Moody's confirms Ecopetrol S.A.’s investment grade credit rating

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”) announces that the risk rating agency, Moody's Investors Service (“Moody’s”), has maintained Ecopetrol’s credit rating at Baa3.

This confirmation means that the Company will retain its investment grade rating, which had been assigned to it by Moody’s on January 18, 2016, and concludes the ratings review initiated on January 16, 2016.

In its report, Moody's highlighted the Company's adjustment to its investment plan to protect its liquidity, the increase in refining capacity due to the start-up of the Cartagena Refinery, and favorable results in the midstream segment. It also noted the efficiency program, which has enabled Ecopetrol to successfully face the challenging low crude oil price environment.

Moody’s also established the Company's outlook as negative, due to the impact thatl low international crude oil prices may have on the exploration and production segments.

Bogota, May 10, 2016

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