income, net of tax:                                       |   |              |   |   |   |   |       |                      |   |   |                |   |   |             |       |   |                                            |   |       |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized earnings on investment securities, net of tax effect of $226,832   |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 136,600    |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 136,600 |   |   |   | - |   |   |   | 136,600 |   |
| Actuarial gain (loss), net of tax effect of $482,535                          |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | (979,694   | )      |                                            |   | -          |                    |   |   | -                       |   |   |   | (979,694 | ) |   |   | - |   |   |   | (979,694 | ) |
| Translation adjustment                                                        |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | (634,606   | )      |                                            |   | -          |                    |   |   | -                       |   |   |   | (621,559 | ) |   |   | (13,047 | ) |   |   | (634,606 | ) |
| Total other comprehensive income                                              |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | (1,477,700 | )      |                                            |   | -          |                    |   |   | (1,464,653              | )      |   |   | - |   |   |   | - |   |   |   | - |   |
| Comprehensive income                                                          |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   | $                | 4,396,720  |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance at December 31, 2009                                                  |   |              | 40,473 |   |   |   | 10,117,791 |                      |   |   | 4,044,669           |   |   |             |       |   |                                            |   | 9,247,252  |                    |   |   | (1,026,001              | )      |   |   | 22,383,712 |   |   |   | 634,718 |   |   |   | 23,018,430 |   |
| Acquired non-controlling interest                                             |   |              | -      |   |   |   | -          |                      |   |   | (804                | )      |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | (804 | ) |   |   | 804 |   |   |   | - |   |
| Other non-controlling interest                                                |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | 4,444 |   |   |   | 3,902 |   |
| Issuance of company shares                                                    |   |              | -      |   |   |   | 337        |                      |   |   | 188                 |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 525 |   |   |   | - |   |   |   | 525 |   |
| Distribution of dividends                                                     |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | (3,682,998 | )                       |   |   | -                       |   |   |   | (3,682,998 | ) |   |   | (418,558 | ) |   |   | (4,101,556 | ) |
| Return of Capital due to a Spin-Off                                 |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | (144,251 | ) |   |   | (144,251 | ) |
| Comprehensive income:                                                         |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net income                                                                    |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   | $                | 8,442,925  |   |                                            |   | 8,211,035  |                    |   |   | -                       |   |   |   | 8,211,035 |   |   |   | 231,889 |   |   |   | 8,442,925 |   |
| Other Comprehensive income, net of tax:                                       |   |              |   |   |   |   |       |                      |   |   |                |   |   |             |       |   |                                            |   |       |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized earnings on investment securities, net of tax effect of $ 8,819    |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 997,425    |   |                                            |   | -          |                    |   |   | -                       |   |   |   | 997,425 |   |   |   | - |   |   |   | 997,425 |   |
| Actuarial gain (loss), net of tax effect of $ 206,699                         |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | (419,661   | )      |                                            |   | -          |                    |   |   | -                       |   |   |   | (419,661 | ) |   |   | - |   |   |   | (419,661 | ) |
| Translation adjustment                                                        |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | (313,642   | )      |                                            |   | -          |                    |   |   | -                       |   |   |   | (313,947 | ) |   |   | 305 |   |   |   | (313,642 | ) |
| Total other comprehensive income                                              |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | 264,122    |   |                                            |   | -          |                    |   |   | 263,817                 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Comprehensive income                                                          |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   | $                | 8,707,047  |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance at December 31, 2010                                                  |   |              | 40,473 |   |   | $      | 10,118,128 |                      |   | $      | 4,044,053           |   |   |             |       |   |                                            | $      | 13,775,291 |                    |   | $      | (762,184                | )      |   | $ | 27,175,285 |   |   | $ | 309,351 |   |   | $ | 27,484,636 |   |

----

|                                                                           |   | 2010   |      |   | 2009   |   |       | 2008   |   |
|--------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|------------|--------|--------|
|                                                                           |   |   |      |   |   |   |       |   |   |
| Net Income                                                                     |   | $      | 8,442,925 |   |   | $      | 5,874,420  |   |   | $ | 8,848,139 |   |
| Other Comprehensive income, net of tax:                                        |   |   |      |   |   |   |       |   |   |   |   |   |
| Unrealized earnings on investment securities, net of tax:                      |   |   | 997,425   |   |   |   | 136,600    |   |   |   | 524,729 |   |
| Unrealized actuarial gain (loss), net of tax                                   |   |   | (419,661  | )      |   |   | (979,694   | )      |   |   | 613,251 |   |
| Translation adjustment                                                         |   |   | (313,642  | )      |   |   | (634,606   | )      |   |   | 316,895 |   |
| Total other comprehensive income                                               |   |   | 264,122   |   |   |   | (1,477,700 | )      |   |   | 1,454,875 |   |
| Comprehensive income                                                           |   |   | 8,707,047 |   |   |   | 4,396,720  |   |   |   | 10,303,014 |   |
| Comprehensive (income) loss  attributable to the non-controlling interest |   |   | (232,194  | )      |   |   | (143,069   | )      |   |   | (23,147 | ) |
| Comprehensive income  attributable to Ecopetrol                           |   | $      | 8,474,853 |   |   | $      | 4,253,651  |   |   | $ | 10,279,867 |   |

|                                                            |   | 2010                   |       |
|-----------------------------------------------------------------|--------|------------------------|------------|
|                                                            |   | Before-Income Tax |       |   | (Income Tax Expense) |   |   | Net of Income Tax |   |
|                                                            |   | Amount                 |       |   | or Benefit |   |   | Amount |   |
|                                                            |   |                   |       |   |   |   |   |   |   |
| Unrealized gain (loss) on securities available for sale         |   | $                      | 1,734,255  |   |   | $ | (25,802 | ) |   | $ | 1,708,453 |   |
| Pension liability - net unamortized actuarial gain  (loss) |   |                   | (2,639,033 | ) |   |   | 870,881 |   |   |   | (1,768,152 | ) |
| Cumulative translation adjustment                               |   |                   | (702,485   | ) |   |   | - |   |   |   | (702,485 | ) |
| Other comprehensive income (loss)                               |   | $                      | (1,607,263 | ) |   | $ | 845,079 |   |   | $ | (762,184 | ) |

|                                                      |   | 2009                   |       |
|-----------------------------------------------------------|--------|------------------------|------------|
|                                                      |   | Before-Income Tax |       |   | (Income Tax Expense) |   |   | Net of Income Tax |   |
|                                                      |   | Amount                 |       |   | or Benefit |   |   | Amount |   |
|                                                      |   |                   |       |   |   |   |   |   |   |
| Unrealized gain (loss) on securities available for sale   |   | $                      | 745,649    |   |   | $ | (34,621 | ) |   | $ | 711,028 |   |
| Pension liability - net unamortized actuarial gain (loss) |   |                   | (2,012,673 | ) |   |   | 664,182 |   |   |   | (1,348,491 | ) |
| Cumulative translation adjustment                         |   |                   | (388,538   | ) |   |   | - |   |   |   | (388,538 | ) |
| Other comprehensive income (loss)                         |   | $                      | (1,655,562 | ) |   | $ | 629,561 |   |   | $ | (1,026,001 | ) |

|                                                      |   | 2008                   |     |
|-----------------------------------------------------------|--------|------------------------|----------|
|                                                      |   | Before-Income Tax |     |   | (Income Tax Expense) |   |   | Net of Income Tax |   |
|                                                      |   | Amount                 |     |   | or Benefit |   |   | Amount |   |
| Unrealized gain (loss) on securities available for sale   |   | $                      | 835,882  |   |   | $ | (261,454 | ) |   | $ | 574,428 |   |
| Pension liability - net unamortized actuarial gain (loss) |   |                   | (550,443 | ) |   |   | 181,646 |   |   |   | (368,797 | ) |
| Cumulative translation adjustment                         |   |                   | 233,021  |   |   |   | - |   |   |   | 233,021 |   |
| Other comprehensive income (loss)                         |   | $                      | 518,460  |   |   | $ | (79,808 | ) |   | $ | 438,652 |   |

----

| i. | INVESTMENT SECURITIES |
|----|-----------------------|

----

| As of December 31, 2010                                  |   | AggregatedFairValue       |      |   | GrossUnrealizedHoldingGains                   |   |      | GrossUnrealizedHoldingLosses |   |   | GrossRecognizedLosses   |   |   | CostBasis |    |
|------------------------------------------------------------------------------|--------|---------------------------|-----------|--------|-----------------------------------------------|--------|-----------|------------------------------|--------|--------|-------------------------|--------|--------|-----------|---------|
| Short-term Investments - Available for Sale Securities:                      |   |                      |      |   |                                          |   |      |                         |   |   |                    |   |   |      |    |
| Securities issued or secured by Colombian government                         |   | $                         | 19,527    |   |                                          | $      | 255       |                         |   | $      | -                       |   |   | $         | -       |   |   | $ | 19,272 |   |
| Securities issued or secured by financial entities                           |   |                      | 39,408    |   |                                          |   | -         |                         |   |   | (1,338                  | )      |   |      | (156    | ) |   |   | 40,902 |   |
| Total Short-term Investments Classified as Available for Sale                |   |                      | 58,935    |   |                                          |   | 255       |                         |   |   | (1,338                  | )      |   |      | (156    | ) |   |   | 60,174 |   |
| Long-term Investments - Available for Sale Securities:                       |   |                      |      |   |                                          |   |      |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Securities issued or secured by Colombian government                         |   |                      | 1,622,809 |   |                                          |   | 35,723    |                         |   |   | (5,546                  | )      |   |      | (19,654 | ) |   |   | 1,612,286 |   |
| Securities issued or secured by government sponsored enterprise  (GSEs) |   |                      | 1,498,957 |   |                                          |   | 33,141    |                         |   |   | (1,021                  | )      |   |      | (21,382 | ) |   |   | 1,488,219 |   |
| Securities issued or secured by financial entities                           |   |                      | 80,636    |   |                                          |   | 201       |                         |   |   | (458                    | )      |   |      | (1,430  | ) |   |   | 82,323 |   |
| Securities issued or secured by government USA                               |   |                      | 642,974   |   |                                          |   | 9,061     |                         |   |   | (1,924                  | )      |   |      | -       |   |   |   | 635,837 |   |
| Other debt securities                                                        |   |                      | 29,585    |   |                                          |   | 459       |                         |   |   | -                       |   |   |      | (136    | ) |   |   | 29,262 |   |
| Securities issued by mixed- economy governmental entities                    |   |                      | 1,932,115 |   |                                          |   | 1,656,071 |                         |   |   | -                       |   |   |      | -       |   |   |   | 276,044 |   |
| Total Long-term Investments Classified as Available for Sale                 |   |                      | 5,807,075 |   |                                          |   | 1,734,656 |                         |   |   | (8,949                  | )      |   |      | (42,602 | ) |   |   | 4,123,971 |   |
| Total  Available for Sale                                               |   | $                         | 5,866,011 |   |                                          | $      | 1,734,911 |                         |   | $      | (10,287                 | )      |   | $         | (42,758 | ) |   | $ | 4,184,145 |   |
|                                                                         |   |                      |      |   |                                          |   |      |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
|                                                                         |   | Aggregated FairValue |      |   | Gross Unrealized Holding Gains |   |      | GrossUnrealizedHoldingLosses |   |   | Net CarryingAmount |   |   |      |    |   |
| Short-term Investments - Held to Maturity Securities:                        |   |                      |      |   |                                          |   |      |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Other debt securities                                                        |   | $                         | 7,700     |   |                                          | $      | -         |                         |   | $      | -                       |   |   | $         | 7,700   |   |   |   |   |   |
| Securities issued or secured by government USA                               |   |                      | 9,867     |   |                                          |   | 199       |                         |   |   | -                       |   |   |      | 9,669   |   |   |   |   |   |
| Total Short-term Investments Classified as Held to Maturity                  |   |                      | 17,567    |   |                                          |   | 199       |                         |   |   | -                       |   |   |      | 17,369  |   |   |   |   |   |
|                                                                         |   |                      |      |   |                                          |   |      |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Long-term Investments- Held to Maturity Securities:                          |   |                      |      |   |                                          |   |      |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Securities issued or secured by Colombian government                         |   |                      | 120,322   |   |                                          |   | 9,567     |                         |   |   | -                       |   |   |      | 110,755 |   |   |   |   |   |
| Total Long-term Investments Classified as Held to Maturity                   |   |                      | 120,322   |   |                                          |   | 9,567     |                         |   |   | -                       |   |   |      | 110,755 |   |   |   |   |   |
| Total Held to Maturity                                                       |   | $                         | 137,889   |   |                                          | $      | 9,766     |                         |   | $      | -                       |   |   | $         | 128,124 |   |   |   |   |   |

----

| As of December 31, 2009                                  |   | AggregatedFairValue       |      |   | GrossUnrealizedHoldingGains                   |   |    | GrossUnrealizedHoldingLosses |   |   | GrossRecognizedLosses   |   |   | CostBasis |    |
|------------------------------------------------------------------------------|--------|---------------------------|-----------|--------|-----------------------------------------------|--------|---------|------------------------------|--------|--------|-------------------------|--------|--------|-----------|---------|
| Short-term Investments - Available for Sale Securities:                      |   |                      |      |   |                                          |   |    |                         |   |   |                    |   |   |      |    |
| Securities issued or secured by Colombian government                         |   | $                         | 126,376   |   |                                          | $      | 5,472   |                         |   | $      | (965                    | )      |   | $         | (6,813  | ) |   | $ | 128,682 |   |
| Securities issued or secured by government sponsored enterprise  (GSEs) |   |                      | 41,863    |   |                                          |   | 4,472   |                         |   |   | -                       |   |   |      | -       |   |   |   | 37,391 |   |
| Securities issued or secured by financial entities                           |   |                      | 10,593    |   |                                          |   | 1,093   |                         |   |   | -                       |   |   |      | -       |   |   |   | 9,500 |   |
| Total Short-term Investments Classified as Available for Sale                |   |                      | 178,832   |   |                                          |   | 11,037  |                         |   |   | (965                    | )      |   |      | (6,813  | ) |   |   | 175,573 |   |
| Long-term Investments - Available for Sale Securities:                       |   |                      |      |   |                                          |   |    |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Securities issued or secured by Colombian government                         |   |                      | 597,761   |   |                                          |   | 51,997  |                         |   |   | (375                    | )      |   |      | (5,001  | ) |   |   | 551,140 |   |
| Securities issued or secured by government sponsored enterprise  (GSEs) |   |                      | 1,670,687 |   |                                          |   | 48,476  |                         |   |   | -                       |   |   |      | -       |   |   |   | 1,622,211 |   |
| Securities issued or secured by financial entities                           |   |                      | 592       |   |                                          |   | -       |                         |   |   | (412                    | )      |   |      | -       |   |   |   | 1,004 |   |
| Securities issued or secured by government USA                               |   |                      | 153,186   |   |                                          |   | -       |                         |   |   | (20,667                 | )      |   |      | -       |   |   |   | 173,852 |   |
| Securities issued by mixed- economy governmental entities                    |   |                      | 764,853   |   |                                          |   | 640,740 |                         |   |   | -                       |   |   |      | -       |   |   |   | 124,113 |   |
| Total Long-term Investments Classified as Available for Sale                 |   |                      | 3,187,078 |   |                                          |   | 741,213 |                         |   |   | (21,454                 | )      |   |      | (5,001  | ) |   |   | 2,472,320 |   |
| Total  Available for Sale                                               |   | $                         | 3,365,910 |   |                                          | $      | 752,250 |                         |   | $      | (22,419                 | )      |   | $         | (11,814 | ) |   | $ | 2,647,893 |   |
|                                                                         |   |                      |      |   |                                          |   |    |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
|                                                                         |   | Aggregated FairValue |      |   | Gross Unrealized Holding Gains |   |    | GrossUnrealizedHoldingLosses |   |   | Net CarryingAmount |   |   |      |    |   |
| Short-term Investments - Held to Maturity Securities:                        |   |                      |      |   |                                          |   |    |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Other debt securities                                                        |   | $                         | 8,280     |   |                                          | $      | 404     |                         |   | $      | -                       |   |   | $         | 7,876   |   |   |   |   |   |
| Total Short-term Investments Classified as Held to Maturity                  |   |                      | 8,280     |   |                                          |   | 404     |                         |   |   | -                       |   |   |      | 7,876   |   |   |   |   |   |
|                                                                         |   |                      |      |   |                                          |   |    |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Long-term Investments- Held to Maturity Securities:                          |   |                      |      |   |                                          |   |    |                         |   |   |                    |   |   |      |    |   |   |   |   |   |
| Securities issued or secured by Colombian government                         |   |                      | 129,769   |   |                                          |   | 9,655   |                         |   |   | -                       |   |   |      | 120,114 |   |   |   |   |   |
| Securities issued or secured by government USA                               |   |                      | 10,950    |   |                                          |   | 636     |                         |   |   | -                       |   |   |      | 10,314  |   |   |   |   |   |
| Total Long-term Investments Classified as Held to Maturity                   |   |                      | 140,719   |   |                                          |   | 10,291  |                         |   |   | -                       |   |   |      | 130,428 |   |   |   |   |   |
| Total Held to Maturity                                                       |   | $                         | 148,999   |   |                                          | $      | 10,695  |                         |   | $      | -                       |   |   | $         | 138,304 |   |   |   |   |   |

