<SEC-DOCUMENT>0001292814-23-003916.txt : 20231018
<SEC-HEADER>0001292814-23-003916.hdr.sgml : 20231018
<ACCEPTANCE-DATETIME>20230913171320
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-23-003916
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECOPETROL S.A.
		CENTRAL INDEX KEY:			0001444406
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			F8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CARRERA 7 NO 37-69
		CITY:			BOGOTA
		STATE:			F8
		ZIP:			00000
		BUSINESS PHONE:		5712345000

	MAIL ADDRESS:	
		STREET 1:		CARRERA 7 NO 37-69
		CITY:			BOGOTA
		STATE:			F8
		ZIP:			00000
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="ec20230913corresp_001.jpg" ALT="" STYLE="height: 61px; width: 192px"></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">September 13, 2023</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>BY EDGAR</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Ms. Guobadia and Mr. Hiller</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Office of Energy &amp; Transportation</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">100 F Street, NE</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Washington, D.C. 20549-0405</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center"><U>Ecopetrol S.A.</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center"><U>Form 20-F for Fiscal Year Ended December 31, 2022</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center"><U>Filed April 1, 2020</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center"><U>File No. 001-34175</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Dear Ms. Wall and Mr. Hiller:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Ecopetrol S.A. (the &#8220;Company&#8221;) has received a
comment letter dated August 17, 2023 from the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the United States
Securities and Exchange Commission (the &#8220;Commission&#8221;) concerning the Company&#8217;s annual report on Form 20-F for fiscal
year ended December 31, 2022 (the &#8220;Form 20-F&#8221;) filed on March 29, 2023. On behalf of the Company, I advise you as follows
regarding your comments noted below:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>Form 20-F for the Fiscal Year ended December 31, 2022</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>4. Financial Review</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>4.6 Operating Results, page 120</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">We note that you have various disclosures on pages 109 through 144 that appear to be oriented towards
the disclosure requirements of Item 5 of Form 20-F. However, we do not see among these disclosures any tabulations of the accounts that
comprise, or commentary regarding, your Statement of Financial Position which appears on page F-6.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The descriptions of purpose and objectives included
in the Item 5 disclosure requirements include various references to financial condition, as in expressing the need for disclosures of
your financial, changes in financial condition, an explanation of factors that have materially affected or are reasonably likely to affect
your financial condition, quantitative and qualitative descriptions of the reasons underlying material changes, including material offsetting
changes within line items, associated statistical data, and material events and uncertainties that would cause reported financial information
not to be necessarily indicative of your future financial condition.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Instruction 2 to Item 5 also stipulates that the
discussion must focus on the primary financial statements that are presented in the document.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">We believe that a discussion and analysis of the
accounts that comprise your Statement of Financial Position would be inherent in meeting these disclosure requirements. Please expand
your disclosures to cover these incremental details regarding your financial condition as reflected in this statement to comply with Item
5 of Form 20-F.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"><U>Response</U>:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">In response to the Staff&#8217;s comment, the table
below and accompanying discussion and analysis present the main accounts that comprise the Company&#8217;s Statement of Financial Position
as well as the factors that have materially affected our financial condition, quantitative and qualitative descriptions of the reasons
underlying such material changes, including material offsetting changes within line items and material events and uncertainties that would
cause reported financial information not to be necessarily indicative of our future financial condition. The Company advises the Staff
that it will revise its future filings to present a table of the main accounts that comprise our Statement of Financial Position and accompanying
commentary.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Table - Consolidated Balance Sheet</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>As of December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>% Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><I>Balance sheet</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(COP million)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCFFFF">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>302,792,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>242,426,616</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>60,365,815</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>24.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">188,889,342</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">151,842,844</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,046,498</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">24.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCFFFF">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">113,903,089</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">90,583,772</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">23,319,317</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">25.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>302,792,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>242,426,616</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>60,365,815</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>24.9%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The Ecopetrol Group's <B>assets</B> grew COP$60,365,815
million compared to the previous year, mainly due to:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 8pt 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>accounts receivable</B> (COP$28,771,606 million), mainly due to an increase in the value of the FEPC account receivable
(COP$18,472,082 million) and the positive effect of the foreign exchange on concessions assets in ISA Brazil.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>property, plant, and equipment, natural and environmental resources, right-of-use assets and intangible assets </B>(COP$20,103,962
million) generated by: i) higher capital expenditure mainly in Ecopetrol S.A. and Permian, and ii) the positive effect of foreign currency
translation in companies whose functional currencies are different from the Colombian Peso. The above was partially offset by the depreciation
and amortization for the year (COP$12,128,991 million).</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in the <B>deferred tax asset</B> (COP$4,367,622 million) which resulted from an increase in U.S. dollar loans payable by
the Ecopetrol Group, due to the devaluation of the Colombian Peso in 2022 (21%), and an increase
in debt levels for the Ecopetrol Group.</TD></TR>
</TABLE>



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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 8pt 54pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>inventories</B>, mainly due to crude oil in transit at the end of the year (COP$3,481,822 million).</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>investments in associates and joint ventures</B> (COP$1,139,414 million), mainly due to the effect of translating investments
made in foreign currencies to the Colombian Peso.</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The increase (COP$37,046,498 million) in total <B>liabilities</B>
during 2022 was mainly due to:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 8pt 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>debt</B> (COP$20,073,911 million) mainly due to the devaluation of the Colombian Peso against the U.S. dollar in 2022.
