Investor PresentationMay, 2017

I. Our Company

II. The Last Three Years

III. Industry Outlook

IV. Financial Results and Highlights

Agenda

2

Thomas Rueda

CEO

CEO of Ocensa since September 2016

Over 20 years of experience in the Oil & Gas

industry across Europe, USA and Colombia, having

worked for international E&P Companies such as

BP and Talisman in various leadership roles.

Former CEO of Cenit (Ecopetrol´s midstream

company)

BSc in Business Administration from Los Andes

University (Bogotá), Management Program from

Cambridge University (UK), General Management

Program from Duke University (Calgary)

Rosemery

Carrillo

CFO

CFO of Ocensa since May 2016

Over 16 years of finance experience in the Oil &

Gas industry across Europe, USA and Colombia,

having worked for BP and local oilfield services

companies

BSc in Industrial Engineering from Los Andes

University (Bogotá), MBA from Kellogg School of

Management and Black Belt from Arizona State

University

Company Representatives

3

Thomas Rueda

CEO

Enrique Sandoval

Operations Vice-president

Hernán Bedoya

Operations

Ramiro

Santa

Social Responsibility

Maria Paula Camacho

General Counsel

Rosemery Carrillo

CFO

Rafael Diaz

Internal Audit

Maria Fernanda Tamayo

Human Resources

Our Management Team

4

Our Company

Ocensa´s Evolution 1997-2016 (Seg. II)

321

532

237

561

619

566

0

100

200

300

400

500

600

700

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Cusiana Blend Castilla

81%

Cusiana

19%

Blend 76%

Castilla

24%

Blend

Investment of US$ 2,221 million in pipeline

construction

Investment to transport heavy crude oil

+100 Kbpd capacity

First tanker truck downloader in Cusiana station

(30 Kbpd capacity)

+35 Kbpd capacity with Delta 35 Project

Lean Optimization Project

+135 Kbpd with P135 Project

Heavier crude transport at 600 cSt and dilution

facilities in the Coveñas export port

1994

2006

2011

2012

2014

2015

2017

2016

KBPD

From light to heavy oil

Historical Background

6

836 Km of underground pipe and 12 Km under the sea

At 2,970 Mts over the sea level, on the Eastern

Cordillera, the highest point of the system

10 pumping stations and 1 pressure control station

1 Crude export port

19 storage tanks with capacity of 5

million barrels of oil

The pipeline with the longest and utmost capacity inColombia.

Strategically located, linking Colombia’s two largestrefineries (Cartagena and Barrancabermeja) with thecountry’s most active exploration and productionbasins (Llanos, Magdalena).

Our Infrastructure

Barrancabermeja Refinery

Cartagena Refinery

Colombia

VenezuelaPanama

BrazilEcuador 7

Lines Segment RouteLength(in kms)

Diameter(in inches)

Transport Capacity2016YE Tariff(in US$/bbl)

% of Revenue 2016

South Line

Segment 0 Cupiagua – Cusiana 39 16 198 kbpd 0.4722 0.3%

Segment I Cusiana - El Porvenir 33 30 745 kbpd 0.5271 4.2%

Segment II El Porvenir - Vasconia 287 30-36 745 kbpd 3.3347 57.9%

North Line

Segment III Vasconia – Port of Coveñas 477 30 550 kbpd 2.8838 31.4%

Port of Coveñas Port of Coveñas 12 42 25 time slots per month 0.5086 6.2%

5 masl

50 masl

138 masl

1,974 masl

2,970 masl

1,775 masl

1,137 masl

353 masl

*masl: Meters above sea level.

Submarine Pipeline

Segment III550 kbpd

Segment II745 kbpd

Segment I745 kbpd

Segment 0198 kbpd

Our Pipeline

2,500 masl*

Pipeline built 2-4 meters underground throughout most of its path, reducing exposure to accidents/attacks.