----

|                                                            |   | AggregatedFairValue |      |   | GrossUnrealizedHoldingGains   |   |    | GrossUnrealizedHoldingLosses   |   |   | GrossRecognizedLosses |   |   | CostBasis |    |
|-----------------------------------------------------------------|--------|---------------------|-----------|--------|-------------------------------|--------|---------|--------------------------------|--------|--------|-----------------------|--------|--------|-----------|---------|
| As of December 31, 2008                                         |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |
|                                                            |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |
| Short-term Investments - Available for Sale Securities:         |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |
| Securities issued or secured by Colombian government            |   | $                   | 239,819   |   |                          | $      | 17,825  |                           |   | $      | (5,559                | )      |   | $         | -       |   |   | $ | 227,553 |   |
| Securities issued or secured by government sponsored enterprise |   |                | 989,949   |   |                          |   | 148,808 |                           |   |   | (4,158                | )      |   |      | -       |   |   |   | 845,299 |   |
| Securities issued or secured by financial entities              |   |                | 92,535    |   |                          |   | 13,026  |                           |   |   | -                     |   |   |      | -       |   |   |   | 79,509 |   |
| Other debt securities                                           |   |                | 23,457    |   |                          |   | 3,175   |                           |   |   | -                     |   |   |      | -       |   |   |   | 20,282 |   |
| Total Short-term Investments classified as Available for Sale   |   |                | 1,345,760 |   |                          |   | 182,834 |                           |   |   | (9,717                | )      |   |      | -       |   |   |   | 1,172,643 |   |
|                                                            |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |   |   |   |   |   |
| Long-term Investments - Available for Sale Securities:          |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |   |   |   |   |   |
| Securities issued or secured by Colombian government            |   |                | 821,342   |   |                          |   | 123,957 |                           |   |   | (6,259                | )      |   |      | -       |   |   |   | 724,733 |   |
| Securities issued or secured by government sponsored enterprise |   |                | 2,515,761 |   |                          |   | 427,156 |                           |   |   | (215                  | )      |   |      | (390    | ) |   |   | 2,110,413 |   |
| Securities issued or secured by financial entities              |   |                | 596,792   |   |                          |   | 110,263 |                           |   |   | (64                   | )      |   |      | -       |   |   |   | 487,898 |   |
| Securities issued or secured by government USA                  |   |                | 2,169,197 |   |                          |   | 35,436  |                           |   |   | (27,653               | )      |   |      | -       |   |   |   | 2,161,414 |   |
| Other debt securities                                           |   |                | 1,452     |   |                          |   | 144     |                           |   |   | -                     |   |   |      | (95     | ) |   |   | 1,403 |   |
| Total Long-term Investments classified as Available for Sale    |   |                | 6,104,544 |   |                          |   | 696,956 |                           |   |   | (34,191               | )      |   |      | (485    | ) |   |   | 5,485,861 |   |
| Total Available for Sale                                        |   | $                   | 7,450,304 |   |                          | $      | 879,790 |                           |   | $      | (43,908               | )      |   | $         | (485    | ) |   | $ | 6,658,504 |   |
|                                                            |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |   |   |   |   |   |
|                                                            |   | AggregatedFairValue |      |   | GrossUnrecognizedHoldingGains |   |    | GrossUnrecognizedHoldingLosses |   |   | NetCarryingAmount     |   |   |      |    |   |
| Long-term Investments- Held to Maturity Securities              |   |                |      |   |                          |   |    |                           |   |   |                  |   |   |      |    |   |   |   |   |   |
| Securities issued or secured by Colombian government            |   | $                   | 132,133   |   |                          | $      | 993     |                           |   | $      | (2,533                | )      |   | $         | 133,693 |   |   |   |   |   |
| Securities issued or secured by government USA                  |   |                | 12,436    |   |                          |   | 1,129   |                           |   |   | -                     |   |   |      | 11,307  |   |   |   |   |   |
| Other debt securities                                           |   |                | 35,829    |   |                          |   | 1,733   |                           |   |   | -                     |   |   |      | 34,096  |   |   |   |   |   |
| Total Long-term Investments Classified as Held to Maturity      |   | $                   | 180,398   |   |                          | $      | 3,855   |                           |   | $      | (2,533                | )      |   | $         | 179,096 |   |   |   |   |   |

----

| As of December 31, 2010 |   |
|---------------------------------------------|--------|
|                                        |   | Available for Sale |   |   | Held to Maturity |   |
|                                        |   | Cost Basis |   |   | Fair Value |   |   | Cost Basis |   |   | Fair Value |   |
|                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Due in one year or less                     |   | $ | 60,174 |   |   | $ | 58,935 |   |   | $ | 17,369 |   |   | $ | 17,567 |   |
| Due in one year to five years               |   |   | 3,719,718 |   |   |   | 5,396,547 |   |   |   | 110,755 |   |   |   | 120,322 |   |
| Due in five years to ten years              |   |   | 404,253 |   |   |   | 410,529 |   |   |   | - |   |   |   | - |   |
| Total                                       |   | $ | 4,184,145 |   |   | $ | 5,866,011 |   |   | $ | 128,124 |   |   | $ | 137,889 |   |
|                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| As of December 31, 2009                     |   |
|                                        |   | Available for Sale |   |   | Held to Maturity |   |
|                                        |   | Cost Basis |   |   | Fair Value |   |   | Cost Basis |   |   | Fair Value |   |
|                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Due in one year or less                     |   | $ | 175,573 |   |   | $ | 178,832 |   |   | $ | 7,876 |   |   | $ | 8,280 |   |
| Due in one year to five years               |   |   | 2,397,956 |   |   |   | 3,123,537 |   |   |   | 130,428 |   |   |   | 140,719 |   |
| Due in five years to ten years              |   |   | 74,364 |   |   |   | 63,541 |   |   |   | - |   |   |   | - |   |
| Total                                       |   | $ | 2,647,893 |   |   | $ | 3,365,910 |   |   | $ | 138,304 |   |   | $ | 148,999 |   |

|   |   | 2010   |   |   | 2009   |   |    | 2008   |   |
|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
|   |   |   |   |   |   |   |    |   |   |
| Losses |   | $      | 67,225 |   |   | $      | 727,697 |   |   | $ | 188,060 |   |
| Gains  |   | $      | 24,322 |   |   | $      | 38,539  |   |   | $ | 48,108 |   |

----

| 2010                                                                         |   |
|------------------------------------------------------------------------------|--------|
|                                                                         |   | Less Than 12 months |   |   | 12 Months of Greater |   |   | Total |   |
| Descriptions of Securities                                         |   | Fair Value |   |   | UnrealizedLosses |   |   | Fair Value |   |   | UnrealizedLosses |   |   | Fair Value |   |   | UnrealizedLosses |   |
| Securities issued or secured by Colombian government                         |   |   | 346,690 |   |   |   | 5,432 |   |   |   | 6,483 |   |   |   | 115 |   |   |   | 353,173 |   |   |   | 5,547 |   |
| Securities issued or secured by financial entities                           |   |   | 69,756 |   |   |   | 912 |   |   |   | 121 |   |   |   | 883 |   |   |   | 69,877 |   |   |   | 1,795 |   |
| Securities issued or secured by government sponsored enterprise  (GSEs) |   |   | 149,485 |   |   |   | 1,021 |   |   |   | 0 |   |   |   | 0 |   |   |   | 149,485 |   |   |   | 1,021 |   |
| Securities issued or secured by government USA                               |   |   | 186,224 |   |   |   | 1,924 |   |   |   | 0 |   |   |   | 0 |   |   |   | 186,224 |   |   |   | 1,924 |   |
| Total                                                                        |   |   | 752,155 |   |   |   | 9,289 |   |   |   | 6,604 |   |   |   | 998 |   |   |   | 758,759 |   |   |   | 10,287 |   |

| 2009                                                 |   |
|------------------------------------------------------|--------|
|                                                 |   | Less Than 12 months |   |   | 12 Months of Greater |   |   | Total |   |
| Descriptions of Securities                 |   | Fair Value |   |   | UnrealizedLosses |   |   | Fair Value |   |   | UnrealizedLosses |   |   | Fair Value |   |   | UnrealizedLosses |   |
| Securities issued or secured by Colombian government |   |   | 18,608 |   |   |   | 375 |   |   |   | 27,013 |   |   |   | 965 |   |   |   | 45,620 |   |   |   | 1,341 |   |
| Securities issued or secured by financial entities   |   |   | 0 |   |   |   | 0 |   |   |   | 592 |   |   |   | 412 |   |   |   | 592 |   |   |   | 412 |   |
| Securities issued or secured by government USA       |   |   | 153,186 |   |   |   | 20,667 |   |   |   | 0 |   |   |   | 0 |   |   |   | 153,186 |   |   |   | 20,667 |   |
| Total                                                |   |   | 171,793 |   |   |   | 21,042 |   |   |   | 27,605 |   |   |   | 1,377 |   |   |   | 199,398 |   |   |   | 22,419 |   |

| 2010                           |   |
|--------------------------------|--------|
| Concept                        |   | Amount |   |
| Investments available for sale |   |   | 361,607 |   |
| Investment fund *              |   |   | 1,251 |   |
| Cash                           |   |   | 28,164 |   |
| Total                          |   |   | 391,022 |   |

| 2009                           |   |
|--------------------------------|--------|
| Concept                        |   | Amount |   |
| Investments available for sale |   |   | 380,463 |   |
| Investment fund *              |   |   | 469 |   |
| Total                          |   |   | 380,932 |   |

----

| As of December 31, 2010                  |   | AggregatedFairValue |    |   | GrossUnrealizedHoldingGains |   |   | GrossUnrealizedHoldingLosses |   |   | GrossRecognizedLosses |   |   | CostBasis |    |
|--------------------------------------------------------------|--------|---------------------|---------|--------|-----------------------------|--------|--------|------------------------------|--------|--------|-----------------------|--------|--------|-----------|---------|
| Long-term Investments - Available for Sale Securities:       |   |                |    |   |                        |   |   |                         |   |   |                  |   |   |      |    |
| Securities issued or secured by Colombian government         |   | $                   | 201,172 |   |                        | $      | 7,835  |                         |   | $      | (2,126                | )      |   | $         | (10,062 | ) |   | $ | 205,525 |   |
| Securities issued or secured by government USA               |   |                | 160,435 |   |                        |   | 3,920  |                         |   |   | -                     |   |   |      | -       |   |   |   | 156,515 |   |
| Total Long-term Investments Classified as Available for Sale |   | $                   | 361,607 |   |                        | $      | 11,755 |                         |   | $      | (2,126                | )      |   | $         | (10,062 | ) |   | $ | 362,040 |   |

| As of December 31, 2009                  |   | AggregatedFairValue |    |   | GrossUnrealizedHoldingGains |   |   | GrossUnrealizedHoldingLosses |   |   | GrossRecognizedLosses |   |   | CostBasis |   |
|--------------------------------------------------------------|--------|---------------------|---------|--------|-----------------------------|--------|--------|------------------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
| Long-term Investments - Available for Sale Securities:       |   |                |    |   |                        |   |   |                         |   |   |                  |   |   |      |   |
| Securities issued or secured by Colombian government         |   | $                   | 281,723 |   |                        | $      | 18,481 |                         |   | $      | (88                   | )      |   | $         | (4,188 | ) |   | $ | 267,518 |   |
| Securities issued or secured by government USA               |   |                | 98,740  |   |                        |   | -      |                         |   |   | (2,574                |   |   |      | -      |   |   |   | 101,314 |   |
| Total Long-term Investments Classified as Available for Sale |   | $                   | 380,463 |   |                        | $      | 18,481 |                         |   | $      | (2,662                | )      |   | $         | (4,188 | ) |   | $ | 368,832 |   |

| a. | Impairment |
|----|------------|

| a) | the length of time and the extent to which the market value of the security has been less than cost; |
|----|------------------------------------------------------------------------------------------------------|

| b) | the financial condition and near-term prospects of the issuer, including any specific events which influence the operations of the issuer (such as changes in technology that may impair the earnings potential of the investment, or the discontinuance of a segment of a business that may affect the future earnings potential); and |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c) | carry out the analysis as instructed in ASC paragraph 320-10-65-1 which includes the comparison of the fair value and the amortized cost, evaluates the intention to sell the security and if it is more-likely-than-not that the company will be required to sell the security prior to recovery, including the existence of a credit loss. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Credit Rating Agency   |   | Short-term Credit Rating |   | Long-Term Credit Rating |   |
|----------------------------------|--------|------------------------------------|--------|-----------------------------------|--------|
| Standard & Poor’s      |   | A-1                                |   | A                                 |   |
| Moody’s Investors Services |   | P-1                                |   | A2                                |   |
| Fitch Ratings                    |   | F-1                                |   | A                                 |   |

----

| ii. | INVESTMENTS IN NON-MARKETABLE SECURITIES |
|-----|------------------------------------------|

| a. | Equity Method and Valuation Surplus |
|----|-------------------------------------|

| · | Reversal of inflation adjustments recorded under RCP |
|--------|------------------------------------------------------|

| · | Reversal of Goodwill amortization and impairment |
|--------|--------------------------------------------------|

| · | Inclusion of share of earnings or losses under U.S. GAAP, net of intercompany eliminations. |
|--------|---------------------------------------------------------------------------------------------|

| · | Inclusion of share in Other Comprehensive Income under U.S. GAAP. |
|--------|-------------------------------------------------------------------|

| Company                        |   | Percentage OfVotingInterest |   |   | EquityCalculatedunderU.S. GAAP |   |    | EquityUnderColombianGAAP |   |   | AssetsUnderColombianGAAP |   |   | LiabilitiesUnderColombianGAAP |      |   | Net Income(Loss) UnderColombianGAAP |   |    | InvestmentUnder U.S.GAAPEquityMethod |   |   | EquityMethodAccountingAdj (*) |   |   | TotalEquityMethodInvestment |    |
|--------------------------------|--------|----------------------------------|--------|--------|-------------------------------------|--------|---------|--------------------------|--------|--------|--------------------------|--------|--------|-------------------------------|-----------|--------|-----------------------------------------------|--------|---------|-------------------------------------------|--------|--------|------------------------------------|--------|--------|-----------------------------|---------|
|                           |   |                             |   |   |                                |   |    |                     |   |   |                     |   |   |                          |      |   |                                          |   |    |                                      |   |   |                               |   |   |                        |    |
| Invercolsa S.A.                |   |                             | 32     | %      |                                | $      | 312,711 |                     |   | $      | 536,744                  |   |   | $                             | 537,319   |   |                                          | $      | 575     |                                      |   | $      | 87,755                             |   |   | $                           | 99,348  |   |   | $ | - |   |   | $ | 99,348 |   |
| Serviport S.A.                 |   |                             | 49     | %      |                                |   | 3,111   |                     |   |   | 14,656                   |   |   |                          | 17,312    |   |                                          |   | 2,656   |                                      |   |   | (1,637                             | )      |   |                        | 1,524   |   |   |   | - |   |   |   | 1,524 |   |
| Offshore International Group   |   |                             | 50     | %      |                                |   | 712,375 |                     |   |   | 780,957                  |   |   |                          | 1,187,267 |   |                                          |   | 406,310 |                                      |   |   | 109,283                            |   |   |                        | 356,188 |   |   |   | 469,851 |   |   |   | 826,039 |   |
| Ecodiesel S.A.                 |   |                             | 50     | %      |                                |   | 11,191  |                     |   |   | 23,411                   |   |   |                          | 132,028   |   |                                          |   | 108,617 |                                      |   |   | 2,073                              |   |   |                        | 5,596   |   |   |   | - |   |   |   | 5,596 |   |
| Sociedad Portuaria de Olefinas |   |                             | 50     | %      |                                |   | 427     |                     |   |   | 780                      |   |   |                          | 1,022     |   |                                          |   | 242     |                                      |   |   | 33                                 |   |   |                        | 213     |   |   |   | - |   |   |   | 213 |   |
|                           |   |                             |   |   |                                |   |    |                     |   |   |                     |   |   |                          |      |   |                                          |   |    |                                      |   |   |                               |   |   | $                           | 462,869 |   |   | $ | 469,851 |   |   | $ | 932,720 |   |