The effect of exchange rate fluctuations on our debt is recognized mainly in equity as a result of the application of hedge accounting
on our net investment abroad and our cash flow.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>income tax</B> (COP$8,470,068 million), mainly due to higher net profit in 2022.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in <B>accounts payable</B> (COP$6,355,922 million), resulting from an increase in economic activity and higher prices in
2022.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify; width: 97%">An increase in unpaid <B>employee benefits</B> (COP$1,586,194 million), mainly due to a decrease in the valuation of trust assets for
the payment of Ecopetrol&#8217;s employment liabilities.</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">Ecopetrol Group <B>equity </B>as of December 2022 was COP$113,903,089
million. Equity attributable to Ecopetrol shareholders was COP$86,154,927 million, an increase of COP$17,665,380 million compared to December
2021, mainly as a result of the effect of the net profit for the year.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>4.6.1.8 Segment Performance and Analysis, page 127</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">We note your discussion and analysis of segment activity, including transportation and logistics, refining
and petrochemicals, and electric power transmission and toll roads concessions, in which you attribute changes in revenue, cost of sales,
operating expenses, and net income to a combination of several different factors.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Item 5 of Form 20-F generally requires a quantitative
and qualitative description of the reasons underlying material changes, including material changes within a line item that offset one
another, to the extent necessary for an understating of the business.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Please quantify material changes that offset one
another within a line item, to provide investors with better insight into the underlying reasons for the changes that are reflected in
your financial statements, as necessary to adhere to this guidance.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">In response to the Staff&#8217;s comment, the Company
would like to expand our discussion and analysis of segment activity included in sections 4.6.1.9 through 4.6.1.12 of our Form 20-</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">F for 2022 to quantify material changes that offset
one another within a line item. The information in these sections has been organized in accordance with materiality. We present the information
below in the same order in which it was presented in our Form 20-F for 2022. The Company advises the Staff that it will revise its future
filings to quantify material changes that offset one another within a line item.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>4.6.1.9 <U>Exploration and Production Segment
Results</U></I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>Cost of Sales</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">In 2022, the 22.7% or COP 2,237,455 million increase
in fixed cost as compared to 2021 was partially offset by a 2.7% or COP$59,738 million decrease in costs for reversals in the Bicentenario
pipeline and other minor items.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">In 2022, the 13.7% or COP 4,176,843 million increase
in variable cost as compared to 2021 was partially offset by a 4.6% or COP$192,783 million due to decrease in tariffs <FONT STYLE="background-color: white">resulting
from the acquisition of the El Morro-Araguaney pipeline, a higher availability of the Ca&ntilde;o Lim&oacute;n &#8211; Cove&ntilde;as
pipeline during 2022 and other minor items</FONT>.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">In 2021, the 30.1% or COP 7,044,043 million increase
in variable cost as compared to 2020 was mainly offset by a 16.5% or COP$1,161,956 million decrease due to (i) the recovery of international
reference prices that affect the valuation of inventories, (ii) a decrease in transported volume due to lower production, <FONT STYLE="background-color: white">(iii)&nbsp;transit
of sales to third parties in the Asian market to be recognized in January&nbsp;2022, and (iv)&nbsp;a decrease in nafta purchase volume
to third parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>Operating Expenses</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The 34.2% increase in operating expenses before impairment
of non-current assets in 2022 as compared to 2021, was partially offset by (i) a 5.0% or COP$224,437 million <FONT STYLE="background-color: white">decrease
in expenses related to the updating of processes, resulting from new legal, tax and environmental provisions, and (ii) a 2.5% or COP$110,573
mainly due to the profit from the sale of the Casanare, Estero, Garcero, Orocue and Corocora fields in 2022 and other minor items.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The 73.3% increase in operating expenses before impairment
of non-current assets in 2021 as compared to 2020, was partially offset by <FONT STYLE="background-color: white">a 11.1% or COP$288,616
million decrease in labor expenses due to a recognition of the voluntary retirement plan in 2020 and no similar recognition in 2021.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The 4.5% decrease in operating expenses before impairment
of non-current assets in 2020 as compared to 2019, was offset by a 28.9% or COP$783,661 million <FONT STYLE="background-color: white">increase
in expenses due to (i) certain employees choosing to accept a voluntary retirement plan we offered in 2020, (ii)&nbsp;the write off of
certain assets due to the completion of economic feasibility studies, (iii) an&nbsp;increase in environmental provisions and asset retirement
obligations for noncommercial wells, (iv)&nbsp;an increase in social investment costs associated with our</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">support to the country to combat the COVID-19 pandemic,
and (v)&nbsp; an increase in fees and freight costs for exports to China and Korea.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>4.6.1.10 <U>Transportation and Logistics Segment
Results</U></I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>Sales</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="background-color: white">The 0.3 % decrease
in transportation and logistics segment sales in 2021 as compared with 2020 was partially offset by a COP$564,330 million increase in
revenues associated with increased refined products transported volumes, which in turn was primarily due to the recovery of demand and
higher reversal cycles in the Bicentenario pipeline.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>4.6.1.11 <U>Refining and Petrochemicals Segment
Results</U></I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>Cost of Sales</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="background-color: white">The 87.9% increase
