----

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| 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 |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------|---------|

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|     |   |                       |   |   | Page   |   |
|----------|--------|----------------------------|--------|--------|--------|--------|
|     |   |                       |   |   |   |   |
|     |   | Explanatory Note           |   |   | 1      |   |
| ITEM 18. |   | Financial Statements  |   |   | 2      |   |
| ITEM 19. |   | Exhibits                   |   |   | 3      |   |
|     |   | Signatures                 |   |   | 4      |   |

----

----

| 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 (incorporated by reference to Exhibit 1.2 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                           |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 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. (incorporated by reference to Exhibit 8.1 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                                               |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 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 (incorporated by reference to Exhibit 16.1 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                     |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.1        |   | Consent of PricewaterhouseCoopers Ltda.                                                                                                                                                                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.2        |   | Consent of Ryder Scott (incorporated by reference to Exhibit 23.2 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.3        |   | Consent of Gaffney, Cline & Associates (incorporated by reference to Exhibit 23.3 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                                          |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 23.4        |   | Consent of DeGolyer and MacNaughton (incorporated by reference to Exhibit 23.4 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                                                 |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 99.1        |   | Third Party Reserve Report of Ryder Scott (incorporated by reference to Exhibit 99.1 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                                           |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 99.2        |   | Third Party Reserve Report of Gaffney, Cline & Associates (incorporated by reference to Exhibit 99.2 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                       |
|        |   |                                                                                                                                                                                                                                                                                                   |
| 99.3        |   | Third Party Reserve Report of DeGolyer and MacNaughton (incorporated by reference to Exhibit 99.3 on Form 20-F filed with the U.S. Securities Exchange Commission on July 15, 2011 (File No. 001-34175)).                                                                                              |

----

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| 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 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 | ) |   |   | 809,918 | (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 |  (1) |
| 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  |   |   |   | 254,975 |   |   |   | 1,730,534 | (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 |   |   |   | (577,726 | ) |   |   | 13,684,994 |   |
| Total liabilities                                              |   |                     | 20,209,019 |   |   |   | (603,097 | ) |   |   | 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    |   |   |   | (1,296,998 | ) |   |   | (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     |   |     |   | 248,765    |   |   |   | 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  | )      |     |   | (6,419,793 | )      |   |   | (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                                                |   |              | -      |   |   |   | -          |                      |   |   | -                   |   |   |             | -          |   |                                            |   | -          |                    |   |   | -                       |   |   |   | - |   |   |   | 22,775 |   |   |   | 22,775 |   |
| 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 |   |   |   | 4,444 |   |
| 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                                                                                    |   |   | 1,048,981 |   |   |   | 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                                                                     |   |   | 6,807,102 |   |   |   | 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   |   |      |   | -       |   |   |   | 1,346  |   |   |   | - |   |   |   | 5,248 |   |
| 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    |   |   |   | - |   |   |   | 146,063 |   |
| 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 |   |     | $      | 3,659,466 |   |   | $ | 779 |   |   | $ | 4,483,557 |   |   | $ | 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 |   |   | $ | 5,099,782 |   |

----

|                                           |   | 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 |   |

----