2,000 masl

1,500 masl

1,000 masl

500 masl

87 masl

452 masl

1,255 masl

SANTANDER

8

We transported on average:

2016 Highlights

US$1,214M

85%

600 cStViscosity Capacity

Revenues

25

63%

37%

Ocensa

Other

Capacity to load

more thanOil tankers per month using TLU2,

Panamax, Aframax, Suezmax and VLCC

59%41%

Ebitda Margin

745 KbpdTransport Capacity

9

76%

24% OF OUR VOLUMES

COME FROM

ECOPETROL

Our Strategic Focus since 2013

Operational Efficiency

Three Strategic Areas

In 2013 the company set a vision and strategic focus on three main areas:

Reduce costs sustainably

Strategy enablerHealth Safety & Environment

Growth Capacity

Our Vision

To become the most

efficient oil transport

platform in Colombia

US$1.5BN

EBITDA in

2023

A

C

B

10

Our Shareholders

Cenit, Ecopetrol's wholly-owned subsidiary,

holds all of Ecopetrol’s hydrocarbon

transport and logistic assets

Darby, private equity arm of Franklin

Templeton Investments (recognized asset

manager in USA), participates as a pioneer

player investing in emerging markets

Cenit

Darby

Advent

International

Advent International, private equity firm

operating in four continents, focusing its

efforts in buyouts and growth equity

investments in five core sectors

11

Dividend Policy - 100% Payout Ratio

(on the prior semester’s income)

72.6%

22.4%

5.0%

The Last Three Years

Resilient Performance Despite the Crisis

Country Production and Ocensa Transportation Evolution KBPD

Ocensa Ebitda EvolutionUS$ Million and Margin (%)

Ocensa managed to maintain reasonable utilization ratios and to improve margins on a

sustainable basis thanks to its focus on the three strategic areas

1,006 990 1,003886

597 602 619 566

2013 2014 2015 2016

990 1,113 1,071 1,041992

1,1711,279

1,030

80

77

74 74

81 83 87 85

2013 2014 2015 2016

Ebitda Plan Ebitda Actuals

Ebitda Margin Plan Ebitda Margin ActualsTotal Country Production Ocensa Volumes

13

35

8815

38

2013 3 Unloading Racks(2014)

Lin Intervention Total

575745

35135

2013 Delta 35 P-135 Total

Oil Transportation (Capacity)Kbpd @ 300 cSt

Offloading Facility (Capacity)Kbpd

9997

Plan Actuals

Delta 35 Project

Beginning in 2017. Increased

transportation volumes by 135 kbpd

by adding three new pumping

stations

P 135 Project

741

Plan Actuals

Ended in 2014. Increased

transportation volumes by 35 kbpd

Increased offloading capacity by

53 kbpd and increased system

reliability

Offloading Facility

Growing Capacity (in a Measured and

Efficient Way)

29

17Plan Actuals

2%

41%

Project being finalized

A

14

US$ Million

US$ Million

US$ Million

Operational Efficiency

Opex 2013-2016

2013 2016

Variable costs Fixed Costs Fees Labors Others

US$284m

US$166m

▪ 42% Opex reduction vs. 2013

▪ Underlying efficiency improvements thanks to:

– a successful energy optimization strategy

– contract renegotiations

– implementation of a Lean Optimization Project

(energy efficiency, port operation optimization,

reduction of process cycle time)

-42%

B

15

8.5% of

revenues

9% of

revenues

5.6% of revenues

4.5% of revenues

24.2% of

revenues14.8% of

revenues

HSE (Health Safety and Environment)

2011 2012 2013 2014 2015 2016

• Year on year improvement thanks to

successful implementation of the HSE

Culture and Training Program

• 70% TRIF improvement vs. 2011

TRIF*Indicator

Security

Actuals

(*) TRIF: Total Recordable Injury Frequency

C

4.35

3.052.66

2.93

2.41

1.30

16

A safer underground pipeline thanks to an early

alert system and a joint work with the

community

Leading role building alliances with other

companies and establishing security programs

in main areas of influence

Industry Outlook

Industry OutlookColombian oil industry

6,3704,770

1,500 3,070

990 1,003

886

820

840

860

880

900

920

940

960

980

1000

1020

0

1000

2000

3000

4000

5000

6000

7000

2014 (e) 2015 (e) 2016 (e) 2017 (p)

kb

pd

US

$ m

illio

n

Capex and Production in Colombia

Capex Production (kbpd)