----

| Company                        |   | PercentageOf VotingInterest |   |   | EquityCalculatedunderU.S. GAAP |   |    | EquityUnderColombianGAAP |   |   | AssetsUnderColombianGAAP |   |   | LiabilitiesUnderColombianGAAP |    |   | Net Income(Loss)UnderColombianGAAP |   |    | InvestmentUnder U.S.GAAPEquityMethod |   |   | EquityMethodAccountingAdj (*) |   |   | TotalEquityMethodInvestment |    |
|--------------------------------|--------|----------------------------------|--------|--------|-------------------------------------|--------|---------|--------------------------|--------|--------|--------------------------|--------|--------|-------------------------------|---------|--------|-----------------------------------------|--------|---------|-------------------------------------------|--------|--------|------------------------------------|--------|--------|-----------------------------|---------|
|                           |   |                             |   |   |                                |   |    |                     |   |   |                     |   |   |                          |    |   |                                    |   |    |                                      |   |   |                               |   |   |                        |    |
| Invercolsa S.A.                |   |                             | 32     | %      |                                | $      | 230,058 |                     |   | $      | 468,507                  |   |   | $                             | 479,104 |   |                                    | $      | 10,597  |                                      |   | $      | 71,903                             |   |   | $                           | 73,078  |   |   | $ | - |   |   | $ | 73,078 |   |
| Serviport S.A.                 |   |                             | 49     | %      |                                |   | 4,742   |                     |   |   | 15,170                   |   |   |                          | 17,557  |   |                                    |   | 2,387   |                                      |   |   | 941                                |   |   |                        | 2,324   |   |   |   | - |   |   |   | 2,324 |   |
| Offshore International Group   |   |                             | 50     | %      |                                |   | 640,866 |                     |   |   | 726,398                  |   |   |                          | 860,151 |   |                                    |   | 133,753 |                                      |   |   | 69,845                             |   |   |                        | 320,433 |   |   |   | 754,875 |   |   |   | 1,075,307 |   |
| Ecodiesel S.A.                 |   |                             | 50     | %      |                                |   | 5,985   |                     |   |   | 15,842                   |   |   |                          | 91,641  |   |                                    |   | 75,799  |                                      |   |   | 336                                |   |   |                        | 2,992   |   |   |   | - |   |   |   | 2,992 |   |
| Sociedad Portuaria de Olefinas |   |                             | 50     | %      |                                |   | 982     |                     |   |   | 834                      |   |   |                          | 1,106   |   |                                    |   | 272     |                                      |   |   | (134                               | )      |   |                        | 491     |   |   |   | - |   |   |   | 491 |   |
|                           |   |                             |   |   |                                |   |    |                     |   |   |                     |   |   |                          |    |   |                                    |   |    |                                      |   |   |                               |   |   | $                           | 399,318 |   |   | $ | 754,875 |   |   | $ | 1,154,193 |   |

|   | Concept                                     |   | 2010   |    |   | 2009   |   |
|--------|---------------------------------------------|--------|--------|---------|--------|--------|--------|
|   | Fair Value of Property, Plant and Equipment |   | $      | 3,665   |   |   | $      | 4,236 |   |
|   | Goodwill net of Taxes                       |   |   | 466,186 |   |   |   | 750,638 |   |
|   | Total                                       |   | $      | 469,851 |   |   | $      | 754,875 |   |

| b. | Variable Interest Entity (VIE) |
|----|--------------------------------|

----

|        |   | 2009   |      |   | 2008   |   |
|-------------|--------|--------|-----------|--------|--------|--------|
|        |   |   |      |   |   |   |
| Assets      |   | $      | 1,268,681 |   |   | $      | 1,000,110 |   |
| Liabilities |   |   | (61,566   | )      |   |   | (106,447 | ) |
| Equity      |   |   | 1,207,115 |   |   |   | 893,663 |   |
| Net income  |   | $      | 497,471   |   |   | $      | 10,284 |   |

|        |   | 2010   |     |   | 2009   |   |
|-------------|--------|--------|----------|--------|--------|--------|
|        |   |   |     |   |   |   |
| Assets      |   | $      | 522,342  |   |   | $      | 514,484 |   |
| Liabilities |   |   | (509,288 | )      |   |   | (512,271 | ) |
| Equity      |   | $      | 13,054   |   |   | $      | 2,213 |   |
| Net income  |   | $      | 13,052   |   |   | $      | 2,212 |   |

| c. | Impairment |
|----|------------|

----

| iii. | DERIVATIVES |
|------|-------------|

|        |   | 2010     |    |   | 2009       |   |   | 2008     |   |
|-------------|--------|----------|---------|--------|------------|--------|--------|----------|--------|
|        |   | Realized |    |   | Unrealized |   |   | Realized |   |   | Unrealized |   |   | Realized |   |   | Unrealized |   |
| Options (1) |   | $        | (13,175 | )      |       | $      | (1,474 | )        |   | $ | 66,889 |   |   | $ | 25,943 |   |   | $ | - |   |   | $ | - |   |
| Swaps       |   |     | (7,031  | )      |       |   | 2,242  |     |   |   | (23,757 | ) |   |   | (438 | ) |   |   | (45,024 | ) |   |   | - |   |
| Forwards    |   |     | 245     |   |       |   | 107    |     |   |   | 5,862 |   |   |   | - |   |   |   | (24,879 | ) |   |   | - |   |
| Total       |   | $        | (19,962 | )      |       | $      | 875    |     |   | $ | 48,994 |   |   | $ | 25,505 |   |   | $ | (69,903 | ) |   | $ | - |   |

| (1) | Amounts include premiums paid |
|-----|-------------------------------|

----

| iv. | EXCHANGE OF NON-MONETARY ASSETS |
|-----|---------------------------------|

| v. | DEFERRED CHARGES |
|----|------------------|

| vi. | EMPLOYEE BENEFIT PLANS |
|-----|------------------------|

----

|                                                          |   | 2010    |       |   | 2009                   |   |     | 2008   |   |
|---------------------------------------------------------------|--------|---------|------------|--------|------------------------|--------|----------|--------|--------|
| Components of net periodic benefitcosts:  |   | Pension |       |   | OtherBenefits (*) |   |     | Total  |   |   | Pension |   |   | OtherBenefits (*) |   |   | Total |   |   | Pension |   |   | OtherBenefits (*) |   |   | Total |   |
| Service cost                                                  |   | $       | 46,686     |   |                   | $      | 32,840   |   |   | $ | 79,526 |   |   | $ | 21,126 |   |   | $ | 40,279 |   |   | $ | 61,405 |   |   | $ | 57,957 |   |   | $ | 20,549 |   |   | $ | 78,506 |   |
| Interest cost                                                 |   |    | 845,144    |   |                   |   | 386,159  |   |   |   | 1,231,303 |   |   |   | 1,037,577 |   |   |   | 446,502 |   |   |   | 1,484,079 |   |   |   | 861,042 |   |   |   | 787,838 |   |   |   | 1,648,880 |   |
| Expected Return on plan assets                                |   |    | (1,303,018 | )      |                   |   | (290,075 | )      |   |   | (1,593,093 | ) |   |   | (1,013,399 | ) |   |   | (238,744 | ) |   |   | (1,252,143 | ) |   |   | (366,541 | ) |   |   | (78,806 | ) |   |   | (445,347 | ) |
| Amortization of net (gain) or loss                            |   |    | 22,977     |   |                   |   | 41,293   |   |   |   | 64,270 |   |   |   |   |   |   |   | 10,009 |   |   |   | 10,009 |   |   |   | 270,231 |   |   |   | 143,337 |   |   |   | 413,568 |   |
| Net periodic pension cost under U.S. GAAP - (gain) or loss    |   |    | (388,211   | )      |                   |   | 170,217  |   |   |   | (217,994 | ) |   |   | 45,304 |   |   |   | 258,046 |   |   |   | 303,350 |   |   |   | 822,689 |   |   |   | 872,918 |   |   |   | 1,695,607 |   |
| Net periodic pension cost under Colombian GAAP (gain) or loss |   |    | 264,693    |   |                   |   | 146,411  |   |   |   | 118,282 |   |   |   | 118,677 |   |   |   | 527,124 |   |   |   | 645,801 |   |   |   | 608,473 |   |   |   | 852,901 |   |   |   | 244,428 |   |
| Difference to be recognized under U.S. GAAP (income) loss     |   | $       | (652,904   | )      |                   | $      | 316,628  |   |   | $ | (336,276 | ) |   | $ | (73,373 | ) |   | $ | (269,078 | ) |   | $ | (342,451 | ) |   | $ | 1,431,162 |   |   | $ | 20,017 |   |   | $ | 1,451,179 |   |

----

|                                                    |   | Pension Plans |        |   | Other Benefits |   |
|---------------------------------------------------------|--------|--------------------|-------------|--------|---------------------|--------|
|                                                    |   | 2010               |        |   | 2009                |   |   | 2010 |   |   | 2009 |   |
| Reconciliation of project benefit obligation:           |   |               |        |   |                |   |   |   |   |   |   |   |
| Project benefit obligation as of January 1              |   | $                  | (10,338,890 | )      |                | $      | (8,910,139 | ) |   | $ | (4,844,216 | ) |   | $ | (3,838,042 | ) |
| Cost of service                                         |   |               | (46,686     | )      |                |   | (21,126 | ) |   |   | (32,840 | ) |   |   | (40,279 | ) |
| Cost of interest                                        |   |               | (845,144    | )      |                |   | (1,037,577 | ) |   |   | (386,159 | ) |   |   | (446,502 | ) |
| Actuarial (gain) loss                                   |   |               | (58,216     | )      |                |   | (920,726 | ) |   |   | 120,377 |   |   |   | (729,243 | ) |
| Benefit payments                                        |   |               | 602,693     |   |                |   | 550,678 |   |   |   | 254,017 |   |   |   | 209,850 |   |
| Projected benefit obligation as of December 31          |   |               | (10,686,243 | )      |                |   | (10,338,890 | ) |   |   | (4,888,821 | ) |   |   | (4,844,216 | ) |
| Reconciliation of plan assets:                          |   |               |        |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Fair value of plan assets as of January 1               |   |               | 8,973,955   |   |                |   | 8,501,667 |   |   |   | 1,997,767 |   |   |   | 1,671,124 |   |
| Fund Contribution                                       |   |               | -           |   |                |   | - |   |   |   | - |   |   |   | 80,264 |   |
| Expected return on plan assets                          |   |               | 1,303,018   |   |                |   | 1,013,399 |   |   |   | 290,075 |   |   |   | 238,744 |   |
| Benefits paid                                           |   |               | (602,693    | )      |                |   | (550,678 | ) |   |   | (6,776 | ) |   |   | - |   |
| Actuarial (gain) loss on plan assets                    |   |               | (569,101    | )      |                |   | 9,567 |   |   |   | (183,690 | ) |   |   | 168,163 |   |
| Fair value of plan assets as of December 31             |   |               | 9,105,179   |   |                |   | 8,973,955 |   |   |   | 2,097,376 |   |   |   | 1,997,767 |   |
|                                                    |   |               |        |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Projected benefit obligation, as of December 31         |   |               | 80,142      |   |                |   | (308,069 | ) |   |   | (1,813,618 | ) |   |   | (1,890,642 | ) |
| Amounts recognized in other comprehensive (income) loss |   |               | (1,661,206  | )      |                |   | (1,056,866 | ) |   |   | (977,827 | ) |   |   | (955,807 | ) |
|                                                    |   |               |        |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Net liability                                           |   |               | (1,581,064  | )      |                |   | (1,364,935 | ) |   |   | (2,791,445 | ) |   |   | (2,846,449 | ) |
| Net liability under RCP                                 |   |               | 383,380     |   |                |   | 118,676 |   |   |   | 2,194,048 |   |   |   | 2,587,711 |   |
| Net effect under pension plan and other benefits        |   | $                  | (1,197,684  | )      |                | $      | (1,246,259 | ) |   | $ | (597,397 | ) |   | $ | (258,738 | ) |

|              |   | Pension Plans |       |   | Other Benefits |   |       | TOTAL  |     |
|-------------------|--------|--------------------|------------|--------|---------------------|--------|------------|--------|----------|
|              |   | 2010               |       |   | 2009                |   |       | 2010   |     |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Current portion   |   | -                  |       |   | -                   |   |       |   | (468,350 | ) |   |   | (246,881 | ) |   |   | (468,350 | ) |   |   | (246,881 | ) |
| Long-term portion |   |               | (1,581,064 | )      |                |   | (1,364,935 | )      |     |   | (2,323,095 | ) |   |   | (2,599,568 | ) |   |   | (3,904,159 | ) |   |   | (3,964,503 | ) |
| Net liability     |   |               | (1,581,064 | )      |                |   | (1,364,935 | )      |     |   | (2,791,445 | ) |   |   | (2,846,449 | ) |   |   | (4,372,509 | ) |   |   | (4,211,384 | ) |

----

|                      |   | 2010   |       |   | 2009   |   |
|---------------------------|--------|--------|------------|--------|--------|--------|
| Long-term liability       |   |   |       |   |   |   |
| Pension                   |   | $      | (1,581,064 | )      |   | $      | (1,364,935 | ) |
| Health                    |   |   | (2,799,628 | )      |   |   | (2,343,212 | ) |
| Education                 |   |   | (413,241   | )      |   |   | (437,424 | ) |
| Bonds                     |   |   | 899,400    |   |   |   | 191,319 |   |
| Severance                 |   |   | (9,626     | )      |   |   | (10,251 | ) |
| Total long-term liability |   | $      | (3,904,159 | )      |   | $      | (3,964,503 | ) |

|                             |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|----------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Other comprehensive income       |   |   |       |   |   |   |       |   |   |
|                             |   |   |       |   |   |   |       |   |   |
| Pension                          |   | $      | (1,661,206 | )      |   | $      | (1,056,866 | )      |   | $ | (145,707 | ) |
| Health                           |   |   | (1,373,096 | )      |   |   | (951,590   | )      |   |   | (343,811 | ) |
| Education                        |   |   | (139,445   | )      |   |   | (144,247   | )      |   |   | (60,925 | ) |
| Bonds                            |   |   | 534,714    |   |   |   | 140,030    |   |   |   |   |   |
| Total other comprehensive income |   |   | (2,639,033 | )      |   |   | (2,012,673 | )      |   |   | (550,443 | ) |
| Deferred income tax effect       |   |   | 870,881    |   |   |   | 664,182    |   |   |   | 181,646 |   |
| Total                            |   | $      | (1,768,152 | )      |   | $      | (1,348,491 | )      |   | $ | (368,797 | ) |

|      |   | Years for Amortization |   |   | Amortization |   |
|-----------|--------|------------------------|--------|--------|--------------|--------|
| Pension   |   |                   | 0.67   |   |         | $      | 592,582 |   |
| Bonds     |   |                   | 13.03  |   |         | $      | 24,941 |   |
| Health    |   |                   | 19.24  |   |         | $      | 49,898 |   |
| Education |   |                   | 19.24  |   |         | $      | 4,100 |   |

|      |   | 2010             |     |   | 2009                       |   |
|-----------|--------|------------------|----------|--------|----------------------------|--------|
|      |   |             |     |   |                       |   |   |   |   |   |   |   |
|      |   | Gain (loss) |     |   | Cumulative Gain(loss) |   |   | Gain (loss) |   |   | Cumulative Gain (loss) |   |
|      |   |             |     |   |                       |   |   |   |   |   |   |   |
| Pension   |   |             | (58,216  | )      |                       |   | (1,661,206 | ) |   |   | (920,726 | ) |   |   | (1,056,866 | ) |
| Health    |   |             | (457,941 | )      |                       |   | (1,373,096 | ) |   |   | (616,837 | ) |   |   | (951,590 | ) |
| Education |   |             | (56      | )      |                       |   | (139,445 | ) |   |   | (84,273 | ) |   |   | (144,247 | ) |
| Bonds     |   |             | 578,374  |   |                       |   | 534,714 |   |   |   | (28,133 | ) |   |   | 140,030 |   |

----

|                                       |   | 2010    |   |   | 2009   |   |
|--------------------------------------------|--------|---------|--------|--------|--------|--------|
|                                       |   | Pension |   |   | Health |   |   | Education |   |   | Bonds |   |   | Severance |   |   | Pension |   |   | Health |   |   | Education |   |   | Bonds |   |   | Severance |   |
| Discount rate                              |   |    | 8.00   | %      |   |   | 8.50 | % |   |   | 8.00 | % |   |   | 8.00 | % |   |   | 8.00 | % |   |   | 8.50 | % |   |   | 8.50 | % |   |   | 8.50 | % |   |   | - |   |   |   | - |   |
| Rate of compensation and pension increases |   |    | 3.48   | %      |   |   | 3.48 | % |   |   | 3.48 | % |   |   | 3.48 | % |   |   | 3.48 | % |   |   | 5.06 | % |   |   | 4.00 | % |   |   | 4.00 | % |   |   | - |   |   |   | - |   |
| Expected rate of return                    |   |    | 4.37   | %      |   |   | - |   |   |   | - |   |   |   | 4,37 | % |   |   | - |   |   |   | 4.33 | % |   |   | - |   |   |   | - |   |   |   | 4,33 | % |   |   | - |   |
| Mortality table                            |   |    | *      |   |   |   | * |   |   |   | * |   |   |   | * |   |   |   | * |   |   |   | * |   |   |   | * |   |   |   | * |   |   |   | * |   |   |   | * |   |

| Period                  |   | PensionBenefits |      |   | Health CareBenefits |   |      | EducationBenefits |   |   | BondsPension Plan |   |   | SeverancePlan |    |
|-------------------------|--------|-----------------|-----------|--------|--------------------------|--------|-----------|-------------------|--------|--------|------------------------|--------|--------|---------------|---------|
| 2011                    |   | $               | 612,222   |   |                     | $      | 204,843   |              |   | $      | 80,018                 |   |   | $             | 177,190 |   |   | $ | 6,299 |   |
| 2012                    |   |            | 614,638   |   |                     |   | 196,196   |              |   |   | 66,353                 |   |   |          | 22,906  |   |   |   | 53 |   |
| 2013                    |   |            | 604,529   |   |                     |   | 191,731   |              |   |   | 62,690                 |   |   |          | 25,203  |   |   |   | 74 |   |
| 2014                    |   |            | 594,230   |   |                     |   | 186,675   |              |   |   | 57,059                 |   |   |          | 29,963  |   |   |   | 97 |   |
| 2015                    |   |            | 583,766   |   |                     |   | 181,609   |              |   |   | 52,138                 |   |   |          | 26,707  |   |   |   | 125 |   |
| Years 2016 – 2021 |   | $               | 4,376,510 |   |                     | $      | 1,299,362 |              |   | $      | 205,643                |   |   | $             | 683,030 |   |   | $ | 13,816 |   |

|                                         |   | 1% Percentage Point |      |
|----------------------------------------------|--------|-------------------------------|-----------|
|                                         |   | Increase                      |      |   | Decrease |   |
| Effect on total of service and interest cost |   | $                             | 264,539   |   |   | $ | 207,387 |   |
| Effect on postretirement benefit obligation  |   | $                             | 3,409,159 |   |   | $ | 2,694,759 |   |

----

|                  |   | 2010   |   |   | 2009   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|
| Government securities |   |   | 50     | %      |   |   | 51 | % |
| Private bonds         |   |   | 29     | %      |   |   | 24 | % |
| Foreign currency      |   |   | 2      | %      |   |   | 3 | % |
| Other                 |   |   | 18     | %      |   |   | 22 | % |
|                  |   |   | 100    | %      |   |   | 100 | % |

| vii. | PROVISIONS, ALLOWANCES AND CONTINGENCES |
|------|-----------------------------------------|

| • | Information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The amount of loss can be reasonably estimated. |
|---------|-------------------------------------------------|