in cost of sales for this segment in 2021 as compared with 2020 was partially offset by a greater share of the loads of domestic crude
oil as compared to imported crude oil (85% and 15%, respectively) at the Cartagena Refinery, which resulted in a more cost-effective crude
slate.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>Impairment Reversal (Loss)</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="background-color: white">In 2022, we
recognized an impairment recovery of non-current assets in this segment totaling COP 1,096,021 million, as compared to an impairment loss
of COP 305,466 million in 2021. The recovery recorded in 2022 was mostly related to the Cartagena Refinery due mainly to i) favorable
market conditions, ii) high differentials of distilled products sustained in the short term due to the impact of the Ukraine-Russia crisis
and iii) optimization of the mix of throughput of the Cartagena Refinery as a result of the differential in domestic crudes. </FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="background-color: white">The impairment
recovery recorded in 2022 was partially offset by the increase in the discount rate which went from 5.27% in 2021 to 7.6% in 2022. </FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="background-color: white">Additionally,
higher amounts of income taxes in line with higher production margins and profits mainly in the Cartagena Refinery also served to offset
the upward effect of impairment recovery in our income statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B><I>4.6.1.12 <U>Electric Power Transmission and
Toll Roads Concessions Segment Results</U></I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="background-color: white">In 2021, the
electric power transmission and toll roads segment revenues from contracts with customers were COP 4,113,198 million, which included COP
1,348,322 million for toll road concessions. Toll road concession revenues were positively affected by higher returns on contract assets
and a COP$1,378,547 million increase in revenues from maintenance of concessions and toll management in Chile, partially offset by the
negative</FONT></P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">effects of the termination of the Ruta del Maule
concession contract, valued at COP$30,225 million.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>4.9 Financial Indebtedness and Other Contractual Obligations,
page 139</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Please reconcile your disclosure on page 139, stating that you had outstanding consolidated indebtedness
of COP 23.5 billion at December 31, 2022, with your disclosure in the table of contractual obligations on page 141, indicating the outstanding
balance of financial sector debt and bonds was COP 113,107.4 billion, and disclosure about the composition of loans and borrowing in Note
20 on Page F-77, indicating that balance plus lease liabilities and related party debt was COP 115,134.8 billion at year-end.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">If this disclosure was intended to be a U.S. dollar
equivalent, please clarify the exchange rate that was utilized and the manner of selecting that rate and explain why it does not appear
to agree with the rate utilized for convenience translations disclosed on page 1.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">With regard to Table 64 on page 139, where you have
listed various issuances of debt along with the original currency denominated amounts, it would be helpful to include another column showing
the outstanding year-end balances in Colombian pesos, along with a summation that is reconciled to the corresponding amounts on page F-77.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"><U>Response</U>:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">In response to the Staff&#8217;s comment, the Company
advises the Staff that the figure stated as outstanding consolidated indebtedness on page 139 (COP$23.5 billion) is expressed in the wrong
currency. The figure on page 139 was indeed intended to be USD$23,514 million (the U.S. dollar equivalent of COP$113,107.4 billion corresponding
to the outstanding balance of financial sector debt and bonds excluding lease liabilities and related party debt, figures expressed at
amortized cost, stated on pages 141 and F-77), restated at an exchange rate of COP$4,810.20 per U.S. dollar.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">The exchange rate used corresponds to the closing
rate for December 31, 2022, which is different from the 2022 average exchange rate disclosed on page 1. As we are referring to the account
balance at year end, we may not use the 2022 average exchange rate for re-expressing Colombian Peso amounts in U.S. dollar figures.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">The Company advises the Staff that it will revise
its future filings to provide the correct</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">Colombian Peso equivalent.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">With respect to Table 64 on page 139, the Company
respectfully disagrees with the Staff&#8217;s comments indicating that &#8220;it would be helpful to include another column showing the
outstanding year-end balances in Colombian pesos, along with a summation that is reconciled to the corresponding amounts on page F-77.&#8221;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">We believe that a better approach is to include
an additional column presenting outstanding nominal year-end balances in the original currency of each facility as we have done below</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">and include a cross-reference to the notes to our
financial statements where investors may find outstanding amortized year-end balances in Colombian pesos.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">The Company advises the Staff that it will revise
future filings to provide a similar, more complete table with information on the most significant long-term financing transactions and
a cross reference to the corresponding amortized accounting values in our financial statements.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B>Table 64&nbsp;&#8211; Consolidated Financial Indebtedness</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 9%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt"><B>Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Type</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Initial Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Original Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Maturity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Interest Rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Outstanding Balance as of </B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 7.2pt; text-align: center"><B>Dec. 31, 2022<BR>
