Fitch reaffirms Ecopetrol S.A. investment grade

BOGOTA, Colombia, Dec. 12, 2016

Fitch Ratings notes the important link between the Company and the Republic of Colombia's rating, and the Ecopetrol business group's strategic relevance to the country.

The agency further reported that Ecopetrol's individual rating is also investment grade with a rating of BBB-; and including the Government's support this rating raises to BBB. The aspects the rating agency took into account in issuing its rating included: the Company's solid financial profile, a downward-trending debt/EBITDA ratio, solid liquidity and a schedule of moderate debt maturities in coming years.

The agency also noted Ecopetrol's operational metrics and the decline in extraction costs in recent years.

Finally, it maintained the Company's negative perspective, consistent with the Republic of Colombia's outlook.

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

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