Ecopetrol SA

#### 1.1 Oversight by the Board of Directors of Ecopetrol S.A. of climate- related risks and opportunities

The Board of Directors of Ecopetrol S.A. (the "Board") defines and oversees the Corporate strategy concerning the TESG drivers of the Corporate 2040 Strategy is constantly appraised and addressed, including climate change and energy transition.

The Board is responsible for guiding the Company in defining its strategic issues to create long-term value. In December 2021, the Board approved the 2040 Strategy seeking to generate sustainable growth within the energy transition framework by maximizing competitiveness in the oil and gas businesses and accelerating portfolio diversification. At the same time, it generates value through TESG for all stakeholders and promotes the decarbonization of current operations leveraging technology, innovation, and human talent to maintain competitive returns. [...] During 2022, the presentations made at the Board of Directors' meetings and those of its support committees addressed general topics and challenges associated with the Ecopetrol Group's strategy in the face of climate change and energy transition in its course of business, including:

integrated water management, and industrial safety, as well as the methane reduction target (3 meetings in 2022).

iv.During the year, the Technology and Innovation Committee studied issues related to TESG and analyzed the technological components that will contribute to the generation of long-term value for increasingly responsible, safe, and efficient operations, in tune with the environment (3 meetings in 2022).

i.The Audit and Risk Committee oversees business risks, including issues related to TESG and the Enterprise Risk Map, which incorporates the risk associated with climate change and water resources (18 sessions in 2022).

ii.The Corporate Governance and Sustainability Committee supports the analysis and decision-making related to the "Generating Value through TESG " pillar of the 2040 Strategy, and in 2022 studied industry trends related to technological, environmental, social, and governance issues, as well as corporate responsibility, human rights and corporate governance matters (9 meetings in 2022).

iii.The HSE Committee is responsible for guiding the environmental strategy including climate change and water management, in addition to industrial and process health and safety issues. In 2022, it reviewed the roadmaps for water neutrality, climate change, integrated water management, and industrial safety, as well as the methane reduction target (3 meetings in 2022).

v.The Business Committee assesses the allocation of resources for projects and considers risk management in business opportunities and their value generation and strategic relevance. During 2022, it analyzed diversification into the low-emission solutions business, including industrial projects to generate low-carbon hydrogen (18 meetings in 2022).

vi.The Remuneration, Appointments, and Culture Committee reviews and recommends to the Board of Directors issues for its approval related to variable remuneration (VR), including the Ecopetrol Group Balanced Management Scorecard (TBG for its Spanish acronym) and the Long-Term Incentive Plans (LTIP). In 2022 the Committee reviewed the results of the 2021 TBG and recommended to the Board the approval of the 2023-2025 TBG (7 meetings in 2022), which includes climate-related indicators. For more information on the VR and incentive structure that includes climate-related objectives, see section 1.2 "Variable Remuneration" of this Report.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]In line with its commitment to mitigate climate change, advance with the energy transition, and its TESG agenda, Ecopetrol announced its net zero emissions goal for scopes 1 & 2 by 2050. Under this goal, the Company ratifies its commitment to the Sustainable Development Goals and the Paris Climate Agreement's purpose of curtailing global warming. This objective has the intermediate goal of reducing 25% of scope 1 and 2 emissions by 2030, compared to a 2019 baseline.

Furthermore, Ecopetrol seeks to reduce 50% of its total emissions by 2050 (scopes 1, 2 & 3), contributing to the Colombian government's commitment to reduce 51% of GHG emissions by 2030. Under this goal, the energy sectorial target is to reduce 11,2 million tons, and Ecopetrol will contribute with more than half of this reduction.

The Sustainability and Decarbonization Area of the HSE Vicepresidency is responsible for the Company's climate change strategy and for revising the scope and implications of national Law and regulations. The actions that are taken in each case are decided in tandem with the Legal Vicepresidency. The Company ensures the alignment of its climate related policy efforts with its 2040 Corporate Strategy and its environmental strategy. The latter includes, in its Climate Change Pillar, an action line called "participation in public policy documents†, which establishes the revision and compliance mechanisms of climate related legislation and policy.

Furthermore, the strategic risk "Inadequate management of climate change and water† includes a Key Risk Indicator (KRI) called "Analysed HSE and climate and water related normative projects† that seeks to monitor and analyse national, regional, and local legislative projects that affect HSE, climate, and water issues. This is another mechanism to assure that climate related policy actions taken are aligned with the Company's overall strategy.

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]No, and we do not plan to have one in the next two years