Ecopetrol on Distribution of the Occasional Reserve

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(Ecopetrol, 1.Jun.2022) — In connection with the convening of an Extraordinary Shareholders’ Meeting of Ecopetrol S.A. requested by the majority shareholder (the Ministry of Finance and Public Credit of Colombia, or the “Nation”), for the purpose of submitting a proposed modification to the company’s occasional reserve and its subsequent distribution as an extraordinary dividend, which was published by this same means today, Ecopetrol (BVC: ECOPETROL;NYSE: EC) announces the details of the distribution project proposed by the Ministry of Finance and Public Credit:

Occasional Reserve Distribution
Total occasional reserve available:            $ 8.889.900.168.629
Number of shares:          41.116.694.690,1959
Value for distribution per share:$ 168
Amount of occasional reserve for distribution:$ 6.907.604.707.953
Amount of occasional reserve not distributed:$ 1.982.295.460.676

The occasional reserve that is proposed to be distributed was created at the General Shareholders’ Meeting on 30 March 2022, with net profits generated in the years 2021, 2020, and 2019. It was allocated based on the earnings distribution project approved by the Shareholders’ Meeting in accordance with the financial statements as of 31 December 2021, which have already been subject to inspection in accordance with applicable law and the company’s Bylaws.

In accordance with what was expressed by the Ministry of Finance and Public Credit, the portion corresponding to the Nation will be offset by the compensation due to the company from the Nation pursuant to the Fuel Price Stabilization Fund (FEPC for its Spanish acronym) and therefore does not imply a cash outflow. The payment to minority shareholders will be made on 30 June 2022.


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