----

| viii. | DEFERRED INCOME TAXES |
|-------|-----------------------|

|                                                             |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Income tax expense                                               |   | $      | 4,397,797 |   |   | $      | 2,893,963 |   |   | $ | 4,579,304 |   |
| Income tax effects based on items of Other Comprehensive Income: |   |   |      |   |   |   |      |   |   |   |   |   |
| Pension Plan Liability                                           |   |   | 206,699   |   |   |   | 482,535   |   |   |   | (302,050 | ) |
| Available-for-sale securities                                    |   |   | 8,819     |   |   |   | 226,833   |   |   |   | (236,974 | ) |
| Additional paid in capital                                       |   |   | -         |   |   |   | 177,241   |   |   |   | - |   |
|                                                             |   | $      | 4,613,315 |   |   | $      | 3,780,572 |   |   | $ | 4,040,280 |   |

|              |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|-------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Current provision |   | $      | 3,201,040 |   |   | $      | 1,948,819 |   |   | $ | 3,648,451 |   |
| Deferred tax      |   |   | 1,196,757 |   |   |   | 945,144   |   |   |   | 930,853 |   |
|              |   | $      | 4,397,797 |   |   | $      | 2,893,963 |   |   | $ | 4,579,304 |   |

----

|                                         |   | 2010   |   |   | 2009   |   |   | 2008 |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|------|--------|
| Statutory income tax                         |   |   | 33.00  | %      |   |   | 33.00  | %    |   |   | 33.00 | % |
| Non – taxable income                   |   |   | (2.37  | )%     |   |   | 1.39   | %    |   |   | (1.09 | )% |
| Non – deductible expenses              |   |   | 4.64   | %      |   |   | (1.91  | )%   |   |   | 3.56 | % |
| Others                                       |   |   | (0.45  | )%     |   |   | 0.26   | %    |   |   | 1.94 | % |
| Exempt revenue                               |   |   | (0.52  | )%     |   |   | (0.11  | )%   |   |   | (3.29 | )% |
| Effect of foreign profit taxed at other rate |   |   | (0.05  | )%     |   |   | 0.02   | %    |   |   | (0.02 | )% |
| Business combination                         |   |   | -      |   |   |   | 0.35   | %    |   |   | - |   |
| Effective income tax under U.S. GAAP         |   |   | 34.25  | %      |   |   | 33.00  | %    |   |   | 34.10 | % |

|                                                                                     |   | 2010   |       |   | 2009   |   |      | 2008   |   |
|------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|-----------|--------|--------|
| Deferred income tax expense (exclusive of the effects of other components below):        |   |   |       |   |   |   |      |   |   |
| Accounts payable                                                                         |   | $      | (6,586     | )      |   | $      | (21,075   | )      |   | $ | 8,192 |   |
| Inventories                                                                              |   |   | (6,949     | )      |   |   | 52,705    |   |   |   | (14,554 | ) |
| Property, plant and equipment, principally due to DD&A                               |   |   | (1,223,111 | )      |   |   | (666,473  | )      |   |   | 521,649 |   |
| Deferred charges                                                                         |   |   | 92,747     |   |   |   | (845      | )      |   |   | (70,630 | ) |
| Prepaid expenses                                                                         |   |   | (52,613    | )      |   |   | 55,679    |   |   |   | - |   |
| Capital lease asset                                                                      |   |   | 11,597     |   |   |   | 43,120    |   |   |   | 10,488 |   |
| Monetary correction and other                                                            |   |   | 212,482    |   |   |   | (103,012  | )      |   |   | (39,573 | ) |
| DD&A and inflation adjustments                                                       |   |   | 890,348    |   |   |   | 295,638   |   |   |   | - |   |
| Investment                                                                               |   |   | (111,530   | )      |   |   | 125,899   |   |   |   | 655,164 |   |
| Estimated liabilities and provisions                                                     |   |   | 87,423     |   |   |   | (178,468  | )      |   |   | (106,139 | ) |
| Accounts and notes receivable                                                            |   |   | (3,734     | )      |   |   | 13,375    |   |   |   | (19,110 | ) |
| Carry forward loss                                                                       |   |   | 16,652     |   |   |   | (42,681   | )      |   |   | - |   |
| Labor obligations                                                                        |   |   | (98,280    | )      |   |   | (360,488  | )      |   |   | 51,299 |   |
| Deferred income                                                                          |   |   | 7,811      |   |   |   | 8,052     |   |   |   | (156,470 | ) |
| Natural and environmental resources capitalized expenses                                 |   |   | 23,841     |   |   |   | 241,725   |   |   |   | (11,979 | ) |
| Valuation allowance                                                                      |   |   | 91,712     |   |   |   | (11,475   | )      |   |   | 4,126 |   |
| Additional tax discount on the acquisition of productive assets according to ASC 740 (1) |   |   | 1,276,705  |   |   |   | 1,107,934 |   |   |   | 637,418 |   |
| Excess in presumptive income tax                                                         |   |   | (217,577   | )      |   |   | (106,437  | )      |   |   | - |   |
| Other                                                                                    |   |   | 5,654      |   |   |   | 369       |   |   |   | (4 | ) |
| Amortization of actuarial loss recorded in OCI                                           |   |   | 206,699    |   |   |   | 482,535   |   |   |   | (302,050 | ) |
| Unrealized loss in available for sale securities                                         |   |   | 8,819      |   |   |   | 226,835   |   |   |   | (236,974 | ) |
| Amortization of fiscal goodwill according to (ASC 830)                                   |   |   | (15,353    | )      |   |   | (217,768  | )      |   |   | - |   |
|                                                                                     |   | $      | 1,196,757  |   |   | $      | 945,144   |   |   | $ | 930,853 |   |

| (1) | This value corresponds to the deferred tax generated by the calculation of ASC 740, due to the implementation of the special deduction for investment in real productive assets. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                           |   | 2010   |      |   | 2009   |   |
|------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Deferred income tax assets and liabilities                                                     |   |   |      |   |   |   |
| Deferred income tax assets:                                                                    |   |   |      |   |   |   |
| Inventories                                                                                    |   | $      | 69,145    |   |   | $      | 62,196 |   |
| Investments                                                                                    |   |   | 1,048,991 |   |   |   | 333,719 |   |
| Accounts and notes receivable                                                                  |   |   | 3,039     |   |   |   | (695 | ) |
| Deferred income                                                                                |   |   | 140,422   |   |   |   | 148,233 |   |
| Property, plant and equipment, principally due to DD&A                                     |   |   | 3,032,395 |   |   |   | 1,809,284 |   |
| Deferred charges                                                                               |   |   | 16,583    |   |   |   | 109,330 |   |
| Prepaid expenses                                                                               |   |   | 63,024    |   |   |   | 10,411 |   |
| Financial obligation, principally due to capitalized leasing                                   |   |   | 107,517   |   |   |   | 119,114 |   |
| Pension obligations                                                                            |   |   | 657,008   |   |   |   | 558,728 |   |
| Accounts payable                                                                               |   |   | 141,253   |   |   |   | 134,667 |   |
| Carry forward loss (1)                                                                         |   |   | 130,280   |   |   |   | 146,932 |   |
| Excess in presumptive income tax (2)                                                           |   |   | 332,320   |   |   |   | 114,743 |   |
| Other                                                                                          |   |   | 1,585     |   |   |   | 5,672 |   |
| Amortization of fiscal goodwill according to ASC 830                                           |   |   | 472,536   |   |   |   | 457,183 |   |
| Estimated liabilities and provisions (3)                                                       |   |   | 786,153   |   |   |   | 873,576 |   |
| Total gross deferred income tax assets                                                         |   |   | 7,002,241 |   |   |   | 4,883,093 |   |
| Less valuation allowance                                                                       |   |   | (195,139  | )      |   |   | (103,427 | ) |
| Deferred income tax assets                                                                     |   |   | 6,807,182 |   |   |   | 4,779,666 |   |
| Deferred income tax liabilities                                                                |   |   |      |   |   |   |   |   |
| Natural and environmental properties due to the difference between the methods of amortization |   |   | 464,335   |   |   |   | 440,494 |   |
| Monetary correction and other                                                                  |   |   | 630,480   |   |   |   | 425,488 |   |
| DD&A and inflation adjustments                                                             |   |   | 1,185,986 |   |   |   | 295,638 |   |
| Investments                                                                                    |   |   | 1,681,325 |   |   |   | 1,077,594 |   |
| Deferred income tax liabilities                                                                |   |   | 3,962,126 |   |   |   | 2,239,214 |   |
| Net deferred income tax assets (4)                                                             |   | $      | 2,844,976 |   |   | $      | 2,540,452 |   |

|   | (1) | Carry forward looses are generated by subsidiaries and according to local tax laws, these losses do not expire. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (2) | The excess in presumptive income tax are generated by subsidiaries and will expire in 5 years. |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (3) | Includes in 2009, $14,364 from Ecopetrol del Perú that are calculated an 29% income tax rate that is the income tax rate in this company. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | The Company does not intend to withdraw the dividends originated from subsidiaries in a foreign country in the short-term, for that reason the deferred income taxes just include the deferred income taxes recognized by the subsidiaries. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The arrangement depends on a specific fixed asset, either identified contractually or implicitly identified as no alternative item could feasibly be used. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | The purchaser has the right to control the use of the underlying fixed asset, such control demonstrated by the existence of any of the following qualitative conditions: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | The purchaser can operate the asset or direct others to operate the asset while obtaining or controlling more than a minor amount of the asset’s output; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | The purchaser can control physical access to asset while obtaining or controlling more than a minor amount of the asset’s output; or |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Probability is remote that another party will get more than minor amount of the asset’s output and the price is not fixed per unit. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------|

|                |   | BOMT            |   |   |           |   |
|---------------------|--------|-----------------|--------|--------|----------------|--------|
|                |   | Ecogas (1) |   |   | Hocol (2) |   |   | Dina – Tello (3) |   |   | Transmetano (4) |   |
| Year                |   | USD(million)    |   |   | Pesos          |   |   | USD(million) |   |   | Pesos |   |   | USD(million) |   |   | Pesos |   |   | USD(million) |   |   | Pesos |   |
| 2011                |   |            | 20     |   |           | $      | 38,420 |   |   | $ | 1,083 |   |   | $ | 2,072 |   |   |   | 2,5 |   |   | $ | 4,840 |   |   | $ | 9,220 |   |   | $ | 17,647 |   |
| 2012                |   |            | 18     |   |           |   | 35,098 |   |   | $ | 1,181 |   |   |   | 2,261 |   |   |   | 2,9 |   |   |   | 5,549 |   |   |   | 10,709 |   |   |   | 20,498 |   |
| 2013                |   |            | 17     |   |           |   | 33,098 |   |   | $ | 1,289 |   |   |   | 2,467 |   |   |   | 3,3 |   |   |   | 6,332 |   |   |   | - |   |   |   | - |   |
| 2014                |   |            | 17     |   |           |   | 32,513 |   |   | $ | 1,345 |   |   |   | 2,575 |   |   |   | 3,8 |   |   |   | 7,199 |   |   |   | - |   |   |   | - |   |
| 2015                |   |            | 17     |   |           |   | 32,513 |   |   |   | - |   |   |   | - |   |   |   | 4,3 |   |   |   | 8,155 |   |   |   | - |   |   |   | - |   |
| Payments after 2015 |   |            | 27     |   |           |   | 50,920 |   |   |   |  - |   |   |   | - |   |   |   |  10,2 |   |   |   | 19,586 |   |   |   | - |   |   |   | - |   |
|                |   |            | 116    |   |           | $      | 222,561 |   |   | $ | 4,899 |   |   | $ | 9,376 |   |   |   | 27,0 |   |   | $ | 51,660 |   |   |   | 19, 929 |   |   | $ | 38,145 |   |

|                                             |   | BOMT – Hocol (2) |   |   | Transmetano (4) |   |
|--------------------------------------------------|--------|---------------------------------------|--------|--------|----------------------|--------|
|                                             |   | 2010                                  |   |   | 2009                 |   |   | 2010 |   |   | 2009 |   |
| Assets                                           |   |                                  |   |   |                 |   |   |   |   |   |   |   |
| Property, plant and equipment (Building offices) |   | $                                     | 8,733  |   |                 | $      | 9,326 |   |   | $ | 83,245 |   |   | $ | 83,245 |   |
| Land                                             |   |                                  | 503    |   |                 |   | 538 |   |   |   | - |   |   |   | - |   |
| Equipment F&F                                |   |                                  | 1,051  |   |                 |   | 1,122 |   |   |   | - |   |   |   | - |   |
| Accumulated depreciation                         |   |                                  | (1,783 | )      |                 |   | (1,481 | ) |   |   | (72,147 | ) |   |   | (66,596 | ) |
| Net book value                                   |   |                                  | 8,504  |   |                 |   | 9,506 |   |   |   | 11,098 |   |   | $ | 16,649 |   |
| Liabilities:                                     |   |                                  |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Financial obligations                            |   | $                                     | 9,376  |   |                 | $      | 11,258 |   |   | $ | 38,145 |   |   | $ | 56,903 |   |

|   | (1) | Three original leases that were accounted for as capital leases under U.S. GAAP are BOMT contracts, the use of which are specifically required under Colombian law for projects that involve the building, operating, maintaining and transferring of natural gas pipelines for the transportation of natural gas.  These contracts had original terms of 20 years, no renewal provisions, and a purchase option.  The rights to the leased assets were subsequently transferred to a related Company (ECOGAS) that was sold, but Ecopetrol was not relieved of the primary obligation under the original lease.  This transfer was considered a sublease accounted for as a direct finance lease.  In 2007, Ecopetrol received a prepayment of all amounts to be received during the term of the sublease contract. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (2) | The subsidiary Hocol has another BOMT contract, which is accounted like an operating lease under Colombian Government Entity GAAP.  Under U.S. GAAP, this BOMT is accounted for as capital leases in accordance with ASC 840-10.  As a result, adjustments were recorded to reflect the related assets and liabilities. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | In 2010, we entered in a new BOMT, corresponding to the gas treatment plant located in the Dina-tello field with an estimated value of construction US$28 million. This BOMT is accounted as capital lease in accordance with ASC 840 such as the contracts described previously, this contract had original term of 8 years, ending in 2017. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) |  In the case of the Company, it was determined that there were leases included in various contracts.  The most significant embedded lease was determined to exist in Contract DIJ 970 (Transmetano), Natural gas transportation - Sebastopol – Medellín pipeline. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                               |   | 2010   |      |   | 2009   |   |     | 2008   |   |
|----------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|----------|--------|--------|
| Beginning balance at January 1                                                                     |   | $      | 363,922   |   |   | $      | 218,413  |   |   | $ | 206,300 |   |
| Additions from business combination                                                                |   |   | -         |   |   |   | 143,541  |   |   |   | - |   |
| Additions to capitalized exploratory well costs                                                    |   |   | 1,029,203 |   |   |   | 349,162  |   |   |   | 268,041 |   |
| Reclassifications to wells, facilities and equipment based on the determination of proved reserves |   |   | (132,672  | )      |   |   | (149,130 | )      |   |   | (163,817 | ) |
| Capitalized exploratory well costs charged to expense*                                             |   |   | (841,713  | )      |   |   | (198,064 | )      |   |   | (92,111 | ) |
| Ending balance at December 31                                                                      |   | $      | 418,740   |   |   | $      | 363,922  |   |   | $ | 218,413 |   |

----

----

|                                       |   | 2010   |      |   | 2009   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Balance at beginning of period             |   | $      | 1,904,096 |   |   | $      | 1,320,058 |   |
| Liabilities incurred in the current period |   |   | 30,748    |   |   |   | 6,857 |   |
| Abandonment Cost from Business combination |   |   | -         |   |   |   | 58,143 |   |
| Revisions in estimated cash flows          |   |   | (237,906  | )      |   |   | 562,453 |   |
| Liabilities settled in the current period  |   |   | (30,663   | )      |   |   | (17,435 | ) |
| Accretion expense                          |   |   | 151,516   |   |   |   | (25,980 | ) |
| Balance at end of period                   |   | $      | 1,817,791 |   |   | $      | 1,904,096 |   |

| a. | Incorporated Institutional Equity |
|----|-----------------------------------|