    (in nominal values)</B></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Ecopetrol S,A,</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 18, 2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,300 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 18, 2023</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;5.875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0 3pt 0 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0 3pt 0 0; text-align: right">USD 1,300 million</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 18, 2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 850 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 18, 2043</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;7.375</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 850 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">May 28, 2014</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,000 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">May 28, 2045</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;5.875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,000 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 16, 2014</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,200 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">January 16, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;4.125</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,200 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">June 26, 2015</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,500 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">June 26, 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;5.375</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,500 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">June 15, 2016*</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 500 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 18, 2023</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;5.875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 500 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">April 29, 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,000 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">April 29, 2030</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;6.875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,000 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">November 02, 2021</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,250 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">November 02, 2031</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;4.625</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,250 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">November 02, 2021</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 750 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">November 02, 2051</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;5.875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 750 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 1, 2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 284,300 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 1, 2040</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 284,300 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 27, 2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 168,600 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 27, 2023</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 168,600 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 27, 2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 347,500 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 27, 2028</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 347,500 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 27, 2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 262,950 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 27, 2043</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 262,950 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bank Loans</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 30, 2011**</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 440 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 183 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 17, 2021</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 3,672 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 17, 2023</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Quarterly</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 472 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">September 29, 2022</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,200 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">August 17, 2023</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 1,200 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2022</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 822 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 822 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 465 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 465 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">ECAs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 30, 2011**</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,650 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Fixed</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 855 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 30, 2011**</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 100 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 32 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 30, 2011**</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 97 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Fixed</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 31 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 30, 2011**</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 210 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">December 20, 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Semi-annual</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 68 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Invercolsa &amp; Subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bank Loans</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 442,998 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 326,375 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Ocensa</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bond</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">July 14, 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 500 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">July 14, 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;4.000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bullet</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 500 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Oleoducto Bicentenario</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bank Loan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">July 5, 2012</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 2.1 trillion</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">July 