890 -910

8.4

12.5

9.4

12.9

2016

2015

E&P Operating Costs in Colombia (US$/Bbl )

Lifting Costs Transportation Cost

Source: ACP

25.4

17.8

Source: ANH, ACP

-30%

Colombia

• Capex reduction in 2016 due to industry situation. Significant increase in 2017 due to

stabilization / recovery in prices

• 30% reduction in operating costs, enabling field development at lower crude prices18

Industry OutlookEcopetrol Mid Term Plan

718 760

830 870

0

250

500

750

1000

2020 @ 80

USD/bl

2020 @

70 USD/bl

2020 @

50 USD/bl

2016

+6%

(kbpd)

Ecoptetrol - Expected Production

16%22%

+6%

16%22%

Prod.2016 Incorp. Potential

@50 US/bblPotential

@70 US/bbl

1,514

@2020

˜1140˜1850

Purchase

1920

Ecopetrol Expected Reserves Balance 1P (2016 – 2020)

Incorp.

mmboe

1300594

215

405

Source: ECP Business Plan 2017-2020 Source: ECP Business Plan 2017-2020

19

Financial Results and Highlights

Ocensa in NumbersFY 2016 vs. 2015

190

21

2015 2016

FY FY

Income Statement Highlights

Revenues $ 1,467 $ 1,214

Volumes Transported (Kbpd) 619 566

Gross Profit $ 1,247 $ 1,000

Gross Profit Margin (%) 85% 82%

EBITDA $ 1,280 $ 1,031

EBITDA Margin (%) 87% 85%

Net Income $ 776 $ 560

Net Income Margin (%) 53% 46%

2015 2016

FY FY

Balance Sheet Highlights

Cash $ 319 $ 72

Total Assets $ 2,081 $ 1,891

Total Debt $ 499 $ 500

Other Liabilities $ 534 $ 439

Total Liabilities $ 1,033 $ 939

Shareholders’ Equity $ 1,048 $ 952

Book Capitalization (Total Debt + SHE) $ 1,547 $ 1,452

$USDM

$USDM

Ocensa in NumbersFY 2016 vs. 2015

190

22

2015 2016

FY FY

Cash Flow Statement Highligths

Operating Cash Flow $ 812.0 $ 677.7

Capital Expenditures $ 393.3 $ 251.7

Cash Flow from Financing -$ 711.9 -$ 677.0

Dividends Paid $ 692.0 $ 656.3

Payout Ratio (Dividends Paid / Net Income) 0.89 1.17

2015 2016

FY FY

Reference Ratios

EBITDA / Assets (%) 61% 55%

RoA (%) 37% 30%

RoE (%) 74% 59%

EBITDA / Interest (x) 64.0 x 51.5 x

Total Debt / EBITDA (x) 0.4 x 0.5 x

Total Debt / Book Capitalization (%) 32% 34%

Total Debt / Total Assets (%) 24% 26%

$USDM

02/02/2016

05/05/2016

Ratings

BBB

Baa3

Cautionary Statement

“The information included herein refers to Ocensa’s performance during 2016, as well as to the industry and economic background for the same

period. In any event, Ocensa is not responsible for the accuracy and completeness of the information provided herein, nor its update; and, does not

guarantee that the same is indicative of Company future results, policies, plans or performance.”

23

Contacts

Rosemery Carrillo

CFO

Rosemery.Carrillo@ocensa.com.co

Visit our Website or

contact us:www.ocensa.com.co

Investor Relations

24

57 1 325 0200

Carolina Barreto

Strategy & Planning Team Leader

Carolina.Barreto@ocensa.com.co

Juan Felipe Pardo

Financial Analyst

Juan.Pardo@ocensa.com.co

2017