----

| b. | Reversal of Concession Rights Contributed as Capital |
|----|------------------------------------------------------|

| a. | Goodwill |
|----|----------|

----

| Company                     |   | Balance 2008 |    |   | Goodwillacquired during2009 |   |      | ExchangeRate Effect |   |   | Balancebefore tax2009 |   |   | Deferredincome tax |      |   | Balance 2009 |   |
|-----------------------------|--------|-------------------|---------|--------|----------------------------------|--------|-----------|--------------------------|--------|--------|----------------------------|--------|--------|-------------------------|-----------|--------|-------------------|--------|
| Propilco - Andean Chemicals |   | $                 | 652,948 |   |                             | $      | -         |                     |   | $      | -                          |   |   | $                       | 652,948   |   |              | $      | (899 | ) |   | $ | 652,049 |   |
| Refineria de Cartagena S.A. |   |              | -       |   |                             |   | 834,048   |                     |   |   | (63,916                    | )      |   |                    | 770,132   |   |              |   | - |   |   |   | 770,132 |   |
| Bioenergy                   |   |              | 8,993   |   |                             |   | -         |                     |   |   | -                          |   |   |                    | 8,993     |   |              |   | - |   |   |   | 8,993 |   |
| Hocol                       |   |              | -       |   |                             |   | 185,624   |                     |   |   | -                          |   |   |                    | 185,624   |   |              |   | (185,624 | ) |   |   | - |   |
| Total                       |   | $                 | 661,941 |   |                             | $      | 1,019,672 |                     |   | $      | (63,916                    | )      |   | $                       | 1,617,697 |   |              | $      | (186,523 | ) |   | $ | 1,431,174 |   |

| Company                     |   | Balance 2009 |      |   | Goodwillacquired during2010 |   |   | ExchangeRate Effect |   |   | Balancebefore tax2010 |   |   | Deferredincome tax |      |   | Balance 2010 |   |
|-----------------------------|--------|-------------------|-----------|--------|----------------------------------|--------|--------|--------------------------|--------|--------|----------------------------|--------|--------|-------------------------|-----------|--------|-------------------|--------|
| Propilco - Andean Chemicals |   | $                 | 652,049   |   |                             | $      | -      |                     |   | $      | -                          |   |   | $                       | 652,049   |   |              | $      | (1,472 | ) |   | $ | 650,577 |   |
| Refineria de Cartagena S.A. |   |              | 770,132   |   |                             |   | -      |                     |   |   | (49,070                    | )      |   |                    | 721,062   |   |              |   | - |   |   |   | 721,062 |   |
| Bioenergy                   |   |              | 8,993     |   |                             |   | -      |                     |   |   | -                          |   |   |                    | 8,993     |   |              |   | - |   |   |   | 8,993 |   |
| Total                       |   | $                 | 1,431,174 |   |                             | $      | -      |                     |   | $      | (49,070                    | )      |   | $                       | 1,383,004 |   |              | $      | (1,472 | ) |   | $ | 1,380,632 |   |

|                                                   |   | 2010     |      |
|--------------------------------------------------------|--------|----------|-----------|
| Company                                                |   | Goodwill |      |   | AccumulatedAmortization |   |   | Balance |   |   | Net Effect |   |   | Remainingtime-years |   |
| Andean Chemicals Ltd                                   |   | $        | 357,629   |   |   | $ | (53,903 | ) |   | $ | 303,726 |   |   | $ | 100,230 |   |   |   | 16.8 |   |
| Offshore International Group – “OIG” |   |     | 788,043   |   |   |   | (76,376 | ) |   |   | 711,667 |   |   |   | 234,850 |   |   |   | 13.0 |   |
| Hocol                                                  |   |     | 805,045   |   |   |   | (62,039 | ) |   |   | 743,007 |   |   |   | 245,192 |   |   |   | 15.0 |   |
| Total                                                  |   | $        | 1,950,718 |   |   | $ | (192,318 | ) |   | $ | 1,758,400 |   |   | $ | 580,272 |   |   |   |   |   |

|                                                   |   | 2009     |      |
|--------------------------------------------------------|--------|----------|-----------|
| Company                                                |   | Goodwill |      |   | AccumulatedAmortization |   |   | Balance |   |   | Net Effect |   |   | Remainingtime-years |   |
| Andean Chemicals Ltd                                   |   | $        | 357,629   |   |   | $ | (33,655 | ) |   | $ | 323,974 |   |   | $ | 106,911 |   |   |   | 17.8 |   |
| Offshore International Group – “OIG” |   |     | 821,994   |   |   |   | (48,502 | ) |   |   | 773,492 |   |   |   | 255,252 |   |   |   | 14.0 |   |
| Hocol                                                  |   |     | 628,456   |   |   |   | (22,750 | ) |   |   | 605,706 |   |   |   | 199,883 |   |   |   | 16.0 |   |
| Total                                                  |   | $        | 1,808,079 |   |   | $ | (104,907 | ) |   | $ | 1,703,172 |   |   | $ | 562,046 |   |   |   |   |   |

----

| b. | Business Acquisition Subsequent to year-end |
|----|---------------------------------------------|

|                            |   | Amount USD |      |
|---------------------------------|--------|-----------------|-----------|
| Purchase Price                  |   |            | 1,750,000 |   |
| Less: Purchase Price Adjustment |   |            | (108,389  | ) |
| Adjusted Purchase Price         |   |            | 1,641,611 |   |
| Participation (%)               |   |            | 51        | % |
| Ecopetrol Purchase Price        |   |            | 837,222   |   |

|                   |   | Date             |   | Amount USD |    |   | Amount COP |   |
|------------------------|--------|------------------|--------|-----------------|---------|--------|-----------------|--------|
| Earnest Money Deposit  |   | August 5, 2010   |   |            | 637,500 |   |            | $      | 1,163,132 |   |
| Closing of Transaction |   | January 24, 2011 |   |            | 199,722 |   |            |   | 367,276 |   |
| Total Purchase Price   |   |             |   |            | 837,222 |   |            | $      | 1,530,408 |   |

----

|                                     |   | OCENSA |     |   | BRAZIL |   |   | PERU   |   |   | ODC  |   |   | ODL    |    |   | BIOENERGY |   |    | OBC    |   |   | TOTAL  |   |
|-----------------------------------------------|--------|--------|----------|--------|--------|--------|--------|--------|--------|--------|------|--------|--------|--------|---------|--------|-----------|--------|---------|--------|--------|--------|--------|--------|
| Balance 2007                                  |   | $      | 571,074  |   |   | $      | 49     |   |   | $      | 474  |   |   | $      | -       |   |      | $      | -       |   |   | $      | -      |   |   | $ | - |   |   | $ | 571,597 |   |
| Issuance of company shares                    |   |   | -        |   |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | 217,378 |   |   |   | -      |   |   |   | - |   |   |   | 217,378 |   |
| Other Non-Controlling Interest                |   |   | -        |   |   |   | (45    | )      |   |   | (484 | )      |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | (529 | ) |
| Net income (loss)                             |   |   | 8,716    |   |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | (2,460 | )      |   |   | - |   |   |   | 6,256 |   |
| Distribution of dividends                     |   |   | (141,634 | )      |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | (141,634 | ) |
| Retained Earnings                             |   |   | 140,095  |   |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | 140,095 |   |
| Purchase Price Allocation                     |   |   | -        |   |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | 8,718  |   |   |   | - |   |   |   | 8,718 |   |
| Translation Adjustments                       |   |   | -        |   |   |   | (4     | )      |   |   | 10   |   |   |   | -       |   |      |   | 16,885  |   |   |   | -      |   |   |   | - |   |   |   | 16,891 |   |
| Balance 2008                                  |   |   | 578,251  |   |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | 234,263 |   |   |   | 6,258  |   |   |   | - |   |   |   | 818,772 |   |
| Acquired Non Controlling Interest             |   |   | (300,377 | )*     |   |   | -      |   |   |   | -    |   |   |   | 21,495  |   |      |   | -       |   |   |   | (2,810 | )      |   |   | - |   |   |   | (281,692 | ) |
| Other Non Controlling Interest                |   |   | -        |   |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | (78,405 | )      |   |   | -      |   |   |   | - |   |   |   | (78,405 | ) |
| Net income (loss), restated                   |   |   | 198,968  |   |   |   | -      |   |   |   | -    |   |   |   | (26,691 | )      |      |   | (15,325 | )      |   |   | (836   | )      |   |   | - |   |   |   | 156,116 |   |
| Distribution of dividends                     |   |   | (89,736  | )      |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | (89,736 | ) |
| Retained Earnings                             |   |   | 95,790   |   |   |   | -      |   |   |   | -    |   |   |   | (2,142  | )      |      |   | 991     |   |   |   | 6,541  |   |   |   | - |   |   |   | 101,180 |   |
| Purchase Price Allocation                     |   |   | -        |   |   |   | -      |   |   |   | -    |   |   |   | 21,530  |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | 21,530 |   |
| Translation Adjustments                       |   |   | -        |   |   |   |   |   |   |   | -    |   |   |   | -       |   |      |   | (13,047 | )      |   |   | -      |   |   |   | - |   |   |   | (13,047 | ) |
| Balance 2009, restated                        |   |   | 482,896  |   |   |   | -      |   |   |   | -    |   |   |   | 14,192  |   |      |   | 128,477 |   |   |   | 9,153  |   |   |   | - |   |   |   | 634,718 |   |
| Other Non Controlling Interest                |   |   | -        |   |   |   | -      |   |   |   | -    |   |   |   | 3,902   |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | 3,902 |   |
| Net income (loss)                             |   |   | 223,403  |   |   |   | -      |   |   |   | -    |   |   |   | (7,173  | )      |      |   | 21,676  |   |   |   | (975   | )      |   |   | (5,042 | ) |   |   | 231,889 |   |
| Distribution of dividends                     |   |   | (99,888  | )      |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | (99,888 | ) |
| Return of capital through and due to Spin-Off |   |   | (144,251 | )      |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | (144,251 | ) |
| Dividends for Spin-Off                        |   |   | (318,670 | )      |   |   | -      |   |   |   | -    |   |   |   | -       |   |      |   | -       |   |   |   | -      |   |   |   | - |   |   |   | (318,670 | ) |
| Translation Adjustments                       |   |   | -        |   |   |   |   |   |   |   | -    |   |   |   | -       |   |      |   | 305     |   |   |   | -      |   |   |   | - |   |   |   | 305 |   |
| Balance 2010                                  |   | $      | 143,490  |   |   | $      | -      |   |   | $      | -    |   |   | $      | 10,921  |   |      | $      | 150,458 |   |   | $      | 9,524  |   |   | $ | ( 5,042 | ) |   | $ | 309,351 |   |

| xx. | CUMULATIVE TRANSLATION ADJUSTMENT |
|-----|-----------------------------------|

----

----

----

----

|                                      |   | As of December 31, 2010 |        |
|-------------------------------------------|--------|---------------------------------------------|-------------|
|                                 |   | Exploration &Production            |        |   | RefiningActivities |   |   | Transporting |   |   | Market andSupply |   |   | Eliminations |   |   | Total |   |
| Current assets                       |   |                                        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                 |   | $                                           | 2,319,046   |   |   | $ | 150,236 |   |   | $ | 1,239,258 |   |   | $ | 18,238 |   |   | $ | - |   |   | $ | 3,726,778 |   |
| Accounts and notes receivable             |   |                                        | 1,485,854   |   |   |   | 1,126,737 |   |   |   | 559,147 |   |   |   | 565,442 |   |   |   | (1,000,588 | ) |   |   | 2,736,592 |   |
| Inventories                               |   |                                        | 1,083,572   |   |   |   | 1,105,022 |   |   |   | 4,669 |   |   |   | 173,906 |   |   |   | (175,081 | ) |   |   | 2,192,088 |   |
| Investments                               |   |                                        | 243,000     |   |   |   | 57,419 |   |   |   | 24,086 |   |   |   | 3,277 |   |   |   | - |   |   |   | 327,782 |   |
| Other current assets                      |   |                                        | 2,588,375   |   |   |   | 807,608 |   |   |   | 208,294 |   |   |   | 42,121 |   |   |   | - |   |   |   | 3,646,398 |   |
|                                      |   |                                        | 7,719,847   |   |   |   | 3,247,022 |   |   |   | 2,035,454 |   |   |   | 802,984 |   |   |   | (1,175,669 | ) |   |   | 12,629,638 |   |
| Investments in non-consolidated companies |   |                                        | 773,821     |   |   |   | 11,309 |   |   |   | 29,167 |   |   |   | 15,873 |   |   |   | - |   |   |   | 830,170 |   |
| Property, plant and equipment, net        |   |                                        | 20,104,180  |   |   |   | 7,511,806 |   |   |   | 6,322,588 |   |   |   | 120,843 |   |   |   | (18,620 | ) |   |   | 34,040,797 |   |
| Other non-current assets                  |   |                                        | 12,350,678  |   |   |   | 5,773,967 |   |   |   | 3,564,576 |   |   |   | 272,258 |   |   |   | (692,728 | ) |   |   | 21,268,751 |   |
| Non Current assets                        |   |                                        | 33,228,679  |   |   |   | 13,297,082 |   |   |   | 9,916,331 |   |   |   | 408,974 |   |   |   | (711,348 | ) |   |   | 56,139,718 |   |
| Total assets                              |   | $                                           | 40,948,526  |   |   | $ | 16,544,104 |   |   | $ | 11,951,785 |   |   | $ | 1,211,958 |   |   | $ | (1,887,017 | ) |   | $ | 68,769,356 |   |
|                                      |   |                                        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                          |   | $                                           | (2,663,441  | ) |   | $ | (920,862 | ) |   | $ | (513,038 | ) |   | $ | (855,040 | ) |   | $ | 889,779 |   |   | $ | (4,062,602 | ) |
| Financial obligations (short-term)        |   |                                        | (555,665    | ) |   |   | (709,968 | ) |   |   | (195,578 | ) |   |   | (2,958 | ) |   |   | 385,000 |   |   |   | (1,079,169 | ) |
| Other Current Liabilities                 |   |                                        | (2,938,090  | ) |   |   | (1,367,859 | ) |   |   | (538,577 | ) |   |   | (64,437 | ) |   |   | 8,156 |   |   |   | (4,900,807 | ) |
| Current Liabilities                       |   |                                        | (6,157,196  | ) |   |   | (2,998,689 | ) |   |   | (1,247,193 | ) |   |   | (922,435 | ) |   |   | 1,282,935 |   |   |   | (10,042,578 | ) |
| Financial obligations (long-term)         |   |                                        | (3,638,479  | ) |   |   | (1,912,991 | ) |   |   | (2,667,276 | ) |   |   | (40 | ) |   |   | 385,071 |   |   |   | (7,833,715 | ) |
| Other non Current Liabilities             |   |                                        | (6,539,180  | ) |   |   | (1,299,702 | ) |   |   | (1,002,119 | ) |   |   | (260,467 | ) |   |   | 22,537 |   |   |   | (9,078,931 | ) |
| Non-current liabilities                   |   |                                        | (10,177,659 | ) |   |   | (3,212,693 | ) |   |   | (3,669,395 | ) |   |   | (260,507 | ) |   |   | 407,608 |   |   |   | (16,912,646 | ) |
| Total Liabilities                         |   |                                        | (16,334,855 | ) |   |   | (6,211,382 | ) |   |   | (4,916,588 | ) |   |   | (1,182,942 | ) |   |   | 1,690,543 |   |   |   | (26,955,224 | ) |
| Non-controlling interest                  |   |                                        | -           |   |   |   | (11,550 | ) |   |   | (474,401 | ) |   |   | - |   |   |   | - |   |   |   | (485,951 | ) |
| Shareholders’ equity of Ecopetrol   |   |                                        | (24,613,671 | ) |   |   | (10,321,172 | ) |   |   | (6,560,796 | ) |   |   | (29,016 | ) |   |   | 196,474 |   |   |   | (41,328,181 | ) |
| Total Equity                              |   |                                        | (24,613,671 | ) |   |   | (10,332,722 | ) |   |   | (7,035,197 | ) |   |   | (29,016 | ) |   |   | 196,474 |   |   |   | (41,814,132 | ) |
| Total liabilities and equity              |   | $                                           | (40,948,526 | ) |   | $ | (16,544,104 | ) |   | $ | (11,951,785 | ) |   | $ | (1,211,958 | ) |   | $ | 1,887,017 |   |   | $ | (68,769,356 | ) |
| Capital expenditures                      |   | $                                           | 5,878,246   |   |   | $ | 2,084,554 |   |   | $ | 2,351,662 |   |   | $ | 5,513 |   |   | $ | - |   |   | $ | 10,319,975 |   |
| Goodwill                                  |   | $                                           | 1,423,801   |   |   | $ | 613,152 |   |   | $ | 471,449 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,508,402 |   |

|                                      |   | As of December 31, 2009 |        |
|-------------------------------------------|--------|---------------------------------------------|-------------|
|                                 |   | Exploration &Production            |        |   | RefiningActivities |   |   | Transporting |   |   | Market andSupply |   |   | Eliminations |   |   | Total |   |
| Current assets                            |   |                                        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                 |   | $                                           | 2,621,304   |   |   | $ | 476,518 |   |   | $ | 441,505 |   |   | $ | 22,791 |   |   | $ | - |   |   | $ | 3,562,119 |   |
| Accounts and notes receivable             |   |                                        | 1,878,701   |   |   |   | 752,130 |   |   |   | 185,046 |   |   |   | 157,580 |   |   |   | (4,337 | ) |   |   | 2,969,120 |   |
| Inventories                               |   |                                        | 761,501     |   |   |   | 1,133,913 |   |   |   | 38,168 |   |   |   | 229,608 |   |   |   | (120,492 | ) |   |   | 2,042,697 |   |
| Investments                               |   |                                        | 352,997     |   |   |   | - |   |   |   | 104,787 |   |   |   | 4,473 |   |   |   | - |   |   |   | 462,258 |   |
| Other current assets                      |   |                                        | 1,959,128   |   |   |   | 884,055 |   |   |   | 206,585 |   |   |   | 31,827 |   |   |   | - |   |   |   | 3,081,595 |   |
|                                      |   |                                        | 7,573,631   |   |   |   | 3,246,617 |   |   |   | 976,090 |   |   |   | 446,278 |   |   |   | (124,829 | ) |   |   | 12,117,788 |   |
| Investments in non-consolidated companies |   |                                        | 734,748     |   |   |   | 11,135 |   |   |   | 27,667 |   |   |   | 3,952 |   |   |   | - |   |   |   | 777,503 |   |
| Property, plant and equipment, net        |   |                                        | 17,077,895  |   |   |   | 5,792,130 |   |   |   | 5,050,438 |   |   |   | 17,421 |   |   |   | - |   |   |   | 27,937,884 |   |
| Other non-current assets                  |   |                                        | 8,153,792   |   |   |   | 3,778,164 |   |   |   | 2,560,488 |   |   |   | 254,696 |   |   |   | (20,799 | ) |   |   | 14,726,341 |   |
| Non-Current assets                        |   |                                        | 25,966,435  |   |   |   | 9,581,430 |   |   |   | 7,638,593 |   |   |   | 276,069 |   |   |   | (20,799 | ) |   |   | 43,441,729 |   |
| Total assets                              |   | $                                           | 33,540,067  |   |   | $ | 12,828,047 |   |   | $ | 8,614,683 |   |   | $ | 722,348 |   |   | $ | (145,627 | ) |   | $ | 55,559,517 |   |
|                                      |   |                                        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                          |   | $                                           | (1,852,745  | ) |   | $ | (386,400 | ) |   | $ | (259,115 | ) |   | $ | (791,505 | ) |   | $ | 9,533 |   |   | $ | (3,280,232 | ) |
| Financial obligations (short-term)        |   |                                        | (83,316     | ) |   |   | (246,093 | ) |   |   | (107,671 | ) |   |   | - |   |   |   | - |   |   |   | (437,081 | ) |
| Other Current Liabilities                 |   |                                        | (1,730,724  | ) |   |   | (1,543,690 | ) |   |   | (434,626 | ) |   |   | (43,861 | ) |   |   | - |   |   |   | (3,752,901 | ) |
| Current Liabilities                       |   |                                        | (3,666,785  | ) |   |   | (2,176,183 | ) |   |   | (801,412 | ) |   |   | (835,366 | ) |   |   | 9,533 |   |   |   | (7,470,213 | ) |
| Financial obligations (long-term)         |   |                                        | (3,220,265  | ) |   |   | (1,452,892 | ) |   |   | (1,041,198 | ) |   |   | - |   |   |   | - |   |   |   | (5,714,354 | ) |
| Other non-Current Liabilities             |   |                                        | (6,218,381  | ) |   |   | (1,307,492 | ) |   |   | (1,130,167 | ) |   |   | (223,244 | ) |   |   | 15,602 |   |   |   | (8,863,682 | ) |
| Non-current liabilities                   |   |                                        | (9,438,646  | ) |   |   | (2,760,384 | ) |   |   | (2,171,365 | ) |   |   | (223,244 | ) |   |   | 15,602 |   |   |   | (14,578,036 | ) |
| Total Liabilities                         |   |                                        | (13,105,431 | ) |   |   | (4,936,567 | ) |   |   | (2,972,777 | ) |   |   | (1,058,610 | ) |   |   | 25,136 |   |   |   | (22,048,249 | ) |
| Non-controlling interest                  |   |                                        | -           |   |   |   | (11,696 | ) |   |   | (929,615 | ) |   |   | - |   |   |   | - |   |   |   | (941,311 | ) |
| Shareholders’ equity of Ecopetrol   |   |                                        | (20,434,636 | ) |   |   | (7,879,784 | ) |   |   | (4,712,291 | ) |   |   | 336,262 |   |   |   | 120,492 |   |   |   | (32,569,957 | ) |
| Total Equity                              |   |                                        | (20,434,636 | ) |   |   | (7,891,480 | ) |   |   | (5,641,906 | ) |   |   | 336,262 |   |   |   | 120,492 |   |   |   | (33,511,268 | ) |
| Total liabilities and equity              |   | $                                           | (33,540,067 | ) |   | $ | (12,828,047 | ) |   | $ | (8,614,683 | ) |   | $ | (722,348 | ) |   | $ | 145,627 |   |   | $ | (55,559,517 | ) |
| Capital expenditures                      |   | $                                           | 5,652,330   |   |   | $ | 3,634,939 |   |   | $ | 3,556,733 |   |   | $ | 8,587 |   |   | $ | - |   |   | $ | 12,852,589 |   |
| Goodwill                                  |   | $                                           | 1,393,705   |   |   | $ | 603,193 |   |   | $ | 510,654 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,507,552 |   |