5, 2024</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Quarterly</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 375,725 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">ODL</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Lease</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">November 5, 2015</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 308,221 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">November 4, 2032</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Floating</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Monthly</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 178,661 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">ISA &amp; Subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2.81 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,851 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2.2 billion&#8224;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 2,373 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 3,260 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 3,866 billion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Bank Loans</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 264 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 251 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 607 million&#8224;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">USD 497 million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 1,550 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">Various</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 1,403 billion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Total*** </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">COP 112,792 billion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD>Reopening of bond due to 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">**</TD><TD>Debt originally obtained by Cartagena Refinery for the refinery modernization and voluntarily assumed by Ecopetrol, In prior annual
reports on form 20-F, there was a typographical error in respect of the original amount outstanding of the Bank Loan. It was listed as
USD 321 million and the correct amount as listed in the table above is USD 440 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">***</TD><TD>For the total outstanding balance as of Dec. 31, 2022 in amortized values, please refer to page F-77 of the notes to our financial
statements.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 10pt 18pt; text-align: justify; text-indent: -18pt"><SUP>&#8224; </SUP>Equivalent
USD amount of debt issued/acquired in other currencies, except COP and USD.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>25. Revenue from contracts with customers</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"><U>Revenue from concession contracts, page F-96</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">We note that you identify six concessions or groups of concessions in Colombia, Brazil, Chile, Peru, and
Bolivia, and provide a general indication of the nature of the infrastructure involved, services to be provided, and the manner of compensation.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">However, your disclosures do not presently include
the details necessary to understand the specific services that you have agreed to provide, or the specific terms of the arrangements that
affect the amount, timing and certainty of future cash flows, the nature and extent of rights to use specified assets, obligations and
rights over the provision of services, obligations to acquire or build infrastructure, obligations to deliver or rights to receive specified
assets at the end of the concession period, renewal and termination options, or rights and obligations regarding the maintenance of infrastructures.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Please expand your disclosures as necessary to address
the concerns outlined above as required by IASB SIC-29; your descriptions of the arrangements should inform readers in all of these respects,
including the status of the arrangements, timeframes in which the various obligations will be fulfilled, and material financial implications.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"><U>Response</U>:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">In response to the Staff&#8217;s comment, and in
accordance with IASB SIC-29, the Company expands our disclosures to inform readers about the specific services that we have agreed to
provide, the terms that affect the amount, timing and certainty of future cash flows, the rights to use specified assets, obligations
and rights over the provision of services, obligations to acquire or build infrastructure, obligations to deliver or rights to receive
specified assets at the end of the concession period, renewal and termination options, or rights and obligations regarding the maintenance
of infrastructures. The expanded disclosure about concessions is as follows:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"><B><U>Revenues from concession contracts</U></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">ISA, through its companies, promotes development
in Brazil, Peru, and Bolivia, through concessions acquired for the supplying of public energy transport services. ISA also supplies services
related to the management of real-time systems (&#8220;RTS&#8221;) in Colombia and public road transport, through concessionaires in Chile
and Colombia.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The average term for awarding concession contracts
in Colombia, Brazil, Chile, Peru, and Bolivia, is 20-30 years.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The ISA concessions contain the obligation to carry
out major works and at the end of the concession to deliver the asset to the grantors in optimal conditions. These major maintenance works
are accounted for i) at the moment in which the works are executed and ii) when the value of the outflow of resources is known.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The current contracts signed by the ISA, except the
contracts from Peru and Bolivia, have guaranteed cash flows.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">ISA meets its obligations under the concession contracts
and provides the contracted services with the use of infrastructure assets determined in each concession contract. Upon the expiration
of each concession, ISA has the opportunity to present a bid for its renewal.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Main service concession contracts:</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Concessions in Colombia</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Intelligent Network Systems, through a business collaboration
agreement entered into with UNE EPM Telecomunicaciones S.A. and Consorcio ITS, executes the addendum number 5 of the Inter-administrative
Agreement 5400000003 of 2006 with the Municipality of Medell&iacute;n to &quot;provide under the concession modality, the necessary technological
