Colombia
Press Release

The Board of Directors of Ecopetrol approved regulations for the potential Program for the Issuance and Placement of Ordinary Shares

Bnamericas Published: Friday, August 27, 2021

This Ecopetrol release was published using machine translation.

Ecopetrol SA (BVC: ECOPETROL; NYSE: EC) informs that its Board of Directors, in a session of August 27, 2021, approved the Regulations for the Issuance and Placement of the Third Round of the Program for the Issuance and Placement of ordinary shares (“the Program "), Provided for in Law 1118 of 2006. Both the Regulations and other documentation required by law will be submitted to the consideration of the Financial Superintendency of Colombia (" SFC ") for the purpose that said entity may issue its authorization on the Program. .

In developing the potential issue or issues that are carried out under the Program, the Nation will maintain at least 80% of the subscribed and outstanding capital of Ecopetrol, as provided by Law 1118 of 2006.

The Program contemplates a term of 5 years, a period within which Ecopetrol could carry out one or more share issues with the specific purpose of financing the execution of its corporate strategy and its energy transition plan, including: (i) projects for growth organic, (ii) inorganic growth opportunities and (iii) the strengthening of Ecopetrol's financial balance and / or the reduction of its indebtedness.

The approvals given by the Board of Directors of Ecopetrol and by the SFC, in relation to the Program, provide the Company with optionality in the capital structure to finance the development of the energy transition strategy, but they do not generate any commitment or commitment for Ecopetrol. obligation to launch share offerings. The launch of the issue (s) within the framework of the Program will be subject to the existence of favorable market conditions for the placement of share capital.

The Board of Directors delegated to the President of Ecopetrol the necessary steps to carry out the approval procedures of the Program before the SFC in accordance with the Company's statutory provisions.

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