----

|                                              |   | Year ended December 31, 2010 |       |
|---------------------------------------------------|--------|--------------------------------------------------|------------|
|                                         |   | Exploration &Production                 |       |   | RefiningActivities |   |   | Transportation |   |   | Market andSupply |   |   | Eliminations |   |   | Total |   |
|                                              |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                         |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Local sales                                       |   | $                                                | 1,302,275  |   |   | $ | 14,166,202 |   |   | $ | 1,819,125 |   |   | $ | 955,576 |   |   | $ | (158,753 | ) |   | $ | 18,084,425 |   |
| Foreign sales, net                                |   |                                             | 13,629,198 |   |   |   | 5,641,545 |   |   |   | 717 |   |   |   | 8,163,371 |   |   |   | (3,550,945 | ) |   |   | 23,883,886 |   |
| Inter-segment net operating revenues              |   |                                             | 9,032,898  |   |   |   | 1,024,563 |   |   |   | 1,876,594 |   |   |   | 47,061 |   |   |   | (11,981,116 | ) |   |   | - |   |
| Total Revenue                                     |   |                                             | 23,964,371 |   |   |   | 20,832,310 |   |   |   | 3,696,436 |   |   |   | 9,166,008 |   |   |   | (15,690,814 | ) |   |   | 41,968,311 |   |
| Cost of sales                                     |   |                                             | 6,990,223  |   |   |   | 20,421,756 |   |   |   | 1,538,713 |   |   |   | 8,542,971 |   |   |   | (15,510,409 | ) |   |   | 21,983,254 |   |
| Depreciation, depletion and amortization          |   |                                             | 2,759,835  |   |   |   | 487,911 |   |   |   | 727,970 |   |   |   | 31 |   |   |   | - |   |   |   | 3,975,747 |   |
| Selling and projects                              |   |                                             | 2,014,600  |   |   |   | 338,349 |   |   |   | 91,512 |   |   |   | 82,484 |   |   |   | - |   |   |   | 2,526,945 |   |
| Administration expenses                           |   |                                             | 242,717    |   |   |   | 184,420 |   |   |   | 164,985 |   |   |   | 11,401 |   |   |   | - |   |   |   | 603,523 |   |
| Costs and expenses                                |   |                                             | 12,007,375 |   |   |   | 21,432,436 |   |   |   | 2,523,180 |   |   |   | 8,636,887 |   |   |   | (15,510,409 | ) |   |   | 29,089,469 |   |
| Operating income                                  |   |                                             | 11,956,996 |   |   |   | (600,126 | ) |   |   | 1,173,256 |   |   |   | 529,121 |   |   |   | (180,405 | ) |   |   | 12,878,842 |   |
| Financial income (expenses), net                  |   |                                             | 115,361    |   |   |   | (55,244 | ) |   |   | 983 |   |   |   | (7,242 | ) |   |   | (16,069 | ) |   |   | 37,789 |   |
| Pension expenses                                  |   |                                             | (157,035   | ) |   |   | (171,547 | ) |   |   | (48,706 | ) |   |   | (338 | ) |   |   | - |   |   |   | (377,626 | ) |
| Other non-operating income (expenses)             |   |                                             | (443,165   | ) |   |   | (230,956 | ) |   |   | (178,391 | ) |   |   | (193,876 | ) |   |   | - |   |   |   | (1,046,388 | ) |
| Other expenses, net                               |   |                                             | (484,839   | ) |   |   | (457,747 | ) |   |   | (226,114 | ) |   |   | (201,456 | ) |   |   | (16,069 | ) |   |   | (1,386,225 | ) |
| Income before income taxes and non-controlling    |   |                                             | 11,472,157 |   |   |   | (1,057,873 | ) |   |   | 947,142 |   |   |   | 327,665 |   |   |   | (196,474 | ) |   |   | 11,492,617 |   |
| Income tax benefit (expense)                      |   |                                             | (3,127,944 | ) |   |   | 266,997 |   |   |   | (294,616 | ) |   |   | (83,087 | ) |   |   | - |   |   |   | (3,238,650 | ) |
| Non-Controlling interest                          |   |                                             | -          |   |   |   | 403 |   |   |   | (107,899 | ) |   |   | - |   |   |   | - |   |   |   | (107,496 | ) |
| Net income for the year attributable to Ecopetrol |   | $                                                | 8,344,213  |   |   | $ | (790,473 | ) |   | $ | 544,627 |   |   | $ | 244,578 |   |   | $ | (196,474 | ) |   | $ | 8,146,471 |   |

|                                                    |   | Year ended December 31, 2009 |       |
|---------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                               |   | Exploration &Production                 |       |   | RefiningActivities |   |   | Transportation |   |   | Market andSupply |   |   | Eliminations |   |   | Total |   |
|                                                    |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Local sales                                             |   | $                                                | 2,865,478  |   |   | $ | 11,838,570 |   |   | $ | 964,194 |   |   | $ | 2,083,460 |   |   | $ | (3,693,168 | ) |   | $ | 14,058,534 |   |
| Foreign sales, net                                      |   |                                             | 6,838,783  |   |   |   | 4,196,143 |   |   |   | 836 |   |   |   | 5,310,094 |   |   |   | - |   |   |   | 16,345,856 |   |
| Inter-segment net operating revenues                    |   |                                             | 7,801,225  |   |   |   | 958,026 |   |   |   | 1,703,915 |   |   |   | 67,607 |   |   |   | (10,530,773 | ) |   |   | - |   |
| Total Revenue                                           |   |                                             | 17,505,486 |   |   |   | 16,992,739 |   |   |   | 2,668,945 |   |   |   | 7,461,161 |   |   |   | (14,223,941 | ) |   |   | 30,404,390 |   |
| Cost of sales                                           |   |                                             | 5,490,208  |   |   |   | 16,512,052 |   |   |   | 1,340,638 |   |   |   | 7,725,926 |   |   |   | (14,103,449 | ) |   |   | 16,965,375 |   |
| Depreciation, depletion and amortization                |   |                                             | 1,893,936  |   |   |   | 411,512 |   |   |   | 635,186 |   |   |   | 64 |   |   |   | - |   |   |   | 2,940,698 |   |
| Selling and projects                                    |   |                                             | 1,569,576  |   |   |   | 250,862 |   |   |   | 69,927 |   |   |   | 72,277 |   |   |   | - |   |   |   | 1,962,642 |   |
| Administration expenses                                 |   |                                             | 260,901    |   |   |   | 231,497 |   |   |   | 161,344 |   |   |   | 10,122 |   |   |   | (1,528 | ) |   |   | 662,336 |   |
| Costs and expenses                                      |   |                                             | 9,214,621  |   |   |   | 17,405,923 |   |   |   | 2,207,095 |   |   |   | 7,808,389 |   |   |   | (14,104,977 | ) |   |   | 22,531,051 |   |
| Operating income                                        |   |                                             | 8,290,865  |   |   |   | (413,184 | ) |   |   | 461,850 |   |   |   | (347,228 | ) |   |   | (118,964 | ) |   |   | 7,873,339 |   |
| Financial income (expenses), net                        |   |                                             | 530,074    |   |   |   | (79,891 | ) |   |   | (2,802 | ) |   |   | 48,452 |   |   |   | - |   |   |   | 495,833 |   |
| Pension expenses                                        |   |                                             | (249,252   | ) |   |   | (272,284 | ) |   |   | (73,085 | ) |   |   | (536 | ) |   |   | - |   |   |   | (595,157 | ) |
| Other non-operating income (expenses)                   |   |                                             | (256,842   | ) |   |   | (8,364 | ) |   |   | (159,406 | ) |   |   | (97,031 | ) |   |   | (1,528 | ) |   |   | (523,171 | ) |
| Other expenses, net                                     |   |                                             | 23,980     |   |   |   | (360,539 | ) |   |   | (235,293 | ) |   |   | (49,115 | ) |   |   | (1,528 | ) |   |   | (622,495 | ) |
| Income before income taxes and non-controlling interest |   |                                             | 8,314,845  |   |   |   | (773,723 | ) |   |   | 226,557 |   |   |   | (396,343 | ) |   |   | (120,492 | ) |   |   | 7,250,844 |   |
| Income tax benefit (expense)                            |   |                                             | (2,330,443 | ) |   |   | 183,019 |   |   |   | (77,441 | ) |   |   | 110,836 |   |   |   | - |   |   |   | (2,114,029 | ) |
| Non-controlling interest                                |   |                                             | (39,270    | ) |   |   | 31,272 |   |   |   | 3,237 |   |   |   | - |   |   |   | - |   |   |   | (4,761 | ) |
| Net income for the year attributable to Ecopetrol       |   | $                                                | 5,945,132  |   |   | $ | (559,432 | ) |   | $ | 152,353 |   |   | $ | (285,507 | ) |   | $ | (120,492 | ) |   | $ | 5,132,054 |   |

----

|                                                             |   | Year ended December 31, 2008 |       |
|------------------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                                        |   | Exploration &Production                 |       |   | RefiningActivities |   |   | Transportation |   |   | Market andSupply |   |   | Eliminations |   |   | Total |   |
|                                                             |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                        |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Local sales                                                      |   | $                                                | 3,221,054  |   |   | $ | 14,500,342 |   |   | $ | 716,284 |   |   | $ | 3,160,319 |   |   | $ | - |   |   | $ | 21,597,999 |   |
| Foreign sales, net                                               |   |                                             | 4,888,275  |   |   |   | 3,273,018 |   |   |   | 1,139 |   |   |   | 4,136,238 |   |   |   | - |   |   |   | 12,298,670 |   |
| Inter-segment net operating revenues                             |   |                                             | 11,644,466 |   |   |   | 828,629 |   |   |   | 1,436,763 |   |   |   | 62,938 |   |   |   | (13,972,796 | ) |   |   | - |   |
| Total Revenue                                                    |   |                                             | 19,753,795 |   |   |   | 18,601,989 |   |   |   | 2,154,186 |   |   |   | 7,359,495 |   |   |   | (13,972,796 | ) |   |   | 33,896,669 |   |
| Cost of sales                                                    |   |                                             | 4,649,150  |   |   |   | 17,898,231 |   |   |   | 1,101,136 |   |   |   | 7,370,147 |   |   |   | (13,972,796 | ) |   |   | 17,045,868 |   |
| Depreciation, depletion and amortization                         |   |                                             | 1,538,320  |   |   |   | 302,534 |   |   |   | 197,345 |   |   |   | 369 |   |   |   | - |   |   |   | 2,038,568 |   |
| Selling and projects                                             |   |                                             | 991,203    |   |   |   | 300,188 |   |   |   | 431,576 |   |   |   | 49,807 |   |   |   | - |   |   |   | 1,772,774 |   |
| Administration expenses                                          |   |                                             | 131,546    |   |   |   | 161,223 |   |   |   | 85,093 |   |   |   | 4,239 |   |   |   | - |   |   |   | 382,101 |   |
| Costs and expenses                                               |   |                                             | 7,310,219  |   |   |   | 18,662,176 |   |   |   | 1,815,150 |   |   |   | 7,424,562 |   |   |   | (13,972,796 | ) |   |   | 21,239,311 |   |
| Operating income                                                 |   |                                             | 12,443,576 |   |   |   | (60,187 | ) |   |   | 339,036 |   |   |   | (65,067 | ) |   |   | - |   |   |   | 12,657,358 |   |
| Financial income (expenses), net                                 |   |                                             | 3,717,490  |   |   |   | 87,440 |   |   |   | 104,502 |   |   |   | 191,820 |   |   |   | - |   |   |   | 4,101,252 |   |
| Pension expenses                                                 |   |                                             | (479,495   | ) |   |   | (523,803 | ) |   |   | (140,597 | ) |   |   | (1,030 | ) |   |   | - |   |   |   | (1,144,925 | ) |
| Other non-operating income (expenses)                            |   |                                             | 162,097    |   |   |   | 143,400 |   |   |   | 151,486 |   |   |   | (59,464 | ) |   |   | - |   |   |   | 397,519 |   |
| Other expenses, net                                              |   |                                             | 3,400,092  |   |   |   | (292,963 | ) |   |   | 115,391 |   |   |   | 131,326 |   |   |   | - |   |   |   | 3,353,846 |   |
| Income before income taxes and non-controlling                   |   |                                             | 15,843,668 |   |   |   | (353,150 | ) |   |   | 454,427 |   |   |   | 66,259 |   |   |   | - |   |   |   | 16,011,204 |   |
| Income tax benefit (expense)                                     |   |                                             | (4,330,126 | ) |   |   | 90,574 |   |   |   | (124,321 | ) |   |   | (18,109 | ) |   |   | - |   |   |   | (4,381,982 | ) |
| Net income                                                       |   |                                             | 11,513,542 |   |   |   | (262,576 | ) |   |   | 330,106 |   |   |   | 48,150 |   |   |   | - |   |   |   | 11,629,222 |   |
| Less: Net loss (income) attributable to Non-controlling interest |   |                                             | -          |   |   |   | - |   |   |   | 455 |   |   |   | - |   |   |   | - |   |   |   | 455 |   |
| Net income for the year attributable to Ecopetrol S.A.           |   | $                                                | 11,513,542 |   |   | $ | (262,576 | ) |   | $ | 330,561 |   |   | $ | 48,150 |   |   | $ | - |   |   | $ | 11,629,677 |   |

| Zone                               |   | Products                                           |   | Value  |       |   | Participation |   |
|------------------------------------|--------|----------------------------------------------------|--------|--------|------------|--------|---------------|--------|
| Colombia*                          |   | Crude oil, Refined, Petrochemicals and natural gas |   | $      | 18,229,158 |   |          |   | 43.4 | % |
| United States of America           |   | Crude oil, Refined and Petrochemicals              |   |   | 14,965,911 |   |          |   | 35.7 | % |
| Asia                               |   | Crude oil, Refined and Petrochemicals              |   |   | 3,952,186  |   |          |   | 9.4 | % |
| South America (excluding Colombia) |   | Crude oil, Refined, Petrochemicals and natural gas |   |   | 1,031,808  |   |          |   | 2.5 | % |
| Central America and Caribbean      |   | Crude oil, Refined and Petrochemicals              |   |   | 2,311,529  |   |          |   | 5.5 | % |
| Europe                             |   | Crude oil, Refined and Petrochemicals              |   |   | 1,431,301  |   |          |   | 3.4 | % |
| Other                              |   | Petrochemicals                                     |   |   | 46,418     |   |          |   | 0.1 | % |
|                               |   |                                               |   | $      | 41,968,311 |   |          |   | 100.0 | % |

| Zone                          |   | Products                                           |   | Value  |       |   | Participation |   |
|-------------------------------|--------|----------------------------------------------------|--------|--------|------------|--------|---------------|--------|
| Colombia*                     |   | Crude oil, Refined, Petrochemicals and natural gas |   | $      | 14,134,884 |   |          |   | 46.5 | % |
| United States of America      |   | Crude oil, Refined and Petrochemicals              |   |   | 10,875,221 |   |          |   | 35.8 | % |
| Asia                          |   | Crude oil, Refined and Petrochemicals              |   |   | 2,151,854  |   |          |   | 7,1 | % |
| South America                 |   | Crude oil, Refined, Petrochemicals and natural gas |   |   | 561,221    |   |          |   | 1.8 | % |
| Central America and Caribbean |   | Crude oil, Refined and Petrochemicals              |   |   | 1,473,225  |   |          |   | 4.8 | % |
| Europe                        |   | Crude oil, Refined and Petrochemicals              |   |   | 1,207,367  |   |          |   | 4.0 | % |
| Other                         |   | Petrochemicals                                     |   |   | 618        |   |          |   | 0.0 | % |
|                          |   |                                               |   | $      | 30,404,390 |   |          |   | 100.0 | % |