infrastructure, the services for its modernization and optimization of the management of the administrative services of the Secretar&iacute;a
de Transporte y Tr&aacute;nsito of Medell&iacute;n, through a complete solution of technology, information, communications and operation
of the information and communications technology (ICT's)&#8221;. As payment for such services, Intelligent Network Systems receives a
portion of the penalty fees collected through the photodetection system within the municipality.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">This contract is within the scope of IFRIC 12 under
the intangible model, considering the following aspects:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Municipality of Medell&iacute;n is the grantor of the concession and as such controls the services provided
by the concessionaire with the relevant infrastructure, as well as, in relation to penalty fees, the value of such penalties and the method
of imposing them.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Municipality of Medell&iacute;n controls, through ownership of the right of use, any significant residual
interest in the infrastructure at the end of its useful life, as established in the agreement. Upon termination of this agreement, all
goods, equipment, technology, and software use licenses will be reverted to the Municipality.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Ruta Costera</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">In accordance with Law 1508 of 2012 which regulates
public-private partnerships, the National Infrastructure Agency (&#8220;ANI&#8221;), by means of Resolution No. 862 of July 2, 2014, awarded
Public Tender No. VJ-VE-IP-LP-0011-2013 and, on September 10, 2014, executed Concession Contract No. 004 of 2014 with Concesion Costera
Cartagena-Barranquilla, an indirect subsidiary of ISA. The contracted services consist of executing &quot; the final studies and designs,
environmental management, property, social management, construction, rehabilitation, improvement, operation, and maintenance of the corridor
Cartagena-Barranquilla Project and Circunvalar de la Prosperidad&#8221;.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">This contract is within the scope of IFRIC 12 under
the financial asset model for investment in construction (construction services). As compensation, the concessionaire receives: revenues
from commercial exploitation, including toll collections, and payments from ANI, to the extent applicable. If the concessionaire does
not achieve the expected revenue from toll collection, the grantor (ANI) will pay the concessionaire a collection differential in years
8, 13 and 18. Such collection differential has been contractually defined as the present value of toll collections for any given reference
month. This revenue arrangement represents an unconditional contractual right to receive a specific and determinable amount of cash or
other financial assets for the construction services provided.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">As of December 31, 2021, construction of Functional
Unit 3 had advanced 97.24% and construction of Functional Unit 6 had advanced 99.94%, thus achieving a consolidated progress 99.91% for
the entire project. Since 2022, the concession is fully operational.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Concessions in Brazil</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">As concessionaires for power transmission services
in Brazil, we have the obligation to build and operate the transmission infrastructure, while the grantor retains ownership rights to
the concession assets. Upon expiration of the concession, concession assets are to be transferred back to the grantor who must pay any
pending compensation to the concessionaire.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The concession contracts of ISA CTEEP and TAESA were
analyzed and classified in accordance with IFRS 15 - Revenue from contracts with customers within the contractual asset model as of January
1, 2018.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The value of the contractual asset of the electric
power transmission concessions is equal to the present value of future cash flows, which are determined at the beginning of any given
concession or renewal. Such future cash flows are revaluated periodically, in previously determined tariff review periods.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Cash flows are defined based on payments received
by concessionaires for supplying power transmission services to end-users. Such payments are known as <I>Receita Anual Permitida</I> or
&#8220;RAP&#8221; and serve to compensate the cost of investments made in the transmission infrastructure. Any investment costs that are
not fully compensated through the receipt of RAPs trigger the right to receive payment from the grantor. This flow of future collections
is updated for inflation (IPCA/IGPM) and paid at a discount rate at the beginning of each project.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">During the construction stage, the concessionaire
has the right to receive consideration in accordance with progress made on construction of the network and the performance of its obligations,
and not only in accordance with the time used for construction. Revenue is equivalent to the value of construction expenses plus a construction
margin, as a result of the formal statement made by the CVM (Brazilian Securities and Exchange Commission) on the accounting treatment
for contract assets (CVM Official Communication 4/2020)</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Revenues from these concession assets generate taxes
under the Social Integration Program and the Contribution for the Financing of Social Security (Cofins) program. These are registered
as deferred taxes (non-current liabilities).</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Concessions in Chile</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Road concession contracts for the supply of road
infrastructure in Chile, may be remunerated in one or two ways: variable revenues, which may account for traffic risk (the variation of
projected demand) or fixed revenue, that is, a guaranteed total amount subject to a revenue distribution mechanism or calculated at the
present value of future cash flows. In the latter cases, the total revenue is guaranteed at present value. Additionally, in some concession
contracts other concepts are included, such as the minimum guaranteed revenue and subsidies (both in construction and in operation stages);
both correspond to payments from the State, subject to specific compliance of conditions by the concessionaire.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The model applied to concessions in Chile will depend
on whether revenue is guaranteed or not (whether it is subject to traffic risk or not) and whether it is enough to pay for the investment.
On one hand, if the concession contract considers traffic risk, it is recognized according to IFRIC 12 as an intangible asset. This asset
is amortized over the life of the concession operation. On the other hand, if the contract establishes income and compensation guarantee
mechanisms, it is recognized as a financial asset. This asset is extinguished through payments received from road users, through the collection
of tolls, or directly through payments from the Ministry of Public Works. Currently, ISA has road concessions in Chile applying the financial
asset model.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Concessions in Peru</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Due to their terms and conditions, as well as the
rights and obligations of concessionaires, the concession contracts of ISA REP, ISA Per&uacute;, and Consorcio Transmantaro are recognized
as intangible assets. The intangible asset model applies when the services provided by the concessionaire are paid by end-users or when
the grantor does not unconditionally guarantee the collection of revenues. These contracts grant the concessionaire the right to charge
end-users for the energy transmission service, but do not establish an unconditional right to receive cash.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">All of our concession contracts for the supply of
power transmission services in Peru contain similar terms and conditions.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Concessions in Bolivia</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">Similar to concession contracts in Peru, concessions
to provide public energy services in Bolivia do not guarantee the unconditional receipt of cash by the concessionaire. In these concession
contracts, we assume the credit risk associated with the collection of amounts invoiced and may not be able to recover the entire value
of the investment made. Additionally, the Bolivian State is not obliged to guarantee shortages, either due to the non-existence of demand
or due to non-payment by any of the market agents; therefore, the</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">grantor has no obligation to pay for the construction
services received and, in this sense, the model that adjusts to the contractual conditions by IFRIC 12 is the intangible asset model,
framed by IFRIC 12.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><U>Committed investments</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">ISA and its companies have committed investments
for USD$22.4 billion pending execution in the 2023-2030 period. These investments correspond to the balance of awarded contracts which
is pending execution, and to estimated needs for reinforcements and expansions of existing infrastructure and replacement of assets. These
investments include 100% of the projects of the controlled companies and the capital contributions in the companies with shared control,
which are estimated to be necessary to fund the portion corresponding to capital of the committed investments.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">60% of the investment will be executed between 2023
and 2025, and 40% between 2026 and 2030. 90% of the investment will be concentrated in the energy transmission business, 5% in roads and
the remaining 5% in telecommunications. 55% of the committed investment will be executed in Brazil, where ISA CTEEP and subsidiaries will
continue to work on the projects awarded in past tenders, and on the plan to reinforce and improve the transmission network.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">25% of the investment will be executed in Colombia,
mainly associated with energy transmission projects from UPME calls, connections, and asset replacement.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">14% of the committed investment will be developed
in Chile, of which one third corresponds to the road business, and the remaining, to energy transmission. Six percent of the committed
investment will be made in Peru, Argentina, and Bolivia.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The value of committed investments pending execution
may vary, among other things, due to adjustments in the scope of the projects, equipment and material prices, and variations in macroeconomic
estimates, such as exchange rates and price indexes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Business line</B></FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Concessionaire</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Country</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Maturity</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Tender at the end of the contract (Y/N)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Maintenance obligation for service condition (Y/N)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid">
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>Concession</B></P>
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>Asset</B></P>
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>2022</B></P></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid">
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>Revenue</B></P>
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>From</B></P>
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>Concession </B></P>
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: center"><B>2022</B></P></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Intangible asset concessions</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="5" STYLE="white-space: nowrap">
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: left">Energy</P>
    <P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: left">transmission</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Consorcio Transmantaro</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-53</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">7,917,103</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,545,733</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">ISA REP</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-32</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,770,315</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">695,577</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">ISA Peru</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Apr-33</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">834,894</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">136,679</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">ISA Bolivia</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Bolivia</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Jan-39</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">55,073</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">31,490</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sistemas Inteligentes en Red</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Colombia</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Dec-25</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,021</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">17,871</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Total concessions as intangible asset</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>10,579,406</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font: 8.5pt Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>2,427,350</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 8.5pt Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Contract asset concessions</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 8.5pt Tahoma,sans-serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Ms. Sandra Wall and Mr. Karl Hiller&#9;</P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Securities and Exchange Commission, p. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 8.5pt">
  <TR>
    <TD ROWSPAN="17" STYLE="width: 16%; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Energy transmission</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 31%; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">ISA CTEEP</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-52</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 9%; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 8%; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">16,497,745</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 8%; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,824,587</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Aguape&iacute;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">630,953</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">76,257</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Itaquer&ecirc;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">578,080</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">66,770</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Ita&uacute;nes</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Fev-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">499,625</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">98,480</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Bigua&ccedil;u</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-48</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">467,150</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">148,383</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Norte e Nordeste</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">454,544</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">56,872</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica JAGUAR 9</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">424,627</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">10,207</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Serra Do Japi </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Nov-39</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">419,762</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">65,004</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica de Minas