----

| Zone                          |   | Products                                           |   | Value  |       |   | Participation |   |
|-------------------------------|--------|----------------------------------------------------|--------|--------|------------|--------|---------------|--------|
| Colombia                      |   | Crude oil, Refined, Petrochemicals and natural gas |   | $      | 21,597,999 |   |          |   | 63.7 | % |
| United States of America      |   | Crude oil, Refined and Petrochemicals              |   |   | 7,847,375  |   |          |   | 23.2 | % |
| Asia                          |   | Crude oil, Refined and Petrochemicals              |   |   | 1,516,946  |   |          |   | 4.5 | % |
| South America                 |   | Crude oil, Refined, Petrochemicals and natural gas |   |   | 1,024,709  |   |          |   | 3.0 | % |
| Central America and Caribbean |   | Crude oil, Refined and Petrochemicals              |   |   | 1,188,904  |   |          |   | 3.5 | % |
| Europe                        |   | Crude oil, Refined and Petrochemicals              |   |   | 605,655    |   |          |   | 1.8 | % |
| Other                         |   | Petrochemicals                                     |   |   | 115,081    |   |          |   | 0.3 | % |
|                          |   |                                               |   | $      | 33,896,669 |   |          |   | 100.0 | % |

| Local Sales                        |   | Exploration &Production |      |   | RefiningActivities |   |       | Transportation |   |   | Market andSupply |   |   | Eliminations |    |   | Total  |   |
|-----------------------------------------|--------|----------------------------------|-----------|--------|--------------------|--------|------------|----------------|--------|--------|-----------------------|--------|--------|--------------|---------|--------|--------|--------|
| Medium distillates                      |   | $                                | 5,058     |   |               | $      | 6,588,097  |           |   | $      | -                     |   |   | $            | 506,021 |   |   | $      | - |   |   | $ | 7,099,176 |   |
| Gasolines                               |   |                             | -         |   |               |   | 4,324,551  |           |   |   | -                     |   |   |         | -       |   |   |   | (22,269 | ) |   |   | 4,302,282 |   |
| Crude Oil                               |   |                             | 123,797   |   |               |   | -          |           |   |   | -                     |   |   |         | -       |   |   |   | (6,611 | ) |   |   | 117,186 |   |
| Other products                          |   |                             | 189,833   |   |               |   | 1,214,831  |           |   |   | -                     |   |   |         | 16,124  |   |   |   | (68 | ) |   |   | 1,420,720 |   |
| Services                                |   |                             | 97,350    |   |               |   | 32,546     |           |   |   | 1,819,125             |   |   |         | 54,492  |   |   |   | (55,684 | ) |   |   | 1,947,829 |   |
| Natural Gas                             |   |                             | 854,427   |   |               |   | -          |           |   |   | -                     |   |   |         | 378,939 |   |   |   | (74,121 | ) |   |   | 1,159,245 |   |
| L.P.G.                                  |   |                             | 31,810    |   |               |   | 595,551    |           |   |   | -                     |   |   |         | -       |   |   |   | - |   |   |   | 627,361 |   |
| Diesel and gasoline price differentials |   |                             | -         |   |               |   | 740,682    |           |   |   | -                     |   |   |         | -       |   |   |   | - |   |   |   | 740,682 |   |
| Plastic and rubber                      |   |                             | -         |   |               |   | 669,944    |           |   |   | -                     |   |   |         | -       |   |   |   | - |   |   |   | 669,944 |   |
| Total local sales                       |   | $                                | 1,302,275 |   |               | $      | 14,166,202 |           |   | $      | 1,819,125             |   |   | $            | 955,576 |   |   | $      | (158,753 | ) |   | $ | 18,084,425 |   |

| Foreign Sales  |   | Exploration &Production |       |   | Refining |   |      | Transportation |   |   | Market andSupply |   |   | Eliminations |      |   | Total  |   |
|---------------------|--------|----------------------------------|------------|--------|----------|--------|-----------|----------------|--------|--------|-----------------------|--------|--------|--------------|-----------|--------|--------|--------|
|                |   |                             |       |   |     |   |      |           |   |   |                  |   |   |         |      |   |   |   |
| Crude oil           |   | $                                | 13,515,877 |   |     | $      | -         |           |   | $      | -                     |   |   | $            | 8,108,425 |   |   | $      | (3,550,945 | ) |   | $ | 18,073,357 |   |
| Fuel oil            |   |                             | -          |   |     |   | 2,377,266 |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 2,377,266 |   |
| Gasoline            |   |                             | -          |   |     |   | 687,984   |           |   |   | -                     |   |   |         | 10,084    |   |   |   | - |   |   |   | 698,068 |   |
| Diesel              |   |                             | -          |   |     |   | 1,638,044 |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 1,638,044 |   |
| Natural Gas         |   |                             | 101,363    |   |     |   | -         |           |   |   | -                     |   |   |         | 44,700    |   |   |   | - |   |   |   | 1,638,044 |   |
| Plastic and rubber  |   |                             | -          |   |     |   | 673,574   |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 673,574 |   |
| Other products      |   |                             | 11,958     |   |     |   | 264,677   |           |   |   | 717                   |   |   |         | 162       |   |   |   | - |   |   |   | 277,514 |   |
| Total foreign sales |   | $                                | 13,629,198 |   |     | $      | 5,641,545 |           |   | $      | 717                   |   |   | $            | 8,163,371 |   |   | $      | (3,550,945 | ) |   | $ | 23,883,886 |   |

| Local Sales                        |   | Exploration &Production |      |   | Refining |   |       | Transportation |   |   | Market andSupply |   |   | Eliminations |      |   | Total  |   |
|-----------------------------------------|--------|----------------------------------|-----------|--------|----------|--------|------------|----------------|--------|--------|-----------------------|--------|--------|--------------|-----------|--------|--------|--------|
| Medium distillates                      |   | $                                | 9,808     |   |     | $      | 5,087,659  |           |   | $      | -                     |   |   | $            | -         |   |   | $      | - |   |   | $ | 5,097,467 |   |
| Gasolines                               |   |                             | -         |   |     |   | 5,001,527  |           |   |   | -                     |   |   |         | 14,373    |   |   |   | - |   |   |   | 5,015,900 |   |
| Crude Oil                               |   |                             | 1,943,410 |   |     |   | -          |           |   |   | -                     |   |   |         | 1,692,832 |   |   |   | (3,618,048 | ) |   |   | 18,194 |   |
| Other products                          |   |                             | 128,038   |   |     |   | 446,647    |           |   |   | -                     |   |   |         | 1,605     |   |   |   | - |   |   |   | 576,290 |   |
| Services                                |   |                             | 75,322    |   |     |   | 82,616     |           |   |   | 964,194               |   |   |         | 38,284    |   |   |   | (47,341 | ) |   |   | 1,113,075 |   |
| Natural Gas                             |   |                             | 691,930   |   |     |   | -          |           |   |   | -                     |   |   |         | 336,366   |   |   |   | (27,779 | ) |   |   | 1,000,517 |   |
| L.P.G.                                  |   |                             | 16,970    |   |     |   | 452,581    |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 469,551 |   |
| Diesel and gasoline price differentials |   |                             | -         |   |     |   | 196,533    |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 196,533 |   |
| Plastic and rubber                      |   |                             | -         |   |     |   | 571,007    |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 571,007 |   |
| Total local sales                       |   | $                                | 2,865,478 |   |     | $      | 11,838,570 |           |   | $      | 964,194               |   |   | $            | 2,083,460 |   |   | $      | (3,693,168 | ) |   | $ | 14,058,534 |   |

----

| Foreign Sales  |   | Exploration &Production |      |   | Refining |   |      | Transportation |   |   | Market andSupply |   |   | Eliminations |      |   | Total  |   |
|---------------------|--------|----------------------------------|-----------|--------|----------|--------|-----------|----------------|--------|--------|-----------------------|--------|--------|--------------|-----------|--------|--------|--------|
| Crude oil           |   | $                                | 6,613,961 |   |     | $      | -         |           |   | $      | -                     |   |   | $            | 5,201,551 |   |   | $      | - |   |   | $ | 11,815,512 |   |
| Fuel oil            |   |                             | -         |   |     |   | 1,660,911 |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 1,660,911 |   |
| Gasoline            |   |                             | -         |   |     |   | 1,713,823 |           |   |   | -                     |   |   |         | 10,712    |   |   |   | - |   |   |   | 1,724,535 |   |
| Natural Gas         |   |                             | 214,091   |   |     |   | -         |           |   |   | -                     |   |   |         | 97,643    |   |   |   | - |   |   |   | 311,734 |   |
| Plastic and rubber  |   |                             | -         |   |     |   | 544,912   |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 544,912 |   |
| Other products      |   |                             | 10,731    |   |     |   | 276,497   |           |   |   | 836                   |   |   |         | 188       |   |   |   | - |   |   |   | 288,252 |   |
| Total foreign sales |   | $                                | 6,838,783 |   |     | $      | 4,196,143 |           |   | $      | 836                   |   |   | $            | 5,310,094 |   |   | $      | - |   |   | $ | 16,345,856 |   |

| Local Sales                        |   | Exploration &Production |      |   | RefiningActivities |   |       | Transportation |   |   | Market andSupply |   |   | Eliminations |      |   | Total  |   |
|-----------------------------------------|--------|----------------------------------|-----------|--------|--------------------|--------|------------|----------------|--------|--------|-----------------------|--------|--------|--------------|-----------|--------|--------|--------|
| Medium distillates                      |   | $                                | 11,312    |   |               | $      | 5,587,435  |           |   | $      | -                     |   |   | $            | 315,880   |   |   | $      | - |   |   | $ | 5,914,627 |   |
| Gasolines                               |   |                             | 41        |   |               |   | 3,635,254  |           |   |   | -                     |   |   |         | 9,050     |   |   |   |   |   |   |   | 3,644,345 |   |
| Crude Oil                               |   |                             | 2,312,950 |   |               |   | -          |           |   |   | -                     |   |   |         | 2,461,451 |   |   |   | - |   |   |   | 4,774,401 |   |
| Other products                          |   |                             | 178,233   |   |               |   | 1,160,873  |           |   |   | -                     |   |   |         | 36,685    |   |   |   | - |   |   |   | 1,375,791 |   |
| Services                                |   |                             | 94,644    |   |               |   | 70,912     |           |   |   | 716,284               |   |   |         | 39,812    |   |   |   | - |   |   |   | 921,652 |   |
| Natural Gas                             |   |                             | 603,973   |   |               |   | -          |           |   |   | -                     |   |   |         | 297,441   |   |   |   | - |   |   |   | 901,414 |   |
| L.P.G.                                  |   |                             | 19,901    |   |               |   | 592,870    |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 612,771 |   |
| Diesel and gasoline price differentials |   |                             | -         |   |               |   | 3,070,479  |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 3,070,479 |   |
| Plastic and rubber                      |   |                             | -         |   |               |   | 382,519    |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 382,519 |   |
| Total local sales                       |   | $                                | 3,221,054 |   |               | $      | 14,500,342 |           |   | $      | 716,284               |   |   | $            | 3,160,319 |   |   | $      | - |   |   | $ | 21,597,999 |   |

| Foreign Sales  |   | Exploration &Production |      |   | Refining |   |      | Transportation |   |   | Market andSupply |   |   | Eliminations |      |   | Total  |   |
|---------------------|--------|----------------------------------|-----------|--------|----------|--------|-----------|----------------|--------|--------|-----------------------|--------|--------|--------------|-----------|--------|--------|--------|
|                |   |                             |      |   |     |   |      |           |   |   |                  |   |   |         |      |   |   |   |
| Crude oil           |   | $                                | 4,658,337 |   |     | $      | -         |           |   | $      | -                     |   |   | $            | 4,037,945 |   |   | $      | - |   |   | $ | 8,696,282 |   |
| Fuel oil            |   |                             | -         |   |     |   | 2,093,012 |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 2,093,012 |   |
| Gasoline            |   |                             | -         |   |     |   | 186,197   |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 186,197 |   |
| Natural Gas         |   |                             | 215,312   |   |     |   | -         |           |   |   | -                     |   |   |         | 98,036    |   |   |   | - |   |   |   | 313,348 |   |
| Plastic and rubber  |   |                             | -         |   |     |   | 704,034   |           |   |   | -                     |   |   |         | -         |   |   |   | - |   |   |   | 704,034 |   |
| Other products      |   |                             | 14,626    |   |     |   | 289,775   |           |   |   | 1,139                 |   |   |         | 257       |   |   |   | - |   |   |   | 305,797 |   |
| Total foreign sales |   | $                                | 4,888,275 |   |     | $      | 3,273,018 |           |   | $      | 1,139                 |   |   | $            | 4,136,238 |   |   | $      | - |   |   | $ | 12,298,670 |   |

----

|                                                     |   | 2010   |      |   | 2009        |   |
|----------------------------------------------------------|--------|--------|-----------|--------|-------------|--------|
|                                                     |   | Assets |      |   | Liabilities |   |   | Assets |   |   | Liabilities |   |
| Ministerio de Hacienda y Crédito Público       |   | $      | 1,930,947 |   |        | $      | 332 |   |   | $ | 1,015,691 |   |   | $ | 130,668 |   |
| Ministerio de Minas y Energía                       |   |   | -         |   |        |   | - |   |   |   | 37,228 |   |   |   | - |   |
| U.A.E. Agencia Nacional de Hidrocarburos                 |   |   | 66,913    |   |        |   | - |   |   |   | 134,108 |   |   |   | 9,093 |   |
| E.S.P. Empresa de Energía de Bogotá S.A.       |   |   | 1,101,455 |   |        |   | - |   |   |   | 503,217 |   |   |   | - |   |
| E.S.P. Generadora de Energía del Caribe S.A.        |   |   | 37,219    |   |        |   | - |   |   |   | 54,337 |   |   |   | 23,735 |   |
| Interconexión Eléctrica S.A. – ESP       |   |   | 833,206   |   |        |   | 74 |   |   |   | 766,969 |   |   |   | - |   |
| Entidades Territoriales (Departamentos, Municipios)      |   |   | 37,232    |   |        |   | 24,099 |   |   |   | 17,438 |   |   |   | 7,399 |   |
| Empresas Públicas de Medellín S.A. – ESP |   |   | 8,568     |   |        |   | 113 |   |   |   | 33,038 |   |   |   | 62 |   |
| Isagen S.A.                                              |   |   | 199       |   |        |   | 23 |   |   |   | 8,306 |   |   |   | 45 |   |
| E.S.P. Transportadora de Gas del Interior S.A.           |   |   | 3,982     |   |        |   | 434 |   |   |   | 4,666 |   |   |   | - |   |
| Empresa Colombiana de Gas                                |   |   | -         |   |        |   | - |   |   |   | - |   |   |   | - |   |
| E.S.P. Termoemcali S.A.                                  |   |   | -         |   |        |   | - |   |   |   | 34,001 |   |   |   | - |   |
| E.S.P. Gestión Energética S.A.                 |   |   | -         |   |        |   | - |   |   |   | 600 |   |   |   | - |   |
| Central Hidroeléctrica de Caldas S.A. E.S.P         |   |   | -         |   |        |   | 937 |   |   |   | 529 |   |   |   | - |   |
| Universidad Industrial de Santander U.I.S.               |   |   | 11        |   |        |   | - |   |   |   | 18 |   |   |   | - |   |
| Dirección de Impuestos y Aduanas Nacionales DIAN    |   |   | 1,341,223 |   |        |   | 3,288,780 |   |   |   | 11,961 |   |   |   | 2,023,516 |   |
| Others                                                   |   |   | 1,498     |   |        |   | 5,124 |   |   |   | 484 |   |   |   | 3,855 |   |
|                                                     |   | $      | 5,362,455 |   |        | $      | 3,319,915 |   |   | $ | 2,622,591 |   |   | $ | 2,198,373 |   |

|                                                  |   | 2010   |    |   | 2009     |   |      | 2008   |   |
|-------------------------------------------------------|--------|--------|---------|--------|----------|--------|-----------|--------|--------|
|                                                  |   | Income |    |   | Expenses |   |      | Income |   |   | Expenses |   |   | Income |   |   | Expenses |   |
| Ministerio de Minas y Energía                    |   | $      | -       |   |     | $      | -         |   |   | $ | - |   |   | $ | - |   |   | $ | 3,870,348 |   |   | $ | - |   |
| Dirección de Impuestos y Aduanas Nacionales DIAN |   |   | 1       |   |     |   | 3,523,700 |   |   |   | 19 |   |   |   | 4,295,093 |   |   |   | - |   |   |   | 4,855,718 |   |
| Entidades Territoriales (Departamentos, Municipios)   |   |   | 1,328   |   |     |   | 30,986    |   |   |   | 15 |   |   |   | 121,396 |   |   |   | - |   |   |   | 133,346 |   |
| Contraloría General de la República         |   |   | -       |   |     |   | 52,876    |   |   |   | - |   |   |   | 33,106 |   |   |   | - |   |   |   | 25,811 |   |
| Ministerio de Defensa Nacional                        |   |   | 124     |   |     |   | -         |   |   |   | - |   |   |   | 12,128 |   |   |   | - |   |   |   | 15,774 |   |
| Ministerio de Transporte                              |   |   | -       |   |     |   | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13,922 |   |
| Inversiones de Gases de Colombia S.A. - Invercolsa    |   |   | -       |   |     |   | -         |   |   |   | - |   |   |   | - |   |   |   | 9,231 |   |   |   | - |   |
| Unidad de Planeación Minero Energética      |   |   | -       |   |     |   | 2,557     |   |   |   | - |   |   |   | 2,308 |   |   |   | - |   |   |   | 2,206 |   |
| Others                                                |   |   | 376,712 |   |     |   | 49,347    |   |   |   | 745 |   |   |   | 19,526 |   |   |   | 1,653 |   |   |   | 7,311 |   |
|                                                  |   | $      | 378,165 |   |     | $      | 3,659,494 |   |   | $ | 779 |   |   | $ | 2,533,369 |   |   | $ | 3,881,232 |   |   | $ | 5,054,088 |   |