Gerais</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-50</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">402,393</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">249,647</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Tibagi</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">253,394</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">41,498</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica JAGUAR 6</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">232,475</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,797</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Evrecy Participa&ccedil;&otilde;es</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-50</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">260,969</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">154,202</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Sul</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">206,437</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">22,131</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Itapura</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-48</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">160,534</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">24,127</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica JAGUAR 8</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">102,270</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,128</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Riacho Grande</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-51</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">98,546</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">40,281</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Pinheiros</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">57,038</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">74,989</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Total concessions as contract asset</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>21,746,542</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>3,957,360</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Financial asset concession</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="15" STYLE="font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Energy transmission</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">ISA CTEEP </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Dec-42</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">202,858</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,101,045</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Aguape&iacute; </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">16,914</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">24,091</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Bigua&ccedil;u</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-48</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">4,810</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">4,378</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Serra Do Japi&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Nov-39</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">4,604</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">8,599</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Itaquer&ecirc; </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">4,495</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">6,019</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica JAGUAR 9</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">4,216</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Pinheiros </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">(3,423)</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">8,800</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica JAGUAR 6</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,842</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">210</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Evrecy Participa&ccedil;&otilde;es </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-50</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,327</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">7,381</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Sul </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,289</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,606</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Itapura </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Sep-48</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,062</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">8,358</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica de Minas Gerais </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-50</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,659</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">3,271</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Norte e Nordeste </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-38</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,610</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">3,775</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica JAGUAR 8</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,388</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">(148)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Interliga&ccedil;&atilde;o El&eacute;trica Tibagi </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Aug-47</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">1,298</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">161</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>249,949</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>1,178,600</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="6" STYLE="font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Roads</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Ruta del Maipo </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Apr-35</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">7,780,753</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">894,934</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Ruta del LOA</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Apr-49</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">873,447</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">383,348</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Ruta de la Araucan&iacute;a </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Oct-26</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">665,364</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">340,629</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Ruta de los R&iacute;os </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Mar-26</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">218,555</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">264,966</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Ruta del Bosque </FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Fev-23</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">31,667</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">146,563</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Ruta Costera</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Colombia</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Fev-42</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Y</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">2,276,022</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">51,189</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>11,845,808</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>2,081,629</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Total concessions as financial asset</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>12,095,757</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>3,260,229</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-family: Tahoma,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Total ISA concessions</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Tahoma,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1.5pt double; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>44,421,705</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Tahoma,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1.5pt double; font-family: Tahoma,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>9,644,939</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">The Company advises the Staff that it will revise future filings to provide a similar,
more complete disclosure in relation to our concession contracts consistent with the above.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">******</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">The Company hereby acknowledges that it is responsible for
the adequacy and accuracy of the disclosure in its filing; staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and the Company may not assert staff comments as a defense
in any proceeding initiated by the Commission or any person under the federal securities laws of the United States,</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">If you have any questions or wish to discuss any matters relating
to the foregoing, please contact me at +57 310 315 8600 ext 43629 or javier.cardenas@ecopetrol.com.co, of the Corporate Finance Vice-
presidency of the Company, or the Company&#8217;s U.S. counsel, Antonia Stolper of Shearman &amp; Sterling LLP, at (212) 848-5009 or astolper@shearman.com.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 318.6pt; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 318.6pt; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 318.6pt; text-align: right"><IMG SRC="ec20230913corresp_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 306pt; text-align: right"><U>________________________<BR>
</U>Javier Leonardo Cardenas Laiton</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 318.6pt; text-align: right">Acting Chief Financial Officer</P>


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