----

|                                                              |   |   |      | Fair Value at Reporting Date Using |   |                             |   | Fair Value at Reporting Date Using |   |
|------------------------------------------------------------------------|--------|--------|-----------|-------------------------------------------------------------|--------|----------------------------------|--------|-------------------------------------------------------------|--------|
|                                                              |   |   |      | QuotedPrice inActiveMarkets forIdenticalAssets    |   | SignificantOtherObservableInputs |   | SignificantUnobservableInputs                               |   |   |   | Quoted Pricein ActiveMarkets forIdenticalAssets |   | SignificantOtherObservableInputs |   | SignificantUnobservableInputs |   |
| Description                                                            |   | 2010   |      | (Level 1)                                              |   | (Level 2)                   |   | (Level 3)                                              |   | 2009 |   | (Level 1) |   | (Level 2) |   | (Level 3) |   |
| ASSETS                                                                 |   |   |      |                                                        |   |                             |   |                                                        |   |   |   |   |   |   |   |   |   |
| Available for sale debt securities                                     |   |   |      |                                                        |   |                             |   |                                                        |   |   |   |   |   |   |   |   |   |
| Securities issued by mixed – economy governmental entities       |   | $      | 1,932,115 |                                                        | $      | 1,932,115                        |   | $                                                           | -      |   | $ | - |   | $ | 764,853 |   | $ | 764,853 |   |   | - |   |   | - |   |
| Securities issued or secured by Colombian government                   |   |   | 1,642,336 |                                                        |   | 1,642,336                        |   |                                                        | -      |   |   | - |   |   | 724,137 |   |   | 724,137 |   |   | - |   |   | - |   |
| Securities issued or secured by government sponsored enterprise (GSEs) |   |   | 1,498,957 |                                                        |   | 1,498,957                        |   |                                                        | -      |   |   | - |   |   | 1,712,550 |   |   | 1,712,550 |   |   | - |   |   | - |   |
| Securities issued or secured by financial entities                     |   |   | 120,044   |                                                        |   | 120,044                          |   |                                                        | -      |   |   | - |   |   | 11,185 |   |   | 11,185 |   |   | - |   |   | - |   |
| Other debt securities                                                  |   |   | 29,585    |                                                        |   | 29,585                           |   |                                                        | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Securities issued or secured by USA government                         |   |   | 642,974   |                                                        |   | 642,974                          |   |                                                        | -      |   |   | - |   |   | 153,186 |   |   | 153,186 |   |   | - |   |   | - |   |
| Total available for sale debt securities                               |   |   | 5,866,011 |                                                        |   | 5,866,011                        |   |                                                        | -      |   |   | - |   |   | 3,365,910 |   |   | 3,365,910 |   |   | - |   |   | - |   |
| Derivatives                                                            |   |   |      |                                                        |   |                             |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Option                                                                 |   |   | 12,651    |                                                        |   | -                                |   |                                                        | 12,651 |   |   | - |   |   | 66,099 |   |   | - |   |   | 66,099 |   |   | - |   |
| Swap                                                                   |   |   | 21,191    |                                                        |   | -                                |   |                                                        | 21,191 |   |   | - |   |   | 184 |   |   | - |   |   | 184 |   |   | - |   |
| FX Forward                                                             |   |   | 107       |                                                        |   | -                                |   |                                                        | 107    |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Total derivatives                                                      |   |   | 33,949    |                                                        |   | -                                |   |                                                        | 33,949 |   |   | - |   |   | 66,283 |   |   | - |   |   | 66,283 |   |   | - |   |
| Total Recurring Assets at fair value                                   |   | $      | 5,899,960 |                                                        | $      | 5,866,010                        |   | $                                                           | 33,949 |   | $ | - |   | $ | 3,432,193 |   | $ | 3,365,910 |   | $ | 66,283 |   | $ | - |   |

----

|                                            |   |   |       |   | Fair Value Measurements Using                                     |   |   |                                         |   |
|-------------------------------------------------|--------|--------|------------|--------|----------------------------------------------------------------------------------|--------|--------|----------------------------------------------|--------|
| Description                                     |   | 2010   |       |   | Quoted Pricein ActiveMarkets forIdenticalAssets Level 1 |   |   | SignificantOtherObservableInputsLevel 2 |   |   | SignificantUnobservableInputs Level 3 |   |   | Total Gains(Losses) |   |   | 2009 |   |
| Equity Method Investment              |   | $      | 826,039    |   |                                                                             | $      | -      |                                         |   | $ | - |   |   | $ | 826,039 |   |   | $ | 349,033 |   |   | $ | 1,075,308 |   |
| Production fixed assets with impairment         |   |   | 93,069     |   |                                                                             |   | -      |                                         |   |   | - |   |   |   | 93,069 |   |   |   | 134,604 |   |   |   | 338,158 |   |
| Transportation fixed assets with impairment (*) |   |   | -          |   |                                                                             |   | -      |                                         |   |   | - |   |   |   | - |   |   |   | 865 |   |   |   | 19,888 |   |
| Other fixed assets                              |   |   | 11,609,275 |   |                                                                             |   | -      |                                         |   |   | - |   |   |   | 11,609,275 |   |   |   | - |   |   |   | 8,382,912 |   |
| Total Fixed Assets                              |   | $      | 11,702,344 |   |                                                                             | $      | -      |                                         |   | $ | - |   |   | $ | 11,702,344 |   |   | $ | 135,469 |   |   | $ | 8,740,959 |   |
| Total Non-Recurring Assets                      |   | $      | 12,528,383 |   |                                                                             | $      | -      |                                         |   | $ | - |   |   | $ | 12,528,383 |   |   | $ | 484,502 |   |   | $ | 9,816,267 |   |

----

|                                                                                    |   | Year ended December 31 |        |
|-----------------------------------------------------------------------------------------|--------|---------------------------------------|-------------|
| Consolidated Companies                                                             |   | 2010                                  |        |   | 2009 |   |   | 2008 |   |
| Natural and environmental properties – proved properties |   | $                                     | 16,977,248  |   |   | $ | 12,188,806 |   |   | $ | 8,657,429 |   |
| Wells, equipment and facilities – property, plant and equipment                   |   |                                  | 6,564,590   |   |   |   | 5,359,419 |   |   |   | 4,112,318 |   |
| Construction in progress                                                                |   |                                  | 2,490,365   |   |   |   | 2,321,427 |   |   |   | 1,828,945 |   |
| Accumulated depreciation, depletion and amortization                                    |   |                                  | (11,864,137 | ) |   |   | (9,883,704 | ) |   |   | (7,637,750 | ) |
| Net capitalized costs                                                                   |   | $                                     | 14,168,065  |   |   | $ | 9,985,947 |   |   | $ | 6,960,942 |   |

|                             |   | Year ended December 31 |      |
|----------------------------------|--------|---------------------------------------|-----------|
|                             |   | 2010                                  |      |   | 2009 |   |   | 2008 |   |
| Acquisition of Proved Properties |   | $                                     | -         |   |   | $ | 2,879,233 |   |   | $ | 1,049,402 |   |
| Exploration costs                |   |                                  | 1,307,379 |   |   |   | 1,258,827 |   |   |   | 941,369 |   |
| Development costs                |   |                                  | 5,835,141 |   |   |   | 4,717,550 |   |   |   | 3,109,011 |   |
| Total costs incurred             |   | $                                     | 7,142,520 |   |   | $ | 8,855,610 |   |   | $ | 4,799,659 |   |

----

|                                           |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Net revenues                                   |   |   |       |   |   |   |       |   |   |
| Sales                                          |   | $      | 15,245,110 |   |   | $      | 9,957,793  |   |   | $ | 8,109,328 |   |
| Transfers                                      |   |   | 9,032,898  |   |   |   | 7,801,224  |   |   |   | 11,644,467 |   |
| Total                                          |   | $      | 24,278,008 |   |   | $      | 17,759,017 |   |   | $ | 19,753,795 |   |
|                                           |   |   |       |   |   |   |       |   |   |   |   |   |
| Production cost (1)                            |   |   | 3,577,780  |   |   |   | 3,117,872  |   |   |   | 3,990,929 |   |
| Depreciation, depletion and amortization (2)   |   |   | 1,856,118  |   |   |   | 1,184,584  |   |   |   | 884,372 |   |
| Other costs (3)                                |   |   | 3,554,315  |   |   |   | 2,533,031  |   |   |   | 691,002 |   |
| Exploration expenses (4)                       |   |   | 1,696,383  |   |   |   | 1,357,147  |   |   |   | 871,619 |   |
| Other expenses (5)                             |   |   | 593,257    |   |   |   | 535,494    |   |   |   | 368,231 |   |
| Total                                          |   |   | 11,277,854 |   |   |   | 8,728,129  |   |   |   | 6,806,154 |   |
| Income before income tax                       |   |   | 13,000,155 |   |   |   | 9,030,889  |   |   |   | 12,947,641 |   |
| Income Tax expenses                            |   |   | (4,290,051 | )      |   |   | (2,980,193 | )      |   |   | (4,272,722 | ) |
| Results of operations for producing activities |   | $      | 8,710,104  |   |   | $      | 6,050,695  |   |   | $ | 8,674,919 |   |

| (1) | Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities, including such costs as operating labor, materials, supplies, and fuel consumed in operations and the costs of operating natural gas liquids plants. In addition it also include accretion expense related to asset retirement obligations that were recognized during 2010, 2009 and 2008 in production costs which were approximately $ 151,516, $(25,980) and $195,191, respectively. The Company’s results of operations from oil and gas producing activities for the years ending December 31, 2010, 2009 and 2008 are shown above |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In accordance with ASC 410-20, the expenses related to asset retirement obligations that were recognized during 2010, 2009 and 2008 in depreciation, depletion and amortization were approximately $180,484, 69,371 and $16,352 respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Relate to transportation costs and naphtha that do not form part of the company ́s lifting cost. |
|-----|------------------------------------------------------------------------------------------------------|

| (4) | Exploration expenses include the costs of geological and geophysical activities and non-productive exploratory wells. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (5) | Correspond to administration expenses and marketing expenses. |
|-----|---------------------------------------------------------------|

----

----

|                           |   | 2010           |    | 2009      |   | 2008       |   |
|-------------------------------------|--------|----------------|---------|-----------|--------|------------|--------|
|                           |   | Oil            |    | Gas       |   | Total      |   | Oil |   | Gas |   | Total |   | Oil |   | Gas |   | Total |   |
|                           |   | millionbarrels |    | billioncf |   | millionboe |   | millionbarrels |   | billioncf |   | millionboe |   | millionbarrels |   | billioncf |   | millionboe |   |
| Proved Reserves:                    |   |           |    |      |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning of year                   |   |           | 1,123.3 |      |   | 2,329.4    |   |   | 1,538.2 |   |   | 798.9 |   |   | 1,898.9 |   |   | 1,137.0 |   |   | 857.4 |   |   | 1,979.6 |   |   | 1,209.9 |   |
| Revisions of previous estimates (1) |   |           | 99.1    |      |   | 558.7      |   |   | 190.9 |   |   | 246.0 |   |   | 537.2 |   |   | 341.6 |   |   | 44.2 |   |   | 54.5 |   |   | 53.9 |   |
| Improved recovery                   |   |           | 47.4    |      |   | -          |   |   | 47.4 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Purchases of minerals in place      |   |           | -       |      |   | -          |   |   | - |   |   | 84.2 |   |   | 33.2 |   |   | 90.1 |   |   | 0.8 |   |   | 0.5 |   |   | 0.9 |   |
| Extensions and discoveries          |   |           | 126.3   |      |   | 0.3        |   |   | 126.5 |   |   | 126.1 |   |   | 16.8 |   |   | 129.1 |   |   | 7.5 |   |   | 0.4 |   |   | 7.6 |   |
| Production                          |   |           | (159.8  | )         |   | (165.9     | )      |   | (188.9 | ) |   | (131.9 | ) |   | (156.6 | ) |   | (159.7 | ) |   | (111.0 | ) |   | (136.0 | ) |   | (135.2 | ) |
| End of year                         |   |           | 1,236.4 |      |   | 2,722.6    |   |   | 1,714.0 |   |   | 1,123.3 |   |   | 2,329.4 |   |   | 1,538.2 |   |   | 798.9 |   |   | 1,898.9 |   |   | 1,137.0 |   |
|                                |   |           |    |      |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved developed reserves:          |   |           |    |      |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning of year                   |   |           | 630.5   |      |   | 1,732.6    |   |   | 939.0 |   |   | 518.4 |   |   | 720.6 |   |   | 646.7 |   |   | 651.3 |   |   | 1,210.5 |   |   | 866.9 |   |
| End of year                         |   |           | 800.7   |      |   | 2,261.7    |   |   | 1,197.5 |   |   | 630.5 |   |   | 1,732.6 |   |   | 939.0 |   |   | 518.4 |   |   | 720.6 |   |   | 646.7 |   |
| Proved undeveloped reserves:        |   |           |    |      |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning of year                   |   |           | 492.8   |      |   | 596.9      |   |   | 599.2 |   |   | 280.5 |   |   | 1,178.3 |   |   | 490.3 |   |   | 206.1 |   |   | 769.1 |   |   | 343.0 |   |
| End of year                         |   |           | 435.7   |      |   | 460.9      |   |   | 516.5 |   |   | 492.8 |   |   | 596.9 |   |   | 599.2 |   |   | 280.5 |   |   | 1,178.3 |   |   | 490.3 |   |

| · | Rubiales Field:  the reservoir has demonstrated a better production performance (lower decline rates) and a more favorable economic limit (35 million boe); Chuchupa Field:  the reservoir has demonstrated a better performance resulting from the compression project (27 million boe). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Cusiana Field: New gas sales agreements (38 million boe); |
|--------|-----------------------------------------------------------|

| · | Cupiagua Field: The Company signed an internal gas sales agreement to Barrancabermeja Refinery (20 million boe); |
|--------|------------------------------------------------------------------------------------------------------------------|

| · | Pauto Field: The Company has updated the field development plan (additional wells and optimization for gas injection strategy) (10 million boe). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Table v – | Standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

|                                                     |   | 2010   |        |   | 2009   |   |        | 2008   |   |
|----------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| Future cash inflows                                      |   | $      | 186,295,426 |   |   | $      | 137,518,875 |   |   | $ | 91,719,056 |   |
| Future production and development costs                  |   |   | (57,267,518 | )      |   |   | (52,670,688 | )      |   |   | (40,753,567 | ) |
| Future income tax expenses                               |   |   | (36,783,230 | )      |   |   | (27,574,537 | )      |   |   | (18,409,888 | ) |
| Future net cash flow                                     |   |   | 92,244,678  |   |   |   | 57,273,650  |   |   |   | 32,555,601 |   |
| 10% annual discount for estimated timing of cash flows   |   |   | (36,690,043 | )      |   |   | (21,813,763 | )      |   |   | (13,897,290 | ) |
| Standardized measure of discounted future net cash flows |   | $      | 55,554,635  |   |   | $      | 35,459,887  |   |   | $ | 18,658,311 |   |

|                                                                                                  |   | 2010   |        |   | 2009   |   |        | 2008   |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
|                                                                                                  |   |   |        |   |   |   |        |   |   |
| Net change in sales and transfer prices and in production (lifting) cost related to future production |   | $      | 23,136,538  |   |   | $      | 11,522,615  |   |   | $ | (20,440,064 | ) |
| Changes in estimated future development costs                                                         |   |   | (2,936,160  | )      |   |   | (4,585,987  | )      |   |   | (3,920,730 | ) |
| Sales and transfer of oil and gas produced during the period                                          |   |   | (24,278,008 | )      |   |   | (17,759,017 | )      |   |   | (19,753,794 | ) |
| Net change due to extension discoveries                                                               |   |   | 4,102,951   |   |   |   | 1,129,590   |   |   |   | 137,845 |   |
| Net change due to purchase and sales of minerals in place                                             |   |   | -           |   |   |   | 2,387,443   |   |   |   | 53,468 |   |
| Net change due to revisions in quantity estimates                                                     |   |   | 10,577,037  |   |   |   | 13,532,916  |   |   |   | 1,758,941 |   |
| Previously estimated development costs incurred during the period                                     |   |   | 4,352,080   |   |   |   | 3,369,970   |   |   |   | 2,934,497 |   |
| Accretion of discount                                                                                 |   |   | 3,545,989   |   |   |   | 1,865,831   |   |   |   | 4,251,867 |   |
| Other – unspecified                                                                             |   |   | 6,674,884   |   |   |   | 11,859,363  |   |   |   | 3,059,763 |   |
| Net change in income taxes                                                                            |   |   | (5,080,563  | )      |   |   | (6,521,148  | )      |   |   | 8,057,853 |   |
| Aggregate change in the Standardized measure of discounted future net cash flows for the year         |   | $      | 20,094,747  |   |   | $      | 16,801,576  |   |   | $ | (23,860,354 | ) |

----

|   | ECOPETROL S.A. |
|--------|----------------|
|   |           |
|   | By:            |  /s/ Adriana M. Echeverri |   |
|   |           | Name:  Adriana M. Echeverri |   |
|   |           | Title:   Chief Financial Officer |   |
|   |           |   |   |
|   | By:            |  /s/ Javier G. Gutiérrez |   |
|   |           | Name:    Javier G. Gutiérrez |   |
|   |           | Title:      Chief Executive Officer |   |

----